TIDMLEO
RNS Number : 8477T
Leo Insurance Services PLC
15 June 2009
15 June 2009
Leo Insurance Services plc ("LEO" or the "Company")
Chairman's Statement
In the year ended 31 January 2009 the Group made a consolidated loss of
GBP33,046 (2008: GBP30,799)
Leo's only investment is a 50% share in Grafton Insurance Services Limited a
brokerage specialising in property insurance. Whilst there has been a small
amount of organic growth the main asset continues to be its long term contract
with Safeland Plc.
The board continues to assess opportunities for acquisition which will benefit
shareholders.
LG Lipman
Chairman
12 June 2009
CONSOLIDATED INCOME STATEMENT for the year ended 31 January 2009
+----------------+--------+-----------+--------+-----------+
| | Notes | Unaudited | | Audited |
| | | 2009 | | 2008 |
| | | GBP | | GBP |
+----------------+--------+-----------+--------+-----------+
| Revenue | | - | | - |
+----------------+--------+-----------+--------+-----------+
| | | | | |
+----------------+--------+-----------+--------+-----------+
| Cost | | - | | - |
| of | | | | |
| sales | | | | |
+----------------+--------+-----------+--------+-----------+
| | | | | |
+----------------+--------+-----------+--------+-----------+
| GROSS | | - | | - |
| PROFIT | | | | |
+----------------+--------+-----------+--------+-----------+
| | | | | |
+----------------+--------+-----------+--------+-----------+
| Administrative | | (85,837) | | (100,496) |
| Expenses | | | | |
+----------------+--------+-----------+--------+-----------+
| | | | | |
+----------------+--------+-----------+--------+-----------+
| OPERATING | | (85,837) | | (100,496) |
| LOSS | | | | |
+----------------+--------+-----------+--------+-----------+
| | | | | |
+----------------+--------+-----------+--------+-----------+
| Share | 6 | 58,135 | | 73,021 |
| of | | | | |
| results | | | | |
| of | | | | |
| joint | | | | |
| venture | | | | |
| - post | | | | |
| tax | | | | |
+----------------+--------+-----------+--------+-----------+
| | | | | |
+----------------+--------+-----------+--------+-----------+
| LOSS | | (27,702) | | (27,475) |
| BEFORE | | | | |
| INTEREST | | | | |
+----------------+--------+-----------+--------+-----------+
| | | | | |
+----------------+--------+-----------+--------+-----------+
| Finance | | 506 | | 709 |
| income | | | | |
+----------------+--------+-----------+--------+-----------+
| Finance | | (5,850) | | (4,033) |
| costs | | | | |
+----------------+--------+-----------+--------+-----------+
| LOSS | | (33,046) | | (30,799) |
| BEFORE | | | | |
| TAX | | | | |
+----------------+--------+-----------+--------+-----------+
| Tax | | - | | - |
| | | | | |
+----------------+--------+-----------+--------+-----------+
| LOSS | | (33,046) | | (30,799) |
| FOR | | | | |
| THE | | | | |
| FINANCIAL | | | | |
| YEAR | | | | |
+----------------+--------+-----------+--------+-----------+
| | | | | |
+----------------+--------+-----------+--------+-----------+
| LOSS | 3 | | | |
| PER | | | | |
| ORDINARY | | | | |
| SHARE: | | | | |
+----------------+--------+-----------+--------+-----------+
| Basic | | (0.46p) | | (0.43p) |
| and | | | | |
| diluted | | | | |
+----------------+--------+-----------+--------+-----------+
| | | | | |
+----------------+--------+-----------+--------+-----------+
The operating loss for the year arises from the group's continuing operations.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the year ended 31 January 2009
+-----------------------------+--+---------+--+---------+--+-----------+--+----------+
| | | Share | | Share | | Retained | | Total |
| | | capital | | premium | | losses | | equity |
| | | GBP | | GBP | | GBP | | GBP |
+-----------------------------+--+---------+--+---------+--+-----------+--+----------+
| | | | | | | | | |
+-----------------------------+--+---------+--+---------+--+-----------+--+----------+
| At 31 January 2007 | | 72,160 | | 5,761 | | (59,204) | | 18,717 |
| (Audited) | | | | | | | | |
+-----------------------------+--+---------+--+---------+--+-----------+--+----------+
| | | | | | | | | |
+-----------------------------+--+---------+--+---------+--+-----------+--+----------+
| Loss for the year | | - | | - | | (30,799) | | (30,799) |
+-----------------------------+--+---------+--+---------+--+-----------+--+----------+
| At 31 January 2008 | | 72,160 | | 5,761 | | (90,003) | | (12,082) |
| (Audited) | | | | | | | | |
+-----------------------------+--+---------+--+---------+--+-----------+--+----------+
| | | | | | | | | |
+-----------------------------+--+---------+--+---------+--+-----------+--+----------+
| Loss for the year | | - | | - | | (33,046) | | (33,046) |
+-----------------------------+--+---------+--+---------+--+-----------+--+----------+
| | | | | | | | | |
+-----------------------------+--+---------+--+---------+--+-----------+--+----------+
| At 31 January 2009 | | 72,160 | | 5,761 | | (123,049) | | (45,128) |
| (Unaudited) | | | | | | | | |
+-----------------------------+--+---------+--+---------+--+-----------+--+----------+
CONSOLIDATED BALANCE SHEET 31 January 2009
+-------------+--------+-----------+--------+-----------+
| | Notes | Unaudited | | Audited |
| | | 2009 | | 2008 |
| | | GBP | | GBP |
+-------------+--------+-----------+--------+-----------+
| NON | | | | |
| CURRENT | | | | |
| ASSETS | | | | |
+-------------+--------+-----------+--------+-----------+
| Interests | | 19,176 | | 16,041 |
| in joint | | | | |
| ventures | | | | |
+-------------+--------+-----------+--------+-----------+
| CURRENT | | | | |
| ASSETS | | | | |
+-------------+--------+-----------+--------+-----------+
| Trade | | 3,391 | | 3,759 |
| and | | | | |
| other | | | | |
| receivables | | | | |
+-------------+--------+-----------+--------+-----------+
| Cash | | 55,428 | | 69,543 |
| and | | | | |
| cash | | | | |
| equivalents | | | | |
| | | | | |
+-------------+--------+-----------+--------+-----------+
| TOTAL | | 58,819 | | 73,302 |
| CURRENT | | | | |
| ASSETS | | | | |
+-------------+--------+-----------+--------+-----------+
| | | | | |
+-------------+--------+-----------+--------+-----------+
| TOTAL | | 77,995 | | 89,343 |
| ASSETS | | | | |
+-------------+--------+-----------+--------+-----------+
| | | | | |
+-------------+--------+-----------+--------+-----------+
| CURRENT | | | | |
| LIABILITIES | | | | |
+-------------+--------+-----------+--------+-----------+
| Redeemable | | (65,000) | | (65,000) |
| preference | | | | |
| shares | | | | |
+-------------+--------+-----------+--------+-----------+
| Trade | | (58,123) | | (36,425) |
| and | | | | |
| other | | | | |
| payables | | | | |
+-------------+--------+-----------+--------+-----------+
| | | | | |
+-------------+--------+-----------+--------+-----------+
| TOTAL | | (123,123) | | (101,425) |
| CURRENT | | | | |
| LIABILITIES | | | | |
+-------------+--------+-----------+--------+-----------+
| NET | | (45,128) | | (12,082) |
| LIABILITIES | | | | |
+-------------+--------+-----------+--------+-----------+
| | | | | |
+-------------+--------+-----------+--------+-----------+
| EQUITY | | | | |
+-------------+--------+-----------+--------+-----------+
| Share | 4 | 72,160 | | 72,160 |
| capital | | | | |
+-------------+--------+-----------+--------+-----------+
| Share | | 5,761 | | 5,761 |
| premium | | | | |
| account | | | | |
+-------------+--------+-----------+--------+-----------+
| Retained | | (123,049) | | (90,003) |
| losses | | | | |
+-------------+--------+-----------+--------+-----------+
| | | | | |
+-------------+--------+-----------+--------+-----------+
| TOTAL | | (45,128) | | (12,082) |
| EQUITY | | | | |
+-------------+--------+-----------+--------+-----------+
| | | | | |
+-------------+--------+-----------+--------+-----------+
CONSOLIDATED CASH FLOW STATEMENT for the year ended 31 January 2009
+---------------------+--------+--------+-----------+--------+----------+
| | Notes | | Unaudited | | Audited |
| | | | 2009 | | 2008 |
| | | | GBP | | GBP |
+---------------------+--------+--------+-----------+--------+----------+
| OPERATING | | | | | |
| ACTIVITIES | | | | | |
+---------------------+--------+--------+-----------+--------+----------+
| Net | 5 | | (69,621) | | (72,142) |
| cash | | | | | |
| outflow | | | | | |
| from | | | | | |
| operations | | | | | |
+---------------------+--------+--------+-----------+--------+----------+
| Net | | | (69,621) | | (72,142) |
| cash | | | | | |
| outflow | | | | | |
| from | | | | | |
| operating | | | | | |
| activities | | | | | |
| | | | | | |
+---------------------+--------+--------+-----------+--------+----------+
| INVESTING | | | | | |
| ACTIVITIES | | | | | |
+---------------------+--------+--------+-----------+--------+----------+
| Interest | | | 506 | | 709 |
| received | | | | | |
+---------------------+--------+--------+-----------+--------+----------+
| Dividends | | | 55,000 | | 122,500 |
| received | | | | | |
| from | | | | | |
| joint | | | | | |
| venture | | | | | |
| undertaking | | | | | |
+---------------------+--------+--------+-----------+--------+----------+
| Net | | | 55,506 | | 123,209 |
| cash | | | | | |
| inflow | | | | | |
| from | | | | | |
| investing | | | | | |
| activities | | | | | |
+---------------------+--------+--------+-----------+--------+----------+
| | | | | | |
+---------------------+--------+--------+-----------+--------+----------+
| FINANCING | | | | | |
| ACTIVITIES | | | | | |
+---------------------+--------+--------+-----------+--------+----------+
| Proceeds | | | - | | - |
| on issue | | | | | |
| of | | | | | |
| shares | | | | | |
+---------------------+--------+--------+-----------+--------+----------+
| Net | | | - | | - |
| cash | | | | | |
| inflow | | | | | |
| from | | | | | |
| financing | | | | | |
| activities | | | | | |
+---------------------+--------+--------+-----------+--------+----------+
| | | | | | |
+---------------------+--------+--------+-----------+--------+----------+
| NET | | | (14,115) | | 51,067 |
| (DECREASE)/INCREASE | | | | | |
| IN CASH AND CASH | | | | | |
| EQUIVALENTS | | | | | |
+---------------------+--------+--------+-----------+--------+----------+
| Cash | | | 69,543 | | 18,476 |
| and | | | | | |
| cash | | | | | |
| equivalents | | | | | |
| at | | | | | |
| beginning | | | | | |
| of year | | | | | |
+---------------------+--------+--------+-----------+--------+----------+
| CASH | | | 55,428 | | 69,543 |
| AND | | | | | |
| CASH | | | | | |
| EQUIVALENTS | | | | | |
| AT END OF | | | | | |
| YEAR | | | | | |
+---------------------+--------+--------+-----------+--------+----------+
NOTES TO THE PRELIMINARY ANNOUNCEMENT for the year ended 31 January 2009
+------+------------------------------------------------------------------------+
| 1 | BASIS OF PREPARATION |
+------+------------------------------------------------------------------------+
| | |
+------+------------------------------------------------------------------------+
| | This preliminary statement is not the Company's statutory accounts for |
| | the year ended 31 January 2009 or the period ended 31 January 2008. |
| | The statutory accounts for the year ended 31 January 2009 will be |
| | finalised based on the financial information presented by the |
| | directors in this preliminary announcement and will be delivered to |
| | the Registrar of Companies following the Company's Annual General |
| | Meeting. The statutory accounts for the year ended 31 January 2008 |
| | have been delivered to the registrar of companies and received an |
| | Auditors' Report which was unqualified and did not contain statements |
| | under s237 (2) and (3) of the Companies Act 1985. |
| | This announcement is prepared applying the recognition and measurement |
| | principles of International Financial Reporting Standards as adopted |
| | by the European Union. |
| | The financial information contained within this preliminary |
| | announcement was approved by the board on 12 June 2009. Copies of this |
| | announcement are available from the Company's website |
| | www.leoinsurance.co.uk and its registered office at 94-96 Great North |
| | Road, London, N2 0NL. The Annual Report and Accounts will be sent to |
| | shareholders in due course. |
+------+------------------------------------------------------------------------+
| | |
+------+------------------------------------------------------------------------+
2 ACCOUNTING POLICIES
STANDARDS ISSUED BUT NOT YET EFFECTIVE
At the date of authorisation of these financial statements the following
Standards and Interpretations which have not been applied in these financial
statements were in issue but not yet effective:
+----------+-----------------------------------------------+------------------+
| International Accounting Standards (IAS/IFRS) | Effective date |
| | - annual |
| | periods |
| | beginning on |
| | or after |
+----------------------------------------------------------+------------------+
| IFRS 1 | First-time adoption of International | 1 July 2009 |
| | Financial Reporting Standards - Amendment | |
| | relating to cost of an investment on | |
| | first-time adoption | |
+----------+-----------------------------------------------+------------------+
| IFRS 2 | Share Based Payment - Amendment relating to | 1 January 2009 |
| | vesting conditions and cancellations | |
+----------+-----------------------------------------------+------------------+
| IFRS 3 | Business Combinations - Comprehensive | 1 July 2009 |
| | revision on applying the acquisition method | |
+----------+-----------------------------------------------+------------------+
| IFRS 7 & | Financial instruments: Disclosures - | 1 January 2009 |
| IAS 39 | reclassification of financial assets | |
+----------+-----------------------------------------------+------------------+
| IFRS 8 | Operating Segments | 1 January 2009 |
+----------+-----------------------------------------------+------------------+
| IFRIC 12 | Service Concession Arrangements | 1 January 2008 |
+----------+-----------------------------------------------+------------------+
| IFRIC 13 | Customer Loyalty Programmes | 1 July 2008 |
+----------+-----------------------------------------------+------------------+
| IFRIC 14 | IAS 19 - The limit on a Defined Benefit | 1 January 2008 |
| | Asset Minimum Funding Requirements and | |
| | their interaction | |
+----------+-----------------------------------------------+------------------+
| IFRIC 15 | Agreements for the Construction of Real | 1 January 2009 |
| | Estate | |
+----------+-----------------------------------------------+------------------+
| IFRIC 16 | Hedges of a Net Investment in a Foreign | 1 October 2008 |
| | Operation | |
+----------+-----------------------------------------------+------------------+
| IFRIC 17 | Distributions of non cash assets to owner | 1 July 2009 |
+----------+-----------------------------------------------+------------------+
+----------+-----------------------------------------------+------------------+
| IAS 1 | Presentation of Financial Statements - | 1 January 2009 |
| | Amendments relating to disclosure of | |
| | puttable instruments and obligations | |
| | arising on liquidation | |
+----------+-----------------------------------------------+------------------+
| IAS 1 | Presentation of Financial Statements - | 1 January 2009 |
| | Amendments resulting from May 2008 annual | |
| | improvements to IFRS's and other amendments | |
+----------+-----------------------------------------------+------------------+
| IAS 23 | Borrowing costs - Comprehensive revision to | 1 January 2009 |
| | prohibit immediate expensing | |
+----------+-----------------------------------------------+------------------+
| IAS 27 | Consolidated and Separate Financial | 1 July 2009 |
| | Statements - Consequential amendments | |
| | arising from amendments to IFRS 3 | |
+----------+-----------------------------------------------+------------------+
| IAS 28 | Investments in Associates - Consequential | 1 July 2009 |
| | amendments arising from amendments to IFRS | |
| | 3 | |
+----------+-----------------------------------------------+------------------+
| IAS 31 | Interests in Joint Ventures - Consequential | 1 July 2009 |
| | amendments arising from amendments to IFRS | |
| | 3 | |
+----------+-----------------------------------------------+------------------+
| IAS 31 | Interests in Joint Ventures - Amendments | 1 January 2009 |
| | resulting from May 2008 annual improvements | |
| | to IFRS's | |
+----------+-----------------------------------------------+------------------+
| IAS 32 | Financial Instruments: Presentation - | 1 January 2009 |
| | Amendments relating to puttable instruments | |
| | and obligations arising on liquidation | |
+----------+-----------------------------------------------+------------------+
| IAS 36 | Impairment of Assets - Amendments resulting | 1 January 2009 |
| | from May 2008 annual improvements to IFRS | |
+----------+-----------------------------------------------+------------------+
| IAS 39 | Financial Instruments: Recognition and | 1 January 2009 |
| | Measurement - Amendments resulting from May | |
| | 2008 annual improvements to IFRS and other | |
| | amendments | |
+----------+-----------------------------------------------+------------------+
| IAS 39 | Financial Instruments: Recognition and | 1 July 2009 |
| | Measurement - Amendments for eligible | |
| | hedged items | |
+----------+-----------------------------------------------+------------------+
The directors anticipate that the adoption of these Standards and
Interpretations in future periods will have no material impact on the financial
statements of the Group when the relevant standards and interpretations come
into effect.
BASIS OF CONSOLIDATION
The consolidated financial statements incorporate the financial statements of
Leo Insurance Services plc, its subsidiary undertaking, Equalgold Limited, and
the Group's share of profits and losses and net assets of its joint venture,
Grafton Insurance Services Limited, made up to 31 January each year.
JOINT VENTURES
A joint venture is a contractual arrangement whereby the Group and other parties
undertake an economic activity that is subject to joint control.
Jointly controlled entities are accounted for using the equity method.
Investments in joint ventures are carried in the balance sheet at the Group's
share of the net assets of the joint venture and the Group's share of profits
for each financial year are recognised in the consolidated income statement.
OPERATING LOSS
Operating loss is stated before share of results of joint ventures, interest and
tax.
FINANCIAL INSTRUMENTS
Financial assets and financial liabilities are recognised on the Group's balance
sheet when the Group has become a party to the contractual priorities of the
instrument.
CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise cash balances and deposits held at call with
banks.
FINANCIAL LIABILITIES AND EQUITY
Financial liabilities and equity instruments are classified according to the
substance of the contractual arrangements entered into. An equity instrument is
any contract that evidences a residual interest in the assets of the Group after
deducting all of its liabilities.
EQUITY INSTRUMENTS
Equity instruments issued by the company are recorded at the proceeds received,
net of direct issue costs.
TRADE PAYABLES
Trade payables are measured on initial recognition at fair value and are
subsequently measured at amortised cost using the effective interest rate
method.
DEFERRED TAXATION
The tax expense represents the sum of the tax currently payable and deferred
tax.
The tax currently payable is based on taxable profit for the year. Taxable
profit differs from net profit as reported in the income statement because it
excludes items of income or expense that are taxable or deductible in other
years and it further excludes items that are never taxable or deductible. The
Group's liability for current tax is calculated using tax rates that have been
enacted or substantively enacted by the balance sheet date.
Deferred tax is the tax expected to be payable or recoverable on differences
between the carrying amounts of assets and liabilities in the financial
statements and the corresponding tax bases used in the computation of taxable
profit, and is accounted for using the balance sheet liability method. Deferred
tax liabilities are generally recognised for all taxable temporary differences
and deferred tax assets are recognised to the extent that it is probable that
taxable profits will be available against which deductible temporary differences
can be utilised. Such assets and liabilities are not recognised if the temporary
difference arises from goodwill or from the initial recognition (other than in a
business combination) of other assets and liabilities in a transaction that
affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each balance sheet
date and reduced to the extent that it is no longer probable that sufficient
taxable profits will be available to allow all or part of the asset to be
recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the
period when the liability is settled or the asset is realised. Deferred tax is
charged or credited in the income statement, except when it relates to items
charged or credited directly to equity, in which case the deferred tax is also
dealt with in equity.
SHARE BASED PAYMENT
The Group has applied the requirements of IFRS 2 Share based payment to share
options. The fair value of the share options are determined at the grant date
and are expensed on a straight line basis over the vesting period, based on the
group's estimate of shares that will eventually vest and adjusted for the effect
of non-market based vesting conditions.
Fair value is measured by use of the Black Scholes model. The expected life used
in the model has been adjusted, based on management's best estimate, for the
effects on non-transferability, exercise restrictions and behavioural
considerations.
SEGMENTAL REPORTING
A business segment is a group of assets and operations that provide a product or
service and that is subject to risks and returns that are different from other
business segments. A geographic segment is a group of assets and operations that
provide a product or service within a particular economic environment and that
is subject to risks and returns that are different from segments operating in
different economic environments.
CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION AND UNCERTAINTY
There are no critical accounting judgements or key sources of estimation and
uncertainty.
+----+-----------------------------------------------+------------+--+------------+
| 3 | LOSS PER ORDINARY SHARE | Unaudited | | Audited |
| | | 2009 | | 2008 |
| | | GBP | | GBP |
+----+-----------------------------------------------+------------+--+------------+
| | The calculation of loss per ordinary share is | | | |
| | based on the following losses and number of | | | |
| | shares: | | | |
+----+-----------------------------------------------+------------+--+------------+
| | Loss for the year | (33,046) | | (30,799) |
+----+-----------------------------------------------+------------+--+------------+
| | | | | |
+----+-----------------------------------------------+------------+--+------------+
| | Weighted average number of shares for basic | 7,215,956 | | 7,215,956 |
| | and diluted loss per share | | | |
+----+-----------------------------------------------+------------+--+------------+
| | | | | |
+----+-----------------------------------------------+------------+--+------------+
| | As there is a loss for the year, there is no dilutive effect from share |
| | options and therefore no difference between the basic and diluted loss per |
| | share. |
+----+-----------------------------------------------+------------+--+------------+
+--------+---------------+---------------------------+--------+-------------------------+
| 4 | SHARE | Unaudited | | Audited |
| | CAPITAL | 2009 | | 2008 |
| | | GBP | | GBP |
+--------+---------------+---------------------------+--------+-------------------------+
| | | | | |
+--------+---------------+---------------------------+--------+-------------------------+
| | Authorised: | | | |
| | | | | |
+--------+---------------+---------------------------+--------+-------------------------+
| | 20,000,000 | 200,000 | | 200,000 |
| | ordinary | 65,000 | | 65,000 |
| | shares of | | | |
| | 1p each | | | |
| | 65,000 | | | |
| | redeemable | | | |
| | preference | | | |
| | shares of | | | |
| | GBP1 each | | | |
+--------+---------------+---------------------------+--------+-------------------------+
| | | 265,000 | | 265,000 |
+--------+---------------+---------------------------+--------+-------------------------+
| | Allotted, | | | |
| | issued | | | |
| | and fully | | | |
| | paid: | | | |
+--------+---------------+---------------------------+--------+-------------------------+
| | 7,215,956 | 72,160 | | 72,160 |
| | ordinary | | | |
| | shares of | | | |
| | 1p each | | | |
+--------+---------------+---------------------------+--------+-------------------------+
| | | | | |
+--------+---------------+---------------------------+--------+-------------------------+
Share issues:
There were no shares issued in the year, (2008: Nil).
+----+--------------------------------------------------------------------------+
| | Share options: |
| | On 3 February 2005 L Lipman, E Lipman and P Davis were each |
| | conditionally granted options over 911,458 ordinary shares. Each option |
| | is exercisable at the par value of 1p per share, at any time after 18 |
| | months and before 10 years following the date of grant. |
| | The company has granted options to subscribe for ordinary shares in the |
| | company equivalent to 1% of the issued share capital on completion of an |
| | acquisition which exceeds 75% in any class test within the AIM rules. |
| | These options are only exercisable during the period from date of |
| | acquisition to the period ending 18 months after that date at a price |
| | equivalent to the issue price in connection with the acquisition. |
| | |
+----+--------------------------------------------------------------------------+
| | As at 31 January 2009, the Company had 2,734,374 (2008: 2,734,374) |
| | outstanding unexpired options that are exercisable at 1p per ordinary |
| | share. No share options were granted, exercised or lapsed during the |
| | year (2008: Nil). |
+----+--------------------------------------------------------------------------+
+--------+---------------+---------------------------+--------+-------------------------+
| 5 | NOTES | Unaudited | | Audited |
| | TO THE | 2009 | | 2008 |
| | CONSOLIDATED | GBP | | GBP |
| | CASH FLOW | | | |
| | STATEMENT | | | |
+--------+---------------+---------------------------+--------+-------------------------+
| | | | | |
+--------+---------------+---------------------------+--------+-------------------------+
| | Loss | (33,046) | | (30,799) |
| | before | | | |
| | tax | | | |
+--------+---------------+---------------------------+--------+-------------------------+
| | | | | |
+--------+---------------+---------------------------+--------+-------------------------+
| | Adjustments | | | |
| | for: | | | |
| | | | | |
+--------+---------------+---------------------------+--------+-------------------------+
| | Finance | (506) | | (709) |
| | income | | | |
+--------+---------------+---------------------------+--------+-------------------------+
| | Finance | 5,850 | | 4,033 |
| | costs | | | |
+--------+---------------+---------------------------+--------+-------------------------+
| | Share | (58,135) | | (73,021) |
| | of | | | |
| | results | | | |
| | of | | | |
| | joint | | | |
| | venture | | | |
| | - post | | | |
| | tax | | | |
+--------+---------------+---------------------------+--------+-------------------------+
| | | | | |
+--------+---------------+---------------------------+--------+-------------------------+
| | Changes | | | |
| | in | | | |
| | working | | | |
| | capital: | | | |
+--------+---------------+---------------------------+--------+-------------------------+
| | Decrease | 368 | | 8,319 |
| | in trade | | | |
| | and | | | |
| | other | | | |
| | receivables | | | |
+--------+---------------+---------------------------+--------+-------------------------+
| | Increase | 15,848 | | 20,035 |
| | in trade | | | |
| | and | | | |
| | other | | | |
| | payables | | | |
+--------+---------------+---------------------------+--------+-------------------------+
| | | | | |
+--------+---------------+---------------------------+--------+-------------------------+
| | Net | (69,621) | | (72,142) |
| | cash | | | |
| | outflow | | | |
| | from | | | |
| | operations | | | |
+--------+---------------+---------------------------+--------+-------------------------+
| | | | | |
+--------+---------------+---------------------------+--------+-------------------------+
+----+----------------------------------------------+-----------+--+--------------+
| 6 | INTERESTS IN JOINT VENTURE | | | |
+----+----------------------------------------------+-----------+--+--------------+
| | | | | |
+----+----------------------------------------------+-----------+--+--------------+
| | The group holds a 50 per cent investment in Grafton Insurance Services |
| | Limited, a joint venture via the ownership of 100% of the "B" ordinary |
| | shares. The principal activity of the joint venture is that of a property |
| | insurance broker. |
| | The group's share of the joint venture's results and net assets are set |
| | out below. |
+----+----------------------------------------------------------------------------+
| | | | | |
+----+----------------------------------------------+-----------+--+--------------+
| | | Unaudited | | Audited |
| | | 2009 | | 2008 |
| | | GBP | | GBP |
+----+----------------------------------------------+-----------+--+--------------+
| | | | | |
+----+----------------------------------------------+-----------+--+--------------+
| | Revenue | 161,464 | | 197,029 |
+----+----------------------------------------------+-----------+--+--------------+
| | Operating profit | 72,554 | | 88,350 |
+----+----------------------------------------------+-----------+--+--------------+
| | Finance Income | 874 | | 2,478 |
+----+----------------------------------------------+-----------+--+--------------+
| | Profit before tax | 73,428 | | 90,828 |
+----+----------------------------------------------+-----------+--+--------------+
| | Tax | (15,293) | | (17,807) |
+----+----------------------------------------------+-----------+--+--------------+
| | Profit after tax | 58,135 | | 73,021 |
+----+----------------------------------------------+-----------+--+--------------+
| | | | | |
+----+----------------------------------------------+-----------+--+--------------+
| | | | | |
+----+----------------------------------------------+-----------+--+--------------+
| | Interest in joint venture at 1 February 2008 | 16,041 | | 65,520 |
+----+----------------------------------------------+-----------+--+--------------+
| | Share of profit for the year | 58,135 | | 73,021 |
+----+----------------------------------------------+-----------+--+--------------+
| | Dividends | (55,000) | | (122,500) |
+----+----------------------------------------------+-----------+--+--------------+
| | Interest in joint venture at 31 January 2009 | 19,176 | | 16,041 |
+----+----------------------------------------------+-----------+--+--------------+
| | | | | |
+----+----------------------------------------------+-----------+--+--------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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