RNS Number : 1790K
All Points North Plc
16 December 2008
All Points North PLC
Unaudited Interim Results
Chairman's Statement
The Company presents its interim results for the six month period ended 30 September 2008. Even though the property market continues to
labour through difficult times I am pleased to report a satisfactory set of figures.
Turnover of �179,519 (2007: �427,168) resulted in an operating profit of �113,915 (2007: �143,743). Our annual rental income increased
slightly over the period and we have appointed new managing agents for College House, Barrow to help fill our spare rental capacity there.
The Directors have decided to hold the interim dividend at 0.05p per ordinary share payable on 30 January 2009 to shareholders on the
register as at 30 December 2008. As the net assets of the Company at the period end were still less than �2m the Directors each waived their
entitlement to receive the dividend prior to it being declared.
Following the completion of the lease at 47-51 Highgate, Kendal by William Hill Organization on 1 September 2008, our agent has been
instructed to sell the property. We have also agreed to market 45 Highgate, Kendal which is now fully let except for a small unit to the
rear.
We exchanged contracts for the sale of the fourth flat at Gatesgarth, Keswick for �222,500, which subsequently completed leaving only
two remaining units to be sold.
At the date of writing the property market remains in a state of flux but your Directors continue to use their expertise to maximise
shareholder value over the long term.
B K Chadwick
Chairman
15th December 2008
Enquiries:
Keith Chadwick, All Points North plc Tel: 01768 865959
Alex Clarkson/Nick Cowles, Zeus Capital Limited Tel: 0161 831 1512
All Points North PLC
Profit and loss Accounts
6 months to 6 months to Year ended
30/09/08 30/09/07 31/03/08
� �
TURNOVER 179,519 427,168 1,086,369
Cost of sales (61,176) (197,574) (691,520)
GROSS PROFIT 118,343 229,594 394,849
Administrative expenses (120,854) (85,851) (357,833)
Other operating income 116,426 - 245,723
OPERATING PROFIT 113,915 143,743 282,739
Profit on sale of investment property - - 93,695
PROFIT ON ORDINARY ACTIVITIES 113,915 143,743 376,434
BEFORE INTEREST
Interest receivable 455 18,183 19,905
Interest payable (179,688) (202,360) (395,989)
PROFIT/(LOSS) ON ORDINARY ACTIVITIES (65,318) (40,434) 350
BEFORE TAXATION
Tax on Profit/(Loss) on ordinary activities 545 - -
PROFIT/(LOSS) ON ORDINARY ACTIVITIES (64,773) (40,434) 350
AFTER TAXATION
All Points North PLC
Balance sheets
6 months to 6 months to Year ended
30/09/08 30/09/07 31/03/08
� �
FIXED ASSETS
Tangible assets 5,925,308 6,325,122 5,925,653
Investments 50 - 50
5,925,358 6,325,122 5,925,703
CURRENT ASSETS
Stocks 1,537,966 1,462,461 1,120,629
Investments 225,000 - -
Debtors 178,697 302,416 402,478
Bank and cash balances - 29,383 20,858
1,941,663 1,794,260 1,543,965
CREDITORS
amounts falling due within one year (6,137,623) (6,119,106) (5,649,139)
NET CURRENT LIABILITIES (4,195,960) (4,324,846) (4,105,174)
NET ASSETS 1,729,398 2,000,276 1,820,529
CAPITAL AND RESERVES
Called up share capital 73,958 73,958 73,958
Share premium account 312,723 312,723 312,723
Revaluation reserve 1,123,207 1,362,783 1,149,565
Profit and loss account 219,510 250,812 284,283
SHAREHOLDERS' FUNDS 1,729,398 2,000,276 1,820,529
All Points North PLC
Cash Flow Statements
6 months to 6 months to Year ended
30/09/08 30/09/07 31/03/08
� �
Reconciliation of operating loss to net cash flow
from operating activities
Operating profit 113,915 143,743 282,739
Depreciation of tangible fixed assets 511 616 1,351
Impairments of fixed assets 7,471 - 136,537
Profit on disposal of tangible fixed assets - (196) (195)
Decrease/(Increase) in stocks (417,337) 216,835 558,667
Increase in current investments (225,000) - -
(Increase)/Decrease in debtors 195,681 (162,142) (212,254)
(Decrease)/Increase in creditors 132,815 (153,893) (570,763)
Net cashflow from operating activities (191,944) 44,963 196,082
Cashflow statement:
Net cashflow from operating activities (191,944) 44,963 196,082
Returns on investments and servicing of finance
Interest received 455 18,183 19,905
Interest paid (179,688) (202,360) (395,989)
(179,233) (184,177) (376,084)
Taxation 545 - -
Capital expenditure and financial investment
Purchase of tangible fixed assets (33,994) (64,501) (113,488)
Sale of tangible fixed assets - 3,000 298,284
(Loan) to joint venture or repayment of loan 28,100 - (49,950)
Investment in joint venture - - (50)
(5,894) (61,501) 134,796
Dividends paid - - (110,937)
Decrease in cash in the period (376,526) (200,715) (156,143)
Net debt at the start of the period (5,149,984) (4,993,841) (4,993,841)
Net debt at the end of the period (5,526,510) (5,194,556) (5,149,984)
Net debt comprises:
Cash at bank - 29,383 20,858
Bank overdraft falling due within one year (5,526,510) (5,223,939) (5,170,842)
(5,526,510) (5,194,556) (5,149,984)
All Points North PLC
Notes to the interim financial statements
1. Preparation of the financial statements
The interim results have been prepared in accordance with the accounting policies set out in the Company's accounts to 31st March 2008
and are unaudited. In addition in accordance with FRS 26 an option, being a financial asset and a derivative, costing �109,000 has been
included in the financial statements at fair value of �225,000.The interim financial statements were approved by a duly appointed and
authorised committee of the Board of Directors on 15th December 2008.
2. (Loss)/profit per ordinary share
6 months to 6 months to Year ended
30/09/08 30/09/07 31/03/08
(Loss)/profit on ordinary activities after tax (64,773) (40,434) 350
Average number of shares in issue 7,395,813 7,395,813 7,395,813
(Loss)/profit per ordinary share in pence (0.88)p (0.55)p 0.00p
3. Movement in capital and reserves
Revaluation Profit and
reserve loss account
� �
At 1 April 2008 1,149,565 284,283
Loss for the period - (64,773)
Deficit on revaluation of freehold property (26,358) -
At 30 September 2008 1,123,207 219,510
4. Dividend
A final dividend for the year ended 31st March 2008 of one penny per share was paid on 3rd November 2008, the directors of the company
having waived their right to that dividend. The Directors have declared an interim dividend for the current year of half a penny per
ordinary share payable on 30th January 2009 to shareholders registered as at 30th December 2008 and have waived their right to that dividend
also.
5. Copies of the interim report
Copies of the interim report are available to the public from the Company's head office: Cumbria House, Gilwilly Road, Penrith, Cumbria
CA11 9FF and on the Company's website: www.allpointsnorthplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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