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| Citi Fun 24 | LSE:BD25 | London | Medium Term Loan |
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RNS Number:7982I
Ashpol PLC
17 March 2003
Introduction
During the year, the Group used its cash reserves to fund the acquisition of a
significant new property portfolio containing nursing homes, a leisure park and
office accommodation.
Financial Results
Year ending 14 August 2002
Turnover for the twelve months to 14 August 2002 was #9.87m (company 2001 :
#5.26m 13 month period). Gross margin was #9.37m (company 2001 : #4.41m),
representing 95% of turnover (company 2001 : 84%).
Administration costs were #1.69m (company 2001: #1.25m). Major items of
administration expenditure were: impairment of investment property #0.3m,
impairment of goodwill #1.03m and professional fees #0.24m.
Operating profit was #7.68m (company 2001: #3.16m), representing 78% of turnover
(company 2001: 60%). After crediting exceptional income of #Nil (company 2001:
#34.18m), and net finance costs of #8.1m (company 2001 : #5.7m), profit before
tax was #0.72m (company 2001 : #33.02m). The exceptional income in the prior
year related to income from shares in group undertakings (#15.08m), profit on
sale of investment properties (#0.81m) and profit on sale of subsidiary
companies (#18.30m).
In the year to 14 August 2002 the Group generated cash outflows of #130.2m
(company 2001 : #131.3m inflow) and as at 14 August 2002 the Group has #927k
(company 2001 : #131.2m) of cash and cash deposits on its balance sheet.
The audit report has been qualified due to non-compliance with Statement of
Standard Accounting Practice 19 'Accounting for Investment Properties'. The
investment properties are included in the Financial Statements at cost rather
than open market value as required by the accounting standard.
During the year the group acquired investment properties via direct acquisition,
the acquisition of subsidiary companies and the acquisition of businesses. The
directors have taken the decision not to revalue investment properties at the
year end.
Group Profit & Loss Account
for the year ended 14 August 2002
12 months 13 months
ended ended
14 Aug 14 Aug
Note 2002 2001
#'000 #'000
Group rental income 9,872 5,261
Property outgoings (503) (855)
Net rental income 9,369 4,406
Administrative expenses (1,688) (1,246)
Operating profit - Group 7,681 3,160
Profit on sale of investment properties - 805
Profit on sale of subsidiary companies - 18,302
Profit on ordinary activities before interest 7,681 22,267
Income from shares in group undertakings - 15,075
Interest payable - Group (8,096) (5,659)
Interest receivable - Group 1,138 1,335
Profit on ordinary activities before taxation 723 33,018
Tax on profit on ordinary activities 4 (386) -
Profit on ordinary activities after taxation 337 33,018
2
Dividends (including non-equity) (106) (145,731)
Retained profit/(loss) 231 (112,713)
Apart from approximately #98,000 within administrative expenses, amounts
disclosed in the current year between turnover and operating profit relate to
acquisitions made in the year.
Group Balance Sheet
At 14 August 2002
14 Aug 14 Aug
2002 2001
#'000 #'000
Fixed Assets
Tangible assets -investment properties 3 126,035 -
Current assets
Debtors 8,509 -
Cash at bank 927 131,163
9,436 131,163
Creditors falling due within one year (4,733) (1,042)
Net current assets 4,703 130,121
Total assets less current liabilities 130,738 130,121
Creditors falling due after one year (75,000) (75,000)
Provisions for liabilities and charges (386) -
Net assets 55,352 55,121
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 231 -
Total shareholders' funds 55,352 55,121
Group Summarised Cash Flow Statement
for the year ended 14 August 2002
12 months 13 months
14 Aug 14 Aug
2002 2001
#'000 #'000
Net cash (outflow) / inflow from operating activities 130 226,090
Returns on investment and servicing of finance (7,794) 11,604
Taxation - -
Capital expenditure and financial investment (88,200) 96,231
Acquisitions and disposals (8,894) -
Equity dividends paid - (145,621)
Cash (outflow)/inflow before financing (104,758) 188,304
Financing (25,478) (57,000)
(Decrease) / increase in cash (130,236) 131,304
Reconciliation of Operating Profit to Net Cash
Flow from Operating Activities
12 months 13 months
14 Aug 14 Aug
2002 2001
#'000 #'000
Profit on ordinary activities before interest 7,681 22,267
Exceptional items included within operating profit - (19,107)
Operating profit 7,681 3,160
Impairment of goodwill 1,025 -
(Increase) / decrease in debtors (6,697) 170,386
(Decrease) / increase in creditors (2,179) 52,544
Impairment of fixed asset investment property 300 -
Net cash inflow from operating activities 130 226,090
Notes to the Accounts
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 period and the previous period except in respect of
deferred tax and goodwill as indicated below. 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.
In preparing these financial statements the group has adopted Financial
Reporting Standard 19
"Deferred Taxation" for the first time.
The adoption of FRS 19 has had no impact on the results of the group for the
previous year.
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 would justify the cost of a
valuation.
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;
- 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:
* deferred tax is not recognised on timing differences arising on
revalued properties unless the group has entered into a binding sale agreement
and is not proposing to take advantage of rollover relief; and
* 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
14 Aug 14 Aug
2002 2001
#'000 #'000
Equity Shares:
Ordinary Shares
- Interim paid of #Nil (2001 - #1.80 per share) - 132,843
- Final paid of #Nil (2001 - #0.17 per share) - 12,778
- 145,621
Non-Equity Shares:
10% Cumulative Preference Shares 106 110
5.75% Convertible Cumulative - -
106 145,731
The directors do not propose an equity dividend
3. Investment Properties
Balance at 15 August 2001 -
Additions 104,335
Acquisition of subsidiary 22,000
Impairment (300)
Balance at 14 August 2002 126,035
4. Taxation on profit on ordinary activities Year ended Year ended
14 August 14 August
2002 2001
#'000 #'000
Deferred tax - Origination of timing differences 386 -
386 -
The tax assessed for the period 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 217 9,905
in the UK of 30% (2001 - 30%)
Effect of:
Net expense/(income) not chargeable for tax purposes 194 (10,207)
Capital allowances (386) -
Utilisation of losses to group companies - 248
Utilisation of losses brought forward (25) (16)
Losses carried forward - 70
Current tax charge for period - -
5. Net Debt
Repayable as follows:
After more than five years 75,000 75,000
Cash (927) (131,163)
Net Borrowings (74,073) (56,163)
6. Statutory accounts
These preliminary results for the period ended 14 August 2002 have been prepared
using accounting policies unchanged from those set out in the company's 14
August 2001 statutory financial statements except as indicated in note 1. The
financial information for the period ended 14 August 2001 is extracted from the
audited financial statements to that date which were approved on 14 March 2002
and have been delivered to the Registrar of Companies. The auditors report on
the 2001 financial statements were unqualified and did not contain a statement
under S237(2) or (3) of the Act. The financial information for the year ended 14
August 2002 is extracted from the Group's audited financial statements to that
date. As a result of non compliance with Statement of Standard Accounting
Practice 19, the auditors report is qualified. 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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