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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 |
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0 | 0 | N/A | 0 |
TIDMAPNO
RNS Number : 4654U
All Points North Plc
22 December 2011
All Points North PLC
Unaudited Interim Results for the period ended 30 September 2011
Chairman's Statement
Our interim results for the six month period ended 30 September 2011 reflect a relatively subdued period. You will see from the accounts that our turnover had reduced to GBP151,450 as compared to GBP163,429 for the equivalent period last year. The major change in our rental income is due to BT Ufindus vacating their premises at College House which I reported in my chairman's statement for the year ended 31 March 2011. Both figures are low in comparison to the year end 31/3/2011 figure which included a property sale. It is evident from the balance sheet that there was little activity in terms of additions or disposals of the fixed asset or stock properties.
In my last statement I reported that we had received two conditional offers in excess of GBP400,000 for our Kendal Bowman property and expected to complete the sale of this property before 31 December 2011 which would have reduced the Company's debt position and also give surplus funds for future working capital requirements. One of the potential purchasers has unfortunately dropped out and we are still negotiating with the remaining interested party.
Administrative expenses of GBP65,179 look high in comparison to the equivalent period last year of GBP35,261, but as reported in my statement this time last year, the 2010 figure reflected the reversal of a provision in the order of GBP32,000 for a bad debt which was subsequently recovered.
Also as commented upon last year, in the 2010 accounts an insurance claim had been finalised resulting in a credit of GBP63,155.
The rise in interest payable reflects largely the increased cost of bank borrowing.
The overall result is an operating profit of GBP9,463 (2010 GBP94,414) and a loss on ordinary activities after taxation of GBP108,775 (2010 profit GBP13,146).
Since the period end one of our smaller tenants, Kendal Carpet Warehouse, has been declared bankrupt. The unit is now on offer to let and is being marketed by our agents. At College House we have agreed a temporary rent reduction with the nursery on the condition that we recover the 'lost rent' as and when their trading position improves and we will monitor this on an ongoing basis. Also at College House Furness PC and Console Repairs went into liquidation (their rent was GBP6,830 per annum). On the plus side we have entered into an agreement to lease our premises at Botchergate, Carlisle at a rental of GBP35,000 per annum, with a rent free three month period, on a ten year fully repairing and insuring lease, subject to a five year review and break clause, with an established restaurant company. The lease is subject to planning approval but our agents inform us that the planning authorities are fully in support of the scheme. The purchaser of part of our Printfield site has now received planning for nine residential units and, as per our overage agreement, we are to receive payments totalling GBP149,000 as plots are disposed of.
The Board does not see the environment in which the Company operates changing significantly in the medium term and the Company continues to be reliant on the support of the bank. The Directors are considering its strategy going forward and expect to report back to shareholders with an update in early March 2012.
B K Chadwick
Chairman
Date 22nd December 2011
Enquiries:
Keith Chadwick, All Points North plc Tel: 01768 865959 Nick Cowles, Zeus Capital Limited Tel: 0161 831 1512
All Points North PLC
Profit and loss Accounts
6 months 6 months to Year ended to 30/09/11 30/09/10 31/03/11 GBP GBP TURNOVER 151,450 163,429 506,892 Cost of sales (76,808) (96,909) (271,124) GROSS PROFIT 74,642 66,520 235,768 Administrative expenses (65,179) (35,261) (79,458) Other operating income - 63,155 63,169 OPERATING PROFIT/(LOSS) 9,463 94,414 219,479 Loss on sale - - - of investment property Amounts written back to/(off) investments - (3,750) 16,251 PROFIT/(LOSS) ON ORDINARY ACTIVITIES 9,463 90,664 235,730 BEFORE INTEREST Interest receivable 4 7 10 Interest payable (118,242) (77,525) (177,058) PROFIT/(LOSS) ON ORDINARY ACTIVITIES (108,775) 13,146 58,682 BEFORE TAXATION Tax on profit or loss - - - on ordinary activities PROFIT/(LOSS) ON ORDINARY ACTIVITIES (108,775) 13,146 58,682 ========= ============= =========== AFTER TAXATION
All Points North PLC
Balance sheets
6 months to 6 months Year ended to 30/09/11 30/09/10 31/03/11 GBP GBP FIXED ASSETS Tangible assets 5,665,071 5,742,757 5,666,630 =========== =========== =========== CURRENT ASSETS Stocks 788,500 890,000 775,000 Debtors 153,453 195,679 134,655 941,953 1,085,679 909,655 CREDITORS Amounts falling due within one year (5,651,339) (5,681,347) (5,510,782) NET CURRENT LIABILITIES (4,709,386) (4,595,668) (4,601,127) =========== =========== =========== LIABILITIES DUE AFTER ONE YEAR - (3,165) (1,043) =========== =========== =========== NET ASSETS 955,685 1,143,924 1,064,460 =========== =========== =========== CAPITAL AND RESERVES Called up share capital 73,958 73,958 73,958 Share premium account 312,723 312,723 312,723 Revaluation reserve 1,035,167 1,160,167 1,035,167 Profit and loss account (466,163) (402,924) (357,388) SHAREHOLDERS' FUNDS 955,685 1,143,924 1,064,460 =========== =========== ===========
All Points North PLC
Cash Flow Statements
6 months 6 months Year ended to to 30/09/11 30/09/10 31/03/11 GBP GBP Reconciliation of operating loss to net cash flow from operating activities Operating profit/(loss) 9,463 94,414 219,479 Depreciation of tangible fixed assets 1,856 2,123 4,928 Impairments of fixed assets - - (50,000) Profit on disposal of - - - tangible fixed assets Decrease/(Increase) in stocks (13,500) - 115,000 Decrease/(Increase) in debtors (18,798) 27,625 88,649 (Decrease)/Increase in creditors 125,247 (28,417) (107,563) Net cash inflow from operating activities 104,268 95,745 270,493 =========== =========== =========== Cashflow statement: Net cash inflow from operating activities 104,268 95,745 270,493 =========== =========== =========== Returns on investments and servicing of finance Interest received 4 7 10 Interest paid (118,242) (77,525) (177,058) (118,238) (77,518) (177,048) =========== =========== =========== Capital expenditure and financial investment Purchase of tangible fixed assets (297) (1,790) (3,468) Sale of tangible - - - fixed assets Purchase of investment properties - (2,795) (2,795) Loan provided for now recoverable - - 20,000 Sale of joint venture company - - 1 Loan to joint venture - (3,750) (3,750) (297) (8,335) 9,988 =========== =========== =========== Cash (outflow)/inflow before financing (14,267) 9,892 103,433 =========== =========== =========== Financing (2,155) (2,320) (46,197) =========== =========== =========== (Decrease)/Increase in cash in the period (16,422) 7,572 57,236 =========== =========== =========== Reconciliation of net cash flow to movement in net funds/debt Increase in cash in the period (16,422) 7,572 57,236 Cash inflow from decrease in debt and Lease financing 2,155 2,320 46,197 Movement in net debt in the year (14,267) 9,892 103,433 Net debt at 1st April 2011 (5,131,135) (5,234,568) (5,234,568) Net debt at 30 September 2011 (5,145,402) (5,224,676) (5,131,135) =========== =========== =========== Net debt comprises: Bank overdrafts falling due within one year (5,143,062) (5,167,987) (5,076,565) Bank loan falling due within one year - (50,071) (50,075) ----------- ----------- ----------- (5,143,062) (5,218,058) (5,126,640) Lease purchase creditor (2,340) (6,618) (4,495) (5,145,402) (5,224,676) (5,131,135) =========== =========== ===========
All Points North PLC
Notes to the interim financial statements
1. Preparation of the financial statements
This interim report for the period ended 30 September 2011 has been prepared on the basis of the accounting policies set out in All Points North PLC's annual report and financial statements 2011 and in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The interim report was approved by the Board of Directors on 20(th) December 2012.
The interim report does not constitute statutory financial statements as defined in section 434 of the Companies Act 2006.
It does not include all of the information and disclosures required for full annual financial statements, and should be read in conjunction with the annual report and financial statements for the year ended 31 March 2011.
The financial information contained in this interim report in respect of the year ended 31 March 2011 has been produced from the annual report and financial statements for that year which have been filed with the Registrar of Companies. The report of the auditors was (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 498(2) or (3) of the Companies Act 2006.
The interim results for the current and comparative periods are unaudited.
2. Profit/(loss) per ordinary share 6 months to 6 months to Year ended 30/09/11 30/09/10 31/03/11 Profit/(loss) on ordinary activities after tax (108,775) 13,146 58,682 Average number of shares in issue 7,395,813 7,395,813 7,395,813 (Loss)/profit per ordinary share in pence (1.47)p 0.18p 0.79p 3. Movement in capital and reserves Revaluation Profit and reserve loss account GBP GBP At 1 April 2011 1,035,167 (357,388) Profit for the period - (108,775) Deficit on revaluation of - freehold property At 30 September 2011 1,035,167 (466,163) =========== ============ 4. Copies of the interim report
Copies of the interim report are available 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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