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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Maypole Group | LSE:MPG | London | Ordinary Share | GB0034318898 | ORD 0.3P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.45 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 6033U Maypole Group plc 16 May 2008 16 May 2008 Maypole Group plc ("Maypole" or "the Group") Preliminary statement of results Year ended 31 December 2007 Maypole Group plc, the AIM quoted UK countryside hotels with restaurants group, is pleased to announce its preliminary statement of results for the year ended 31 December 2007. Highlights: * The Maypole Group added an additional three premises to its portfolio - Wayford Bridge Hotel, The Bridge Inn and The Angel Hotel. Together with The Pear Tree, added since the year end, this brings the portfolio to a total of seven * Substantial headway made in exploiting synergies across the portfolio * Total Group turnover increased to £5,167,037 (2006: £3,011,065) * Operating profit for the year increased to £420,447 (2006: £131,298) * Successful re-financing of the business in March 2007 which included a new facility of £7,870,000 and the issue of 46,000,000 ordinary shares at a price of 1p per share (and a total of 61,700,000 ordinary shares issued in the year) Simon Bentley, Chairman of Maypole, commented: "I am delighted at the progress made by the Group over the course of what was a pivotal 12 months for Maypole. Our new acquisitions are performing well, we are seeing increased synergies across the portfolio and, against a backdrop of reduced discretionary consumer spending, our performance has remained robust. "The Board remains encouraged by the Group's overall performance and our strategy remains firmly focused on adding further hotels to the Group's existing portfolio." For further information: Maypole Group plc 020 7440 7021 Simon Bentley - Chairman Blomfield Corporate Finance Limited 020 7489 4500 Alan MacKenzie / Ben Jeynes Weber Shandwick Financial 020 7067 0700 Nick Dibden / James White CHAIRMAN'S STATEMENT for the year ended 31 December 2007 It has been a year of significant development for the Group which has seen us actively grow our estate. Substantial headway has been made in exploiting synergies across the portfolio. Operating profit for the year has increased to £420,447, which is over three times the operating profit made in 2006. In January 2007 the Group announced the issue of 12,500,000 ordinary shares at a price of 1p per share. In March 2007 the Group announced that it had completed a successful re-financing of the business which included a new facility of £7,870,000 and the issue of 46,000,000 ordinary shares at a price of 1p per share. The new share issue included the allotment of 43,500,000 to the Group's directors and related parties. In July 2007 the Group issued 3,200,000 ordinary shares at 1.5p per share including the allotment of 2,200,000 to the Group's directors and related parties. Since the year end a further 12,150,000 ordinary shares were issued of which 9,650,000 were again taken up by the Group's directors and related parties. Following the acquisition of the Wayford Bridge Hotel in Norfolk for £1,950,000 in March 2007, the Group acquired The Bridge Inn, Acle, in May 2007 for £300,000 and The Angel Hotel, Lavenham, in July 2007 for £400,000. In December 2007 the Group took over the running of The Pear Tree Inn in Melksham, completing the acquisition in early March 2008 for a consideration of £305,000, increasing the Maypole Group estate to seven. The Group achieved sales of £5,167,037 for the year to 31 December 2007 reflecting the additional sites added during the year plus 5.3% like for like growth in the existing estate. The wettest summer since 1912 did not help sales in the second half of the year however a modest like for like increase was nonetheless achieved during this period. This was against a backdrop of challenging trading conditions for beer sales but with an increased demand for eating out in pubs following the introduction of the smoking ban in July 2007. The Group made a loss before tax of £213,245 in the year to 31 December 2007 after exceptional charges of £128,117. These exceptional charges comprised March 2007 refinancing costs of £260,117 less an exceptional receipt from the Group's bankers of £132,000 relating to the termination of a hedging agreement in respect of the Group's main borrowings, the terms of which were subsequently renegotiated. After adjusting for these items the Group made a loss before tax of £85,128. During the year the Group also took over the running of the Bear and Bells in Beccles under a short-term tenancy agreement whilst discussing the possibility of adding a number of letting rooms. The agreement was terminated in early February 2008. OPERATIONAL ANALYSIS Hotel Sales (£'000s) 2007 2006 Wroxton House Hotel 951 868 The Lifeboat Inn 1,716 1,749 Old Coach House 505 394 Total (like for like) 3,172 3,011 Wayford Bridge Hotel 728 - The Bridge Inn 571 - The Angel Hotel 428 - The Pear Tree 79 - Total (acquisitions) 1,806 - Bear and Bells 189 - Total (hotels no longer operated) 189 - Total Group 5,167 3,011 WROXTON HOUSE HOTEL Wroxton House Hotel is situated in the village of Wroxton St Mary, close to Banbury. The 32 bedroom former manor house has a 3 star rating and was the Group's first acquisition, completed in February 2004 for a total consideration of £2,150,000. The hotel has undergone a great deal of refurbishment and has continued to grow; increasing turnover from £868,000 for the year ended 31 December 2006 to £951,000 for the year ended 31 December 2007. THE LIFEBOAT INN AND OLD COACH HOUSE The Lifeboat Inn and Old Coach House are both situated in Thornham on the North Norfolk coast and were acquired by the Group in April 2005 for £5,000,000. There are 14 well furnished rooms within The Lifeboat Inn as well as a restaurant, bar and delightful patio garden area. Turnover for the year was £1,716,000 (2006: £1,749,000) down 1.9% on the previous year due largely to the very wet summer. The Old Coach House in Thornham has 12 bedrooms. The improvement in menu choice and re-design of the restaurant has seen turnover increase from £394,000 for the year ended 31 December 2006 to £505,000 for the year ended 31 December 2007. WAYFORD BRIDGE HOTEL Wayford Bridge Hotel is located in Stalham on the Norfolk Broads and was acquired in March 2007 for £1,950,000. The hotel consists of 15 bedrooms, a large restaurant and beautiful gardens. Turnover for the first part year was £728,000, an increase of 3% from the corresponding period in 2006. THE BRIDGE INN The Bridge Inn was acquired shortly after the Wayford Bridge Hotel in May 2007 as a leasehold business through Enterprise Inns. The Inn is also located on the Norfolk Broads within close proximity of Wayford Bridge Hotel. The Inn sits on the River Bure and is an 18th century building and former farmhouse. The Bridge Inn consists of a restaurant that currently has 52 covers and large bar and family room with adjoining outside play area which will offer seating for an additional 32 people. Turnover for the 7 months from May 2007 was £571,000. THE ANGEL HOTEL The Angel Hotel is located in the famous medieval village of Lavenham, Suffolk. Consisting of 8 bedrooms and a popular restaurant, residents' lounge and bar, Maypole acquired a leasehold interest in the property in July 2007. The bar/restaurant currently has 80 covers although further seating in fine weather allows an additional 50 covers split between the front terrace and rear gardens. The Angel Hotel has held an AA rosette since 1995. Turnover of £428,000 was achieved from July 2007. THE PEAR TREE The Pear Tree Inn was acquired in December 2007 as a leasehold business through Punch Taverns. It is a delightful country pub and restaurant with a bar area that can seat 30 people and a restaurant that has space for 80 covers. Outside there is a courtyard that can seat a further 100 people. The hotel has eight five star AA letting rooms with space available for the addition of up to six additional letting rooms. The Pear Tree has won several accolades including: The Publican Catering Pub Of The Year 1999 and the Good Pub National Catering Pub Of The Year 2007. EMPLOYEES Thanks are due to all management and staff of the Group for their dedication and commitment without which the progress that has been made would not have been possible. DIVIDEND POLICY In view of Maypole's ongoing expansion plans and long term growth prospects, the Group does not expect to pay a dividend for the foreseeable future. CURRENT TRADING Current trading has been marginally below expectations with like for like sales for the first quarter of 2008 slightly below the corresponding period in 2007. It is worth noting that this was affected in part by Easter falling particularly early this year so this is not a straight comparison. The Board remains encouraged by the Group's overall performance in difficult economic conditions. Our strategy remains focused on adding further hotels to the Group's existing portfolio, particularly in the form of our more recent openings The Angel Hotel and The Pear Tree which offer more consistent year round trade, higher quality food menus and are less dependent on weather conditions. CONSOLIDATED INCOME STATEMENT for the year ended 31 December 2007 2007 2006 Notes £ £ REVENUE 5,167,037 3,011,065 Cost of sales (1,257,759) (712,870) GROSS PROFIT 3,909,278 2,298,195 Net operating expenses (3,488,831) (2,166,897) OPERATING PROFIT 4 420,447 131,298 Finance costs (639,440) (389,950) Investment revenue 5,748 4,812 LOSS ON ORDINARY ACTIVITIES BEFORE (213,245) (253,840) TAXATION Income tax credit 6 1,236 15,081 LOSS FOR THE FINANCIAL YEAR (212,009) (238,759) The Loss for the year is all attributable to the equity holders of the parent. All activities are classed as continuing. TOTAL RECOGNISED GAINS AND LOSSES The Group has no recognised gains or losses other than the loss for the current year and the loss for the previous year. EARNINGS PER SHARE 7 Earnings per ordinary share Loss (0.15)p (0.28)p Diluted earnings per ordinary share Loss (0.15)p (0.23)p CONSOLIDATED BALANCE SHEET as at 31 December 2007 2007 2006 Notes £ £ ASSETS NON CURRENT ASSETS Property, plant and equipment 10,706,877 7,678,883 Goodwill 347,086 90,000 Deferred tax assets 150,000 102,140 TOTAL NON CURRENT ASSETS 11,203,963 7,871,023 CURRENT ASSETS Inventories 112,385 43,445 Trade and other receivables 99,606 107,861 Prepayments 283,284 105,565 Cash and bank balances 13 88,129 40,313 TOTAL CURRENT ASSETS 583,404 297,184 TOTAL ASSETS 11,787,367 8,168,207 EQUITY ISSUED CAPITAL AND RESERVES Issued capital 8 2,182,767 1,633,112 Retained earnings 9 (1,898,493) (1,686,484) TOTAL EQUITY 284,274 (53,372) NON CURRENT LIABILITIES Borrowings 10 8,418,836 5,021,033 Deferred tax liabilities 1,358,988 1,312,364 TOTAL NON CURRENT LIABILITIES 9,777,824 6,333,397 CURRENT LIABILITIES Trade and other payables 1,128,032 808,088 Borrowings 10 597,237 1,080,094 TOTAL CURRENT LIABILITIES 1,725,269 1,888,182 TOTAL LIABILITIES 11,503,093 8,221,579 TOTAL EQUITY AND LIABILITIES 11,787,367 8,168,207 COMPANY BALANCE SHEET as at 31 December 2007 2007 2006 Notes £ £ ASSETS NON CURRENT ASSETS Property, plant and equipment 2,932,336 122,141 Subsidiaries 3 3 Deferred tax assets 150,000 - TOTAL NON CURRENT ASSETS 3,082,339 122,144 CURRENT ASSETS Inventories 57,790 12,913 Trade and other receivables 8,718,398 2,374,520 Prepayments 177,791 82,504 Cash and bank balances 13 13,783 825 TOTAL CURRENT ASSETS 8,967,762 2,470,762 TOTAL ASSETS 12,050,101 2,592,906 EQUITY ISSUED CAPITAL AND RESERVES Issued capital 8 2,182,767 1,633,112 Retained earnings 9 (1,325,151) (568,127) TOTAL EQUITY 857,616 1,064,985 NON CURRENT LIABILITIES Borrowings 10 8,418,836 - Deferred tax liabilities 42,061 - TOTAL NON CURRENT LIABILITIES 8,460,897 - CURRENT LIABILITIES Trade and other payables 2,134,351 1,393,845 Borrowings 10 597,237 134,076 TOTAL CURRENT LIABILITIES 2,731,588 1,527,921 TOTAL LIABILITIES 11,192,485 1,527,921 TOTAL EQUITY AND LIABILITIES 12,050,101 2,592,906 CASH FLOW STATEMENT for the year ended 31 December 2007 Group Company 2007 2006 2007 2006 Notes £ £ £ £ CASH FLOWS FROM OPERATING ACTIVITIES Loss for the year (212,009) (238,759) (757,024) (347,855) Income tax credit (1,236) (15,081) (107,939) - recognised in loss Finance costs 633,692 385,138 585,444 36,419 recognised in loss Depreciation and 65,664 41,005 37,379 22,870 amortisation of non current assets 486,111 172,303 (242,140) (288,566) Movements in working capital Increase in trade and (158,032) (101,945) (6,090,659) (408,936) other receivables Increase in (53,842) (3,044) (44,877) (5,989) inventories Increase in trade and 247,199 22,577 749,192 699,444 other payables Cash generated 521,436 89,891 (5,628,484) (4,047) from/(used by) operations Interest received 5,748 4,812 1,494 - Interest paid (648,125) (371,718) (594,129) (36,419) Tax paid (24,662) (165,336) - - Net cash used by (145,603) (442,351) (6,221,119) (40,466) operating activities CASH FLOWS FROM INVESTING ACTIVITIES Payments for (2,929,112) (58,931) (2,847,575) (26,406) property, plant and equipment Acquisition of (342,071) - - - subsidiaries Net cash used in (3,271,183) (58,931) (2,847,575) (26,406) investing activities CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issues 283,000 239,500 283,000 239,500 of equity shares Payment for share (83,345) (14,500) (83,345) (14,500) issue costs Proceeds from 8,465,069 350,000 8,575,251 - borrowings Repayment of (5,228,920) (345,115) - (125,000) borrowings Net cash generated by 3,435,804 229,885 8,774,906 100,000 financing activities Net 19,018 (271,397) (293,788) 33,128 increase/(decrease) in cash and cash equivalents Cash and cash (371,711) (100,314) (133,251) (166,379) equivalents at the beginning of the financial year Cash and cash 13 (352,693) (371,711) (427,039) (133,251) equivalents at the end of the financial year STATEMENT OF CHANGES IN EQUITY for the year ended 31 December 2007 Group Issued capital Share premium Retained earnings Total equity £ £ £ £ At 1 January 2006 224,202 1,183,910 (1,447,725) (39,613) Deficit for the year - - (238,759) (238,759) Issue of share 38,955 200,545 - 239,500 capital Share issue costs - (14,500) - (14,500) At 31 December 2006 263,157 1,369,955 (1,686,484) (53,372) Deficit for the year - - (212,009) (212,009) Issue of share 185,100 447,900 - 633,000 capital Share issue costs - (83,345) - (83,345) At 31 December 2007 448,257 1,734,510 (1,898,493) 284,274 Company Issued capital Share premium Retained earnings Total equity £ £ £ £ At 1 January 2006 224,202 1,183,910 (220,272) 1,187,840 Deficit for the year - - (347,855) (347,855) Issue of share 38,955 200,545 - 239,500 capital Share issue costs - (14,500) - (14,500) At 31 December 2006 263,157 1,369,955 (568,127) 1,064,985 Deficit for the year - - (757,024) (757,024) Issue of share 185,100 447,900 - 633,000 capital Share issue costs - (83,345) - (83,345) At 31 December 2007 448,257 1,734,510 (1,325,151) 857,616 NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2007 1. GENERAL INFORMATION The financial information in this preliminary announcement does not constitute the group's statutory financial statements for the period ended 31 December 2007 but has been extracted from the group's 31 December 2007 financial statements which were approved by the board on 15 May 2008, and as such, does not contain all information required to be disclosed in the financial statements prepared in accordance with International Financial Reporting Standards ("IFRS"). Statutory financial statements for this period will be filed following the Annual General Meeting. The auditors have issued an unqualified report on these financial statements. 2. ACCOUNTING POLICIES The Group's financial statements have been prepared in accordance with International Financial Reporting Statements (IFRSs) as adopted by the European Union and as applied in accordance with the provisions of the Companies Act 1985. The principal accounting policies adopted by the Group will be set out in the statutory financial statements. IFRSs have been adopted for the first time for the year ended 31 December 2007. The Group has elected to take advantage of the transition provision in IFRS 1 "First time adoption of International Financial Reporting Standards" that permits the Group not to apply the provisions of IFRS 3 "Business Combinations" to all business combinations occurring before the transition date. These financial statements do not include the provisions of various standards and interpretations that were in issue but not effective for the reporting year of the company. These are IFRS 3 (revised), IFRS 8, Amendments to International Accounting Standards 1, 23, 27 and 32 and the International Financial Reporting Interpretations Committee 11 to 14 inclusive. The directors anticipate adoption of these standards and interpretations in future periods will have no material impact on the financial statements of the Group. The financial statements have been prepared under the historical cost convention. 3. SEGMENT INFORMATION The Group's revenue and profits arose wholly from running hotels and restaurants. 4. OPERATING PROFIT The operating profit is stated after charging: 2007 2006 £ £ Hire of plant and machinery 6,435 7,414 Other operating leases 120,419 17,454 Depreciation - owned assets 65,664 36,005 Auditors' remuneration 30,000 27,500 5. EXCEPTIONAL ITEMS During the year the Group refinanced with Clydesdale Bank PLC. The costs of this amounted to £260,117. The Group also received an exceptional receipt from the Group's bankers of £132,000 relating to the termination of a hedging agreement in respect of the Group's main borrowings, the terms of which were subsequently renegotiated. These costs and receipts are considered to be exceptional items. 6. TAXATION 2007 2006 £ £ Income taxes Current tax (credit)/expense: Corporation tax - adjustment re prior period - 3,676 Deferred tax: Origination and reversal of temporary (1,236) (18,757) differences Income tax credit (1,236) (15,081) Reconciliation of tax Loss before tax (213,245) (253,840) Loss at UK corporation tax rate of 30% (2006: 30%) (63,974) (76,152) Effects of: Expenses not deductible for tax 2,450 - Losses in year 76,164 82,328 Excess of capital allowances over depreciation (14,640) (6,176) Provision re prior periods - 3,676 Deferred tax movement (1,236) (18,757) Current tax credit (1,236) (15,081) 7. EARNINGS PER SHARE The calculation of the basic earnings per share is based on the loss on ordinary activities after taxation and on the weighted average number of ordinary shares in issue during the period. 2007 2006 pence per share pence per share Basic earnings per ordinary share Loss (0.15)p (0.28)p Diluted earnings per ordinary share Loss (0.15)p (0.23)p 2007 2006 £ £ Basic earnings per ordinary share Earnings used in the calculation of basic earnings per share (212,009) (238,759) Weighted average number of ordinary shares for the purposes of basic earnings per share 139,396,044 84,339,324 Diluted earnings per ordinary share The calculation of diluted earnings per share is based on the basic loss per share adjusted to allow for the issue of shares on all share options granted at a price less than the average market price for the year. They are assumed to be converted at the date of issue. 2007 2006 £ £ Weighted average number of ordinary shares used in the calculation of basic earnings per share 139,396,044 84,339,324 Shares deemed to be issued for no consideration in respect of: Share options - 18,657,534 Weighted average number of ordinary shares used in the calculation of diluted earnings per share 139,396,044 102,996,858 8. ISSUED CAPITAL Number of shares Share capital Share premium £ £ At 1 January 2006 74,733,765 224,202 1,183,910 Issue of share capital 12,985,293 38,955 200,545 Share issue costs - - (14,500) At 1 January 2007 87,719,058 263,157 1,369,955 Issue of share capital 61,700,000 185,100 447,900 Share issue costs - - (83,345) At 31 December 2007 149,419,058 448,257 1,734,510 61,700,000 ordinary shares of 0.3p were issued during the year. Of these 58,500,000 were issued for a premium of 0.7p per share and 3,200,000 shares were issued at a premium of 1.2p per share. Total share consideration was £633,000 of which £350,000 was satisfied by the conversion of loans. Fully paid ordinary shares, which have a par value of 0.3p, carry one vote per share. Share options exist as disclosed in the directors' report. 9. RETAINED EARNINGS Group Company £ £ At 1 January 2007 (1,686,484) (568,127) Deficit for the year (212,009) (757,024) At 31 December 2007 (1,898,493) (1,325,151) 10. BORROWINGS Group Current Non current 2007 2006 2007 2006 £ £ £ £ Unsecured - at amortised cost Bank overdrafts 440,822 412,024 - - Debentures - 21,618 - - Loans from related parties 15,000 495,000 415,000 - 455,822 928,642 415,000 - Secured - at amortised cost Bank Loans 141,415 151,452 8,003,836 5,021,033 141,415 151,452 8,003,836 5,021,033 597,237 1,080,094 8,418,836 5,021,033 Company Current Non current 2007 2006 2007 2006 £ £ £ £ Unsecured - at amortised cost Bank overdrafts 440,822 134,076 - - Loans from related parties 15,000 - 415,000 - 455,822 134,076 415,000 - Secured - at amortised cost Bank Loans 141,415 - 8,003,836 - 141,415 - 8,003,836 - 597,237 134,076 8,418,836 - 11. OPERATING LEASE ARRANGEMENTS Operating leases relate to properties that the Group uses in the operation of its business. These are for lease terms between 17 and 19 years. All operating lease contracts contain market review clauses. The Group does not have an option to purchase the leased assets at the expiry of the lease. 2007 2006 £ £ Not longer than one year 241,167 - Longer than one year but not longer than five years 964,670 - Longer than five years 3,283,160 - 4,488,997 - 12. RELATED PARTY DISCLOSURES The Group rents a cottage in Hunstanton, Norfolk from Mr A McEwen and Mr S A Bentley, the directors, for a market rent of £750 per month. During the year Mr S A Bentley lent the Group £210,000 (2006: £250,000) and Mr A McEwen lent the Group £25,000 (2006: nil). Regents Park Estates Pension Scheme, of which Mr S A Bentley is a trustee, lent the Group £80,000 (2006: £100,000). During the year interest was paid to Mr S A Bentley of £7,940 (2006: £2,575), to Mr A McEwen of £444 (2006: nil) and to Regents Park Estates Pension Scheme of £9,012 (2006: £4,620). At the year end balances were due to Mr A McEwen £15,000 (2006: nil), Mr S A Bentley nil (2006; £250,000) and Regents Park Estates Pension Scheme nil (2006: £100,000). During the year 15% loan notes were issued to Regents Park Estates Pension Scheme, of which Mr S A Bentley is a trustee, to the value of £115,000 (2006: nil). During the year interest was paid of £10,350 (2006: nil) and at the year end the balance stood at £115,000 (2006: nil). 13. CASH AND CASH EQUIVALENTS For the purposes of the cash flow statement, cash and cash equivalents include cash on hand and in banks, net of outstanding bank overdrafts. Cash and cash equivalents at the end of the financial year as shown in the cash flow statement can be reconciled to the related items in the balance sheet as follows: Group Company 2007 2006 2007 2006 £ £ £ £ Cash and bank balances 88,129 40,313 13,783 825 Bank overdraft (440,822) (412,024) (440,822) (134,076) (352,693) (371,711) (427,039) (133,251) The Group paid £50,000 to Regents Park Estates Limited, a company employing Mr S A Bentley, for advice given to the Group in relation to the Group's refinancing. The Group also paid £80,000 to New World Corporate Finance Limited, a company employing Mr N Berger, for advice given to the Group in relation to the Group's refinancing. 14. TRANSITION TO IFRS The accounting policies in note 2 have been applied in preparing the financial statements for the year ended 31 December 2007, the comparative information for the year ended 31 December 2006 and the preparation of an opening IFRS balance sheet at 1 January 2006 (the date of transition). Reconciliation of equity for transition from UK GAAP to IFRS Notes 1 January 2006 31 December 2006 £ £ Total equity per UK GAAP 1,170,611 1,156,852 Increase deferred tax asset (1) 64,305 102,140 Increase deferred tax liability (1) (64,305) (102,140) Increase deferred tax liability on revaluation of property to (2) (1,210,224) (1,210,224) fair value on acquisition of subsidiary Total equity per IFRS (39,613) (53,372) Notes: (1) Under UK GAAP the deferred tax assets and liabilities were netted off against each other, rather than shown separately, as required by IFRS. A presentation adjustment to increase deferred tax assets and liabilities is required to reverse the netting off. (2) On the acquisition of a subsidiary company, the properties in that subsidiary were revalued to fair value for the purposes of establishing the consideration payable for the acquisition and recording of the assets in the Group accounts. Under UK GAAP deferred tax liabilities are not provided on all property valuations unless there is an agreement in place to dispose of the property concerned. IFRS requires a deferred tax liability to be provided on all property revaluations. An adjustment is required between deferred tax liability and retained earnings. There were no material adjustments necessary affecting the Group's reported financial performance in the transition from UK GAAP to IFRS. The loss for the previous period under IFRS was £238,759, which was the amount reported under UK GAAP. Cash Flow Statement Under UK GAAP, cash flows are presented separately for operating activities, returns on investments and servicing of finance, taxation, capital expenditure and financial investment, acquisitions and disposals, management of liquid resources and financial activities. IFRS, however, requires only three categories of cash flow activity to be reported: operating, investing and financing. There are no other material differences between the cash flow statement presented under IFRSs and the cash flow statement presented under UK GAAP. This information is provided by RNS The company news service from the London Stock Exchange END FR AAMRTMMBBBJP
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