Final Results
January 19 2004 - 1:00AM
UK Regulatory
RNS Number:3468U
Mark Kingsley PLC
19 January 2004
Mark Kingsley Plc
19 January 2004
PRELIMINARY ANNOUNCEMENT
Year Ended 31 October 2003
Mark Kingsley Plc concluded its fiscal year at October 31st 2003 with net assets
of #2,711,191 (2003 #2,813,966), which equates to 26.73 pence per ordinary
share. The reported pre tax loss of #94,490 (2003: profit #187,532) includes
abortive acquisition costs of about #21,000 (2003 #0), indicative of the
prudent approach pursued by the Board in investigating suitable opportunities.
Much of the initial investigation work was carried out by the Company before
professionals needed to be instructed, but the Directors obviously rely on
expert advice on asset valuations when evaluating proposals.
As reported at the interim date of April 30th 2003, the losses for the year
include non-recurring costs of #36,000 associated with post completion issues.
However the Board is of the opinion that the current costs associated with
administering the Company have not changed significantly since disposal of the
core business May 2002.
The Board is not recommending the payment of a dividend.
It is disappointing that we finished our reporting period without concluding a
transaction. However, the Board was close to two deals in the property sector:
one residential and one commercial. Additionally, the Board spent considerable
time and energy developing a new start up concept in the leisure sector with the
outside assistance of a professional team, some with extensive experience in
quoted companies in similar spheres of operation. Although your Board does not
favour "start ups", this unique opportunity would have been secured by the
purchase of a substantial freehold property, providing some protection against
adverse trading.
In all three cases an inability to agree final valuations on crucial property
assets terminated the final negotiations.
As previously stated, your Board prefers to focus on a single transaction and
does not believe the fragmentation produced by multiple small investments will
best serve shareholders interests. Your Directors would prefer to invest in an
asset-backed opportunity and not pursue an acquisition that is substantially
based on goodwill or prospective earnings. As a result of the experiences gained
in 2003, your Board will continue to investigate the property sector and seek
dialogue with existing operators who can see the benefit of a public listing.
Although it is frustrating to continue to report inactivity, your Board believes
its cautious and inquiring approach will best serve all shareholders interests
in the long term. The Directors would therefore like to take this opportunity to
thank them all for their continued support.
Todd Wells
19 January 2004
Unaudited consolidated profit and loss account for the year ended 31 October
2003
Note 2003 2002
# #
Turnover - discontinued operations - 1,062,651
Cost of sales - (696,259)
GROSS PROFIT - 366,392
Administrative expenses (399,632) (849,665)
---------- ----------
(399,632) (483,273)
Other operating income 215,000 80,415
---------- ----------
OPERATING LOSS
- continuing operations (184,632) (125,671)
- discontinued operations - (277,187)
---------- ----------
(184,632) (402,858)
Profit on disposal of discontinued operations
- 455,798
---------- ----------
(LOSS)/PROFIT ON ORDINARY ACTIVITIES BEFORE INTEREST (184,632) 52,940
Other interest receivable and similar income 90,142 75,785
---------- ----------
(LOSS)/PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION (94,490) 128,725
Tax on (loss)/profit on ordinary activities 4 (8,285) 58,807
---------- ----------
(Loss)/profit for the year (102,775) 187,532
========== ==========
(LOSS)/EARNINGS PER ORDINARY SHARE - BASIC AND DILUTED 3 (1.01p) 1.85p
========== ==========
Unaudited consolidated balance sheet at 31 October 2003
2003 2003 2002 2002
# # # #
FIXED ASSETS
Tangible assets 183,813 191,837
-------- --------
183,813 191,837
CURRENT ASSETS
Debtors 87,105 43,009
Cash at bank and in hand 2,672,723 2,807,553
--------- ---------
2,759,828 2,850,562
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR 232,450 (228,433)
--------- ---------
NET CURRENT ASSETS 2,527,378 2,622,129
--------- ---------
TOTAL ASSETS LESS CURRENT LIABILITIES 2,711,191 2,813,966
========= =========
CAPITAL AND RESERVES
Share capital 507,125 507,125
Share premium account 208,119 208,119
Profit and loss account 1,995,947 2,098,722
--------- ---------
EQUITY SHAREHOLDERS' FUNDS 2,711,191 2,813,966
========= =========
NOTES TO THE PRELIMINARY ANNOUNCEMENT
1 Basis of Preparation
The financial information has been prepared under the historical cost convention
and in accordance with applicable accounting standards.
2 Presentation of Financial Information
Consolidated accounts have been prepared even though the company had no
active subsidiaries as at 31 October 2003.
The financial information set out in the announcement does not constitute the
company's statutory accounts for the years ended 31 October 2003 or 31 October
2002. The financial information for the year ended 31 October 2002 is derived
from the statutory accounts for that year which have been delivered to the
Registrar of Companies. The auditors reported on those accounts; their report
was unqualified and did not contain a statement under s237(2) or (3) Companies
Act 1985. The statutory accounts for the year ended 31 October 2003 will be
finalised on the basis of 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.
3 Loss)/ earnings per ordinary share
The (loss)/earnings per share for the year has been calculated by dividing the
(loss)/profit after tax for the year by 10,142,500 (2002 - 10,142,500) being the
average number of ordinary shares in issue and ranking for dividend during the
year. There is no potential dilution of the (loss)/earnings per share.
4 Tax on (loss)/profit on ordinary activities
The tax charge/(credit) is based on the profit for the year and comprises:
2003 2002
# #
Corporation tax at 30% (2002 - 30%) - -
Adjustment in respect of prior years 8,285 (58,807)
-------- --------
8,285 (58,807)
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This information is provided by RNS
The company news service from the London Stock Exchange
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