RNS Number:4617E
Wyndham York PLC
26 September 2007
WYNDHAM YORK PLC
(formerly Trading New Homes Plc)
UN-AUDITED PRELIMINARY RESULTS FOR THE YEAR ENDED
31 MARCH 2007
SUMMARY
2007 2006
# #
Turnover 143,826 2,106,558
Gross Profit 130,870 87,109
Administrative expenses (142,042) (210,641)
Exceptional Items (565,160) -
Interest payable (25,999) (9,297)
Loss before tax (602,331) (132,829)
Taxation - -
Loss after tax (602,331) (132,829)
========= =========
Basic and diluted earnings per share (24.9) pence (5.5) pence
*On 4th April 2007 the company raised gross proceeds of approximately
#1 million via a placing of 1,492,537 ordinary shares at 67p per share.
*The company has expanded its scope of activities to act as an investor in
and investment manager to residential property funds
For further information:
Wyndham York plc
Chris Phillips (Chairman) Tel: 020 7730 8877
Harvey Shulman (Managing Director) Tel: 020 8349 8842
Jose Gonsalves (Finance Director) Tel: 020 8349 8842
Smith & Williamson Corporate Finance Limited Tel: 020 7131 4000
Dr Azhic Basirov
Joanne du Plessis
Chairman's Statement
Year ended 31 March 2007
For the year to 31st March 2007 the company recorded a loss before taxation of
#602,331 against a loss of #132,829 for the year to 31st March 2006. This
equated to a loss of 24.9p (2006: 5.5p) per share on a fully diluted basis.
Whilst the Directors believe there were numerous opportunities in the UK
residential property market and its related business services, they were less
optimistic about the prospects of trading in the "off-plan" market. For this
reason the Board announced that it intended to refocus the activities of the
Company within the UK residential property market and also to introduce
proposals to finance these activities.
After careful consideration, the Directors have decided to expand the scope of
activity of the business within the residential property sector so that the
Company may act as an investor in and investment manager and advisor to
residential property funds and also provide additional support services needed
to manage and operate these funds. In addition, the Company may provide property
management services to these funds and other third parties.
As previously announced, the company exercised its buy back rights in respect of
the Southport properties during the year. Due to delays by the Vendor in
completing the buy back, it was necessary to obtain a Court Order requiring the
buy back to take place at a consideration of #2,130,758. An amount of #1,200,000
was received after the year end and the balance of the consideration is due by
15 December 2007
In line with its expanded scope of activity, the company is in the process of
developing and launching new property funds for the UK residential property
market. Subject to economic conditions, it is planned that one or more funds
will be launched in the coming year.
To in part provide finance for its new activities, the company raised gross
proceeds of approximately #1million via a placing of 1,492,537 new ordinary
shares at 67 pence per share on 4th April 2007.
C R L Phillips
Chairman
26th September 2007
Un-Audited Profit and Loss Account
Year ended 31 March 2007
2007 2006
Note # #
Turnover 143,826 2,106,558
Cost of sales (12,956) (2,019,449)
--------- -----------
Gross profit 130,870 87,109
Administrative expenses (142,042) (210,641)
Exceptional Items 3 (565,160) -
---------- -----------
Operating loss (576,332) (123,532)
-
Interest payable (25,999) (9,297)
---------- -----------
Loss on ordinary activities
before taxation (602,331) (132,829)
Tax on loss on ordinary activities - -
---------- -----------
Loss for the financial year (602,331) (132,829)
========== ===========
Earnings per share (pence)
Basic and diluted earnings
per share (pence) 2 (24.9) (5.5)
========== ===========
Un-Audited Balance Sheet
31 March 2007
2007 2006
Note # # # #
Current assets
Stock 164,759 164,759
Debtors 4 2,296,415 2,143,484
Cash at bank - 850
--------- ---------
2,461,174 2,309,093
Creditors: amounts
falling due within one
year 5 1,343,039 517,812
--------- ---------
Net current assets 1,118,135 1,791,281
--------- ---------
Total assets less 1,118,135 1,791,281
current liabilities ========= =========
Capital and reserves
Called-up equity share
capital 120,492 120,492
Share premium account 1,779,534 1,850,349
Profit and loss account (781,891) (179,560)
---------- ----------
Shareholders' funds 1,118,135 1,791,281
========== ==========
Un-Audited Cash Flow Statement
Year ended 31 March 2007
2007 2006
# # # #
Net cash outflow from
operating activities (392,241) (210,422)
Returns on investments and
Servicing of finance
Interest paid (25,999) (5,092)
-------- -------
Net cash (outflow)/inflow
from returns on
investments and servicing
of finance (25,999) (5,092)
-------- --------
Cash outflow before financing (418,240) (215,514)
Financing
Issue of equity share capital - 2,250
Share premium on issue of
equity share capital - 42,750
Share issue expenses (70,815) (246,905)
-------- ---------
Net cash outflow from
financing (70,815) (201,905)
-------- ---------
Decrease in cash (489,055) (417,419)
========= =========
Reconciliation of operating loss to net cash
outflow from operating activities
2007 2006
# #
Operating loss (576,332) (123,532)
Decrease in stocks - 1,819,980
Increase in debtors (152,931) (2,104,192)
Increase in creditors 337,022 197,322
--------- ----------
Net cash outflow from operating
activities (392,241) (210,422)
========= ==========
Reconciliation of net cash flow to movement in net debt
2007 2006
# #
Decrease in cash in the period (489,055) (417,419)
--------- ---------
Movement in net debt in
the period (489,055) (417,419)
========= =========
Net funds at beginning of year (289,035) 128,384
--------- ---------
Net debt at 31 March (778,090) (289,035)
========= =========
Analysis of changes in net debt
At Cash flows At
1 April 31 March
2006 2007
# # #
Net cash:
Cash in hand and at bank 850 (850) -
Overdrafts (289,885) (488,205) (778,090)
-------- -------- ---------
Net debt (289,035) (489,055) (778,090)
========= ========= =========
NOTES
Year ended 31 March 2007
1. Financial information
The financial information set out above does not constitute statutory accounts
within the meaning of Section 240 of the Companies Act 1985. The preliminary
results have been reviewed and agreed with the company's auditors, MacIntyre
Hudson LLP, who have indicated that they will be giving an unqualified opinion
in their report on the statutory financial statements. Copies of the annual
report and financial statements for the year ended 31 March 2007 will be sent to
shareholders in due course. Further copies will be available from Bank
Chambers, 375 Regents Park Road, Finchley Central, London, N3 1DE.
2. Earnings per share
The calculation of earnings per share for the year ended 31 March 2007 is based
upon losses after tax of #602,331 (2006: #132,829) and a weighted average number
of shares in issue of 2,409,848 (2006: 2,409,848).
3. Exceptional Items
2007 2006
# #
Insurance claim (a) 96,334 -
Provision for interest
receivable (b) 143,826 -
Property fund expenses (c) 325,000 -
------- --------
565,160 -
======= ========
a) Insurance claim
During the year, flood damage was caused to the Southport property. Under an
insurance policy, a substantial proportion of the cost incurred in repairing the
damage was recovered from the insurers. The directors have settled the claim
with the insurers and have decided to write off the remaining costs in the
current year.
b) Provision for interest receivable
In relation to the Southport property, the company obtained a Court Order to
recover proceeds of #2,130,758 from the Vendors who developed the property.
Interest receivable of #143,826 relating to this has been accrued in the
company's accounts. However due to uncertainty regarding recovery, a provision
for this amount has been made in the company's accounts.
c) Property fund expenses
The company is intending to launch a property fund in the coming year and has
agreed to bear certain costs in this regard on the basis that these may be
partly recoverable on the successful launch of the relevant fund. The directors
believe these expenses should be provided for in the company's accounts, due to
uncertainty relating to their recoverability.
4. Debtors
2007 2006
# #
Trade debtors 2,090,558 2,130,758
Other debtors 194,896 -
Prepayments and accrued income - 1,765
Deferred taxation 10,961 10,961
--------- ---------
2,296,415 2,143,484
========= =========
5. Creditors: amounts falling due within one year
2007 2006
# #
Bank overdraft 778,090 289,885
Trade creditors 152,000 152,000
PAYE and social security 1,233 1,583
Other creditors 1,921 1,922
Accruals and deferred income 409,795 72,422
--------- -------
1,343,039 517,812
========= =======
6. Reconciliation of movements in shareholders' funds
2007 2006
# #
Loss for the financial year (602,331) (132,829)
Over provision of share issue
expenses in the prior year - 3,943
Share issue expenses (70,815) -
---------- ----------
Net reduction in shareholders' funds (673,146) (128,886)
Opening shareholders' funds 1,791,281 1,920,167
---------- ----------
Closing shareholders' funds 1,118,135 1,791,281
========== ==========
This information is provided by RNS
The company news service from the London Stock Exchange
END
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