Final Results

 

TIDMGRH 
 
RNS Number : 0153B 
G.R. Holdings PLC 
19 October 2009 
 
? 
 
 
G.R. (HOLDINGS) PLC 
 
 
PRELIMINARY ANNOUNCEMENT OF FINAL RESULTS 
FOR THE YEAR ENDED 30 JUNE 2009 
 
 
Chairman's Statement 
 
 
 
 
The pre-tax loss of the group on ordinary activities for the year ended 30 June 
2009 was GBP270,366 (2008: GBP193,792 loss). After taxation, the loss 
attributable to members of the company is GBP227,761 against a loss GBP234,749 
for the previous year. This year's turnover was GBP527,468 compared to 
GBP684,989 for the previous year. 
 
 
Morlands' turnover fell from GBP675,863 to GBP514,343, whilst the profit for the 
year amounted to GBP12,617 compared to for the previous year of GBP68,746 due to 
reduced sales. 
 
 
In October 2009, Lichfield Land Company Limited, a joint venture company in 
which Mintbay Limited, a group subsidiary, has a 50% interest, completed the 
sale of a parcel of land. The sale has resulted in a net profit before tax of 
GBP123,915; this has been reflected in the results for the year as an increase 
in the value of the property investments. 
 
 
We were involved as limited partners in four partnerships in land in the United 
States of America. There was one disposal during the year resulting in a net 
loss of GBP17,146. Of the remaining three partnerships included in these 
financial statements at a value of GBP219,874, one constitutes over 75% of the 
total value. This single investment has been held since December 1987, and no 
serious offers for sale have been received to date. 
 
 
During the year the stock decreased by GBP25,840, debtors have decreased by 
GBP32,486 whilst creditors, excluding deferred tax, have decreased by GBP16,812. 
Net cash at bank and in hand has decreased by GBP308,124 to GBP1,357,176. 
 
Overall, in view of the uncertainty of the current economic climate, it is very 
difficult to project trading profits for the current year; however cost cutting 
is on-going throughout the group. 
 
 
Finally, I would like to thank my co-director and all the staff for their 
support and efforts during the year. 
 
 
 
 
 
 
A.D. Stalbow 
Chairman 
 
 
19 October 2009 
 
 
 
 
 
 
 
 
 
 
G.R. (Holdings) plc 
 
 
Consolidated Income Statement 
for the year ended 30 June 2009 
 
+----------------------------------------+------------+---+-----------+ 
|                                        |    2009    |   |   2008    | 
+----------------------------------------+------------+---+-----------+ 
|                                        |    GBP     |   |    GBP    | 
+----------------------------------------+------------+---+-----------+ 
| Continuing operations                  |            |   |           | 
+----------------------------------------+------------+---+-----------+ 
| Revenue                                |    527,468 |   |   684,989 | 
+----------------------------------------+------------+---+-----------+ 
| Cost of sales                          |  (266,507) |   | (371,904) | 
+----------------------------------------+------------+---+-----------+ 
| Gross profit                           |    260,961 |   |   313,085 | 
+----------------------------------------+------------+---+-----------+ 
|                                        |            |   |           | 
+----------------------------------------+------------+---+-----------+ 
| Distribution costs                     |   (34,770) |   |  (36,177) | 
+----------------------------------------+------------+---+-----------+ 
| Administrative expenses                |  (633,439) |   | (673,753) | 
+----------------------------------------+------------+---+-----------+ 
| Provision against property investments |          - |   |  (41,623) | 
+----------------------------------------+------------+---+-----------+ 
| Loss on disposal of USA investments    |   (17,146) |   |         - | 
+----------------------------------------+------------+---+-----------+ 
| Increase in value of property          |    123,915 |   |         - | 
| investments                            |            |   |           | 
+----------------------------------------+------------+---+-----------+ 
| Profit on disposal of UK investments   |          - |   |   218,900 | 
| and assets                             |            |   |           | 
+----------------------------------------+------------+---+-----------+ 
|                                        |  (561,440) |   | (532,653) | 
+----------------------------------------+------------+---+-----------+ 
|                                        |            |   |           | 
+----------------------------------------+------------+---+-----------+ 
| Loss from continuing activities        |  (300,479) |   | (219,568) | 
+----------------------------------------+------------+---+-----------+ 
|                                        |            |   |           | 
+----------------------------------------+------------+---+-----------+ 
| Financial income                       |     30,886 |   |   119,031 | 
+----------------------------------------+------------+---+-----------+ 
| Financial costs                        |      (773) |   |  (93,255) | 
+----------------------------------------+------------+---+-----------+ 
|                                        |     30,113 |   |    25,776 | 
+----------------------------------------+------------+---+-----------+ 
|                                        |            |   |           | 
+----------------------------------------+------------+---+-----------+ 
| Loss on before taxation                |  (270,366) |   | (193,792) | 
+----------------------------------------+------------+---+-----------+ 
| Income tax expenses                    |     42,605 |   |  (40,957) | 
+----------------------------------------+------------+---+-----------+ 
|                                        |            |   |           | 
+----------------------------------------+------------+---+-----------+ 
| Loss for the year                      |  (227,761) |   | (234,749) | 
+----------------------------------------+------------+---+-----------+ 
|                                        |            |   |           | 
+----------------------------------------+------------+---+-----------+ 
| Earnings per share from continuing     |     (2.0p) |   |    (1.5p) | 
| operations                             |            |   |           | 
+----------------------------------------+------------+---+-----------+ 
|                                        |            |   |           | 
+----------------------------------------+------------+---+-----------+ 
 
 
 
 
 
 
G.R. (Holdings) plc 
 
 
Consolidated Balance Sheet 
as at 30 June 2009 
 
 
+-----------------------------+-----------+-----------+---+-----------+ 
|                             |         2009          |   |   2008    | 
+-----------------------------+-----------------------+---+-----------+ 
|                             |    GBP    |    GBP    |   |    GBP    | 
+-----------------------------+-----------+-----------+---+-----------+ 
| Assets                      |           |           |   |           | 
+-----------------------------+-----------+-----------+---+-----------+ 
| Non-current assets          |           |           |   |           | 
+-----------------------------+-----------+-----------+---+-----------+ 
| Property, plant and         |           |   130,182 |   |   135,874 | 
| equipment                   |           |           |   |           | 
+-----------------------------+-----------+-----------+---+-----------+ 
| Investment properties       |           |   863,563 |   |   756,794 | 
+-----------------------------+-----------+-----------+---+-----------+ 
| Intangible assets           |           |         1 |   |         1 | 
+-----------------------------+-----------+-----------+---+-----------+ 
|                             |           |   993,746 |   |   892,669 | 
+-----------------------------+-----------+-----------+---+-----------+ 
| Current assets              |           |           |   |           | 
+-----------------------------+-----------+-----------+---+-----------+ 
| Inventories                 |    70,984 |           |   |    96,824 | 
+-----------------------------+-----------+-----------+---+-----------+ 
| Trade and other receivables |    92,046 |           |   |   124,532 | 
+-----------------------------+-----------+-----------+---+-----------+ 
| Cash and cash equivalents   | 1,357,176 |           |   | 1,665,300 | 
+-----------------------------+-----------+-----------+---+-----------+ 
|                             | 1,520,206 |           |   | 1,886,656 | 
+-----------------------------+-----------+-----------+---+-----------+ 
| Current liabilities         |           |           |   |           | 
+-----------------------------+-----------+-----------+---+-----------+ 
| Trade and other payables    |   117,669 |           |   |   134,481 | 
+-----------------------------+-----------+-----------+---+-----------+ 
|                             |           | 1,402,537 |   | 1,752,175 | 
+-----------------------------+-----------+-----------+---+-----------+ 
| Total assets less current   |           | 2,396,283 |   | 2,644,844 | 
| liabilities                 |           |           |   |           | 
+-----------------------------+-----------+-----------+---+-----------+ 
|                             |           |           |   |           | 
+-----------------------------+-----------+-----------+---+-----------+ 
| Non-current liabilities     |           |           |   |           | 
+-----------------------------+-----------+-----------+---+-----------+ 
| Deferred income tax         |    37,582 |           |   |    69,476 | 
| liabilities                 |           |           |   |           | 
+-----------------------------+-----------+-----------+---+-----------+ 
|                             |           |    37,582 |   |    69,476 | 
+-----------------------------+-----------+-----------+---+-----------+ 
|                             |           | 2,358,701 |   | 2,575,368 | 
+-----------------------------+-----------+-----------+---+-----------+ 
|                             |           |           |   |           | 
+-----------------------------+-----------+-----------+---+-----------+ 
| Shareholders' equity        |           |           |   |           | 
+-----------------------------+-----------+-----------+---+-----------+ 
| Issued share capital        |           |   658,405 |   |   658,405 | 
+-----------------------------+-----------+-----------+---+-----------+ 
| Capital redemption reserve  |           |   425,000 |   |   425,000 | 
+-----------------------------+-----------+-----------+---+-----------+ 
| Share premium account       |           |   198,396 |   |   198,396 | 
+-----------------------------+-----------+-----------+---+-----------+ 
| Retained earnings           |           | 1,076,900 |   | 1,293,567 | 
+-----------------------------+-----------+-----------+---+-----------+ 
| Total shareholders' equity  |           | 2,358,701 |   | 2,575,368 | 
+-----------------------------+-----------+-----------+---+-----------+ 
|                             |           |           |   |           | 
+-----------------------------+-----------+-----------+---+-----------+ 
 
 
 
 
 
G.R (Holdings) plc 
 
 
Notes: 
 
 
  1.  The financial information set out above does not constitute the company's 
  statutory accounts for the years ended 30 June 2008 or 2009, but is derived from 
  those accounts. Statutory accounts for 2008 have been delivered to the Registrar 
  of Companies and those for 2009 will be delivered following the company's annual 
  general meeting. The auditors have reported on those accounts; their reports for 
  both years were unqualified, however for 30 June 2009 they did draw attention to 
  matters by way of emphasis without qualifying their report. For both years their 
  report did not contain statements under s498 (2) or (3) Companies Act 2006 or 
  equivalent preceding legislation. 
 
 
2.  The board has decided not to declare a final dividend for the year 
ending 30 
 

    June 2009 (2008: nil) on the ordinary shares of the company. 
 
 
 
3.   The calculation of earnings per share is based on a loss of 
GBP270,366 (2008: 
 

     GBP193,792 loss) being the profit after taxation 
and after deducting preference 
 

     dividends, and on 13,168,100 ordinary 
shares of 5p each (2008: 13,168,100). 
 
 
 
4.   The Annual General Meeting will be held at 11.30am on 
1 December 2009 at 
 

     Queripel House, 1 Duke of York Square, London SW3 
4LY. 
 
 
 
5.   Copies of the 2009 Report and Accounts are being sent to 
shareholders in due 
 

     course. Further copies are available from the 
Company's registered office at 7 
 

     Queripel House, 1 Duke of York 
Square, London SW3 4LY and from the company 
 

      website 
www.grholdingsplc.co.uk. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 FR MLBBTMMIBBLL