TIDMAPNO
RNS Number : 2662E
All Points North Plc
17 December 2009
All Points North plc (the "Company")
Unaudited Interim Results
Chairman's Statement
As expected the Company's interim results for the six month period ended 30
September 2009 show a gradually improving position.
Turnover of GBP379,395 (2008: GBP179,519) produced an operating profit of
GBP47,933. This was less than the comparative period for 2008 (GBP113,915)
however, the annual rent roll increased by GBP 36,000 above the figure reported
as at 31 March 2009 of GBP328,000 and since the period end has now topped
GBP390,000 per annum. We still have space available for letting with the
potential capacity to increase the rent roll by a further GBP150,000 per annum.
Also since the year end the local occupancy requirements on The Kendal Bowman
have been lifted and the affordability conditions relaxed which has increased
its value considerably. We now intend to re-submit a planning application to
include twelve flats which would produce a much more viable development. Our
planning application for residential use on part of the Printfield site was
approved (subject to the S106 agreement) and it is our intention to sell this
part leaving us with a farmhouse, outbuildings and sixteen acres on which we
hope to obtain planning for further residential units. The Charity which will be
operating the Nursery at College House, Barrow in Furness has signed a five year
lease at a commencing rent of GBP22,000 per annum. At a cost to us of some
GBP60,000 the increase in the value of the property is in the order of
GBP200,000. Feedback from existing tenants regarding this facility has been
excellent. The sale of the upper floors at 47-51 Highgate, Kendal completed in
November and we have decided to retain the ground floor which has William Hill
as tenant and the next door property, 45 Highgate, Kendal.
The Company cannot pay an interim dividend until it has sufficient distributable
reserves to do so but we intend to recommence our dividend policy as soon as
this proves to be the case.
I am pleased to report that our efforts towards attracting new tenants are
producing positive results and as the commercial property market improves so
should our underlying values.
B K Chadwick
Chairman
Enquiries:
Keith Chadwick, All Points North plc
Tel: 01768 865959
Alex Clarkson/Nick Cowles, Zeus Capital Limited Tel: 0161 831 1512
All Points North PLC
Profit and loss Accounts
+--------+--------+--------+--------+--------+-----------+--------+-----------+--------+-----------+
| | | | | | 6 | | 6 | | Year |
| | | | | | months | | months | | ended |
| | | | | | to | | to | | |
+--------+--------+--------+--------+--------+-----------+--------+-----------+--------+-----------+
| | | | | | 30/09/09 | | 30/09/08 | | 31/03/09 |
+--------+--------+--------+--------+--------+-----------+--------+-----------+--------+-----------+
| | | | | | GBP | | GBP | | |
+--------+--------+--------+--------+--------+-----------+--------+-----------+--------+-----------+
| TURNOVER | | | | 379,395 | | 179,519 | | 871,394 |
+-----------------+--------+--------+--------+-----------+--------+-----------+--------+-----------+
| Cost of sales | | | | (290,494) | | (61,176) | |(584,088) |
+-----------------+--------+--------+--------+-----------+--------+-----------+--------+-----------+
| | | | | | | | | | |
+--------+--------+--------+--------+--------+-----------+--------+-----------+--------+-----------+
| GROSS PROFIT | | | | 88,901 | | 118,343 | | 287,306 |
+-----------------+--------+--------+--------+-----------+--------+-----------+--------+-----------+
| | | | | | | | | | |
+--------+--------+--------+--------+--------+-----------+--------+-----------+--------+-----------+
| Administrative expenses | | | (41,418) | | (120,854) | | (232,943) |
+--------------------------+--------+--------+-----------+--------+-----------+--------+-----------+
| Other operating income | | | 450 | | 116,426 | | 12,500 |
+--------------------------+--------+--------+-----------+--------+-----------+--------+-----------+
| | | | | | | | | | |
+--------+--------+--------+--------+--------+-----------+--------+-----------+--------+-----------+
| OPERATING PROFIT AND | | | 47,933 | | 113,915 | | 66,863 |
+--------------------------+--------+--------+-----------+--------+-----------+--------+-----------+
| PROFIT ON ORDINARY ACTIVITIES | | | | | | |
+-----------------------------------+--------+-----------+--------+-----------+--------+-----------+
| BEFORE INTEREST | | | | | | | | |
+-----------------+--------+--------+--------+-----------+--------+-----------+--------+-----------+
| | | | | | | | | | |
+--------+--------+--------+--------+--------+-----------+--------+-----------+--------+-----------+
| Interest | | | | - | | 455 | | 465 |
| receivable | | | | | | | | |
+-----------------+--------+--------+--------+-----------+--------+-----------+--------+-----------+
| Interest | | | | (74,654) | | (179,688) | | (288,151) |
| payable | | | | | | | | |
+-----------------+--------+--------+--------+-----------+--------+-----------+--------+-----------+
| | | | | | | | | | |
+--------+--------+--------+--------+--------+-----------+--------+-----------+--------+-----------+
| LOSS ON ORDINARY ACTIVITIES | | (26,721) | | (65,318) | | (220,823) |
+-----------------------------------+--------+-----------+--------+-----------+--------+-----------+
| BEFORE TAXATION | | | | | | | | |
+-----------------+--------+--------+--------+-----------+--------+-----------+--------+-----------+
| | | | | | | | | | |
+--------+--------+--------+--------+--------+-----------+--------+-----------+--------+-----------+
| Tax on Loss on ordinary | | | - | | 545 | | 544 |
| activities | | | | | | | |
+--------------------------+--------+--------+-----------+--------+-----------+--------+-----------+
| | | | | | | | | | |
+--------+--------+--------+--------+--------+-----------+--------+-----------+--------+-----------+
| LOSS ON ORDINARY ACTIVITIES | | (26,721) | | (64,773) | | (220,279) |
+-----------------------------------+--------+-----------+--------+-----------+--------+-----------+
| AFTER TAXATION | | | | | | | | |
+--------+--------+--------+--------+--------+-----------+--------+-----------+--------+-----------+
All Points North PLC
Balance sheets
+---------+--------+--------+--------+-------------+--------+-------------+--------+-------------+
| | | | | 6 months | | 6 months | | Year |
| | | | | to | | to | | ended |
+---------+--------+--------+--------+-------------+--------+-------------+--------+-------------+
| | | | | 30/09/09 | | 30/09/08 | | 31/03/09 |
+---------+--------+--------+--------+-------------+--------+-------------+--------+-------------+
| | | | | GBP | | GBP | | GBP |
+---------+--------+--------+--------+-------------+--------+-------------+--------+-------------+
| | | | | | | | | |
+---------+--------+--------+--------+-------------+--------+-------------+--------+-------------+
| FIXED ASSETS | | | | | | | |
+------------------+--------+--------+-------------+--------+-------------+--------+-------------+
| Tangible assets | | | 5,680,993 | | 5,925,308 | | 5,625,895 |
+------------------+--------+--------+-------------+--------+-------------+--------+-------------+
| Investments | | | 50 | | 50 | | 50 |
+------------------+--------+--------+-------------+--------+-------------+--------+-------------+
| | | | | | | | | |
+---------+--------+--------+--------+-------------+--------+-------------+--------+-------------+
| | | | | 5,681,043 | | 5,925,358 | | 5,625,945 |
+---------+--------+--------+--------+-------------+--------+-------------+--------+-------------+
| | | | | | | | | |
+---------+--------+--------+--------+-------------+--------+-------------+--------+-------------+
| CURRENT ASSETS | | | | | | | |
+------------------+--------+--------+-------------+--------+-------------+--------+-------------+
| Stocks | | | | 1,198,761 | | 1,537,966 | | 1,356,383 |
+---------+--------+--------+--------+-------------+--------+-------------+--------+-------------+
| Investments | | | - | | 225,000 | | - |
+------------------+--------+--------+-------------+--------+-------------+--------+-------------+
| Debtors | | | | 158,916 | | 178,697 | | 141,136 |
+---------+--------+--------+--------+-------------+--------+-------------+--------+-------------+
| Bank and cash balances | | - | | - | | 1,852 |
+---------------------------+--------+-------------+--------+-------------+--------+-------------+
| | | | | | | | | |
+---------+--------+--------+--------+-------------+--------+-------------+--------+-------------+
| | | | | 1,357,677 | | 1,941,663 | | 1,499,371 |
+---------+--------+--------+--------+-------------+--------+-------------+--------+-------------+
| | | | | | | | | |
+---------+--------+--------+--------+-------------+--------+-------------+--------+-------------+
| CREDITORS | | | | | | | |
+------------------+--------+--------+-------------+--------+-------------+--------+-------------+
| amounts falling due within one | (5,801,661) | | (6,137,623) | | (5,859,482) |
| year | | | | | |
+------------------------------------+-------------+--------+-------------+--------+-------------+
| | | | | | | | | |
+---------+--------+--------+--------+-------------+--------+-------------+--------+-------------+
| NET CURRENT LIABILITIES | | (4,443,984) | | (4,195,960) | | (4,360,111) |
+---------------------------+--------+-------------+--------+-------------+--------+-------------+
| | | | | | | | | |
+---------+--------+--------+--------+-------------+--------+-------------+--------+-------------+
| LIABILITIES DUE AFTER ONE YEAR | (6,618) | | - | | - |
+------------------------------------+-------------+--------+-------------+--------+-------------+
| | | | | | | | | |
+---------+--------+--------+--------+-------------+--------+-------------+--------+-------------+
| NET ASSETS | | | 1,230,441 | | 1,729,398 | | 1,265,834 |
+------------------+--------+--------+-------------+--------+-------------+--------+-------------+
| | | | | | | | | |
+---------+--------+--------+--------+-------------+--------+-------------+--------+-------------+
| CAPITAL AND RESERVES | | | | | | |
+---------------------------+--------+-------------+--------+-------------+--------+-------------+
| Called up share | | | 73,958 | | 73,958 | | 73,958 |
| capital | | | | | | | |
+------------------+--------+--------+-------------+--------+-------------+--------+-------------+
| Share premium account | | 312,723 | | 312,723 | | 312,723 |
+---------------------------+--------+-------------+--------+-------------+--------+-------------+
| Revaluation | | | 831,239 | | 1,123,307 | | 839,911 |
| reserve | | | | | | | |
+------------------+--------+--------+-------------+--------+-------------+--------+-------------+
| Profit and loss | | | 12,521 | | 219,510 | | 39,242 |
| account | | | | | | | |
+------------------+--------+--------+-------------+--------+-------------+--------+-------------+
| | | | | | | | | |
+---------+--------+--------+--------+-------------+--------+-------------+--------+-------------+
| SHAREHOLDERS' FUNDS | | 1,230,441 | | 1,729,498 | | 1,265,834 |
+---------------------------+--------+-------------+--------+-------------+--------+-------------+
| | | | | | | | | |
+---------+--------+--------+--------+-------------+--------+-------------+--------+-------------+
All Points North PLC
Cash Flow Statements
+----------+--------+--------+--------+--------+-------------+--------+-------------+--------+-------------+
| | | | | | 6 months | | 6 months | | Year |
| | | | | | to | | to | | ended |
+----------+--------+--------+--------+--------+-------------+--------+-------------+--------+-------------+
| | | | | | 30/09/09 | | 30/09/08 | | 31/03/09 |
+----------+--------+--------+--------+--------+-------------+--------+-------------+--------+-------------+
| | | | | | GBP | | GBP | | |
+----------+--------+--------+--------+--------+-------------+--------+-------------+--------+-------------+
| Reconciliation of operating profit to net | | | | | |
| cash flow | | | | | |
+----------------------------------------------+-------------+--------+-------------+--------+-------------+
| from operating | | | | | | | |
| activities | | | | | | | |
+----------------------------+--------+--------+-------------+--------+-------------+--------+-------------+
| Operating | | | | 47,933 | | 113,915 | | 66,863 |
| profit | | | | | | | | |
+-------------------+--------+--------+--------+-------------+--------+-------------+--------+-------------+
| Depreciation of tangible fixed | | 555 | | 511 | | 1,465 |
| assets | | | | | | |
+-------------------------------------+--------+-------------+--------+-------------+--------+-------------+
| Impairments of fixed | | | - | | 7,471 | | - |
| assets | | | | | | | |
+----------------------------+--------+--------+-------------+--------+-------------+--------+-------------+
| Profit on disposal of tangible | | - | | - | | - |
| fixed assets | | | | | | |
+-------------------------------------+--------+-------------+--------+-------------+--------+-------------+
| Decrease/(Increase) in | | | 157,622 | | (417,337) | | (235,754) |
| stocks | | | | | | | |
+----------------------------+--------+--------+-------------+--------+-------------+--------+-------------+
| Increase in current | | | - | | (225,000) | | - |
| investments | | | | | | | |
+----------------------------+--------+--------+-------------+--------+-------------+--------+-------------+
| (Increase)/Decrease in | | | (17,780) | | 195,681 | | 226,026 |
| debtors | | | | | | | |
+----------------------------+--------+--------+-------------+--------+-------------+--------+-------------+
| Increase in | | | | 49,660 | | 132,815 | | 14,013 |
| creditors | | | | | | | | |
+-------------------+--------+--------+--------+-------------+--------+-------------+--------+-------------+
| | | | | | | | | | |
+----------+--------+--------+--------+--------+-------------+--------+-------------+--------+-------------+
| Net cashflow from operating | | 237,990 | | (191,944) | | 72,613 |
| activities | | | | | | |
+-------------------------------------+--------+-------------+--------+-------------+--------+-------------+
| Cashflow | | | | | | | | |
| statement: | | | | | | | | |
+-------------------+--------+--------+--------+-------------+--------+-------------+--------+-------------+
| Net cashflow from operating | | 237,990 | | (191,944) | | 72,613 |
| activities | | | | | | |
+-------------------------------------+--------+-------------+--------+-------------+--------+-------------+
| | | | | | | | | | |
+----------+--------+--------+--------+--------+-------------+--------+-------------+--------+-------------+
| Returns on investments and servicing of | | | | | |
| finance | | | | | |
+----------------------------------------------+-------------+--------+-------------+--------+-------------+
| Interest | | | | - | | 455 | | 465 |
| received | | | | | | | | |
+-------------------+--------+--------+--------+-------------+--------+-------------+--------+-------------+
| Interest paid | | | | (74,654) | | (179,688) | | (288,151) |
+-------------------+--------+--------+--------+-------------+--------+-------------+--------+-------------+
| | | | | | | | | | |
+----------+--------+--------+--------+--------+-------------+--------+-------------+--------+-------------+
| | | | | | (74,654) | | (179,233) | | (287,686) |
+----------+--------+--------+--------+--------+-------------+--------+-------------+--------+-------------+
| | | | | | | | | | |
+----------+--------+--------+--------+--------+-------------+--------+-------------+--------+-------------+
| Taxation | | | | | - | | 545 | | 544 |
+----------+--------+--------+--------+--------+-------------+--------+-------------+--------+-------------+
| Capital expenditure and financial | | | | | | |
| investment | | | | | | |
+-------------------------------------+--------+-------------+--------+-------------+--------+-------------+
| Purchase of tangible | | | (25,651) | | (33,994) | | (1,707) |
| fixed assets | | | | | | | |
+----------------------------+--------+--------+-------------+--------+-------------+--------+-------------+
| Purchase of investment | | | (38,673) | | - | | (9,654) |
| properties | | | | | | | |
+----------------------------+--------+--------+-------------+--------+-------------+--------+-------------+
| Repayment of loan by joint | | - | | 28,100 | | 35,316 |
| venture | | | | | | |
+-------------------------------------+--------+-------------+--------+-------------+--------+-------------+
| | | | | | (64,324) | | (5,894) | | 23,955 |
+----------+--------+--------+--------+--------+-------------+--------+-------------+--------+-------------+
| | | | | | | | | |
+-------------------+--------+--------+--------+-------------+--------+-------------+--------+-------------+
| Dividends paid | | | | - | | - | | (24,762) |
+-------------------+--------+--------+--------+-------------+--------+-------------+--------+-------------+
| | | | | | | | | | |
+----------+--------+--------+--------+--------+-------------+--------+-------------+--------+-------------+
| Increase/(Decrease) in cash in | | 99,012 | | (376,526) | | (215,336) |
| the period | | | | | | |
+-------------------------------------+--------+-------------+--------+-------------+--------+-------------+
| Net debt at the start of | | | (5,365,320) | | (5,149,984) | | (5,149,984) |
| the period | | | | | | | |
+----------------------------+--------+--------+-------------+--------+-------------+--------+-------------+
| Net debt at the end of | | | (5,266,308) | | (5,526,510) | | (5,365,320) |
| the period | | | | | | | |
+----------------------------+--------+--------+-------------+--------+-------------+--------+-------------+
| Net debt | | | | | | | | |
| comprises: | | | | | | | | |
+-------------------+--------+--------+--------+-------------+--------+-------------+--------+-------------+
| Cash at bank | | | | - | | - | | 1,852 |
+-------------------+--------+--------+--------+-------------+--------+-------------+--------+-------------+
| Bank overdraft falling due within | | (5,266,308) | | (5,526,510) | | (5,367,172) |
| one year | | | | | | |
+-------------------------------------+--------+-------------+--------+-------------+--------+-------------+
| | | | | | | | | | |
+----------+--------+--------+--------+--------+-------------+--------+-------------+--------+-------------+
| | | | | | (5,266,308) | | (5,526,510) | | (5,365,320) |
+----------+--------+--------+--------+--------+-------------+--------+-------------+--------+-------------+
| | | | | | | | | | |
+----------+--------+--------+--------+--------+-------------+--------+-------------+--------+-------------+
All Points North PLC
Notes to the interim financial statements
1. Preparation of the financial statements
The interim results have been prepared in accordance with the accounting
policies set out in the Company's annual report and accounts to 31st March 2009
and are unaudited. The interim financial statements were approved by a duly
appointed and authorised committee of the Board of Directors on 11th December
2009.
2. (Loss)/profit per ordinary share
+--------+--------+--------+--------+------------+--------+------------+--------+------------+
| | | | | 6 | | 6 | | Year |
| | | | | months | | months | | ended |
| | | | | to | | to | | |
+--------+--------+--------+--------+------------+--------+------------+--------+------------+
| | | | | 30/09/09 | | 30/09/08 | | 31/03/09 |
+--------+--------+--------+--------+------------+--------+------------+--------+------------+
| | | | | | | | | |
+--------+--------+--------+--------+------------+--------+------------+--------+------------+
| Loss on ordinary | | (26,721) | | (64,773) | | (220,279) |
| activities after tax | | | | | | |
+--------------------------+--------+------------+--------+------------+--------+------------+
| | | | | | | | | |
+--------+--------+--------+--------+------------+--------+------------+--------+------------+
| Average number of shares | |7,395,813 | |7,395,813 | |7,395,813 |
| in issue | | | | | | |
+--------------------------+--------+------------+--------+------------+--------+------------+
| | | | | | | | | |
+--------+--------+--------+--------+------------+--------+------------+--------+------------+
| Loss per ordinary share | | (0.36)p | | (0.88)p | | (2.98)p |
| in pence | | | | | | |
+--------+--------+--------+--------+------------+--------+------------+--------+------------+
3. Movement in capital and reserves
+--------+--------+--------+--------+--------+--------+-------------+--------+----------+
| | | | | | |Revaluation | | Profit |
| | | | | | | | | and |
+--------+--------+--------+--------+--------+--------+-------------+--------+----------+
| | | | | | | reserve | | loss |
| | | | | | | | | account |
+--------+--------+--------+--------+--------+--------+-------------+--------+----------+
| | | | | | | GBP | | GBP |
+--------+--------+--------+--------+--------+--------+-------------+--------+----------+
| At 1 April 2009 | | | | | 839,911 | | 39,242 |
+-----------------+--------+--------+--------+--------+-------------+--------+----------+
| Loss for the | | | | | - | | (26,721) |
| period | | | | | | | |
+-----------------+--------+--------+--------+--------+-------------+--------+----------+
| Deficit on revaluation of | | | (8,672) | | - |
| freehold property | | | | | |
+-----------------------------------+--------+--------+-------------+--------+----------+
| | | | | | | | | |
+--------+--------+--------+--------+--------+--------+-------------+--------+----------+
| At 30 September | | | | | 831,239 | | 12,521 |
| 2009 | | | | | | | |
+-----------------+--------+--------+--------+--------+-------------+--------+----------+
| | | | | | | | | |
+--------+--------+--------+--------+--------+--------+-------------+--------+----------+
4. Copies of the interim report
Copies of the interim report are available to the public from the Company's head
office: Cumbria House, Gilwilly Road, Penrith, Cumbria CA11 9FF and on the
Company's website: www.allpointsnorthplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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