Final Results

    RNS Number : 7128U
  Roeford Properties PLC
  19 May 2008
   

    ROEFORD PROPERTIES PLC 
    
PRELIMINARY ANNOUNCEMENT
 
For the year ended 31 December 2007
 

    CHAIRPERSON'S STATEMENT


    I am pleased to present Roeford's results for the twelve months ended 31 December 2007.  
    The Company produced a profit before taxation of £182,000 (2006: loss of £985,000) on turnover of £397,000 (2006: £1,513,000).  
    The Company has net assets of £80,000 at the balance sheet date (2006: net liabilities of £102,000).  
    The Company issued new ordinary shares on 14 January 2008 to raise £392,000 before expenses, which is considered to be sufficient for
the Board to continue to pursue its stated objectives. It will seek new opportunities throughout the coming year and I anticipate that they
will ultimately prove profitable ventures.
    Maggie Ryan
Chairperson
    19 May 2008

















    
 






    ROEFORD PROPERTIES PLC  
        
    income statement

    For the year ended 31 December 2007


                                       Note


                                                             2007        2006
                                                            £'000       £'000

 Revenue                                                      397       1,513

 Cost of sales                                                  -     (1,692)

 Gross profit/(loss)                                          397       (179)

 Administrative expenses                                    (215)       (807)

 Profit/(loss) from operations                                182       (986)

 Finance income                                                 -           1

 Profit/(loss) on ordinary activities                         182       (985)
 before taxation

 Income tax                                                     -           -

 Profit/(loss) on ordinary activities                         182
 after taxation and retained                                            (985)
 profit/(loss)

 Total and continuing earnings/(loss)
 per share
 Basic                                    3                           (2.58)p
                                                    0.48p
 Diluted                                  3                 0.47p     (2.58)p




    There were no recognised gains or losses other than the profit for the financial period.

    All the operations of the Company are continuing.


    
 








    ROEFORD PROPERTIES PLC  
        
    STATEMENT OF CHANGES IN EQUITY

    For the year ended 31 December 2007


                                 Share Capital         Share premium  Share based   Retained earnings  Total
                                                             account      payment 
                                                                           reserve
                                         £'000                 £'000         £'000              £'000  £'000

 At 1 January 2006                          95                   901            20              (133)    883
 Net loss for the year and                   -                     -             -              (985)  (985)
 total recognised income and
 expense for the year
 At 31 December 2006                        95                   901            20            (1,118)  (102)

 Net profit for the year and                 -                     -             -                182    182
 total recognised income and
 expense for the year

 At 31 December 2007                        95                   901            20              (936)     80




    

 



    ROEFORD PROPERTIES PLC  
    balance sheet AT 31 December 2007


                                  2007     2006
                               
                                 £'000    £'000
                               
 Current assets                
 Trade and other receivables       211       26
 Cash and cash equivalents           1       25
                               
 Total assets                      212       51
                               
 Current liabilities           
 Trade and other payables          132      153
                               
 Equity                        
 Called up share capital            95       95
 Share premium account             901      901
 Share based payment reserve        20       20
 Retained earnings               (936)  (1,118)
                               
 Total equity                       80    (102)
                               
 Total liabilities and equity      212       51


    
 


    ROEFORD PROPERTIES PLC  
    CASH FLOW STATEMENT
    For the year ended 31 December 2007


                                                    
                                                       2007   2006
                                                      £'000  £'000
                                                    
 Cash flows from operating activities               
 Profit/(loss) after taxation                           182  (985)
 Adjustments for:                                   
 Finance income                                           -    (1)
 Decrease in inventories                                  -  1,581
 Increase in trade and other receivables              (185)    (5)
 (Decrease)/increase in trade and other payables       (21)     40
                                                    
 Net cash from operating activities                    (24)    630
                                                    
 Cash flows from investing activities               
 Finance income                                           -      1
 Payment of bank loans                                    -  (701)
 Net decrease in cash and cash equivalents             (24)   (70)
 Cash and cash equivalents at beginning of year          25     95
                                                    
 Cash and cash equivalents at end of year                 1     25




    

 






    ROEFORD PROPERTIES PLC  
    NOTES TO THE PRELIMINARY ANNOUNCEMENT
    For the year ended 31 December 2007

    1        BASIS OF PREPARATION
    The financial statements have been prepared under the historical cost convention and in accordance with International Financial
Reporting Standards adopted by the European Union (IFRSs).  

    The transition to IFRSs has resulted in a number of changes in presentation in the reported financial statements, notes thereto and
accounting policies compared to the previous annual report. There are no adjustments to the reported results, cash flows or balance sheet
figures for any period on transition from UK GAAP to IFRSs.
              The principal accounting policies are detailed in the Company's annual report and financial statements.

    2        segmental information
    Primary reporting format - business segment
    The only material business that the Company has is that of trading of commercial properties and providing property consultancy
services.
    Secondary reporting format - geographical segment
    The only material segment that the Company operates is in the UK.
    3        EARNINGS/(LOSS) PER SHARE
    The calculation of the basic earnings per share is based on the profit on ordinary activities after tax of £182,000 (2006: loss
£985,000) divided by the weighted average number of ordinary shares in issue during the year of 38,133,333 (2006: 38,133,333). The dilutive
warrants for 2007 are 381,333, increasing the diluted weighted average number of shares to 38,514,666 and resulting in a diluted earnings
per share, based on the profit in ordinary activities after tax of £182,000 of 0.47p. The impact of the warrants on the loss per share in
2006 is anti-dilutive.
    4        PUBLICATION
    The financial information set out in this preliminary announcement does not constitute statutory accounts.
    The balance sheet at 31 December 2007 and the income statement, statement of changes in equity, cash flow statement and enclosed notes
for the year then ended have been extracted from the Company's statutory financial statements upon which the auditor's report is
unqualified.
    5        copies of this announcement
    Copies of this announcement are available for collection from the Company's offices at Mar House, 1036 Stratford Road, Shirley,
Solihull, West Midlands, 
B90 4EE.

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