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
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