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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Arch Wireless, Inc. | AMEX:AWL | AMEX | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0 | - |
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RNS Number:8274J
AWG Services PLC
09 April 2003
9 April, 2003
AWG SERVICES PLC
("AWG" or "the Company")
Preliminary Results for the year ended 31 October, 2002
Chairman's Statement
I am pleased to report your Company's results for the year ended 31 October,
2002. This financial year has seen almost all the assets in AWG Services
converted into cash and a substantial part of our time being spent looking for a
suitable reverse candidate. The Company's suitability as a reverse vehicle is
excellent and this has seen a high number of opportunities presenting
themselves.
In the year under review the group incurred an operating loss of #244,082 (2001:
#822,582) on a turnover of #76,419 (2001: #340,849).
The loss on ordinary activities before taxation of #781,115 (2001: #1,103,810)
includes a charge for losses incurred on the disposal of the Company's
discontinued narrowboat operations of #504,249.
In view of this trading result the directors are not recommending the payment of
a dividend (2001: Nil).
Assets Sales and Discontinued Operations
The Company announced on 9 July 2002 that it had disposed of 92 held in
Anglo-Welsh Overseas Limited, a wholly owned subsidiary of the Company. Under
the terms of this transaction, Anglo-Welsh Overseas Limited was sold for a
consideration of #1 and the outstanding inter-company loan of #1.74 million due
from Anglo-Welsh Overseas Limited was repaid. Total financial obligations
relating to the narrowboats, amounting to #340,000, and a group bank loan,
amounting to #60,000, have been discharged. The net cash proceeds available to
the Company as a result of this transaction amounted to approximately #1.33
million.
As part of the sale of the narrowboats the management agreement for the 92 boats
was novated to Anglo-Welsh Overseas Limited. The income under this management
agreement which accrued to the Company for the period ended 31 May 2002 amounted
to #43,890.
The loss resulting from the disposal of Anglo-Welsh Overseas Limited amounted to
#404,167. The loss on boats sold by the Company amounted to #74,105 and the
write-down of the remaining narrowboat stock to estimated residual values
amounted to #25,977.
At this time the Company has two remaining narrowboats, of which one is
currently being marketed for sale.
The closure of the Watertime Club, our timeshare business, is almost complete
and I anticipate this being concluded in the near future.
The licenses required to transfer all the Company's boatyard leases were
received and actioned during the year.
We continue to actively market for sale our attractive marina site at Great
Haywood which has planning permission for a marina, restaurant and hotel
complex.
Current Trading
Following the disposal of the narrowboats in July 2002 the Company has no
current trading activities.
At this time the remaining assets in the Company are cash of approximately #1.36
million and two narrowboats and the land site at Great Haywood which, in
aggregate, have a net book value of #167,000. The Board does not expect the
disposal proceeds from the remaining assets to be less than their net book
value.
Strategy
With almost all assets converted into cash, the focus of your directors has been
to identify an attractive reverse candidate that the Board believes will, in
time, reward investors with share price appreciation. To date we have
investigated a significant number of potential opportunities. This has entailed
activity ranging from initial business plan reviews, through in-depth
discussions to drafting structures for potential reverse candidates. This is an
extremely time consuming process, but vital in our determination to make a
beneficial transaction on your behalf. Time spent in this way is the best form
of due diligence and ensures that we concentrate on those prospects offering the
most potential.
Stephen Thomson
9 April, 2003
CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the year ended 31 October, 2002
Note 2002 2001
# #
TURNOVER 76,419 340,849
Cost of sales - normal (84,716) (288,883)
- exceptional - (375,000)
-------- --------
GROSS (LOSS)/PROFIT (8,297) (323,034)
Operating expenses (235,785) (499,548)
-------- --------
OPERATING LOSS (244,082) (822,582)
Loss on the disposal of discontinued 2 (504,249) (158,187)
operations
Provision for loss on operations to be
discontinued 2 - (49,952)
-------- --------
LOSS ON ORDINARY ACTIVITIES BEFORE INTEREST (748,331) (1,030,721)
Interest (32,784) (73,089)
-------- --------
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (781,115) (1,103,810)
Taxation 3 42,000 100,615
-------- --------
RETAINED LOSS FOR THE FINANCIAL YEAR (739,115) (1,003,195)
======== ========
BASIC LOSS PER SHARE (IN PENCE) 4 (0.5) (0.7)
======== ========
There were no recognised gains or losses other than the result for the year as
shown above.
All material trading activities have been discontinued during the year. The only
ongoing costs and income relate to the management and administration of the
company and the realisation of the remaining trading assets.
CONSOLIDATED BALANCE SHEET
As at 31 October, 2002
Note 2002 2001
# #
FIXED ASSETS
Tangible assets 5 128,292 2,867,681
-------- --------
CURRENT ASSETS
Stocks 97,506 18,000
Debtors 18,632 153,222
Cash at bank and in hand 1,415,484 309,807
-------- --------
1,531,622 481,029
CREDITORS - amounts falling due
within one year (156,933) (736,770)
-------- --------
NET CURRENT (LIABILITIES)/
ASSETS 1,374,689 (255,741)
-------- --------
TOTAL ASSETS LESS CURRENT 1,502,981 2,661,940
LIABILITIES
CREDITORS - amounts falling due
after more than one year (25,622) (353,466)
PROVISIONS FOR LIABILITIES AND - (42,000)
CHARGES
-------- --------
1,477,359 2,216,474
CAPITAL AND RESERVES ======== ========
Called up share capital 1,622,718 1,622,718
Share premium 2,778,007 2,778,007
Capital redemption reserve 164,667 164,667
Profit and loss account (3,720,333) (2,981,218)
Capital reserve 632,300 632,300
-------- --------
SHAREHOLDERS' FUNDS 1,477,359 2,216,474
======== ========
================== ==================
CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 October, 2002
2002 2001
# # # #
NET CASH OUTFLOW FROM (310,279) (904,523)
OPERATING ACTIVITIES
RETURNS ON INVESTMENTS AND
SERVICING OF FINANCE
Net Interest paid (32,784) (73,089)
TAXATION - (685)
CAPITAL EXPENDITURE AND
FINANCIAL INVESTMENT
Payments to acquire - (19,380)
tangible fixed assets
Receipts from the sale of 2,128,332 63,126
tangible fixed assets
Receipts from the sale of 1 13,326
Investments
Net receipts from the sale - 699,524
of operations
-------- --------
2,128,333 756,596
-------- --------
CASH INFLOW/(OUTFLOW) 1,785,270 (221,701)
BEFORE FINANCING
FINANCING
Repayment of loans (679,593) (1,200,008)
Net proceeds from issue of - 2,260,703
new shares
-------- --------
(679,593) 1,060,695
-------- --------
INCREASE IN CASH 1,105,677 838,994
======== ========
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 October 2002
1. ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention
and in accordance with applicable accounting standards.
Basis of consolidation
The consolidated financial statements incorporate the financial statements
of AWG Services plc and all its subsidiary undertakings made up to 31 October,
2002.
2. DISCONTINUED OPERATIONS
On 1 November 2001 the company's wholly subsidiary Anglo-Welsh Overseas Limited
transferred certain narrowboats to AWG Services plc ("AWG"). The majority of the
boats transferred were sold during the year generating a loss of #74,105. Those
boats not sold have been transferred to stock where they have been written down
by #25,977 to their recoverable value.
On 8 July 2002 the company sold its subsidiary in Anglo Welsh Overseas Limited
creating a loss on disposal of the subsidiary undertakings of #404,167.
A summary of the losses incurred on the disposal of the group's narrowboats
operations is shown below:
#
Loss on disposal of Anglo-Welsh Overseas Limited 404,167
Loss on disposal of narrowboats sold by AWG 74,105
Write down of narrowboat stock to estimated residual values 25,977
--------
504,249
========
The loss arising on disposals of discontinued operations in the year ended 31
October 2001 relates to a net loss of #39,432 on the disposal of the hire
business and costs pertaining thereto. A further loss of #88,755 arose on the
disposal of the Group's boat building activities. A loss of #30,000 arose in
respect of the write off of unpaid consideration from the sale of the
agricultural machinery business in the previous year as a consequence of the
subsequent insolvency of the purchaser of that business.
The provision for loss on operations to be discontinued in the year ended 31
October 2001 relates to the provision for losses to be incurred in the
termination of the timeshare activities of Time Afloat Limited.
The carrying value of the assets and liabilities of Time Afloat Limited have
been adjusted to reflect costs and provisions arising from the discontinued
trade.
3. TAXATION
2002 2001
# #
Taxation credit is based on the loss for the year and is
made up as follows:
Adjustments in respect of prior years - 385
-------- --------
Current tax charge - 385
Deferred taxation (42,000) (101,000)
-------- --------
(42,000) (100,615)
======== ========
4 LOSS PER SHARE
Basic loss per ordinary share of 0.5 pence (2001: 0.7 pence) is calculated using
the net basis on the group loss for the year after tax of #739,115 (2001:
#1,003,195) and on the weighted average number of shares in issue of 162,271,750
(2001: 136,200,300)
2002 2001
pence pence
Basic loss per share (0.5) (0.7)
======== ========
5 TANGIBLE FIXED ASSETS
Freehold Narrow boats Plant & Total
Land & # Equipment #
Buildings #
#
Cost
At 1 November, 246,708 4,041,370 2,847 4,290,925
2001
Disposals (120,000) (3,886,379) - (4,006,379)
Transferred to - (154,991) - (154,991)
stock
-------- -------- -------- --------
At 31 October, 126,708 - 2,847 129,555
2002
-------- -------- -------- --------
Depreciation
At 1 November, - 1,422,930 314 1,423,244
2001
Charge for the - 59,424 949 60,373
period
Disposals - (1,439,979) - (1,439,979)
Transferred to - (42,375) - (42,375)
stock
-------- -------- -------- --------
At 31 October, - - 1,263 1,263
2002
-------- -------- -------- --------
Net book
value
At 31 October, 126,708 - 1,584 128,292
2002
======== ======== ======== ========
================ ================== ==============
At 31 October, 246,708 2,618,440 2,533 2,867,681
2001
======== ======== ======== ========
6. Dividends
The Directors are not proposing the payment of a dividend in respect of the year
ended 31 October, 2002.
7. Publication of non-statutory accounts
The financial information set out in this preliminary announcement does not
constitute statutory accounts as defined in Section 240 of the Companies Act
1985.
The consolidated balance sheet as at 31 October, 2002, and the consolidated
profit and loss account, consolidated cash flow statement and associated notes
for the year have been extracted from the group's financial statements. Those
financial statements have not yet been delivered to the Registrar of Companies,
nor have the auditors reported on them. The 2001 accounts have been delivered to
the Registrar of Companies and the auditors reported on them, their report was
unqualified and did not contain a statement under Section 237(2) or (3) of the
Companies Act 1985.
8. Copies of accounts will be sent to shareholders shortly and will also be
available at the Company's registered office.
Further enquiries
AWG Services plc
Stephen Thomson Tel: 01603 877 682
John East & Partners Limited
John East / Simon Clements Tel: 020 7628 2200
This information is provided by RNS
The company news service from the London Stock Exchange
END
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