TIDMAPNO
RNS Number : 0029T
All Points North Plc
21 September 2010
ALL POINTS NORTH PLC ("All Points North" or "the Company")
Final Results for Year Ended 31 March 2010
The Company is pleased to announce its final results for the year ended 31 March
2010.
CHAIRMAN'S STATEMENT
Since my last report in December 2009 our activity has been relatively subdued
in line with the commercial property market in general.
As at 31st March 2009 our rent roll was GBP328,000 per annum, it rose to
GBP364,000 at 30th September 2009 and as at the period end fell back slightly to
GBP348,000 per annum. There were two significant fluctuations in between. One of
our tenants at College House, Barrow (Impact Housing Association) terminated
their lease before its contracted expiry date. Included in the settlement for
termination was the full rent for the period from 1st April 2010 to the 30th
June 2011 in the amount of GBP27,625 and that amount has been included in rent
received. However, this has had the effect of reducing our current rent roll by
GBP22,000 per annum. Also a further reduction of GBP26,000 per annum is due to
the licensee at Botchergate vacating. Gains of two small tenancies together with
occupation of the nursery unit significantly mitigated these rent roll losses.
'Property sales' from trading stock were GBP313,950 compared to GBP222,500 last
year. We sold a further flat at Gatesgarth and part of the Printfield site as
referred to in the Managing Director's report. We are very optimistic that
further income will be generated from the Printfield development.
In relation to our investment properties, the sale of the upper floors at 47/51
Highgate, Kendal was completed. Additions for the year were just over
GBP100,000, the bulk of which related to the nursery at College House and, as
reported in the interim accounts for the 6 months to 30th September 2009, we
believe that this has significantly enhanced the value of the property as
reflected in the increased revaluation reserve.
Mainly due to our having two empty properties (see Managing Director's report)
we have prudently written down the value of several of our properties which has
had the knock-on effect of being the largest factor contributing to our loss of
GBP455,312 and hence increasing our loss per share to 6.16p (2009: 2.98p). Our
net assets position was reduced to GBP1,133,573 (2009 GBP1,265,834), i.e. 15.3p
per share (2009 17.1p) at the year end and this is the key performance indicator
used by the company to measure its performance. The diminution below cost in
property values GBP201,980 (2009: GBPnil) is entirely responsible for our
overheads being higher in 2010 than 2009. Without such a change the overheads
would have reduced by approximately GBP50,000 as a result of a reduction in
Directors' remuneration from GBP67,000 to GBP10,000.
Finally, the reduction in interest payable to GBP146,109 (2009: GBP288,151)
reflects the current very low interest rates obtained during the period. Our
bankers have not requested an external valuation of our properties until October
2010. This function has once again been undertaken by the Directors having
consulted with various valuers. The bank however asked for a strategic review to
be undertaken by the company looking forward to May 2011. This was duly
completed in May 2010 and was subsequently reported on in June by a firm of
chartered surveyors chosen by the bank.
The company obtained a GBP100,000 new short term bank loan in February 2010,
primarily for the development of the nursery at College House. You will see
from the financial statements as at the year end this had been reduced to
GBP91,829 and will be completely repaid by February 2011. Our overdraft facility
has been renewed until March 2011 and our forecast cashflow is positive.
Turnover for the year was GBP701,777 (2009 GBP871,394) resulting in an operating
loss of GBP284,753 (2009 profit GBP66,863).
The company cannot pay a dividend because it has insufficient distributable
reserves but we still intend to recommence our dividend policy when this
position is remedied.
I will be reporting on further progress as usual in our interim results 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 Limited Tel: 0161 831 1512
ALL POINTS NORTH PLC
MANAGING DIRECTOR'S REPORT
My annual update on our property portfolio as at 31 March 2010 follows:
College House, Barrow in Furness
Since the period end our new Charity tenant occupied the nursery unit. After
extensive improvements to the property an open day to 're-launch' the building
was held in June. This proved very successful, the local MP and press attended
as well as members of inward investment teams. Our agents continue to receive
enquiries with regard to space available for rent and anticipate the property
being 80 - 90% occupied by 2011.
45 Highgate, Kendal
We still have one small unit available to rent which our agents are actively
marketing.
47/51 Highgate, Kendal
William Hill is now well established in this unit.
Gatesgarth, Keswick, Cumbria
Our last remaining flat is to be auctioned in October with an expected sale
price in the order of GBP190,000 unless sold prior to this by private treaty.
Botchergate, Carlisle
Our temporary licensee exercised their break clause in June 2010 leaving us with
an empty property. We now have plans for splitting the front of the unit into
three 1,000 sq. ft. shops with twenty one car parking spaces to the rear and
anticipate that this layout would produce a rental income of circa GBP55,000 per
annum. In order to achieve this we would first need to obtain planning
permission (where we do not anticipate any difficulty) and then expend
approximately GBP100,000 on the building.
Cumbria House, Penrith
One more tenant took up space during the period at a rent of GBP3,750 per annum.
An additional agent has been appointed to market the remaining vacant units.
Kendal Bowman, Kendal
In August 2010 a planning application was submitted for two retail units and
twelve flats. A decision is expected before the end of 2010.
Concorde House, Blackpool
Our tenant who took an assignment of the lease went into administration and we
intend to pursue the original tenant under the terms of the lease for payment of
rent. In the meantime the property remains vacant.
Printfield, Wigton
Our application for eight residential units was approved and the site, plus an
area of agricultural land, was subsequently sold for GBP115,000 together with an
overage agreement. Under this agreement the purchaser will submit a planning
application for further residential units up to a maximum of twenty. For each
unit where planning is granted (except any units designated as 'affordable') we
will receive GBP20,000. The purchaser is in the process of producing plans for
developing this area and will subsequently submit the relevant planning
application. Once the new road for the eight units is in place it is our
intention to market the existing house and the remaining agricultural land.
Last year I reported the appointment of new agents to our largest investment
property at College House. The relationship has proved successful and we have
now appointed them to act for all the company's properties.
J M Elliott
Managing Director
Date: 21st September 2010
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2010
The directors present their report and the financial statements for the year
ended 31 March 2010.
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).
Under company law the directors must not approve the financial statements unless
they are satisfied that they give a true and fair view of the state of affairs
of the company and of the profit or loss of the company for that period. In
preparing these financial statements, the directors are required to:
- selectsuitable 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 adequate accounting records that are
sufficient to show and explain the company's transactions and 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 2006.
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 2010 was a reduction of GBP132,261.
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 GBP455,312 (2009 Loss
GBP220,279).
DIVIDENDS
No dividends are paid or recommended.
CHARITABLE DONATIONS
During the year the company made GBPnil (2009 GBP5,343) 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 2010 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 Chadwick 24.3
1,798,000
J M Elliott 27.7
2,046,000
J A Lyons 27.7
2,046,000
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
GBP5,187,250.
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 36 days (2009 44 days) of average supplies
for the year.
AUDITORS
Our auditors have changed their name to RSM Tenon Audit Limited and have signed
the audit report in their new name. A resolution to re-appoint RSM 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 21st September 2010 and signed on its
behalf.
K Philbin
Secretary
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
ALL POINTS NORTH PLC
We have audited the financial statements of All Points North Plc for the year
ended 31 March 2010 which comprise the Profit and Loss Account, Statement of
Total Recognised Gains and Losses, Balance Sheet, Cash Flow Statement and the
related notes. The financial reporting framework that has been applied in their
preparation is applicable law and United Kingdom Accounting Standards (United
Kingdom Generally Accepted Accounting Practice).
This report is made solely to the company's members, as a body, in accordance
with Chapter 3 of Part 16 of the Companies Act 2006. 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 responsibility
to anyone other than the company and the company's members as a body, for our
audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditor
As explained more fully in the Directors' Responsibilities Statement set out on
page 3, the directors are responsible for the preparation of the financial
statements and for being satisfied that they give a true and fair view. Our
responsibility is to audit the financial statements in accordance with
applicable law and International Standards on Auditing (UK and Ireland). Those
standards require us to comply with the Auditing Practices Board's Ethical
Standards for Auditors.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures in the
financial statements sufficient to give reasonable assurance that the financial
statements are free from material misstatement, whether caused by fraud or
error. This includes an assessment of: whether the accounting policies are
appropriate to the company's circumstances and have been consistently applied
and adequately disclosed; the reasonableness of significant accounting estimates
made by directors; and the overall presentation of the financial statements.
Opinion on financial statements
In our opinion the financial statements:
? give a true and fair view of the state of the company's affairs as at 31
March 2010 and of its loss for the year then ended;
? have been properly prepared in accordance with United Kingdom Generally
Accepted Accounting Practice; and
? have been prepared in accordance with the requirements of the Companies
Act 2006.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion the information given in the Directors' Report for the financial
year for which the financial statements are prepared is consistent with the
financial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the
Companies Act 2006 requires us to report to you if, in our opinion:
? adequate accounting records have not been kept, or returns adequate for
our audit have not been received from branches not visited by us; or
? the financial statements are not in agreement with the accounting records
and returns; or
? certain disclosures of directors' remuneration specified by law are not
made; or
? we have not received all the information and explanations we require for
our audit.
Andrew McDonald, Senior Statutory Auditor
For and on behalf of
RSM Tenon Audit Limited
Statutory Auditor
Sumner House
St Thomas's Road
Chorley
Lancashire
PR7 1HP
Date: 21st September 2010
ALL POINTS NORTH PLC
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2010
+------+------+------+---------+------+--+-----------+------+-----------+
| | | | | | | 2010 | | 2009 |
+------+------+------+---------+------+--+-----------+------+-----------+
| | | | |Note | | GBP | | GBP |
+------+------+------+---------+------+--+-----------+------+-----------+
| TURNOVER | | | 1,2 | | 701,777 | | 871,394 |
+-------------+------+---------+------+--+-----------+------+-----------+
| Cost of | | | | | (635,921) | | (584,088) |
| sales | | | | | | | |
+-------------+------+---------+------+--+-----------+------+-----------+
| | | | | | | | | |
+------+------+------+---------+------+--+-----------+------+-----------+
| GROSS | | | | | 65,856 | | 287,306 |
| PROFIT | | | | | | | |
+-------------+------+---------+------+--+-----------+------+-----------+
| | | | | | | | | |
+------+------+------+---------+------+--+-----------+------+-----------+
| Administrative | | | | (381,234) | | (232,943) |
| expenses | | | | | | |
+--------------------+---------+------+--+-----------+------+-----------+
| Other operating | | 3 | | 30,625 | | 12,500 |
| income | | | | | | |
+--------------------+---------+------+--+-----------+------+-----------+
| | | | | | | | | |
+------+------+------+---------+------+--+-----------+------+-----------+
| OPERATING | | 4 | | (284,753) | | 66,863 |
| (LOSS)/PROFIT | | | | | | |
+--------------------+---------+------+--+-----------+------+-----------+
| | | | | | | | | |
+------+------+------+---------+------+--+-----------+------+-----------+
| Loss on sale of investment | | | (2,766) | | - |
| property | | | | | |
+------------------------------+------+--+-----------+------+-----------+
| Amounts written | | | | (21,684) | | - |
| off investments | | | | | | |
+--------------------+---------+------+--+-----------+------+-----------+
| | | | | | | | | |
+------+------+------+---------+------+--+-----------+------+-----------+
| (LOSS)/PROFIT ON ORDINARY | | | (309,203) | | 66,863 |
| ACTIVITIES | | | | | |
+------------------------------+------+--+-----------+------+-----------+
| BEFORE | | | | | | | |
| INTEREST | | | | | | | |
+-------------+------+---------+------+--+-----------+------+-----------+
| | | | | | | | | |
+------+------+------+---------+------+--+-----------+------+-----------+
| Interest | | | | | - | | 465 |
| receivable | | | | | | | |
+-------------+------+---------+------+--+-----------+------+-----------+
| Interest | | | 8 | | (146,109) | | (288,151) |
| payable | | | | | | | |
+-------------+------+---------+------+--+-----------+------+-----------+
| | | | | | | | | |
+------+------+------+---------+------+--+-----------+------+-----------+
| LOSS ON ORDINARY ACTIVITIES | | | (455,312) | | (220,823) |
| | | | | | |
+------------------------------+------+--+-----------+------+-----------+
| BEFORE | | | | | | | |
| TAXATION | | | | | | | |
+-------------+------+---------+------+--+-----------+------+-----------+
| | | | | | | | | |
+------+------+------+---------+------+--+-----------+------+-----------+
| Tax on Loss on | | 9 | | - | | 544 |
| ordinary | | | | | | |
| activities | | | | | | |
+--------------------+---------+------+--+-----------+------+-----------+
| | | | | | | | | |
+------+------+------+---------+------+--+-----------+------+-----------+
| LOSS ON ORDINARY ACTIVITIES | 18 | | (455,312) | | (220,279) |
| | | | | | |
+------------------------------+------+--+-----------+------+-----------+
| AFTER | | | | | | | |
| TAXATION | | | | | | | |
+-------------+------+---------+------+--+-----------+------+-----------+
| | | | | | | | | |
+------+------+------+---------+------+--+-----------+------+-----------+
| Earnings | | basic | 25 | | (6.16)p | | (2.98)p |
| per share | | | | | | | |
+-------------+------+---------+------+--+-----------+------+-----------+
| | | | diluted | 25 | | (6.16)p | | (2.98)p |
+------+------+------+---------+------+--+-----------+------+-----------+
| | | | | | | | | |
+------+------+------+---------+------+--+-----------+------+-----------+
| | | | | | | | | |
+------+------+------+---------+------+--+-----------+------+-----------+
| All amounts relate to | | | | | |
| continuing operations. | | | | | |
+------------------------------+------+--+-----------+------+-----------+
| | | | | | | | | |
+------+------+------+---------+------+--+-----------+------+-----------+
ALL POINTS NORTH PLC
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE YEAR ENDED 31 MARCH 2010
+------+------+------+--------+------+--+-----------+------+-----------+
| | | | | | | 2010 | | 2009 |
+------+------+------+--------+------+--+-----------+------+-----------+
| | | | | | | GBP | | GBP |
+------+------+------+--------+------+--+-----------+------+-----------+
| | | | | | | | | |
+------+------+------+--------+------+--+-----------+------+-----------+
| LOSS FOR THE FINANCIAL YEAR | | | (455,312) | | (220,279) |
+-----------------------------+------+--+-----------+------+-----------+
| | | | | | | | | |
+------+------+------+--------+------+--+-----------+------+-----------+
| Unrealised surplus/(deficit) on | 323,051 | | (309,654) |
| revaluation of investment properties | | | |
+---------------------------------------+-----------+------+-----------+
| | | | | | | | | |
+------+------+------+--------+------+--+-----------+------+-----------+
| TOTAL RECOGNISED GAINS AND LOSSES | | (132,261) | | (529,933) |
| RELATING | | | | |
+------------------------------------+--+-----------+------+-----------+
| TO THE YEAR | | | | | | | |
+------+------+------+--------+------+--+-----------+------+-----------+
ALL POINTS NORTH PLC
COMPANY REGISTRATION NUMBER 02798920
BALANCE SHEET
AS AT 31 MARCH 2010
+----------+------+------+----+------+-------------+-------------+-------------+-------------+
| | | | | | | 2010 | | 2009 |
+----------+------+------+----+------+-------------+-------------+-------------+-------------+
| | | | |Note | | GBP | | GBP |
+----------+------+------+----+------+-------------+-------------+-------------+-------------+
| | | | | | | | | |
+----------+------+------+----+------+-------------+-------------+-------------+-------------+
| FIXED | | | | | | | |
| ASSETS | | | | | | | |
+-----------------+------+----+------+-------------+-------------+-------------+-------------+
| Tangible | | | 10 | | 18,090 | | 4,928 |
| fixed | | | | | | | |
| assets | | | | | | | |
+-----------------+------+----+------+-------------+-------------+-------------+-------------+
| Investment | | | 12 | | 5,725,000 | | 5,620,967 |
| property | | | | | | | |
+-----------------+------+----+------+-------------+-------------+-------------+-------------+
| Investments | | | 11 | | - | | 50 |
+-----------------+------+----+------+-------------+-------------+-------------+-------------+
| | | | | | | | | |
+----------+------+------+----+------+-------------+-------------+-------------+-------------+
| | | | | | | 5,743,090 | | 5,625,945 |
+----------+------+------+----+------+-------------+-------------+-------------+-------------+
| | | | | | | | | |
+----------+------+------+----+------+-------------+-------------+-------------+-------------+
| CURRENT | | | | | | | |
| ASSETS | | | | | | | |
+-----------------+------+----+------+-------------+-------------+-------------+-------------+
| Stocks | | | | 13 | 890,000 | | 1,356,383 | |
+----------+------+------+----+------+-------------+-------------+-------------+-------------+
| Debtors | | | | 14 | 223,304 | | 141,136 | |
+----------+------+------+----+------+-------------+-------------+-------------+-------------+
| Bank and cash | | | - | | 1,852 | |
| balances | | | | | | |
+------------------------+----+------+-------------+-------------+-------------+-------------+
| | | | | | | | | |
+----------+------+------+----+------+-------------+-------------+-------------+-------------+
| | | | | | 1,113,304 | | 1,499,371 | |
+----------+------+------+----+------+-------------+-------------+-------------+-------------+
| | | | | | | | | |
+----------+------+------+----+------+-------------+-------------+-------------+-------------+
| CREDITORS: amounts | | | | | |
| falling due within | | | | | |
+-----------------------------+------+-------------+-------------+-------------+-------------+
| one | | | 15 | (5,717,930) | | (5,859,482) | |
| year | | | | | | | |
+-----------------+------+----+------+-------------+-------------+-------------+-------------+
| | | | | | | | | |
+----------+------+------+----+------+-------------+-------------+-------------+-------------+
| NET CURRENT | | | | (4,604,626) | | (4,360,111) |
| LIABILITIES | | | | | | |
+------------------------+----+------+-------------+-------------+-------------+-------------+
| | | | | | | | | |
+----------+------+------+----+------+-------------+-------------+-------------+-------------+
| | | | | | | 1,138,464 | | 1,265,834 |
+----------+------+------+----+------+-------------+-------------+-------------+-------------+
| | | | | | | | | |
+----------+------+------+----+------+-------------+-------------+-------------+-------------+
| CREDITORS: amounts | | | | | |
| falling due after | | | | | |
+-----------------------------+------+-------------+-------------+-------------+-------------+
| more than | | | 16 | | (4,891) | | - |
| one year | | | | | | | |
+-----------------+------+----+------+-------------+-------------+-------------+-------------+
| | | | | | | | | |
+----------+------+------+----+------+-------------+-------------+-------------+-------------+
| NET ASSETS | | | | | 1,133,573 | | 1,265,834 |
+-----------------+------+----+------+-------------+-------------+-------------+-------------+
| | | | | | | | | |
+----------+------+------+----+------+-------------+-------------+-------------+-------------+
| CAPITAL AND | | | | | | |
| RESERVES | | | | | | |
+------------------------+----+------+-------------+-------------+-------------+-------------+
| Called up | | | 17 | | 73,958 | | 73,958 |
| share | | | | | | | |
| capital | | | | | | | |
+-----------------+------+----+------+-------------+-------------+-------------+-------------+
| Share | | | 18 | | 312,723 | | 312,723 |
| premium | | | | | | | |
| account | | | | | | | |
+-----------------+------+----+------+-------------+-------------+-------------+-------------+
| Revaluation | | | 18 | | 1,162,962 | | 839,911 |
| reserve | | | | | | | |
+-----------------+------+----+------+-------------+-------------+-------------+-------------+
| Profit and | | | 18 | | (416,070) | | 39,242 |
| loss | | | | | | | |
| account | | | | | | | |
+-----------------+------+----+------+-------------+-------------+-------------+-------------+
| | | | | | | | | |
+----------+------+------+----+------+-------------+-------------+-------------+-------------+
| SHAREHOLDERS' | | 19 | | 1,133,573 | | 1,265,834 |
| FUNDS | | | | | | |
+------------------------+----+------+-------------+-------------+-------------+-------------+
| | | | | | | | | |
+----------+------+------+----+------+-------------+-------------+-------------+-------------+
| | | | | | | | | |
+----------+------+------+----+------+-------------+-------------+-------------+-------------+
| | | | | | | | | |
+----------+------+------+----+------+-------------+-------------+-------------+-------------+
| B K | | | | | | | |
| Chadwick | | | | | | | |
+-----------------+------+----+------+-------------+-------------+-------------+-------------+
| Chairman | | | | | | | | |
+----------+------+------+----+------+-------------+-------------+-------------+-------------+
| | | | | | | | | |
+----------+------+------+----+------+-------------+-------------+-------------+-------------+
ALL POINTS NORTH PLC
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2010
+----------+------+------+---------+------+--+-----------+------+-----------+
| | | | | | | 2010 | | 2009 |
+----------+------+------+---------+------+--+-----------+------+-----------+
| | | | |Note | | GBP | | GBP |
+----------+------+------+---------+------+--+-----------+------+-----------+
| | | | | | | | | |
+----------+------+------+---------+------+--+-----------+------+-----------+
| Net cash flow from operating | 20 | | 283,970 | | 72,613 |
| activities | | | | | |
+----------------------------------+------+--+-----------+------+-----------+
| Returns on investments and | 21 | | (146,109) | | (287,686) |
| servicing of finance | | | | | |
+----------------------------------+------+--+-----------+------+-----------+
| Taxation | | | | | | - | | 544 |
+----------+------+------+---------+------+--+-----------+------+-----------+
| Capital expenditure and | 21 | | 4,675 | | 23,955 |
| financial investment | | | | | |
+----------------------------------+------+--+-----------+------+-----------+
| Dividends | | | | | - | | (24,762) |
| paid | | | | | | | |
+-----------------+------+---------+------+--+-----------+------+-----------+
| | | | | | | | | |
+----------+------+------+---------+------+--+-----------+------+-----------+
| CASH INFLOW/(OUTFLOW) BEFORE | | 142,536 | | (215,336) |
| FINANCING | | | | |
+-----------------------------------------+--+-----------+------+-----------+
| | | | | | | | | |
+----------+------+------+---------+------+--+-----------+------+-----------+
| Financing - repayment of | | | (2,846) | | - |
| lease creditor | | | | | |
+----------------------------------+------+--+-----------+------+-----------+
| | | | | | | | | |
+----------+------+------+---------+------+--+-----------+------+-----------+
| INCREASE/(DECREASE) IN CASH | | | 139,690 | | (215,336) |
| IN THE YEAR | | | | | |
+----------------------------------+------+--+-----------+------+-----------+
| | | | | | | | | |
+----------+------+------+---------+------+--+-----------+------+-----------+
RECONCILIATION OF NET CASH FLOW
TO MOVEMENTS IN NET FUNDS/DEBT
FOR THE YEAR ENDED 31 MARCH 2010
+-------+------+------+----------+------+--+-------------+------+-------------+
| | | | | | | 2010 | | 2009 |
+-------+------+------+----------+------+--+-------------+------+-------------+
| | | | | | | GBP | | GBP |
+-------+------+------+----------+------+--+-------------+------+-------------+
| | | | | | | | | |
+-------+------+------+----------+------+--+-------------+------+-------------+
| Increase/(Decrease) | | | | 139,690 | | (215,336) |
| in cash in year | | | | | | |
+---------------------+----------+------+--+-------------+------+-------------+
| Cash outflow from | | | | | | |
| decrease | | | | | | |
+---------------------+----------+------+--+-------------+------+-------------+
| in debt and lease | | | | 2,846 | | - |
| financing | | | | | | |
+---------------------+----------+------+--+-------------+------+-------------+
| New lease | | | | | (11,784) | | - |
| creditor | | | | | | | |
+--------------+------+----------+------+--+-------------+------+-------------+
| | | | | | | | | |
+-------+------+------+----------+------+--+-------------+------+-------------+
| MOVEMENT IN NET DEBT IN THE | | | 130,752 | | (215,336) |
| YEAR | | | | | |
+--------------------------------+------+--+-------------+------+-------------+
| | | | | | | | | |
+-------+------+------+----------+------+--+-------------+------+-------------+
| Net debt at 1 | | | | (5,365,320) | | (5,149,984) |
| April 2009 | | | | | | |
+---------------------+----------+------+--+-------------+------+-------------+
| | | | | | | | | |
+-------+------+------+----------+------+--+-------------+------+-------------+
| NET DEBT AT 31 | | | | (5,234,568) | | (5,365,320) |
| MARCH 2010 | | | | | | |
+---------------------+----------+------+--+-------------+------+-------------+
| | | | | | | | | |
+-------+------+------+----------+------+--+-------------+------+-------------+
| | | | |
+------------------------------------------+-------------+------+-------------+
| | | | | | | | | |
+-------+------+------+----------+------+--+-------------+------+-------------+
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2010
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 when the terms of
the exchange are unconditional or legal completion when the terms of exchange
are conditional. Rental income is recognised on an accruals basis. The sale of
the option in the prior year 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 machinery 33% and 20% per annum 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 properties held to earn rentals and/or for capital
appreciation.
Investment properties are initially recognised at cost including direct
transaction costs. Investment properties are subsequently valued externally or
by the directors on an open market basis at the balance sheet date and recorded
at valuation.
In accordance with SSAP 19, depreciation is not provided on investment
properties. Properties are revalued annually and revaluation surpluses are
taken to the revaluation reserve. Deficits on revaluation which are considered
to be permanent are charged to the profit and loss account and subsequent
reversals are credited.
Temporary deficits on revaluations are charged to the revaluation reserve up to
the amount of the associated revaluation surplus, and any excess deficits are
charged to the profit and loss account.
This treatment is contrary to the Companies Act 2006 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 GBP114,500 (2009: GBP112,419).
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. ACCOUNTING POLICIES (continued)
1.7 Deferred taxation
Deferred taxation is recognised in respect of all timing differences that have
originated but not reversed at the balance sheet date where transactions or
events have occurred at that date that will result in an obligation to pay more,
or a right to pay less or to receive more, tax, with the following exceptions:
Deferred tax assets are recognised only to the extent that the directors
consider that it is 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 is not recognised when fixed assets are revalued unless by the
balance sheet date there is a binding agreement to sell the revalued assets and
the gain or loss expected to arise on sale has been recognised in the financial
statements. Neither is deferred tax recognised when fixed assets are sold and
it is more likely than not that the taxable gain will be rolled over, being
charged to tax only if and when the replacement assets are sold.
Deferred tax is measured on an undiscounted basis at the tax rates that are
expected to apply in the periods in which timing differences reverse, based on
tax rates and laws enacted or substantively enacted at the balance sheet date.
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.
1.9 Finance lease agreements
Assets held under finance lease agreements are capitalised and disclosed under
tangible fixed assets at their fair value. The capital element of the future
payments is treated as a liability and the interest is charged to the profit and
loss account on a constant basis.
1.10 Financial instruments
Financial instruments are classified and accounted for as financial assets,
financial liabilities or equity instruments, according to the substance of the
contractual arrangement.
Financial instruments which are assets are stated at cost less any
provision for impairment. Financial liabilities are stated at principal capital
amounts outstanding at the period end. Issue costs relating to financial
liabilities are deducted from the outstanding balance and are amortised over the
period to the due date for repayment of the financial liability.
An equity instrument is any contract that evidences a residual interest
in the assets of the company after deducting all of its liabilities. A
financial liability is any contractual arrangement for an entity to deliver cash
to the holder of the associated financial instrument.
If a financial instrument contains both an equity and a liability
element, then the liability element is first established with any residual value
being disclosed within equity shareholders' funds. The liability element is the
present value of the future payments guaranteed to be made to the holders of the
financial instrument.
1.11 Going concern
The directors consider that the company is a going concern despite the fact that
the balance sheet shows net current liabilities of GBP4,604,626. The bank
overdraft is repayable on demand and therefore as a current liability; however
in the normal course of business the overdraft will only be reduced as
properties are sold.
Proceeds from the sale of properties are paid into the company's bank account to
reduce the level of debt. On such instances the company's overdraft limit will
be reduced by 80% of the higher of the valuation of the respective property or
the actual sales price.
The directors have reviewed future cash flows and in their opinion the company
will be able to meet all debts as they become due. On this basis the directors
consider it appropriate to prepare the financial statements on a going concern
basis.
2. TURNOVER
+-------+------+------+------+------+--+----------+------+----------+
| An analysis of turnover | | | | | |
| by class is as follows: | | | | | |
+----------------------------+------+--+----------+------+----------+
| | | | | | | 2010 | | 2009 |
+-------+------+------+------+------+--+----------+------+----------+
| | | | | | | GBP | | GBP |
+-------+------+------+------+------+--+----------+------+----------+
| | | | | | | | | |
+-------+------+------+------+------+--+----------+------+----------+
| Rent | | | | | 387,827 | | 398,894 |
| receivable | | | | | | | |
+--------------+------+------+------+--+----------+------+----------+
| Sale of | | | | | - | | 250,000 |
| option | | | | | | | |
+--------------+------+------+------+--+----------+------+----------+
| Property | | | | | 313,950 | | 222,500 |
| sales | | | | | | | |
+--------------+------+------+------+--+----------+------+----------+
| | | | | | | | | |
+-------+------+------+------+------+--+----------+------+----------+
| | | | | | | 701,777 | | 871,394 |
+-------+------+------+------+------+--+----------+------+----------+
| 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
+------+------+------+--------+------+--+---------+------+---------+
| | | | | | | 2010 | | 2009 |
+------+------+------+--------+------+--+---------+------+---------+
| | | | | | | GBP | | GBP |
+------+------+------+--------+------+--+---------+------+---------+
| | | | | | | | | |
+------+------+------+--------+------+--+---------+------+---------+
| Insurance | | | | | 30,227 | | 12,500 |
| proceeds | | | | | | | |
+-------------+------+--------+------+--+---------+------+---------+
| Other operating | | | | 398 | | - |
| income | | | | | | |
+--------------------+--------+------+--+---------+------+---------+
| | | | | | | | | |
+------+------+------+--------+------+--+---------+------+---------+
| | | | | | | 30,625 | | 12,500 |
+------+------+------+--------+------+--+---------+------+---------+
| | | | | | | | | |
+------+------+------+--------+------+--+---------+------+---------+
4. OPERATING (LOSS)/PROFIT
+------+------+------+------+------+--+----------+------+--------+
| The operating (loss)/profit is | | | | |
| stated after | | | | |
| charging/(crediting): | | | | |
+----------------------------------+--+----------+------+--------+
| | | | | | | 2010 | | 2009 |
+------+------+------+------+------+--+----------+------+--------+
| | | | | | | GBP | | GBP |
+------+------+------+------+------+--+----------+------+--------+
| | | | | | | | | |
+------+------+------+------+------+--+----------+------+--------+
| Depreciation of tangible | | | | | |
| fixed assets: | | | | | |
+---------------------------+------+--+----------+------+--------+
| Owned by the | | | | 1,177 | | 1,465 |
| company | | | | | | |
+--------------------+------+------+--+----------+------+--------+
| Leased by the | | | | 1,362 | | - |
| company | | | | | | |
+--------------------+------+------+--+----------+------+--------+
| Profit on sale of | | | (1,320) | | - |
| tangible fixed assets | | | | | |
+---------------------------+------+--+----------+------+--------+
| Provision for diminution in | | 201,980 | | - |
| value of investment properties | | | | |
+----------------------------------+--+----------+------+--------+
| | | | | | | | | |
+------+------+------+------+------+--+----------+------+--------+
5. AUDITORS' REMUNERATION
+------+------+------+--------+------+--+--------+------+--------+
| | | | | | | 2010 | | 2009 |
+------+------+------+--------+------+--+--------+------+--------+
| | | | | | | GBP | | GBP |
+------+------+------+--------+------+--+--------+------+--------+
| | | | | | | | | |
+------+------+------+--------+------+--+--------+------+--------+
| Fees payable to the company's | | 9,200 | | 8,421 |
| auditor for the audit of the | | | | |
+------------------------------------+--+--------+------+--------+
| company's | | | | | | |
| annual accounts | | | | | | |
+--------------------+--------+------+--+--------+------+--------+
| Fees payable to the company's | | | | |
| auditor and its associates | | | | |
+------------------------------------+--+--------+------+--------+
| in | | | | | | | |
| respect of: | | | | | | | |
+-------------+------+--------+------+--+--------+------+--------+
| | Other services | | | 3,335 | | 2,325 |
| | relating to taxation | | | | | |
+------+----------------------+------+--+--------+------+--------+
| | | | | | | | | |
+------+------+------+--------+------+--+--------+------+--------+
6. STAFF COSTS
+------+------+------+------+------+--+---------+------+---------+
| Staff costs, including | | | | |
| directors' remuneration, were as | | | | |
| follows: | | | | |
+----------------------------------+--+---------+------+---------+
| | | | | | | 2010 | | 2009 |
+------+------+------+------+------+--+---------+------+---------+
| | | | | | | GBP | | GBP |
+------+------+------+------+------+--+---------+------+---------+
| Wages and | | | | | 10,000 | | 75,634 |
| salaries | | | | | | | |
+-------------+------+------+------+--+---------+------+---------+
| Social | | | | | 1,090 | | 7,356 |
| security | | | | | | | |
| costs | | | | | | | |
+-------------+------+------+------+--+---------+------+---------+
| | | | | | | | | |
+------+------+------+------+------+--+---------+------+---------+
| | | | | | | 11,090 | | 82,990 |
+------+------+------+------+------+--+---------+------+---------+
| | | | | | | | | |
+------+------+------+------+------+--+---------+------+---------+
| The average monthly number of employees, including the |
| directors, during the year was as follows: |
+----------------------------------------------------------------+
| | | | | | | | | |
+------+------+------+------+------+--+---------+------+---------+
| | | | | | | 2010 | | 2009 |
+------+------+------+------+------+--+---------+------+---------+
| | | | | | | GBP | | GBP |
+------+------+------+------+------+--+---------+------+---------+
| | | | | | | No | | No |
+------+------+------+------+------+--+---------+------+---------+
| Management | | | | | 3 | | 4 |
+-------------+------+------+------+--+---------+------+---------+
| | | | | | | | | |
+------+------+------+------+------+--+---------+------+---------+
7. DIRECTORS' REMUNERATION
+-------------------------------+-------+-------+-------+-------+--+---------+------+---------+
| The remuneration of the directors of the company was: | | 2010 | | 2009 |
+---------------------------------------------------------------+--+---------+------+---------+
| | | | | | | GBP | | GBP |
+-------------------------------+-------+-------+-------+-------+--+---------+------+---------+
| Emoluments | | | | | | | |
+---------------------------------------+-------+-------+-------+--+---------+------+---------+
| B K Chadwick | | | | | 11,087 | | 16,087 |
+---------------------------------------+-------+-------+-------+--+---------+------+---------+
| J M Elliott | | | | | | 1,785 | | 38,692 |
+-------------------------------+-------+-------+-------+-------+--+---------+------+---------+
| J A Lyons | | | | | | 1,117 | | 16,117 |
+-------------------------------+-------+-------+-------+-------+--+---------+------+---------+
| K Philbin | | | | | | - | | - |
+-------------------------------+-------+-------+-------+-------+--+---------+------+---------+
| | | | | | | 13,989 | | 70,896 |
+-------------------------------+-------+-------+-------+-------+--+---------+------+---------+
| | | | | | | | | |
+-------------------------------+-------+-------+-------+-------+--+---------+------+---------+
8. INTEREST PAYABLE
+------+------+------+--------+------+--+----------+------+----------+
| | | | | | | 2010 | | 2009 |
+------+------+------+--------+------+--+----------+------+----------+
| | | | | | | GBP | | GBP |
+------+------+------+--------+------+--+----------+------+----------+
| On bank loans and | | | | 141,584 | | 287,248 |
| overdrafts | | | | | | |
+--------------------+--------+------+--+----------+------+----------+
| On other | | | | | 4,525 | | 903 |
| loans | | | | | | | |
+-------------+------+--------+------+--+----------+------+----------+
| | | | | | | | | |
+------+------+------+--------+------+--+----------+------+----------+
| | | | | | | 146,109 | | 288,151 |
+------+------+------+--------+------+--+----------+------+----------+
| | | | | | | | | |
+------+------+------+--------+------+--+----------+------+----------+
9. TAXATION
+---------+------+------+--------+------+--+-----------+------+-----------+
| | | | | | | 2010 | | 2009 |
+---------+------+------+--------+------+--+-----------+------+-----------+
| | | | | | | GBP | | GBP |
+---------+------+------+--------+------+--+-----------+------+-----------+
| Corporation tax - | | | - | | (544) |
| adjustment for prior years | | | | | |
+--------------------------------+------+--+-----------+------+-----------+
| | | | | | | | | |
+---------+------+------+--------+------+--+-----------+------+-----------+
| Factors affecting the tax | | | | | |
| charge for the year | | | | | |
+--------------------------------+------+--+-----------+------+-----------+
| | | | | | | | | |
+---------+------+------+--------+------+--+-----------+------+-----------+
| The tax assessed for the year is higher (2009 higher) than |
| the standard rate of corporation tax in the UK (21%) |
+-------------------------------------------------------------------------+
| (2009 21%). The differences | | | | | |
| are explained below: | | | | | |
+--------------------------------+------+--+-----------+------+-----------+
| | | | | | | | | |
+---------+------+------+--------+------+--+-----------+------+-----------+
| | | | | | | 2010 | | 2009 |
+---------+------+------+--------+------+--+-----------+------+-----------+
| | | | | | | GBP | | GBP |
+---------+------+------+--------+------+--+-----------+------+-----------+
| Loss on ordinary activities | | | (455,312) | | (220,823) |
| before tax | | | | | |
+--------------------------------+------+--+-----------+------+-----------+
| | | | | | | | | |
+---------+------+------+--------+------+--+-----------+------+-----------+
| Loss on ordinary activities | | (95,615) | | (46,373) |
| multiplied by the standard rate | | | | |
+---------------------------------------+--+-----------+------+-----------+
| of corporation tax in the | | | | | |
| UK of 21% (2009 - 21%) | | | | | |
+--------------------------------+------+--+-----------+------+-----------+
| | | | | | | | | |
+---------+------+------+--------+------+--+-----------+------+-----------+
| Effects | | | | | | | | |
| of: | | | | | | | | |
+---------+------+------+--------+------+--+-----------+------+-----------+
| Expenses not deductible for | | | 45,236 | | 2,524 |
| tax purposes | | | | | |
+--------------------------------+------+--+-----------+------+-----------+
| Capital allowances for the year in | | (4,762) | | (2,548) |
| excess of depreciation | | | | |
+---------------------------------------+--+-----------+------+-----------+
| Losses | | | | | 55,141 | | 46,418 |
| carried | | | | | | | |
| forward | | | | | | | |
+----------------+------+--------+------+--+-----------+------+-----------+
| Non-taxable | | | | | - | | (21) |
| income | | | | | | | |
+----------------+------+--------+------+--+-----------+------+-----------+
| Adjustment re | | | | - | | (544) |
| prior year | | | | | | |
+-----------------------+--------+------+--+-----------+------+-----------+
| | | | | | | | | |
+---------+------+------+--------+------+--+-----------+------+-----------+
| Current tax charge/(credit) for | | - | | (544) |
| the year (see note above) | | | | |
+---------------------------------------+--+-----------+------+-----------+
| | | | | | | | | |
+---------+------+------+--------+------+--+-----------+------+-----------+
| Factors that may affect | | | | | |
| future charges | | | | | |
+--------------------------------+------+--+-----------+------+-----------+
| | | | | | | | | |
+---------+------+------+--------+------+--+-----------+------+-----------+
| There were no factors that may affect future tax charges |
| other than tax losses carried forward of GBP665,000 |
+-------------------------------------------------------------------------+
| (2009: | | | | | | | |
| GBP402,438). | | | | | | | |
+----------------+------+--------+------+--+-----------+------+-----------+
| | | | | | | | | |
+---------+------+------+--------+------+--+-----------+------+-----------+
| Deferred | | | | | | | |
| taxation | | | | | | | |
+----------------+------+--------+------+--+-----------+------+-----------+
| | | | | | | | | |
+---------+------+------+--------+------+--+-----------+------+-----------+
| No provision for deferred taxation has been made in the |
| financial statements and the amounts unprovided |
+-------------------------------------------------------------------------+
| at the year end, calculated using a tax rate | | |
| of 21% (2009: 21%), are as follows: | | |
+------------------------------------------------------+------+-----------+
| | | | | | | 2010 | | 2009 |
+---------+------+------+--------+------+--+-----------+------+-----------+
| | | | | | | GBP | | GBP |
+---------+------+------+--------+------+--+-----------+------+-----------+
| Tax losses | | | | | 139,600 | | 84,500 |
| available | | | | | | | |
+----------------+------+--------+------+--+-----------+------+-----------+
| Other timing | | | | 244,222 | | 176,381 |
| differences | | | | | | |
+-----------------------+--------+------+--+-----------+------+-----------+
| | | | | | | | | |
+---------+------+------+--------+------+--+-----------+------+-----------+
| | | | | | | 383,822 | | 260,881 |
+---------+------+------+--------+------+--+-----------+------+-----------+
| | | | | | | | | |
+---------+------+------+--------+------+--+-----------+------+-----------+
| Other timing differences not provided at the year end |
| relate to the revaluation surplus. Provision for |
+-------------------------------------------------------------------------+
| corporation tax on capital gains on revaluation surpluses |
| has not been made in the financial statements |
+-------------------------------------------------------------------------+
| as there is no intention to dispose of the | | |
| properties in the foreseeable future. | | |
+------------------------------------------------------+------+-----------+
| | | | | | | | | |
+---------+------+------+--------+------+--+-----------+------+-----------+
| The deferred tax asset on losses available has not been |
| provided as the timing of the recoverability |
+-------------------------------------------------------------------------+
| of the asset is | | | | | | |
| uncertain. | | | | | | |
+---------+------+------+--------+------+--+-----------+------+-----------+
10. TANGIBLE FIXED ASSETS
+-------+------+------+--------+----+-+-----------+-------+---------+
| | | | | | | Plant | | |
| | | | | | | and | | |
+-------+------+------+--------+----+-+-----------+-------+---------+
| | | | | | |Machinery | | Total |
+-------+------+------+--------+----+-+-----------+-------+---------+
| | | | | | | GBP | | GBP |
+-------+------+------+--------+----+-+-----------+-------+---------+
| Cost or | | | | | | | |
| valuation | | | | | | | |
+--------------+------+--------+----+-+-----------+-------+---------+
| At 1 April | | | | | 13,731 | | 13,731 |
| 2009 | | | | | | | |
+--------------+------+--------+----+-+-----------+-------+---------+
| Additions | | | | | 15,701 | | 15,701 |
| at cost | | | | | | | |
+--------------+------+--------+----+-+-----------+-------+---------+
| | | | | | | | | |
+-------+------+------+--------+----+-+-----------+-------+---------+
| At 31 March | | | | | 29,432 | | 29,432 |
| 2010 | | | | | | | |
+--------------+------+--------+----+-+-----------+-------+---------+
| | | | | | | | | |
+-------+------+------+--------+----+-+-----------+-------+---------+
| Depreciation | | | | | | | |
+--------------+------+--------+----+-+-----------+-------+---------+
| At 1 April | | | | | 8,803 | | 8,803 |
| 2009 | | | | | | | |
+--------------+------+--------+----+-+-----------+-------+---------+
| Charge for | | | | | 2,539 | | 2,539 |
| the year | | | | | | | |
+--------------+------+--------+----+-+-----------+-------+---------+
| | | | | | | | | |
+-------+------+------+--------+----+-+-----------+-------+---------+
| At 31 March | | | | | 11,342 | | 11,342 |
| 2010 | | | | | | | |
+--------------+------+--------+----+-+-----------+-------+---------+
| | | | | | | | | |
+-------+------+------+--------+----+-+-----------+-------+---------+
| Net book | | | | | | | |
| value | | | | | | | |
+--------------+------+--------+----+-+-----------+-------+---------+
| At 31 March | | | | | 18,090 | | 18,090 |
| 2010 | | | | | | | |
+--------------+------+--------+----+-+-----------+-------+---------+
| | | | | | | | | |
+-------+------+------+--------+----+-+-----------+-------+---------+
| At 31 March | | | | | 4,928 | | 4,928 |
| 2009 | | | | | | | |
+--------------+------+--------+----+-+-----------+-------+---------+
| | | | | | | | | |
+-------+------+------+--------+----+-+-----------+-------+---------+
Finance lease agreements
Included within the net book value of GBP18,090 (2009:GBP4,928) is GBP12,259
(2009: GBPnil) relating to assets held under finance lease agreements. The
depreciation charged to the financial statements in the year in respect of such
assets amounted to GBP1,362 (2009: GBPnil).
11. FIXED ASSET INVESTMENTS
+------------+------+------+--------+------+--+-------+------+-------------+
| | | | | | | | | Unlisted |
+------------+------+------+--------+------+--+-------+------+-------------+
| | | | | | | | |Investments |
+------------+------+------+--------+------+--+-------+------+-------------+
| Cost | | | | | | | | GBP |
| | | | | | | | | |
+------------+------+------+--------+------+--+-------+------+-------------+
| At 1 April | | | | | | | 50 |
| 2009 | | | | | | | |
+-------------------+------+--------+------+--+-------+------+-------------+
| Additions | | | | | | | | - |
+------------+------+------+--------+------+--+-------+------+-------------+
| | | | | | | | | |
+------------+------+------+--------+------+--+-------+------+-------------+
| At 31 March | | | | | | | 50 |
| 2010 | | | | | | | |
+-------------------+------+--------+------+--+-------+------+-------------+
| | | | | | | | | |
+------------+------+------+--------+------+--+-------+------+-------------+
| Impairment | | | | | | | |
+-------------------+------+--------+------+--+-------+------+-------------+
| At 1 April | | | | | | | - |
| 2009 | | | | | | | |
+-------------------+------+--------+------+--+-------+------+-------------+
| Impairment | | | | | | | | 50 |
+------------+------+------+--------+------+--+-------+------+-------------+
| | | | | | | | | |
+------------+------+------+--------+------+--+-------+------+-------------+
| At 31 March | | | | | | | 50 |
| 2010 | | | | | | | |
+-------------------+------+--------+------+--+-------+------+-------------+
| | | | | | | | | |
+------------+------+------+--------+------+--+-------+------+-------------+
| Net book | | | | | | | |
| value | | | | | | | |
+-------------------+------+--------+------+--+-------+------+-------------+
| At 31 March | | | | | | | - |
| 2010 | | | | | | | |
+-------------------+------+--------+------+--+-------+------+-------------+
| | | | | | | | | |
+------------+------+------+--------+------+--+-------+------+-------------+
| At 31 March | | | | | | | 50 |
| 2008 | | | | | | | |
+-------------------+------+--------+------+--+-------+------+-------------+
| | | | | | | | | |
+------------+------+------+--------+------+--+-------+------+-------------+
| 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 GBP1,910 and at the year end |
| shareholders' funds showed a deficit of GBP43,246. |
+--------------------------------------------------------------------------+
| 5North Development Limited is a company | | |
| formed to deal in land and property. | | |
+-----------------------------------------------------+------+-------------+
| | | | | | | | | Year ended |
+------------+------+------+--------+------+--+-------+------+-------------+
| | | | | | | | | 31st March |
| | | | | | | | | |
+------------+------+------+--------+------+--+-------+------+-------------+
| The company's share of the joint | | | | 2010 |
| venture is as follows: | | | | |
+------------------------------------------+--+-------+------+-------------+
| | | | | | | | | GBP |
+------------+------+------+--------+------+--+-------+------+-------------+
| Turnover | | | | | | | | - |
+------------+------+------+--------+------+--+-------+------+-------------+
| Loss before | | | | | | | (955) |
| taxation | | | | | | | |
+-------------------+------+--------+------+--+-------+------+-------------+
| Taxation | | | | | | | | - |
+------------+------+------+--------+------+--+-------+------+-------------+
| Loss after | | | | | | | (955) |
| taxation | | | | | | | |
+-------------------+------+--------+------+--+-------+------+-------------+
| Fixed | | | | | | | - |
| assets | | | | | | | |
+-------------------+------+--------+------+--+-------+------+-------------+
| Current | | | | | | | 56,763 |
| assets | | | | | | | |
+-------------------+------+--------+------+--+-------+------+-------------+
| Liabilities due | | | | | | (78,386) |
| within one year | | | | | | |
+--------------------------+--------+------+--+-------+------+-------------+
| | | | | | | | | |
+------------+------+------+--------+------+--+-------+------+-------------+
| Under the terms of the joint venture agreement there are no |
| circumstances, to the best of the company's knowledge, |
+--------------------------------------------------------------------------+
| in which the company would be obliged to contribute | |
| to any deficit in the joint venture. | |
+------------+------+------+--------+------+--+-------+------+-------------+
12. INVESTMENT PROPERTY
+-----------+------+------+--------+------+--+-------+------+------------+
| | | | | | | | | Property |
+-----------+------+------+--------+------+--+-------+------+------------+
| | | | | | | | | held for |
+-----------+------+------+--------+------+--+-------+------+------------+
| | | | | | | | | develop- |
+-----------+------+------+--------+------+--+-------+------+------------+
| | | | | | | | | ment |
+-----------+------+------+--------+------+--+-------+------+------------+
| | | | | | | | | GBP |
+-----------+------+------+--------+------+--+-------+------+------------+
| Cost or | | | | | | | |
| valuation | | | | | | | |
+------------------+------+--------+------+--+-------+------+------------+
| At 1 April | | | | | | |5,620,967 |
| 2009 | | | | | | | |
+------------------+------+--------+------+--+-------+------+------------+
| Additions | | | | | | | 102,962 |
| at cost | | | | | | | |
+------------------+------+--------+------+--+-------+------+------------+
| Disposals | | | | | | | | (120,000) |
+-----------+------+------+--------+------+--+-------+------+------------+
| Surplus on | | | | | | | 323,051 |
| revaluation | | | | | | | |
+------------------+------+--------+------+--+-------+------+------------+
| Provision for | | | | | | (201,980) |
| diminution in | | | | | | |
| value | | | | | | |
+-------------------------+--------+------+--+-------+------+------------+
| | | | | | | | | |
+-----------+------+------+--------+------+--+-------+------+------------+
| At 31 March | | | | | | |5,725,000 |
| 2010 | | | | | | | |
+------------------+------+--------+------+--+-------+------+------------+
| | | | | | | | | |
+-----------+------+------+--------+------+--+-------+------+------------+
| Comprising | | | | | | | |
+------------------+------+--------+------+--+-------+------+------------+
| Cost or net | | | | | |4,562,038 |
| realisable value | | | | | | |
| if lower | | | | | | |
+-------------------------+--------+------+--+-------+------+------------+
| Annual revaluation | | | | | |
| surplus/(deficit): | | | | | |
+----------------------------------+------+--+-------+------+------------+
| 2005 and | | | | | | | 722,441 |
| earlier | | | | | | | |
+------------------+------+--------+------+--+-------+------+------------+
| 2006 | | | | | | | | 368,296 |
+-----------+------+------+--------+------+--+-------+------+------------+
| 2007 | | | | | | | | 152,523 |
+-----------+------+------+--------+------+--+-------+------+------------+
| 2008 | | | | | | | | (93,695) |
+-----------+------+------+--------+------+--+-------+------+------------+
| 2009 | | | | | | | | (309,654) |
+-----------+------+------+--------+------+--+-------+------+------------+
| 2010 | | | | | | | | 323,051 |
+-----------+------+------+--------+------+--+-------+------+------------+
| | | | | | | | | |
+-----------+------+------+--------+------+--+-------+------+------------+
| | | | | | | | |5,725,000 |
+-----------+------+------+--------+------+--+-------+------+------------+
| | | | | | | | | |
+-----------+------+------+--------+------+--+-------+------+------------+
All of the investment properties are held as freehold.
The properties have been valued at the year end on an open market basis by the
directors. The last external value was obtained in 2008 and it is the company
policy that investment properties are valued externally at least every 5 years.
13. STOCKS
+------+------+------+--------+------+--+----------+------+------------+
| | | | | | | 2010 | | 2009 |
+------+------+------+--------+------+--+----------+------+------------+
| | | | | | | GBP | | GBP |
+------+------+------+--------+------+--+----------+------+------------+
| | | | | | | | | |
+------+------+------+--------+------+--+----------+------+------------+
| Property | | | | | 890,000 | | 1,356,383 |
| held for | | | | | | | |
| resale | | | | | | | |
+-------------+------+--------+------+--+----------+------+------------+
| | | | | | | | | |
+------+------+------+--------+------+--+----------+------+------------+
| All properties held for resale are included at the | |
| lower of cost and net realisable value. | |
+------+------+------+--------+------+--+----------+------+------------+
14. DEBTORS
+------+------+------+--------+------+--+----------+------+----------+
| | | | | | | 2010 | | 2009 |
+------+------+------+--------+------+--+----------+------+----------+
| | | | | | | GBP | | GBP |
+------+------+------+--------+------+--+----------+------+----------+
| Due within | | | | | | | |
| one year | | | | | | | |
+-------------+------+--------+------+--+----------+------+----------+
| Trade | | | | | 28,809 | | 14,184 |
| debtors | | | | | | | |
+-------------+------+--------+------+--+----------+------+----------+
| Other | | | | | 190,048 | | 123,918 |
| debtors | | | | | | | |
+-------------+------+--------+------+--+----------+------+----------+
| Prepayments and | | | | 4,447 | | 3,034 |
| accrued income | | | | | | |
+--------------------+--------+------+--+----------+------+----------+
| | | | | | | | | |
+------+------+------+--------+------+--+----------+------+----------+
| | | | | | | 223,304 | | 141,136 |
+------+------+------+--------+------+--+----------+------+----------+
| | | | | | | | | |
+------+------+------+--------+------+--+----------+------+----------+
15. CREDITORS:
Amounts falling due within one year
+------+------+------+--------+------+--+------------+------+------------+
| | | | | | | 2010 | | 2009 |
+------+------+------+--------+------+--+------------+------+------------+
| | | | | | | GBP | | GBP |
+------+------+------+--------+------+--+------------+------+------------+
| | | | | | | | | |
+------+------+------+--------+------+--+------------+------+------------+
| Bank | | | | | 5,133,801 | | 5,367,172 |
| overdraft | | | | | | | |
+-------------+------+--------+------+--+------------+------+------------+
| Bank | | | | | 91,829 | | - |
| short-term | | | | | | | |
| loan | | | | | | | |
+-------------+------+--------+------+--+------------+------+------------+
| Trade | | | | | 72,853 | | 72,934 |
| creditors | | | | | | | |
+-------------+------+--------+------+--+------------+------+------------+
| Social security | | | | 2,185 | | 19,325 |
| and other taxes | | | | | | |
+--------------------+--------+------+--+------------+------+------------+
| Other short | | | | | 55,000 | | 55,000 |
| term loans | | | | | | | |
+-------------+------+--------+------+--+------------+------+------------+
| Lease purchase | | | | 4,047 | | - |
| creditor | | | | | | |
+--------------------+--------+------+--+------------+------+------------+
| Accruals and | | | | 358,215 | | 345,051 |
| deferred income | | | | | | |
+--------------------+--------+------+--+------------+------+------------+
| | | | | | | | | |
+------+------+------+--------+------+--+------------+------+------------+
| | | | | | | 5,717,930 | | 5,859,482 |
+------+------+------+--------+------+--+------------+------+------------+
| | | | | | | | | |
+------+------+------+--------+------+--+------------+------+------------+
| 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 GBP5,187,250 | | |
+----------------------------------------------------+------+------------+
| | | | | | | | | |
+------+------+------+--------+------+--+------------+------+------------+
| The lease purchase creditor is | | | | |
| secured on the assets acquired. | | | | |
+------+------+------+--------+------+--+------------+------+------------+
16. CREDITORS:
Amounts falling due after more than one year
+------+------+------+--------+------+--+--------+------+------+
| | | | | | | 2010 | |2009 |
+------+------+------+--------+------+--+--------+------+------+
| | | | | | | GBP | | GBP |
+------+------+------+--------+------+--+--------+------+------+
| | | | | | | | | |
+------+------+------+--------+------+--+--------+------+------+
| Lease purchase | | | | 4,891 | | - |
| creditor | | | | | | |
+--------------------+--------+------+--+--------+------+------+
| | | | | | | | | |
+------+------+------+--------+------+--+--------+------+------+
| | | | | | | 4,891 | | - |
+------+------+------+--------+------+--+--------+------+------+
| | | | | | | | | |
+------+------+------+--------+------+--+--------+------+------+
| All obligations under finance lease contracts | | |
| fall due for payment as follows:- | | |
+------------------------------------------------+------+------+
| | | | | | | | | |
+------+------+------+--------+------+--+--------+------+------+
| | | | | | | 2010 | |2009 |
+------+------+------+--------+------+--+--------+------+------+
| | | | | | | GBP | | GBP |
+------+------+------+--------+------+--+--------+------+------+
| Amounts payable | | | | 4,047 | | - |
| within one year | | | | | | |
+--------------------+--------+------+--+--------+------+------+
| Amounts payable between one | | | 4,891 | | - |
| and five years | | | | | |
+-----------------------------+------+--+--------+------+------+
| | | | | | | | | |
+------+------+------+--------+------+--+--------+------+------+
| | | | | | | 8,938 | | - |
+------+------+------+--------+------+--+--------+------+------+
| | | | | | | | | |
+------+------+------+--------+------+--+--------+------+------+
17. SHARE CAPITAL
+------+------+------+--------+------+--+----------+------+----------+
| | | | | | | 2010 | | 2009 |
+------+------+------+--------+------+--+----------+------+----------+
| | | | | | | GBP | | GBP |
+------+------+------+--------+------+--+----------+------+----------+
| Authorised | | | | | | | |
+-------------+------+--------+------+--+----------+------+----------+
| 12,000,000 Ordinary shares | | | 120,000 | | 120,000 |
| of 1p each | | | | | |
+-----------------------------+------+--+----------+------+----------+
| | | | | | | | | |
+------+------+------+--------+------+--+----------+------+----------+
| Allotted, called | | | | | | |
| up and fully paid | | | | | | |
+--------------------+--------+------+--+----------+------+----------+
| 7,395,813 Ordinary shares | | | 73,958 | | 73,958 |
| of 1p each | | | | | |
+-----------------------------+------+--+----------+------+----------+
| | | | | | | | | |
+------+------+------+--------+------+--+----------+------+----------+
18. RESERVES
+------+------+------+--------+----+-+----------+-------------+-----------+
| | | | | | | Share | | |
+------+------+------+--------+----+-+----------+-------------+-----------+
| | | | | | | premium |Revaluation | Profit |
| | | | | | | | | and |
+------+------+------+--------+----+-+----------+-------------+-----------+
| | | | | | | account | reserve | loss |
| | | | | | | | | account |
+------+------+------+--------+----+-+----------+-------------+-----------+
| | | | | | | GBP | GBP | GBP |
+------+------+------+--------+----+-+----------+-------------+-----------+
| At 1 April | | | | | 312,723 | 839,911 | 39,242 |
| 2009 | | | | | | | |
+-------------+------+--------+----+-+----------+-------------+-----------+
| Loss for | | | | | - | - | (455,312) |
| the year | | | | | | | |
+-------------+------+--------+----+-+----------+-------------+-----------+
| Surplus on revaluation of | | | - | 323,051 | - |
| freehold property | | | | | |
+-----------------------------+----+-+----------+-------------+-----------+
| | | | | | | | | |
+------+------+------+--------+----+-+----------+-------------+-----------+
| At 31 March | | | | | 312,723 | 1,162,962 | (416,070) |
| 2010 | | | | | | | |
+-------------+------+--------+----+-+----------+-------------+-----------+
| | | | | | | | | |
+------+------+------+--------+----+-+----------+-------------+-----------+
| Equity dividends paid in the year amounted | | |
| to GBPnil (2009 GBP24,762). | | |
+------+------+------+--------+----+-+----------+-------------+-----------+
19. RECONCILIATION OF MOVEMENT IN SHAREHOLDERS FUNDS
+------+------+------+--------+------+----------+------------+----+------------+
| | | | | | | 2010 | | 2009 |
+------+------+------+--------+------+----------+------------+----+------------+
| | | | | | | GBP | | GBP |
+------+------+------+--------+------+----------+------------+----+------------+
| Opening | | | | 1,265,834 | | 1,820,529 |
| shareholders' | | | | | | |
| funds | | | | | | |
+--------------------+--------+------+----------+------------+----+------------+
| Loss for | | | | | (455,312) | | (220,279) |
| the year | | | | | | | |
+-------------+------+--------+------+----------+------------+----+------------+
| Other recognised gains and | | | 323,051 | | (309,654) |
| losses during the year | | | | | |
+-----------------------------+------+----------+------------+----+------------+
| Equity | | | | | - | | (24,762) |
| dividends | | | | | | | |
| paid | | | | | | | |
+-------------+------+--------+------+----------+------------+----+------------+
| | | | | | | | | |
+------+------+------+--------+------+----------+------------+----+------------+
| Closing | | | | 1,133,573 | | 1,265,834 |
| shareholders' | | | | | | |
| funds | | | | | | |
+--------------------+--------+------+----------+------------+----+------------+
| | | | | | | | | |
+------+------+------+--------+------+----------+------------+----+------------+
20. NET CASH FLOW FROM OPERATING ACTIVITIES
+--------+------+------+--------+------+----------+-----------+----+-----------+
| | | | | | | 2010 | | 2009 |
+--------+------+------+--------+------+----------+-----------+----+-----------+
| | | | | | | GBP | | GBP |
+--------+------+------+--------+------+----------+-----------+----+-----------+
| Operating | | | | | (284,753) | | 66,863 |
| (loss)/profit | | | | | | | |
+---------------+------+--------+------+----------+-----------+----+-----------+
| Depreciation of tangible | | | 2,539 | | 1,465 |
| fixed assets | | | | | |
+-------------------------------+------+----------+-----------+----+-----------+
| Impairments of | | | | 201,980 | | - |
| fixed assets | | | | | | |
+----------------------+--------+------+----------+-----------+----+-----------+
| Profit on disposal of | | | (1,320) | | - |
| tangible fixed assets | | | | | |
+-------------------------------+------+----------+-----------+----+-----------+
| Decrease/(Increase) | | | | 466,383 | | (235,754) |
| in stocks | | | | | | |
+----------------------+--------+------+----------+-----------+----+-----------+
| (Increase)/Decrease | | | | (96,802) | | 226,026 |
| in debtors | | | | | | |
+----------------------+--------+------+----------+-----------+----+-----------+
| (Decrease)/Increase | | | | (4,057) | | 14,013 |
| in creditors | | | | | | |
+----------------------+--------+------+----------+-----------+----+-----------+
| | | | | | | | | |
+--------+------+------+--------+------+----------+-----------+----+-----------+
| Net cash inflow | | | | 283,970 | | 72,613 |
| from operations | | | | | | |
+----------------------+--------+------+----------+-----------+----+-----------+
| | | | | | | | | |
+--------+------+------+--------+------+----------+-----------+----+-----------+
21. ANALYSIS OF CASH FLOWS FOR HEADINGS NETTED IN CASH FLOW
STATEMENT
+------+------+------+--------+------+----------+-----------+----+-----------+------+
| | | | | | | 2010 | | 2009 | |
+------+------+------+--------+------+----------+-----------+----+-----------+------+
| | | | | | | GBP | | GBP | |
+------+------+------+--------+------+----------+-----------+----+-----------+------+
| Returns on investments and | | | | | | |
| servicing of finance | | | | | | |
+-----------------------------+------+----------+-----------+----+-----------+------+
| Interest | | | | | - | | 465 | |
| received | | | | | | | | |
+-------------+------+--------+------+----------+-----------+----+-----------+------+
| Interest | | | | | (146,109) | | (288,151) | |
| paid | | | | | | | | |
+-------------+------+--------+------+----------+-----------+----+-----------+------+
| | | | | | | | | | |
+------+------+------+--------+------+----------+-----------+----+-----------+------+
| Net cash outflow from | | | (146,109) | | (287,686) | |
| returns on investments and | | | | | | |
+-----------------------------+------+----------+-----------+----+-----------+------+
| servicing | | | | | | | | |
| of cash | | | | | | | | |
| flow | | | | | | | | |
+-------------+------+--------+------+----------+-----------+----+-----------+------+
| | | | | | | | | | |
+------+------+------+--------+------+----------+-----------+----+-----------+------+
| | | | | | | 2010 | | 2009 | |
+------+------+------+--------+------+----------+-----------+----+-----------+------+
| | | | | | | GBP | | GBP | |
+------+------+------+--------+------+----------+-----------+----+-----------+------+
| Capital expenditure and | | | | | | |
| financial investment | | | | | | |
+-----------------------------+------+----------+-----------+----+-----------+------+
| Purchase of | | | | (3,917) | | (1,707) | |
| tangible fixed | | | | | | | |
| assets | | | | | | | |
+--------------------+--------+------+----------+-----------+----+-----------+------+
| Sale of tangible | | | | 1,320 | | - | |
| fixed assets | | | | | | | |
+--------------------+--------+------+----------+-----------+----+-----------+------+
| Purchase of | | | | (102,962) | | (9,654) | |
| investment | | | | | | | |
| properties | | | | | | | |
+--------------------+--------+------+----------+-----------+----+-----------+------+
| Sale of investment | | | | 117,234 | | - | |
| properties | | | | | | | |
+--------------------+--------+------+----------+-----------+----+-----------+------+
| Loan repayment by | | | | - | | 35,316 | |
| joint venture | | | | | | | |
+--------------------+--------+------+----------+-----------+----+-----------+------+
| Loan to | | | | | (7,000) | | - | |
| joint | | | | | | | | |
| venture | | | | | | | | |
+-------------+------+--------+------+----------+-----------+----+-----------+------+
| | | | | | | | | | |
+------+------+------+--------+------+----------+-----------+----+-----------+------+
| Net cash (Outflow)/inflow | | | 4,675 | | 23,955 | |
| from capital | | | | | | |
+-----------------------------+------+----------+-----------+----+-----------+------+
| expenditure and financial | | | | | | |
| investment | | | | | | |
+-----------------------------+------+----------+-----------+----+-----------+------+
| | | | | | | | | | |
+------+------+------+--------+------+----------+-----------+----+-----------+------+
22. ANALYSIS OF CHANGES IN NET DEBT
+------+------+--------+----+-+-------------+----------+-----------+-------------+
| | | | | | 1 | Cash | Non | 31 |
| | | | | | April | flow | cash | March |
+------+------+--------+----+-+-------------+----------+-----------+-------------+
| | | | | | 2009 | |movements | 2010 |
+------+------+--------+----+-+-------------+----------+-----------+-------------+
| | | | | | GBP | GBP | GBP | GBP |
+------+------+--------+----+-+-------------+----------+-----------+-------------+
| Bank | | | | (5,367,172) | 233,371 | - | (5,133,801) |
| overdrafts | | | | | | | |
+-------------+--------+----+-+-------------+----------+-----------+-------------+
| Bank | | | | | - | (91,829) | - | (91,829) |
| loan | | | | | | | | |
+------+------+--------+----+-+-------------+----------+-----------+-------------+
| Bank and cash | | | 1,852 | (1,852) | - | 0 |
| balances | | | | | | |
+----------------------+----+-+-------------+----------+-----------+-------------+
| | | | | | (5,365,320) | 139,690 | - | (5,225,630) |
+------+------+--------+----+-+-------------+----------+-----------+-------------+
| | | | | | | | | |
+------+------+--------+----+-+-------------+----------+-----------+-------------+
| Lease purchase | | | - | 2,846 | (11,784) | (8,938) |
| creditor | | | | | | |
+----------------------+----+-+-------------+----------+-----------+-------------+
| | | | | | | | | |
+------+------+--------+----+-+-------------+----------+-----------+-------------+
| Net | | | | | (5,365,320) | 142,536 | (11,784) | (5,234,568) |
| Debt | | | | | | | | |
+------+------+--------+----+-+-------------+----------+-----------+-------------+
| | | | | | | | | |
+------+------+--------+----+-+-------------+----------+-----------+-------------+
23. RELATED PARTY TRANSACTIONS
Amounts owed to Dovelow Limited, a company controlled by B K Chadwick
During the year the company was charged interest of GBP4,525 (2009: GBPnil). The
total amount outstanding to Dovelow Limited at the year end was GBP202,652 (2009
- GBP212,713). This balance relates to monies outstanding on an arms length
transaction which occurred several years ago.
Belmont Hall Developments (Great Budworth) Limited
At the year end the company was owed GBP25,000 (2009 - 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 Development Limited
During the year the company made a further loan of GBP7,000 to the joint
venture, 5North Development Limited and has made full provision against recovery
of the loan balance at 31st March 2010 of GBP21,634.
Ibisgate (Keswick) Limited
At the year end the company owed GBP20,000 (2009: GBP20,000) to Ibisgate
(Keswick) Limited, a company controlled by the directors. No interest is charged
on this loan.
AMW Contractors Limited
During the year the company sold land for GBP115,000 to AMW Contractors Limited,
a company of which A M Walker, a director of the above named 5North Development
Limited, in which the company has a 50% shareholding, is also a director. The
company also paid AMW Contractors Limited GBP42,565 during the year in respect
of work done. At the years end no amounts were due form AMW Contractors Limited.
Riversway Developments Limited
During the year the company received GBP120,000 for long leases of the upper
floors at 47/51 Highgate, Kendal to Riversway Developments Limited, a company of
which J Lyons, a director of All Points North PLC, is a 50% shareholder.
24. CONTROLLING PARTY
There is no controlling party.
25. LOSS PER SHARE
Basic loss per share has been calculated on the loss for the financial year
GBP455,312 (2009 GBP220,279) over the weighted average number of shares in
issue during the year of 7,395,813 (2009: 7,395,813). There is no dilution of
the basic loss per share.
+------+------+--------+----+-+-------+---------+-------+---------+
| | | | | | | 2010 | | 2009 |
+------+------+--------+----+-+-------+---------+-------+---------+
| | | | | | | GBP | | GBP |
+------+------+--------+----+-+-------+---------+-------+---------+
| | | | | | | | | |
+------+------+--------+----+-+-------+---------+-------+---------+
| Basic and diluted loss in | | |(6.16)p | |(2.98)p |
| pence per share | | | | | |
+------+------+--------+----+-+-------+---------+-------+---------+
26. DERIVATIVES
The company has no financial instruments that fall to be classed as derivatives.
27. Availability of Annual Report
Copies of the 2010 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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