TIDMAPNO
RNS Number : 1277P
All Points North Plc
28 September 2011
ALL POINTS NORTH PLC ("All Points North" or the "Company")
Final Results for the year ended 31 March 2011
The Company is pleased to announce its final results for the
year ended 31 March 2011.
CHAIRMAN'S STATEMENT
The commercial property market in the North West over the period
ended 31 March 2011 can still possibly be best described as
stagnant. There have been only relatively small changes in
individual values and the appraisal of our portfolio is little
changed from last year.
Although we expected our rental income to increase, activity in
the year continued to be subdued which was evidenced by a reduction
in the rent roll of 12.9%, falling from GBP348,000 to GBP303,000.
This was mainly due to the unexpected departure of BT Ufindus at
College House who were paying rent of GBP33,650 per annum. We do
however expect to receive a dilapidation payment in the order of
GBP13,000 which will be accounted for once it has been agreed.
Only one trading property was sold during the year, our last
flat at Gatesgarth, for GBP187,500 compared to two properties for a
total of GBP 313,950 in the previous year.
In spite of the reduction referred to above, the company is
showing a profit on ordinary activities after taxation of GBP58,682
as against a loss last year of GBP455,312. This is largely as a
result of significant reductions in both costs of sales and
administration expenses.
The reduction in cost of sales was the result of both lower
trading property turnover and to a significant extent the reduction
in provisions against the value of the stock of trading properties;
in particular the property at Printfield, Wigton has been revalued
upwards on the basis of encouraging prospects as regards its
development. With regard to administration expenses the reduction
from GBP381,234 in 2010 to GBP79,458 in 2011 is mostly the result
of two major factors, first and foremost the valuation exercise for
investment properties conducted by the directors at the year end
resulted in a credit of GBP50,000 for 2011, there having been a
charge of GBP201,980 for 2010 and secondly part of the bad debts
provided for in 2010 was written back in 2011 to the extent of
GBP31,201, this amount having been recovered.
Against these reductions bank interest payable rose from
GBP141,584 to GBP171,766 reflecting increased interest rates
charged.
The valuation of the whole property portfolio was undertaken by
the directors after consultation with local valuers.
The bank continues to be supportive of the company and the
GBP100,000 bank loan as mentioned in my last year's Chairman's
statement was reduced to GBP50,075 by the period end. The repayment
of this balance was extended until the disposal of our Kendal
Bowman property which is now on the market for sale having received
planning permission subject only to final details of a section 106
agreement. To date we have received two conditional offers in
excess of GBP400,000 and expect to complete the sale of this
property before 31 December 2011 which will reduce the Company's
debt position and also give surplus funds for future working
capital requirements.
The Directors continue to monitor the Company's working capital
position and in light of the outlook for the property market in the
UK, the Directors are assessing a number of financing options which
are available to the Company.
In addition to the sale of the Kendal Bowman, the Directors are
currently considering a proposal in relation to another property
within the Company's portfolio. We shall keep Shareholders updated
on any material property transactions and their impact on the
Company's financial position.
As I mentioned in my last interim report our original tenant at
Concorde House, Blackpool was pursued for unpaid rent under its
guarantee and the dispute was settled in the amount of
GBP50,000.
After accounting for an unrealised deficit on the revaluation of
investment properties of GBP127,795 the total recognised loss for
the year was GBP69,113 as compared to GBP132,261 for 2010 and the
net assets per share reduced from 15.3p per share to 14.4p per
share. All Directors waived their salaries for the period. The
company still cannot pay a dividend because it has insufficient
distributable reserves but we intend to recommence our dividend
policy when the situation is reversed.
You will see from the Managing Directors report that since the
period end we have not been idle and I look forward to reporting
further progress in our interim results before the end of the
year.
B K Chadwick
Chairman
Date: 28 September 2011
Enquiries:
Keith Chadwick, All Points North plc Tel: 01768 865959
Nick Cowles, Zeus Capital Limited Tel: 0161 831 1512
MANAGING DIRECTOR'S REPORT
In a difficult trading period we have lost and gained tenants
but recent uptake gives us confidence for the future. My annual
property report on our property portfolio as at 31 March 2011 is
detailed below:-
COLLEGE HOUSE, BARROW
During the period we implemented a series of improvements to the
building including works to increase the efficiency of the heating
system. We continue to receive good tenant feedback regarding
building improvements and the quality of management applied to the
building. Our agents advise that there is good local demand for
serviced offices, we therefore intend to look at the viability of
developing such offices in part of the building. Since the period
end JHP Training have given formal notice to end their lease in
December 2011. Our agents are currently discussing a new lease with
them on a reduced square foot basis. We have also attracted two new
small tenants at a combined rent of GBP14,000 per annum.
45 HIGHGATE, KENDAL
The property became fully let having agreed a lease for the
final remaining unit at an annual rent of GBP7,500 for a three year
term.
47 - 51 HIGHGATE, KENDAL
There were no changes during the period. William Hill continues
to occupy this unit and their strong covenant makes the property
very saleable should we ever wish to do so.
BOTCHERGATE, CARLISLE
Our designers produced a number of alternative plans for Retail,
car parking or student residences. Unfortunately, when costed,
these options proved unviable. To reduce our exposure to empty
rates we agreed a tenancy with a local charity at a nominal rent.
Since the period end we have received three offers to lease the
property and one to purchase. We are currently examining all offers
with a view to accepting the best value proposal.
CUMBRIA HOUSE, PENRITH
We lost two tenants during the year but gained two new ones of
similar value and since the period end we have attracted two new
tenants and lost one. This means we now have only unit 4 left
available and have recently had interest expressed in this by a
local charity. We are in the process of offering the Conference
Room and APN suite for letting and the current rent roll is
approximately GBP40,000 per annum.
KENDAL BOWMAN, KENDAL
Our planning application for twelve flats and two retail units
was approved subject to a section 106 agreement. We entered into
negotiations with a local building contractor on a joint venture
basis to develop the site. We have recently received two
conditional offers for the purchase of the site, both in excess of
GBP400,000, and are currently considering our alternatives.
CONCORDE HOUSE, BLACKPOOL
Following the premises becoming vacant we considered the option
of converting the building into student accommodation and have had
discussions with the local colleges and planners with regards to
this. A local developer subsequently expressed interest in the
building for student use and is currently producing detailed plans,
we await his offer.
PRINTFIELD, WIGTON
The developer to whom we sold the adjacent site has had
extensive discussions with the planners. Positive feedback led him
to submit, after the period end, a planning application for twelve
units. This application is due to be heard in October and an
approval would lead to us receiving circa GBP175,000 under the
terms of our overage agreement.
J M Elliott
Managing Director
Date: 28 September 2011
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2011
The directors present their report and the financial statements
for the year ended 31 March 2011.
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 2011
was a decrease of GBP69,113.
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 profit for the year, after taxation, amounted to GBP58,682
(2010 Loss GBP455,312).
DIVIDENDS
No dividends are paid or recommended.
CHARITABLE DONATIONS
During the year the company made GBPnil (2010 GBPnil) 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 2011 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 26.4 1,956,000
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 GBP5,154,000.
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 63
days (2010 36 days) of average supplies for the year.
AUDITORS
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 28 September 2011 and
signed on its behalf.
B K Chadwick
Director
ALL POINTS NORTH PLC
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 2011 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
and express an opinion on 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. In addition, we
read all the financial and non-financial information in the
Directors' Report, to identify material inconsistencies with the
audited financial statements. If we become aware of any apparent
material misstatements or inconsistencies we consider the
implications for our report.
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 2011 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.
ALL POINTS NORTH PLC
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
ALL POINTS NORTH PLC
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.
Christopher Moss, 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: 28 September 2011
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2011
2011 2010
Note GBP GBP
TURNOVER 1,2 506,892 701,777
Cost of sales (271,124) (635,921)
GROSS PROFIT 235,768 65,856
Administrative expenses (79,458) (381,234)
Other operating income 3 63,169 30,625
OPERATING PROFIT/(LOSS) 4 219,479 (284,753)
Loss on sale of investment
property - (2,766)
Amounts written back to/(off)
investments 16,251 (21,684)
PROFIT/(LOSS) ON ORDINARY
ACTIVITIES 235,730 (309,203)
BEFORE INTEREST
Interest receivable 10 -
Interest payable 8 (177,058) (146,109)
PROFIT/(LOSS) ON ORDINARY
ACTIVITIES 58,682 (455,312)
BEFORE TAXATION
Tax on Loss on ordinary
activities 9 - -
PROFIT/(LOSS) ON ORDINARY
ACTIVITIES 18 58,682 (455,312)
========== ==========
AFTER TAXATION
Earnings/(loss) per
share basic 25 0.79 p (6.16)p
diluted 25 0.79 p (6.16)p
All amounts relate to continuing
operations.
The notes on pages 12 to 23 form part
of these financial statements.
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE YEAR ENDED 31 MARCH 2011
2011 2010
GBP GBP
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR 58,682 (455,312)
Unrealised (deficit)/surplus on revaluation
of investment properties (127,795) 323,051
TOTAL RECOGNISED GAINS AND LOSSES
RELATING (69,113) (132,261)
========== ==========
TO THE YEAR
The notes on pages 12 to 23 form part
of these financial statements.
COMPANY REGISTRATION NUMBER 02798920
BALANCE SHEET AS AT 31 MARCH 2011
2011 2010
Note GBP GBP
FIXED ASSETS
Tangible fixed
assets 10 16,630 18,090
Investment
property 12 5,650,000 5,725,000
Investments 11 - -
5,666,630 5,743,090
CURRENT ASSETS
Stocks 13 775,000 890,000
Debtors 14 134,655 223,304
909,655 1,113,304
CREDITORS:
amounts
falling due
within
one year 15 (5,510,782) (5,717,930)
NET CURRENT
LIABILITIES (4,601,127) (4,604,626)
1,065,503 1,138,464
CREDITORS:
amounts
falling due
after
more than one
year 16 (1,043) (4,891)
NET ASSETS 1,064,460 1,133,573
============ ============
CAPITAL AND
RESERVES
Called up
share
capital 17 73,958 73,958
Share premium
account 18 312,723 312,723
Revaluation
reserve 18 1,035,167 1,162,962
Profit and
loss account 18 (357,388) (416,070)
SHAREHOLDERS'
FUNDS 19 1,064,460 1,133,573
============ ============
The financial statements were approved and authorised
for issue by the board and were signed on its
behalf on 20
September
2011.
B K Chadwick
Chairman
The notes on pages 12 to 23 form
part of these accounts
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2011
2011 2010
(restated)
Note GBP GBP
Net cash flow from operating
activities 20 270,493 283,970
Returns on investments and
servicing of finance 21 (177,048) (146,109)
Capital expenditure and financial
investment 21 9,988 4,675
CASH INFLOW BEFORE FINANCING 103,433 142,536
Financing (46,197) 88,983
INCREASE IN CASH IN THE YEAR 57,236 231,519
========== ===========
RECONCILIATION OF NET CASH FLOW
TO MOVEMENTS IN NET FUNDS/DEBT
FOR THE YEAR ENDED 31 MARCH 2011
2011 2010
(restated)
GBP GBP
Increase in cash
in year 57,236 231,519
Cash outflow from
decrease
in debt and lease
financing 46,197 (88,983)
New lease creditor - (11,784)
MOVEMENT IN NET DEBT IN THE
YEAR 103,433 130,752
Net debt at 1 April
2010 (5,234,568) (5,365,320)
NET DEBT AT 31 MARCH
2011 (5,131,135) (5,234,568)
============ ============
The notes on pages 12 to 23 form part
of these financial statements.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2011
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.
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 GBP113,000 (2010: GBP114,500).
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 GBP4,601,127. The bank overdraft is repayable on
demand and is therefore included 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.
1.12 Restatement of comparatives
The comparatives have been restated to show a more appropriate
analysis of the company cash and debt position.
2. TURNOVER
An analysis of turnover by
class is as follows:
2011 2010
GBP GBP
Rent receivable 317,073 387,827
Property sales 189,819 313,950
506,892 701,777
=========== ===========
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
2011 2010
GBP GBP
Insurance proceeds 62,155 30,227
Other operating income 1,014 398
63,169 30,625
======= =======
4. OPERATING PROFIT/(LOSS)
The operating profit/(loss) is stated
after charging/(crediting):
2011 2010
GBP GBP
Depreciation of tangible fixed
assets:
Owned by the company 2,476 1,177
Leased by the company 2,452 1,362
Profit on sale of tangible
fixed assets - (1,320)
(Reversal of provision)/provision
for diminution in value (50,000) 201,980
========= ========
of investment properties
5. AUDITORS' REMUNERATION
2011 2010
GBP GBP
Fees payable to the company's auditor
for the audit of the 9,275 9,200
====== ======
company's annual
accounts
Fees payable to the company's auditor
and its associates
in respect
of:
Other services relating
to taxation 1,830 3,335
====== ======
6. STAFF COSTS
Staff costs, including directors'
remuneration, were as follows:
2011 2010
GBP GBP
Wages and salaries 500 10,000
Social security
costs 511 1,090
1,011 11,090
========= =========
The average monthly number of employees, including the directors,
during the year was as follows:
2011 2010
GBP GBP
No No
Management 4 4
========= =========
7. DIRECTORS' REMUNERATION
The current year directors' remuneration relates to benefits in
kind.
The remuneration of the directors
of the company was: 2011 2010
GBP GBP
Emoluments
B K Chadwick 1,015 11,087
J M Elliott 1,938 1,785
J A Lyons 3,560 1,117
K Philbin - -
6,513 13,989
====== =======
8. INTEREST PAYABLE
2011 2010
GBP GBP
On bank loans and
overdrafts 171,766 141,584
On other loans 5,292 4,525
177,058 146,109
======== ========
9. TAXATION ON ORDINARY ACTIVITIES
2011 2010
GBP GBP
Corporation tax - adjustment
for prior years - -
========= ============
The tax assessed for the year is lower (2010 higher) than
the standard rate of corporation tax in the UK (21%)
(2010 21%). The differences
are explained below:
2011 2010
GBP GBP
Profit/(loss) on ordinary
activities before tax 58,682 (455,312)
========= ============
Profit/(loss) on ordinary activities
multiplied by the standard rate 12,334 (95,615)
of corporation tax in the
UK of 21% (2010 - 21%)
Effects
of:
Expenses not deductible for
tax purposes (7,788) 45,236
Capital allowances for the year in
excess of depreciation (1,222) (4,762)
Losses carried
forward 99 55,141
Non-taxable
income (3,423) -
Current tax charge/(credit) for 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 GBP674,000
(2010: GBP665,000).
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 20% (2010: 21%), are as follows:
2011 2010
GBP GBP
Tax losses
available 134,800 139,600
========= ============
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
2010 29,432 29,432
Additions at
cost 3,468 3,468
At 31 March
2011 32,900 32,900
========== =======
Depreciation
At 1 April
2010 11,342 11,342
Charge for
the year 4,928 4,928
At 31 March
2011 16,270 16,270
========== =======
Net book value
At 31 March
2011 16,630 16,630
========== =======
At 31 March
2010 18,090 18,090
========== =======
Finance lease agreements
Included within the net book value of GBP16,630 (2010:GBP18,090)
is GBP9,807 (2010: GBP12,259) 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
GBP2,452 (2010: GBP1,362).
11. FIXED ASSET INVESTMENTS
Unlisted
Investments
Cost GBP
At 1 April 2010 50
Additions -
Disposals (50)
At 31 March
2011 -
===============
Impairment
At 1 April 2010 50
Impairment -
Disposals (50)
At 31 March -
2011
===============
Net book value
At 31 March -
2011
===============
At 31 March -
2010
===============
The company held, a 50% stake in a company, 5North Development
Limited, a company registered in England
and Wales, as a joint venture. In the period the company disposed
of its holding in 5North Development Limited.
The latest available accounts are for the preceding year ended
31st March 2010 in which losses of GBP1,910
were incurred and at the year end shareholders'
funds showed a deficit of GBP43,246.
5North Development Limited was a company formed
to deal in land and property.
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
2010 5,725,000
Additions at
cost 2,795
Disposals -
Deficit on
revaluation (127,795)
Reversal of provision for
diminution in value 50,000
At 31 March
2011 5,650,000
==========
Comprising
Cost or net realisable
value if lower 4,614,833
Annual revaluation surplus/(deficit):
2005 and earlier 722,441
2006 368,296
2007 152,523
2008 (93,695)
2009 (309,654)
2010 323,051
2011 (127,795)
5,650,000
==========
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
2011 2010
GBP GBP
Property held
for resale 775,000 890,000
================== ========
All properties held for resale are included at the
lower of cost and net realisable value.
14. DEBTORS
2011 2010
GBP GBP
Due within
one year
Trade debtors 6,047 28,809
Other debtors 116,046 190,048
Prepayments and accrued
income 12,562 4,447
134,655 223,304
======== ========
15. CREDITORS:
Amounts falling due within one year
2011 2010
GBP GBP
Bank overdraft 5,076,565 5,133,801
Bank short-term
loan 50,075 91,829
Trade creditors 73,256 72,853
Social security and
other taxes 9,456 2,185
Other creditors 19,999 55,000
Lease purchase creditor 3,452 4,047
Accruals and deferred
income 277,979 358,215
5,510,782 5,717,930
============== ===========
The bank overdraft is secured on freehold investment property
and stock of property held for resale.
J A Lyons, J M Elliott and B K Chadwick have jointly provided
a personal bank guarantee for GBP100,000.
After the year end the company has arranged
bank overdraft facilities of GBP5,154,000.
16. CREDITORS:
Amounts falling due after more than one year
2011 2010
GBP GBP
Lease purchase creditor 1,043 4,891
1,043 4,891
======== ======
All obligations under finance lease contracts
fall due for payment as follows:-
2011 2009
GBP GBP
Amounts payable within
one year 3,452 4,047
Amounts payable between one
and five years 1,043 4,891
4,495 8,938
======== ======
17. SHARE CAPITAL
2011 2010
GBP GBP
Authorised
12,000,000 Ordinary shares
of 1p each 120,000 120,000
======== ========
Allotted, called
up and fully paid
7,395,813 Ordinary shares
of 1p each 73,958 73,958
======== ========
18. RESERVES
Share
Profit
premium Revaluation and
account reserve loss account
GBP GBP GBP
At 1 April
2010 312,723 1,162,962 (416,070)
Profit for
the year - - 58,682
Deficit on revaluation of
freehold property - (127,795) -
At 31 March
2011 312,723 1,035,167 (357,388)
======== ============ =============
Equity dividends paid in the year
amounted to GBPnil (2010 GBPnil).
19. RECONCILIATION OF MOVEMENT IN SHAREHOLDERS FUNDS
2011 2010
GBP GBP
Opening shareholders'
funds 1,133,573 1,265,834
Profit/(loss) for
the year 58,682 (455,312)
Other recognised gains and
losses during the year (127,795) 323,051
Equity dividends
paid - -
Closing shareholders'
funds 1,064,460 1,133,573
========== ==========
20. NET CASH FLOW FROM OPERATING ACTIVITIES
2011 2010
GBP GBP
Operating profit/(loss) 219,479 (284,753)
Depreciation of tangible fixed
assets 4,928 2,539
Impairments of fixed
assets (50,000) 201,980
Profit on disposal of tangible
fixed assets - (1,320)
Decrease in
stocks 115,000 466,383
Decrease/(Increase)
in debtors 88,649 (96,802)
Decrease in
creditors (107,563) (4,057)
Net cash inflow from
operations 270,493 283,970
========== ==========
21. ANALYSIS OF CASH FLOWS FOR HEADINGS NETTED IN CASH FLOW
STATEMENT
2011 2010
GBP GBP
Returns on investments and
servicing of finance
Interest received 10 -
Interest paid (177,058) (146,109)
Net cash outflow from returns
on investments and (177,048) (146,109)
========== ==========
servicing of
cash flow
2011 2010
GBP GBP
Capital expenditure and financial
investment
Purchase of tangible
fixed assets (3,468) (3,917)
Sale of tangible fixed
assets - 1,320
Purchase of investment
properties (2,795) (102,962)
Sale of investment
properties - 117,234
Loan provided for
now recoverable 20,000 -
Sale of joint venture
company 1 -
Loan to joint
venture (3,750) (7,000)
Net cash inflow from
capital 9,988 4,675
========== ==========
expenditure and financial investment
22. ANALYSIS OF CHANGES IN NET DEBT
1 April Cash flow Non cash 31 March
2010 movements 2011
(restated)
GBP GBP GBP GBP
Net Cash:
Bank overdrafts (5,133,801) 57,236 - (5,076,565)
============ ========== ========== ============
Debt:
Bank
loan (91,829) 41,754 - (50,075)
Lease purchase creditor (8,938) 4,443 - (4,495)
(100,767) 46,197 - (54,570)
============ ========== ========== ============
Net Debt (5,234,568) 103,433 - (5,131,135)
============ ========== ========== ============
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 GBP5,256
(2010: GBP4,525). The total amount outstanding to Dovelow Limited
at the year end was GBP200,908 (2010 - GBP202,652). 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 GBP45,000 (2010 -
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 31(st) 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 20(th) November 2006. The
directors do not, however, expect further receipt over and above
the GBP45,000 above mentioned loan.
5North Development Limited
During the year the company made a further loan of GBP3,750 to
the joint venture, 5North Development Limited, of which the shares
have now been sold for GBP1 to Ibisgate (Keswick) Limited (which
see below), and has made full provision against recovery of the
loan balance at 31(st) March 2011 of GBP25,384.
Ibisgate (Keswick) Limited
At the year end the company owed GBP19,999 (2010: GBP20,000) to
Ibisgate (Keswick) Limited, a company controlled by the directors.
No interest is charged on this loan. Ibisgate (Keswick Limited)
acquired all the share capital in 5North Development Limited (see
above) for GBP1 during the year.
APMW Limited
During the year the company paid GBP9,300 in respect of
consultancy services to APMW Limited, a company of which A M Walker
and A Polkinghorne, both during the year directors of the above
named 5North Development Limited, in which the company had a 50%
shareholding, are also both directors. At the year end no amounts
were due to APMW Limited.
Riversway Developments Limited
During the year the company received GBP1,014 in respect of
insurance rents on property on long leases to Riversway
Developments Limited, a company of which J A Lyons, a director of
All Points North PLC is also a director.
24. CONTROLLING PARTY
There is no controlling party.
25. EARNINGS PER SHARE
Basic earnings/(loss) per share has been calculated on the
profit for the financial year GBP58,682 (2010 loss GBP455,312) over
the weighted average number of shares in issue during the year of
7,395,813 (2010: 7,395,813). There is no dilution of the basic
earnings/(loss) per share.
2011 2010
GBP GBP
Basic and diluted earnings/(loss)
in pence per share 0.79 p (6.16)p
26. DERIVATIVES
The company has no financial instruments that fall to be classed
as derivatives.
27. AVAILABILITY OF ANNUAL REPORT
Copies of the 2011 Annual Report will be despatched to
shareholders today and will also be available on the Company's
website (ww.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
FR SEEFIAFFSESU
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
