Interim Results -7-
March 29 2012 - 1:01AM
UK Regulatory
Unwinding of discount 48 - 48
-------- ---------- --------
At 29 January 2012 8,024 124 8,148
-------- ---------- --------
Amounts due within one year 6,680
Amounts due after more than one
year 1,468
--------
8,148
--------
The provision for onerous leases relates to empty properties or
properties sub-let at less than their passing rent over the life of
the lease. For the period ended 29 January 2012 the discount rate
used in calculating the provision was 0.5% (30 January 2011:
0.5%).
13 Assets and liabilities of discontinued operations
As at As at
29 January 30 January
2012 2011
GBP'000 GBP'000
Assets of discontinued operations
Cash and cash equivalents - 180
----------------- -----------
Liabilities of discontinued operations
Trade and other payables - (295)
Deferred tax liability - (116)
----------------- -----------
- (411)
--------------------------------------------------------------------- -----------
14 Reconciliation of net debt
Cash Borrowings Net debt
GBP'000 GBP'000 GBP'000
Balance at 1 August 2010 7,225 (41,566) (34,341)
Cash flow movement 2,331 28,500 30,831
Cash held by discontinued operations (180) - (180)
Amortisation of finance costs - (493) (493)
--------- ----------- ---------
Balance at 30 January 2011 9,376 (13,559) (4,183)
Cash flow movement 10,117 (39,500) (29,383)
Cash held by discontinued operations 180 23 203
Amortisation of finance costs - (491) (491)
--------- ----------- ---------
Balance Sheet at 31 July 2011 19,673 (53,527) (33,854)
Cash flow movement (11,091) 51,000 39,910
Additional finance costs - 3,295 3,295
Amortisation of finance costs - (919) (919)
--------- ----------- ---------
Balance Sheet at 29 January 2012 8,582 (151) 8,432
Financing costs capitalised - (2,849) (2,849)
--------- ----------- ---------
Net cash before financing costs 8,582 (3,000) 5,583
--------- ----------- ---------
15 Risks and uncertainties
The Board and senior management are responsible for identifying
and managing potential risks and uncertainties which could have an
impact on the performance of the Group. These are set out in the
Annual Report and Financial Statements 2011 and the Board considers
that these remain the principal risks which could affect the Group
in respect of the current financial year.
16 Forward looking statements
To the extent that any statement in this interim report can be
considered forward looking, the Board can give no assurance that
these statements will prove to be correct. Because any such
statement involves risk and uncertainty, actual results may differ
materially from any expressed or implied by these forward looking
statements.
The Board undertakes no obligation to update any forward looking
statement whether as a result of new information, future events or
otherwise.
17 Statement of directors' responsibilities
The directors confirm, to the best of their knowledge and
belief, that this condensed set of financial statements has been
prepared in accordance with IAS 34 as adopted by the European Union
and that the interim report herein includes a fair review of the
information required by DTR 4.2.7 and DTR 4.2.8.
The directors of Clinton Cards PLC are listed in the Clinton
Cards PLC Annual Report and Financial Statements 2011 and on the
company website at www.clintoncards.co.uk.
By order of the Board
__________________________________
__________________________________
D J Lewin, OBE Darcy Willson-Rymer
Chairman Chief Executive Officer
This information is provided by RNS
The company news service from the London Stock Exchange
END
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