Final Results
August 27 2004 - 2:00AM
UK Regulatory
RNS Number:3665C
Bolton Group (International) Ld
27 August 2004
Bolton Group (International) Limited
26 August 2004
Preliminary Results
The Board of Bolton Group (International) Limited ('Bolton Group' or 'the
Group') real estate holding and development group, announces its preliminary
unaudited results for the year ended 30 April 2004.
Chairman's Statement
Review of operations
As announced previously, in January 2004, the company had moved to protect its
position and has obtained a High Court Freezing Injunction preventing the
transfer or removal of the company's former principle asset, Angel House pending
resolution of the company's legal attempt to retain title to the aforesaid
asset. Urania Securities Limited was the sole owner of the building known as
Angel House.
The Board would like to inform the shareholders of the outcome of a settlement
reached at Mediation on 25 August 2004.
According to the agreement reached on 25 August 2004, within 10 weeks the
company will have to pay the sum of #670,000 to the third defendant, Mileplace
Limited, and upon completion of that transaction the shares and consequently,
Angel House will return to the company.
The company in its present position does not have the required funding to pay
this sum and other outstanding debts. The Directors of the company are taking
all necessary steps to either raise funds on the property or sell the property.
In either case the directors are satisfied that they would be in a position to
comply with the terms of the agreement achieved at the mediation on 25 August
2004 and thus secure the reinstatement of the company's assets.
At the commencement of the litigation, the company had been divested of its
assets. At the conclusion of the Mediation the company will achieve the return
of its assets and have sufficient resources to seek and obtain new investments.
The settlement agreed was in the company's best interests. The inherent risk of
litigation and extensive legal costs incurred in respect of the same have been
averted by achieving the settlement agreed at the Mediation.
Israel Librowski
Chairman
Consolidated profit and loss account
for the year ended 30 April 2004
Note 2004 2003
#000 #000 #000 #000
Turnover - discontinued activities 1,2 72 219
Administrative expenses (554) (437)
Other operating income - -
------- -------
Operating (loss)/profit 4
Continuing operations (456) (82)
Discontinued operations (26) (136)
------- -------
(482) (218)
Gain from disposal of subsidiaries 73 -
------- -------
(Loss)/profit on ordinary activities before
interest and taxation (409) (218)
Interest receivable 5 - -
Interest payable 6 (35) (120)
------- -------
(Loss)/profit on ordinary activities 2-6
before taxation (444) (338)
Tax on (loss)/profit on ordinary activities 7 - -
------- -------
Retained (loss)/profit for the year 19 (444) (338)
======= =======
(Loss)/earnings per share 8 (0.68p) (0.56p)
======= =======
Diluted(loss)/earnings per share 8 (0.68p) (0.56p)
======= =======
There are no recognised gains or losses other than those passing through the
profit and loss account.
Consolidated balance sheet
at 30 April 2004
Note 2004 2003
#000 #000 #000 #000
Fixed assets
Tangible assets 9 - 2,660
Current assets
Debtors 11 4 139
Cash at bank and in hand - 24
------- -------
4 163
Creditors: amounts falling due within one year 12 (297) (2,713)
------- -------
Net current liabilities (293) (2,550)
------- -------
Net (liabilities)/assets (293) 110
======= =======
Capital and reserves
Called up share capital 15 656 606
Share premium account 16 1,548 1,534
Revaluation reserve 17 - (1,363)
Other reserves 18 - 5,724
Profit and loss account 19 (2,497) (6,391)
------- -------
Shareholders' funds - equity (293) 110
======= =======
Balance sheet
at 30 April 2004
Note 2004 2003
#000 #000 #000 #000
Fixed assets
Investments 10 - 87
Current assets
Debtors 11 40 11
Cash at bank and in hand - 2
------- -------
40 13
Creditors: amounts falling due within one year 12 (297) (335)
------- -------
Net current liabilities (257) (322)
------- -------
Net liabilities (257) (235)
======= =======
Capital and reserves
Called up share capital 15 656 606
Share premium account 16 1,548 1,534
Profit and loss account 19 (2,461) (2,375)
------- -------
Shareholders' funds - equity (257) (235)
======= =======
This information is provided by RNS
The company news service from the London Stock Exchange
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