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Name | Symbol | Market | Type |
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Citi Fun 24 | LSE:BD25 | London | Medium Term Loan |
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0.00 | 0.00% | 0 | - |
RNS Number:5196G Ashpol PLC 20 July 2006 Group income statement (unaudited) Year ended Period ended 24 March 24 March Note 2006 2005 #'000 #'000 Revenue 7,634 3,537 Cost of sales (466) (133) Gross profit 7,168 3,404 Administrative costs 1 (7,976) (299) Profit on disposals of investment properties 42,453 4,488 Profit on disposal of subsidiary undertaking - 1,507 Profit from operations 41,645 9,100 Finance income 2,791 487 Finance costs (9,276) (2,688) Profit before tax 35,160 6,899 Tax expense 2 974 (265) Profit for the year 36,134 6,634 All amounts relate to continuing activities. The profit for the year is attributable to the equity holders of the company. All recognised income and expense in the current and prior year is included in the income statement. Group balance sheet (unaudited) Year ended Period ended 24 March 24 March 2006 2005 #'000 #'000 Assets Non-current assets Investment properties 3 93,023 94,675 Current assets Trade and other receivables 22,697 12,032 Cash and cash equivalents 50,567 23,234 73,264 35,266 Total assets 166,287 129,941 Liabilities Current liabilities Trade and other payables (5,607) (6,319) Corporation tax liability tax (293) (961) (5,900) (7,280) Non-current liabilities Financial liabilities 4 (110,011) (75,000) Deferred tax liability - (974) (110,011) (75,974) Total liabilities (115,911) (83,254) 50,376 46,687 Net assets Equity Share capital 7,378 48,010 Share premium reserve 7,069 7,069 Capital redemption reserve 42 42 Equity conversion reserve 8,187 - Retained earnings 27,700 (8,434) Total equity 50,376 46,687 Included within total equity at 24 March 2005 was an amount of #40,632,000 in respect of non-equity interests of which #39,570,000 are convertible into equity shares. The balance of #6,055,000 relates to equity interests. Group cash flow statement (unaudited) Year ended Period ended 24 March 24 March 2006 2005 #'000 #'000 Operating activities Profit before tax 35,160 6,899 Profit on disposals of investment properties (42,453) (4,488) Profit on disposal of subsidiary undertaking - (1,507) Movement in receivables (7,215) 9,094 Movement in payables (7,430) (2,090) Income taxes (668) (640) Finance income (2,791) (487) Finance costs 9,276 2,688 Impairment of goodwill 5,301 - (10,820) 9,469 Investment activities Proceeds from sale of investment properties 124,228 6,569 Acquisition of investment properties (78,421) - Acquisition of subsidiary undertakings (965) - Interest received 1,556 352 46,398 6,921 Financing activities Interest paid (8,245) (722) (8,245) (722) Increase in cash and cash equivalents in the period 27,333 15,668 Notes to the preliminary announcement Basis of preparation The preliminary results for the year ended 24 March 2006 have been prepared in accordance with International Financial Reporting Standards (IFRSs and IFRIC interpretations) issued by the International Accounting Standards Board (IASB) and with those parts of the Companies Act 1985 applicable to companies preparing their accounts under IFRS. This is the first time the company has prepared its financial statements in accordance with IFRSs, having previously prepared its financial statements in accordance with UK accounting standards. The accounting policies used have been consistently applied to all the years presented, unless otherwise stated below. First-time adoption The group has elected to apply the following transitional arrangements permitted by IFRS 1 'First-time Adoption of International Financial Reporting Standards': * Business combinations effected before 24 November 2004, including those that were accounted for using the merger method of accounting under UK accounting standards have not been restated. * Where the liability component of a compound financial instrument was not outstanding at 24 November 2004, the portion of equity representing the cumulative interest accreted on the liability component and the portion of equity representing the original equity component of the instrument have not been disclosed as separate components of equity. Compliance with accounting standards The financial statements of the group have been prepared in accordance with applicable International Financial Reporting Standards (IFRSs) except: * In respect of the application of the cost model of IAS 40 to measure investment properties. The directors have not provided for depreciation on the properties as they consider that, as the properties are held for investment rather than consumption, systematic annual depreciation would be inappropriate. This represents a departure from the Companies Act 1985 concerning depreciation of fixed assets which the directors consider necessary for the financial statements to give a true and fair view. The effect of this departure from the Companies Act 1985 has not been quantified because it is impracticable and, in the opinion of the directors, would be misleading. * In respect of the requirement of IAS 40 that the fair value of investment properties at the year end be disclosed in the financial statements. The directors do not believe the additional information this would provide justifies the cost of the valuations and have therefore omitted to provide this disclosure The financial information contained in this preliminary announcement does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. Full audited accounts for the year ended 24 March 2006 will be delivered to the Registrar of Companies and shareholders in due course. The auditors' report on the statutory accounts for the year ended 24 March 2006 is expected to be qualified as a result of non-compliance with IAS 40. The financial information for the year ended 24 March 2005 is extracted from the audited financial statements to that date which have been delivered to the Registrar of Companies. The auditors' report on those statutory accounts was qualified as a result of non-compliance with SSAP 19. 1. Administrative costs Administrative costs include impairment of goodwill of #5,301,000 (2005 - #Nil) and a charitable donation of #2,307,000 (2005 - #Nil). 2. Taxation on profit on ordinary activities Year ended Period ended 24 March 24 March 2006 2005 #'000 #'000 Current tax - current tax on profit for the period - (164) Current tax - adjustment to prior year items - (54) Deferred tax - origination of timing differences 974 (47) 974 (265) 3. Fixed assets - investment properties 24 March 24 March 2006 2005 #'000 #'000 Balance at 25 March 2005 94,675 115,523 Additions 80,123 2,484 Disposals (81,775) (23,332) Balance at 24 March 2006 93,023 94,675 4. Financial liabilities 24 March 24 March 2006 2005 #'000 #'000 10 3/4 % 1st Mortgage Debenture Stock (75,000) (75,000) 10% Cumulative Preference shares of #1 (1,062) - 5 3/4% Convertible Preference shares of #1 (32,247) - Finance lease creditor (1,702) - (110,011) (75,000) The group has presented the 53/4% convertible preference shares and the 10% cumulative preference shares in accordance with the requirements of IAS 32. The exemption permitted not to restate comparative amounts has been adopted. 5. Net debt Year ended Period ended 24 March 24 March 2006 2005 #'000 #'000 Repayable as follows: After more than five years (110,011) (75,000) Cash and cash equivalents 50,567 23,234 Net debt (59,444) (51,766) 6. Company Information Directors D McGrath L Noe M P Sheppard I Smith Secretary A M Jacobs Registered Office 5 Wigmore Street London W1U 1PB Registered Number 104394 This information is provided by RNS The company news service from the London Stock Exchange END FR SEDFISSMSEIW
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