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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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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 |
RNS Number : 1790K All Points North Plc 16 December 2008 All Points North PLC Unaudited Interim Results Chairman's Statement The Company presents its interim results for the six month period ended 30 September 2008. Even though the property market continues to labour through difficult times I am pleased to report a satisfactory set of figures. Turnover of £179,519 (2007: £427,168) resulted in an operating profit of £113,915 (2007: £143,743). Our annual rental income increased slightly over the period and we have appointed new managing agents for College House, Barrow to help fill our spare rental capacity there. The Directors have decided to hold the interim dividend at 0.05p per ordinary share payable on 30 January 2009 to shareholders on the register as at 30 December 2008. As the net assets of the Company at the period end were still less than £2m the Directors each waived their entitlement to receive the dividend prior to it being declared. Following the completion of the lease at 47-51 Highgate, Kendal by William Hill Organization on 1 September 2008, our agent has been instructed to sell the property. We have also agreed to market 45 Highgate, Kendal which is now fully let except for a small unit to the rear. We exchanged contracts for the sale of the fourth flat at Gatesgarth, Keswick for £222,500, which subsequently completed leaving only two remaining units to be sold. At the date of writing the property market remains in a state of flux but your Directors continue to use their expertise to maximise shareholder value over the long term. B K Chadwick Chairman 15th December 2008 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 to 6 months to Year ended 30/09/08 30/09/07 31/03/08 £ £ TURNOVER 179,519 427,168 1,086,369 Cost of sales (61,176) (197,574) (691,520) GROSS PROFIT 118,343 229,594 394,849 Administrative expenses (120,854) (85,851) (357,833) Other operating income 116,426 - 245,723 OPERATING PROFIT 113,915 143,743 282,739 Profit on sale of investment property - - 93,695 PROFIT ON ORDINARY ACTIVITIES 113,915 143,743 376,434 BEFORE INTEREST Interest receivable 455 18,183 19,905 Interest payable (179,688) (202,360) (395,989) PROFIT/(LOSS) ON ORDINARY ACTIVITIES (65,318) (40,434) 350 BEFORE TAXATION Tax on Profit/(Loss) on ordinary activities 545 - - PROFIT/(LOSS) ON ORDINARY ACTIVITIES (64,773) (40,434) 350 AFTER TAXATION All Points North PLC Balance sheets 6 months to 6 months to Year ended 30/09/08 30/09/07 31/03/08 £ £ FIXED ASSETS Tangible assets 5,925,308 6,325,122 5,925,653 Investments 50 - 50 5,925,358 6,325,122 5,925,703 CURRENT ASSETS Stocks 1,537,966 1,462,461 1,120,629 Investments 225,000 - - Debtors 178,697 302,416 402,478 Bank and cash balances - 29,383 20,858 1,941,663 1,794,260 1,543,965 CREDITORS amounts falling due within one year (6,137,623) (6,119,106) (5,649,139) NET CURRENT LIABILITIES (4,195,960) (4,324,846) (4,105,174) NET ASSETS 1,729,398 2,000,276 1,820,529 CAPITAL AND RESERVES Called up share capital 73,958 73,958 73,958 Share premium account 312,723 312,723 312,723 Revaluation reserve 1,123,207 1,362,783 1,149,565 Profit and loss account 219,510 250,812 284,283 SHAREHOLDERS' FUNDS 1,729,398 2,000,276 1,820,529 All Points North PLC Cash Flow Statements 6 months to 6 months to Year ended 30/09/08 30/09/07 31/03/08 £ £ Reconciliation of operating loss to net cash flow from operating activities Operating profit 113,915 143,743 282,739 Depreciation of tangible fixed assets 511 616 1,351 Impairments of fixed assets 7,471 - 136,537 Profit on disposal of tangible fixed assets - (196) (195) Decrease/(Increase) in stocks (417,337) 216,835 558,667 Increase in current investments (225,000) - - (Increase)/Decrease in debtors 195,681 (162,142) (212,254) (Decrease)/Increase in creditors 132,815 (153,893) (570,763) Net cashflow from operating activities (191,944) 44,963 196,082 Cashflow statement: Net cashflow from operating activities (191,944) 44,963 196,082 Returns on investments and servicing of finance Interest received 455 18,183 19,905 Interest paid (179,688) (202,360) (395,989) (179,233) (184,177) (376,084) Taxation 545 - - Capital expenditure and financial investment Purchase of tangible fixed assets (33,994) (64,501) (113,488) Sale of tangible fixed assets - 3,000 298,284 (Loan) to joint venture or repayment of loan 28,100 - (49,950) Investment in joint venture - - (50) (5,894) (61,501) 134,796 Dividends paid - - (110,937) Decrease in cash in the period (376,526) (200,715) (156,143) Net debt at the start of the period (5,149,984) (4,993,841) (4,993,841) Net debt at the end of the period (5,526,510) (5,194,556) (5,149,984) Net debt comprises: Cash at bank - 29,383 20,858 Bank overdraft falling due within one year (5,526,510) (5,223,939) (5,170,842) (5,526,510) (5,194,556) (5,149,984) 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 2008 and are unaudited. In addition in accordance with FRS 26 an option, being a financial asset and a derivative, costing £109,000 has been included in the financial statements at fair value of £225,000.The interim financial statements were approved by a duly appointed and authorised committee of the Board of Directors on 15th December 2008. 2. (Loss)/profit per ordinary share 6 months to 6 months to Year ended 30/09/08 30/09/07 31/03/08 (Loss)/profit on ordinary activities after tax (64,773) (40,434) 350 Average number of shares in issue 7,395,813 7,395,813 7,395,813 (Loss)/profit per ordinary share in pence (0.88)p (0.55)p 0.00p 3. Movement in capital and reserves Revaluation Profit and reserve loss account £ £ At 1 April 2008 1,149,565 284,283 Loss for the period - (64,773) Deficit on revaluation of freehold property (26,358) - At 30 September 2008 1,123,207 219,510 4. Dividend A final dividend for the year ended 31st March 2008 of one penny per share was paid on 3rd November 2008, the directors of the company having waived their right to that dividend. The Directors have declared an interim dividend for the current year of half a penny per ordinary share payable on 30th January 2009 to shareholders registered as at 30th December 2008 and have waived their right to that dividend also. 5. 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 IR QELFFVLBEFBD
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