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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Maypole Group | LSE:MPG | London | Ordinary Share | GB0034318898 | ORD 0.3P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.45 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number : 5998U
Maypole Group plc
26 June 2009
Maypole Group plc
("Maypole", the "Group" or the "Company")
Preliminary Announcement of Final Results
for the year ended 31 December 2008
26 June 2009
Maypole Group plc, the AIM quoted UK countryside hotels with restaurants group,
presents its preliminary announcement of final results for the year ended 31
December 2008.
CHAIRMAN'S STATEMENT
Overview
2008 was a difficult year for the Group and one that became progressively harder
during the second half as consumer confidence continued to weaken as a result of
the economic climate in the UK and in other economies around the world. The
Board took a decision at the half year stage to review the performance of the
Group's freehold sites, with a view to a disposal if deemed appropriate. This
led to the sale in December 2008 of The Wroxton House Hotel for a cash
consideration of GBP2.14 million, as announced on 22 December 2008.
Financial Review
The Group achieved sales for the year of GBP6,280,699, a 22% increase on the
corresponding period reflecting, in part, the addition of The Pear Tree Inn. The
Group has recorded an operating loss of GBP81,415 in comparison to a profit in
2007 of GBP420,447. This loss is reflective, predominantly, of the difficulties
found initially on the trading and management at The Pear Tree Inn. I am pleased
to report that these difficulties have now been satisfactorily resolved. Finance
costs of GBP806,848 (2007: GBP639,440) and a loss on the sale of [Wroxton House]
of GBP332,339 resulted in a pre-tax loss for the year of GBP1,218,621
(2007:GBP213,245) after a small amount of investment revenue.
The Group Balance Sheet as at 31 December 2008, shows a net deficiency of
GBP910,219 (2007: surplus GBP284,274). The Group continues to be dependent upon
my financial support and as a result, I am now owed GBP1,304,990 which more than
covers the Group's current net deficiency.
The Group also relies on the support of its bankers, Clydesdale Bank, with whom
there is a close relationship and a restructuring of part of its debt is
currently being negotiated with them.
Operational Analysis
Wroxton House Hotel is situated in the village of Wroxton St Mary, close to
Banbury. The 32 bedroom former manor house has a 3 star rating and was the
group`s first acquisition, completed in February 2004.
The hotel has undergone a great deal of refurbishment and, since these
improvements have been made, revenues at the business have grown by 26%.
However, the corporate market has slowed down this year and as referred to
earlier, it was agreed that Wroxton would be sold. The sale was completed, and
announced on 22 December 2008.
The Lifeboat Inn and Old Coach House were acquired by the Group in April 2005.
The Lifeboat Inn is situated in Thornham on the North Norfolk coast. There are
13 well furnished rooms within the Inn as well as a restaurant, bar and
delightful patio garden area. The hotel has an AA rosette award for its food.
Wi-Fi has now been installed throughout the property.
The Old Coach House, also located in Thornham has 12 bedrooms. The improvement
in menu choice and re-design of the restaurant and kitchen has seen turnover
increase by 142% since acquisition. The car park has been extended to
accommodate increased business and a children`s play area has been introduced.
Food is now served all day with a larger patio at the rear of the building
introduced for al fresco dining.
Wayford Bridge Inn is located in Stalham on the Norfolk Broads and was acquired
on 1 March 2007. The hotel consists of 15 bedrooms, a large restaurant and
beautiful gardens.
Turnover for this year saw a slight increase from 2007. The business has
continued to improve in a highly competitive market where competition have been
heavily discounting to attract business. A poor Easter and summer seriously
affected the boating business, a large part of the Wayford Bridge Inn`s trade.
Food is now served all day with new menus introduced seasonally and an extensive
new wine list.
The Bridge Inn was acquired shortly after the Wayford Bridge Hotel in May 2007,
as a leasehold business through Enterprise Inns plc. The Bridge Inn is also
located on the Norfolk Broads within close proximity of Wayford Bridge Hotel.
The Bridge Inn sits on the River Bure and is an 18th century building and former
farmhouse. The Bridge Inn consists of a restaurant and large bar as well as a
family room and large play area outside. The whole building has been
re-decorated inside and out, as well as undergoing a re-furbishment of the
kitchen and improvement of the grounds. Turnover has increased by 25% since
acquisition. Mooring charges have been introduced and The Bridge Inn was open
for the Christmas period for the first time.
The Angel Hotel is located in the famous medieval village of Lavenham, Suffolk.
Consisting of 8 bedrooms and a popular restaurant and bar, Maypole acquired the
property in July 2007.The Angel Hotel was first licensed in 1420 and is believed
to be Lavenham`s oldest Inn. Although altered extensively since 1420, The Angel
Hotel retains much of its Tudor character.
An AA rosette was awarded for outstanding food as well as 4 AA stars for
accommodation. The Angel Hotel has been featured on the front page of the Good
Beer guide 2009 featuring 4,500 pubs. There has been an increase in the number
of covers on the outside. The Angel Hotel is now included in the Conde Nast
Johansens' hotel guide, which will give it greater exposure in this niche
market.
The Pear Tree Inn is a delightful country pub and restaurant in Whitley near
Melksham just outside Bath that offers cosy, luxury accommodation with 8
beautifully designed bedrooms.
The Pear Tree Inn has won many accolades including: The Publican Catering Pub of
the Year 1999; AA Pub of the Year England 2005; Good Pub Guide National Catering
Pub of the Year 2007, the AA 5 star Premier collection Restaurant with Rooms and
more recently we are delighted to be awarded by the AA 5 stars for accommodation
and 2 AA rosettes for food and dining experience.
The outside areas have been improved and the car park has been renovated and
extended. A new bar and children`s menu have been introduced.
Employees
On 6 October 2008, we announced that Mike Butcher, the Group's part time Finance
Director had left to pursue other interests. On behalf of the Board I would like
to thank Mike for his time and effort on the Group's behalf.
The Group's head office has now moved from Castle Donington to a converted
office at the Wayford Bridge Inn, where the group accounting function is now
based.
In a consumer facing business like ours, ensuring that we retain first rate
staff is essential to our success and I would like to take this opportunity to
thank all of our employees for their hard work and dedication in these
challenging times.
Dividend
As in 2007, the Group is not declaring a dividend.
Current Trading and Outlook
Trading conditions remain difficult but the first half to date has seen a very
positive start and is ahead of the Board's expectations.
We remain cautious given current economic conditions but the Board believes the
measures we have taken to combat the downturn including effective time
management, negotiations with suppliers to reduce costs, wage reduction for
management and competitive pricing in all our sites will position the group to
trade successfully through this downturn.
Annual Report and Annual General Meeting
Copies of the Annual Report together with a notice convening the Annual General
Meeting for 16:00 hours on Friday 24 July 2009 at the offices of Mishcon de
Reya, Summit House, 12 Red Lion Square, London WC1R 4QD will be sent to
shareholders by 30 June 2009. Copies of the Annual Report will also be available
from the Company's website (www.maypolegroup.plc.uk).
Contacts
+-----------------------------------+------------------+
| Maypole Group plc | 020 7726 7010 |
+-----------------------------------+------------------+
| Simon Bentley - Chairman | |
+-----------------------------------+------------------+
| | |
+-----------------------------------+------------------+
| Blomfield Corporate Finance Ltd | 020 7489 4500 |
+-----------------------------------+------------------+
| Peter Trevelyan-Clark / Ben | |
| Jeynes | |
+-----------------------------------+------------------+
| | |
+-----------------------------------+------------------+
| Alexander David Securities Ltd | 020 7448 9820 |
+-----------------------------------+------------------+
| David Scott / Bill Sharp | |
+-----------------------------------+------------------+
| | |
+-----------------------------------+------------------+
| Weber Shandwick Financial | 020 7067 0700 |
+-----------------------------------+------------------+
| Nick Dibden / James White/ Katie | |
| Matthews | |
+-----------------------------------+------------------+
Consolidated Income Statement for year ended 31 December 2008
+------------------------------+-------+-----+-----+--------+--+--------------+--------------+
| | | | | | | 2008 | 2007 |
+------------------------------+-------+-----+-----+--------+--+--------------+--------------+
| | | | | Notes | | GBP | GBP |
+------------------------------+-------+-----+-----+--------+--+--------------+--------------+
| | | | | | | | |
+------------------------------+-------+-----+-----+--------+--+--------------+--------------+
| REVENUE | | | | | | 6,280,699 | 5,167,037 |
+------------------------------+-------+-----+-----+--------+--+--------------+--------------+
| | | | | | | | |
+------------------------------+-------+-----+-----+--------+--+--------------+--------------+
| Cost of sales | | | | | | (1,639,853) | (1,257,759) |
+------------------------------+-------+-----+-----+--------+--+--------------+--------------+
| | | | | | | | |
+------------------------------+-------+-----+-----+--------+--+--------------+--------------+
| GROSS PROFIT | | | | | | 4,640,846 | 3,909,278 |
+------------------------------+-------+-----+-----+--------+--+--------------+--------------+
| | | | | | | | |
+------------------------------+-------+-----+-----+--------+--+--------------+--------------+
| Net operating expenses | | | | | | (4,722,261) | (3,488,831) |
+------------------------------+-------+-----+-----+--------+--+--------------+--------------+
| | | | | | | | |
+------------------------------+-------+-----+-----+--------+--+--------------+--------------+
| OPERATING (LOSS)/PROFIT | | | | 2 | | (81,415) | 420,447 |
+------------------------------+-------+-----+-----+--------+--+--------------+--------------+
| | | | | | | | |
+------------------------------+-------+-----+-----+--------+--+--------------+--------------+
| Loss on the sale of property, plant | | | | | (332,339) | - |
| and equipment | | | | | | |
+--------------------------------------+-----+-----+--------+--+--------------+--------------+
| | | | | | | | |
+------------------------------+-------+-----+-----+--------+--+--------------+--------------+
| Finance costs | | | | | | (806,848) | (639,440) |
+------------------------------+-------+-----+-----+--------+--+--------------+--------------+
| | | | | | | | |
+------------------------------+-------+-----+-----+--------+--+--------------+--------------+
| Investment revenue | | | | | | 1,981 | 5,748 |
+------------------------------+-------+-----+-----+--------+--+--------------+--------------+
| | | | | | | | |
+------------------------------+-------+-----+-----+--------+--+--------------+--------------+
| LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION | | | (1,218,621) | (213,245) |
+--------------------------------------------------+--------+--+--------------+--------------+
| | | | | | | | |
+------------------------------+-------+-----+-----+--------+--+--------------+--------------+
| Income tax (charge)/credit | | | | 3 | | (97,372) | 1,236 |
+------------------------------+-------+-----+-----+--------+--+--------------+--------------+
| | | | | | | | |
+------------------------------+-------+-----+-----+--------+--+--------------+--------------+
| LOSS FOR THE FINANCIAL YEAR | | | | | | (1,315,993) | (212,009) |
+------------------------------+-------+-----+-----+--------+--+--------------+--------------+
The Loss for the year is all attributable to the equity holders of the parent.
All activities are classed as continuing.
TOTAL RECOGNISED GAINS AND LOSSES
The Group has no recognised gains or losses other than the loss for the current
year and the loss for the previous year.
+---+-----------------------------+-----------+----------+------+---+----------+-----------+
| EARNINGS PER SHARE | | | 4 | | | |
+---------------------------------+-----------+----------+------+---+----------+-----------+
| Earnings per ordinary share | | | | | | |
+---------------------------------+-----------+----------+------+---+----------+-----------+
| | Loss | | | | | (0.83)p | (0.15)p |
+---+-----------------------------+-----------+----------+------+---+----------+-----------+
| | | | | | | | |
+---+-----------------------------+-----------+----------+------+---+----------+-----------+
| Diluted earnings per ordinary | | | | | | |
| share | | | | | | |
+---------------------------------+-----------+----------+------+---+----------+-----------+
| | Loss | | | | | (0.83)p | (0.15)p |
+---+-----------------------------+-----------+----------+------+---+----------+-----------+
Consolidated Balance Sheet as at 31 December 2008
+--+---------------------------+----------+--------+--------+--+--------------+--------------+
| | | | | | | 2008 | 2007 |
+--+---------------------------+----------+--------+--------+--+--------------+--------------+
| | | | | Notes | | GBP | GBP |
+--+---------------------------+----------+--------+--------+--+--------------+--------------+
| | | | | | | | |
+--+---------------------------+----------+--------+--------+--+--------------+--------------+
| ASSETS | | | | | | |
+------------------------------+----------+--------+--------+--+--------------+--------------+
| | NON CURRENT ASSETS | | | | | | |
+--+---------------------------+----------+--------+--------+--+--------------+--------------+
| | Property, plant and | | | | | 8,340,449 | 10,706,877 |
| | equipment | | | | | | |
+--+---------------------------+----------+--------+--------+--+--------------+--------------+
| | Goodwill | | | | | 376,451 | 347,086 |
+--+---------------------------+----------+--------+--------+--+--------------+--------------+
| | Deferred tax assets | | | | | 1,950 | 150,000 |
+--+---------------------------+----------+--------+--------+--+--------------+--------------+
| | | | | | | | |
+--+---------------------------+----------+--------+--------+--+--------------+--------------+
| | TOTAL NON CURRENT ASSETS | | | | | 8,718,850 | 11,203,963 |
+--+---------------------------+----------+--------+--------+--+--------------+--------------+
| | | | | | | | |
+--+---------------------------+----------+--------+--------+--+--------------+--------------+
| | CURRENT ASSETS | | | | | | |
+--+---------------------------+----------+--------+--------+--+--------------+--------------+
| | Inventories | | | | | 98,753 | 112,385 |
+--+---------------------------+----------+--------+--------+--+--------------+--------------+
| | Trade and other | | | | | 84,731 | 99,606 |
| | receivables | | | | | | |
+--+---------------------------+----------+--------+--------+--+--------------+--------------+
| | Prepayments | | | | | 220,084 | 283,284 |
+--+---------------------------+----------+--------+--------+--+--------------+--------------+
| | Cash and bank balances | | | 10 | | 2,110,542 | 88,129 |
+--+---------------------------+----------+--------+--------+--+--------------+--------------+
| | | | | | | | |
+--+---------------------------+----------+--------+--------+--+--------------+--------------+
| | TOTAL CURRENT ASSETS | | | | | 2,514,110 | 583,404 |
+--+---------------------------+----------+--------+--------+--+--------------+--------------+
| | | | | | | | |
+--+---------------------------+----------+--------+--------+--+--------------+--------------+
| | TOTAL ASSETS | | | | | 11,232,960 | 11,787,367 |
+--+---------------------------+----------+--------+--------+--+--------------+--------------+
| | | | | | | | |
+--+---------------------------+----------+--------+--------+--+--------------+--------------+
| EQUITY | | | | | | |
+------------------------------+----------+--------+--------+--+--------------+--------------+
| | ISSUED CAPITAL AND RESERVES | | | | | |
+--+--------------------------------------+--------+--------+--+--------------+--------------+
| | Issued capital | | | 5 | | 2,304,267 | 2,182,767 |
+--+---------------------------+----------+--------+--------+--+--------------+--------------+
| | Retained earnings | | | 6 | | (3,214,486) | (1,898,493) |
+--+---------------------------+----------+--------+--------+--+--------------+--------------+
| | | | | | | | |
+--+---------------------------+----------+--------+--------+--+--------------+--------------+
| | TOTAL EQUITY | | | | | (910,219) | 284,274 |
+--+---------------------------+----------+--------+--------+--+--------------+--------------+
| | | | | | | | |
+--+---------------------------+----------+--------+--------+--+--------------+--------------+
| | NON CURRENT LIABILITIES | | | | | | |
+--+---------------------------+----------+--------+--------+--+--------------+--------------+
| | Borrowings | | | 7 | | 7,702,992 | 8,418,836 |
+--+---------------------------+----------+--------+--------+--+--------------+--------------+
| | Deferred tax liabilities | | | | | 1,306,267 | 1,358,988 |
+--+---------------------------+----------+--------+--------+--+--------------+--------------+
| | | | | | | | |
+--+---------------------------+----------+--------+--------+--+--------------+--------------+
| | TOTAL NON CURRENT LIABILITIES | | | | 9,009,259 | 9,777,824 |
+--+--------------------------------------+--------+--------+--+--------------+--------------+
| | | | | | | | |
+--+---------------------------+----------+--------+--------+--+--------------+--------------+
| | CURRENT LIABILITIES | | | | | | |
+--+---------------------------+----------+--------+--------+--+--------------+--------------+
| | Trade and other payables | | | | | 837,502 | 1,128,032 |
+--+---------------------------+----------+--------+--------+--+--------------+--------------+
| | Borrowings | | | 7 | | 2,296,418 | 597,237 |
+--+---------------------------+----------+--------+--------+--+--------------+--------------+
| | | | | | | | |
+--+---------------------------+----------+--------+--------+--+--------------+--------------+
| | TOTAL CURRENT LIABILITIES | | | | | 3,133,920 | 1,725,269 |
+--+---------------------------+----------+--------+--------+--+--------------+--------------+
| | | | | | | | |
+--+---------------------------+----------+--------+--------+--+--------------+--------------+
| | TOTAL LIABILITIES | | | | | 12,143,178 | 11,503,093 |
+--+---------------------------+----------+--------+--------+--+--------------+--------------+
| | | | | | | | |
+--+---------------------------+----------+--------+--------+--+--------------+--------------+
| | TOTAL EQUITY AND LIABILITIES | | | | 11,232,960 | 11,787,367 |
+--+---------------------------+----------+--------+--------+--+--------------+--------------+
The financial statements were approved by the Board of Directors on 26 June 2009
and were signed on its behalf by:
+--------------------------------------------------------------------------+--------------------------------------------------------------------------+
| ........................................................................ | ........................................................................ |
+--------------------------------------------------------------------------+--------------------------------------------------------------------------+
| S A Bentley - Chairman | A McEwen - Chief Executive |
+--------------------------------------------------------------------------+--------------------------------------------------------------------------+
Consolidated Cash Flow Statement for the year ended 31 December 2008
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | | | | | | 2008 | 2007 |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | | | |Notes | | GBP | GBP |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | | | | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | CASH FLOWS FROM OPERATING ACTIVITIES | | | | |
+--+----------------------------------------------------+-------+--+--------------+--------------+
| | | | | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | Loss for the year | | | | | (1,315,993) | (212,009) |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | Income tax charge/(credit) | | | | | 97,372 | (1,236) |
| | recognised in loss | | | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | Loss on sale of property, plant and equipment | | | 333,254 | - |
| | recognised in loss | | | | |
+--+----------------------------------------------------+-------+--+--------------+--------------+
| | Finance costs recognised in loss | | | | | 806,848 | 633,692 |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | Investment income recognised in loss | | | (1,981) | - |
+--+----------------------------------------------------+-------+--+--------------+--------------+
| | Depreciation and amortisation of non current | | | 138,000 | 65,664 |
| | assets | | | | |
+--+----------------------------------------------------+-------+--+--------------+--------------+
| | | | | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | | | | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | | | | | | 57,500 | 486,111 |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | Movements in working capital | | | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | Decrease/(increase) in trade and other receivables | | | 78,075 | (158,032) |
+--+----------------------------------------------------+-------+--+--------------+--------------+
| | Decrease/(increase) in inventories | | | 13,632 | (53,842) |
+--+----------------------------------------------------+-------+--+--------------+--------------+
| | (Decrease)/increase in trade and other payables | | | (422,682) | 247,199 |
+--+----------------------------------------------------+-------+--+--------------+--------------+
| | | | | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | Cash (used by)/generated from | | | | | (273,475) | 521,436 |
| | operations | | | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | | | | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | Interest received | | | | | 1,981 | 5,748 |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | Interest paid | | | | | (735,149) | (648,125) |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | Tax paid | | | | | (22,043) | (24,662) |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | | | | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | Net cash used by operating | | | | | (1,028,686) | (145,603) |
| | activities | | | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | | | | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | CASH FLOWS FROM INVESTING ACTIVITIES | | | | |
+--+----------------------------------------------------+-------+--+--------------+--------------+
| | | | | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | Payments for property, plant and | | | | | (159,523) | (2,929,112) |
| | equipment | | | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | Proceeds from sale of property, plant and | | | 2,135,150 | - |
| | equipment | | | | |
+--+----------------------------------------------------+-------+--+--------------+--------------+
| | Acquisition of subsidiaries | | | | | (29,365) | (342,071) |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | | | | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | Net cash generated by(used in) investing | | | 1,946,262 | (3,271,183) |
| | activities | | | | |
+--+----------------------------------------------------+-------+--+--------------+--------------+
| | | | | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | CASH FLOWS FROM FINANCING ACTIVITIES | | | | |
+--+----------------------------------------------------+-------+--+--------------+--------------+
| | | | | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | Proceeds from issues of equity | | | | | - | 283,000 |
| | shares | | | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | Payment for share issue costs | | | | | - | (83,345) |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | Proceeds from borrowings | | | | | 1,329,000 | 8,465,069 |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | Repayment of borrowings | | | | | (184,867) | (5,228,920) |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | | | | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | Net cash generated by financing | | | | | 1,144,133 | 3,435,804 |
| | activities | | | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | | | | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | Net increase in cash and cash equivalents | | | 2,061,709 | 19,018 |
+--+----------------------------------------------------+-------+--+--------------+--------------+
| | | | | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | Cash and cash equivalents at the beginning of the | | | (352,693) | (371,711) |
| | financial year | | | | |
+--+----------------------------------------------------+-------+--+--------------+--------------+
| | | | | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | Cash and cash equivalents at the end of the | 10 | | 1,709,016 | (352,693) |
| | financial year | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | | | | | | 2008 | 2007 |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | | | |Notes | | GBP | GBP |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | | | | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | CASH FLOWS FROM OPERATING ACTIVITIES | | | | |
+--+----------------------------------------------------+-------+--+--------------+--------------+
| | | | | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | Loss for the year | | | | | (1,896,097) | (757,024) |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | Income tax expense/(credit) | | | | | 107,939 | (107,939) |
| | recognised in loss | | | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | Finance costs recognised in loss | | | | | 804,837 | 585,444 |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | Investment income recognised in loss | | | (261) | |
+--+----------------------------------------------------+-------+--+--------------+--------------+
| | Depreciation and amortisation of non current | | | 80,463 | 37,379 |
| | assets | | | | |
+--+----------------------------------------------------+-------+--+--------------+--------------+
| | | | | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | | | | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | | | | | | (903,119) | (242,140) |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | Movements in working capital | | | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | Decrease/(increase) in trade and other receivables | | | 2,493,702 | (6,090,659) |
+--+----------------------------------------------------+-------+--+--------------+--------------+
| | Decrease/(increase) in inventories | | | 12,744 | (44,877) |
+--+----------------------------------------------------+-------+--+--------------+--------------+
| | Increase in trade and other payables | | | 148,560 | 749,192 |
+--+----------------------------------------------------+-------+--+--------------+--------------+
| | | | | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | Cash generated from/(used by) | | | | | 1,751,887 | (5,628,484) |
| | operations | | | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | | | | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | Interest received | | | | | 261 | 1,494 |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | Interest paid | | | | | (733,138) | (594,129) |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | | | | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | Net cash generated from/(used by) operating | | | 1,019,008 | (6,221,119) |
| | activities | | | | |
+--+----------------------------------------------------+-------+--+--------------+--------------+
| | | | | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | CASH FLOWS FROM INVESTING ACTIVITIES | | | | |
+--+----------------------------------------------------+-------+--+--------------+--------------+
| | | | | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | Payments for property, plant and | | | | | (82,503) | (2,847,575) |
| | equipment | | | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | | | | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | Net cash used in investing | | | | | (82,503) | (2,847,575) |
| | activities | | | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | | | | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | CASH FLOWS FROM FINANCING ACTIVITIES | | | | |
+--+----------------------------------------------------+-------+--+--------------+--------------+
| | | | | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | Proceeds from issues of equity | | | | | - | 283,000 |
| | shares | | | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | Payment for share issue costs | | | | | - | (83,345) |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | Proceeds from borrowings | | | | | 1,329,000 | 8,575,251 |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | Repayment of borrowings | | | | | (184,867) | - |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | | | | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | Net cash generated by financing | | | | | 1,144,133 | 8,774,906 |
| | activities | | | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | | | | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | Net increase/(decrease) in cash and cash | | | 2,080,640 | (293,788) |
| | equivalents | | | | |
+--+----------------------------------------------------+-------+--+--------------+--------------+
| | | | | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | Cash and cash equivalents at the beginning of the | | | (427,039) | (133,251) |
| | financial year | | | | |
+--+----------------------------------------------------+-------+--+--------------+--------------+
| | | | | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
| | Cash and cash equivalents at the end of the | 10 | | 1,653,601 | (427,039) |
| | financial year | | | | |
+--+-------------------------------------+------+-------+-------+--+--------------+--------------+
NOTES
1. NATURE OF FINANCIAL INFORMATION
The financial information in this preliminary announcement does not constitute
the group's statutory financial statements for the period ended 31 December 2008
but has been extracted from those financial statements which were approved by
the board on 26 June 2009. It does not contain all information required to be
disclosed in the financial statements prepared in accordance with International
Financial Reporting Standards ('IFRS'). Statutory financial statements for this
period will be filed with the Registrar of Companies following the Company's
Annual General Meeting. The auditors have issued an unqualified report on the
financial statements for the year ended 31 December 2008 which contained no
statement under section 237(2) or 237(3) of the Companies Act 1985.
The auditors' report on the financial statements, whilst unqualified, contains
the following emphasis of matter in relation to Going Concern:
"In forming our opinion on the financial statements, which is not qualified, we
have considered the adequacy of the disclosure made in note 2 to the financial
statements concerning the Group's ability to continue as a going concern. The
Group incurred a net loss of GBP1,315,993 during the year ended 31 December 2008
and at that date, the Group's liabilities exceeded its total assets by
GBP910,219. These conditions, along with the other matters explained in note 2
to the financial statements, indicate the existence of a material uncertainty
which may cast doubt about the Group's ability to continue as a going concern.
The financial statements do not include the adjustments that would result if the
Group was unable to continue as a going concern."
Note 2 to the financial statements contains the following disclosure:
"The accounts have been prepared on a going concern basis. The Group are
currently in advanced negotiations with its bankers as to the provision of
continued support. Projections undertaken by the Group show that the expected
successful outcome of these negotiations, together with the additional financial
support provided by the Group's chairman Mr Simon Bentley, referred to in his
Chairman's Statement, will enable the group to pay its debts as they fall due."
The Group's financial statements have been prepared in accordance with
International Financial Reporting Statements (IFRSs) as adopted by the European
Union and as applied in accordance with the provisions of the Companies Act
1985. The principal accounting policies adopted by the Group are set out in note
2.
These financial statements do not include the provisions of new EU endorsed
standards or amendments and revised interpretations to existing standards which
were in issue but not effective for the reporting year of the Group. These are
IFRS 8 and amendments to International Accounting Standards 1, 23, 27, 32 and
amendments to IFRS 1 and IFRS 2. The directors anticipate adoption of these
standards and interpretations in future periods will have no material impact on
the financial statements of the Group.
+----+-------------------------------+--+--+----------+----------+----------+----------+
| 2. | OPERATING (LOSS)/PROFIT | | | | | | |
+----+-------------------------------+--+--+----------+----------+----------+----------+
| | | | | | | | |
+----+-------------------------------+--+--+----------+----------+----------+----------+
| | The operating (loss)/profit | | | | | | |
| | is stated after charging: | | | | | | |
+----+-------------------------------+--+--+----------+----------+----------+----------+
| | | | | | | 2008 | 2007 |
+----+-------------------------------+--+--+----------+----------+----------+----------+
| | | | | | | GBP | GBP |
+----+-------------------------------+--+--+----------+----------+----------+----------+
| | Hire of plant and machinery | | | | | 10,154 | 6,435 |
+----+-------------------------------+--+--+----------+----------+----------+----------+
| | Other operating leases | | | | | 314,732 | 120,419 |
+----+-------------------------------+--+--+----------+----------+----------+----------+
| | Depreciation - owned assets | | | | | 138,000 | 65,664 |
+----+-------------------------------+--+--+----------+----------+----------+----------+
| | Auditors' remuneration | | | | | 30,000 | 30,000 |
+----+-------------------------------+--+--+----------+----------+----------+----------+
| | | | | | | | |
+----+-------------------------------+--+--+----------+----------+----------+----------+
+----+-------------------------------+--+--+----------+----------+--------------+-------------+
| 3. | TAXATION | | | | | | |
+----+-------------------------------+--+--+----------+----------+--------------+-------------+
| | | | | | | 2008 | 2007 |
+----+-------------------------------+--+--+----------+----------+--------------+-------------+
| | | | | | | GBP | GBP |
+----+-------------------------------+--+--+----------+----------+--------------+-------------+
| | Income taxes | | | | | | |
+----+-------------------------------+--+--+----------+----------+--------------+-------------+
| | Current tax | | | | | | |
| | expense/(credit):: | | | | | | |
+----+-------------------------------+--+--+----------+----------+--------------+-------------+
| | Corporation tax - adjustment | | | | | 2,043 | - |
| | re prior period | | | | | | |
+----+-------------------------------+--+--+----------+----------+--------------+-------------+
| | Deferred tax: | | | | | | |
+----+-------------------------------+--+--+----------+----------+--------------+-------------+
| | Origination and reversal of | | | | | 95,329 | (1,236) |
| | temporary differences | | | | | | |
+----+-------------------------------+--+--+----------+----------+--------------+-------------+
| | | | | | | | |
+----+-------------------------------+--+--+----------+----------+--------------+-------------+
| | Income tax expense/(credit) | | | | | 97,372 | (1,236) |
+----+-------------------------------+--+--+----------+----------+--------------+-------------+
| | | | | | | | |
+----+-------------------------------+--+--+----------+----------+--------------+-------------+
| | Reconciliation of tax | | | | | | |
+----+-------------------------------+--+--+----------+----------+--------------+-------------+
| | Loss before tax | | | | | (1,218,621) | (213,245) |
+----+-------------------------------+--+--+----------+----------+--------------+-------------+
| | | | | | | | |
+----+-------------------------------+--+--+----------+----------+--------------+-------------+
| | Loss at UK corporation tax rate of 28% (2007: | | (341,214) | (63,974) |
| | 30%) | | | |
+----+------------------------------------------------+----------+--------------+-------------+
| | | | | | | | |
+----+-------------------------------+--+--+----------+----------+--------------+-------------+
| | Effects of: | | | | | | |
+----+-------------------------------+--+--+----------+----------+--------------+-------------+
| | Expenses not deductible for | | | | | 1,500 | 2,450 |
| | tax | | | | | | |
+----+-------------------------------+--+--+----------+----------+--------------+-------------+
| | Losses carried forward | | | | | 318,728 | 76,164 |
+----+-------------------------------+--+--+----------+----------+--------------+-------------+
| | Excess of depreciation over/(in deficit to) | | 20,986 | (14,640) |
| | capital allowances | | | |
+----+------------------------------------------------+----------+--------------+-------------+
| | Provision re prior periods | | | | | 2,043 | - |
+----+-------------------------------+--+--+----------+----------+--------------+-------------+
| | Deferred tax movement | | | | | 95,329 | (1,236) |
+----+-------------------------------+--+--+----------+----------+--------------+-------------+
| | | | | | | | |
+----+-------------------------------+--+--+----------+----------+--------------+-------------+
| | Current tax charge | | | | | 97,372 | (1,236) |
+----+-------------------------------+--+--+----------+----------+--------------+-------------+
+----+------------------------------+--+--+-----------+-----------+--------------+--------------+
| 4. | EARNINGS PER SHARE | | | | | | |
+----+------------------------------+--+--+-----------+-----------+--------------+--------------+
| | | | | | | | |
+----+------------------------------+--+--+-----------+-----------+--------------+--------------+
| | The calculation of the basic earnings per share is based on the loss on ordinary |
| | activities after taxation and on the weighted average number of ordinary shares in |
| | issue during the period. |
+----+------------------------------------------------------------------------------------------+
| | | | | | | | |
+----+------------------------------+--+--+-----------+-----------+--------------+--------------+
| | | | | | | 2008 | 2007 |
+----+------------------------------+--+--+-----------+-----------+--------------+--------------+
| | | | | | | pence | pence |
| | | | | | | per share | per share |
+----+------------------------------+--+--+-----------+-----------+--------------+--------------+
| | Basic earnings per ordinary | | | | | | |
| | share | | | | | | |
+----+------------------------------+--+--+-----------+-----------+--------------+--------------+
| | Loss | | | | | (0.83)p | (0.15)p |
+----+------------------------------+--+--+-----------+-----------+--------------+--------------+
| | | | | | | | |
+----+------------------------------+--+--+-----------+-----------+--------------+--------------+
| | Diluted earnings per | | | | | | |
| | ordinary share | | | | | | |
+----+------------------------------+--+--+-----------+-----------+--------------+--------------+
| | Loss | | | | | (0.83)p | (0.15)p |
+----+------------------------------+--+--+-----------+-----------+--------------+--------------+
| | | | | | | | |
+----+------------------------------+--+--+-----------+-----------+--------------+--------------+
| | | | | | | | |
+----+------------------------------+--+--+-----------+-----------+--------------+--------------+
| | | | | | | 2008 | 2007 |
+----+------------------------------+--+--+-----------+-----------+--------------+--------------+
| | | | | | | GBP | GBP |
+----+------------------------------+--+--+-----------+-----------+--------------+--------------+
| | Basic earnings per ordinary | | | | | | |
| | share | | | | | | |
+----+------------------------------+--+--+-----------+-----------+--------------+--------------+
| | Earnings used in the calculation of basic earnings per | (1,315,993) | (212,009) |
| | share | | |
+----+------------------------------------------------------------+--------------+--------------+
| | | | | | | | |
+----+------------------------------+--+--+-----------+-----------+--------------+--------------+
| | Weighted average number of ordinary shares for the | 159,344,878 | 139,396,044 |
| | purposes of basic earnings per share | | |
+----+------------------------------------------------------------+--------------+--------------+
| | | | | | | | |
+----+------------------------------+--+--+-----------+-----------+--------------+--------------+
| | Diluted earnings per | | | | | | |
| | ordinary share | | | | | | |
+----+------------------------------+--+--+-----------+-----------+--------------+--------------+
| | | | | | | | |
+----+------------------------------+--+--+-----------+-----------+--------------+--------------+
| | The calculation of diluted earnings per share is based on the basic loss per share |
| | adjusted to allow for the issue of shares on all share options granted at a price |
| | less than the average market price for the year. They are assumed to be converted |
| | at the date of issue. |
+----+------------------------------------------------------------------------------------------+
| | | | | | | | |
+----+------------------------------+--+--+-----------+-----------+--------------+--------------+
| | | | | | | 2008 | 2007 |
+----+------------------------------+--+--+-----------+-----------+--------------+--------------+
| | | | | | | GBP | GBP |
+----+------------------------------+--+--+-----------+-----------+--------------+--------------+
| | Weighted average number of ordinary shares used in the | 159,344,878 | 139,396,044 |
| | calculation of basic and diluted earnings per share | | |
+----+------------------------------+--+--+-----------+-----------+--------------+--------------+
+----+-------------------------------+--+---+----------+--------------+----------+------------+
| 5. | ISSUED CAPITAL | | | | | | |
+----+-------------------------------+--+---+----------+--------------+----------+------------+
| | | | | | | | |
+----+-------------------------------+--+---+----------+--------------+----------+------------+
| | | | | | Number | Share | Share |
| | | | | | of | capital | premium |
| | | | | | shares | | |
+----+-------------------------------+--+---+----------+--------------+----------+------------+
| | | | | | | GBP | GBP |
+----+-------------------------------+--+---+----------+--------------+----------+------------+
| | | | | | | | |
+----+-------------------------------+--+---+----------+--------------+----------+------------+
| | At 1 January 2006 | | | | 87,719,058 | 263,157 | 1,369,955 |
+----+-------------------------------+--+---+----------+--------------+----------+------------+
| | Issue of share capital | | | | 61,700,000 | 185,100 | 447,900 |
+----+-------------------------------+--+---+----------+--------------+----------+------------+
| | Share issue costs | | | | - | - | (83,345) |
+----+-------------------------------+--+---+----------+--------------+----------+------------+
| | | | | | | | |
+----+-------------------------------+--+---+----------+--------------+----------+------------+
| | At 1 January 2007 | | | | 149,419,058 | 448,257 | 1,734,510 |
+----+-------------------------------+--+---+----------+--------------+----------+------------+
| | Issue of share capital | | | | 12,150,000 | 36,450 | 85,050 |
+----+-------------------------------+--+---+----------+--------------+----------+------------+
| | | | | | | | |
+----+-------------------------------+--+---+----------+--------------+----------+------------+
| | At 31 December 2008 | | | | 161,569,058 | 484,707 | 1,819,560 |
+----+-------------------------------+--+---+----------+--------------+----------+------------+
| | | | | | | | |
+----+-------------------------------+--+---+----------+--------------+----------+------------+
| | 12,150,000 (2007: 61,700,000) ordinary shares of 0.3p were issued during the |
| | year. These were issued for a premium of 0.7p per share. Total share |
| | consideration was GBP121,500 which was satisfied by the capitalisation of loans. |
+----+----------------------------------------------------------------------------------------+
| | | | | | | | |
+----+-------------------------------+--+---+----------+--------------+----------+------------+
| | The Company's authorised share capital comprises 320,000,000 ordinary shares |
| | which have a par value of 0.3p each. The 161,569,058 ordinary shares in issue |
| | are fully paid. Each share carries one vote. |
+----+----------------------------------------------------------------------------------------+
| | | | | | | | |
+----+-------------------------------+--+---+----------+--------------+----------+------------+
| | Share options exist as disclosed in the directors' report. |
+----+-------------------------------+--+---+----------+--------------+----------+------------+
+----+-------------------------------+--+---+----------+----------+-------------+----------+
| 6. | RETAINED EARNINGS | | | | | | |
+----+-------------------------------+--+---+----------+----------+-------------+----------+
| | | | | | | | |
+----+-------------------------------+--+---+----------+----------+-------------+----------+
| | | | | | | Group | |
+----+-------------------------------+--+---+----------+----------+-------------+----------+
| | | | | | | GBP | |
+----+-------------------------------+--+---+----------+----------+-------------+----------+
| | | | | | | | |
+----+-------------------------------+--+---+----------+----------+-------------+----------+
| | At 1 January 2007 | | | | | (1,686,484) | |
+----+-------------------------------+--+---+----------+----------+-------------+----------+
| | Deficit for the year | | | | | (212,009) | |
+----+-------------------------------+--+---+----------+----------+-------------+----------+
| | | | | | | | |
+----+-------------------------------+--+---+----------+----------+-------------+----------+
| | At 31 December 2007 | | | | | (1,898,493) | |
+----+-------------------------------+--+---+----------+----------+-------------+----------+
| | Deficit for the year | | | | | (1,315,993) | |
+----+-------------------------------+--+---+----------+----------+-------------+----------+
| | | | | | | | |
+----+-------------------------------+--+---+----------+----------+-------------+----------+
| | At 31 December 2008 | | | | | (3,214,486) | |
+----+-------------------------------+--+---+----------+----------+-------------+----------+
+----+-------------------------------+--+--+------------+----------+------------+------------+
| 7. | BORROWINGS | | | | | | |
+----+-------------------------------+--+--+------------+----------+------------+------------+
| | | | | | | | |
+----+-------------------------------+--+--+------------+----------+------------+------------+
| | Group | | | | | | |
+----+-------------------------------+--+--+------------+----------+------------+------------+
| | | | | Current | Non current |
+----+-------------------------------+--+--+-----------------------+-------------------------+
| | | | | 2008 | 2007 | 2008 | 2007 |
+----+-------------------------------+--+--+------------+----------+------------+------------+
| | | | | GBP | GBP | GBP | GBP |
+----+-------------------------------+--+--+------------+----------+------------+------------+
| | Unsecured - at amortised cost | | | | | | |
+----+-------------------------------+--+--+------------+----------+------------+------------+
| | Bank overdrafts | | | 401,526 | 440,822 | - | - |
+----+-------------------------------+--+--+------------+----------+------------+------------+
| | Other loans | | | 437,036 | - | 13,678 | - |
+----+-------------------------------+--+--+------------+----------+------------+------------+
| | Loans from related parties | | | 1,144,000 | 15,000 | - | 415,000 |
+----+-------------------------------+--+--+------------+----------+------------+------------+
| | | | | | | | |
+----+-------------------------------+--+--+------------+----------+------------+------------+
| | | | | 1,982,562 | 455,822 | 13,678 | 415,000 |
+----+-------------------------------+--+--+------------+----------+------------+------------+
| | | | | | | | |
+----+-------------------------------+--+--+------------+----------+------------+------------+
| | Secured - at amortised cost | | | | | | |
+----+-------------------------------+--+--+------------+----------+------------+------------+
| | Bank Loans | | | 313,856 | 141,415 | 7,689,314 | 8,003,836 |
+----+-------------------------------+--+--+------------+----------+------------+------------+
| | | | | | | | |
+----+-------------------------------+--+--+------------+----------+------------+------------+
| | | | | 2,296,418 | 597,237 | 7,702,992 | 8,418,836 |
+----+-------------------------------+--+--+------------+----------+------------+------------+
| | | | | | | | |
+----+-------------------------------+--+--+------------+----------+------------+------------+
+----+-------------------------------+--+--+----------+----------+------------+------------+
| 8. | OPERATING LEASE RRANGEMENTS | | | | | | |
+----+-------------------------------+--+--+----------+----------+------------+------------+
| | | | | | | | |
+----+-------------------------------+--+--+----------+----------+------------+------------+
| | Operating leases relate to properties that the Group uses in the operation of |
| | its business. These are for lease terms between 17 and 21 years. All operating |
| | lease contracts contain market review clauses. The Group does not have an option |
| | to purchase the leased assets at the expiry of the lease. Total payments due |
| | over the period of the leases are: |
+----+-------------------------------------------------------------------------------------+
| | | | | | | 2008 | 2007 |
+----+-------------------------------+--+--+----------+----------+------------+------------+
| | | | | | | GBP | GBP |
+----+-------------------------------+--+--+----------+----------+------------+------------+
| | | | | | | | |
+----+-------------------------------+--+--+----------+----------+------------+------------+
| | Not longer than one year | | | | | 204,712 | 241,167 |
+----+-------------------------------+--+--+----------+----------+------------+------------+
| | Longer than one year but not longer than five | | 818,850 | 964,670 |
| | years | | | |
+----+------------------------------------------------+----------+------------+------------+
| | Longer than five years | | | | | 2,681,262 | 3,283,160 |
+----+-------------------------------+--+--+----------+----------+------------+------------+
| | | | | | | | |
+----+-------------------------------+--+--+----------+----------+------------+------------+
| | | | | | | 3,704,824 | 4,488,997 |
+----+-------------------------------+--+--+----------+----------+------------+------------+
9.RELATED PARTY DISCLOSURES
The Group rents a cottage in Hunstanton, Norfolk from Mr A McEwen and Mr S A
Bentley, the directors, for a market rent of GBP750 per month.
During the year Mr S A Bentley lent the Group GBP700,000 (2007: GBP210,000), Mr
A McEwen lent the Group GBP30,000 (2007: GBP25,000), Mr T D McEwen lent the
Group GBP10,000 (2007: nil), Mr M L Butcher lent the Group GBP5,000 (2007: nil).
Regents Park Estates Pension Scheme, of which Mr S A Bentley is a trustee, lent
the Group GBP475,000 (2007: GBP80,000). During the year interest payable was
charged in the profit and loss account in respect of Mr S A Bentley of GBP37,903
(2007: GBP7,940), GBPnil in respect of Mr A McEwen (2007: GBP444) and GBPnil
(2007: GBP9,012) in respect of Regents Park Estates Pension Scheme. At the year
end balances were due to Mr A McEwen GBP35,000 (2007: GBP15,000), Mr S A Bentley
GBP600,000 (2007: nil), Mr T D McEwen GBP4,000 (2007: nil) and Regents Park
Estates Pension Scheme GBP450,000 (2007: nil).
15% loan notes are in issue to Regents Park Estates Pension Scheme, of which Mr
S A Bentley is a trustee. During the year interest of GBP16,021 (2007:
GBP10,350) was charged in the profit and loss account and at the year end the
balance stood at GBP55,000 (2007: GBP115,000).
+-----+-------------------------------+--+--+------------+-------------+----------+----------+
| 10. | CASH AND CASH EQUIVALENTS | | | | | | |
+-----+-------------------------------+--+--+------------+-------------+----------+----------+
| | | | | | | | |
+-----+-------------------------------+--+--+------------+-------------+----------+----------+
| | For the purposes of the cash flow statement, cash and cash equivalents include |
| | cash on hand and in banks, net of outstanding bank overdrafts. Cash and cash |
| | equivalents at the end of the financial year as shown in the cash flow |
| | statement can be reconciled to the related items in the balance sheet as |
| | follows: |
+-----+--------------------------------------------------------------------------------------+
| | | | | | | | |
+-----+-------------------------------+--+--+------------+-------------+----------+----------+
| | | | | Group | |
+-----+-------------------------------+--+--+--------------------------+---------------------+
| | | | | 2008 | 2007 | | |
+-----+-------------------------------+--+--+------------+-------------+----------+----------+
| | | | | GBP | GBP | | |
+-----+-------------------------------+--+--+------------+-------------+----------+----------+
| | Cash and bank balances | | | 2,110,542 | 88,129 | | |
+-----+-------------------------------+--+--+------------+-------------+----------+----------+
| | Bank overdraft | | | (401,526) | (440,822) | | |
+-----+-------------------------------+--+--+------------+-------------+----------+----------+
| | | | | | | | |
+-----+-------------------------------+--+--+------------+-------------+----------+----------+
| | | | | 1,709,016 | (352,693) | | |
+-----+-------------------------------+--+--+------------+-------------+----------+----------+
| | | | | | | | |
+-----+-------------------------------+--+--+------------+-------------+----------+----------+
Included in Group and Company cash and bank balances at 31 December 2008 is
GBP2,050,649, which was received from the disposal of Wroxton House Hotel. The
Group is unable to draw against these monies, the monies being held by the
Group's bankers as security against the Group's borrowings.
+-----+-------------------------------+--+--+------------+------------+----------+----------+
| 11. | FINANCIAL ASSETS AND | | | | | | |
| | LIABILITIES | | | | | | |
+-----+-------------------------------+--+--+------------+------------+----------+----------+
| | The Group's main financial instruments are loans, cash at bank and short term |
| | debtors and creditors. |
+-----+-------------------------------------------------------------------------------------+
| | | | | | | | |
+-----+-------------------------------+--+--+------------+------------+----------+----------+
| | Capital Management | | | | | | |
+-----+-------------------------------+--+--+------------+------------+----------+----------+
| | The Group's policy is to maintain a strong capital base. The Group finances its |
| | operations through bank borrowings and the management of working capital. |
| | Acquisitions are financed through both the issue of equity and bank borrowings. |
+-----+-------------------------------------------------------------------------------------+
| | | | | | | | |
+-----+-------------------------------+--+--+------------+------------+----------+----------+
| | Management of financial risk | | | | | | |
+-----+-------------------------------+--+--+------------+------------+----------+----------+
| | Details of the risks (financial, liquidity, interest rate and credit) facing |
| | the Group are highlighted in the directors' report. |
+-----+-------------------------------------------------------------------------------------+
| | | | | | | | |
+-----+-------------------------------+--+--+------------+------------+----------+----------+
| | The Group has mitigated its short term exposure to interest rate risk by |
| | entering into an agreement with the Group's bankers to fix the interest rate on |
| | the Group's main borrowings for the next five years. |
+-----+-------------------------------------------------------------------------------------+
| | | | | | | | |
+-----+-------------------------------+--+--+------------+------------+----------+----------+
| | Included in trade debtors of GBP31,215 (2007: GBP69,283), an amount of GBPnil |
| | (2007: GBP30,572) was past the due date. Any provision for impairment is based |
| | upon the specific circumstances of each transaction and at the year end no |
| | provision for impairment was considered necessary. |
+-----+-------------------------------------------------------------------------------------+
| | | | | | | | |
+-----+-------------------------------+--+--+------------+------------+----------+----------+
| | Borrowings | | | | | | |
+-----+-------------------------------+--+--+------------+------------+----------+----------+
| | | | | Group | | | |
+-----+-------------------------------+--+--+------------+------------+----------+----------+
| | | | | 2008 | 2007 | | |
+-----+-------------------------------+--+--+------------+------------+----------+----------+
| | | | | GBP | GBP | | |
+-----+-------------------------------+--+--+------------+------------+----------+----------+
| | | | | | | | |
+-----+-------------------------------+--+--+------------+------------+----------+----------+
| | Unsecured bank overdraft | | | 401,526 | 440,822 | | |
| | facility | | | | | | |
+-----+-------------------------------+--+--+------------+------------+----------+----------+
| | | | | | | | |
+-----+-------------------------------+--+--+------------+------------+----------+----------+
| | Secured bank loan facility | | | 8,003,170 | 8,145,251 | | |
+-----+-------------------------------+--+--+------------+------------+----------+----------+
| | | | | | | | |
+-----+-------------------------------+--+--+------------+------------+----------+----------+
| | Unsecured loans from other | | | 450,714 | - | | |
| | parties | | | | | | |
+-----+-------------------------------+--+--+------------+------------+----------+----------+
| | | | | | | | |
+-----+-------------------------------+--+--+------------+------------+----------+----------+
| | Unsecured loans from related | | | 1,144,000 | 430,000 | | |
| | parties | | | | | | |
+-----+-------------------------------+--+--+------------+------------+----------+----------+
+-----+-------------------------------+--+--+------------+------------+----------+----------+
| 11. | FINANCIAL ASSETS AND LIABILITIES continued | | | |
+-----+--------------------------------------------------+------------+----------+----------+
| | An analysis of the maturity of the loans is | | | |
| | given below: | | | |
+-----+--------------------------------------------------+------------+----------+----------+
| | | | | Group | |
+-----+-------------------------------+--+--+-------------------------+---------------------+
| | | | | 2008 | 2007 | | |
+-----+-------------------------------+--+--+------------+------------+----------+----------+
| | | | | GBP | GBP | | |
+-----+-------------------------------+--+--+------------+------------+----------+----------+
| | Amounts falling due within one year or on | | | |
| | demand: | | | |
+-----+--------------------------------------------------+------------+----------+----------+
| | Bank overdrafts | | | 401,526 | 440,822 | | |
+-----+-------------------------------+--+--+------------+------------+----------+----------+
| | Bank loans | | | 313,856 | 141,415 | | |
+-----+-------------------------------+--+--+------------+------------+----------+----------+
| | Other loans | | | 1,581,036 | 15,000 | | |
+-----+-------------------------------+--+--+------------+------------+----------+----------+
| | | | | | | | |
+-----+-------------------------------+--+--+------------+------------+----------+----------+
| | | | | 2,296,418 | 597,237 | | |
+-----+-------------------------------+--+--+------------+------------+----------+----------+
| | | | | | | | |
+-----+-------------------------------+--+--+------------+------------+----------+----------+
| | Amounts falling due between one and two years: | | | |
+-----+--------------------------------------------------+------------+----------+----------+
| | Bank loans | | | 359,808 | 289,808 | | |
+-----+-------------------------------+--+--+------------+------------+----------+----------+
| | Other loans | | | 13,678 | 415,000 | | |
+-----+-------------------------------+--+--+------------+------------+----------+----------+
| | | | | | | | |
+-----+-------------------------------+--+--+------------+------------+----------+----------+
| | | | | 373,486 | 704,808 | | |
+-----+-------------------------------+--+--+------------+------------+----------+----------+
| | | | | | | | |
+-----+-------------------------------+--+--+------------+------------+----------+----------+
| | Amounts falling due between two and five | | | |
| | years: | | | |
+-----+--------------------------------------------------+------------+----------+----------+
| | Bank loans | | | 805,125 | 1,009,121 | | |
+-----+-------------------------------+--+--+------------+------------+----------+----------+
| | | | | | | | |
+-----+-------------------------------+--+--+------------+------------+----------+----------+
| | Amounts falling due in more than five years: | | | |
+-----+--------------------------------------------------+------------+----------+----------+
| | Bank loans | | | 6,524,381 | 6,704,907 | | |
+-----+-------------------------------+--+--+------------+------------+----------+----------+
| | | | | | | | |
+-----+-------------------------------+--+--+------------+------------+----------+----------+
| | Borrowings include: | | | | | | |
+-----+-------------------------------+--+--+------------+------------+----------+----------+
| | Bank borrowings of GBP7,420,000 at an interest rate of 7.45% for the next 5 |
| | years with the rate thereafter being determined by market conditions - |
| | repayable monthly within 20 years. |
+-----+-------------------------------------------------------------------------------------+
| | | | | | | | |
+-----+-------------------------------+--+--+------------+------------+----------+----------+
| | Bank borrowings of GBP583,170 (2007: GBP725,251) at floating interest rates |
| | repayable within 5 years. |
+-----+-------------------------------------------------------------------------------------+
| | | | | | | | |
+-----+-------------------------------+--+--+------------+------------+----------+----------+
| | Loan notes of GBP250,000 at 10% interest and GBP205,000 (2007: GBP165,000) loan |
| | notes at 15% interest repayable in 2009. |
+-----+-------------------------------------------------------------------------------------+
| | | | | | | | |
+-----+-------------------------------+--+--+------------+------------+----------+----------+
| | Directors' loans of GBP15,000 at floating interest rates repayable on demand. |
+-----+-------------------------------------------------------------------------------------+
| | | | | | | | |
+-----+-------------------------------+--+--+------------+------------+----------+----------+
| | Other loans of GBP50,714 at 15% interest repayable within 2 years. |
+-----+-------------------------------------------------------------------------------------+
| | | | | | | | |
+-----+-------------------------------+--+--+------------+------------+----------+----------+
| | The bank borrowings are secured by a charge on the assets of the Group. |
+-----+-------------------------------+--+--+------------+------------+----------+----------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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