TIDMAPNO
RNS Number : 4654U
All Points North Plc
22 December 2011
All Points North PLC
Unaudited Interim Results for the period ended 30 September
2011
Chairman's Statement
Our interim results for the six month period ended 30 September
2011 reflect a relatively subdued period. You will see from the
accounts that our turnover had reduced to GBP151,450 as compared to
GBP163,429 for the equivalent period last year. The major change in
our rental income is due to BT Ufindus vacating their premises at
College House which I reported in my chairman's statement for the
year ended 31 March 2011. Both figures are low in comparison to the
year end 31/3/2011 figure which included a property sale. It is
evident from the balance sheet that there was little activity in
terms of additions or disposals of the fixed asset or stock
properties.
In my last statement I reported that we had received two
conditional offers in excess of GBP400,000 for our Kendal Bowman
property and expected to complete the sale of this property before
31 December 2011 which would have reduced the Company's debt
position and also give surplus funds for future working capital
requirements. One of the potential purchasers has unfortunately
dropped out and we are still negotiating with the remaining
interested party.
Administrative expenses of GBP65,179 look high in comparison to
the equivalent period last year of GBP35,261, but as reported in my
statement this time last year, the 2010 figure reflected the
reversal of a provision in the order of GBP32,000 for a bad debt
which was subsequently recovered.
Also as commented upon last year, in the 2010 accounts an
insurance claim had been finalised resulting in a credit of
GBP63,155.
The rise in interest payable reflects largely the increased cost
of bank borrowing.
The overall result is an operating profit of GBP9,463 (2010
GBP94,414) and a loss on ordinary activities after taxation of
GBP108,775 (2010 profit GBP13,146).
Since the period end one of our smaller tenants, Kendal Carpet
Warehouse, has been declared bankrupt. The unit is now on offer to
let and is being marketed by our agents. At College House we have
agreed a temporary rent reduction with the nursery on the condition
that we recover the 'lost rent' as and when their trading position
improves and we will monitor this on an ongoing basis. Also at
College House Furness PC and Console Repairs went into liquidation
(their rent was GBP6,830 per annum). On the plus side we have
entered into an agreement to lease our premises at Botchergate,
Carlisle at a rental of GBP35,000 per annum, with a rent free three
month period, on a ten year fully repairing and insuring lease,
subject to a five year review and break clause, with an established
restaurant company. The lease is subject to planning approval but
our agents inform us that the planning authorities are fully in
support of the scheme. The purchaser of part of our Printfield site
has now received planning for nine residential units and, as per
our overage agreement, we are to receive payments totalling
GBP149,000 as plots are disposed of.
The Board does not see the environment in which the Company
operates changing significantly in the medium term and the Company
continues to be reliant on the support of the bank. The Directors
are considering its strategy going forward and expect to report
back to shareholders with an update in early March 2012.
B K Chadwick
Chairman
Date 22nd December 2011
Enquiries:
Keith Chadwick, All Points North plc Tel: 01768 865959
Nick Cowles, Zeus Capital Limited Tel: 0161 831 1512
All Points North PLC
Profit and loss Accounts
6 months 6 months to Year ended
to
30/09/11 30/09/10 31/03/11
GBP GBP
TURNOVER 151,450 163,429 506,892
Cost of
sales (76,808) (96,909) (271,124)
GROSS
PROFIT 74,642 66,520 235,768
Administrative
expenses (65,179) (35,261) (79,458)
Other operating
income - 63,155 63,169
OPERATING PROFIT/(LOSS) 9,463 94,414 219,479
Loss on sale - - -
of investment
property
Amounts written back
to/(off) investments - (3,750) 16,251
PROFIT/(LOSS) ON ORDINARY
ACTIVITIES 9,463 90,664 235,730
BEFORE INTEREST
Interest
receivable 4 7 10
Interest
payable (118,242) (77,525) (177,058)
PROFIT/(LOSS) ON ORDINARY
ACTIVITIES (108,775) 13,146 58,682
BEFORE TAXATION
Tax on profit or loss - - -
on ordinary activities
PROFIT/(LOSS) ON ORDINARY
ACTIVITIES (108,775) 13,146 58,682
========= ============= ===========
AFTER TAXATION
All Points North PLC
Balance sheets
6 months to 6 months Year ended
to
30/09/11 30/09/10 31/03/11
GBP GBP
FIXED
ASSETS
Tangible
assets 5,665,071 5,742,757 5,666,630
=========== =========== ===========
CURRENT ASSETS
Stocks 788,500 890,000 775,000
Debtors 153,453 195,679 134,655
941,953 1,085,679 909,655
CREDITORS
Amounts falling due
within one year (5,651,339) (5,681,347) (5,510,782)
NET CURRENT
LIABILITIES (4,709,386) (4,595,668) (4,601,127)
=========== =========== ===========
LIABILITIES DUE AFTER
ONE YEAR - (3,165) (1,043)
=========== =========== ===========
NET ASSETS 955,685 1,143,924 1,064,460
=========== =========== ===========
CAPITAL AND
RESERVES
Called up share
capital 73,958 73,958 73,958
Share premium
account 312,723 312,723 312,723
Revaluation
reserve 1,035,167 1,160,167 1,035,167
Profit and loss
account (466,163) (402,924) (357,388)
SHAREHOLDERS'
FUNDS 955,685 1,143,924 1,064,460
=========== =========== ===========
All Points North PLC
Cash Flow Statements
6 months 6 months Year ended
to to
30/09/11 30/09/10 31/03/11
GBP GBP
Reconciliation of operating
loss to net cash flow
from operating
activities
Operating
profit/(loss) 9,463 94,414 219,479
Depreciation of
tangible fixed
assets 1,856 2,123 4,928
Impairments
of fixed
assets - - (50,000)
Profit on disposal of - - -
tangible fixed assets
Decrease/(Increase)
in stocks (13,500) - 115,000
Decrease/(Increase)
in debtors (18,798) 27,625 88,649
(Decrease)/Increase
in creditors 125,247 (28,417) (107,563)
Net cash inflow
from operating
activities 104,268 95,745 270,493
=========== =========== ===========
Cashflow
statement:
Net cash inflow
from operating
activities 104,268 95,745 270,493
=========== =========== ===========
Returns on investments
and servicing of finance
Interest
received 4 7 10
Interest
paid (118,242) (77,525) (177,058)
(118,238) (77,518) (177,048)
=========== =========== ===========
Capital expenditure and
financial investment
Purchase of tangible
fixed assets (297) (1,790) (3,468)
Sale of tangible - - -
fixed assets
Purchase of investment
properties - (2,795) (2,795)
Loan provided for
now recoverable - - 20,000
Sale of joint venture
company - - 1
Loan to joint
venture - (3,750) (3,750)
(297) (8,335) 9,988
=========== =========== ===========
Cash (outflow)/inflow
before financing (14,267) 9,892 103,433
=========== =========== ===========
Financing (2,155) (2,320) (46,197)
=========== =========== ===========
(Decrease)/Increase
in cash in the
period (16,422) 7,572 57,236
=========== =========== ===========
Reconciliation of net cash
flow to movement in net
funds/debt
Increase in cash
in the period (16,422) 7,572 57,236
Cash inflow from
decrease in debt
and
Lease financing 2,155 2,320 46,197
Movement in net
debt in the year (14,267) 9,892 103,433
Net debt
at 1st April
2011 (5,131,135) (5,234,568) (5,234,568)
Net debt at 30
September 2011 (5,145,402) (5,224,676) (5,131,135)
=========== =========== ===========
Net debt
comprises:
Bank overdrafts falling
due within one year (5,143,062) (5,167,987) (5,076,565)
Bank loan falling
due within one
year - (50,071) (50,075)
----------- ----------- -----------
(5,143,062) (5,218,058) (5,126,640)
Lease purchase
creditor (2,340) (6,618) (4,495)
(5,145,402) (5,224,676) (5,131,135)
=========== =========== ===========
All Points North PLC
Notes to the interim financial statements
1. Preparation of the financial statements
This interim report for the period ended 30 September 2011 has
been prepared on the basis of the accounting policies set out in
All Points North PLC's annual report and financial statements 2011
and in accordance with applicable law and United Kingdom Accounting
Standards (United Kingdom Generally Accepted Accounting
Practice).
The interim report was approved by the Board of Directors on
20(th) December 2012.
The interim report does not constitute statutory financial
statements as defined in section 434 of the Companies Act 2006.
It does not include all of the information and disclosures
required for full annual financial statements, and should be read
in conjunction with the annual report and financial statements for
the year ended 31 March 2011.
The financial information contained in this interim report in
respect of the year ended 31 March 2011 has been produced from the
annual report and financial statements for that year which have
been filed with the Registrar of Companies. The report of the
auditors was (i) unqualified, (ii) did not include a reference to
any matters to which the auditors drew attention by way of emphasis
without qualifying their report, and (iii) did not contain a
statement under section 498(2) or (3) of the Companies Act
2006.
The interim results for the current and comparative periods are
unaudited.
2. Profit/(loss) per ordinary share
6 months to 6 months to Year ended
30/09/11 30/09/10 31/03/11
Profit/(loss) on ordinary
activities after tax (108,775) 13,146 58,682
Average number
of shares in
issue 7,395,813 7,395,813 7,395,813
(Loss)/profit per ordinary
share in pence (1.47)p 0.18p 0.79p
3. Movement in capital and reserves
Revaluation Profit and
reserve loss account
GBP GBP
At 1 April 2011 1,035,167 (357,388)
Profit for the
period - (108,775)
Deficit on revaluation of -
freehold property
At 30 September
2011 1,035,167 (466,163)
=========== ============
4. Copies of the interim report
Copies of the interim report are available on the Company's
website: www.allpointsnorthplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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