Final Results
March 23 2005 - 9:08AM
UK Regulatory
RNS Number:1448K
Ashpol PLC
23 March 2005
Unaudited consolidated profit & loss account
for the period ended 23 November 2004
Period ended Year ended
23 November 14 August
Note 2004 2003
#'000 #'000
Rental income 13,687 9,699
Property outgoings (493) (472)
Gross profit 13,194 9,227
Administrative expenses (264) (274)
Operating profit 12,930 8,953
Profit on disposals of fixed assets 984 828
Profit on ordinary activities before interest and taxation 13,914 9,781
Interest receivable 1,009 1,348
Interest payable (10,271) (8,172)
Profit on ordinary activities before taxation 4,652 2,957
Taxation on profit on ordinary activities 1 (1,657) (579)
Profit on ordinary activities after taxation 2,995 2,378
Dividends 2 (20,137) (104)
Retained (loss)/profit for the year (17,142) 2,274
All amounts relate to continuing activities.
All recognised gains and losses are included in the profit and loss account.
Unaudited consolidated balance sheet
at 23 November 2004
23 November 14 August
2004 2003
#'000 #'000
Fixed assets -investment properties 3 115,523 119,484
Current assets
Debtors 5,117 16,810
Cash at bank 3,166 898
8,283 17,708
Creditors falling due within one year (7,395) (3,909)
Net current assets 888 13,799
Total assets less current liabilities 116,411 133,283
Creditors falling due after one year (75,000) (75,000)
Provisions for liabilities and charges (927) (657)
40,484 57,626
Net assets
Capital and reserves
Called up share capital - equity 7,378 7,378
- non-equity 40,632 40,632
48,010 48,010
Share premium account 7,069 7,069
Capital redemption reserve 42 42
Profit and loss account (14,637) 2,505
Total shareholders' funds 40,484 57,626
Unaudited consolidated summarised cash flow statement
for the period ended 23 November 2004
Period ended Year ended
23 November 14 August
2004 2003
#'000 #'000
Net cash inflow/(outflow) from operating activities 28,109 (477)
Returns on investment and servicing of finance (9,262) (6,928)
Taxation (1,387) (3)
Capital expenditure and financial investment 4,945 7,379
Acquisitions and disposals - -
Equity dividends paid (20,137) -
Cash inflow/(outflow) before financing 2,268 (29)
Financing - -
Increase /(decrease) in cash 2,268 (29)
Reconciliation of operating profit to net cash
flow from operating activities
Period ended Year ended
23 November 14 August
2004 2003
#'000 #'000
Operating profit 12,930 8,953
Decrease /(increase) in debtors 11,693 (8,301)
Increase /(decrease) in creditors 3,486 (1,129)
Net cash inflow/ (outflow) from operating activities 28,109 (477)
Notes to the preliminary announcement
The preliminary results for the period ended 23 November 2004 have been prepared
using accounting policies unchanged from those set out in the company's 14
August 2003 statutory financial statements. Full audited accounts for the period
ended 23 November 2004 will be delivered to the Registrar of Companies and
shareholders in due course. The financial information for the year ended 14
August 2003 is extracted from the audited financial statements to that date
which have been delivered to the Registrar of Companies. The auditors report on
the 2003 financial statements did not contain a statement under S237(2) or (3)
of the Act.
The statutory accounts for the period ended 23 November 2004 are expected to
include a qualified audit report as a result of non-compliance with Statement of
Standard Accounting Practice 19. The audit report in the prior year was
qualified for a similar reason. The financial information contained in this
preliminary announcement does not constitute statutory accounts within the
meaning of Section 240 of the Companies Act 1985.
1. Taxation on profit on ordinary activities Period ended Year ended
23 November 14 August
2004 2003
#'000 #'000
Current tax - current tax on profit for the period 1,020 308
Current tax - adjustment to prior year items 367 -
Deferred tax - origination of timing differences 270 271
1,657 579
2. Dividends Period ended Year ended
23 November 14 August
2004 2003
#'000 #'000
10% Cumulative Preference Shares - paid (non-equity) 137 104
Ordinary shares - paid (equity) 20,000 -
20,137 104
3. Fixed assets - investment properties
#'000
Balance at 15 August 2003 119,484
Additions 300
Disposals (4,261)
Balance at 23 November 2004 115,523
4. Net debt
Period ended Year ended
23 November 14 August
2004 2003
#'000 #'000
Repayable as follows:
After more than five years (75,000) (75,000)
Cash 3,166 898
Net debt (71,834) (74,102)
5. Company Information
Directors K D McGrath
I Smith
Leo Noe
Martin Sheppard
Secretary A M Jacobs
Registered Office 5 Wigmore Street
London
W1U 1PB
Registered Number 104394
This information is provided by RNS
The company news service from the London Stock Exchange
END
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