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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Supercart | LSE:SC. | London | Ordinary Share | GB0034211036 | ORD 0.4P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.30 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
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TIDMSC.
RNS Number : 2099N
Supercart PLC
08 June 2010
8 June 2010
Supercart plc
("Supercart" or the "Company")
Preliminary announcement of results for the 12 months ended 31 December 2009
Highlights
· Turnover of GBP7,354,000 (2008: GBP4,809,000), up by 53% to last year
· Administrative expenses are up by 34% due largely to increase in North
America operations
· Trolley unit sales are up 40% to 95,205 units (2008: 68,217 units).
· Higher manufacturing costs in North America have resulted in a reduction
of gross profit margin to 11.5% (2008: 18%).
· Net cash balances at 31 December 2009 were GBP501k (2008: GBP1,025k)
· Acquisition of Rehrig assets in March 2009 has transformed the operations
in North America with many major retailers on-board.
Mike Wolfe, Chief Executive, commenting on the results said:
"The investment made in 2009 through the purchase of six new moulds in North
America did not generate the level of sales we had anticipated, due to delays in
fully commissioning these moulds. However, since the start of 2010 Supercart
has generated a significantly higher level sales activity with new and existing
clients including Target, Toys R Us and several other national US retail chains.
The Company has, for the first time in its history, a full range of products
available in each of our major markets which, since the start of the year,
enables us to now compete directly and effectively with our major competitors.
The progress we have made in the first five months of the year has given the
Company strong momentum for the remainder of 2010."
Enquiries:
+---------------------------------+---------------------------------+
| Supercart plc | 01732 459898 |
+---------------------------------+---------------------------------+
| Chief Executive | |
| Mike Wolfe | |
| | |
+---------------------------------+---------------------------------+
| Charles Stanley Securities | 020 7149 6000 |
+---------------------------------+---------------------------------+
| Nominated Adviser and Broker | |
| Russell Cook/Ben Johnston/Carl | |
| Holmes | |
| | |
+---------------------------------+---------------------------------+
| Tavistock Communications | 020 7920 3150 |
+---------------------------------+---------------------------------+
| Jeremy Carey | |
| | |
+---------------------------------+---------------------------------+
Supercart plc
("Supercart" or the "Company")
Preliminary announcement of results for the 12 months ended 31 December 2009
Chairman's Statement
I am pleased to present our results for 2009. This has been a year of
significant change in our most important North American market, in which sales
have increased to GBP3.3 million compared to just GBP180,000 in the previous
year and now represent almost half of total group sales. South Africa produced
another solid performance in 2009.
On 20 March 2009, we announced the purchase of six trolley and two hand basket
moulds from the liquidator of Rehrig International Corp. (Rehrig), who had
previously been the largest manufacturer of plastic/metal hybrid trolleys in
North America. As a result we achieved a significant increase in unit sales,
although less than we had originally projected. Short term manufacturing costs
in 2009 were significantly higher than we had estimated with the resulting
reduction in our margins in the final quarter of 2009. Additional salary and
administrative costs resulted from the integration of the North American
business, although these have been reduced significantly for 2010.
In Europe, we did not achieve the breakthrough for which we had hoped during the
year. However, as we announced on 17 December 2009, we now have a joint project
with the French company Caddie which produced its first sales just before the
year end.
Results
For the year ended 31 December 2009, Supercart generated a 53% increase in
turnover to GBP7,354,000 (2008 - GBP4,809,000) as a result of the growth of the
US business. However, as indicated above, significantly higher short term
manufacturing costs in North America, as the Company geared up its US operations
reduced our gross profit margin to 11.5% (2008 - 17.9%) which together with a
number of non-recurring costs of establishing the new Rehrig business, resulted
in an increased loss for the year in North America.
+------------+-----------+-----------+-----------+-----------+
| | 2008 | 2009 | 2008 | 2009 |
| | Sales | Sales | Operating | Operating |
| | GBP'000 | GBP'000 | profit | profit |
| | | | GBP'000 | GBP'000 |
+------------+-----------+-----------+-----------+-----------+
| South | 4,253 | 3,918 | 234 | 34 |
| Africa | | | | |
+------------+-----------+-----------+-----------+-----------+
| North | 180 | 3,323 | (566) | (719) |
| America | | | | |
+------------+-----------+-----------+-----------+-----------+
| Other | 376 | 113 | (207) | (525) |
+------------+-----------+-----------+-----------+-----------+
Administrative expenses increased to GBP2,820,000 (2008 - GBP2,098,000) due to
the integration costs in North America and non-recurring restructuring costs of
approximately GBP150,000, and an increase in staff numbers and other
administrative expenses, resulting in a loss after tax of GBP2,175,000 (2008 -
GBP1,207,000). The board identified a number of cost savings in North America
and Europe which have now been implemented and which are expected to result in
annualised cost savings of GBP700,000.
The loss per share was 3.92p (2008 - loss of 2.76p).
Net cash balances at the year-end were GBP501,000 (2008 - GBP1,025,000).
As a result of the on-going losses the board anticipates that the auditors'
report will emphasise that the Company has prepared internal trading forecasts,
projected cash flows and other relevant information, which indicate (based upon
a continuing improvement in forecast sales during the second half of 2010) that
the Company will have a short term cash requirement over the coming months, and
that the directors are currently considering a number of alternatives including
further equity or debt funding arrangements. Whilst the directors are confident
that additional funding will be obtained, and that the improvement in forecast
sales will be met, they have concluded that the combination of the above
circumstances represents a material uncertainty that may cast significant doubt
about the Company's ability to continue as a going concern. Nevertheless, based
upon the director's expectations that additional funding will be successfully
obtained, in addition to achieving the Company's current trading forecasts, the
directors have a reasonable expectation that the Company has adequate resources
to continue in operational existence for the foreseeable future.
The directors are not recommending the payment of a dividend in respect of the
year ended 31 December 2009.
North America
As noted above, 2009 has seen a significant increase in sales resulting from the
success in acquiring previous Rehrig customers throughout 2009. This has
included major orders from national chains such as Target and Toys R Us.
Nevertheless, as we said in our trading update issued on 17 December 2009, final
unit sales were not at the level that management originally expected, with the
inevitable impact on margins.
Additionally, we took the decision to move our sales and administrative office
from Richmond, Virginia to Detroit, Michigan to be close to our manufacturing
operation which we believe will greatly improve our production efficiency in the
future.
South Africa
Despite the fact that sales in South Africa were 9% down on the same period in
2008, we have continued to maintain our market share and margin in the face of
stiff competition from metal manufacturers and the economic downturn which also
impacted the South African market.
Europe
As already reported in the trading update of 17 December 2009, we restructured
our European operations in 2009. The cost of this restructuring, including staff
redundancies, was approximately GBP50,000. Over the past five years, we have had
a distribution agreement with Caddie, the French metal trolley manufacturer.
Until recently this produced no significant business, but following a change of
senior management at Caddie, we have strengthened our alliance and Caddie are
now actively marketing our joint plastic/metal hybrid trolleys to their customer
base. This has already produced positive results and we anticipate further
growth resulting from this important strategic alliance.
Australia
This is an unusual market dominated by only two major retailers. We have
continued to market our Australian made product to them against an all metal
imported trolley from the Far East. Progress is slow and we continue to monitor
this situation.
Outlook
The acquisition of the moulds from Rehrig has completely transformed our
operations and prospects in North America. Although sales in 2009 were less than
we had anticipated, they still represent a sea change. We have generated orders
from a number of major retailers and our North American business is now on a
growth path. We are confident that we will build on last year's increase in
sales and, although the second six months are traditionally the more significant
in terms of sales, we have already seen some good orders so far in 2010. Our
businesses in both North America and Europe now look to be entering a most
promising phase.
Victor Segal
Chairman
8 June 2010
Consolidated Income Statement
Year ended 31 December 2009
+----------------------------------------+-------+----------+----------+
| | Note | 2009 | 2008 |
+----------------------------------------+-------+----------+----------+
| | | GBP'000 | GBP'000 |
+----------------------------------------+-------+----------+----------+
| Revenue | | 7,354 | 4,809 |
+----------------------------------------+-------+----------+----------+
| Cost of sales | | (6,506) | (3,948) |
+----------------------------------------+-------+----------+----------+
| Gross profit | | 848 | 861 |
+----------------------------------------+-------+----------+----------+
| Research & development tax credits | | 42 | 166 |
+----------------------------------------+-------+----------+----------+
| Administrative expenses | | (2,820) | (2,098) |
+----------------------------------------+-------+----------+----------+
| Operating loss | | (1,930) | (1,071) |
+----------------------------------------+-------+----------+----------+
| Investment revenue | | 11 | 57 |
+----------------------------------------+-------+----------+----------+
| Finance costs | | (254) | (189) |
+----------------------------------------+-------+----------+----------+
| Loss before taxation | | (2,173) | (1,203) |
+----------------------------------------+-------+----------+----------+
| Tax | | (2) | (4) |
+----------------------------------------+-------+----------+----------+
| Loss for the year attributable to | | (2,175) | (1,207) |
| equity holders of the parent | | | |
+----------------------------------------+-------+----------+----------+
| Earnings per share | | | |
+----------------------------------------+-------+----------+----------+
| Basic and diluted (pence per share) | 2 | (3.92) | (2.76) |
+----------------------------------------+-------+----------+----------+
| All profits and losses arose from | | | |
| continuing activities. | | | |
+----------------------------------------+-------+----------+----------+
Consolidated Balance Sheet
At 31 December 2009
+--------------------------------------+-------+-----------+-----------+
| | Notes | 2009 | 2008 |
+--------------------------------------+-------+-----------+-----------+
| | | GBP'000 | GBP'000 |
+--------------------------------------+-------+-----------+-----------+
| Assets | | | |
+--------------------------------------+-------+-----------+-----------+
| Non-current assets | | | |
+--------------------------------------+-------+-----------+-----------+
| Intangible assets | | | - |
+--------------------------------------+-------+-----------+-----------+
| Property, plant and equipment | 3 | 5,114 | 3,779 |
+--------------------------------------+-------+-----------+-----------+
| Deferred tax asset | | 17 | 10 |
+--------------------------------------+-------+-----------+-----------+
| Total non-current assets | | 5,131 | 3,789 |
+--------------------------------------+-------+-----------+-----------+
| Current Assets | | | |
+--------------------------------------+-------+-----------+-----------+
| Inventories | | 366 | 65 |
+--------------------------------------+-------+-----------+-----------+
| Trade and other receivables | 4 | 1,431 | 1,500 |
+--------------------------------------+-------+-----------+-----------+
| Cash and cash equivalents | | 501 | 1,025 |
+--------------------------------------+-------+-----------+-----------+
| Total current assets | | 2,298 | 2,590 |
+--------------------------------------+-------+-----------+-----------+
| Total assets | | 7,429 | 6,379 |
+--------------------------------------+-------+-----------+-----------+
| Equity and Liabilities | | | |
+--------------------------------------+-------+-----------+-----------+
| Capital and reserves | | | |
+--------------------------------------+-------+-----------+-----------+
| Issued share capital | | 254 | 194 |
+--------------------------------------+-------+-----------+-----------+
| Share premium account | | 7,849 | 6,497 |
+--------------------------------------+-------+-----------+-----------+
| Share option reserve | | 163 | 153 |
+--------------------------------------+-------+-----------+-----------+
| Foreign currency translation reserve | | 65 | (89) |
+--------------------------------------+-------+-----------+-----------+
| Retained earnings | | (6,899) | (4,724) |
+--------------------------------------+-------+-----------+-----------+
| Total equity | | 1,432 | 2,031 |
+--------------------------------------+-------+-----------+-----------+
| Non-current liabilities | | | |
+--------------------------------------+-------+-----------+-----------+
| Finance lease obligations | 6 | 1,397 | 1,125 |
+--------------------------------------+-------+-----------+-----------+
| Other financial liabilities | 7 | 568 | 740 |
+--------------------------------------+-------+-----------+-----------+
| Deferred tax liability | | 44 | 32 |
+--------------------------------------+-------+-----------+-----------+
| Total non-current liabilities | | 2,009 | 1,897 |
+--------------------------------------+-------+-----------+-----------+
| Current liabilities | | | |
+--------------------------------------+-------+-----------+-----------+
| Trade and other payables | 5 | 2,814 | 1,875 |
+--------------------------------------+-------+-----------+-----------+
| Finance lease obligations | 6 | 924 | 291 |
+--------------------------------------+-------+-----------+-----------+
| Other financial liabilities | 7 | 250 | 285 |
+--------------------------------------+-------+-----------+-----------+
| Total current liabilities | | 3,988 | 2,451 |
+--------------------------------------+-------+-----------+-----------+
| Total liabilities | | 5,997 | 4,348 |
+--------------------------------------+-------+-----------+-----------+
| Total equity and liabilities | | 7,429 | 6,379 |
+--------------------------------------+-------+-----------+-----------+
Consolidated Statement of Changes in Equity
Year ended 31 December 2009
+-------------------+---------+---------+---------+-------------+----------+---------+
| | Share | Share | Share | Foreign | Retained | Total |
| | capital | premium | option | currency | earnings | |
| | | account | reserve | translation | | |
| | | | | reserve | | |
+-------------------+---------+---------+---------+-------------+----------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-------------------+---------+---------+---------+-------------+----------+---------+
| Balance at 1 | 174 | 5,585 | 122 | (148) | (3,517) | 2,216 |
| January 2008 | | | | | | |
+-------------------+---------+---------+---------+-------------+----------+---------+
| Share based | - | - | 31 | - | - | 31 |
| remuneration | | | | | | |
+-------------------+---------+---------+---------+-------------+----------+---------+
| Issue of 5 | 20 | 980 | - | - | - | 1,000 |
| million shares | | | | | | |
+-------------------+---------+---------+---------+-------------+----------+---------+
| Share issue costs | - | (68) | - | - | - | (68) |
+-------------------+---------+---------+---------+-------------+----------+---------+
| Exchange | - | - | - | 59 | - | 59 |
| differences | | | | | | |
| arising on | | | | | | |
| translation of | | | | | | |
| foreign | | | | | | |
| operations | | | | | | |
+-------------------+---------+---------+---------+-------------+----------+---------+
| Loss for year | - | - | - | - | (1,207) | (1,207) |
+-------------------+---------+---------+---------+-------------+----------+---------+
| Balance at 1 | 194 | 6,497 | 153 | (89) | (4,724) | 2,031 |
| January 2009 | | | | | | |
+-------------------+---------+---------+---------+-------------+----------+---------+
| Share based | | | 10 | | | 10 |
| remuneration | | | | | | |
+-------------------+---------+---------+---------+-------------+----------+---------+
| Issue of 15 | 60 | 1440 | | | | 1,500 |
| million shares | | | | | | |
+-------------------+---------+---------+---------+-------------+----------+---------+
| Share issue costs | | (88) | | | | (88) |
+-------------------+---------+---------+---------+-------------+----------+---------+
| Exchange | | | | 154 | | 154 |
| differences | | | | | | |
| arising on | | | | | | |
| translation of | | | | | | |
| foreign | | | | | | |
| operations | | | | | | |
+-------------------+---------+---------+---------+-------------+----------+---------+
| Loss for year | | | | | (2,175) | (2,175) |
+-------------------+---------+---------+---------+-------------+----------+---------+
| Balance at 31 | 254 | 7,849 | 163 | 65 | (6,899) | 1,432 |
| December 2009 | | | | | | |
+-------------------+---------+---------+---------+-------------+----------+---------+
Consolidated Cash Flow Statement
Year ended 31 December 2009
+--------------------------------------+----+---------+---------+
| | | 2009 | 2008 |
+--------------------------------------+----+---------+---------+
| | | GBP'000 | GBP'000 |
+--------------------------------------+----+---------+---------+
| Cash flows from operating activities | | | |
+--------------------------------------+----+---------+---------+
| Loss for the year | | (2,175) | (1,207) |
+--------------------------------------+----+---------+---------+
| Income tax benefit | | (40) | (162) |
+--------------------------------------+----+---------+---------+
| Depreciation | | 80 | 50 |
+--------------------------------------+----+---------+---------+
| Loss on disposal of property, plant | | - | 12 |
| and equipment | | | |
+--------------------------------------+----+---------+---------+
| Interest income | | (11) | (57) |
+--------------------------------------+----+---------+---------+
| Finance costs paid | | 254 | 189 |
+--------------------------------------+----+---------+---------+
| Share based payment charges | | 10 | 31 |
+--------------------------------------+----+---------+---------+
| Net foreign exchange movement | | (28) | (5) |
+--------------------------------------+----+---------+---------+
| | | (1,910) | (1,149) |
+--------------------------------------+----+---------+---------+
| Movements in working capital | | | |
+--------------------------------------+----+---------+---------+
| (Increase)/decrease in inventories | | (301) | 20 |
+--------------------------------------+----+---------+---------+
| Decrease/(increase) in trade and | | 154 | (337) |
| other receivables | | | |
+--------------------------------------+----+---------+---------+
| Increase in payables | | 864 | 406 |
+--------------------------------------+----+---------+---------+
| Cash used by operations | | (1,193) | (1,060) |
+--------------------------------------+----+---------+---------+
| Finance costs paid | | (254) | (189) |
+--------------------------------------+----+---------+---------+
| Income tax received | | 41 | 42 |
+--------------------------------------+----+---------+---------+
| Net cash used by operating | | (1,406) | (1,207) |
| activities | | | |
+--------------------------------------+----+---------+---------+
| Cash flows from investing activities | | | |
+--------------------------------------+----+---------+---------+
| Purchase of property, plant and | | (203) | (375) |
| equipment | | | |
+--------------------------------------+----+---------+---------+
| Proceeds from disposal of property, | | 32 | - |
| plant and equipment | | | |
+--------------------------------------+----+---------+---------+
| Interest received | | 11 | 57 |
+--------------------------------------+----+---------+---------+
| Net cash used in investing | | (160) | (318) |
| activities | | | |
+--------------------------------------+----+---------+---------+
| Cash flows from financing activities | | | |
+--------------------------------------+----+---------+---------+
| Proceeds from issue of share capital | | 1,500 | 1,000 |
+--------------------------------------+----+---------+---------+
| Payments for share issue costs | | (88) | (68) |
+--------------------------------------+----+---------+---------+
| Repayment of finance lease and | | (322) | (144) |
| instalment sale borrowings | | | |
+--------------------------------------+----+---------+---------+
| Net cash from financing activities | | 1,090 | 788 |
+--------------------------------------+----+---------+---------+
| Net decrease in cash and cash | | (476) | (737) |
| equivalents | | | |
+--------------------------------------+----+---------+---------+
| Cash and cash equivalents at the | | 1,025 | 1,748 |
| beginning of the year | | | |
+--------------------------------------+----+---------+---------+
| Effects of exchange rate changes on | | (48) | 14 |
| the balance of cash held in foreign | | | |
| currencies | | | |
+--------------------------------------+----+---------+---------+
| Cash and cash equivalents at the end | | 501 | 1,025 |
| of the year | | | |
+--------------------------------------+----+---------+---------+
Notes to the Accounts
Year ended 31 December 2009
1. Operating segments
The following information is given regarding the group's reportable segments
+------------------------+---------+---------+----------+------------+
| | South | USA | Other | Total |
| | Africa | | Segments | for |
| | | | | reportable |
| | | | | segments |
+------------------------+---------+---------+----------+------------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+------------------------+---------+---------+----------+------------+
| 2009 | | | | |
+------------------------+---------+---------+----------+------------+
| External segment | 3,918 | 3,323 | 113 | 7,354 |
| revenues | | | | |
+------------------------+---------+---------+----------+------------+
| Internal segment | - | - | - | - |
| revenues | | | | |
+------------------------+---------+---------+----------+------------+
| Total segment revenues | 3,918 | 3,323 | 113 | 7,354 |
+------------------------+---------+---------+----------+------------+
| Interest revenue | 10 | - | - | 10 |
+------------------------+---------+---------+----------+------------+
| Interest expense | (184) | (5) | (13) | (202) |
+------------------------+---------+---------+----------+------------+
| Depreciation and | (37) | (26) | (9) | (72) |
| amortisation | | | | |
+------------------------+---------+---------+----------+------------+
| | | | | |
+------------------------+---------+---------+----------+------------+
| Profit/(loss) before | 34 | (719) | (525) | (1,210) |
| tax | | | | |
+------------------------+---------+---------+----------+------------+
| Non-current assets | 2,183 | 156 | 683 | 3,022 |
| allocated for the | | | | |
| purposes of | | | | |
| depreciation and | | | | |
| amortisation charges | | | | |
+------------------------+---------+---------+----------+------------+
| | | | | |
+------------------------+---------+---------+----------+------------+
| 2008 | | | | |
+------------------------+---------+---------+----------+------------+
| External segment | 4,253 | 180 | 376 | 4,809 |
| revenues | | | | |
+------------------------+---------+---------+----------+------------+
| Internal segment | - | - | - | - |
| revenues | | | | |
+------------------------+---------+---------+----------+------------+
| Total segment revenues | 4,253 | 180 | 376 | 4,809 |
+------------------------+---------+---------+----------+------------+
| Interest revenue | 40 | - | - | 40 |
+------------------------+---------+---------+----------+------------+
| Interest expense | (180) | (5) | - | (185) |
+------------------------+---------+---------+----------+------------+
| Depreciation and | (24) | (16) | (7) | (47) |
| amortisation | | | | |
+------------------------+---------+---------+----------+------------+
| | | | | |
+------------------------+---------+---------+----------+------------+
| Profit/(loss) before | 234 | (566) | (207) | (539) |
| tax | | | | |
+------------------------+---------+---------+----------+------------+
| Non-current assets | 1,924 | 201 | 605 | 2,730 |
| allocated for the | | | | |
| purposes of | | | | |
| depreciation and | | | | |
| amortisation charges | | | | |
+------------------------+---------+---------+----------+------------+
2. Earnings per share
The calculation of loss per share is based on the loss for the financial year of
GBP2,174,961 (2008 - GBP1,206,682) and the weighted average number of shares in
issue of 55,527,397 (2008 - 43,691,781).
3. Property, plant and equipment
+------------------+--------------+---------+-----------+----------+----------+
| | Moulds | Moulds | Plant, | Motor | Total |
| | under | | equipment | vehicles | |
| | construction | | furniture | | |
| | | | and | | |
| | | | fittings | | |
+------------------+--------------+---------+-----------+----------+----------+
| Group | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+------------------+--------------+---------+-----------+----------+----------+
| Cost | | | | | |
+------------------+--------------+---------+-----------+----------+----------+
| At 1 January | 552 | 1,229 | 61 | 60 | 1,902 |
| 2008 | | | | | |
+------------------+--------------+---------+-----------+----------+----------+
| Additions | 38 | 1,746 | 10 | 29 | 1,823 |
+------------------+--------------+---------+-----------+----------+----------+
| Disposals | - | - | (5) | - | (5) |
+------------------+--------------+---------+-----------+----------+----------+
| Reclassification | (577) | 577 | - | - | - |
+------------------+--------------+---------+-----------+----------+----------+
| Translation | 12 | 158 | 12 | 23 | 205 |
| differences | | | | | |
+------------------+--------------+---------+-----------+----------+----------+
| At 1 January | 25 | 3,710 | 78 | 112 | 3,925 |
| 2009 | | | | | |
+------------------+--------------+---------+-----------+----------+----------+
| Additions | - | 1,080 | 52 | - | 1,132 |
+------------------+--------------+---------+-----------+----------+----------+
| Disposals | - | - | (2) | (54) | (56) |
+------------------+--------------+---------+-----------+----------+----------+
| Reclassification | - | - | - | - | - |
+------------------+--------------+---------+-----------+----------+----------+
| Translation | - | 329 | (6) | (9) | 314 |
| differences | | | | | |
+------------------+--------------+---------+-----------+----------+----------+
| At 31 December | 25 | 5,119 | 122 | 49 | 5,315 |
| 2009 | | | | | |
+------------------+--------------+---------+-----------+----------+----------+
| Depreciation | | | | | |
+------------------+--------------+---------+-----------+----------+----------+
| At 1 January | - | 39 | 37 | 5 | 81 |
| 2008 | | | | | |
+------------------+--------------+---------+-----------+----------+----------+
| Charge for the | - | 23 | 11 | 16 | 50 |
| year | | | | | |
+------------------+--------------+---------+-----------+----------+----------+
| Disposals | - | - | (5) | - | (5) |
+------------------+--------------+---------+-----------+----------+----------+
| Translation | - | 5 | 9 | 6 | 20 |
| differences | | | | | |
+------------------+--------------+---------+-----------+----------+----------+
| At 1 January | - | 67 | 52 | 27 | 146 |
| 2009 | | | | | |
+------------------+--------------+---------+-----------+----------+----------+
| Charge for the | - | 39 | 26 | 15 | 80 |
| year | | | | | |
+------------------+--------------+---------+-----------+----------+----------+
| Disposals | - | - | (2) | (23) | (25) |
+------------------+--------------+---------+-----------+----------+----------+
| Translation | - | (4) | 6 | (2) | - |
| differences | | | | | |
+------------------+--------------+---------+-----------+----------+----------+
| At 31 December | - | 102 | 82 | 17 | 201 |
| 2009 | | | | | |
+------------------+--------------+---------+-----------+----------+----------+
| Net book value | | | | | |
+------------------+--------------+---------+-----------+----------+----------+
| At 31 December | 25 | 5,017 | 40 | 32 | 5,114 |
| 2009 | | | | | |
+------------------+--------------+---------+-----------+----------+----------+
| At 31 December | 25 | 3,643 | 26 | 85 | 3,779 |
| 2008 | | | | | |
+------------------+--------------+---------+-----------+----------+----------+
The net book value of assets held under finance leases and instalment sale
agreements, was as follows:
+------------------+------------+---------+----------+
| | | Moulds | Motor |
| | | | vehicles |
+------------------+------------+---------+----------+
| Net book value | | GBP'000 | GBP'000 |
+------------------+------------+---------+----------+
| At 31 December | | 4,198 | 12 |
| 2009 | | | |
+------------------+------------+---------+----------+
| At 31 December | | 3,577 | 59 |
| 2008 | | | |
+------------------+------------+---------+----------+
| | | | |
+------------------+------------+---------+----------+
+-------------------------+--------------+----------+------------+---------+
| | Moulds | Moulds | Plant, | Total |
| | under | | equipment, | |
| | construction | | furniture | |
| | | | and | |
| | | | fittings | |
+-------------------------+--------------+----------+------------+---------+
| Company | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-------------------------+--------------+----------+------------+---------+
| Cost | | | | |
+-------------------------+--------------+----------+------------+---------+
| At 1 January 2008 | 552 | - | 36 | 588 |
+-------------------------+--------------+----------+------------+---------+
| Additions/reallocations | (164) | 1,056 | 4 | 896 |
+-------------------------+--------------+----------+------------+---------+
| Transfers to | (363) | (33) | - | (396) |
| subsidiary | | | | |
| undertakings | | | | |
+-------------------------+--------------+----------+------------+---------+
| At 1 January 2009 | 25 | 1,023 | 40 | 1,088 |
+-------------------------+--------------+----------+------------+---------+
| Additions | - | 1,056 | 2 | 1,058 |
+-------------------------+--------------+----------+------------+---------+
| Transfers to | - | - | - | - |
| subsidiary | | | | |
| undertakings | | | | |
+-------------------------+--------------+----------+------------+---------+
| At 31 December 2009 | 25 | 2,079 | 42 | 2,146 |
+-------------------------+--------------+----------+------------+---------+
| Depreciation | | | | |
+-------------------------+--------------+----------+------------+---------+
| At 1 January 2008 | - | - | 26 | 26 |
+-------------------------+--------------+----------+------------+---------+
| Charge for the year | - | - | 3 | 3 |
+-------------------------+--------------+----------+------------+---------+
| At 1 January 2009 | - | - | 29 | 29 |
+-------------------------+--------------+----------+------------+---------+
| Charge for the year | - | 2 | 6 | 8 |
+-------------------------+--------------+----------+------------+---------+
| At 31 December 2009 | - | 2 | 35 | 37 |
+-------------------------+--------------+----------+------------+---------+
| Net book value | | | | |
+-------------------------+--------------+----------+------------+---------+
| At 31 December 2009 | 25 | 2,077 | 7 | 2,109 |
+-------------------------+--------------+----------+------------+---------+
| At 31 December 2008 | 25 | 1,023 | 11 | 1,059 |
+-------------------------+--------------+----------+------------+---------+
4. Trade and other receivables
+---------------------------+---------+---------+
| | | |
+---------------------------+---------+---------+
| | 2009 | 2008 |
+---------------------------+---------+---------+
| | Group | Group |
+---------------------------+---------+---------+
| | GBP'000 | GBP'000 |
+---------------------------+---------+---------+
| Trade receivables | 1,290 | 1,387 |
+---------------------------+---------+---------+
| Other receivables | 124 | 97 |
+---------------------------+---------+---------+
| Prepayments and accrued | 17 | 16 |
| income | | |
+---------------------------+---------+---------+
| | 1,431 | 1,500 |
+---------------------------+---------+---------+
5. Trade and other payables
+-------------------------+---------+---------+
| | 2009 | 2008 |
+-------------------------+---------+---------+
| | Group | Group |
+-------------------------+---------+---------+
| | GBP'000 | GBP'000 |
+-------------------------+---------+---------+
| Trade payables | 2,149 | 1,486 |
+-------------------------+---------+---------+
| Taxation and social | 194 | 15 |
| security | | |
+-------------------------+---------+---------+
| Other payables | 67 | 8 |
+-------------------------+---------+---------+
| Research and | 34 | 75 |
| development tax | | |
| reclaims | | |
+-------------------------+---------+---------+
| Accruals and deferred | 232 | 174 |
| income | | |
+-------------------------+---------+---------+
| Employee benefits | 138 | 117 |
+-------------------------+---------+---------+
| | 2,814 | 1,875 |
+-------------------------+---------+---------+
6. Finance lease obligations
+-----------------------------+---------+---------+
| | 2009 | 2008 |
+-----------------------------+---------+---------+
| | Group | Group |
+-----------------------------+---------+---------+
| | GBP'000 | GBP'000 |
+-----------------------------+---------+---------+
| Minimum lease payments due | | |
+-----------------------------+---------+---------+
| - within 1 year | 1,037 | 359 |
+-----------------------------+---------+---------+
| - later than 1 year not | 1,507 | 1,345 |
| later than 5 years | | |
+-----------------------------+---------+---------+
| | 2,544 | 1,704 |
+-----------------------------+---------+---------+
| Less: future finance | (223) | (288) |
| charges | | |
+-----------------------------+---------+---------+
| Present value of minimum | 2,321 | 1,416 |
| lease payments | | |
+-----------------------------+---------+---------+
| | | |
+-----------------------------+---------+---------+
| Present value of minimum | | |
| lease payments | | |
+-----------------------------+---------+---------+
| - within 1 year | 924 | 291 |
+-----------------------------+---------+---------+
| - later than 1 year not | 1,397 | 1,125 |
| later than 5 years | | |
+-----------------------------+---------+---------+
| | 2,321 | 1,416 |
+-----------------------------+---------+---------+
| Included in the financial | | |
| statements as: | | |
+-----------------------------+---------+---------+
| - Current liabilities | 924 | 291 |
+-----------------------------+---------+---------+
| - Non current liabilities | 1,397 | 1,125 |
+-----------------------------+---------+---------+
| | 2,321 | 1,416 |
+-----------------------------+---------+---------+
The group's obligations under finance leases are secured by the lessor's charge
over the leased assets.
7. Other financial obligations
+------------------------------+---------+---------+
| | 2009 | 2008 |
+------------------------------+---------+---------+
| | Group | Group |
+------------------------------+---------+---------+
| | GBP'000 | GBP'000 |
+------------------------------+---------+---------+
| Held at amortised cost | | |
+------------------------------+---------+---------+
| - Liability under instalment | 818 | 1,025 |
| sale agreement | | |
+------------------------------+---------+---------+
| Included in the financial | | |
| statements as: | | |
+------------------------------+---------+---------+
| - Current liabilities | 250 | 285 |
+------------------------------+---------+---------+
| - Non current liabilities | 568 | 740 |
+------------------------------+---------+---------+
| | 818 | 1,025 |
+------------------------------+---------+---------+
8. Annual Report
The financial information above does not constitute statutory accounts within
the meaning of Section 435 of the Companies Act 2006. Statutory accounts for
the year ended 31 December 2009 have not been delivered to the registrar. An
auditor's report has been made on the company's statutory accounts for that
year; the report contained a reference by way of emphasis without qualifying the
report to the disclosure made in the accounts on going concern.
Copies of the Annual Report will be sent to shareholders later today and will be
available on the Company's website www.supercartplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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