TIDMAPNO
RNS Number : 9585X
All Points North Plc
15 December 2010
All Points North PLC
Unaudited Interim Results
Chairman's Statement
I am pleased to present our interim results for the six month
period ended 30 September 2010.
Once again, overall activity remained quiet, with little
movement on the balance sheet in terms of additions or disposals of
the fixed asset or stock properties. As no property sales were
effected during the period, the turnover figure of GBP163,429 looks
low in comparison to the prior period figure of GBP379,395 which
included a property sale amounting to GBP198,950.
Cost of sales totalled GBP96,909 again much reduced from the
comparative period (GBP290,494), which included the cost of the
property sold.
The current period administrative expenses of GBP35,261 (2009
GBP41,418) reflect the reversal of a provision in the order of
GBP32,000 for a bad debt as at 31 March 2010 which the directors
are now confident will be recovered.
Other operating income for the six month period amounted to
GBP63,155 arising largely as a result of an insurance claim which
has now been fully finalised.
The overall result is an operating profit of GBP94,414 (2009
GBP47,933) and profit on ordinary activities after taxation of
GBP13,146 (2009 loss GBP26,721).
Just after the period end a deposit was received re the sale of
our last remaining flat at Gatesgarth, Keswick at an agreed price
of GBP187,500 and completion is due by the end of this month. Also
since the period end we have attracted a new tenant at College
House Barrow for a three year term at GBP6,830 per annum.
As regards plans for the future, at Botchergate, Carlisle we
have discussed with the planning authority our intention to submit
an application for shops and car parking and also to include
student accommodation. We received a favourable response and will
be submitting a planning application in the New Year. We are still
awaiting a decision from the planners regarding our application at
The Kendal Bowman; we expect to receive a positive decision
shortly. At Concorde House, Blackpool we are pursuing the original
tenant under its guarantee for outstanding unpaid rent. In
addition, the purchasers at Printfield, Wigton have now produced
detailed plans for Phase 2 and the road access is in the process of
being installed.
As stated in the Company's annual results, released on 21
September 2010 the Company's Bankers were due to arrange for an
external valuation of the Company's properties to be carried out in
October 2010; however this is ongoing and has not been completed.
The Directors have continued to consult with various valuers and
remain comfortable with the valuation of the Company's property
portfolio.
It is satisfying that we have produced a bottom line profit for
the period. Should our efforts and those of our agents continue to
attract more new tenants to the vacant spaces in our properties
then the values of these properties should increase
accordingly.
I look forward to reporting further after the March year
end.
B K Chadwick
Chairman
13 December 2010
Enquiries:
Keith Chadwick, All Points North plc Tel: 01768 865959
Alex Clarkson/Nick Cowles, Zeus Capital Limited Tel: 0161 831
1512
All Points North PLC
Profit and loss Accounts
6 months 6 months
to to Year ended
30/09/10 30/09/09 31/03/10
GBP GBP
TURNOVER 163,429 379,395 701,777
Cost of sales (96,909) (290,494) (635,921)
GROSS PROFIT 66,520 88,901 65,856
Administrative expenses (35,261) (41,418) (381,234)
Other operating income 63,155 450 30,625
OPERATING PROFIT/(LOSS) 94,414 47,933 (284,753)
Loss on sale of investment
property - - (2,766)
Amounts written off
investments (3,750) - (21,684)
PROFIT/(LOSS) ON ORDINARY
ACTIVITIES 90,664 47,933 (309,203)
BEFORE INTEREST
Interest receivable 7 - -
Interest payable (77,525) (74,654) (146,109)
PROFIT/(LOSS) ON ORDINARY
ACTIVITIES 13,146 (26,721) (455,312)
BEFORE TAXATION
Tax on profit or loss on ordinary
activities - - -
PROFIT/(LOSS) ON ORDINARY
ACTIVITIES 13,146 (26,721) (455,312)
========= ========== ===========
AFTER TAXATION
All Points North PLC
Balance sheets
6 months 6 months
to to Year ended
30/09/10 30/09/09 31/03/10
GBP GBP
FIXED ASSETS
Tangible assets 5,742,757 5,680,993 5,743,090
Investments - 50 -
5,742,757 5,681,043 5,743,090
============ ============ ============
CURRENT ASSETS
Stocks 890,000 1,198,761 890,000
Debtors 195,679 158,916 223,304
1,085,679 1,357,677 1,113,304
CREDITORS
Amounts falling due within
one year (5,681,347) (5,801,661) (5,717,930)
NET CURRENT LIABILITIES (4,595,668) (4,443,984) (4,604,626)
============ ============ ============
LIABILITIES DUE AFTER ONE
YEAR (3,165) (6,618) (4,891)
============ ============ ============
NET ASSETS 1,143,924 1,230,441 1,133,573
============ ============ ============
CAPITAL AND RESERVES
Called up share
capital 73,958 73,958 73,958
Share premium
account 312,723 312,723 312,723
Revaluation
reserve 1,160,167 831,239 1,162,962
Profit and
loss account (402,924) 12,521 (416,070)
SHAREHOLDERS' FUNDS 1,143,924 1,230,441 1,133,573
============ ============ ============
All Points North PLC
Cash Flow Statements
6 months 6 months
to to Year ended
30/09/10 30/09/09 31/03/10
GBP GBP
Reconciliation of operating
loss to net cash flow
from operating activities
Operating profit/(loss) 94,414 47,933 (284,753)
Depreciation of tangible fixed
assets 2,123 555 2,539
Impairments of fixed
assets - - 201,980
Profit on disposal of tangible
fixed assets - - (1,320)
Decrease/(Increase)
in stocks - 157,622 466,383
Decrease/(Increase)
in debtors 27,625 (17,780) (96,802)
(Decrease)/Increase
in creditors (28,417) 49,660 (4,057)
Net cash inflow from operating
activities 95,745 237,990 283,970
============ ============ ============
Cashflow statement:
Net cash inflow from operating
activities 95,745 237,990 283,970
============ ============ ============
Returns on investments and
servicing of finance
Interest received 7 - -
Interest paid (77,525) (74,654) (146,109)
(77,518) (74,654) (146,109)
============ ============ ============
Capital expenditure and financial
investment
Purchase of tangible
fixed assets (1,790) (25,651) (3,917)
Sale of tangible fixed
assets - - 1,320
Purchase of investment
properties (2,795) (38,673) (102,962)
Sale of investment
properties - - 117,234
Loan to joint
venture (3,750) - (7,000)
(8,335) (64,324) 4,675
============ ============ ============
Cash inflow before
financing 9,892 99,012 142,536
============ ============ ============
Financing
Repayment of lease
creditor (2,320) - (2,846)
============ ============ ============
Increase in cash in
the period 7,572 99,012 139,690
============ ============ ============
Reconciliation of net cash flow to movement
in net funds/debt
Increase in cash in
the period 7,572 99,012 139,690
Cash inflow from decrease in
debt and
Lease financing 2,320 - 2,846
New lease creditor - - (11,784)
Movement in net debt
in the year 9,892 99,012 130,752
Net debt at 1st April
2010 (5,234,568) (5,365,320) (5,365,320)
Net debt at 30 September
2010 (5,224,676) (5,266,308) (5,234,568)
============ ============ ============
Net debt comprises:
Bank overdraft falling due
within one year (5,167,987) (5,266,308) (5,133,801)
Bank loan falling due within
one year (50,071) - (91,829)
------------ ------------ ------------
(5,218,058) (5,266,308) (5,225,630)
Lease purchase creditor (6,618) - (8,938)
(5,224,676) (5,266,308) (5,234,568)
============ ============ ============
All Points North PLC
Notes to the interim financial statements
1. Preparation of the financial statements
The interim results have been prepared in accordance with the
accounting policies set out in the Company's accounts to 31st March
2010 and are unaudited. The interim financial statements were
approved by a duly appointed and authorised committee of the Board
of Directors on 13 December 2010.
2. Profit/(loss) per ordinary share
6 months 6 months
to to Year ended
30/09/10 30/09/09 31/03/10
Profit/(loss) on ordinary
activities after tax 13,146 (26,721) (455,312)
Average number of
shares in issue 7,395,813 7,395,813 7,395,813
Profit/(loss) per ordinary
share in pence 0.18p (0.36)p (6.16)p
3. Movement in capital and reserves
Profit
Revaluation and
reserve loss account
GBP GBP
At 1 April
2010 1,162,962 (416,070)
Profit for
the period - 13,146
Deficit on revaluation
of freehold property (2,795) -
At 30 September
2010 1,160,167 (402,924)
============ =============
4. Copies of the interim report
Copies of the interim report are available to the public from
the Company's head office: Cumbria House, Gilwilly Road, Penrith,
Cumbria CA11 9FF and on the Company's website:
www.allpointsnorthplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GGGMCPUPUGQC
All Points North (LSE:APNO)
Historical Stock Chart
From Mar 2024 to Apr 2024
All Points North (LSE:APNO)
Historical Stock Chart
From Apr 2023 to Apr 2024
