Final Results
July 22 2005 - 10:39AM
UK Regulatory
RNS Number:2231P
Ashpol PLC
22 July 2005
Unaudited consolidated profit & loss account
for the period ended 24 March 2005
Period ended Period ended
24 March 23 November
Note 2005 2004
#'000 #'000
Rental income 3,537 13,816
Property outgoings (133) (494)
Gross profit 3,404 13,322
Administrative expenses (299) (821)
Operating profit 3,105 12,501
Profit on disposals of fixed assets 4,488 1,016
Profit on disposal of subsidiary undertaking 1,507 -
Profit on ordinary activities before interest and taxation 9,100 13,517
Interest receivable 352 1,010
Interest payable (2,688) (10,271)
Profit on ordinary activities before taxation 6,764 4,256
Taxation on profit on ordinary activities 1 (1,510) (1,657)
Profit on ordinary activities after taxation 5,254 2,599
2
Dividends (35) (20,137)
Retained profit/(loss) for the year 5,219 (17,538)
All amounts relate to continuing activities.
All recognised gains and losses are included in the profit and loss account.
Unaudited consolidated balance sheet
at 24 March 2005
24 March 23 November
2005 2004
#'000 #'000
Fixed assets -investment properties 3 94,675 115,523
Current assets
Debtors 11,897 717
Cash at bank 23,234 7,566
35,131 8,283
Creditors falling due within one year (8,525) (7,791)
Net current assets 26,606 492
Total assets less current liabilities 121,281 116,015
Creditors falling due after one year (75,000) (75,000)
Provisions for liabilities and charges (974) (927)
45,307 40,088
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 (9,814) (15,033)
Total shareholders' funds 45,307 40,088
Unaudited consolidated summarised cash flow statement
for the period ended 24 March 2005
Period ended Period ended
24 March 23 November
2005 2004
#'000 #'000
Net cash inflow from operating activities 13,442 29,095
Returns on investment and servicing of finance (3,703) (7,026)
Taxation (640) (378)
Capital expenditure and financial investment 6,569 4,977
Equity dividends paid - (20,000)
Cash inflow before use of liquid resources and financing 15,668 6,668
Management of liquid resources (8,860) (4,400)
Increase in cash 6,808 2,268
Reconciliation of operating profit to net cash
flow from operating activities
Period ended Period ended
24 March 23 November
2005 2004
#'000 #'000
Operating profit 3,105 12,501
Decrease in debtors 9,094 16,093
Increase in creditors 1,243 501
Net cash inflow from operating activities 13,442 29,095
Notes to the preliminary announcement
The financial information contained in this preliminary announcement does not
constitute statutory accounts within the meaning of Section 240 of the Companies
Act 1985.
The preliminary results for the period ended 24 March 2005 have been prepared
using accounting policies unchanged from those set out in the company's 23
November 2004 statutory financial statements, which were for the period 15
August 2003 to that date. Full audited accounts for the period ended 24 March
2005 will be delivered to the Registrar of Companies and shareholders in due
course. The financial information for the year ended 23 November 2004 is
extracted from the audited financial statements to that date which have been
delivered to the Registrar of Companies. The auditors' report on those statutory
accounts was qualified as a result of non-compliance with SSAP 19. The audit
report also contained a statement under S237(3) of the Act regarding the
presentation of certain payments as a dividend. The auditors' report on the
statutory accounts for the period ended 24 March 2005 is expected to refer to
the same matters.
1. Taxation on profit on ordinary activities Period ended Period ended
24 March 23 November
2005 2004
#'000 #'000
Current tax - current tax on profit for the period 1,463 1,020
Current tax - adjustment to prior year items - 367
Deferred tax - origination of timing differences 47 270
1,510 1,657
2. Dividends Period ended Period ended
24 March 23 November
2005 2004
#'000 #'000
10% Cumulative Preference Shares - paid (non-equity) 35 137
Ordinary shares - paid (equity) - 20,000
35 20,137
3. Fixed assets - investment properties
#'000
Balance at 23 November 2004 115,523
Additions 2,484
Disposals (23,332)
Balance at 24 March 2005 94,675
4. Net debt
Period ended Period ended
24 March 23 November
2005 2004
#'000 #'000
Repayable as follows:
After more than five years (75,000) (75,000)
Liquid resources 13,260 4,400
Cash 9,974 3,166
Net debt (51,766) (67,434)
5. Company Information
Directors K D McGrath
L Noe
M P Sheppard
I Smith
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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