Half Yearly Report
September 28 2010 - 2:00AM
UK Regulatory
TIDMROE
RNS Number : 3812T
Roeford Properties PLC
28 September 2010
ROEFORD PROPERTIES PLC
("the Company" or "Roeford")
Interim Results for the six months ended 30 June 2010
Interim Statement
The Board of Roeford announces results for the six month period ended 30 June
2010. The Company produced a loss before taxation of GBP14,000 (period ended 30
June 2009: loss of GBP22,000, year ended 31 December 2009: loss of GBP54,000).
The Company has net assets of GBP228,000 at the balance sheet date (30 June
2009: net assets of GBP274,000, 31 December 2009: net assets of GBP242,000).
Ongoing Projects and outlook
The Roeford Board continue to seek potential investment opportunities without
incurring third party costs. With trading conditions showing signs of
improvement, the Company is endeavouring to seek out projects that are
deliverable and capable of achieving a worthwhile level of return.
Only when the above criteria is met will the Board recommend a scheme to the
shareholders. Sufficient cash reserves are in place to support the ongoing
activities and cash funds will be preserved by keeping overheads and expenditure
to an absolute minimum.
The Board is confident that suitable projects will come forward as the markets
improve and that Roeford will be able to capitalise on such opportunities.
Margaret Ryan
Chairperson
+---------------------------------+---------------------------------+
| Contacts: | |
+---------------------------------+---------------------------------+
| | |
+---------------------------------+---------------------------------+
| Roeford Properties PLC | www.roefordproperties.co.uk |
+---------------------------------+---------------------------------+
| Mark Grady, Executive Director | +44 (0) 121 733 3011 |
+---------------------------------+---------------------------------+
| | |
+---------------------------------+---------------------------------+
| WH Ireland Limited | www.wh-ireland.co.uk |
+---------------------------------+---------------------------------+
| Mike Coe / Marc Davies | +44 (0) 117 945 3470 |
+---------------------------------+---------------------------------+
+--------------------------------+------+------------+-------------+------------+
| ROEFORD PROPERTIES PLC |
| STATEMENT OF COMPREHENSIVE INCOME |
| FOR THE PERIOD ENDED 30 JUNE 2010 |
| |
+-------------------------------------------------------------------------------+
| | Note | 6 months | 6 months | Year |
| | | to | to | ended |
| | | 30/06/2010 | 30/06/2009 | 31/12/2009 |
| | | Unaudited | Unaudited | Audited |
+--------------------------------+------+------------+-------------+------------+
| | | GBP000 | GBP000 | GBP000 |
+--------------------------------+------+------------+-------------+------------+
| | | | | |
+--------------------------------+------+------------+-------------+------------+
| | | | | |
+--------------------------------+------+------------+-------------+------------+
| Administrative expenses | | (14) | (23) | (55) |
+--------------------------------+------+------------+-------------+------------+
| | | | | |
+--------------------------------+------+------------+-------------+------------+
| Loss from operations | | (14) | (23) | (55) |
+--------------------------------+------+------------+-------------+------------+
| | | | | |
+--------------------------------+------+------------+-------------+------------+
| Finance income | | - | 1 | 1 |
+--------------------------------+------+------------+-------------+------------+
| | | | | |
+--------------------------------+------+------------+-------------+------------+
| | | | | |
+--------------------------------+------+------------+-------------+------------+
| | | | | |
+--------------------------------+------+------------+-------------+------------+
| Loss before taxation | | (14) | (22) | (54) |
+--------------------------------+------+------------+-------------+------------+
| | | | | |
+--------------------------------+------+------------+-------------+------------+
| Taxation | | - | - | - |
+--------------------------------+------+------------+-------------+------------+
| | | | | |
+--------------------------------+------+------------+-------------+------------+
| | | | | |
+--------------------------------+------+------------+-------------+------------+
| Loss after taxation and | | (14) | (22) | (54) |
| retained loss attributable to | | | | |
| equity holders of the company | | | | |
+--------------------------------+------+------------+-------------+------------+
| Other comprehensive income | | - | - | - |
+--------------------------------+------+------------+-------------+------------+
| | | | | |
+--------------------------------+------+------------+-------------+------------+
| Total comprehensive income for | | (14) | (22) | (54) |
| the period | | | | |
+--------------------------------+------+------------+-------------+------------+
| | | | | |
+--------------------------------+------+------------+-------------+------------+
| Loss per share | | | | |
+--------------------------------+------+------------+-------------+------------+
| - basic | 3 | (0.01)p | (0.01)p | (0.03)p |
+--------------------------------+------+------------+-------------+------------+
| - diluted | 3 | (0.01)p | (0.01)p | (0.03)p |
+--------------------------------+------+------------+-------------+------------+
+------------------------------------+------+------------+------------+------------+
| ROEFORD PROPERTIES PLC |
| STATEMENT OF FINANCIAL POSITION |
| AS AT 30 JUNE 2010 |
+----------------------------------------------------------------------------------+
| | | 30/06/2010 | 30/06/2009 | 31/12/2009 |
| | Note | Unaudited | Unaudited | Audited |
+------------------------------------+------+------------+------------+------------+
| | | GBP000 | GBP000 | GBP000 |
+------------------------------------+------+------------+------------+------------+
| | | | | |
+------------------------------------+------+------------+------------+------------+
| Current assets | | | | |
+------------------------------------+------+------------+------------+------------+
| | | | | |
+------------------------------------+------+------------+------------+------------+
| Trade and other receivables | 4 | 6 | 7 | 4 |
+------------------------------------+------+------------+------------+------------+
| Cash and cash equivalents | | 239 | 277 | 256 |
+------------------------------------+------+------------+------------+------------+
| Total current assets | | 245 | 284 | 260 |
+------------------------------------+------+------------+------------+------------+
| | | | | |
+------------------------------------+------+------------+------------+------------+
| Total assets | | 245 | 284 | 260 |
+------------------------------------+------+------------+------------+------------+
| | | | | |
+------------------------------------+------+------------+------------+------------+
| | | | | |
+------------------------------------+------+------------+------------+------------+
| | | | | |
+------------------------------------+------+------------+------------+------------+
| LIABILITIES | | | | |
+------------------------------------+------+------------+------------+------------+
| Current liabilities | | | | |
+------------------------------------+------+------------+------------+------------+
| | | | | |
+------------------------------------+------+------------+------------+------------+
| Trade and other payables | 5 | 17 | 10 | 18 |
+------------------------------------+------+------------+------------+------------+
| Total current liabilities | | 17 | 10 | 18 |
+------------------------------------+------+------------+------------+------------+
| | | | | |
+------------------------------------+------+------------+------------+------------+
| EQUITY | | | | |
+------------------------------------+------+------------+------------+------------+
| Called up share capital | | 487 | 487 | 487 |
+------------------------------------+------+------------+------------+------------+
| Share premium account | | 813 | 813 | 813 |
+------------------------------------+------+------------+------------+------------+
| Share based payment reserve | | 20 | 20 | 20 |
+------------------------------------+------+------------+------------+------------+
| Profit and loss account | | (1,092) | (1,046) | (1,078) |
+------------------------------------+------+------------+------------+------------+
| Total equity attributable to | | 228 | 274 | 242 |
| equity holders of the company | | | | |
+------------------------------------+------+------------+------------+------------+
| Total equity and liabilities | | 245 | 284 | 260 |
+------------------------------------+------+------------+------------+------------+
+---------------------------+---------+---------+---------+---------+------------------+-+
| ROEFORD PROPERTIES PLC |
| STATEMENT OF CHANGES IN EQUITY |
| FOR THE PERIOD ENDED 30 JUNE 2010 |
| |
+----------------------------------------------------------------------------------------+
| | | Share | Share | Profit | Total | |
| | | premium | based | and | | |
| | Share | account | payment | loss | | |
| | capital | | reserve | account | | |
+---------------------------+---------+---------+---------+---------+------------------+-+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | |
+---------------------------+---------+---------+---------+---------+------------------+-+
| | | | | | | |
+---------------------------+---------+---------+---------+---------+------------------+-+
| At 1 January 2010 | 487 | 813 | 20 | (1,078) | 242 | |
+---------------------------+---------+---------+---------+---------+------------------+-+
| | | | | | | |
+---------------------------+---------+---------+---------+---------+------------------+-+
| Transactions with owners | - | - | - | - | - | |
+---------------------------+---------+---------+---------+---------+------------------+-+
| Loss for the period | - | - | - | (14) | (14) | |
+---------------------------+---------+---------+---------+---------+------------------+-+
| | | | | | | |
+---------------------------+---------+---------+---------+---------+------------------+-+
| Other comprehensive | | - | - | - | - | |
| income | - | | | | | |
+---------------------------+---------+---------+---------+---------+------------------+-+
| | | | | | | |
+---------------------------+---------+---------+---------+---------+------------------+-+
| Total comprehensive | | - | - | (14) | (14) | |
| income for the period | - | | | | | |
+---------------------------+---------+---------+---------+---------+------------------+-+
| | | | | | | |
+---------------------------+---------+---------+---------+---------+------------------+-+
| At 30 June 2010 | | 813 | 20 | (1,092) | 228 | |
| | 487 | | | | | |
+---------------------------+---------+---------+---------+---------+------------------+-+
| | | | | | | |
+---------------------------+---------+---------+---------+---------+------------------+-+
| | | | | | | |
+---------------------------+---------+---------+---------+---------+------------------+-+
| At 1 January 2009 | | 813 | 20 | (1,024) | 296 | |
| | 487 | | | | | |
+---------------------------+---------+---------+---------+---------+------------------+-+
| | | | | | | |
+---------------------------+---------+---------+---------+---------+------------------+-+
| | | | | | | |
+---------------------------+---------+---------+---------+---------+------------------+-+
| Transactions with owners | | - | - | - | - | |
| | - | | | | | |
+---------------------------+---------+---------+---------+---------+------------------+-+
| | | | | | | |
+---------------------------+---------+---------+---------+---------+------------------+-+
| Loss for the period | | - | - | (22) | (22) | |
| | - | | | | | |
+---------------------------+---------+---------+---------+---------+------------------+-+
| Other comprehensive | | - | - | - | - | |
| income | - | | | | | |
+---------------------------+---------+---------+---------+---------+------------------+-+
| Total comprehensive | | - | - | (22) | (22) | |
| income for the period | - | | | | | |
+---------------------------+---------+---------+---------+---------+------------------+-+
| | | | | | | |
+---------------------------+---------+---------+---------+---------+------------------+-+
| At 30 June 2009 | | 813 | 20 | (1,046) | 274 | |
| | 487 | | | | | |
+---------------------------+---------+---------+---------+---------+------------------+-+
| | | | | | | |
+---------------------------+---------+---------+---------+---------+------------------+-+
| Transactions with owners | | - | - | - | - | |
| | - | | | | | |
+---------------------------+---------+---------+---------+---------+------------------+-+
| | | | | | | |
+---------------------------+---------+---------+---------+---------+------------------+-+
| Loss for the period | | - | - | (32) | (32) | |
| | - | | | | | |
+---------------------------+---------+---------+---------+---------+------------------+-+
| Other comprehensive | | - | - | - | - | |
| income | - | | | | | |
+---------------------------+---------+---------+---------+---------+------------------+-+
| Total comprehensive | | - | - | (32) | (32) | |
| income for the period | - | | | | | |
+---------------------------+---------+---------+---------+---------+------------------+-+
| | | | | | | |
+---------------------------+---------+---------+---------+---------+------------------+-+
| At 31 December 2009 | | 813 | 20 | (1,078) | 242 | |
| | 487 | | | | | |
+---------------------------+---------+---------+---------+---------+------------------+-+
+---------------------------------+-----+------------+-------------+------------+
| ROEFORD PROPERTIES PLC |
| STATEMENT OF CASH FLOWS |
| FOR THE SIX MONTHS ENDED 30 JUNE 2010 |
+-------------------------------------------------------------------------------+
| | | 6 months | 6 months | Year |
| | | to | to | ended |
| | | 30/06/2010 | 30/06/2009 | 31/12/2009 |
| | | Unaudited | Unaudited | Audited |
+---------------------------------+-----+------------+-------------+------------+
| | | GBP000 | GBP000 | GBP000 |
+---------------------------------+-----+------------+-------------+------------+
| | | | | |
+---------------------------------+-----+------------+-------------+------------+
| Cash flows from operating | | | | |
| activities | | | | |
+---------------------------------+-----+------------+-------------+------------+
| Loss before taxation | | (14) | (22) | (54) |
+---------------------------------+-----+------------+-------------+------------+
| Finance income | | - | (1) | (1) |
+---------------------------------+-----+------------+-------------+------------+
| Increase in trade and other | | (2) | (6) | (3) |
| receivables | | | | |
+---------------------------------+-----+------------+-------------+------------+
| Decrease in trade and other | | (1) | (13) | (5) |
| payables | | | | |
+---------------------------------+-----+------------+-------------+------------+
| Net cash outflow from operating | | (17) | (42) | (63) |
| activities | | | | |
+---------------------------------+-----+------------+-------------+------------+
| | | | | |
+---------------------------------+-----+------------+-------------+------------+
| | | | | |
+---------------------------------+-----+------------+-------------+------------+
| Cash flows from investing | | | | |
| activities | | | | |
+---------------------------------+-----+------------+-------------+------------+
| Finance income | | - | 1 | 1 |
+---------------------------------+-----+------------+-------------+------------+
| Net cash inflow from investing | | - | 1 | 1 |
| activities | | | | |
+---------------------------------+-----+------------+-------------+------------+
| | | | | |
+---------------------------------+-----+------------+-------------+------------+
| | | | | |
+---------------------------------+-----+------------+-------------+------------+
| | | | | |
+---------------------------------+-----+------------+-------------+------------+
| Net decrease in cash and cash | | (17) | (41) | (62) |
| equivalents | | | | |
+---------------------------------+-----+------------+-------------+------------+
| Cash and cash equivalents | | 256 | 318 | 318 |
| brought forward | | | | |
+---------------------------------+-----+------------+-------------+------------+
| Cash and cash equivalents | | 239 | 277 | 256 |
| carried forward | | | | |
+---------------------------------+-----+------------+-------------+------------+
ROEFORD PROPERTIES PLC
NOTES TO THE INTERIM REPORT
FOR THE SIX MONTHS ENDED 30 JUNE 2010
1 GENERAL INFORMATION
The information for the period ended 30 June 2010 does not constitute statutory
accounts as defined in Section 434 of the Companies Act 2006. The figures for
the year ended 31 December 2009 have been extracted from the 2009 statutory
financial statements prepared under International Financial Reporting Standards
("IFRS") as adopted by the European Union. The auditors' report on these
accounts was unqualified and did not contain a statement under Section 498 of
the Companies Act 2006. A copy of the statutory accounts for that period has
been delivered to the Registrar of Companies.
Copies of this statement will be available on the Group's website
(www.roefordproperties.co.uk) and from Roeford Properties Plc, Mar House, 1036
Stratford Road, Shirley, Solihull, West Midlands B90 4EE.
2 BASIS OF PREPARATION
The interim financial statements have been prepared in accordance with IFRS as
adopted by the European Union and under the historical cost convention.
The Directors have a reasonable expectation that the Company has adequate
resources to continue in operational existence for the foreseeable future and
for this reason they continue to adopt the going concern basis in preparing the
financial statements.
The principal accounting policies of the Company remain unchanged from those set
out in the Company's 2009 Annual Report.
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The Company makes estimates and assumptions concerning the future. The
resulting accounting estimates will, by definition, seldom equal actual results.
The Directors do not consider that there are any estimates or assumptions which
have a significant risk of causing a material adjustment to the carrying value
of assets and liabilities within the next accounting year.
The Directors, in applying the accounting policies, do not consider that they
have had to make any critical judgements in their application.
3 LOSS per share
The calculation of the basic loss per share is based on the loss attributable to
ordinary shareholders divided by the weighted average number of shares in issue
during the period. The impact of the warrants on the loss per share is
anti-dilutive.
+-------------------------------------+-------------+-------------+-------------+
| | Basic loss per share |
+-------------------------------------+-----------------------------------------+
| | 6 months | 6 months | Year |
| | to | to | ended |
| | 30/06/2010 | 30/06/2009 | 31/12/2009 |
| | Unaudited | Unaudited | Audited |
+-------------------------------------+-------------+-------------+-------------+
| | | | |
+-------------------------------------+-------------+-------------+-------------+
| Loss on ordinary activities after | (14) | (22) | (54) |
| tax (GBP'000) | | | |
+-------------------------------------+-------------+-------------+-------------+
| | | | |
+-------------------------------------+-------------+-------------+-------------+
| Weighted average number of 0.25p | 194,866,667 | 194,866,667 | 194,866,667 |
| ordinary shares | | | |
+-------------------------------------+-------------+-------------+-------------+
| | | | |
+-------------------------------------+-------------+-------------+-------------+
| Loss per share - basic | (0.01p) | (0.01p) | (0.03p) |
+-------------------------------------+-------------+-------------+-------------+
| - diluted | (0.01p) | (0.01p) | (0.03p) |
+-------------------------------------+-------------+-------------+-------------+
4 trade and other receivables
+------------------------------------+----------+------------+------------+------------+
| | | 30/06/2010 | 30/06/2009 | 31/12/2009 |
| | | Unaudited | Unaudited | Audited |
+------------------------------------+----------+------------+------------+------------+
| | | GBP000 | GBP000 | GBP000 |
+------------------------------------+----------+------------+------------+------------+
| | | | | |
+------------------------------------+----------+------------+------------+------------+
| Trade receivables | | - | 1 | - |
+------------------------------------+----------+------------+------------+------------+
| Other receivables | | 6 | 6 | 4 |
+------------------------------------+----------+------------+------------+------------+
| Total | | 6 | 7 | 4 |
+------------------------------------+----------+------------+------------+------------+
5 trade and other payables
+------------------------------------+----------+------------+------------+------------+
| | | 30/06/2010 | 30/06/2009 | 31/12/2009 |
| | | Unaudited | Unaudited | Audited |
+------------------------------------+----------+------------+------------+------------+
| | | GBP000 | GBP000 | GBP000 |
+------------------------------------+----------+------------+------------+------------+
| | | | | |
+------------------------------------+----------+------------+------------+------------+
| Other payables | | 17 | 10 | 18 |
+------------------------------------+----------+------------+------------+------------+
| | | | | |
+------------------------------------+----------+------------+------------+------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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