Final Results
June 02 2009 - 11:27AM
UK Regulatory
TIDMROE
RNS Number : 2318T
Roeford Properties PLC
02 June 2009
Roeford Properties plc ("Roeford" or "the Company")
Preliminary results for the year ended 31 December 2008
2 June 2009
CHAIRPERSON'S STATEMENT
I am pleased to present the results of Roeford Properties plc ('Roeford') for
the twelve months ended 31 December 2008.
The Company produced a loss before taxation of GBP88,000 (2007: profit of
GBP182,000) on turnover and finance income of GBP16,000 (2007: GBP397,000).
The Company has net assets of GBP296,000 (2007: GBP80,000) at the balance sheet
date .
During the period the management team considered a number of investment projects
without incurring external fees. The Board are mindful of the current economic
climate and new ventures will only be undertaken where there is a realistic
expectation of profit. In the meantime, overheads will be kept to a minimum and
no remuneration will be paid to the executive directors.
The Board continue to seek out potential investment opportunities to enhance
shareholder value in accordance with its stated objectives. Despite the
difficult and volatile trading conditions, it anticipates being able to deliver
on its objectives in the year ahead.
Maggie Ryan
Chairperson
2 June 2009
INCOME STATEMENT
For the year ended 31 December 2008
+-------------------------------------------+-------+-------------+-------------+
| | Note | 2008 | 2007 |
+-------------------------------------------+-------+-------------+-------------+
| | | GBP'000 | GBP'000 |
+-------------------------------------------+-------+-------------+-------------+
| | | | |
+-------------------------------------------+-------+-------------+-------------+
| Revenue | | - | 397 |
+-------------------------------------------+-------+-------------+-------------+
| | | | |
+-------------------------------------------+-------+-------------+-------------+
| Cost of sales | | - | - |
+-------------------------------------------+-------+-------------+-------------+
| | | | |
+-------------------------------------------+-------+-------------+-------------+
| Gross profit | | - | 397 |
+-------------------------------------------+-------+-------------+-------------+
| | | | |
+-------------------------------------------+-------+-------------+-------------+
| Administrative expenses | | (104) | (215) |
+-------------------------------------------+-------+-------------+-------------+
| | | | |
+-------------------------------------------+-------+-------------+-------------+
| (Loss)/profit from operations | | (104) | 182 |
+-------------------------------------------+-------+-------------+-------------+
| | | | |
+-------------------------------------------+-------+-------------+-------------+
| Finance income | | 16 | - |
+-------------------------------------------+-------+-------------+-------------+
| | | | |
+-------------------------------------------+-------+-------------+-------------+
| (Loss)/profit on ordinary activities | | (88) | 182 |
| before taxation | | | |
+-------------------------------------------+-------+-------------+-------------+
| | | | |
+-------------------------------------------+-------+-------------+-------------+
| Income tax | 2 | - | - |
+-------------------------------------------+-------+-------------+-------------+
| | | | |
+-------------------------------------------+-------+-------------+-------------+
| (Loss)/profit on ordinary activities | | (88) | 182 |
| after taxation and retained (loss)/profit | | | |
+-------------------------------------------+-------+-------------+-------------+
| | | | |
+-------------------------------------------+-------+-------------+-------------+
| Total and continuing (loss)/earnings per | 3 | | |
| share | | | |
+-------------------------------------------+-------+-------------+-------------+
| Basic | | (0.05p) | 0.48p |
+-------------------------------------------+-------+-------------+-------------+
| Diluted | | (0.05p) | 0.47p |
+-------------------------------------------+-------+-------------+-------------+
STATEMENT OF CHANGES IN EQUITY
At 31 December 2008
+----------------------------+---------+---------+---------+--------+----------+---------+
| | Share | Share | Share based | Retained | Total |
+----------------------------+---------+---------+------------------+----------+---------+
| | Capital | premium | payment | earnings | equity |
+----------------------------+---------+---------+------------------+----------+---------+
| | | account | reserve | | |
+----------------------------+---------+---------+------------------+----------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+----------------------------+---------+---------+------------------+----------+---------+
| | | | | | |
+----------------------------+---------+---------+---------+-------------------+---------+
| At 1 January 2007 | 95 | 901 | 20 | (1,118) | (102) |
+----------------------------+---------+---------+---------+-------------------+---------+
| Net profit for the year | - | - | - | 182 | 182 |
| and total recognised | | | | | |
| income and expense for the | | | | | |
| year | | | | | |
+----------------------------+---------+---------+---------+-------------------+---------+
| At 31 December 2007 | 95 | 901 | 20 | (936) | 80 |
+----------------------------+---------+---------+---------+-------------------+---------+
| Issue of share capital | 392 | (88) | - | - | 304 |
| (less expenses) | | | | | |
+----------------------------+---------+---------+---------+-------------------+---------+
| Net loss for the year and | - | - | - | (88) | (88) |
| total recognised income | | | | | |
| and expense for the year | | | | | |
+----------------------------+---------+---------+---------+-------------------+---------+
| | | | | | |
+----------------------------+---------+---------+---------+-------------------+---------+
| At 31 December 2008 | 487 | 813 | 20 | (1,024) | 296 |
+----------------------------+---------+---------+---------+--------+----------+---------+
BALANCE SHEET
+-----------------------------------------------+-----------+------------+----------+
| | Note | 2008 | 2007 |
+-----------------------------------------------+-----------+------------+----------+
| | | GBP'000 | GBP'000 |
+-----------------------------------------------+-----------+------------+----------+
| | | | |
+-----------------------------------------------+-----------+------------+----------+
| Current assets | | | |
+-----------------------------------------------+-----------+------------+----------+
| Trade and other receivables | | 1 | 211 |
+-----------------------------------------------+-----------+------------+----------+
| Cash and cash equivalents | | 318 | 1 |
+-----------------------------------------------+-----------+------------+----------+
| Total assets | | 319 | 212 |
+-----------------------------------------------+-----------+------------+----------+
+-----------------------------------------------+-----------+------------+----------+
| Current liabilities | | | |
+-----------------------------------------------+-----------+------------+----------+
| Trade and other payables | | 23 | 132 |
+-----------------------------------------------+-----------+------------+----------+
+-----------------------------------------------+-----------+------------+----------+
| Equity | | | |
+-----------------------------------------------+-----------+------------+----------+
| Called up share capital | 4 | 487 | 95 |
+-----------------------------------------------+-----------+------------+----------+
| Share premium account | | 813 | 901 |
+-----------------------------------------------+-----------+------------+----------+
| Share based payment reserve | | 20 | 20 |
+-----------------------------------------------+-----------+------------+----------+
| Retained earnings | | (1,024) | (936) |
+-----------------------------------------------+-----------+------------+----------+
| Total equity | | 296 | 80 |
+-----------------------------------------------+-----------+------------+----------+
| | | | |
+-----------------------------------------------+-----------+------------+----------+
| Total liabilities and equity | | 319 | 212 |
+-----------------------------------------------+-----------+------------+----------+
CASH FLOW STATEMENT
For the year ended 31 December 2008
+----------------------------------------+-----+------+------------+------------+
| | | | 2008 | 2007 |
+----------------------------------------+-----+------+------------+------------+
| | | | GBP'000 | GBP'000 |
+----------------------------------------+-----+------+------------+------------+
| | | | | |
+----------------------------------------+-----+------+------------+------------+
| Cash flows from operating activities | | | | |
+----------------------------------------+-----+------+------------+------------+
| (Loss)/profit after taxation | | | (88) | 182 |
+----------------------------------------+-----+------+------------+------------+
| Adjustments for: | | | | |
+----------------------------------------+-----+------+------------+------------+
| Finance income | | | (16) | - |
+----------------------------------------+-----+------+------------+------------+
| | | | | |
+----------------------------------------+-----+------+------------+------------+
| Decrease/(increase) in trade and other | | | 210 | (185) |
| receivables | | | | |
+----------------------------------------+-----+------+------------+------------+
| Decrease in trade and other payables | | | (109) | (21) |
+----------------------------------------+-----+------+------------+------------+
| | | | | |
+----------------------------------------+-----+------+------------+------------+
| Net cash from operating activities | | | (3) | (24) |
+----------------------------------------+-----+------+------------+------------+
| | | | | |
+----------------------------------------+-----+------+------------+------------+
| Cash flows from investing activities | | | | |
+----------------------------------------+-----+------+------------+------------+
| Finance income | | | 16 | - |
+----------------------------------------+-----+------+------------+------------+
| | | | | |
+----------------------------------------+-----+------+------------+------------+
| Net cash inflow from investing | | | 16 | - |
| activities | | | | |
+----------------------------------------+-----+------+------------+------------+
| | | | | |
+----------------------------------------+-----+------+------------+------------+
| Cash flows from financing activities | | | | |
+----------------------------------------+-----+------+------------+------------+
| Proceeds from issue of share capital | | | 392 | - |
+----------------------------------------+-----+------+------------+------------+
| Cost of issue of share capital | | | (88) | |
+----------------------------------------+-----+------+------------+------------+
| | | | | |
+----------------------------------------+-----+------+------------+------------+
| Net cash inflow from financing | | | 304 | - |
| activities | | | | |
+----------------------------------------+-----+------+------------+------------+
| | | | | |
+----------------------------------------+-----+------+------------+------------+
| Net increase/(decrease) in cash and | | | 317 | (24) |
| cash equivalents | | | | |
+----------------------------------------+-----+------+------------+------------+
| Cash and cash equivalents at beginning | | | 1 | 25 |
| of year | | | | |
+----------------------------------------+-----+------+------------+------------+
| | | | | |
+----------------------------------------+-----+------+------------+------------+
| Cash and cash equivalents at end of | | | 318 | 1 |
| year | | | | |
+----------------------------------------+-----+------+------------+------------+
1. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared under the historical cost convention
and in accordance with International Financial Reporting Standards adopted by
the European Union (IFRSs). The Company's shares are listed on the AIM market of
the London Stock Exchange.
The principal accounting policies of the Company, which have been applied
consistently, are set out in the annual report and financial statements.
Going concern
The Directors have prepared cash flow forecasts for the period through to 30
June 2010. The forecast assume that no major transactions will take place unless
sufficient funds are available. The forecasts demonstrate that the Company has
sufficient finance available to allow it to continue in business for a period of
at least twelve months from the date of approval of these financial statements.
On this basis the financial statements have been prepared on a going concern
basis.
2. INCOME TAX
There is no tax charge for either period.
Unrelieved tax losses of GBP630,640 (2007: GBP541,151) remain available to
offset against future taxable trading profits. The associated deferred tax asset
of GBP176,579 (2007: GBP162,345) has not been provided due to the uncertainty
over the timing of future profits.
The tax assessed for the period differs from the standard rate of corporation
tax in the UK as follows:
+--------------------------------------------------+-----------+-----------+
| | 2008 | 2007 |
+--------------------------------------------------+-----------+-----------+
| | GBP'000 | GBP'000 |
+--------------------------------------------------+-----------+-----------+
| | | |
+--------------------------------------------------+-----------+-----------+
| (Loss)/profit on ordinary activities before | (88) | 182 |
| taxation | | |
+--------------------------------------------------+-----------+-----------+
| (Loss)/profit multiplied by standard rate of | 25 | 55 |
| corporation tax in the UK of 28% (2007:30%) | | |
+--------------------------------------------------+-----------+-----------+
| Effect of | | |
+--------------------------------------------------+-----------+-----------+
| Expenses net deductible for tax purposes | 5 | |
+--------------------------------------------------+-----------+-----------+
| Losses carried forward | (30) | - |
+--------------------------------------------------+-----------+-----------+
| Tax losses utilised | - | (55) |
+--------------------------------------------------+-----------+-----------+
| Tax charge for period | - | - |
+--------------------------------------------------+-----------+-----------+
| | | |
+--------------------------------------------------+-----------+-----------+
3. (LOSS)/EARNINGS PER SHARE
The calculation of the basic (loss)/earnings per share is based on the
(loss)/profit on ordinary activities after tax of GBP88,000 (2007: GBP182,000)
divided by the weighted average number of ordinary shares in issue during the
year of 188,871,403 (2007: 38,133,333). The impact of the warrants on the loss
per share is anti-dilutive (2007: diluted earnings per share of 0.47p based on
the profit on ordinary activities after tax of GBP182,000, dilutive warrants of
381,333 and a diluted weighted average number of shares of 38,514,666).
4. SHARE CAPITAL
+----------------------------------------+-------+--+-----------+-----------+
| | | | 2008 | 2007 |
+----------------------------------------+-------+--+-----------+-----------+
| | | | GBP'000 | GBP'000 |
+----------------------------------------+-------+--+-----------+-----------+
| | | | | |
+----------------------------------------+-------+--+-----------+-----------+
| Authorised | | | | |
+----------------------------------------+-------+--+-----------+-----------+
| 4,000,000,000 ordinary shares of 0.25p | | | 10,000 | 10,000 |
+----------------------------------------+-------+--+-----------+-----------+
| | | | | |
+----------------------------------------+-------+--+-----------+-----------+
| Allotted, issued and fully paid | | | | |
+----------------------------------------+-------+--+-----------+-----------+
| 194,866,667 (2007 : 38,133,333) | | | 487 | 95 |
| ordinary shares of 0.25p | | | | |
+----------------------------------------+-------+--+-----------+-----------+
| | | | | |
+----------------------------------------+-------+--+-----------+-----------+
+-----------------------------------------------+---+-------------+------------+
| | | Ordinary shares of |
| | | 0.25p |
+-----------------------------------------------+---+--------------------------+
| | | 2008 | 2007 |
+-----------------------------------------------+---+-------------+------------+
| | | | |
+-----------------------------------------------+---+-------------+------------+
| Shares issued and fully paid at the beginning | | 38,133,333 | 38,133,333 |
| of the period | | | |
+-----------------------------------------------+---+-------------+------------+
| Issued and fully paid | | 156,733,334 | - |
+-----------------------------------------------+---+-------------+------------+
| Shares issued and fully paid at the end of | | 194,866,667 | 38,133,333 |
| the period | | | |
+-----------------------------------------------+---+-------------+------------+
| | | | |
+-----------------------------------------------+---+-------------+------------+
On 14 January 2008, 156,733,334 ordinary shares of 0.25p were issued at par,
raising proceeds of GBP392,000. The transaction costs of GBP88,000 have been
debited to the share premium account.
All ordinary shares have the same rights and there are no restrictions on the
distribution of dividends or repayment of capital.
Warrants
On 23 February 2005 a warrant was issued to Strand Partners Securities Limited,
in respect of 1% of the issued share capital at the date of exercise, as part
consideration for their group's role as Nominated Adviser. On 19 December 2007
the terms of the warrant were modified; the warrant is now exerciseable in
respect of 381,333 ordinary shares, being 1% of the issued share capital at the
date of variation of the terms of the agreement. The warrant is exercisable
between 18 March 2005 and 18 March 2010 at 10p per share.
5. PUBLICATION OF NON-STATUTORY ACCOUNTS
The financial information set out in this preliminary announcement does not
constitute statutory accounts as defined in section 240 of the Companies Act
1985.
The balance sheet at 31 December 2008 and income statement, statement of changes
in equity, cash flow statement and associated notes for the year then ended have
been extracted from the Company's 2008 financial statements upon which the
auditors opinion is unqualified.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR UUUVRKURNRAR
Roeford Properties (LSE:ROE)
Historical Stock Chart
From May 2024 to May 2024
Roeford Properties (LSE:ROE)
Historical Stock Chart
From May 2023 to May 2024
