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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
All Points Nth. | LSE:APNO | London | Ordinary Share | GB00B1J3F018 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMAPNO
RNS Number : 9585X
All Points North Plc
15 December 2010
All Points North PLC
Unaudited Interim Results
Chairman's Statement
I am pleased to present our interim results for the six month period ended 30 September 2010.
Once again, overall activity remained quiet, with little movement on the balance sheet in terms of additions or disposals of the fixed asset or stock properties. As no property sales were effected during the period, the turnover figure of GBP163,429 looks low in comparison to the prior period figure of GBP379,395 which included a property sale amounting to GBP198,950.
Cost of sales totalled GBP96,909 again much reduced from the comparative period (GBP290,494), which included the cost of the property sold.
The current period administrative expenses of GBP35,261 (2009 GBP41,418) reflect the reversal of a provision in the order of GBP32,000 for a bad debt as at 31 March 2010 which the directors are now confident will be recovered.
Other operating income for the six month period amounted to GBP63,155 arising largely as a result of an insurance claim which has now been fully finalised.
The overall result is an operating profit of GBP94,414 (2009 GBP47,933) and profit on ordinary activities after taxation of GBP13,146 (2009 loss GBP26,721).
Just after the period end a deposit was received re the sale of our last remaining flat at Gatesgarth, Keswick at an agreed price of GBP187,500 and completion is due by the end of this month. Also since the period end we have attracted a new tenant at College House Barrow for a three year term at GBP6,830 per annum.
As regards plans for the future, at Botchergate, Carlisle we have discussed with the planning authority our intention to submit an application for shops and car parking and also to include student accommodation. We received a favourable response and will be submitting a planning application in the New Year. We are still awaiting a decision from the planners regarding our application at The Kendal Bowman; we expect to receive a positive decision shortly. At Concorde House, Blackpool we are pursuing the original tenant under its guarantee for outstanding unpaid rent. In addition, the purchasers at Printfield, Wigton have now produced detailed plans for Phase 2 and the road access is in the process of being installed.
As stated in the Company's annual results, released on 21 September 2010 the Company's Bankers were due to arrange for an external valuation of the Company's properties to be carried out in October 2010; however this is ongoing and has not been completed. The Directors have continued to consult with various valuers and remain comfortable with the valuation of the Company's property portfolio.
It is satisfying that we have produced a bottom line profit for the period. Should our efforts and those of our agents continue to attract more new tenants to the vacant spaces in our properties then the values of these properties should increase accordingly.
I look forward to reporting further after the March year end.
B K Chadwick
Chairman
13 December 2010
Enquiries:
Keith Chadwick, All Points North plc Tel: 01768 865959
Alex Clarkson/Nick Cowles, Zeus Capital Limited Tel: 0161 831 1512
All Points North PLC
Profit and loss Accounts
6 months 6 months to to Year ended 30/09/10 30/09/09 31/03/10 GBP GBP TURNOVER 163,429 379,395 701,777 Cost of sales (96,909) (290,494) (635,921) GROSS PROFIT 66,520 88,901 65,856 Administrative expenses (35,261) (41,418) (381,234) Other operating income 63,155 450 30,625 OPERATING PROFIT/(LOSS) 94,414 47,933 (284,753) Loss on sale of investment property - - (2,766) Amounts written off investments (3,750) - (21,684) PROFIT/(LOSS) ON ORDINARY ACTIVITIES 90,664 47,933 (309,203) BEFORE INTEREST Interest receivable 7 - - Interest payable (77,525) (74,654) (146,109) PROFIT/(LOSS) ON ORDINARY ACTIVITIES 13,146 (26,721) (455,312) BEFORE TAXATION Tax on profit or loss on ordinary activities - - - PROFIT/(LOSS) ON ORDINARY ACTIVITIES 13,146 (26,721) (455,312) ========= ========== =========== AFTER TAXATION
All Points North PLC
Balance sheets
6 months 6 months to to Year ended 30/09/10 30/09/09 31/03/10 GBP GBP FIXED ASSETS Tangible assets 5,742,757 5,680,993 5,743,090 Investments - 50 - 5,742,757 5,681,043 5,743,090 ============ ============ ============ CURRENT ASSETS Stocks 890,000 1,198,761 890,000 Debtors 195,679 158,916 223,304 1,085,679 1,357,677 1,113,304 CREDITORS Amounts falling due within one year (5,681,347) (5,801,661) (5,717,930) NET CURRENT LIABILITIES (4,595,668) (4,443,984) (4,604,626) ============ ============ ============ LIABILITIES DUE AFTER ONE YEAR (3,165) (6,618) (4,891) ============ ============ ============ NET ASSETS 1,143,924 1,230,441 1,133,573 ============ ============ ============ CAPITAL AND RESERVES Called up share capital 73,958 73,958 73,958 Share premium account 312,723 312,723 312,723 Revaluation reserve 1,160,167 831,239 1,162,962 Profit and loss account (402,924) 12,521 (416,070) SHAREHOLDERS' FUNDS 1,143,924 1,230,441 1,133,573 ============ ============ ============
All Points North PLC
Cash Flow Statements
6 months 6 months to to Year ended 30/09/10 30/09/09 31/03/10 GBP GBP Reconciliation of operating loss to net cash flow from operating activities Operating profit/(loss) 94,414 47,933 (284,753) Depreciation of tangible fixed assets 2,123 555 2,539 Impairments of fixed assets - - 201,980 Profit on disposal of tangible fixed assets - - (1,320) Decrease/(Increase) in stocks - 157,622 466,383 Decrease/(Increase) in debtors 27,625 (17,780) (96,802) (Decrease)/Increase in creditors (28,417) 49,660 (4,057) Net cash inflow from operating activities 95,745 237,990 283,970 ============ ============ ============ Cashflow statement: Net cash inflow from operating activities 95,745 237,990 283,970 ============ ============ ============ Returns on investments and servicing of finance Interest received 7 - - Interest paid (77,525) (74,654) (146,109) (77,518) (74,654) (146,109) ============ ============ ============ Capital expenditure and financial investment Purchase of tangible fixed assets (1,790) (25,651) (3,917) Sale of tangible fixed assets - - 1,320 Purchase of investment properties (2,795) (38,673) (102,962) Sale of investment properties - - 117,234 Loan to joint venture (3,750) - (7,000) (8,335) (64,324) 4,675 ============ ============ ============ Cash inflow before financing 9,892 99,012 142,536 ============ ============ ============ Financing Repayment of lease creditor (2,320) - (2,846) ============ ============ ============ Increase in cash in the period 7,572 99,012 139,690 ============ ============ ============ Reconciliation of net cash flow to movement in net funds/debt Increase in cash in the period 7,572 99,012 139,690 Cash inflow from decrease in debt and Lease financing 2,320 - 2,846 New lease creditor - - (11,784) Movement in net debt in the year 9,892 99,012 130,752 Net debt at 1st April 2010 (5,234,568) (5,365,320) (5,365,320) Net debt at 30 September 2010 (5,224,676) (5,266,308) (5,234,568) ============ ============ ============ Net debt comprises: Bank overdraft falling due within one year (5,167,987) (5,266,308) (5,133,801) Bank loan falling due within one year (50,071) - (91,829) ------------ ------------ ------------ (5,218,058) (5,266,308) (5,225,630) Lease purchase creditor (6,618) - (8,938) (5,224,676) (5,266,308) (5,234,568) ============ ============ ============
All Points North PLC
Notes to the interim financial statements
1. Preparation of the financial statements
The interim results have been prepared in accordance with the accounting policies set out in the Company's accounts to 31st March 2010 and are unaudited. The interim financial statements were approved by a duly appointed and authorised committee of the Board of Directors on 13 December 2010.
2. Profit/(loss) per ordinary share
6 months 6 months to to Year ended 30/09/10 30/09/09 31/03/10 Profit/(loss) on ordinary activities after tax 13,146 (26,721) (455,312) Average number of shares in issue 7,395,813 7,395,813 7,395,813 Profit/(loss) per ordinary share in pence 0.18p (0.36)p (6.16)p
3. Movement in capital and reserves
Profit Revaluation and reserve loss account GBP GBP At 1 April 2010 1,162,962 (416,070) Profit for the period - 13,146 Deficit on revaluation of freehold property (2,795) - At 30 September 2010 1,160,167 (402,924) ============ =============
4. Copies of the interim report
Copies of the interim report are available to the public from the Company's head office: Cumbria House, Gilwilly Road, Penrith, Cumbria CA11 9FF and on the Company's website: www.allpointsnorthplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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