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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Energypathways Plc | LSE:EPP | London | Ordinary Share | GB00BM9M0884 | ORD GBP0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.10 | -4.35% | 2.20 | 2.10 | 2.30 | 2.30 | 2.15 | 2.30 | 724,492 | 10:45:38 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Offices-holdng Companies,nec | 0 | -1.86M | -0.0701 | -0.31 | 610.65k |
RNS Number:8477O Eurocity Properties PLC 18 December 2001 Eurocity Properties PLC INTERIM ACCOUNTS for the six months ended 30 September 2001 ADVANCE /y786 Company Registration No. 2739940 For the six month period to 30 September 2001 the group made a loss of #141,003 (2000: loss #96,305). The group has increased net assets to #3,172,570 from #3,013,573, at the year end, by making a number of acquisitions and also by disposing of some of the residential properties that were held as stock. We have in the process of the acquisitions been successful in issuing shares at 50p per share and are continuing to seek further opportunities to increase the strength of the balance sheet whilst at the same time to eliminate the losses and seek to achieve profitability. Nicholas Jeffrey LLB Chairman 17 December 2001 Notes Period ended Period ended Year ended 30 September 30 September 31 March 2001 2000 2001 (Unaudited) (Unaudited) (Audited) # # # TURNOVER 2 1,774,279 251,470 531,878 Cost of trading properties sold (1,214,692) - - Direct property expenses (40,782) (43,830) (39,696) Operating expenses (320,111) (210,887) (591,801) OPERATING PROFIT/(LOSS) 198,694 (3,247) (99,619) Amounts written off investments - - (5,188) Profit on sale of investment - 54,630 31,924 properties Interest receivable 1,873 11,991 15,735 Interest payable (341,570) (159,679) (374,913) LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (141,003) (96,305) (432,061) Taxation 5 - - - LOSS ON ORDINARY ACTIVITIES AFTER TAXATION (141,003) (96,305) (432,061) LOSS PER SHARE Basic 3 2.6p 2.7p 10.9p Fully diluted 3 2.6p 2.7p 10.9p The operating profit/(loss) for the period arises from the group's continuing operations. STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES Period Period Year ended ended ended 31 March 30 30 2001 September September 2001 2000 (Unaudited) (Unaudited) (Audited) # # # Loss for the financial period (141,003) (96,305) (432,061) Unrealised surplus on revaluation of investment properties - - 385,508 Total recognised gains and losses (141,003) (96,305) (46,553) relating to the period Notes 30 September 31 March 2001 2001 (Unaudited) (Audited) # # FIXED ASSETS Investment properties and other tangible 6 13,219,694 9,194,962 assets CURRENT ASSETS Stock 677,658 1,842,418 Debtors 58,966 36,560 Investments - 119,442 Cash at bank and in hand 38,378 115,992 775,002 2,114,412 CREDITORS: Amounts falling due within one (1,674,986) (2,101,746) year NET CURRENT (LIABILITIES)/ASSETS (899,984) 12,666 TOTAL ASSETS LESS CURRENT LIABILITIES 12,319,710 9,207,628 CREDITORS: Amounts falling due after more (9,147,140) (6,194,055) than one year NET ASSETS 3,172,570 3,013,573 CAPITAL AND RESERVES Called up share capital 7 2,912,670 2,612,670 Share premium account 663,581 663,581 Other reserve 53,711 53,711 Revaluation reserve 949,063 949,063 Profit and loss account (1,406,455) (1,265,452) SHAREHOLDERS' FUNDS 3,172,570 3,013,573 NET ASSET VALUE PER SHARE 4 54.5p 57.7p Period ended Period ended Year ended 30 September 30 September 31 March 2001 2000 2001 (Unaudited) (Unaudited) (Audited) # # (restated) # Cash flow from operating activities 1,479,501 (96,423) 241,007 Returns on investments and servicing (338,062) (147,688) (359,178) of finance Taxation - - - Capital expenditure and financial (3,605,920) (4,691) 44,390 investment Acquisitions - - (2,060,420) CASH OUTFLOW BEFORE FINANCING (2,464,481) (291,102) (2,134,201) Financing 2,451,767 89,348 1,552,816 DECREASE IN CASH IN THE PERIOD (12,714) (201,754) (581,385) RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT Period ended Period ended Year ended 30 September 30 September 31 March 2001 2000 2001 (Unaudited) (Unaudited) (Audited) # # (restated) # Decrease in cash in the period (12,714) (201,754) (581,385) Cash inflow from increase in debt (2,451,767) (113,319) (4,247,121) Change in net debt resulting from (2,464,481) (315,073) (4,828,506) cashflows Amortisation of finance costs (1,635) - - MOVEMENT IN NET DEBT IN PERIOD (2,466,116) (315,073) (4,828,506) NET DEBT BROUGHT FORWARD (7,551,592) (2,723,086) (2,723,086) NET DEBT CARRIED FORWARD (10,017,708) (3,038,159) (7,551,592) 1 BASIS OF PREPARATION The financial information contained in this interim report does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. The figures for the year ended 31 March 2001 are based upon the latest statutory accounts which have been delivered to the Registrar of Companies; the report of the auditors on those accounts was unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985. The six months figures, which have not been audited, use the same accounting policies as for the year ended 31 March 2001, except that the investment properties have not been valued at 30 September 2001 or 30 September 2000. As explained in the supplementary note following this report, certain comparative figures have been restated. The interim accounts were approved by the Directors on 17 December 2001. 2 TURNOVER Period ended Period ended Year ended 30 September 30 September 31 March 2001 2000 2001 (Unaudited) (Unaudited) (Audited) # # # Investment property 525,779 251,470 531,878 income Sale of trading 1,248,500 - - properties 1,774,279 251,470 531,878 3 LOSS PER SHARE The calculation of loss per ordinary share is based on the loss after taxation of #141,003 (year to 31 March 2001: #432,061; period to 30 September 2000: #96,305) and on the weighted average number of ordinary shares in issue during the period of 5,383,810 shares (year to 31 March 2001: 3,971,492 shares; period to 30 September 2000: 3,573,782 shares). Fully diluted loss per ordinary share is based upon the loss after taxation of #141,003 (year to 31 March 2001: #432,061; period to 30 September 2000: #96,305) and on the weighted average number of ordinary shares in issue during the period of 5,383,810 shares (year to 31 March 2001: 3,971,492 shares; period to 30 September 2000: 3,573,782 shares). 4 NET ASSET VALUE PER SHARE The calculation of net asset value per share is based on net assets of #3,172,570 (31 March 2001: #3,013,573) and on the number of shares in issue at the balance sheet date of 5,825,340 shares (31 March 2001: 5,225,340 shares). 5 TAXATION There is no charge to corporation tax for the group due to the losses incurred. 6 INVESTMENT PROPERTIES Investment properties are included at valuation as at 31 March 2001 adjusted for additions and disposals since that date at cost or valuation. 7 SHARE CAPITAL 30 September 31 March 2001 2001 (Unaudited) (Audited) # # Authorised: 60,000,000 ordinary shares of 50p each 30,000,000 30,000,000 Allotted, issued and fully paid: 5,825,340 (31 March: 5,225,340) ordinary 2,912,670 2,612,670 shares of 50p each During the period the company issued 600,000 ordinary 50p shares at par as part consideration for the purchase of investment properties. 8 CASH FLOWS Period Period Year ended ended ended 31 March 30 30 September September 2001 2001 2000 (Audited) (Unaudited) (Unaudited) (restated) # # # Reconciliation of operating profit/(loss) to net cash flow from operating activities Operating profit/(loss) 198,694 (3,247) (99,619) Depreciation - - 4,549 Loss on disposal of fixtures and fittings 630 - - Decrease in stock 1,164,760 - - Increase in debtors (22,406) (50,325) (720) Increase/(decrease) in creditors 137,823 (42,851) 336,797 Net cash flow from operating activities 1,479,501 (96,423) 241,007 INDEPENDENT REVIEW REPORT TO THE BOARD OF DIRECTORS OF EUROCITY PROPERTIES PLC Introduction We have been instructed by the company to review the financial information set out above, comprising consolidated profit and loss account, statement of total recognised gains and losses, consolidated balance sheet, consolidated cash flow statement and the related notes. We have also read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by the directors. The Listing Rules of the Financial Services Authority require that the accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999 /4 issued by the Auditing Practices Board. A review consists principally of making enquiries of group management and applying analytical procedures to the financial information and underlying financial data and based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit preformed in accordance with Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 30 September 2001. BAKER TILLY Registered Auditor Chartered Accountant 2 Bloomsbury Street London WC1B 3ST 17 December 2001 The supplementary note revises in certain respects the original annual financial statements for the year ended 31 March 2001 of the company and is to be treated as forming part of those financial statements. The financial statements have been revised as at 28 September 2001 and not at the date of this revision and accordingly do not deal with events between these dates. CONSOLIDATED CASH FLOW STATEMENT Notes Revised Original 2001 2001 # # Cash flow from operating activities 21a 241,007 41,007 Returns on investments and servicing 21b (359,178) (359,178) of finance Taxation - - Capital expenditure and financial 21b 44,390 (110,610) investment Acquisitions and disposals 21b (2,060,420) (2,060,420) Cash outflow before financing (2,134,201) (2,489,201) Financing 21b 1,552,816 1,907,816 Decrease in cash in the period (581,385) (581,385) CASH FLOW STATEMENT (note 21) Revised Original 2001 2001 # # a Reconciliation of operating loss to net cash flow from operating activities Operating loss (99,619) (99,619) Depreciation 4,549 4,549 Increase in debtors (720) (720) Increase in creditors 336,797 136,797 Net cash inflow from operating activities 241,007 41,007 Revised Original b Analysis of cash flows for headings netted in the 2001 2001 cash flow # # Returns on investments and servicing of finance Interest received 15,735 15,735 Interest paid (374,913) (374,913) Net cash outflow for returns on investment and servicing of finance (359,178) (359,178) Capital expenditure and financial investment Purchase of tangible fixed assets (1,423,945) (1,578,945) Sale of tangible fixed assets 1,468,335 1,592,965 Purchase of listed equity investment - (124,630) Net cash inflow/(outflow) for capital expenditure and financial investment 44,390 (110,610) Acquisitions and disposals Purchase of subsidiary undertakings (2,105,027) (2,105,027) Net cash acquired with subsidiary undertakings 44,607 44,607 Net cash outflow from acquisitions and disposals (2,060,420) (2,060,420) Financing Issue of ordinary share capital - 355,000 New building society loans 2,808,062 2,808,062 Building society loan repayments (1,240,246) (1,240,246) Share issue expenses (15,000) (15,000) Net cash inflow from financing 1,552,816 1,907,816 The above revision does not affect the reported loss for the year, net assets at the year end and the net cashflow for the year. Approved by the board on 17 December 2001 BA Bloom Director AUDITORS' REPORT TO THE MEMBERS OF EUROCITY PROPERTIES PLC We have audited the revised financial statements of Eurocity Properties plc for the year ended 31 March 2001. The revised financial statements replace the original financial statements approved by the directors on 28 September 2001 and consist of the above supplementary note together with the original financial statements which were circulated to members on 28 September 2001. Respective responsibilities of directors and auditors As described on page 6 of the original financial statements the company's directors are responsible for the preparation of financial statements. It is our responsibility to form an independent opinion, based on our audit, on those statements and to report our opinion to you. We are also required to report whether in our opinion the original financial statements failed to comply with the requirements of the Companies Act 1985 in the respects identified by the directors. Basis of opinion We conducted our audit in accordance with Auditing Standards issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the directors in the preparation of the financial statements, and of whether the accounting policies are appropriate to the company's circumstances, consistently applied and adequately disclosed. The audit of revised financial statements includes the performance of additional procedures to assess whether the revisions made by the directors are appropriate and have been properly made. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the revised financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the revised financial statements. Opinion In our opinion the revised financial statements give a true and fair view, seen as at the date the original financial statements were approved, of the state of affairs of the company and the group as at 31 March 2001 and of the group's loss for the year then ended and have been properly prepared in accordance with the provisions of the Companies Act 1985 as they have effect under the Companies (Revision of Defective Accounts and Reports) Regulations 1990. In our opinion the original financial statements for the year ended 31 March 2001 failed to comply with the requirements of the Companies Act 1985 in the respects identified by the directors in the supplementary note. BAKER TILLY Registered Auditor Chartered Accountants 2 Bloomsbury Street London WC1B 3ST 17 December 2001
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