RNS Number:0416U
Wren Homes Group PLC
30 March 2007
For release at 7.00am on 30 March 2007
Wren Homes Group Plc
Interim Results for
Half Year Ended 31 January 2007
"Continued Strong Progress with Maiden Dividend"
Wren Homes Group Plc ("Wren" or "the Group"), the AIM Listed retirement homes
and specialist developer, which has a strategy of specialising in apartment
developments for the 'active' retirement market, with operations around the
southern M25 corridor, is pleased to announce record interim results for the six
months period to 31st of January 2007. Wren moved to AIM in November 2006,
successfully raising some #3.0 million of new money.
Financial Highlights
* Pre-tax profit: #245,504 (2006: loss #176, 406)
* Earnings per share: 0.48p (2006: loss 0.33p)
* Maiden interim dividend of 0.25p, payable on 22 June 2007 to
shareholders registered on 4 May 2007.
* Cash of #1.5m at period end.
Operational Highlights
Work in Progress
* Sales at Wren Court, Warlingham, are progressing well.
* A second adjoining site in Warlingham has been secured - an amended and
enlarged planning application for approx. 60 assisted living apartments
submitted.
* Planning achieved for 20 retirement apartments in Carshalton - will
complete purchase of land shortly.
* Development of non retirement apartments in Kenley should be completed
around July this year - are considering several offers to purchase part or
all of the properties off plan.
Land Bank
* Options over a further 12 sites - subject to planning consents has the
potential of approx. 300 units, mainly within retirement housing
developments.
Corporate
* Moved to newer rented offices in Epsom more suitable to meet our
ambitions
* Upgraded and improved the Group's computer systems
* Renewed and improved our web-site to shift Wren's focus on retirement
housing schemes, which should be launched in April
* Appointed Richard Hill, formerly in a senior position with McCarthy &
Stone, as Marketing Director designate
* Appointed a new Land Buyer to extend site acquisition by replicating
Wren's skills of land buying
Peter West, Chairman of Wren Homes Group Plc, commented:
"Wren has now completed its successful move to AIM and I am pleased that the
Group has been able to accelerate its progress and further improve its capacity
to continue to expand over the coming years."
"Taking the market as a whole, and with the number of enquiries and
opportunities we are seeing, I believe that the fundamentals of our market
remain sound. Taken with the strength of current sales and our continuing
planning consents, I look forward to the future with considerable confidence."
Enquiries
Wren Homes Group plc
Peter West, Chairman Tel: 01372 742 244
www.wrenhomesplc.co.uk
JM Finn
Leslie Kent (Sales) Tel: 0207 628 9688
Matthew Robinson/Charles Cunningham
(Corporate Finance)
Adventis Financial PR
Tarquin Edwards Tel: 020 7034 4758 / 07879 458 364
WREN HOMES GROUP PLC
CHAIRMAN'S STATEMENT
HALF YEAR ENDED 31 JANUARY 2007
Trading Results
I am pleased to report the results for Wren Homes Group Plc ("Wren" or "the
Group"), the AIM traded Home Counties-based retirement homes and specialist
developer, for the 6 months ended 31 January 2007. The Group achieved profit on
ordinary activities before tax of #245,504 (2006: loss #176,406). The move into
profit represents a marked improvement on the loss incurred for the same period
last year.
The results reflect a successful six months trading for the Group, which has
seen it make considerable progress in its ambition to consolidate on position in
the premium retirement sector. A number of sites are currently under
construction or planning and within high quality areas in Surrey and Sussex.
Turnover for the period under review of #477,485 (2006: #1,188,995) represents
profit-share at Wren Court, Warlingham, where, having sold on the land in
January 2005, Wren acted as developer and contractually retained a substantial
interest in the profit of the apartments.
Dividend
As a result of their confidence in the future, the Directors are delighted to
announce the payment of a maiden interim dividend of 0.25 pence per share
payable on 22 June 2007 to shareholders on the register on 4 May 2007.
The interim dividend is covered 1.67 times by earnings.
The directors expect to pursue a progressive dividend policy in line with
earnings growth.
Work in Progress
Sales at Wren Court, Warlingham, are progressing well. The feed back from
residents is extremely positive, which will allow us to market all our
developments off the back of Wren Court's success.
A second adjoining site in Warlingham has been secured on the same development
terms as those for the first. This second site has recently been increased in
size and as a result, an amended and enlarged planning application for
approximately 60 assisted living apartments has been submitted.
We have recently achieved planning for 20 retirement apartments in Carshalton
and will be completing the purchase of the land shortly.
Our development of non retirement apartments in Kenley should be completed
around July this year and we are considering several offers to purchase part or
all of the properties off plan.
Land Bank
In addition to the above sites, we also hold options over a further 12 sites,
which, subject to planning consents, in the opinion of the directors, has the
potential of providing approximately a further 300 units, mainly within
retirement housing developments.
WREN HOMES GROUP PLC
CHAIRMAN'S STATEMENT CONTINUED
The Retirement Market
Over the last few months, your directors have been looking at various other
products within the retirement sector that would provide Wren with greater
flexibility to change and adapt its offering to suit prevailing market
conditions. These other products would also allow the Group to optimise the
returns it receives from sites that the Group already controls.
Corporate
As referred to in my last statement dated 2 February 2007, Wren has now
completed its successful move to AIM. I am very pleased to report that as a
result of the interest in Wren, the Group now has a shareholder register which
includes a number of major investment funds and I would like to welcome them as
shareholders.
The introduction to the AIM Market has allowed us to accelerate the progress
made over the last few years, in several ways. We have:
*Moved to newer rented offices in Epsom more suitable to meet our
ambitions;
*Upgraded and improved the Group's computer systems;
*Renewed and improved our web-site to shift Wren's focus on retirement
housing schemes, which should be launched in April;
*Appointed Richard Hill, formerly in a senior position with McCarthy &
Stone, as Marketing Director designate;
*Appointed a new Land Buyer to extend site acquisition by replicating
Wren's skills of land buying;
Outlook and Future Prospects
Our core product has, through research and experience, become more fully defined
and our methods of land identification and acquisition have been successfully
refined. This very pleasing progress is clearly illustrated by the number of our
sites under construction, awaiting planning permission or under option.
We have a most attractive finished retirement scheme, which provides the Group
with a "reference site" from which to promote and sell future schemes. We have
increased our staff and improved our capacity to continue to expand the Group
over the coming years.
I would like to take this opportunity to thank my colleagues and Wren's staff
for their support and hard work and all our advisers for the very successful
introduction onto the AIM Market.
Peter West
Chairman
29 March 2007
WREN HOMES GROUP PLC
CONSOLIDATED INCOME STATEMENT
For the six months ended 31 Six months Six months Year
January 2007 ended ended ended
31 Jan 2007 31 Jan 2006 31 July 2006
(restated) (restated)
unaudited unaudited audited
Note # # #
Continuing operations
Revenue 477,485 1,188,995 3,349,995
Cost of sales (36,569) (1,109,451) (1,197,774)
Gross profit 440,916 79,544 2,152,221
Administration expenses (364,990) (243,642) (410,903)
Profit/(loss) from operations 75,926 (164,098) 1,741,318
Investment income 196,831 15,701 29,727
Finance cost (27,253) (28,009) (54,867)
Profit/(loss) before tax from
continuing operations 245,504 (176,406) 1,716,178
Income tax (76,800) 78,574 (503,130)
Profit/(loss) for the period from
continuing operations after tax 168,704 (97,832) 1,213,048
All attributable to equity
holders of the parent
Earnings per share
The weighted number of shares in 34,942,315 29,850,283 30,782,593
issue
Basic 3 0.48p (0.33)p 3.94p
Diluted 3 0.48p (0.30)p 3.78p
WREN HOMES GROUP PLC
CONSOLIDATED BALANCE SHEET
31 Jan 2007 31 Jan 2006 31 July
2006
(restated) (restated)
unaudited unaudited audited
Note # # #
Non-current assets
Goodwill 4 3,135,203 3,135,203 3,135,203
Investment property 240,000 240,000 240,000
Property plant & equipment 82,888 368,728 72,230
Trade & other receivables 2,150,000 - 2,150,000
Total non-current assets 5,608,091 3,743,931 5,597,433
Current Assets
Inventories 1,569,715 1,211,408 1,232,940
Trade & other receivables 2,224,140 1,642,524 1,882,472
Cash & cash equivalents 1,500,174 695 1,853
Total current assets 5,294,029 2,854,627 3,117,265
Total Assets 10,902,120 6,598,558 8,714,698
Current liabilities
Trade payables 291,912 181,926 91,052
Tax liabilities 679,275 356,471 591,926
Obligations under finance leases 11,965 9,104 10,535
Other payables 43,915 630,654 539,640
Bank overdrafts and loans 1,137,429 1,174,863 1,399,750
Total current liabilities 2,164,496 2,353,018 2,632,903
Non-current liabilities
Obligations under finance leases 47,020 58,986 53,361
Total liabilities 2,211,516 2,412,004 2,686,264
Net assets 8,690,604 4,186,554 6,028,434
Equity
Issued share capital 5 4,140,266 3,083,056 3,306,933
Share premium account 6 3,764,896 1,781,640 2,104,763
Equity reserves - 16,000 -
Accumulated profits 6 785,442 (694,142) 616,738
Total equity attributable to
equity holders of the parent 8,690,604 4,186,554 6,028,434
WREN HOMES GROUP PLC
STATEMENT OF CHANGES IN EQUITY
Share Share Equity Retained Total
Capital Premium Reserve Reserves
Six months ended 31
January 2007 # # # # #
Balance at 1 August 2006 3,306,933 2,104,763 - 616,738 6,028,434
Net profit for the period - - - 168,704 168,704
Share issue 833,333 1,660,133 - - 2,493,466
Balance at 31 January 4,140,266 3,764,896 - 785,442 8,690,604
2007
Share Share Equity Retained Total
Capital Premium Reserve Reserves
# # # # #
Six months ended 31
January 2006
Balance at 1 August 2005 3,083,056 1,781,640 16,000 (596,310) 4,284,386
Net loss for the period - - - (97,832) (97,832)
Balance at 31 January 3,083,056 1,781,640 16,000 (694,142) 4,186,554
2006
Share Share Equity Retained Total
Capital Premium Reserve Reserves
Year ended 31 July 2006 # # # # #
Balance at 1 August 2005 3,083,056 1,781,640 16,000 (596,310) 4,284,386
Net profit for the period - - - 1,213,048 1,213,048
Share issue 223,877 323,123 - - 547,000
Conversion of convertible - (16,000) (16,000)
loan
Balance at 31 July 2006 3,306,933 2,104,763 - 616,738 6,028,434
WREN HOMES GROUP PLC
CONSOLIDATED CASH FLOW STATEMENT
For the 6 months ended 31 January Six months Six months Year
2007 ended ended ended
31 Jan 2007 31 Jan 2006 31 July
2006
(restated) (restated)
unaudited unaudited audited
Note # # #
Operating Activities
Cash (used in)/generated 10 (a) (377,333) 794,136 200,877
operations
Income taxes paid - - (236,560)
Cash flows from operating (377,333) 794,136 (35,683)
activities
Investing activities
Interest received 196,831 15,701 29,727
Interest paid on loans and bank (7,336) (11,786) (22,523)
overdrafts
Interest paid on development - (71,273) (76,549)
loans
Other interest paid (19,917) (16,223) (32,344)
Purchase of tangible assets (18,420) (6,716) (251,294)
Proceeds on disposal of tangible - - 420,000
assets
Cash flows from investing 151,158 (90,297) 67,017
activities
Financing activities
New loans 140,266 - 39,151
Increase in other loans - - 429,384
Loans repaid (757,004) (947,934) (933,682)
Hire purchase repayments (4,911) (3,479) (7,673)
Share issue 2,493,466 - -
Cash flows from financing 1,871,817 (951,413) (472,820)
activities
Net increase/(decrease) in cash
and cash equivalents
1,645,642 (247,574) (441,486)
Cash and cash equivalents brought (233,001) 208,485 208,485
forward
Cash and cash equivalents carried 1,412,641 (39,089) (233,001)
forward
WREN HOMES GROUP PLC
NOTES TO THE INTERIM RESULTS
For the 6 months ended 31 January 2007
1. Accounting policies
The consolidated financial statements have been prepared in accordance
with International Financial Reporting Standards (IFRS). Comparative
information for the six months ended 31 January 2006 and for the year
ended 31 July 2006 have been restated on an IFRS basis.
2. Changes in accounting policy
On 1 August 2006, the Company adopted International Accounting and
Financial Reporting Standards (jointly "IFRS"), as adopted by the European
Union ("EU"). These accounts have been prepared on a consistent basis
under applicable IFRS and the effects of this transition reported in
accordance with IFRS 1 (First time Adoption of IFRS's).
These unaudited interim financial statements do not constitute statutory
accounts within the meaning of s240 of the Companies Act 1985. The
statutory accounts for the year ended 31 July 2006 (from which comparative
figures have been extracted and restated in accordance with IFRS) on which
the auditors gave an unqualified audit report, have been filed with the
Registrar of Companies.
WREN HOMES GROUP PLC
NOTES TO THE INTERIM RESULTS
3. Earnings/(loss)per share
Basic earnings/(loss) per share
The calculation of basic earnings/(loss) per share for the year ended 31
July 2006 and for the six months ended 31 January 2006 and 2007 have been
determined as the net profit/(loss) after tax divided by the weighted
average number of equity shares in issue in the year.
6 Months 6 Months Year ended
ended 31 Jan ended 31 Jan 31 July
2007 2006 2006
# # #
Net profit/(loss) attributable to
ordinary shareholders 168,704 (97,832) 1,213,048
Number of ordinary shares
Issued ordinary shares at the
beginning of the period 32,089,054 29,850,283 29,850,283
Issue of shares in the period 8,333,333 - 2,238,771
Issued ordinary shares at the end of 40,422,387 29,850,283 32,089,054
the period
Weighted average number of ordinary
shares
Issued ordinary shares at the
beginning of the period 32,089,054 29,850,283 29,850,283
Issue of shares part way through the 2,853,261 - 932,310
period
Weighted average number of ordinary
shares during the year 34,942,315 29,850,283 30,782,593
Basic earnings/(loss) per share 0.48p (0.33)p 3.94p
Diluted earnings/(loss) per share 6 Months 6 Months Year ended
ended 31 Jan ended 31 Jan 31 July
2007 2006 2006
Diluted earnings/(loss) per share at 0.48p (0.30)p 3.78p
period end
Diluted earnings/(loss) per share is calculated by dividing the profit
attributable to ordinary shareholders by the weighted average number of
ordinary shares outstanding during the period adjusted for the effects of
all potentially dilutive shares. The only potential dilutive share in issue
was the convertible loan note issued on 21 July 2005 and converted on 2
March 2006.
The denominators for the purposes of calculation of both basic and diluted
earnings/(loss) per share have been adjusted to reflect the capitalisation
issue in 2006.
Diluted earnings/(loss) per share is equal to basic earnings per share at 31
January 2007 as there was no potentially diluted shares in issue during this
period.
WREN HOMES GROUP PLC
NOTES TO THE INTERIM RESULTS
4. Goodwill
The directors are of the opinion that there has been no impairment to the
goodwill.
5. Share Capital 31 Jan 2007 31 Jan 2006 31 July 2006
# # #
Authorised
99,019,720 Ordinary shares of 10p each 9,901,972 3,901,972 3,901,972
10,892,000 Deferred shares of 0.9p 98,028 98,028 98,028
each
10,000,000 4,000,000 4,000,000
Allotted, issued and fully paid
40,422,387 Ordinary shares of 10p each 4,042,238 2,985,028 3,208,905
10,892,000 Deferred shares of 0.9p 98,028 98,028 98,028
each
4,140,267 3,083,056 3,306,933
During the period 8,333,333 ordinary shares of 10p were issued for cash at a
premium of 26p per share.
The deferred shares rank pari passu with existing ordinary shares after the
holders of ordinary shares shall have received in return or distribution of #1
million for each ordinary share held, as to the right to return or
distribution of capital. They also rank pari passu with existing ordinary
shares after the holders of ordinary shares shall have received payment of a
dividend in each financial year of #1 million for each ordinary share held, as
to the right to payment of dividends.
6. Reserves Share premium account Profit and loss
account
# #
Balance at 1 August 2006 2,104,763 616,738
Retained profit for the period - 168,704
Premium arising on the issue of
8,333,333 ordinary shares of 36p each
less expenses 1,660,133 -
3,764,896 785,442
WREN HOMES GROUP PLC
NOTES TO THE INTERIM RESULTS
7. Financial commitments
At 31 January 2007 the group had annual commitments under non-cancellable
operating leases as follows:
Land and Building Other
31 Jan 31 Jan 31 July 31 Jan 31 Jan 31 July
2007 2006 2006 2007 2006 2006
# # # # # #
Expiry date:
Within one year - - - - - -
Between two and five 28,500 - - 1,565 1,565 1,565
years
28,500 - - 1,565 1,565 1,565
8. Transactions with Directors
At 31 January 2007 the Group owed P J West #289 (31 July 2006 #133). At 31
January 2006 P J West owed the Group #1,967. No interest is charged on the loan.
At 31 January 2007 P A Treadaway owed the Group #2,700 (31 January 2006 #17,659,
31 July 2006 #43,017). The maximum amount outstanding during the period was
#43,017 (31 January 2006 #17,659, 31 July 2006 #45,117). No interest is charged
on the loan.
During the period #10,000 (31 January 2006 #8,000, 31 July 2006 #18,100) was paid
to Self & Co (of which P Self is the sole proprietor) for the provision of
accountancy services.
9. Availability
Copies of the interim results will be sent to all shareholders and will also be
available at the registered office of the Company, Suite 4, Oaks House, 12-22
West Street, Epsom, KT18 7RG.
WREN HOMES GROUP PLC
NOTES TO THE INTERIM RESULTS
10. Cash flow statement
(a) Reconciliation of operating profit to operating cash flow
31 Jan 2007 31 Jan 2006 31 July
2006
# # #
Profit/(loss) from operations 75,926 (164,098) 1,741,318
Depreciation of tangible assets 7,762 7,975 15,433
Development loan interest included
in cost of sales - 71,273 76,549
Profit on disposal of fixed assets - - (126,382)
(Increase)/decrease in work in (336,775) 878,400 1,096,868
progress
(Increase) in debtors (341,668) (15,183) (2,436,257)
Decrease/(increase) in creditors 217,422 15,769 (166,652)
Net cash (outflow)/inflow from
operating activities
(377,333) 794,136 200,877
(b) Reconciliation of net flow movement in net debt
Increase/(decrease) in cash in the 1,645,642 (247,574) (441,486)
year
Cash outflow from increase in debt
and lease financing 621,649 951,413 472,820
Other non cash transactions - - 500,000
Change in net debt resulting from 2,267,291 703,839 531,334
cash flows
Net debt at 31 July 2006 (1,963,820) (2,495,154) (2,495,154)
Net debt at 31 January 2007 303,471 (1,791,315) (1,963,820)
(c) Analysis of net cash/(debt)
At 31 July Cash flow At 31 Jan
2006 2007
Cash in hand at bank 1,852 1,498,322 1,500,174
Bank overdrafts (234,853) 147,320 (87,533)
Loans (1,666,923) 616,738 (1,050,185)
Finance leases (63,896) 4,911 (58,985)
(1,963,820) 2,267,291 303,471
(d) Non cash transactions
The non cash transaction was the capitalisation of a loan.
WREN HOMES GROUP PLC
TRANSITION TO IFRS
Reconciliations of profit and equity have been included below to enable a comparison of
the 2006 interim figures with those published in the previous financial year.
Reconciliation of Profit
Six months to 31 January 2006
+----------------------------------------------------------------------------------------+
| | Previously| IFRS| IFRS| IFRS| Effect of| Restated|
| | reported| | | | | |
| | under|Convertible| Revenue|Goodwill|Transition| Under|
| | | loan notes| | | | |
| | UK GAAP| |Recognition| | to| IFRS|
| | | | | | | |
| | #| | | | IFRS| |
| | | #| | | | |
| | | | #| #| #| #|
+--------------------+-----------+-----------+-----------+--------+----------+-----------+
|Revenue | 1,188,995| -| -| -| -| 1,188,995|
+--------------------+-----------+-----------+-----------+--------+----------+-----------+
|Cost of sales |(1,109,451)| -| -| -| -|(1,109,451)|
+--------------------+-----------+-----------+-----------+--------+----------+-----------+
|Gross Profit | 79,544| -| -| -| -| 79,544|
+--------------------+-----------+-----------+-----------+--------+----------+-----------+
|Net operating | (329,148)| -| -| 85,506| 85,506| (243,642)|
|expenses | | | | | | |
+--------------------+-----------+-----------+-----------+--------+----------+-----------+
|Loss from operations| (249,604)| -| -| 85,506| 85,506| (164,098)|
+--------------------+-----------+-----------+-----------+--------+----------+-----------+
|Net finance cost | (12,308)| (13,000)| 13,000| -| -| (12,308)|
+--------------------+-----------+-----------+-----------+--------+----------+-----------+
|Loss before tax | (261,912)| (13,000)| 13,000| 85,506| 85,506| (176,406)|
+--------------------+-----------+-----------+-----------+--------+----------+-----------+
|Tax | 78,574| 3,900| (3,900)| -| -| 78,574|
+--------------------+-----------+-----------+-----------+--------+----------+-----------+
|Loss after tax | (183,338)| (9,100)| 9,100| 85,506| 85,506| (97,832)|
+--------------------+-----------+-----------+-----------+--------+----------+-----------+
|Earnings per share | | | | | | |
+--------------------+-----------+-----------+-----------+--------+----------+-----------+
|Basic | (0.61)p| (0.03)p| 0.03p| 0.29p| 0.29p| (0.33)p|
+--------------------+-----------+-----------+-----------+--------+----------+-----------+
|Diluted | (0.57)p| (0.03)p| 0.03p| 0.27p| 0.27p| (0.30)p|
+--------------------+-----------+-----------+-----------+--------+----------+-----------+
| | | | | | | |
+--------------------+-----------+-----------+-----------+--------+----------+-----------+
Reconciliation of Profit
Year to 31 July 2006|
+--------------------+-----------+-----------+-----------+--------+----------+-----------+
| | Previously| IFRS| IFRS 3| IFRS| Effect of| Restated|
| | reported| | | | | |
| | under|Convertible| Revenue|Goodwill|Transition| Under|
| | | loan notes| | | | |
| | UK GAAP| |Recognition| | to| IFRS|
| | | | | | | |
| | #| | | | IFRS| |
| | | #| | | | |
| | | | #| #| #| #|
+--------------------+-----------+-----------+-----------+--------+----------+-----------+
|Revenue | 3,349,995| -| -| -| -| 3,349,995|
+--------------------+-----------+-----------+-----------+--------+----------+-----------+
|Cost of sales |(1,197,774)| -| -| -| -|(1,197,774)|
+--------------------+-----------+-----------+-----------+--------+----------+-----------+
|Gross profit | 2,152,221| -| -| -| -| 2,152,221|
+--------------------+-----------+-----------+-----------+--------+----------+-----------+
|Net operating | (581,915)| -| -| 171,012| 171,012| (410,903)|
|expenses | | | | | | |
+--------------------+-----------+-----------+-----------+--------+----------+-----------+
|Profit from | 1,570,306| -| -| 171,012| 171,012| 1,741,318|
|operations | | | | | | |
+--------------------+-----------+-----------+-----------+--------+----------+-----------+
|Net finance cost | 16,860| (13,000)| (29,000)| -| (42,000)| (25,140)|
+--------------------+-----------+-----------+-----------+--------+----------+-----------+
|Profit before tax | 1,587,166| (13,000)| (29,000)| 171,012| 129,012| 1,716,178|
+--------------------+-----------+-----------+-----------+--------+----------+-----------+
|Tax | (515,580)| 3,900| 8,550| -| 12,450| (503,130)|
+--------------------+-----------+-----------+-----------+--------+----------+-----------+
|Profit after tax | 1,071,586| (9,100)| (20,450)| 171,012| 141,462| 1,213,048|
+--------------------+-----------+-----------+-----------+--------+----------+-----------+
|Earnings per share | | | | | | |
+--------------------+-----------+-----------+-----------+--------+----------+-----------+
|Basic | 3.48p| (0.03)p| (0.07)p| 0.56p| 0.46p| 3.94p|
+--------------------+-----------+-----------+-----------+--------+----------+-----------+
|Diluted | 3.34p| (0.03)p| (0.06)p| 0.53p| 0.44p| 3.78p|
+--------------------+-----------+-----------+-----------+--------+----------+-----------+
WREN HOMES GROUP PLC
TRANSITION TO IFRS CONTINUED
Reconciliation of Equity
As at 31 July 2006
Previously Opening IFRS IFRS IFRS Effect of Restated
reported
under Balance Convertible Revenue Goodwilll Transition Under
loan notes
UK GAAP Sheet Recognition to IFRS
# Adjustment IFRS
# # # # # #
Assets
Non-current assets
Goodwill 2,622,169 342,023 - - 171,011 513,034 3,135,203
Investment 240,000 - - - - - 240,000
property
Property Plant & 72,230 - - - - - 72,230
Equipment
Trade & other 2,150,000 - - - - - 2,150.000
receivables
Total non current 5,084,399 342,023 - - 171,011 513,034 5,597,433
assets
Current assets
Inventories 1,232,940 - - - - - 1,232,940
Trade and other 1,935,972 - - (53,500) - (53,500) 1,882,472
receivables
Cash and cash 1,853 - - - - - 1,853
equivalents
Total current 3,170,765 - - (53,500) - (53,500) 3,117,265
assets
Total assets 8,255,164 342,023 - (53,500) 171,011 459,534 8,714,698
Current
liabilities
Trade payables 91,052 - - - - - 91,052
Tax liabilities 622,676 (18,300) (3,900) (8,550) - (30,750) 591,926
Obligations under
finance leases
10,535 - - - - - 10,535
Other payables 537,140 45,000 (18,000) (24,500) - 2,500 539,640
Bank overdraft & 1,399,750 - - - - - 1,399,750
loans
Total Current 2,661,153 26,700 (21,900) (33,050) - (28,250) 2,632,903
Liabilities
Non- current
liabilities
Obligation under
finance leases 53,361 - - - - - 53,361
Total liabilities 2,714,514 26,700 (21,900) (33,050) - (28,250) 2,686,264
Net assets 5,540,650 315,323 21,900 (20,450) 171,011 487,784 6,028,434
Shareholders'
equity
Ordinary share
capital issued 3,306,933 - - - - - 3,306,933
Share Premium 2,057,763 - 47,000 - - 47,000 2,104,763
Equity reserve - 16,000 (16,000) - - - -
Retained earnings 175,954 299,323 (9,100) (20,450) 171,011 440,784 616,738
Total 5,540,650 315,323 21,900 (20,450) 171,011 487,784 6,028,434
shareholders'
equity
WREN HOMES GROUP PLC
TRANSITION TO IFRS CONTINUED
Reconciliation of Equity
As at 31 January 2006
Previously Opening IFRS IFRS IFRS Effect of Restated
reported
under Balance Convertible Revenue Goodwilll Transition Under
loan notes
UK GAAP Sheet Recognition to IFRS
# Adjustment IFRS
# # # # # #
Assets
Non-current assets
Goodwill 2,707,674 342,023 - - 85,506 427,529 3,135,203
Investment 240,000 - - - - - 240,000
property
Property Plant &
Equipment 368,728 - - - - - 368,728
Trade & other - - - - - - -
receivables
Total non current 3,316,402 342,023 - - 85,506 427,529 3,743,931
assets
Current assets
Inventories 1,211,408 - - - - - 1,211,408
Trade and other
receivables 1,642,524 - - - - - 1,642,524
Cash and cash 695 - - - - - 695
equivalents
Total current 2,854,627 - - - - - 2,854,627
assets
Total assets 6,171,029 342,023 - - 85,506 427,429 6,598,558
Current
liabilities
Trade payables 181,926 - - - - - 181,926
Tax liabilities 374,771 (18,300) (3,900) 3,900 - (18,300) 356,471
Obligations under
finance leases 9,104 - - - - - 9,104
Other payables 585,654 45,000 13,000 (13,000) - 45,000 630,654
Bank overdraft & 1,174,863 - - - - - 1,174,863
loans
Total Current 2,326,318 26,700 9,100 (9,100) - 26,700 2,353,018
Liabilities
Non- current
liabilities
Obligation under
finance leases 58,986 - - - - - 58,986
Total liabilities 2,385,304 26,700 9,100 (9,100) - 26,700 2,412,004
Net assets 3,785,725 315,323 (9,100) 9,100 85,506 400,829 4,186,554
Shareholders'
equity
Ordinary share
capital issued 3,083,056 - 3,083,056
Share Premium 1,781,640 - 1,781,640
Equity reserve - 16,000 16,000 16,000
Retained earnings (1,078,971) 299,323 (9,100) 9,100 85,506 384,829 (694,142)
Total 3,785,725 315,323 (9,100) 9,100 85,506 400,829 4,186,554
shareholders'
Equity
WREN HOMES GROUP PLC
TRANSITION TO IFRS CONTINUED
Reconciliation of Equity
As at 1 August 2005
+-----------------+----------+-----------+-----------+---------+----------+---------+
| |Previously| IFRS| IFRS| IFRS| Effect of| Restated|
| | reported| | | | | |
| | under|Convertible| Revenue|Goodwilll|Transition| Under|
| | | loan notes| | | | |
| | UK GAAP| |Recognition| | to| IFRS|
| | | | | | | |
| | #| | | | IFRS| |
| | | #| | | | |
| | | | #| #| #| #|
+-----------------+----------+-----------+-----------+---------+----------+---------+
|Assets | | | | | | |
+-----------------+----------+-----------+-----------+---------+----------+---------+
|Non-current | | | | | | |
|assets | | | | | | |
+-----------------+----------+-----------+-----------+---------+----------+---------+
|Goodwill | 2,793,180| -| -| 342,023| 342,023|3,135,203|
+-----------------+----------+-----------+-----------+---------+----------+---------+
|Investment | -| -| -| -| -| -|
|property | | | | | | |
+-----------------+----------+-----------+-----------+---------+----------+---------+
|Property Plant & | 369,987| -| -| -| -| 369,987|
|Equipment | | | | | | |
+-----------------+----------+-----------+-----------+---------+----------+---------+
|Trade & other | 1,600,000| -| -| -| -|1,600,000|
|receivables | | | | | | |
+-----------------+----------+-----------+-----------+---------+----------+---------+
|Total non current| 4,763,167| -| -| 342,023| 342,023|5,105,190|
|assets | | | | | | |
+-----------------+----------+-----------+-----------+---------+----------+---------+
| | | | | | | |
+-----------------+----------+-----------+-----------+---------+----------+---------+
|Current assets | | | | | | |
+-----------------+----------+-----------+-----------+---------+----------+---------+
|Inventories | 2,329,808| -| -| -| -|2,329,808|
+-----------------+----------+-----------+-----------+---------+----------+---------+
|Trade and other | 7,715| -| -| -| -| 7,715|
|receivables | | | | | | |
+-----------------+----------+-----------+-----------+---------+----------+---------+
|Cash and cash | 208,485| -| -| -| -| 208,485|
|equivalents | | | | | | |
+-----------------+----------+-----------+-----------+---------+----------+---------+
|Total current | 2,546,008| -| -| -| -|2,546,008|
|assets | | | | | | |
+-----------------+----------+-----------+-----------+---------+----------+---------+
| | | | | | | |
+-----------------+----------+-----------+-----------+---------+----------+---------+
|Total assets | 7,309,175| -| -| 342,023| 342,023|7,651,198|
+-----------------+----------+-----------+-----------+---------+----------+---------+
| | | | | | | |
+-----------------+----------+-----------+-----------+---------+----------+---------+
|Current | | | | | | |
|liabilities | | | | | | |
+-----------------+----------+-----------+-----------+---------+----------+---------+
|Trade payables | 140,163| -| -| -| -| 140,163|
+-----------------+----------+-----------+-----------+---------+----------+---------+
|Tax liabilities | 461,912| (10,200)| (8,100)| -| (18,300)| 443,612|
+-----------------+----------+-----------+-----------+---------+----------+---------+
|Obligations under| | | | | | |
|finance leases | | | | | | |
| | 7,674| -| -| -| -| 7,674|
+-----------------+----------+-----------+-----------+---------+----------+---------+
|Other payables | 607,040| 18,000| 27,000| -| 45,000| 652,040|
+-----------------+----------+-----------+-----------+---------+----------+---------+
|Bank overdraft & | 2,059,428| -| -| -| -|2,059,428|
|loans | | | | | | |
+-----------------+----------+-----------+-----------+---------+----------+---------+
|Total Current | 3,276,217| 7,800| 18,900| -| 26,700|3,302,917|
|Liabilities | | | | | | |
+-----------------+----------+-----------+-----------+---------+----------+---------+
| | | | | | | |
+-----------------+----------+-----------+-----------+---------+----------+---------+
|Non - current | | | | | | |
|liabilities | | | | | | |
+-----------------+----------+-----------+-----------+---------+----------+---------+
|Obligation under | | | | | | |
|finance leases | | | | | | |
| | 63,895| -| -| -| -| 63,895|
+-----------------+----------+-----------+-----------+---------+----------+---------+
| | | | | | | |
+-----------------+----------+-----------+-----------+---------+----------+---------+
|Total liabilities| 3,340,112| 7,800| 18,900| -| 26,700|3,366,812|
+-----------------+----------+-----------+-----------+---------+----------+---------+
| | | | | | | |
+-----------------+----------+-----------+-----------+---------+----------+---------+
|Net assets | 3,969,063| (7,800)| (18,900)| 342,023| 315,323|4,284,386|
+-----------------+----------+-----------+-----------+---------+----------+---------+
|Shareholders' | | | | | | |
|equity | | | | | | |
+-----------------+----------+-----------+-----------+---------+----------+---------+
|Ordinary share | | | | | | |
|capital issued | | | | | | |
| | 3,083,056| -| -| -| -|3,083,056|
+-----------------+----------+-----------+-----------+---------+----------+---------+
|Share Premium | 1,781,640| -| -| -| -|1,781,640|
+-----------------+----------+-----------+-----------+---------+----------+---------+
|Equity reserve | -| 16,000| -| -| 16,000| 16,000|
+-----------------+----------+-----------+-----------+---------+----------+---------+
|Retained earnings| (895,633)| (23,800)| (18,900)| 342,023| 299,323|(596,310)|
+-----------------+----------+-----------+-----------+---------+----------+---------+
|Total | 3,969,063| (7,800)| (18,900)| 342,023| 315,323|4,284,386|
|shareholders' | | | | | | |
|equity | | | | | | |
+-----------------+----------+-----------+-----------+---------+----------+---------+
WREN HOMES GROUP PLC
INDEPENDENT REVIEW REPORT TO WREN HOMES GROUP PLC
Introduction
We have been instructed by the company to review the financial information for
the 6 months ended 31 January 2007 which comprise the condensed profit and loss
account, the condensed balance sheet, the condensed statement of changes in
equity, the condensed cash flow and the related notes. We have read the other
information contained in the interim report and considered whether it contains
any apparent misstatements or material inconsistencies with the financial
information.
This report is made solely to the Company in accordance with Bulletin 1999/4
issued by the Auditing Practices Board. Our review work has been undertaken so
that we might state to the Company those matters we are required to state to
them in an independent review report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone
other than the Company for our review work, for this report, or for the
conclusions we have formed.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the directors. The directors are
responsible for preparing the interim report in accordance with the AIM Rules,
which requires that the accounting policies and presentation applied to the
interim figures should be consistent with those which will be adopted in the
annual accounts, except where any changes, and the reasons for them, are
disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
'Review of Interim Financial Information' issued by the Auditing Practices Board
for use in the United Kingdom. A review consists principally of making enquiries
of management and applying analytical procedures to the financial information
and underlying financial data and based thereon, assessing whether the
accounting policies and presentation have been consistently applied unless
otherwise disclosed. A review excludes audit procedures such as tests of
controls and verification of assets, liabilities and transactions. It is
substantially less in scope than an audit performed in accordance with
International Standards of Auditing (UK and Ireland) and therefore provides a
lower level of assurance than an audit. Accordingly we do not express an audit
opinion on the financial information.
WREN HOMES GROUP PLC
INDEPENDENT REVIEW REPORT TO WREN HOMES GROUP PLC
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 31 January 2007.
Mazars LLP
Chartered Accountants and Registered Auditors
Times House
Throwley Way
Sutton
Surrey
SM1 4JQ
29 March 2007
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR VKLFLDXBFBBE
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