We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Stylo | LSE:STYL | London | Ordinary Share | GB0008572066 | LTD-VTG ORD 2P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:9910D Stylo PLC 19 September 2007 Release Date: 19 September 2007 Immediate Release STYLO PLC RESTATEMENT OF FINANCIAL INFORMATION UNDER INTERNATIONAL FINANCIAL REPORTING STANDARDS Stylo plc ("the Group") is preparing for the adoption of International Financial Reporting Standards ("IFRS") for the 52 weeks ending 2 February 2008. As part of this transition, the Group today presents its results and accounting policies prepared under IFRS for the 53 weeks ended 3 February 2007 and the 26 weeks ended 29 July 2006, together with explanations and reconciliations of the changes. This announcement is intended to assist readers of the Group's financial statements to understand the impact of IFRS in advance of the publication of the Group's Interim Report for the period ended 4 August 2007 in September 2007. The primary changes to the Group's previously reported financial information at 3 February 2007 and 29 July 2006 resulting from the adoption of IFRS are as a result of the following: * Reclassification of certain leases as finance leases; * The uplift of freehold and long leasehold property to fair value as deemed cost at the date of transition; * Recognition of lease incentives received over the life of the lease; and * Related deferred taxation adjustments. The adoption of IFRS represents an accounting change only and does not affect the cash flows of the Group or its operations. For the 53 weeks ended 3 February 2007, the impact of adoption of IFRS is to increase the loss before taxation by #2.0m from #4.7m to #6.7m, principally being #0.9m charge related to lease incentives, #0.6m credit related to deferred taxation and #1.7m charge related to disposal of assets capitalised at the IFRS transition date. As at 3 February 2007, net assets after the adoption of IFRS increased to #45.9m from #35.3m, the principal difference relating to the recognition of the property valuation surplus of #25.3m, recognition of deferred tax liabilities of #11.5m and deferral of lease incentives over the life of the lease of #1.8m. Full reconciliations between UK GAAP and IFRS of the balance sheets at the date of transition being 28 January 2006, 29 July 2006 and 3 February 2007 and the income statements for the 26 weeks ended 29 July 2006 and the 53 weeks ended 3 February 2007 are set out in the attached announcement. The Group is monitoring future developments in IFRS on an ongoing basis. Such developments may result in the inclusion of additional adjustments in the year end financial statements. The interim results for the 26 weeks ended 4 August 2007 will be announced in September 2007. For Further Information Stylo plc Michael Ziff 01274 617 761 Dawnay Day Corporate Finance David Floyd 020 7509 4570 1. INTRODUCTION Stylo plc and its subsidiary companies ("the Group") currently prepare consolidated financial statements in accordance with UK Generally Accepted Accounting Practice ("UK GAAP"). Following a European Union Regulation issued in July 2002, the Group will now report its consolidated figures under International Accounting Standards and International Financial Reporting Standards (collectively "IFRS") as adopted by the European Union. The Group's first annual report under IFRS will be for the 52 weeks ending 2 February 2008 and these financial statements will include restated figures under IFRS for the year ended 3 February 2007. The Group's date of transition to IFRS is 28 January 2006, being the start of the previous period that will be presented as comparative information. The first IFRS results to be announced will be for the half-year ended 4 August 2007. This document sets out the changes in accounting policies arising from the adoption of IFRS and presents restated information for the opening balance sheet at 28 January 2006, the 26 weeks ended 29 July 2006 and the 53 weeks ended 3 February 2007, which were previously published under UK GAAP. Conversion to IFRS affects the Group's reporting particularly in the areas of accounting for leases, property uplift to fair value, lease incentives, financial instruments, and deferred taxation. This said, the adoption of IFRS represents an accounting change only and does not change the cash flows of the group or its operations. There is also no impact on the Group's reportable segments from those reported under UK GAAP. 2. BASIS OF PREPARATION The financial statements in this document, which is unaudited, has been prepared in accordance with the accounting policies set out in Section 5 below. The accounting policies are based on current IFRS, International Financial Reporting Interpretation Committee ("IFRIC") interpretations and current International Accounting Standards Board ("IASB") exposure drafts that are expected to be issued as final standards and adopted by the EU such that they are effective for the 52 weeks ending 2 February 2008. These standards are subject to ongoing review and endorsement by the EU and further IFRIC interpretations and may therefore be subject to change. The Group's first IFRS financial statements may consequently be prepared on the basis of accounting policies or presentations that are different to those set out in this document. In implementing the transition to IFRS, the Group has followed the requirements of IFRS 1, the general principle being to establish accounting policies under IFRS and then to apply these retrospectively at the transition date to determine the opening balance sheet. Significant accounting policy changes, together with the relevant transitional provisions, are set out in Section 4 below. In accordance with IFRS 1 'First Time Adoption of International Financial Reporting Standards' there are a number of first time adoption exemptions available, some of which are mandatory and some optional. The Group has applied the following optional exemptions: * Business combinations - the Group has not restated any business combinations that occurred before 28 January 2006; and * Share based payment transactions - The Group has not applied IFRS 2 to share awards that were issued prior to 7 November 2002 and which vested until after 28 January 2006. The following mandatory exceptions to full retrospective application of IFRS were applicable to the Group: * Hedge accounting - the Group will apply hedge accounting from 28 January 2006 where hedge relationships meet the relevant criteria under IAS 39; and * Estimates - estimates under IFRS at 28 January 2006 are consistent with estimates made at the same date under UK GAAP. The UK GAAP financial information contained in this document does not constitute full financial statements within the meaning of Section 240 of the Companies Act 1985. Full financial statements for the 53 weeks ended 3 February 2007, which were prepared under UK GAAP, have been delivered to the Registrar of Companies. The auditors' report on those financial statements was unqualified, did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and did not contain a statement under section 237(2)-(3) of the Companies Act 1985. 3. OVERVIEW OF THE IMPACT OF IFRS ADOPTION The adoption of IFRS represents an accounting change only and does not affect the cash flows of the Group or its operations. The analysis below sets out the most significant adjustments made at arriving at the income statements and balance sheets in accordance with IFRS, the impact of which can be seen in the reconciliations in Sections 6 to 10. Based on the accounting policies detailed in Section 5, the effect of the transition on key reported results is as follows: 26 weeks 53 weeks to to 29 July 3 February 2006 2007 UK GAAP IFRS UK GAAP IFRS #'000 #'000 #'000 #'000 Operating loss (5,207) (5,979) (2,450) (3,173) Loss for the period (7,036) (7,731) (4,696) (6,727) Basic loss per share (22.37) (24.58) (14.98) (21.45) Net assets 34,011 45,941 35,339 45,941 Net assets per share 98.3 132.8 102.2 132.8 (pence) The key impacts on reported results are: * The reclassification of certain leases as finance leases; * The uplift of freehold and long leasehold property to fair value as deemed cost at the date of transition; * The recognition of lease incentives received over the life of the lease; and * Related deferred taxation adjustments. Each of these is discussed in further detail in the following section, and full reconciliations of the UK GAAP to IFRS figures are shown in Sections 6 to 10. 4. EXPLANATION OF SIGNIFICANT ADJUSTMENTS Finance Leases (IAS 17) IAS 17 considers a number of factors similar to UK GAAP (SSAP 21) in determining whether leases should be treated as finance leases or operating leases. Unlike SSAP 21, which considers leases to be finance leases if the net present value of future lease payments is in excess of 90% of the fair value of the asset, IAS 17 is less prescriptive and some leases that were previously treated as operating leases are now treated as finance leases in accordance with IFRS. Accordingly, an adjustment has been made to increase both non-current assets and other financial liabilities. Property plant and equipment (IAS 16) The Group has taken advantage of the IFRS 1 first time adoption option to measure properties at the date of transition at their fair value and treat this as the deemed cost, with no future annual revaluation policy. Property, plant and equipment has, therefore, been increased with a corresponding adjustment to retained earnings and a reclassification of the previous UK GAAP revaluation reserve to retained earnings. Leases (SIC 15) Under UK GAAP, operating lease incentives (premiums received and rent free periods) were recognised in the profit and loss account over the period to the first rent review. In accordance with SIC 15 'Operating leases - Incentives', lease incentives will now be recognised in the income statement over the full term of the lease. As a result, an adjustment has been made to increase trade and other payables and to reduce the income previously recognised in the profit and loss account under UK GAAP. Deferred taxation (IAS 12) IAS 12 takes a balance sheet approach to deferred tax whereby deferred tax is recognised in the balance sheet by applying the appropriate rate of tax to the temporary differences arising between the carrying value of assets and liabilities and their tax base. This contrasts to UK GAAP (FRS 19) that considers timing differences arising in the profit and loss account. Accordingly, an adjustment has been made to recognise a deferred tax liability, principally in relation to the property uplift to fair value, with a corresponding adjustment to retained earnings. Other Other adjustments include: * Recognition of fair value gains arising on forward contracts (IAS 39); * Reassessment of overheads absorbed into inventories (IAS 2); * Reclassification of 'Profit on Disposal of Fixed Assets' to within 'Operating Profit' within the income statement (IAS 1); * Reclassification of certain properties to 'Investment Properties' (IAS 40); and * Reclassification of properties held for sale to 'Assets Held for Sale' (IFRS 5). Adjustments made to the financial statements on the transition to IFRS result in related adjustments, which are detailed in the full balance sheet and income statement reconciliations between UK GAAP and IFRS as shown in Sections 6 to 10. 5. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The IFRS restatement information (the financial information) has been prepared in accordance with the recognition and measurement requirements of the International Financial Reporting Standards ('IFRS') as adopted by the European Union. A summary of the significant accounting policies adopted and consistently applied, in the preparation of the group financial information is shown below: Basis of preparation The financial statements have been prepared on the historical cost basis except for derivative financial instruments which are measured at fair value. Basis of consolidation Consolidated financial statements include the financial statements of the Company and all its subsidiary undertakings and are made up to the Saturday nearest to 31 January. The results of subsidiary undertakings acquired or disposed of during the period are accounted for in the income statement from or up to the date that control passes. Inter-company sales and profits are eliminated on consolidation. Goodwill Goodwill arising on acquisition is initially measured at cost, being the excess of the cost of the acquisition over the Group's interest in the net fair value of the acquired entity's identifiable assets and liabilities at the date of acquisition. Goodwill is not amortised but is reviewed for impairment at lease annually. Any impairment is recognised immediately in the income statement and is not subsequently reversed. Goodwill previously written off to equity, as permitted under UK GAAP, remains offset against retained earnings, but is no longer transferred to the income statement on the subsequent disposal of the subsidiary. Revenue Revenue, which is net of value added tax and returns, comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the group's activities. The group recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the group's activities as follows: a) Sale of goods - retail The group operates a chain of retail outlets for selling shoes and other products. Retail sales of goods are usually in cash or by credit card and are recognised when a group entity sells a product to a customer. It is the group's policy to sell its products to the retail customer with a right of return within 28 days. Accumulated experience is used to estimate and provide for returns at the time of sale. The group does not operate a loyalty scheme. b) Sale of goods - wholesale The group sells a range of footwear products in the wholesale market. Sales of goods are recognised at the value specified in the sales contract when a group entity has delivered products to the wholesaler and the wholesaler has accepted the products in accordance with the sales contract. c) Sale of goods - internet The group sells a range of footwear via the internet. Sales of goods are by credit card and are recognised when the goods are despatched to the customer. It is the group's policy to sell its products to the internet customer with a right of return within 28 days. Accumulated experience is used to estimate and provide for customer returns. Segmental analysis The Group operates only one class of business and in one principal geographical segment. Leased assets Leases are classified as finance leases where the terms of the lease transfer substantially all the risks and rewards of ownership to the Group. All other leases are classified as operating leases. Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet and are depreciated over the shorter of the useful life of the asset concerned or the lease term. The corresponding liability is recorded as a creditor and the finance charge is charged to the income statement over the period of the lease so as to produce a constant periodic rate of charge on the remaining balance of the obligation for each accounting period. Rent-free periods, capital contributions or any other inducements to enter into operating lease arrangements are released to the income statement over the life of the lease. Rentals paid under operating leases are charged to the income statement as incurred over the life of the lease. Onerous leases Provision is made for future lease commitments on stores no longer used within the business. The lease exit cost provision was established to provide for all future estimated costs which will be payable up to, and including, the date of termination of the leases and is discounted at the average cost of capital of the group where material. Property, plant and equipment The Group has taken advantage of the IFRS 1 first time adoption option to measure property, at the date of transition at its fair value and treat this as the deemed cost. Consequently, interests in freehold properties and in leasehold properties with 50 years or more to run at 28 January 2006 are stated at the professional valuation using an open market value for existing use basis that was available at that date. Freehold and long leasehold properties purchased since 28 January 2006 are held at cost. Other items of plant and equipment are stated at cost less depreciation. Depreciation Depreciation is provided so as to write down the cost of property, plant and equipment to their estimated residual values over their expected useful economic lives on a straight-line basis. Freehold and long leasehold properties are depreciated over 50 years to their estimated residual values. Freehold land is not depreciated. Other leasehold properties with fewer than 50 years to run at the balance sheet date are depreciated over the residual lives of the leases. Repairs expenditure is charged to the profit and loss account as incurred. Branch fixtures, equipment and vehicles are depreciated on a straight-line basis at rates of between 10% and 25% per annum on gross book amounts. Impairment of assets Assets are tested for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. Any impairment in the value of freehold and long leasehold properties, based on their open market value, is charged to the revaluation reserve to the extent of any previous revaluation with any excess charged to the profit and loss account. Fixed asset investments Investment in own shares is taken as a deduction from shareholders' funds. Pensions The group operates a defined benefit scheme and a defined contribution scheme. In respect of the defined benefit scheme, the pension scheme assets are measured using market value. Pension scheme liabilities are measured using a projected unit method and discounted at the current rate of return on a high quality corporate bond of equivalent term and currency to the liability. The increase in the present value of the liabilities of the group's defined benefit pension schemes expected to arise from employee service in the period is charged to operating profit. The expected return on the scheme's assets and the increase during the period in the present value of the scheme's liabilities arising from the passage of time are included in other financial income. Actuarial gains and losses are recognised immediately in the consolidated Statement of Recognised Income and Expenses ('SORIE'). As the pension scheme is closed to future accrual, surpluses are not recognised. Deficits are recognised in full. In respect of the defined contribution scheme, the costs are charged to the income statement as incurred. Inventories Inventories, all of which are held for resale, are valued at the lower of cost and net realisable value less any provision for obsolete, slow-moving or defective inventories. Cost is based on weighted average purchase costs and includes overhead expenditure incurred in bringing the stock to its present location. Net realisable value is the price at which inventories can be sold in the normal course of business after allowing for the costs of realisation. The Group estimates its level of inventory provisions using a method that attributes an increasing slow-moving provision on the basis of the age of the items. Foreign currency Assets and liabilities expressed in foreign currencies are translated into sterling at rates applicable at the year end and trading results at average rates during the year. Any resultant exchange gain or loss is included in the income statement for that period. Taxation The charge for taxation is based on the profit for the year and takes into account taxation deferred or accelerated because of differences between the treatment of certain items for accounting and taxation purposes. Deferred tax expected to be payable or recoverable on differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes is accounted for using the liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred tax is not recognised if the temporary difference arises from the initial recognition of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax is calculated at the rates of taxation enacted or substantively enacted at the balance sheet date, and is not discounted. Cash and cash equivalents Cash comprises cash in hand and demand deposits. Cash equivalents are short-term highly liquid investments with a maturity of less than 90 days that are readily convertible to known amounts of cash and subject to insignificant risk of changes in value. Bank overdrafts repayable on demand are shown within borrowings in current liabilities in the balance sheet. For the purpose of the consolidated cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts. Derivative financial instruments The Group uses derivative financial instruments, principally forward exchange contracts, to reduce exposure to foreign exchange risk. The Group does not hold or issue derivative financial instruments for speculative purposes. Derivatives that do not qualify for hedge accounting are accounted for as trading instruments. Derivative financial instruments are recognised initially at fair value. The gain or loss on re-measurement to fair value is recognised immediately in the income statement, unless the derivatives qualify for hedge accounting. The fair value of forward exchange contracts is their market price at the balance sheet date. Where a forward exchange contract is designated as a hedge of the viability in cash flows of a recognised asset or liability, or of a highly probable forecast transaction, the effective part of any gain or loss on the derivative financial instrument is recognised directly in equity, and the ineffective part is recognised immediately in the income statement. Where the forecasted transaction subsequently results in the recognition of non-financial assets, principally inventories for resale, the associated cumulative gain or loss is removed from equity and included in the initial cost of the assets. When a hedging instrument expires or is sold, terminated or exercised, or the Group revokes designation of the hedge relationship, but the hedged forecast transaction is still expected to occur, the cumulative gain or loss at that point remains in equity and is recognised in accordance with the above policy when the transaction occurs. If the hedged transaction is no longer expected to take place, the cumulative unrealised gain or loss recognised in equity is recognised immediately in the income statement. Share based payments Share options granted on or after 7 November 2002 are measured at fair value with a corresponding charge recognised in the income statement. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted. The fair values of these payments are measured at the dates of grants and is recognised over the period during which employees become unconditionally entitled to the awards. 6. RECONCILIATION OF NET ASSETS AT 28 JANUARY 2006 UK Finance Property Lease Deferred Other Effect of Restated GAAP Leases Surplus Incen- Taxation transition under tives to IFRS IFRS IAS 17 IAS 16 SIC 15 IAS12 #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 Fixed assets Property, 66,729 2,928 27,059 - - (9,582) 20,405 87,134 plant & equipment Investment - 170 - - - 7,133 7,303 7,303 properties Non-current 66,729 3,098 27,059 - - (2,449) 27,708 94,437 assets Current assets Inventories 25,616 - - - - (730) (730) 24,886 Trade and 12,106 - - - - - - 12,106 other receivables Cash and 7,380 - - - - - - 7,380 cash equivalents Assets held - - - - - 2,469 2,469 2,469 for sale 45,102 - - - - 1,739 1,739 46,841 Total 111,831 3,098 27,059 - - (710) 29,447 141,278 assets Current liabilities Short term 654 - - - - - - 654 borrowings Trade and 39,454 - - 899 - 237 1,136 40,590 other payables Current tax 116 - - - - - - 116 payable Short term - 10 - - - - 10 10 provisions 40,224 10 - 899 - 237 1,146 41,370 Net current 4,878 (10) - (899) - 1,502 593 5,471 assets Non-current liabilities Long term 30,000 - - - - - - 30,000 borrowings Deferred - - - - 12,090 - 12,090 12,090 taxation Pension 4,304 - - - - 242 242 4,546 liability Other - 3,593 - - - - 3,593 3,593 financial liabilities 34,304 3,593 - - 12,090 242 15,925 50,229 Total 74,528 3,603 - 899 12,090 479 17,071 91,599 liabilities Net assets 37,303 (505) 27,059 (899) (12,090)(1,189) 12,376 49,679 Equity Called up 692 - - - - - - 692 share capital Share 41 - - - - - - 41 premium account Capital 174 - - - - - - 174 redemption reserve Revaluation 33,494 - (33,494) - - - (33,494) - reserve Retained 2,902 (505) 60,553 (899) (12,090) (1,189) 45,870 48,772 earnings Total 37,303 (505) 27,059 (899) (12,090) (1,189) 12,376 49,679 equity 7. RECONCILIATION OF PROFIT FOR THE 26 WEEKS ENDED 29 JULY 2006 UK Finance Property Lease Deferred Other Effect of Restatd GAAP Leases Surplus Incent- Taxation transition under ives transition to IFRS IFRS IAS 17 IAS 16 SIC 15 IAS 12 #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 Revenue 104,532 - - - - - - 104,532 Cost of sales(100,427) 141 (135) (609) - - (603) (101,030) Gross profit 4,105 141 (135) (609) - - (603) 3,502 Distribution (3,972) - - - - - - (3,972) costs Admin (5,980) - - - - - - (5,980) expenses Other 640 - - - - - - 640 operating income Profit on - 80 (231) - - (18) (169) (169) disposal of fixed assets Operating loss (5,207) 221 (366) (609) - (18) (772) (5,979) Net finance (1,829) (203) - - - (7) (210) (2,039) costs Loss before (7,036) 18 (366) (609) - (25) (982) (8,018) taxation Taxation - - - - 287 - 287 287 Loss for the (7,036) 18 (366) (609) 287 (25) (695) (7,731) period Basic loss per (22.37) (24.58) share (pence) Diluted loss (22.37) (24.58) per share (pence) 8. RECONCILIATION OF NET ASSETS AT 29 JULY 2006 UK Finance Property Lease Deferred Other Effect of Restated GAAP Leases Surplus Incent- Taxation transition under ives to IFRS IFRS IAS 17 IAS 16 SIC 15 #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 Fixed assets Property, 66,016 2,875 26,693 - - (9,029) 20,539 86,555 plant & equipment Investment - 156 - - - 6,180 6,336 6,336 properties Non-current 66,016 3,031 26,693 - - (2,849) 26,875 92,891 assets Current assets Inventories 32,760 - - - - (730) (730) 32,030 Trade and 11,848 - - - - - - 11,848 other receivables Cash and 1,319 - - - - - - 1,319 cash equivalents Assets held - - - - - 2,867 2,867 2,867 for sale 45,927 - - - - 2,137 2,137 48,064 Total 111,943 3,031 26,693 - - (712) 29,012 140,955 assets Current liabilities Short term 10,050 - - - - - - 10,050 borrowings Trade and 35,629 - - 1,508 - 253 1,761 37,390 other payables Current tax 53 - - - - - - 53 payable Short term - 10 - - - - 10 10 provisions 45,732 10 - 1,508 - 253 1,771 47,503 Net current 195 (10) - (1,508) - 1,884 366 561 assets Non-current liabilities Long term 32,200 - - - - - - 32,200 borrowings Deferred - - - - 11,803 - 11,803 11,803 taxation Other - 3,508 - - - - 3,508 3,508 financial liabilities 32,200 3,508 - - 11,803 - 15,311 47,511 Total 77,932 3,518 - 1,508 11,803 253 17,082 95,014 liabilities Net assets 34,011 (487) 26,693 (1,508) (11,803) (965) 11,930 45,941 Equity Called up 692 - - - - - - 692 share capital Share 41 - - - - - - 41 premium account Capital 174 - - - - - - 174 redemption reserve Revaluation 33,240 - (33,240) - - - (33,240) - reserve Retained (136) (487) 59,933 (1,508) (11,803) (965) 45,170 45,034 earnings Total 34,011 (487) 26,693 (1,508) (11,803) (965) 11,930 45,941 equity 9. RECONCILIATION OF PROFIT FOR THE 53 WEEKS ENDED 3 FEBRUARY 2007 UK Finance Property Lease Deferred Other Effect of Restated GAAP Leases Surplus Incent- Taxation transition under ives to IFRS IFRS IAS 17 IAS 16 SIC 15 IAS 12 #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 Revenue 239,565 - - - - - - 239,565 Cost of sales (222,568) 141 (269) (858) - 23 (963) (223,531) Gross profit 16,997 141 (269) (858) - 23 (963) 16,034 Distrib- ution (8,267) - - - - - - (8,267) costs Admin. (11,929) - - - - - - (11,929) expenses Other 749 - - - - - - 749 operating income Profit on - 48 (1,459) - - 1,651 240 240 disposal of fixed assets Operating loss (2,450) 189 (1,728) (858) - 1,674 (723) (3,173) Profit on 1,665 - - - - (1,665) (1,665) - disposal of fixed assets Net finance (3,715) (202) - - - (15) (217) (3,932) costs Loss before (4,500) (13) (1,728) (858) - (6) (2,605) (7,105) taxation Taxation (196) - - - 574 - 574 378 Loss for the (4,696) (13) (1,728) (858) 574 (6) (2,031) (6,727) period Basic loss per (14.98) (21.45) share (pence) Diluted loss (14.98) (21.45) per share (pence) 10. RECONCILIATION OF NET ASSETS AT 3 FEBRUARY 2007 UK Finance Property Lease Deferred Other Effect of Restated GAAP Leases Surplus Incent- Taxation transition under ives to IFRS IFRS IAS 17 IAS 16 SIC 15 IAS 12 #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 Fixed assets Property, 62,050 2,843 25,331 - - (6,926) 21,248 83,298 plant & equipment Investment - 151 - - - 6,147 6,298 6,298 properties Non-current 62,050 2,994 25,331 - - (779) 27,546 89,596 assets Current assets Inventories 22,869 - - - - (685) (685) 22,184 Trade and 13,203 - - - - - - 13,203 other receivables Cash and 5,545 - - - - - - 5,545 cash equivalents Assets held - - - - - 795 795 795 for sale 41,617 - - - - 110 110 41,727 Total 103,667 2,994 25,331 - - (669) 27,656 131,323 assets Current liabilities Short term 5,467 - - - - - - 5,467 borrowings Trade and 31,796 - - 1,757 - 269 2,026 33,822 other payables Current tax 65 - - - - - - 65 payable Short term - 10 - - - - 10 10 provisions 37,328 10 - 1,757 - 269 2,036 39,364 Net current 4,289 (10) - (1,757) - (159) (1,926) 2,363 assets Non-current liabilities Long term 31,000 - - - - - - 31,000 borrowings Deferred - - - - 11,516 - 11,516 11,516 taxation Other - 3,502 - - - - 3,502 3,502 financial liabilities 31,000 3,502 - - 11,516 - 15,018 46,018 Total 68,328 3,512 - 1,757 11,516 269 17,054 85,382 liabilities Net assets 35,339 (518) 25,331 (1,757) (11,516) (938) 10,602 45,941 Equity Called up 692 - - - - - - 692 share capital Share 41 - - - - - - 41 premium account Capital 174 - - - - - - 174 redemption reserve Revaluation 30,694 - (30,694) - - - (30,694) - reserve Retained 3,738 (518) 56,025 (1,757) (11,516) (938) 41,296 45,034 earnings Total 35,339 (518) 25,331 (1,757) (11,516) (938) 10,602 45,941 equity This information is provided by RNS The company news service from the London Stock Exchange END NORMGGMLNNRGNZM
1 Year Stylo Chart |
1 Month Stylo Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions