TIDMAPNO
RNS Number : 9040Z
All Points North Plc
30 September 2009
ALL POINTS NORTH PLC ("All Points North" or the "Company")
CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 31 MARCH 2009
Across the board the property market deteriorated badly during the year under
report and like many other companies in the sector we have had our ups and
downs. We saw one of our smaller tenants go out of business after the year-end
(see Managing Director's report) and for each of two other tenants we gave a
temporary reduction in rent. Fortunately, our major tenants appear to be fit and
healthy and paying rent on time.
A decision was taken, in agreement with our bank, to concentrate our efforts on
letting out our empty space at reduced rates rather than holding out for higher
prices together with the inherent risk of not being able to find suitable
tenants. This decision has subsequently paid dividends.
An unused facility of GBP2m was not needed and was therefore not renewed. Our
bank did not require a third party valuation and consequently the properties in
our portfolio were valued by the Directors (see page 18), and our net assets
position was reduced to GBP1,265,834 (2008 GBP1,820,529), i.e. 17.1p per share
(2008 24.6p) at the year end.
Turnover for the year was GBP871,394 (2008 GBP1,086,369) resulting in an
operating profit of only GBP66,863 (2008 GBP282,739). Rent roll at 31 March 2009
was GBP328,000 per annum (2008 GBP336,000).
The Directors do not believe it is appropriate at this time to pay a final
dividend. We do, however, intend to recommence payment of dividends, hopefully
in the near future, as the property market improves.
With regards to our joint venture with 5North Developments Limited the proposed
scheme for a residential and commercial development was not recommended and we
are now exploring the retail and healthcare sectors which the planners have
intimated they are likely to support.
Our cost of borrowing is at an all-time low and our priority remains to become
as fully let as possible and sell properties held as stock as opportunities
arise.
You will see from the Managing Director's report that since the year-end we have
made considerable progress in attracting new tenants and I will be reporting
further for our interim period within the next three months.
B K Chadwick
Chairman
For further information please contact:
+--------------------------------------------+--------------------------------------------+
| Keith Chadwick, All Points North plc | Tel: 01768 865959 |
+--------------------------------------------+--------------------------------------------+
| Alex Clarkson/Nick Cowles, Zeus Capital | Tel: 0161 831 1512 |
| Limited | |
+--------------------------------------------+--------------------------------------------+
ALL POINTS NORTH PLC
MANAGING DIRECTOR'S REPORT
My annual update on our property portfolio as at 31 March 2009 follows:
College House, Barrow-in-Furness, Cumbria
We appointed new managing agents during the year. This, coupled with expenditure
on improvements to all aspects of the building, has proved fruitful. More space
has been taken by the NHS and additional NHS take up is progressing well. A
charity nursery user has agreed to take a fifteen year lease on the former cafe.
This has gained positive comments from all existing users and also in the local
press. The new increased rent roll, improved management and generally positive
outlook bodes well for the future
45 Highgate, Kendal, Cumbria
One of our smaller tenants ceased to trade in June 2009 and we are currently
trying to re-let this unit.
47/51 Highgate, Kendal, Cumbria
William Hill, our tenant, whose covenant sells well at a yield of between 6 and
7%, is now trading from the ground floor and in August the sale of the upper
floors was agreed at GBP120,000.
Gatesgarth, Kendal, Cumbria
One further flat was sold in June 2009 leaving one remaining for sale at its
valuation of GBP225,000.
Botchergate, Carlisle, Cumbria
In July 2009 we granted a licence to a retailer for 12 months paying GBP26,000
per annum, with a three month mutual break clause. Our agents are currently in
discussions with two other operators and a number of charities.
Cumbria House, Penrith, Cumbria
A revised and extended advertising policy has produced two new tenants since the
year-end, one about to take up space and the other at "heads of terms stage". An
expressed interest from a quoted company for up to 3,000 sq ft is being pursued
and a decision on this is due in December.
Kendal Bowman, Kendal, Cumbria
Since my last report, unfortunately, the S106 agreement relating to our planning
application was particularly onerous and imposed local occupancy/affordability
conditions. However, our planning consultants advise us that, within the next
three months, the need for these conditions on developments of less than 8 units
will be amended in our favour. We have therefore decided to wait for the change
in policy before marketing the property.
Concorde House, Blackpool, Lancashire
I reported last year an assignment of the lease to another furniture retailer
who is currently experiencing difficulties in meeting his full rental
obligations and we are working with the tenant to assist him in the short term.
Printfield, Wigton, Cumbria
A Planning Application was submitted in June 2009 for 8 residential units with a
recommendation for approval from the Planning Officer. It is scheduled to go to
committee in October.
J M Elliott
Managing Director
ALL POINTS NORTH PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2009
The directors present their report and the financial statements for the year
ended 31 March 2009.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the annual report and the financial
statements in accordance with applicable law and regulations.
Company law requires the directors to prepare the financial statements for each
financial year. Under that law the directors have elected to prepare the
financial statements in accordance with United Kingdom Generally Accepted
Accounting Practice (United Kingdom Accounting Standards and applicable law).
The financial statements are required by law to give a true and fair view of the
state of affairs of the company and of the profit and loss of the company for
that period. In preparing these financial statements, the directors are required
to:
-select suitable accounting policies and then apply them consistently;
-make judgements and estimates that are reasonable and prudent;
-state whether applicable UK Accounting Standards have been followed, subject to
any material departures disclosed and explained in the financial statements;
-prepare the financial statements on the going concern basis unless it is
inappropriate to presume that the company will continue in business.
The directors are responsible for keeping proper accounting records that
disclose with reasonable accuracy at any time the financial position of the
company and enable them to ensure that the financial statements comply with the
Companies Act 1985. They are also responsible for safeguarding the assets of the
company and hence for taking reasonable steps for the prevention and detection
of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate
and financial information included on the company's website. Legislation in the
United Kingdom governing the preparation and dissemination of financial
statements and other information included in annual reports may differ from
legislation in other jurisdictions.
So far as each of the directors is aware at the time the report is approved:
-there is no relevant audit information of which the company's auditors are
unaware, and
-the directors have taken all steps that they ought to have taken to make
themselves aware of any relevant audit information and to establish that the
auditors are aware of that information.
PRINCIPAL ACTIVITY
The principal activity of the company is that of property development.
BUSINESS REVIEW
The results for the year are discussed in the Chairman's Statement and the
properties are discussed in the Managing Director's Report.
As highlighted in the Chairman's Statement the key performance indicator used by
the company to measure its performance is the change in the net asset value
which in the year ended 31 March 2009 was a reduction of GBP554,695.
ALL POINTS NORTH PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2009
PRINCIPAL RISKS AND UNCERTAINTIES
There are two major risks facing the company. Firstly there is the risk that
property prices may fall and the rental market crashes. Secondly there is the
risk that the cost of bank borrowing could increase significantly as the
consequence of an interest rate increase.
The directors are fully aware of these risks and have a considerable amount of
experience in dealing with property matters over many years, including periods
of falling property prices and high interest rates.
ENVIRONMENT
The company recognises the importance of its environmental responsibilities,
monitors its impact on the environment, and designs and implements policies to
reduce any damage that might be caused by the company's activities. Initiatives
designed to minimise the company's impact on the environment include the safe
disposal of waste and reducing energy consumption.
RESULTS
The loss for the year, after taxation, amounted to GBP220,279 (2008
Profit GBP350).
DIVIDENDS
An interim dividend of 0.5p per ordinary share was paid on 30th January 2009.
The directors do not recommend a final dividend.
CHARITABLE DONATIONS
During the year the company made GBP5,343 (2008 GBP8,911) of charitable
donations.
DIRECTORS
The directors who served during the year were:
B K Chadwick (Chairman)
J M Elliott (Managing Director)
J A Lyons (Non-Executive Director)
K Philbin (Non-Executive Director)
SUBSTANTIAL SHAREHOLDINGS
At 31 March 2009 the following interests of three percent or more of the issued
ordinary share capital of the company had been notified to the company:
+------------+------+-------------+
| | % | Shares |
| | | held |
+------------+------+-------------+
| | | |
+------------+------+-------------+
| B K | 24.3 | 1,798,000 |
| Chadwick | | |
+------------+------+-------------+
| J M | 27.7 | 2,046,000 |
| Elliott | | |
+------------+------+-------------+
| J A Lyons | 27.7 | 2,046,000 |
+------------+------+-------------+
ALL POINTS NORTH PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2009
FINANCIAL INSTRUMENTS
It is the company's policy to fund itself through an appropriate mix of debt and
equity. The company does not operate outside the UK and therefore foreign
exchange risk is not applicable.
Company policy determines that liquidity risk is managed through a review of
regularly prepared cash flow forecasts and the maintenance of sufficient banking
facilities to meet both expected requirements and an appropriate level of
headroom.
After the year end the company has arranged overdraft facilities of
GBP5,467,250.
The company managed interest rate risk by reviewing its borrowing facilities on
a regular basis and sourcing the most attractive debt products to fund its
requirements.
COMPANY'S POLICY FOR PAYMENT OF CREDITORS
It is the company's policy to set the terms of payment with creditors when
agreeing the terms of each transaction and to abide by the creditor's terms of
payment. Trade creditors amounted to 44 days (2008 16 days) of average supplies
for the year.
AUDITORS
A resolution to re-appoint Tenon Audit Limited as auditors for the ensuing year
will be proposed at the Annual General Meeting.
This report was approved by the board on 26th September 2009 and signed on its
behalf.
K Philbin
Secretary
ALL POINTS NORTH PLC
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF
ALL POINTS NORTH PLC
We have audited the financial statements of All Points North PLC for the year
ended 31 March 2009 which comprise the Profit and Loss Account, the Balance
Sheet, the Cash Flow Statement, The Statement of Total Recognised Gains and
Losses and the related notes. These financial statements have been prepared in
accordance with the accounting policies set out therein.
This report is made solely to the company's members, as a body, in accordance
with Section 235 of the Companies Act 1985. Our audit work has been undertaken
so that we might state to the company's members those matters we are required to
state to them in an auditor's report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume any responsibility to anyone
other than the company and the company's members as a body, for our audit work,
for this report, or for any opinions we have formed.
RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITORS
The directors' responsibilities for preparing the Annual Report and the
financial statements in accordance with applicable law and United Kingdom
Accounting Standards (United Kingdom Generally Accepted Accounting Practice) are
set out in the Statement of Directors' Responsibilities.
Our responsibility is to audit the financial statements in accordance with
relevant legal and regulatory requirements and International Standards on
Auditing (UK and Ireland).
We report to you on our opinion as to whether the financial statements give a
true and fair view and are properly prepared in accordance with the Companies
Act 1985. We also report to you whether in our opinion the information given in
the Directors' Report is consistent with the financial statements. The
information given in the Directors' Report includes that specific information
presented in the Chairman's Statement and the Managing Director's Report that is
cross referenced from the Business Review of the Directors' report.
In addition we report to you if, in our opinion, the company has not kept proper
accounting records, if we have not received all the information and explanations
we require for our audit, or if information specified by law regarding
directors' remuneration and other transactions is not disclosed.
We read other information contained in the Annual report and consider whether it
is consistent with the audited financial statements. This other information
comprises only the Directors' Report, the Chairman's Report and the Managing
Director's Report. We consider the implications for our report if we become
aware of any apparent misstatements or material inconsistencies with the
financial statements. Our responsibilities do not extend to any other
information.
BASIS OF AUDIT OPINION
We conducted our audit in accordance with International Standards on Auditing
(UK and Ireland) issued by the Auditing Practices Board. An audit includes
examination, on a test basis, of evidence relevant to the amounts and
disclosures in the financial statements. It also includes an assessment of the
significant estimates and judgements made by the directors in the preparation of
the financial statements, and of whether the accounting policies are appropriate
to the company's circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and
explanations which we considered necessary in order to provide us with
sufficient evidence to give reasonable assurance that the financial statements
are free from material misstatement, whether caused by fraud or other
irregularity or error. In forming our opinion we also evaluated the overall
adequacy of the presentation of information in the financial statements.
ALL POINTS NORTH PLC
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF
ALL POINTS NORTH PLC
OPINION
In our opinion:
-the financial statements give a true and fair view, in accordance with United
Kingdom Generally Accepted Accounting Practice, of the state of the company's
affairs as at 31 March 2009 and of its loss for the year then ended;
-the financial statements have been properly prepared in accordance with the
Companies Act 1985; and
-the information given in the Directors' Report is consistent with the financial
statements.
TENON AUDIT LIMITED
Registered Auditor
88-96 Market Street West
Preston PR1 2EU
ALL POINTS NORTH PLC
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2009
+---------+--------+--------+-----------+--------+----+-----------+--------+------------+
| | | | | | | 2009 | | 2008 |
+---------+--------+--------+-----------+--------+----+-----------+--------+------------+
| | | | | Note | | GBP | | GBP |
+---------+--------+--------+-----------+--------+----+-----------+--------+------------+
| TURNOVER | | | 1,2 | | 871,394 | | 1,086,369 |
+------------------+--------+-----------+--------+----+-----------+--------+------------+
| Cost of sales | | | | | (584,088) | | (691,520) |
+------------------+--------+-----------+--------+----+-----------+--------+------------+
| | | | | | | | | |
+---------+--------+--------+-----------+--------+----+-----------+--------+------------+
| GROSS PROFIT | | | | | 287,306 | | 394,849 |
+------------------+--------+-----------+--------+----+-----------+--------+------------+
| | | | | | | | | |
+---------+--------+--------+-----------+--------+----+-----------+--------+------------+
| Administrative expenses | | | | (232,943) | | (357,833) |
+---------------------------+-----------+--------+----+-----------+--------+------------+
| Other operating income | | 3 | | 12,500 | | 245,723 |
+---------------------------+-----------+--------+----+-----------+--------+------------+
| | | | | | | | | |
+---------+--------+--------+-----------+--------+----+-----------+--------+------------+
| OPERATING PROFIT | | | 4 | | 66,863 | | 282,739 |
+------------------+--------+-----------+--------+----+-----------+--------+------------+
| | | | | | | | | |
+---------+--------+--------+-----------+--------+----+-----------+--------+------------+
| Profit on sale of investment property | | | 0 | | 93,695 |
+---------------------------------------+--------+----+-----------+--------+------------+
| | | | | | | | | |
+---------+--------+--------+-----------+--------+----+-----------+--------+------------+
| PROFIT ON ORDINARY ACTIVITIES | | | 66,863 | | 376,434 |
+---------------------------------------+--------+----+-----------+--------+------------+
| BEFORE INTEREST | | | | | | | |
+------------------+--------+-----------+--------+----+-----------+--------+------------+
| | | | | | | | | |
+---------+--------+--------+-----------+--------+----+-----------+--------+------------+
| Interest | | | | | 465 | | 19,905 |
| receivable | | | | | | | |
+------------------+--------+-----------+--------+----+-----------+--------+------------+
| Interest payable | | | 8 | | (288,151) | | (395,989) |
+------------------+--------+-----------+--------+----+-----------+--------+------------+
| | | | | | | | | |
+---------+--------+--------+-----------+--------+----+-----------+--------+------------+
| PROFIT/(LOSS) ON ORDINARY ACTIVITIES | | | (220,823) | | 350 |
+---------------------------------------+--------+----+-----------+--------+------------+
| BEFORE TAXATION | | | | | | | |
+------------------+--------+-----------+--------+----+-----------+--------+------------+
| | | | | | | | | |
+---------+--------+--------+-----------+--------+----+-----------+--------+------------+
| Tax on Profit/(Loss) on ordinary | 9 | | 544 | | 0 |
| activities | | | | | |
+---------------------------------------+--------+----+-----------+--------+------------+
| | | | | | | | | |
+---------+--------+--------+-----------+--------+----+-----------+--------+------------+
| PROFIT/(LOSS) ON ORDINARY ACTIVITIES | 17 | | (220,279) | | 350 |
+---------------------------------------+--------+----+-----------+--------+------------+
| AFTER TAXATION | | | | | | | |
+------------------+--------+-----------+--------+----+-----------+--------+------------+
| | | | | | | | | |
+---------+--------+--------+-----------+--------+----+-----------+--------+------------+
| Earnings per | | basic | 24 | | (2.98)p | | 0.00 p |
| share | | | | | | | |
+------------------+--------+-----------+--------+----+-----------+--------+------------+
| | | | diluted | 24 | | (2.98)p | | 0.00 p |
+---------+--------+--------+-----------+--------+----+-----------+--------+------------+
| | | | | | | | | |
+---------+--------+--------+-----------+--------+----+-----------+--------+------------+
| | | | | | | | | |
+---------+--------+--------+-----------+--------+----+-----------+--------+------------+
| All amounts relate to continuing | | | | | |
| operations. | | | | | |
+---------------------------------------+--------+----+-----------+--------+------------+
| | | | | | | | | |
+---------+--------+--------+-----------+--------+----+-----------+--------+------------+
| The notes on pages 12 to 23 form part of these | | | |
| financial statements. | | | |
+---------+--------+--------+-----------+--------+----+-----------+--------+------------+
ALL POINTS NORTH PLC
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE YEAR ENDED 31 MARCH 2009
+--------+--------+--------+-----------+--------+----+-----------+--------+----------+
| | | | | | | 2009 | | 2008 |
+--------+--------+--------+-----------+--------+----+-----------+--------+----------+
| | | | | | | GBP | | GBP |
+--------+--------+--------+-----------+--------+----+-----------+--------+----------+
| | | | | | | | | |
+--------+--------+--------+-----------+--------+----+-----------+--------+----------+
| PROFIT/(LOSS) FOR THE FINANCIAL YEAR | | | (220,279) | | 350 |
+--------------------------------------+--------+----+-----------+--------+----------+
| | | | | | | | | |
+--------+--------+--------+-----------+--------+----+-----------+--------+----------+
| Unrealised deficit on revaluation of | | (309,654) | | (93,695) |
| investment properties | | | | |
+-----------------------------------------------+----+-----------+--------+----------+
| | | | | | | | | |
+--------+--------+--------+-----------+--------+----+-----------+--------+----------+
| TOTAL RECOGNISED GAINS AND LOSSES RELATING | | (529,933) | | (93,345) |
+-----------------------------------------------+----+-----------+--------+----------+
| TO THE YEAR | | | | | | | |
+--------+--------+--------+-----------+--------+----+-----------+--------+----------+
NOTE OF HISTORICAL COST PROFITS AND LOSSES
FOR THE YEAR ENDED 31 MARCH 2009
+--------+--------+--------+-----------+--------+----+-----------+--------+----------+
| | | | | | | 2009 | | 2008 |
+--------+--------+--------+-----------+--------+----+-----------+--------+----------+
| | | | | | | GBP | | GBP |
+--------+--------+--------+-----------+--------+----+-----------+--------+----------+
| | | | | | | | | |
+--------+--------+--------+-----------+--------+----+-----------+--------+----------+
| REPORTED PROFIT/(LOSS) ON ORDINARY ACTIVITIES | | (220,823) | | 350 |
| | | | | |
+-----------------------------------------------+----+-----------+--------+----------+
| BEFORE TAXATION | | | | | | | |
+-----------------+--------+-----------+--------+----+-----------+--------+----------+
| | | | | | | | | |
+--------+--------+--------+-----------+--------+----+-----------+--------+----------+
| Realisation of valuation gains taken directly | | 0 | | 103,624 |
| to reserves | | | | |
+-----------------------------------------------+----+-----------+--------+----------+
| in previous | | | | | | | |
| periods | | | | | | | |
+-----------------+--------+-----------+--------+----+-----------+--------+----------+
| | | | | | | | | |
+--------+--------+--------+-----------+--------+----+-----------+--------+----------+
| HISTORICAL COST (LOSS)/PROFIT ON ORDINARY | | (220,823) | | 103,974 |
+-----------------------------------------------+----+-----------+--------+----------+
| ACTIVITIES BEFORE TAXATION | | | | | |
+--------------------------------------+--------+----+-----------+--------+----------+
| | | | | | | | | |
+--------+--------+--------+-----------+--------+----+-----------+--------+----------+
| HISTORICAL (LOSS)/PROFIT FOR THE | | | (220,279) | | 103,974 |
| YEAR | | | | | |
+--------------------------------------+--------+----+-----------+--------+----------+
| AFTER TAXATION | | | | | | | |
+--------+--------+--------+-----------+--------+----+-----------+--------+----------+
ALL POINTS NORTH PLC
BALANCE SHEET
AS AT 31 MARCH 2009
+--+---------------+--------+--------+------+------+--------------+--------------+-------------+-------------+
| Balance sheet | | | | | | | | |
+------------------+--------+--------+------+------+--------------+--------------+-------------+-------------+
| | | | | | | | 2009 | | 2008 |
+--+---------------+--------+--------+------+------+--------------+--------------+-------------+-------------+
| | | | | |Note | | GBP | | GBP |
+--+---------------+--------+--------+------+------+--------------+--------------+-------------+-------------+
| | | | | | | | | | |
+--+---------------+--------+--------+------+------+--------------+--------------+-------------+-------------+
| | FIXED ASSETS | | | | | | | |
+--+------------------------+--------+------+------+--------------+--------------+-------------+-------------+
| | Tangible fixed assets | | | 10 | | 4,928 | | 4,686 |
+--+------------------------+--------+------+------+--------------+--------------+-------------+-------------+
| | Investment property | | | 12 | | 5,620,967 | | 5,920,967 |
+--+------------------------+--------+------+------+--------------+--------------+-------------+-------------+
| | Investments | | | 11 | | 50 | | 50 |
+--+------------------------+--------+------+------+--------------+--------------+-------------+-------------+
| | | | | | | | | | |
+--+---------------+--------+--------+------+------+--------------+--------------+-------------+-------------+
| | | | | | | | 5,625,945 | | 5,925,703 |
+--+---------------+--------+--------+------+------+--------------+--------------+-------------+-------------+
| | | | | | | | | | |
+--+---------------+--------+--------+------+------+--------------+--------------+-------------+-------------+
| | CURRENT ASSETS | | | | | | | |
+--+------------------------+--------+------+------+--------------+--------------+-------------+-------------+
| | Stocks | | | | 13 | 1,356,383 | | 1,120,629 | |
+--+---------------+--------+--------+------+------+--------------+--------------+-------------+-------------+
| | Debtors | | | | 14 | 141,136 | | 402,478 | |
+--+---------------+--------+--------+------+------+--------------+--------------+-------------+-------------+
| | Bank and cash balances | | | 1,852 | | 20,858 | |
+--+---------------------------------+------+------+--------------+--------------+-------------+-------------+
| | | | | | | | | | |
+--+---------------+--------+--------+------+------+--------------+--------------+-------------+-------------+
| | | | | | | 1,499,371 | | 1,543,965 | |
+--+---------------+--------+--------+------+------+--------------+--------------+-------------+-------------+
| | | | | | | | | | |
+--+---------------+--------+--------+------+------+--------------+--------------+-------------+-------------+
| | CREDITORS: amounts falling due within | | | | | |
+--+----------------------------------------+------+--------------+--------------+-------------+-------------+
| | one year | | | 15 | (5,859,482) | | (5,649,139) | |
+--+------------------------+--------+------+------+--------------+--------------+-------------+-------------+
| | | | | | | | | | |
+--+---------------+--------+--------+------+------+--------------+--------------+-------------+-------------+
| | NET CURRENT LIABILITIES | | | | (4,360,111) | | (4,105,174) |
+--+---------------------------------+------+------+--------------+--------------+-------------+-------------+
| | | | | | | | | | |
+--+---------------+--------+--------+------+------+--------------+--------------+-------------+-------------+
| | NET ASSETS | | | | | 1,265,834 | | 1,820,529 |
+--+------------------------+--------+------+------+--------------+--------------+-------------+-------------+
| | | | | | | | | | |
+--+---------------+--------+--------+------+------+--------------+--------------+-------------+-------------+
| | CAPITAL AND RESERVES | | | | | | |
+--+---------------------------------+------+------+--------------+--------------+-------------+-------------+
| | Called up share | | | 16 | | 73,958 | | 73,958 |
| | capital | | | | | | | |
+--+------------------------+--------+------+------+--------------+--------------+-------------+-------------+
| | Share premium account | | | 17 | | 312,723 | | 312,723 |
+--+------------------------+--------+------+------+--------------+--------------+-------------+-------------+
| | Revaluation reserve | | | 17 | | 839,911 | | 1,149,565 |
+--+------------------------+--------+------+------+--------------+--------------+-------------+-------------+
| | Profit and loss | | | 17 | | 39,242 | | 284,283 |
| | account | | | | | | | |
+--+------------------------+--------+------+------+--------------+--------------+-------------+-------------+
| | | | | | | | | | |
+--+---------------+--------+--------+------+------+--------------+--------------+-------------+-------------+
| | SHAREHOLDERS FUNDS | | 18 | | 1,265,834 | | 1,820,529 |
+--+---------------------------------+------+------+--------------+--------------+-------------+-------------+
| | | | | | | | | | |
+--+---------------+--------+--------+------+------+--------------+--------------+-------------+-------------+
| | | | | | | | | | |
+--+---------------+--------+--------+------+------+--------------+--------------+-------------+-------------+
ALL POINTS NORTH PLC
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2009
+-----------+--------+--------+-----------+--------+----+-----------+--------+-----------+
| | | | | | | 2009 | | 2008 |
+-----------+--------+--------+-----------+--------+----+-----------+--------+-----------+
| | | | | Note | | GBP | | GBP |
+-----------+--------+--------+-----------+--------+----+-----------+--------+-----------+
| | | | | | | | | |
+-----------+--------+--------+-----------+--------+----+-----------+--------+-----------+
| Net cash flow from operating | 19 | | 72,613 | | 196,082 |
| activities | | | | | |
+-----------------------------------------+--------+----+-----------+--------+-----------+
| Returns on investments and servicing | 20 | | (287,686) | | (376,084) |
| of finance | | | | | |
+-----------------------------------------+--------+----+-----------+--------+-----------+
| Taxation | | | | | | 544 | | - |
+-----------+--------+--------+-----------+--------+----+-----------+--------+-----------+
| Capital expenditure and financial | 20 | | 23,955 | | 134,796 |
| investment | | | | | |
+-----------------------------------------+--------+----+-----------+--------+-----------+
| Dividends paid | | | | | (24,762) | | (110,937) |
+--------------------+--------+-----------+--------+----+-----------+--------+-----------+
| | | | | | | | | |
+-----------+--------+--------+-----------+--------+----+-----------+--------+-----------+
| CASH OUTFLOW BEFORE FINANCING | | | (215,336) | | (156,143) |
+-----------------------------------------+--------+----+-----------+--------+-----------+
| Financing | | | | | | - | | - |
+-----------+--------+--------+-----------+--------+----+-----------+--------+-----------+
| | | | | | | | | |
+-----------+--------+--------+-----------+--------+----+-----------+--------+-----------+
| DECREASE IN CASH IN THE YEAR | | | (215,336) | | (156,143) |
+-----------------------------------------+--------+----+-----------+--------+-----------+
| | | | | | | | | |
+-----------+--------+--------+-----------+--------+----+-----------+--------+-----------+
RECONCILIATION OF NET CASH FLOW
TO MOVEMENTS IN NET FUNDS/DEBT
FOR THE YEAR ENDED 31 MARCH 2009
+--------+--------+--------+-----------+--------+----+-------------+--------+-------------+
| | | | | | | 2009 | | 2008 |
+--------+--------+--------+-----------+--------+----+-------------+--------+-------------+
| | | | | | | GBP | | GBP |
+--------+--------+--------+-----------+--------+----+-------------+--------+-------------+
| | | | | | | | | |
+--------+--------+--------+-----------+--------+----+-------------+--------+-------------+
| Decrease in cash in year | | | | (215,336) | | (156,143) |
+--------------------------+-----------+--------+----+-------------+--------+-------------+
| Cash outflow from | | | | | | |
| decrease | | | | | | |
+--------------------------+-----------+--------+----+-------------+--------+-------------+
| in debt and lease | | | | - | | - |
| financing | | | | | | |
+--------------------------+-----------+--------+----+-------------+--------+-------------+
| | | | | | | | | |
+--------+--------+--------+-----------+--------+----+-------------+--------+-------------+
| MOVEMENT IN NET DEBT IN THE YEAR | | | (215,336) | | (156,143) |
+--------------------------------------+--------+----+-------------+--------+-------------+
| Net debt at 1 April 2008 | | | | (5,149,984) | | (4,993,841) |
+--------------------------+-----------+--------+----+-------------+--------+-------------+
| | | | | | | | | |
+--------+--------+--------+-----------+--------+----+-------------+--------+-------------+
| NET DEBT AT 31 MARCH | | | | (5,365,320) | | (5,149,984) |
| 2009 | | | | | | |
+--------------------------+-----------+--------+----+-------------+--------+-------------+
| | | | | | | | | |
+--------+--------+--------+-----------+--------+----+-------------+--------+-------------+
| The notes on pages 12 to 23 form part of these | | | |
| financial statements. | | | |
+--------+--------+--------+-----------+--------+----+-------------+--------+-------------+
ALL POINTS NORTH PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2009
1. ACCOUNTING POLICIES
1.1 Basis of preparing of financial statements
The financial statements have been prepared under the historical cost convention
as modified by the revaluation of freehold investment property and in accordance
with applicable accounting standards.
1.2 Turnover
Turnover represents rental income receivable, sales of development property and
sale of an option. Property sales are recognised at exchange or legal completion
upon the circumstances of each sale. Rental income is recognised on an accruals
basis. The sale of the option was recognised on legal completion.
1.3 Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation.
Depreciation is provided at rates calculated to write off the cost or valuation
of fixed assets, less their estimated residual value, over their expected useful
lives on the following bases:
Plant and machinery33% and 20% reducing balance
1.4 Investments
Investments held as fixed assets are shown at cost less provisions for their
impairment.
1.5 Investment properties
Investment properties are included in the balance sheet at their open market
value in accordance with Statement of Standard Accounting Practice No.19 and are
not depreciated. This treatment is contrary to the Companies Act 1985 which
states that fixed assets should be depreciated but is, in the opinion of the
directors, necessary in order to give a true and fair view of the financial
position of the company.
If the Companies Act had been followed the operating profit of the company would
have been reduced by GBP112,419 (2008: GBP118,419).
1.6 Stocks
The stock figure consists of properties purchased for development and sale.
Costs consist of all direct costs including purchase price, legal fees and
property development costs. The properties are valued at the lower of cost and
net realisable value.
1.7 Deferred taxation
Full provision is made for deferred tax assets and liabilities arising from all
timing differences between the recognition of gains and losses in the financial
statements and recognition in the tax computation other than for timing
differences from the revaluation of fixed assets in the financial statements for
which no provision is made.
A net deferred tax asset is recognised only if it can be regarded as more likely
than not that there will be suitable taxable profits from which the future
reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to
be effective at the time the timing differences are expected to reverse.
1.8 Joint ventures
An entity is treated as a joint venture where the company holds a long term
interest and shares control under a contractual interest. The investment in the
joint venture is shown at cost. Income from the joint venture is recognised when
dividends are received.
ALL POINTS NORTH PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2009
1. ACCOUNTING POLICIES (continued)
1.9 Financial instruments
Financial instruments are recognised when the company becomes a party to the
contractual provisions of the instrument. The principal financial assets and
liabilities are as follows:
a) Trade debtors - Trade debtors are recognised at fair value, being the face
value of unpaid invoices less a provision for bad debts.
b) Cash - Cash is carried at fair value, being the sterling amount. For the
purposes of the cash flow statement, cash comprises cash at bank and in hand
together with bank overdraft as these items are an integral part of the
company's cash management.
c) Trade creditors - Trade creditors are recognised at fair value, being the
face value of unpaid invoices.
d) Bank loans and other borrowings - Interest bearing bank loans, overdrafts
and other loans are recognised at fair value, being the amount per bank
statement adjusted for any unpaid items.
1.10 Going concern
The directors consider that the company is a going concern despite the fact
that the balance sheet shows net current
liabilities of GBP4,360,111. The bank overdraft is repayable on demand and
therefore is a current liability; however in
the normal course of business the overdraft will not be repaid unless
properties are sold.
2. TURNOVER
+---------+---------+---------+---------+--------+----+----------+--------+------------+
| An analysis of turnover by class is | | | | | |
| as follows: | | | | | |
+---------------------------------------+--------+----+----------+--------+------------+
| | | | | | | 2009 | | 2008 |
+---------+---------+---------+---------+--------+----+----------+--------+------------+
| | | | | | | GBP | | GBP |
+---------+---------+---------+---------+--------+----+----------+--------+------------+
| | | | | | | | | |
+---------+---------+---------+---------+--------+----+----------+--------+------------+
| Rent receivable | | | | | 398,894 | | 336,369 |
+-------------------+---------+---------+--------+----+----------+--------+------------+
| Sale of option | | | | | 250,000 | | - |
+-------------------+---------+---------+--------+----+----------+--------+------------+
| Property sales | | | | | 222,500 | | 750,000 |
+-------------------+---------+---------+--------+----+----------+--------+------------+
| | | | | | | | | |
+---------+---------+---------+---------+--------+----+----------+--------+------------+
| | | | | | | 871,394 | | 1,086,369 |
+---------+---------+---------+---------+--------+----+----------+--------+------------+
| All turnover arose within the United | | | | | |
| Kingdom. | | | | | |
+---------------------------------------+--------+----+----------+--------+------------+
| | | | | | | | | |
+---------+---------+---------+---------+--------+----+----------+--------+------------+
| Profits and net assets by class of business are not analysed because rent |
| receivable and property sales |
+--------------------------------------------------------------------------------------+
| are inextricably | | | | | | | |
| linked. | | | | | | | |
+---------+---------+---------+---------+--------+----+----------+--------+------------+
3. OTHER OPERATING INCOME
+--------+--------+--------+-----------+--------+----+----------+--------+----------+
| | | | | | | 2009 | | 2008 |
+--------+--------+--------+-----------+--------+----+----------+--------+----------+
| | | | | | | GBP | | GBP |
+--------+--------+--------+-----------+--------+----+----------+--------+----------+
| | | | | | | | | |
+--------+--------+--------+-----------+--------+----+----------+--------+----------+
| Insurance | | | | | 12,500 | | 241,736 |
| proceeds | | | | | | | |
+-----------------+--------+-----------+--------+----+----------+--------+----------+
| Other operating income | | | | - | | 3,987 |
+--------------------------+-----------+--------+----+----------+--------+----------+
| | | | | | | | | |
+--------+--------+--------+-----------+--------+----+----------+--------+----------+
| | | | | | | 12,500 | | 245,723 |
+--------+--------+--------+-----------+--------+----+----------+--------+----------+
| | | | | | | | | |
+--------+--------+--------+-----------+--------+----+----------+--------+----------+
ALL POINTS NORTH PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2009
4. OPERATING PROFIT
+---------+---------+---------+---------+--------+----+----------+--------+----------+
| The operating profit is stated after | | | | | |
| charging: | | | | | |
+---------------------------------------+--------+----+----------+--------+----------+
| | | | | | | 2009 | | 2008 |
+---------+---------+---------+---------+--------+----+----------+--------+----------+
| | | | | | | GBP | | GBP |
+---------+---------+---------+---------+--------+----+----------+--------+----------+
| | | | | | | | | |
+---------+---------+---------+---------+--------+----+----------+--------+----------+
| Depreciation of tangible fixed | | | | | |
| assets: | | | | | |
+---------------------------------------+--------+----+----------+--------+----------+
| Owned by the company | | | | 1,465 | | 1,351 |
+-----------------------------+---------+--------+----+----------+--------+----------+
| Provision for diminution in value of | | - | | 136,537 |
| investment properties | | | | |
+------------------------------------------------+----+----------+--------+----------+
| | | | | | | | | |
+---------+---------+---------+---------+--------+----+----------+--------+----------+
5. AUDITORS' REMUNERATION
+--------+--------+--------+-----------+--------+----+----------+--------+---------+
| | | | | | | 2009 | | 2008 |
+--------+--------+--------+-----------+--------+----+----------+--------+---------+
| | | | | | | GBP | | GBP |
+--------+--------+--------+-----------+--------+----+----------+--------+---------+
| | | | | | | | | |
+--------+--------+--------+-----------+--------+----+----------+--------+---------+
| Fees payable to the company's auditor for the | | 8,421 | | 16,000 |
| audit of the | | | | |
+-----------------------------------------------+----+----------+--------+---------+
| company's annual | | | | | | |
| accounts | | | | | | |
+--------------------------+-----------+--------+----+----------+--------+---------+
| Fees payable to the company's auditor and its | | | | |
| associates | | | | |
+-----------------------------------------------+----+----------+--------+---------+
| in respect | | | | | | | |
| of: | | | | | | | |
+-----------------+--------+-----------+--------+----+----------+--------+---------+
| | Other services relating to | | | 2,325 | | 9,000 |
| | taxation | | | | | |
+--------+-----------------------------+--------+----+----------+--------+---------+
| | | | | | | | | |
+--------+--------+--------+-----------+--------+----+----------+--------+---------+
6. STAFF COSTS
+---------+---------+---------+---------+---------+----+----------+--------+---------+
| Staff costs, including directors' remuneration, | | | | |
| were as follows: | | | | |
+-------------------------------------------------+----+----------+--------+---------+
| | | | | | | 2009 | | 2008 |
+---------+---------+---------+---------+---------+----+----------+--------+---------+
| | | | | | | GBP | | GBP |
+---------+---------+---------+---------+---------+----+----------+--------+---------+
| Wages and | | | | | 75,634 | | 87,231 |
| salaries | | | | | | | |
+-------------------+---------+---------+---------+----+----------+--------+---------+
| Social security | | | | | 7,356 | | 9,129 |
| costs | | | | | | | |
+-------------------+---------+---------+---------+----+----------+--------+---------+
| | | | | | | | | |
+---------+---------+---------+---------+---------+----+----------+--------+---------+
| | | | | | | 82,990 | | 96,360 |
+---------+---------+---------+---------+---------+----+----------+--------+---------+
| | | | | | | | | |
+---------+---------+---------+---------+---------+----+----------+--------+---------+
| The average monthly number of employees, including the directors, during the year |
| was as follows: |
+------------------------------------------------------------------------------------+
| | | | | | | | | |
+---------+---------+---------+---------+---------+----+----------+--------+---------+
| | | | | | | 2009 | | 2008 |
+---------+---------+---------+---------+---------+----+----------+--------+---------+
| | | | | | | GBP | | GBP |
+---------+---------+---------+---------+---------+----+----------+--------+---------+
| | | | | | | No | | No |
+---------+---------+---------+---------+---------+----+----------+--------+---------+
| Management | | | | | 4 | | 4 |
+-------------------+---------+---------+---------+----+----------+--------+---------+
| | | | | | | | | |
+---------+---------+---------+---------+---------+----+----------+--------+---------+
7. DIRECTORS' REMUNERATION
+--------+--------+--------+-----------+--------+----+----------+--------+---------+
| | | | | | | 2009 | | 2008 |
+--------+--------+--------+-----------+--------+----+----------+--------+---------+
| | | | | | | GBP | | GBP |
+--------+--------+--------+-----------+--------+----+----------+--------+---------+
| Emoluments | | | | | 70,986 | | 83,579 |
+-----------------+--------+-----------+--------+----+----------+--------+---------+
| | | | | | | | | |
+--------+--------+--------+-----------+--------+----+----------+--------+---------+
ALL POINTS NORTH PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2009
8. INTEREST PAYABLE
+--------+--------+--------+-----------+--------+----+----------+--------+----------+
| | | | | | | 2009 | | 2008 |
+--------+--------+--------+-----------+--------+----+----------+--------+----------+
| | | | | | | GBP | | GBP |
+--------+--------+--------+-----------+--------+----+----------+--------+----------+
| On bank loans and | | | | 287,248 | | 365,276 |
| overdrafts | | | | | | |
+--------------------------+-----------+--------+----+----------+--------+----------+
| On other loans | | | | | 903 | | 30,713 |
+-----------------+--------+-----------+--------+----+----------+--------+----------+
| | | | | | | | | |
+--------+--------+--------+-----------+--------+----+----------+--------+----------+
| | | | | | | 288,151 | | 395,989 |
+--------+--------+--------+-----------+--------+----+----------+--------+----------+
| | | | | | | | | |
+--------+--------+--------+-----------+--------+----+----------+--------+----------+
9. TAXATION
+---------+--------+--------+-----------+--------+----+-----------+--------+---------+
| | | | | | | 2009 | | 2008 |
+---------+--------+--------+-----------+--------+----+-----------+--------+---------+
| | | | | | | GBP | | GBP |
+---------+--------+--------+-----------+--------+----+-----------+--------+---------+
| Corporation tax - adjustment for | | | (544) | | - |
| prior years | | | | | |
+---------------------------------------+--------+----+-----------+--------+---------+
| | | | | | | | | |
+---------+--------+--------+-----------+--------+----+-----------+--------+---------+
| Factors affecting the tax charge for | | | | | |
| the year | | | | | |
+---------------------------------------+--------+----+-----------+--------+---------+
| | | | | | | | | |
+---------+--------+--------+-----------+--------+----+-----------+--------+---------+
| The tax assessed for the year is lower (2008 lower) than the standard rate of |
| corporation tax in the UK (21%) |
+------------------------------------------------------------------------------------+
| (2008 20%). The differences are | | | | | |
| explained below: | | | | | |
+---------------------------------------+--------+----+-----------+--------+---------+
| | | | | | | | | |
+---------+--------+--------+-----------+--------+----+-----------+--------+---------+
| | | | | | | 2009 | | 2008 |
+---------+--------+--------+-----------+--------+----+-----------+--------+---------+
| | | | | | | GBP | | GBP |
+---------+--------+--------+-----------+--------+----+-----------+--------+---------+
| Profit/(Loss) on ordinary activities | | | (220,823) | | 350 |
| before tax | | | | | |
+---------------------------------------+--------+----+-----------+--------+---------+
| | | | | | | | | |
+---------+--------+--------+-----------+--------+----+-----------+--------+---------+
| Loss on ordinary activities multiplied by the | | (46,373) | | 70 |
| standard rate | | | | |
+------------------------------------------------+----+-----------+--------+---------+
| of corporation tax in the UK of 21% | | | | | |
| (2008 - 20%) | | | | | |
+---------------------------------------+--------+----+-----------+--------+---------+
| | | | | | | | | |
+---------+--------+--------+-----------+--------+----+-----------+--------+---------+
| Effects | | | | | | | | |
| of: | | | | | | | | |
+---------+--------+--------+-----------+--------+----+-----------+--------+---------+
| Expenses not deductible for tax | | | 2,524 | | 11,224 |
| purposes | | | | | |
+---------------------------------------+--------+----+-----------+--------+---------+
| Capital allowances for the year in excess of | | (2,548) | | (3,844) |
| depreciation | | | | |
+------------------------------------------------+----+-----------+--------+---------+
| Utilisation of | | | | | - | | (7,450) |
| tax losses | | | | | | | |
+------------------+--------+-----------+--------+----+-----------+--------+---------+
| Losses carried | | | | | 46,418 | | - |
| forward | | | | | | | |
+------------------+--------+-----------+--------+----+-----------+--------+---------+
| Non-taxable | | | | | (21) | | - |
| income | | | | | | | |
+------------------+--------+-----------+--------+----+-----------+--------+---------+
| Adjustment re prior year | | | | (544) | | - |
+---------------------------+-----------+--------+----+-----------+--------+---------+
| | | | | | | | | |
+---------+--------+--------+-----------+--------+----+-----------+--------+---------+
| Current tax charge/(credit) for the year (see | | (544) | | - |
| note above) | | | | |
+------------------------------------------------+----+-----------+--------+---------+
| | | | | | | | | |
+---------+--------+--------+-----------+--------+----+-----------+--------+---------+
| Factors that may affect future | | | | | |
| charges | | | | | |
+---------------------------------------+--------+----+-----------+--------+---------+
| | | | | | | | | |
+---------+--------+--------+-----------+--------+----+-----------+--------+---------+
| There were no factors that may affect future tax charges other than | |
| tax losses carried forward. | |
+---------+--------+--------+-----------+--------+----+-----------+--------+---------+
ALL POINTS NORTH PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2009
10. TANGIBLE FIXED ASSETS
+--------+--------+--------+-----------+------+---+-----------+----------+----------+
| | | | | | | Plant | | |
| | | | | | | and | | |
+--------+--------+--------+-----------+------+---+-----------+----------+----------+
| | | | | | |Machinery | | Total |
+--------+--------+--------+-----------+------+---+-----------+----------+----------+
| | | | | | | GBP | | GBP |
+--------+--------+--------+-----------+------+---+-----------+----------+----------+
| Cost or | | | | | | | |
| valuation | | | | | | | |
+-----------------+--------+-----------+------+---+-----------+----------+----------+
| At 1 April 2008 | | | | | 12,024 | | 12,024 |
+-----------------+--------+-----------+------+---+-----------+----------+----------+
| Additions at | | | | | 1,707 | | 1,707 |
| cost | | | | | | | |
+-----------------+--------+-----------+------+---+-----------+----------+----------+
| | | | | | | | | |
+--------+--------+--------+-----------+------+---+-----------+----------+----------+
| At 31 March | | | | | 13,731 | | 13,731 |
| 2009 | | | | | | | |
+-----------------+--------+-----------+------+---+-----------+----------+----------+
| | | | | | | | | |
+--------+--------+--------+-----------+------+---+-----------+----------+----------+
| Depreciation | | | | | | | |
+-----------------+--------+-----------+------+---+-----------+----------+----------+
| At 1 April 2008 | | | | | 7,338 | | 7,338 |
+-----------------+--------+-----------+------+---+-----------+----------+----------+
| Charge for the | | | | | 1,465 | | 1,465 |
| year | | | | | | | |
+-----------------+--------+-----------+------+---+-----------+----------+----------+
| | | | | | | | | |
+--------+--------+--------+-----------+------+---+-----------+----------+----------+
| At 31 March | | | | | 8,803 | | 8,803 |
| 2009 | | | | | | | |
+-----------------+--------+-----------+------+---+-----------+----------+----------+
| | | | | | | | | |
+--------+--------+--------+-----------+------+---+-----------+----------+----------+
| Net book value | | | | | | | |
+-----------------+--------+-----------+------+---+-----------+----------+----------+
| At 31 March | | | | | 4,928 | | 4,928 |
| 2009 | | | | | | | |
+-----------------+--------+-----------+------+---+-----------+----------+----------+
| | | | | | | | | |
+--------+--------+--------+-----------+------+---+-----------+----------+----------+
| At 31 March | | | | | 4,686 | | 4,686 |
| 2008 | | | | | | | |
+-----------------+--------+-----------+------+---+-----------+----------+----------+
| | | | | | | | | |
+--------+--------+--------+-----------+------+---+-----------+----------+----------+
ALL POINTS NORTH PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2009
11. FIXED ASSET INVESTMENTS
+------------+--------+--------+-----------+--------+----+----------+--------+-------------+
| | | | | | | | | Unlisted |
+------------+--------+--------+-----------+--------+----+----------+--------+-------------+
| | | | | | | | |Investments |
+------------+--------+--------+-----------+--------+----+----------+--------+-------------+
| Cost or valuation | | | | | | | GBP |
+---------------------+--------+-----------+--------+----+----------+--------+-------------+
| At 1 April 2008 | | | | | | | 50 |
+---------------------+--------+-----------+--------+----+----------+--------+-------------+
| Additions | | | | | | | | - |
+------------+--------+--------+-----------+--------+----+----------+--------+-------------+
| | | | | | | | | |
+------------+--------+--------+-----------+--------+----+----------+--------+-------------+
| At 31 March 2009 | | | | | | | 50 |
+---------------------+--------+-----------+--------+----+----------+--------+-------------+
| | | | | | | | | |
+------------+--------+--------+-----------+--------+----+----------+--------+-------------+
| Impairment | | | | | | | |
+---------------------+--------+-----------+--------+----+----------+--------+-------------+
| At 1 April 2008 | | | | | | | - |
+---------------------+--------+-----------+--------+----+----------+--------+-------------+
| Impairment | | | | | | | | - |
+------------+--------+--------+-----------+--------+----+----------+--------+-------------+
| | | | | | | | | |
+------------+--------+--------+-----------+--------+----+----------+--------+-------------+
| At 31 March 2009 | | | | | | | - |
+---------------------+--------+-----------+--------+----+----------+--------+-------------+
| | | | | | | | | |
+------------+--------+--------+-----------+--------+----+----------+--------+-------------+
| Net book value | | | | | | | |
+---------------------+--------+-----------+--------+----+----------+--------+-------------+
| At 31 March 2009 | | | | | | | 50 |
+---------------------+--------+-----------+--------+----+----------+--------+-------------+
| | | | | | | | | |
+------------+--------+--------+-----------+--------+----+----------+--------+-------------+
| At 31 March 2008 | | | | | | | 50 |
+---------------------+--------+-----------+--------+----+----------+--------+-------------+
| | | | | | | | | |
+------------+--------+--------+-----------+--------+----+----------+--------+-------------+
| The company holds, a 50% stake in a company, 5North Development | | |
| Limited, | | |
+-------------------------------------------------------------------+--------+-------------+
| a company registered in England and Wales, as a joint venture. | | |
| In the period that | | |
+-------------------------------------------------------------------+--------+-------------+
| company incurred losses of GBP40,005 and at the year end shareholders' funds showed |
| a deficit of GBP41,336 . |
+------------------------------------------------------------------------------------------+
| 5North Development Limited is a company formed to deal in land | | |
| and property. | | |
+-------------------------------------------------------------------+--------+-------------+
| | | | | | | | | Year |
| | | | | | | | | ended |
+------------+--------+--------+-----------+--------+----+----------+--------+-------------+
| | | | | | | | | 31st |
| | | | | | | | | March |
+------------+--------+--------+-----------+--------+----+----------+--------+-------------+
| The company's share of the joint venture is as | | | | 2009 |
| follows: | | | | |
+---------------------------------------------------+----+----------+--------+-------------+
| | | | | | | | | GBP |
+------------+--------+--------+-----------+--------+----+----------+--------+-------------+
| Turnover | | | | | | | | - |
+------------+--------+--------+-----------+--------+----+----------+--------+-------------+
| Loss before | | | | | | | 20,002 |
| taxation | | | | | | | |
+---------------------+--------+-----------+--------+----+----------+--------+-------------+
| Taxation | | | | | | | | - |
+------------+--------+--------+-----------+--------+----+----------+--------+-------------+
| Loss after | | | | | | | 20,002 |
| taxation | | | | | | | |
+---------------------+--------+-----------+--------+----+----------+--------+-------------+
| Fixed assets | | | | | | | - |
+---------------------+--------+-----------+--------+----+----------+--------+-------------+
| Current assets | | | | | | | 50,065 |
+---------------------+--------+-----------+--------+----+----------+--------+-------------+
| Liabilities due within one | | | | | | 70,733 |
| year | | | | | | |
+------------------------------+-----------+--------+----+----------+--------+-------------+
| | | | | | | | | |
+------------+--------+--------+-----------+--------+----+----------+--------+-------------+
ALL POINTS NORTH PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2009
12. INVESTMENT PROPERTY
+--------+--------+--------+-----------+--------+----+----------+--------+------------+
| | | | | | | | | Property |
+--------+--------+--------+-----------+--------+----+----------+--------+------------+
| | | | | | | | | held |
| | | | | | | | | for |
+--------+--------+--------+-----------+--------+----+----------+--------+------------+
| | | | | | | | | develop- |
+--------+--------+--------+-----------+--------+----+----------+--------+------------+
| | | | | | | | | ment |
+--------+--------+--------+-----------+--------+----+----------+--------+------------+
| | | | | | | | | GBP |
+--------+--------+--------+-----------+--------+----+----------+--------+------------+
| Cost or | | | | | | | |
| valuation | | | | | | | |
+-----------------+--------+-----------+--------+----+----------+--------+------------+
| At 1 April 2008 | | | | | | |5,920,967 |
+-----------------+--------+-----------+--------+----+----------+--------+------------+
| Additions at | | | | | | | 9,654 |
| cost | | | | | | | |
+-----------------+--------+-----------+--------+----+----------+--------+------------+
| Deficit on | | | | | | | (309,654) |
| revaluation | | | | | | | |
+-----------------+--------+-----------+--------+----+----------+--------+------------+
| | | | | | | | | |
+--------+--------+--------+-----------+--------+----+----------+--------+------------+
| | | | | | | | |5,620,967 |
+--------+--------+--------+-----------+--------+----+----------+--------+------------+
| | | | | | | | | |
+--------+--------+--------+-----------+--------+----+----------+--------+------------+
| Comprising | | | | | | | |
+-----------------+--------+-----------+--------+----+----------+--------+------------+
| Cost | | | | | | | |4,781,056 |
+--------+--------+--------+-----------+--------+----+----------+--------+------------+
| Annual revaluation | | | | | |
| surplus/(deficit): | | | | | |
+--------------------------------------+--------+----+----------+--------+------------+
| 2005 and | | | | | | | 722,441 |
| earlier | | | | | | | |
+-----------------+--------+-----------+--------+----+----------+--------+------------+
| 2006 | | | | | | | | 368,296 |
+--------+--------+--------+-----------+--------+----+----------+--------+------------+
| 2007 | | | | | | | | 152,523 |
+--------+--------+--------+-----------+--------+----+----------+--------+------------+
| 2008 | | | | | | | | (93,695) |
+--------+--------+--------+-----------+--------+----+----------+--------+------------+
| 2009 | | | | | | | | (309,654) |
+--------+--------+--------+-----------+--------+----+----------+--------+------------+
| | | | | | | | | |
+--------+--------+--------+-----------+--------+----+----------+--------+------------+
| | | | | | | | |5,620,967 |
+--------+--------+--------+-----------+--------+----+----------+--------+------------+
| | | | | | | | | |
+--------+--------+--------+-----------+--------+----+----------+--------+------------+
The properties have been valued at the year end on an open market basis by one
of the directors, an RICS qualified chartered surveyor.
13. STOCKS
+--------+--------+--------+-----------+--------+----+------------+--------+------------+
| | | | | | | 2009 | | 2008 |
+--------+--------+--------+-----------+--------+----+------------+--------+------------+
| | | | | | | GBP | | GBP |
+--------+--------+--------+-----------+--------+----+------------+--------+------------+
| | | | | | | | | |
+--------+--------+--------+-----------+--------+----+------------+--------+------------+
| Property held | | | | | 1,356,383 | | 1,120,629 |
| for resale | | | | | | | |
+-----------------+--------+-----------+--------+----+------------+--------+------------+
| | | | | | | | | |
+--------+--------+--------+-----------+--------+----+------------+--------+------------+
| The directors believe that the cost of property held for resale as | |
| shown above is a fair reflection | |
+--------------------------------------------------------------------------+------------+
| of its market | | | | | | | |
| value. | | | | | | | |
+--------+--------+--------+-----------+--------+----+------------+--------+------------+
ALL POINTS NORTH PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2009
14. DEBTORS
+--------+--------+--------+-----------+--------+----+----------+--------+----------+
| | | | | | | 2009 | | 2008 |
+--------+--------+--------+-----------+--------+----+----------+--------+----------+
| | | | | | | GBP | | GBP |
+--------+--------+--------+-----------+--------+----+----------+--------+----------+
| Due within one | | | | | | | |
| year | | | | | | | |
+-----------------+--------+-----------+--------+----+----------+--------+----------+
| Trade debtors | | | | | 14,184 | | 557 |
+-----------------+--------+-----------+--------+----+----------+--------+----------+
| Other debtors | | | | | 123,918 | | 394,258 |
+-----------------+--------+-----------+--------+----+----------+--------+----------+
| Prepayments and accrued | | | | 3,034 | | 7,663 |
| income | | | | | | |
+--------------------------+-----------+--------+----+----------+--------+----------+
| | | | | | | | | |
+--------+--------+--------+-----------+--------+----+----------+--------+----------+
| | | | | | | 141,136 | | 402,478 |
+--------+--------+--------+-----------+--------+----+----------+--------+----------+
| | | | | | | | | |
+--------+--------+--------+-----------+--------+----+----------+--------+----------+
| A contingent deferred asset amounting to GBP84,500 (2008 GBP36,200) has arisen |
| as a result of taxable trading |
+-----------------------------------------------------------------------------------+
| losses. The asset has not been recognised as the directors consider that the |
| company will not make taxable |
+-----------------------------------------------------------------------------------+
| trading profits in the foreseeable | | | | | |
| future. | | | | | |
+--------+--------+--------+-----------+--------+----+----------+--------+----------+
15. CREDITORS:
Amounts falling due within one year
+--------+--------+--------+-----------+--------+----+------------+--------+------------+
| | | | | | | 2009 | | 2008 |
+--------+--------+--------+-----------+--------+----+------------+--------+------------+
| | | | | | | GBP | | GBP |
+--------+--------+--------+-----------+--------+----+------------+--------+------------+
| | | | | | | | | |
+--------+--------+--------+-----------+--------+----+------------+--------+------------+
| Bank overdraft | | | | | 5,367,172 | | 5,170,842 |
+-----------------+--------+-----------+--------+----+------------+--------+------------+
| Trade creditors | | | | | 72,934 | | 59,722 |
+-----------------+--------+-----------+--------+----+------------+--------+------------+
| Social security and | | | | 19,325 | | 4,642 |
| other taxes | | | | | | |
+--------------------------+-----------+--------+----+------------+--------+------------+
| Short term | | | | | 55,000 | | - |
| loans | | | | | | | |
+-----------------+--------+-----------+--------+----+------------+--------+------------+
| Accruals and deferred | | | | 345,051 | | 413,933 |
| income | | | | | | |
+--------------------------+-----------+--------+----+------------+--------+------------+
| | | | | | | | | |
+--------+--------+--------+-----------+--------+----+------------+--------+------------+
| | | | | | | 5,859,482 | | 5,649,139 |
+--------+--------+--------+-----------+--------+----+------------+--------+------------+
| | | | | | | | | |
+--------+--------+--------+-----------+--------+----+------------+--------+------------+
| The bank overdraft is secured on freehold investment property and stock of |
| property held for resale. |
+---------------------------------------------------------------------------------------+
| | | | | | | | | |
+--------+--------+--------+-----------+--------+----+------------+--------+------------+
| After the year end the company has arranged bank overdraft | | |
| facilities of GBP5,467,250. | | |
+--------+--------+--------+-----------+--------+----+------------+--------+------------+
16. SHARE CAPITAL
+--------+--------+--------+-----------+--------+----+----------+--------+----------+
| | | | | | | 2009 | | 2008 |
+--------+--------+--------+-----------+--------+----+----------+--------+----------+
| | | | | | | GBP | | GBP |
+--------+--------+--------+-----------+--------+----+----------+--------+----------+
| Authorised | | | | | | | |
+-----------------+--------+-----------+--------+----+----------+--------+----------+
| 12,000,000 Ordinary shares of 1p | | | 120,000 | | 120,000 |
| each | | | | | |
+--------------------------------------+--------+----+----------+--------+----------+
| | | | | | | | | |
+--------+--------+--------+-----------+--------+----+----------+--------+----------+
| Allotted, called up and | | | | | | |
| fully paid | | | | | | |
+--------------------------+-----------+--------+----+----------+--------+----------+
| 7,395,813 Ordinary shares of 1p each | | | 73,958 | | 73,958 |
+--------------------------------------+--------+----+----------+--------+----------+
| | | | | | | | | |
+--------+--------+--------+-----------+--------+----+----------+--------+----------+
ALL POINTS NORTH PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2009
17. RESERVES
+--------+--------+--------+-----------+------+---+----------+-------------+-----------+
| | | | | | | Share | | |
+--------+--------+--------+-----------+------+---+----------+-------------+-----------+
| | | | | | | premium |Revaluation | Profit |
| | | | | | | | | and |
+--------+--------+--------+-----------+------+---+----------+-------------+-----------+
| | | | | | | account | reserve | loss |
| | | | | | | | | account |
+--------+--------+--------+-----------+------+---+----------+-------------+-----------+
| | | | | | | GBP | GBP | GBP |
+--------+--------+--------+-----------+------+---+----------+-------------+-----------+
| At 1 April 2008 | | | | | 312,723 | 1,149,565 | 284,283 |
+-----------------+--------+-----------+------+---+----------+-------------+-----------+
| Profit for the | | | | | - | - | (220,279) |
| year | | | | | | | |
+-----------------+--------+-----------+------+---+----------+-------------+-----------+
| Equity | | | | | - | - | (24,762) |
| dividends paid | | | | | | | |
+-----------------+--------+-----------+------+---+----------+-------------+-----------+
| Deficit on revaluation of freehold | | | - | (309,654) | - |
| property | | | | | |
+--------------------------------------+------+---+----------+-------------+-----------+
| | | | | | | | | |
+--------+--------+--------+-----------+------+---+----------+-------------+-----------+
| At 31 March | | | | | 312,723 | 839,911 | 39,242 |
| 2009 | | | | | | | |
+-----------------+--------+-----------+------+---+----------+-------------+-----------+
| | | | | | | | | |
+--------+--------+--------+-----------+------+---+----------+-------------+-----------+
| Equity dividends paid in the year amounted to GBP24,762 (2008 GBP110,937). The |
| directors waived their rights |
+--------------------------------------------------------------------------------------+
| to their entitlement to the dividends paid in the year | | |
| ended 31st March 2009. | | |
+--------+--------+--------+-----------+------+---+----------+-------------+-----------+
18. RECONCILIATION OF MOVEMENT IN SHAREHOLDERS FUNDS
+--------+--------+--------+-----------+--------+--+------------+-------+------------+
| | | | | | | 2009 | | 2008 |
+--------+--------+--------+-----------+--------+--+------------+-------+------------+
| | | | | | | GBP | | GBP |
+--------+--------+--------+-----------+--------+--+------------+-------+------------+
| Opening shareholders' | | | | 1,820,529 | | 2,024,811 |
| funds | | | | | | |
+--------------------------+-----------+--------+--+------------+-------+------------+
| Profit/(loss) for the | | | | (220,279) | | 350 |
| year | | | | | | |
+--------------------------+-----------+--------+--+------------+-------+------------+
| Other recognised gains and losses | | | (309,654) | | (93,695) |
| during the year | | | | | |
+--------------------------------------+--------+--+------------+-------+------------+
| Equity | | | | | (24,762) | | (110,937) |
| dividends paid | | | | | | | |
+-----------------+--------+-----------+--------+--+------------+-------+------------+
| | | | | | | | | |
+--------+--------+--------+-----------+--------+--+------------+-------+------------+
| Closing shareholders' | | | | 1,265,834 | | 1,820,529 |
| funds | | | | | | |
+--------------------------+-----------+--------+--+------------+-------+------------+
| | | | | | | | | |
+--------+--------+--------+-----------+--------+--+------------+-------+------------+
19. NET CASH FLOW FROM OPERATING ACTIVITIES
+--------+--------+--------+-----------+--------+--+------------+-------+------------+
| | | | | | | 2009 | | 2008 |
+--------+--------+--------+-----------+--------+--+------------+-------+------------+
| | | | | | | GBP | | GBP |
+--------+--------+--------+-----------+--------+--+------------+-------+------------+
| Operating | | | | | 66,863 | | 282,739 |
| profit | | | | | | | |
+-----------------+--------+-----------+--------+--+------------+-------+------------+
| Depreciation of tangible fixed | | | 1,465 | | 1,351 |
| assets | | | | | |
+--------------------------------------+--------+--+------------+-------+------------+
| Impairments of fixed | | | | - | | 136,537 |
| assets | | | | | | |
+--------------------------+-----------+--------+--+------------+-------+------------+
| Profit on disposal of tangible fixed | | | - | | (195) |
| assets | | | | | |
+--------------------------------------+--------+--+------------+-------+------------+
| (Increase)/Decrease in | | | | (235,754) | | 558,667 |
| stocks | | | | | | |
+--------------------------+-----------+--------+--+------------+-------+------------+
| Decrease/(Increase) in | | | | 226,026 | | (212,254) |
| debtors | | | | | | |
+--------------------------+-----------+--------+--+------------+-------+------------+
| Increase/(Decrease) in | | | | 14,013 | | (570,763) |
| creditors | | | | | | |
+--------------------------+-----------+--------+--+------------+-------+------------+
| | | | | | | | | |
+--------+--------+--------+-----------+--------+--+------------+-------+------------+
| Net cash inflow from | | | | 72,613 | | 196,082 |
| operations | | | | | | |
+--------------------------+-----------+--------+--+------------+-------+------------+
| | | | | | | | | |
+--------+--------+--------+-----------+--------+--+------------+-------+------------+
ALL POINTS NORTH PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2009
20. ANALYSIS OF CASH FLOWS FOR HEADINGS NETTED IN CASH FLOW
STATEMENT
+--------+--------+--------+-----------+--------+--+------------+-------+------------+
| | | | | | | 2009 | | 2008 |
+--------+--------+--------+-----------+--------+--+------------+-------+------------+
| | | | | | | GBP | | GBP |
+--------+--------+--------+-----------+--------+--+------------+-------+------------+
| Returns on investments and servicing | | | | | |
| of finance | | | | | |
+--------------------------------------+--------+--+------------+-------+------------+
| Interest | | | | | 465 | | 19,905 |
| received | | | | | | | |
+-----------------+--------+-----------+--------+--+------------+-------+------------+
| Interest paid | | | | | (288,151) | | (395,989) |
+-----------------+--------+-----------+--------+--+------------+-------+------------+
| | | | | | | | | |
+--------+--------+--------+-----------+--------+--+------------+-------+------------+
| Net cash outflow from returns on | | | (287,686) | | (376,084) |
| investments and | | | | | |
+--------------------------------------+--------+--+------------+-------+------------+
| servicing of | | | | | | | |
| cash flow | | | | | | | |
+-----------------+--------+-----------+--------+--+------------+-------+------------+
| | | | | | | | | |
+--------+--------+--------+-----------+--------+--+------------+-------+------------+
| | | | | | | 2009 | | 2008 |
+--------+--------+--------+-----------+--------+--+------------+-------+------------+
| | | | | | | GBP | | GBP |
+--------+--------+--------+-----------+--------+--+------------+-------+------------+
| Capital expenditure and financial | | | | | |
| investment | | | | | |
+--------------------------------------+--------+--+------------+-------+------------+
| Purchase of tangible | | | | (1,707) | | (1,666) |
| fixed assets | | | | | | |
+--------------------------+-----------+--------+--+------------+-------+------------+
| Sale of tangible fixed | | | | - | | 3,000 |
| assets | | | | | | |
+--------------------------+-----------+--------+--+------------+-------+------------+
| Purchase of investment | | | | (9,654) | | (111,822) |
| properties | | | | | | |
+--------------------------+-----------+--------+--+------------+-------+------------+
| Sale of investment | | | | - | | 295,284 |
| properties | | | | | | |
+--------------------------+-----------+--------+--+------------+-------+------------+
| Loan to joint | | | | | - | | (49,950) |
| venture | | | | | | | |
+-----------------+--------+-----------+--------+--+------------+-------+------------+
| Loan repayment by joint | | | | 35,316 | | - |
| venture | | | | | | |
+--------------------------+-----------+--------+--+------------+-------+------------+
| Investment in joint | | | | - | | (50) |
| venture | | | | | | |
+--------------------------+-----------+--------+--+------------+-------+------------+
| | | | | | | | | |
+--------+--------+--------+-----------+--------+--+------------+-------+------------+
| Net cash inflow from capital | | | 23,955 | | 134,796 |
| expenditure | | | | | |
+--------------------------------------+--------+--+------------+-------+------------+
| and financial investment | | | | | | |
+--------+--------+--------+-----------+--------+--+------------+-------+------------+
21. ANALYSIS OF CHANGES IN NET DEBT
+--------+--------+--------+-----------+------+---+-------------+-----------+-------------+
| | | | | | | 1 April | Cash | 31 March |
| | | | | | | | flow | |
+--------+--------+--------+-----------+------+---+-------------+-----------+-------------+
| | | | | | | 2008 | | 2009 |
+--------+--------+--------+-----------+------+---+-------------+-----------+-------------+
| | | | | | | GBP | GBP | GBP |
+--------+--------+--------+-----------+------+---+-------------+-----------+-------------+
| Bank overdraft | | | | | (5,170,842) | (196,330) | (5,367,172) |
+-----------------+--------+-----------+------+---+-------------+-----------+-------------+
| Bank and cash balances | | | | 20,858 | (19,006) | 1,852 |
+--------------------------+-----------+------+---+-------------+-----------+-------------+
| Net | | | | | | (5,149,984) | (215,336) | (5,365,320) |
| debt | | | | | | | | |
+--------+--------+--------+-----------+------+---+-------------+-----------+-------------+
| | | | | | | | | |
+--------+--------+--------+-----------+------+---+-------------+-----------+-------------+
ALL POINTS NORTH PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2009
22. RELATED PARTY TRANSACTIONS
Loan from Dovelow Limited, a company controlled by B K Chadwick
During the year the company was charged interest of GBPnil (2008: GBP30,713).
The total amount outstanding to Dovelow Limited at the year end was GBP212,713
(2008 - GBP262,713).
Belmont Hall Developments (Great Budworth) Limited
At the year end the company was owed GBP25,000 (2008 - GBP25,000) by Belmont
Hall Developments (Great Budworth) Limited. The company's interest in Belmont
Hall Developments (Great Budworth) Limited was disposed of in the year ended
31st March 2007 to the partner of B K Chadwick (a director) for the
consideration of GBP1, together with 95% of any amount received in respect of a
disposal of assets, or on a winding up or on disposal of shares in the ten year
period from 20th November 2006. The directors do not, however, expect further
receipt over and above the GBP25,000 above mentioned loan.
5North Developments Limited
During the year the company received repayment of part of the loan of GBP49,950
made to the joint venture, 5North Development Limited, in the preceding year,
leaving an amount of GBP14,634 outstanding at the year end.
Ibisgate (Keswick) Limited
At the year end the company owed GBP20,000 (2008: GBPnil) to Ibisgate (Keswick)
Limited, a company controlled by the directors.
23. CONTROLLING PARTY
There is no controlling party.
24. PROFIT/(LOSS) PER SHARE
Basic (loss)/profit per share has been calculated on the loss for the financial
year GBP(220,279) (2008 - Profit GBP350). There is no dilution of the basic
(loss)/profit per share.
+--------+--------+--------+-----------+------+---+----------+----------+----------+
| | | | | | | 2009 | | 2008 |
+--------+--------+--------+-----------+------+---+----------+----------+----------+
| | | | | | | GBP | | GBP |
+--------+--------+--------+-----------+------+---+----------+----------+----------+
| | | | | | | | | |
+--------+--------+--------+-----------+------+---+----------+----------+----------+
| Basic and diluted profit/(loss) in | | | (2.98)p | | 0.00 |
| pence per share | | | | | |
+--------------------------------------+------+---+----------+----------+----------+
| | | | | | | | | |
+--------+--------+--------+-----------+------+---+----------+----------+----------+
ALL POINTS NORTH PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2009
25. FINANCIAL INSTRUMENTS
Financial instruments are recognised when the company becomes a party to the
contractual provisions of the instrument. The principal financial assets and
liabilities are as follows:
a) Trade debtors - Trade debtors are recognised at fair value.
b) Cash - Cash is carried at fair value. For the purposes of the cash flow
statement, cash comprises cash at bank and in hand together with bank overdraft
as these items are an integral part of the company's cash management.
c) Trade creditors - Trade creditors are recognised at fair value.
d) Bank loans and other borrowings - Interest bearing bank loans, overdrafts
and other loans are recognised at fair value.
As the company's financial instruments consist of a bank overdraft and trade
creditors the directors are of the opinion that the fair value of financial
instruments is not subject to changes due to changing market conditions.
As regards capital management, the directors regard only the share capital of
GBP73,958 and share premium account of GBP312,723 as the company's capital and
there have been no changes in the year.
Certain debtors, amounting to GBP13,549, were overdue for payment at 31 March
2009 but have not been provided against. The average age of those debtors was 83
days.
The company is not exposed to market risk. The company's overdraft carries a
variable rate of interest therefore the company is subject to interest rate
risk. The company is also subject to credit risk if customers are unable to pay,
but seeks to minimise this by developing a strong relationship with tenants.
Copies of the 2009 Annual Report will be despatched to shareholders today and
will also be available on the Company's website (www.allpointsnorthplc.com)
They will also be available at the following address:
Cumbria House
Gilwilly Road
Penrith
Cumbria
CA11 9FF
This information is provided by RNS
The company news service from the London Stock Exchange
END
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