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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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RNS Number:1194T
Ashpol PLC
10 December 2003
10 December 2003
Introduction
The Group owns a property portfolio which contains nursing homes, a leisure park and office accommodation.
Group results for the year ended 14 August 2003
Profit and loss account
Group turnover for the twelve months to 14 August 2002 was #9.70m (2002 - #9.87m).
Administration costs decreased from #1.69m in 2002 to #0.27m. The reduction was primarily due to two expense items in
2002 that did not recur in 2003; impairment of goodwill #1.03m and impairment of investment property #0.3m.
Operating profit was #8.95m (2002 - #7.68m), representing 92% of turnover (2002 - 78%).
The sale of investment properties generated a #0.83m profit in the year (2002 - no sales).
Group retained profit for the year was #2.27m (2002 - #0.23m).
Balance sheet
The group held investment properties with a cost of #119m at 14 August 2003 (2002 - #126m). The directors have taken
the decision not to revalue investment properties at the year end as they do not believe the additional information a
revaluation would provide justifies the additional cost.
Accounting standards require investment properties to be included in the Financial Statements at open market value
and therefore the audit report has been qualified for this non-compliance with accounting standards.
Unaudited consolidated profit & loss account
for the year ended 14 August 2003
Year ended Year ended
14 August 14 August
Note 2003 2002
#'000 #'000
Rental income 9,699 9,872
Property outgoings (472) (503)
Gross profit 9,227 9,369
Administrative expenses (274) (1,688)
Operating profit 8,953 7,681
Profit on disposals of fixed assets 828 -
Profit on ordinary activities before interest and taxation 9,781 7,681
Interest receivable 1,348 1,138
Interest payable (8,172) (8,096)
Profit on ordinary activities before taxation 2,957 723
Taxation on profit on ordinary activities 4 (579) (386)
Profit on ordinary activities after taxation 2,378 337
Dividends (non-equity) 2 (104) (106)
Retained profit for the year 2,274 231
All amounts relate to continuing activities.
All recognised gains and losses are included in the profit and loss account.
Unaudited consolidated balance sheet
at 14 August 2003
14 August 14 August
2003 2002
#'000 #'000
Fixed assets -investment properties 3 119,484 126,035
Current assets
Debtors 16,810 8,509
Cash at bank 898 927
17,708 9,436
Creditors falling due within one year (3,909) (4,733)
Net current assets 13,799 4,703
Total assets less current liabilities 133,283 130,738
Creditors falling due after one year (75,000) (75,000)
Provisions for liabilities and charges (657) (386)
Net assets 57,626 55,352
Capital and reserves
Called up share capital - equity 7,378 7,378
- non-equity 40,632 40,632
48,010 48,010
Share premium account 7,069 7,069
Capital redemption reserve 42 42
Profit and loss account 2,505 231
Total shareholders' funds 57,626 55,352
Unaudited consolidated summarised cash flow statement
for the year ended 14 August 2003
Year ended Year ended
14 August 14 August
2003 2002
#'000 #'000
Net cash (outflow) / inflow from operating activities (477) 130
Returns on investment and servicing of finance (6,928) (7,794)
Taxation (3) -
Capital expenditure and financial investment 7,379 (88,200)
Acquisitions and disposals - (8,894)
Equity dividends paid - -
Cash (outflow) / inflow before financing (29) (104,758)
Financing - (25,478)
(Decrease) / increase in cash (29) (130,236)
Reconciliation of operating profit to net cash
flow from operating activities
Year ended Year ended
14 August 14 August
2003 2002
#'000 #'000
Operating profit 8,953 7,681
Impairment of goodwill - 1,025
(Increase) / decrease in debtors (8,301) (6,697)
(Decrease) / increase in creditors (1,129) (2,179)
Impairment of fixed asset investment property - 300
Net cash (outflow) / inflow from operating activities (477) 130
Notes to the preliminary announcement
1. Basis of preparation
The financial statements have been prepared under the historical cost convention and, except as indicated below, are
in accordance with United Kingdom accounting standards. The principal accounting policies have been applied
consistently during both the current year and the previous year. In order to show a true and fair view, the group's
accounting policy in respect of investment properties departs from the requirements of the Companies Act 1985.
Details of this departure are given in the accounting policy for investment properties below.
Compliance with accounting standards
The financial statements have been prepared in accordance with applicable accounting standards except in respect of
the requirement of Statement of Standard Accounting Practice No. 19 that all investment properties should be included
in the financial statements at their current open market value as the directors do not believe the additional
information this would provides justifies the cost of a valuation. Investment properties are recorded in the
financial statements at cost.
Goodwill
Goodwill arising on an acquisition of a trade or subsidiary undertaking is the difference between the fair value of
the consideration paid and the fair value of the assets and liabilities acquired. Positive goodwill is capitalised
and amortised through the profit and loss account over the directors' estimate of its useful economic life.
Impairment tests on the carrying value of goodwill are undertaken:
- at the end of the first full financial year following acquisition; and
- in other periods if events or changes in circumstances indicate that the carrying value may not be
recoverable.
Deferred tax
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by
the balance sheet date except that the recognition of deferred tax assets is limited to the extent that the group
anticipates making sufficient taxable profits in the future to absorb the reversal of the underlying timing
differences.
Deferred tax balances are not discounted.
2. Dividends
Year ended Year ended
14 August 14 August
2003 2002
#'000 #'000
Non-Equity Shares:
10% Cumulative Preference Shares - paid 104 106
104 106
The directors do not propose an equity dividend
3. Fixed assets - investment properties
#'000
Balance at 15 August 2002 126,035
Additions 9,284
Disposals (15,835)
Balance at 14 August 2003 119,484
4. Taxation on profit on ordinary activities Year ended Year ended
14 August 14 August
2003 2002
#'000 #'000
Current tax - current tax on profit for the year 308 -
Deferred tax - origination of timing differences 271 386
579 386
The tax assessed for the year is lower than the standard rate of corporation tax in the
UK. The differences are explained below:
Profit on ordinary activities at the standard rate of corporation tax in the UK of 30% 887 217
(2001 - 30%)
Effect of:
Expenses not deductable for tax purposes 69 194
Capital allowances for the year (271) (386)
Utilisation of losses brought forward (18) (25)
Tax allowances on property disposals (359) -
Current tax charge for the year 308 -
5. Net debt
Year ended Year ended
14 August 14 August
2003 2002
#'000 #'000
Repayable as follows:
After more than five years (75,000) (75,000)
Cash 898 927
Net debt (74,102) (74,073)
6. Statutory accounts
These preliminary results for the year ended 14 August 2003 have been prepared using accounting policies unchanged
from those set out in the company's 14 August 2002 statutory financial statements. Full audited accounts for the year
ended 14 August 2003 will be delivered to the Registrar of Companies and shareholders in due course. The financial
information for the year ended 14 August 2002 is extracted from the audited financial statements to that date which
have been delivered to the Registrar of Companies. The auditors report on the 2002 financial statements did not
contain a statement under S237(2) or (3) of the Act.
The statutory accounts for the year ended 14 August 2003 are expected to include a qualified audit report as a result
of non-compliance with Statement of Standard Accounting Practice 19. The audit report in the prior year was qualified
for a similar reason. The financial information contained in this preliminary announcement does not constitute
statutory accounts within the meaning of Section 240 of the Companies Act 1985.
7. Company Information
Directors W S Benjamin
K D McGrath
M Pashley
I Smith
Secretary A M Jacobs
Registered Office 5 Wigmore Street
London
W1U 1PB
Registered Number 104394
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
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