TIDMMPG
RNS Number : 0609N
Maypole Group plc
04 June 2010
Maypole Group plc
("Maypole", the "Group" or the "Company")
Preliminary Announcement of Final Results
for the year ended 31 December 2009
4 June 2010
Chairman's Statement
Maypole Group plc, the AIM quoted UK countryside hotels with restaurants group
<AIM: MPG>, presents its preliminary announcement of final results for the year
ended 31 December 2009.
Performance
Sales for the year decreased by 9.6 per cent to GBP5,679,192 (2008:
GBP6,280,699), with an operating profit of GBP395,978, which is an improvement
from last year's loss of GBP81,415. The reduction in sales reflects the disposal
at the end of last year of the Wroxton House Hotel, which in 2008 accounted for
GBP848,162 of total sales. Like for like sales increased by 4.5% over the
period. The like for like turnover gains combined with a reduction in our
operating and administrative costs show material progress at the operational
level and resulted in an operating profit of GBP395,978 compared with a loss in
2008 of GBP81,415.
Financial Review
The financial position of Maypole Group was supported in 2009 through a
refinancing with its existing bankers Clydesdale Bank plc. This refinancing,
completed in November 2009, brought new funding into the business and has
restructured the Group's debt to improve cash flow.
The Group Statement of Financial Position at 31 December 2009, shows a net
deficiency of GBP1,379,234, increasing the deficit from last year by
GBP469,015.This deficiency is effectively financed by the Directors' loan
accounts and unsecured loan note finance.
The Board has recommended that the Group, as in 2008, will not be proposing a
dividend.
Operational Analysis
The Lifeboat Inn and Old Coach House are both situated in Thornham on the North
Norfolk coast. There are 13 well furnished rooms at the Lifeboat Inn as well as
a restaurant, bar and delightful patio garden area. The hotel has an AA rosette
award for its food. Turnover for this year was GBP1,618,397, a decrease from
GBP1,687,977 in 2008.
The Old Coach House, has 12 bedrooms. The improvement in menu choice and
re-design of the kitchen has seen turnover improve from GBP204,111 in 2005 to
GBP618,149 in 2009.
The Wayford Bridge Inn is located in Stalham on the Norfolk Broads. The hotel
consists of 15 bedrooms, a large restaurant and beautiful gardens. Turnover for
this year was GBP867,607, an increase from GBP736,529 in 2008. The business has
continued to improve in a highly competitive market where competition has
continued to discount to attract business.
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 close to the Wayford Bridge Inn.
The Inn sits on the River Bure and is an 18th century building and former
farmhouse. The Bridge consists of a restaurant and large bar as well as a family
room and large play area outside. In 2008 the whole building was re-decorated
and the kitchen fully refitted with new equipment being installed.
The Bridge Inn was recently awarded the Cask Marque Plaque for best ale served
in the region.
Turnover has increased to GBP976,967 from GBP805,726 in 2008.
The Angel Hotel is located in the famous medieval village of Lavenham, Suffolk.
Consisting of 9 bedrooms and a popular restaurant and bar, Maypole acquired a
lease of the property in July 2007.
The Angel was first licensed in 1420 and although much altered over the
centuries, The Angel retains much of its Tudor character.
An AA rosette was awarded for outstanding food as well as 4 AA stars for
accommodation. The Angel Hotel has been featured on the cover of the Good Beer
Guide 2009 featuring 4,500 pubs. Recently the bedrooms have been re-decorated
and a previous staff room has been converted into a bedroom with ensuite
bathroom.
Turnover for this year was GBP766,655, an increase from GBP751,831 in 2008.
The Pear Tree Inn is a country pub and restaurant in Whitley near Melksham just
outside Bath, which offers cosy, luxury accommodation with 8 beautifully
designed bedrooms.
The Pear Tree has won several accolades including: The Publican Catering Pub of
the Year 1999; AA Pub of the Year England 2005; Good Pub Guide National Catering
Pub of the Year 2007, the AA 5 star Premier collection Restaurant with Rooms and
more recently we were delighted to be awarded, by the AA, 5 stars for
accommodation and 2 AA rosettes for food and dining experience.
A significant amount of weddings and events have helped improve sales, which has
seen turnover improve from GBP819,511 in 2008 to GBP828,417 in 2009.
Current Trading
Trading conditions remain difficult with the poor weather in the first quarter
affecting sales across the country.
Outlook
2009 was a challenging year for the whole industry. Decisive actions have been
taken to minimise the impact on our business, to achieve a further sustainable
reduction in the operating expenses in 2010.
Alastair McEwen has today stepped down from the position of Chief Executive to
become the Operations Director, with his son Tristan continuing as Chief
Operating Officer of the group.
On behalf of the Board, I thank everyone at Maypole for their efforts and
commitment during a difficult year. The trading environment is continuing to be
tough in 2010 and our management team are targeted and focused on achieving an
improvement in Maypole's trading performance.
Annual Report and Annual General Meeting
Copies of the Annual Report together with a notice convening the Annual General
Meeting for 15:00 hours on Wednesday 30 June 2010 at Wayford Bridge Hotel,
Wayford Bridge, Stalham, Norfolk, NR12 9LL will be sent to shareholders by 8
June 2010. Copies of the Annual Report will also be available from the Company's
website (www.maypolehotels.com).
Contacts
+------------------------------+---------------+
| Maypole Group plc | 020 7317 8022 |
+------------------------------+---------------+
| Simon Bentley - Chairman | |
+------------------------------+---------------+
| | |
+------------------------------+---------------+
| Religare Capital Markets | 020 7444 0800 |
+------------------------------+---------------+
| Peter Trevelyan-Clark / Ben | |
| Jeynes | |
+------------------------------+---------------+
| | |
+------------------------------+---------------+
| Alexander David Securities | 020 7448 9820 |
| Ltd | |
+------------------------------+---------------+
| David Scott / Bill Sharp | |
+------------------------------+---------------+
| | |
+------------------------------+---------------+
Consolidated Statement of Comprehensive Income
for the year ended 31 December 2009
+-------------------------+-----+---+--+-------+----------+--------------+-------------+
| | | | | | | 2009 | 2008 |
+-------------------------+-----+---+--+-------+----------+--------------+-------------+
| | | | |Notes | | GBP | GBP |
+-------------------------+-----+---+--+-------+----------+--------------+-------------+
| | | | | | | | |
+-------------------------+-----+---+--+-------+----------+--------------+-------------+
| REVENUE | | | | | | 5,679,192 | 6,280,699 |
+-------------------------+-----+---+--+-------+----------+--------------+-------------+
| | | | | | | | |
+-------------------------+-----+---+--+-------+----------+--------------+-------------+
| Cost of sales | | | | | | (1,556,626) | (1,639,853) |
+-------------------------+-----+---+--+-------+----------+--------------+-------------+
| | | | | | | | |
+-------------------------+-----+---+--+-------+----------+--------------+-------------+
| GROSS PROFIT | | | | | | 4,122,566 | 4,640,846 |
+-------------------------+-----+---+--+-------+----------+--------------+-------------+
| | | | | | | | |
+-------------------------+-----+---+--+-------+----------+--------------+-------------+
| Net operating expenses | | | | | | (3,726,588) | (4,722,261) |
+-------------------------+-----+---+--+-------+----------+--------------+-------------+
| | | | | | | | |
+-------------------------+-----+---+--+-------+----------+--------------+-------------+
| OPERATING PROFIT/(LOSS) | | | | 1 | | 395,978 | (81,415) |
+-------------------------+-----+---+--+-------+----------+--------------+-------------+
| | | | | | | | |
+-------------------------+-----+---+--+-------+----------+--------------+-------------+
| Loss on the sale of property, | | | | | - | (332,339) |
| plant and equipment | | | | | | |
+-------------------------------+---+--+-------+----------+--------------+-------------+
| | | | | | | | |
+-------------------------+-----+---+--+-------+----------+--------------+-------------+
| Finance costs | | | | 2 | | (861,222) | (806,848) |
+-------------------------+-----+---+--+-------+----------+--------------+-------------+
| | | | | | | | |
+-------------------------+-----+---+--+-------+----------+--------------+-------------+
| Investment income | | | | | | 24 | 1,981 |
+-------------------------+-----+---+--+-------+----------+--------------+-------------+
| | | | | | | | |
+-------------------------+-----+---+--+-------+----------+--------------+-------------+
| LOSS ON ORDINARY ACTIVITIES BEFORE | | | (465,220) | (1,218,621) |
| TAXATION | | | | |
+--------------------------------------+-------+----------+--------------+-------------+
| | | | | | | | |
+-------------------------+-----+---+--+-------+----------+--------------+-------------+
| Income tax charge | | | | 3 | | (3,795) | (97,372) |
+-------------------------+-----+---+--+-------+----------+--------------+-------------+
| | | | | | | | |
+-------------------------+-----+---+--+-------+----------+--------------+-------------+
| LOSS FOR THE FINANCIAL | | | | | | (469,015) | (1,315,993) |
| YEAR AND TOTAL | | | | | | | |
| COMPREHENSIVE DEFICIT | | | | | | | |
+-------------------------+-----+---+--+-------+----------+--------------+-------------+
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 | | 4 | | | | |
+---------------------------------+---------+-----------------+---+----------+---------+---------+
| Earnings per ordinary share | | | | | | |
+---------------------------------+---------+---------------+-----+----------+---------+---------+
| | Loss | | | | | (0.29)p | (0.83)p |
+--+------------------------------+---------+---------------+-----+----------+---------+---------+
| | | | | | | | |
+--+------------------------------+---------+---------------+-----+----------+---------+---------+
| Diluted earnings per ordinary | | | | | | |
| share | | | | | | |
+---------------------------------+---------+---------------+-----+----------+---------+---------+
| | Loss | | | | | (0.29)p | (0.83)p |
+--+------------------------------+---------+---------------+-----+----------+---------+---------+
| | | | | | | | | |
+--+------------------------------+---------+---------------+-+---+----------+---------+---------+
Consolidated Statement of Financial Position
as at 31 December 2009
+----------+-----------------------+-------+-------+-------+----------+--------------+-------------+
| | | | | | | 2009 | 2008 |
+----------+-----------------------+-------+-------+-------+----------+--------------+-------------+
| | | | |Notes | | GBP | GBP |
+----------+-----------------------+-------+-------+-------+----------+--------------+-------------+
| | | | | | | | |
+----------+-----------------------+-------+-------+-------+----------+--------------+-------------+
| ASSETS | | | | | | |
+----------------------------------+-------+-------+-------+----------+--------------+-------------+
| | NON CURRENT ASSETS | | | | | | |
+----------+-----------------------+-------+-------+-------+----------+--------------+-------------+
| | Property, plant and | | | | | 7,677,229 | 8,340,449 |
| | equipment | | | | | | |
+----------+-----------------------+-------+-------+-------+----------+--------------+-------------+
| | Goodwill | | | 5 | | 376,451 | 376,451 |
+----------+-----------------------+-------+-------+-------+----------+--------------+-------------+
| | Deferred tax assets | | | 6 | | - | 1,950 |
+----------+-----------------------+-------+-------+-------+----------+--------------+-------------+
| | | | | | | | |
+----------+-----------------------+-------+-------+-------+----------+--------------+-------------+
| | TOTAL NON CURRENT | | | | | 8,053,680 | 8,718,850 |
| | ASSETS | | | | | | |
+----------+-----------------------+-------+-------+-------+----------+--------------+-------------+
| | | | | | | | |
+----------+-----------------------+-------+-------+-------+----------+--------------+-------------+
| | CURRENT ASSETS | | | | | | |
+----------+-----------------------+-------+-------+-------+----------+--------------+-------------+
| | Inventories | | | | | 103,990 | 98,753 |
+----------+-----------------------+-------+-------+-------+----------+--------------+-------------+
| | Trade and other | | | | | 57,339 | 84,731 |
| | receivables | | | | | | |
+----------+-----------------------+-------+-------+-------+----------+--------------+-------------+
| | Prepayments | | | | | 850,205 | 220,084 |
+----------+-----------------------+-------+-------+-------+----------+--------------+-------------+
| | Cash and bank | | | 10 | | 2,132,806 | 2,110,542 |
| | balances | | | | | | |
+----------+-----------------------+-------+-------+-------+----------+--------------+-------------+
| | | | | | | | |
+----------+-----------------------+-------+-------+-------+----------+--------------+-------------+
| | TOTAL CURRENT ASSETS | | | | | 3,144,340 | 2,514,110 |
+----------+-----------------------+-------+-------+-------+----------+--------------+-------------+
| | | | | | | | |
+----------+-----------------------+-------+-------+-------+----------+--------------+-------------+
| | TOTAL ASSETS | | | | | 11,198,020 | 11,232,960 |
+----------+-----------------------+-------+-------+-------+----------+--------------+-------------+
| | | | | | | | |
+----------+-----------------------+-------+-------+-------+----------+--------------+-------------+
| EQUITY | | | | | | |
+----------------------------------+-------+-------+-------+----------+--------------+-------------+
| | ISSUED CAPITAL AND RESERVES | | | | | |
+----------+-------------------------------+-------+-------+----------+--------------+-------------+
| | Issued capital | | | | | 2,304,267 | 2,304,267 |
+----------+-----------------------+-------+-------+-------+----------+--------------+-------------+
| | Retained earnings | | | | | (3,683,501) | (3,214,486) |
+----------+-----------------------+-------+-------+-------+----------+--------------+-------------+
| | | | | | | | |
+----------+-----------------------+-------+-------+-------+----------+--------------+-------------+
| | TOTAL EQUITY | | | | | (1,379,234) | (910,219) |
+----------+-----------------------+-------+-------+-------+----------+--------------+-------------+
| | | | | | | | |
+----------+-----------------------+-------+-------+-------+----------+--------------+-------------+
| | NON CURRENT | | | | | | |
| | LIABILITIES | | | | | | |
+----------+-----------------------+-------+-------+-------+----------+--------------+-------------+
| | Borrowings | | | 7 | | 8,697,655 | 7,702,992 |
+----------+-----------------------+-------+-------+-------+----------+--------------+-------------+
| | Deferred tax | | | 6 | | 1,308,112 | 1,306,267 |
| | liabilities | | | | | | |
+----------+-----------------------+-------+-------+-------+----------+--------------+-------------+
| | | | | | | | |
+----------+-----------------------+-------+-------+-------+----------+--------------+-------------+
| | TOTAL NON CURRENT LIABILITIES | | | | 10,005,767 | 9,009,259 |
+----------+-------------------------------+-------+-------+----------+--------------+-------------+
| | | | | | | | |
+----------+-----------------------+-------+-------+-------+----------+--------------+-------------+
| | CURRENT LIABILITIES | | | | | | |
+----------+-----------------------+-------+-------+-------+----------+--------------+-------------+
| | Trade and other | | | | | 1,031,323 | 837,502 |
| | payables | | | | | | |
+----------+-----------------------+-------+-------+-------+----------+--------------+-------------+
| | Borrowings | | | 7 | | 1,540,164 | 2,296,418 |
+----------+-----------------------+-------+-------+-------+----------+--------------+-------------+
| | | | | | | | |
+----------+-----------------------+-------+-------+-------+----------+--------------+-------------+
| | TOTAL CURRENT | | | | | 2,571,487 | 3,133,920 |
| | LIABILITIES | | | | | | |
+----------+-----------------------+-------+-------+-------+----------+--------------+-------------+
| | | | | | | | |
+----------+-----------------------+-------+-------+-------+----------+--------------+-------------+
| | TOTAL LIABILITIES | | | | | 12,577,487 | 12,143,179 |
+----------+-----------------------+-------+-------+-------+----------+--------------+-------------+
| | | | | | | | |
+----------+-----------------------+-------+-------+-------+----------+--------------+-------------+
| | TOTAL EQUITY AND LIABILITIES | | | | 11,198,020 | 11,232,960 |
+----------+-----------------------+-------+-------+-------+----------+--------------+-------------+
Consolidated Statement of Cash Flows
for the year ended 31 December 2009
+----------+---------------------------------+----+-----+----+-+----------+----------+---------+----------+---------+----------+
| | | | | | | 2009 | 2008 |
+----------+---------------------------------+----+----------+------------+----------+--------------------+--------------------+
| | | | | Notes | | GBP | GBP |
+----------+---------------------------------+----+----------+------------+----------+--------------------+--------------------+
| | | | | | | | |
+----------+---------------------------------+----+----------+------------+----------+--------------------+--------------------+
| | CASH FLOWS FROM OPERATING ACTIVITIES | | | | |
+----------+-------------------------------------------------+------------+----------+--------------------+--------------------+
| | | | | | | | |
+----------+---------------------------------+----+----------+------------+----------+--------------------+--------------------+
| | Loss for the year | | | | | (469,015) | (1,315,993) |
+----------+---------------------------------+----+----------+------------+----------+--------------------+--------------------+
| | Income tax charge recognised in | | | | | 3,795 | 97,372 |
| | loss | | | | | | |
+----------+---------------------------------+----+----------+------------+----------+--------------------+--------------------+
| | Loss on sale of property, plant and equipment | | | - | 332,339 |
| | recognised in loss | | | | |
+----------+-------------------------------------------------+------------+----------+--------------------+--------------------+
| | Finance costs recognised in | | | | | 861,222 | 806,848 |
| | loss | | | | | | |
+----------+---------------------------------+----+----------+------------+----------+--------------------+--------------------+
| | Investment income recognised in loss | | | (24) | (1,981) |
+----------+-------------------------------------------------+------------+----------+--------------------+--------------------+
| | Depreciation and amortisation of non current | | | 137,521 | 138,000 |
| | assets | | | | |
+----------+-------------------------------------------------+------------+----------+--------------------+--------------------+
| | | | | | | | |
+----------+---------------------------------+----+----------+------------+----------+--------------------+--------------------+
| | | | | | | | |
+----------+---------------------------------+----+----------+------------+----------+--------------------+--------------------+
| | | | | | | 533,499 | 56,585 |
+----------+---------------------------------+----+----------+------------+----------+--------------------+--------------------+
| | Movements in working capital | | | | | | |
+----------+---------------------------------+----+----------+------------+----------+--------------------+--------------------+
| | (Increase)/Decrease in trade and other | | | (19,886) | 78,075 |
| | receivables | | | | |
+----------+-------------------------------------------------+------------+----------+--------------------+--------------------+
| | (Increase)/Decrease in inventories | | | (5,237) | 13,632 |
+----------+-------------------------------------------------+------------+----------+--------------------+--------------------+
| | Increase/(Decrease) in trade and other payables | | | 62,583 | (421,767) |
+----------+-------------------------------------------------+------------+----------+--------------------+--------------------+
| | | | | | | | |
+----------+---------------------------------+----+----------+------------+----------+--------------------+--------------------+
| | Cash generated from/(used by) | | | | | 570,959 | (273,475) |
| | operations | | | | | | |
+----------+---------------------------------+----+----------+------------+----------+--------------------+--------------------+
| | | | | | | | |
+----------+---------------------------------+----+----------+------------+----------+--------------------+--------------------+
| | Interest received | | | | | 24 | 1,981 |
+----------+---------------------------------+----+----------+------------+----------+--------------------+--------------------+
| | Interest paid | | | | | (630,269) | (735,149) |
+----------+---------------------------------+----+----------+------------+----------+--------------------+--------------------+
| | Tax paid | | | | | - | (22,043) |
+----------+---------------------------------+----+----------+------------+----------+--------------------+--------------------+
| | | | | | | | |
+----------+---------------------------------+----+----------+------------+----------+--------------------+--------------------+
| | Net cash used by operating | | | | | (59,286) | (1,028,686) |
| | activities | | | | | | |
+----------+---------------------------------+----+----------+------------+----------+--------------------+--------------------+
| | | | | | | | |
+----------+---------------------------------+----+----------+------------+----------+--------------------+--------------------+
| | CASH FLOWS FROM INVESTING ACTIVITIES | | | | |
+----------+-------------------------------------------------+------------+----------+--------------------+--------------------+
| | | | | | | | |
+----------+---------------------------------+----+----------+------------+----------+--------------------+--------------------+
| | Payments for property, plant | | | | | (57,144) | (159,523) |
| | and equipment | | | | | | |
+----------+---------------------------------+----+----------+------------+----------+--------------------+--------------------+
| | Proceeds from sale of property, plant and | | | - | 2,135,150 |
| | equipment | | | | |
+----------+-------------------------------------------------+------------+----------+--------------------+--------------------+
| | Acquisition of subsidiaries | | | | | - | (29,365) |
+----------+---------------------------------+----+----------+------------+----------+--------------------+--------------------+
| | | | | | | | |
+----------+---------------------------------+----+----------+------------+----------+--------------------+--------------------+
| | Net cash (used in)/generated by investing | | | (57,144) | 1,946,262 |
| | activities | | | | |
+----------+-------------------------------------------------+------------+----------+--------------------+--------------------+
| | | | | | | | |
+----------+---------------------------------+----+----------+------------+----------+--------------------+--------------------+
| | CASH FLOWS FROM FINANCING ACTIVITIES | | | | |
+----------+-------------------------------------------------+------------+----------+--------------------+--------------------+
| | | | | | | | |
+----------+---------------------------------+----+----------+------------+----------+--------------------+--------------------+
| | Proceeds from borrowings | | | | | 1,600,000 | 1,329,000 |
+----------+---------------------------------+----+----------+------------+----------+--------------------+--------------------+
| | Repayment of borrowings | | | | | (1,141,130) | (184,867) |
+----------+---------------------------------+----+----------+------------+----------+--------------------+--------------------+
| | | | | | | | |
+----------+---------------------------------+----+----------+------------+----------+--------------------+--------------------+
| | Net cash generated by financing | | | | | 458,870 | 1,144,133 |
| | activities | | | | | | |
+----------+---------------------------------+----+----------+------------+----------+--------------------+--------------------+
| | | | | | | | |
+----------+---------------------------------+----+----------+------------+----------+--------------------+--------------------+
| | Net increase in cash and cash equivalents | | | 342,440 | 2,061,709 |
+----------+-------------------------------------------------+------------+----------+--------------------+--------------------+
| | | | | | | | |
+----------+---------------------------------+----+----------+------------+----------+--------------------+--------------------+
| | Cash and cash equivalents at the beginning of | | | 1,709,016 | (352,693) |
| | the financial year | | | | |
+----------+-------------------------------------------------+------------+----------+--------------------+--------------------+
| | | | | | | | |
+----------+---------------------------------+----+----------+------------+----------+--------------------+--------------------+
| | Cash and cash equivalents at the end of the | 10 | | 2,051,456 | 1,709,016 |
| | financial year | | | | |
+----------+-------------------------------------------------+------------+----------+--------------------+--------------------+
| | | | | | | | | |
+----------+---------------------------------+----+-----+------+----------+--------------------+--------------------+----------+
| | | | | | | | | | | | |
+----------+---------------------------------+----+-----+----+-+----------+----------+---------+----------+---------+----------+
Statement of Changes in Equity
for the year ended 31 December 2009
+--+----------------------+--+--+----------+------------+--------------+-------------+
| | | | | | | | |
+--+----------------------+--+--+----------+------------+--------------+-------------+
| | | | | Issued | Share | Retained | Total |
| | | | | capital | premium | earnings | equity |
| | | | | | | | |
+--+----------------------+--+--+----------+------------+--------------+-------------+
| | | | | GBP | GBP | GBP | GBP |
+--+----------------------+--+--+----------+------------+--------------+-------------+
| | | | | | | | |
+--+----------------------+--+--+----------+------------+--------------+-------------+
| | At 1 January 2008 | | | 448,257 | 1,734,510 | (1,898,493) | 284,274 |
+--+----------------------+--+--+----------+------------+--------------+-------------+
| | Deficit for the year | | | - | - | (1,315,993) | (1,315,993) |
| | and total | | | | | | |
| | comprehensive | | | | | | |
| | deficit | | | | | | |
+--+----------------------+--+--+----------+------------+--------------+-------------+
| | | | | | | | |
+--+----------------------+--+--+----------+------------+--------------+-------------+
| | Transactions with | | | 36,450 | 85,050 | - | 121,500 |
| | owners: | | | | | | |
| | Issue of share | | | | | | |
| | capital | | | | | | |
+--+----------------------+--+--+----------+------------+--------------+-------------+
| | | | | | | | |
+--+----------------------+--+--+----------+------------+--------------+-------------+
| | At 31 December 2008 | | | 484,707 | 1,819,560 | (3,214,486) | (910,219) |
+--+----------------------+--+--+----------+------------+--------------+-------------+
| | Deficit for the year | | | - | - | (469,015) | (469,015) |
| | and total | | | | | | |
| | comprehensive | | | | | | |
| | deficit | | | | | | |
+--+----------------------+--+--+----------+------------+--------------+-------------+
| | | | | | | | |
+--+----------------------+--+--+----------+------------+--------------+-------------+
| | At 31 December 2009 | | | 484,707 | 1,819,560 | (3,683,501) | (1,379,234) |
+--+----------------------+--+--+----------+------------+--------------+-------------+
| | | | | | | | |
+--+----------------------+--+--+----------+------------+--------------+-------------+
| | All items relate to | | | | | | |
| | owners of the parent | | | | | | |
+--+----------------------+--+--+----------+------------+--------------+-------------+
| | | | | | | | |
+--+----------------------+--+--+----------+------------+--------------+-------------+
Notes to the Financial Statements
GENERAL INFORMATION
The financial information set out in this announcement does not constitute the
Company's financial statements for the years ended 31 December 2009 or 2008. The
financial information for 2008 is derived from the financial statements for 2008
which have been delivered to the Registrar of Companies.
The auditors have reported on the 2008 statements; their report was unqualified
and did not contain a statement under section 237(2) or (3) of the Companies Act
1985. The auditors' report on the 2008 financial statements, whilst unqualified,
contained an emphasis of matter in relation to Going Concern.
The financial statements for 2009 have been audited and will be delivered to the
Registrar of Companies following the Company's Annual General Meeting on 30 June
2010. The auditors have reported on the 2009 statements; their report was
unqualified and did not contain a statement under section 498 of the Companies
Act 2006.
The preliminary announcement has been prepared on the basis of the accounting
policies as stated in the financial statements for the year ended 31 December
2009.
Whilst the financial information included in this preliminary announcement has
been prepared in accordance with International Financial Reporting Standards
(IFRSs), this announcement does not itself contain sufficient information to
comply with IFRSs.
A copy of the Company's annual report and accounts for 2009 are expected to be
posted to shareholders by 8 June 2010 and will be available on the Company's
website (www.maypolegroup.plc.uk) shortly thereafter.
+--+--------------------------+----------+----------+--------+--------+----------+---------+
| 1.| OPERATING PROFIT/(LOSS) | | | | | | |
+--+--------------------------+----------+----------+--------+--------+----------+---------+
| | | | | | | | |
+--+--------------------------+----------+----------+--------+--------+----------+---------+
| | The operating | | | | | | |
| | profit/(loss) is stated | | | | | | |
| | after charging: | | | | | | |
+--+--------------------------+----------+----------+--------+--------+----------+---------+
| | | | | | | 2009 | 2008 |
+--+--------------------------+----------+----------+--------+--------+----------+---------+
| | | | | | | GBP | GBP |
+--+--------------------------+----------+----------+--------+--------+----------+---------+
| | Hire of plant and | | | | | 1,242 | 10,154 |
| | machinery | | | | | | |
+--+--------------------------+----------+----------+--------+--------+----------+---------+
| | Other operating leases | | | | | 226,022 | 314,732 |
+--+--------------------------+----------+----------+--------+--------+----------+---------+
| | Depreciation - owned | | | | | 137,521 | 138,000 |
| | assets | | | | | | |
+--+--------------------------+----------+----------+--------+--------+----------+---------+
| | Auditors' remuneration | | | | | 30,000 | 30,000 |
+--+--------------------------+----------+----------+--------+--------+----------+---------+
| | | | | | | | |
+--+--------------------------+----------+----------+--------+--------+----------+---------+
+----+---------------------------+----------+--+-+-+-+-------------+--------+----------+--------+----------+---------+
| 2. | FINANCE COSTS | | | | | | |
+----+--------------------------------------+----+---+-------------+-------------------+-------------------+---------+
| | | | | | | | |
+----+--------------------------------------+----+---+-------------+-------------------+-------------------+---------+
| | | | | | | 2009 | 2008 |
+----+--------------------------------------+----+---+-------------+-------------------+-------------------+---------+
| | | | | | | GBP | GBP |
+----+--------------------------------------+----+---+-------------+-------------------+-------------------+---------+
| | Bank interest | | | | | 23,919 | 27,710 |
+----+--------------------------------------+----+---+-------------+-------------------+-------------------+---------+
| | Bank loan interest | | | | | 599,494 | 601,378 |
+----+--------------------------------------+----+---+-------------+-------------------+-------------------+---------+
| | Other interest | | | | | 167,831 | 100,641 |
+----+--------------------------------------+----+---+-------------+-------------------+-------------------+---------+
| | Loan note interest | | | | | 69,978 | 77,119 |
+----+--------------------------------------+----+---+-------------+-------------------+-------------------+---------+
| | | | | | | | |
+----+--------------------------------------+----+---+-------------+-------------------+-------------------+---------+
| | | | | | | 861,222 | 806,848 |
+----+--------------------------------------+----+---+-------------+-------------------+-------------------+---------+
| 3. | TAXATION | | | | | | |
+----+---------------------------+-------------+---+---------------+--------+-------------------+--------------------+
| | | | | | | 2009 | 2008 |
+----+---------------------------+-------------+---+---------------+--------+-------------------+--------------------+
| | | | | | | GBP | GBP |
+----+---------------------------+-------------+---+---------------+--------+-------------------+--------------------+
| | Income taxes | | | | | | |
+----+---------------------------+-------------+---+---------------+--------+-------------------+--------------------+
| | Current tax expense: | | | | | | |
+----+---------------------------+-------------+---+---------------+--------+-------------------+--------------------+
| | Corporation tax - | | | | | - | 2,043 |
| | adjustment re prior | | | | | | |
| | period | | | | | | |
+----+---------------------------+-------------+---+---------------+--------+-------------------+--------------------+
| | Deferred tax: | | | | | | |
+----+---------------------------+-------------+---+---------------+--------+-------------------+--------------------+
| | Origination and reversal | | | | | 3,795 | 95,329 |
| | of temporary differences | | | | | | |
+----+---------------------------+-------------+---+---------------+--------+-------------------+--------------------+
| | | | | | | | |
+----+---------------------------+-------------+---+---------------+--------+-------------------+--------------------+
| | Income tax expense | | | | | 3,795 | 97,372 |
+----+---------------------------+-------------+---+---------------+--------+-------------------+--------------------+
| | | | | | | | |
+----+---------------------------+-------------+---+---------------+--------+-------------------+--------------------+
| | Reconciliation of tax | | | | | | |
+----+---------------------------+-------------+---+---------------+--------+-------------------+--------------------+
| | Loss before tax | | | | | (465,220) | (1,218,621) |
+----+---------------------------+-------------+---+---------------+--------+-------------------+--------------------+
| | | | | | | | |
+----+---------------------------+-------------+---+---------------+--------+-------------------+--------------------+
| | Loss at UK corporation tax rate of 28% (2008: 28%) | | (130,262) | (341,214) |
+----+-------------------------------------------------------------+--------+-------------------+--------------------+
| | | | | | | | |
+----+---------------------------+-------------+---+---------------+--------+-------------------+--------------------+
| | Effects of: | | | | | | |
+----+---------------------------+-------------+---+---------------+--------+-------------------+--------------------+
| | Expenses not deductible | | | | | 31,076 | 1,500 |
| | for tax | | | | | | |
+----+---------------------------+-------------+---+---------------+--------+-------------------+--------------------+
| | Losses carried forward | | | | | 64,093 | 318,728 |
+----+---------------------------+-------------+---+---------------+--------+-------------------+--------------------+
| | Excess of depreciation over capital allowances | | 35,093 | 20,986 |
+----+-------------------------------------------------------------+--------+-------------------+--------------------+
| | Provision re prior | | | | | - | 2,043 |
| | periods | | | | | | |
+----+---------------------------+-------------+---+---------------+--------+-------------------+--------------------+
| | Deferred tax movement | | | | | 3,795 | 95,329 |
+----+---------------------------+-------------+---+---------------+--------+-------------------+--------------------+
| | | | | | | | |
+----+---------------------------+-------------+---+---------------+--------+-------------------+--------------------+
| | Current tax charge | | | | | 3,795 | 97,372 |
+----+---------------------------+-------------+---+---------------+--------+-------------------+--------------------+
| | | | | | | | | | | | | |
+----+---------------------------+----------+--+-+-+-+-------------+--------+----------+--------+----------+---------+
+--+-------------------------+----------+----------+--------+--------+--------------+--------------+
| 4.| 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. |
+--+-----------------------------------------------------------------------------------------------+
| | | | | | | | |
+--+-------------------------+----------+----------+--------+--------+--------------+--------------+
| | | | | | | 2009 | 2008 |
+--+-------------------------+----------+----------+--------+--------+--------------+--------------+
| | | | | | | pence | pence |
| | | | | | | per | per |
| | | | | | | share | share |
+--+-------------------------+----------+----------+--------+--------+--------------+--------------+
| | Basic earnings per | | | | | | |
| | ordinary share | | | | | | |
+--+-------------------------+----------+----------+--------+--------+--------------+--------------+
| | Loss | | | | | (0.29)p | (0.83)p |
+--+-------------------------+----------+----------+--------+--------+--------------+--------------+
| | | | | | | | |
+--+-------------------------+----------+----------+--------+--------+--------------+--------------+
| | Diluted earnings per | | | | | | |
| | ordinary share | | | | | | |
+--+-------------------------+----------+----------+--------+--------+--------------+--------------+
| | Loss | | | | | (0.29)p | (0.83)p |
+--+-------------------------+----------+----------+--------+--------+--------------+--------------+
| | | | | | | | |
+--+-------------------------+----------+----------+--------+--------+--------------+--------------+
| | | | | | | | |
+--+-------------------------+----------+----------+--------+--------+--------------+--------------+
| | | | | | | 2009 | 2008 |
+--+-------------------------+----------+----------+--------+--------+--------------+--------------+
| | | | | | | GBP | GBP |
+--+-------------------------+----------+----------+--------+--------+--------------+--------------+
| | Basic earnings per | | | | | | |
| | ordinary share | | | | | | |
+--+-------------------------+----------+----------+--------+--------+--------------+--------------+
| | Earnings used in the calculation of basic earnings per share | (469,015) | (1,315,993) |
+--+-----------------------------------------------------------------+--------------+--------------+
| | | | | | | | |
+--+-------------------------+----------+----------+--------+--------+--------------+--------------+
| | Weighted average number of ordinary shares for the purposes of | 161,569,058 | 159,344,878 |
| | basic earnings per share | | |
+--+-----------------------------------------------------------------+--------------+--------------+
| | | | | | | | |
+--+-------------------------+----------+----------+--------+--------+--------------+--------------+
| | 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. There is no dilutive |
| | effect in the current or prior year as the average market price for the year is |
| | less than the exercise price of all options. |
+--+-----------------------------------------------------------------------------------------------+
| | | | | | | | |
+--+-------------------------+----------+----------+--------+--------+--------------+--------------+
| | | | | | | 2009 | 2008 |
+--+-------------------------+----------+----------+--------+--------+--------------+--------------+
| | | | | | | GBP | GBP |
+--+-------------------------+----------+----------+--------+--------+--------------+--------------+
| | Weighted average number of ordinary shares used in the | 161,569,058 | 159,344,878 |
| | calculation of basic and diluted earnings per share | | |
+--+-------------------------+----------+----------+--------+--------+--------------+--------------+
+----+----------+--------------------------+----------+----------+--+----------+-----------+--------+--------+----------+--------+----------+
| 5. | GOODWILL | | | | | | |
+----+-------------------------------------+----------+-------------+----------------------+--------+-------------------+-------------------+
| | | | | | | | |
+----+-------------------------------------+----------+-------------+----------------------+--------+-------------------+-------------------+
| | Group | | | | | | |
+----+-------------------------------------+----------+-------------+----------------------+--------+-------------------+-------------------+
| | | | | | | | Goodwill |
+----+-------------------------------------+----------+-------------+----------------------+--------+-------------------+-------------------+
| | | | | | | | GBP |
+----+-------------------------------------+----------+-------------+----------------------+--------+-------------------+-------------------+
| | | | | | | | |
+----+-------------------------------------+----------+-------------+----------------------+--------+-------------------+-------------------+
| | COST | | | | | | |
+----+-------------------------------------+----------+-------------+----------------------+--------+-------------------+-------------------+
| | At 1 January 2008 | | | | | | 347,086 |
+----+-------------------------------------+----------+-------------+----------------------+--------+-------------------+-------------------+
| | Additions | | | | | | 29,365 |
+----+-------------------------------------+----------+-------------+----------------------+--------+-------------------+-------------------+
| | | | | | | | |
+----+-------------------------------------+----------+-------------+----------------------+--------+-------------------+-------------------+
| | At 31 December 2008 and 31 December | | | | | | 376,451 |
| | 2009 | | | | | | |
+----+-------------------------------------+----------+-------------+----------------------+--------+-------------------+-------------------+
| | | | | | | | |
+----+-------------------------------------+----------+-------------+----------------------+--------+-------------------+-------------------+
| | ACCUMULATED IMPAIRMENT LOSSES | | | | | | |
+----+-------------------------------------+----------+-------------+----------------------+--------+-------------------+-------------------+
| | At 1 January 2008 and at 31 December 2009 | | | - |
+----+-------------------------------------------------------------------------------------+--------+-------------------+-------------------+
| | | | | | | | |
+----+-------------------------------------+----------+-------------+----------------------+--------+-------------------+-------------------+
| | CARRYING AMOUNT | | | | | | |
+----+-------------------------------------+----------+-------------+----------------------+--------+-------------------+-------------------+
| | At 31 December 2008 and 31 December | | | | | | 376,451 |
| | 2009 | | | | | | |
+----+-------------------------------------+----------+-------------+----------------------+--------+-------------------+-------------------+
| | | | | | | | |
+----+-------------------------------------+----------+-------------+----------------------+--------+-------------------+-------------------+
| | | | | | | | |
+----+-------------------------------------+----------+-------------+----------------------+--------+-------------------+-------------------+
| | Goodwill arose on consolidation, being the difference between the purchase cost and open market value of the assets of the acquired |
| | subsidiaries Maypole Norfolk Limited and Angel Hotel (Lavenham) Limited. |
+----+--------------------------------------------------------------------------------------------------------------------------------------+
| | |
+----+--------------------------------------------------------------------------------------------------------------------------------------+
| | Goodwill has been allocated for impairment testing purposes to the cash generating units to which it relates - to The Lifeboat Inn |
| | GBP90,000 (included in Maypole Norfolk Limited) and The Angel Hotel GBP286,451. |
+----+--------------------------------------------------------------------------------------------------------------------------------------+
| | |
+----+--------------------------------------------------------------------------------------------------------------------------------------+
| | The recoverable amounts for each cash generating unit are determined from value in use calculations. The Group prepares cash flow |
| | forecasts derived from the most recent financial budget approved by the management and extrapolates the cash flows using a growth |
| | rate of 0.5%. This rate is thought to be prudent in the current economic climate A discount rate of 10% is used to establish the |
| | present value of the cash flows. |
+----+--------------------------------------------------------------------------------------------------------------------------------------+
| | | | | | | | | |
+---------------+--------------------------+---------------------+-------------+-----------+--------+--------+-------------------+----------+
| | | | | | | | | | | | | |
+----+----------+--------------------------+----------+----------+--+----------+-----------+--------+--------+----------+--------+----------+
+--+--------------------------+----------+----------+-----------+-------------+--------+--------+
| 6.| DEFERRED TAX BALANCES | | | | | | |
+--+--------------------------+----------+----------+-----------+-------------+--------+--------+
| | | | | Group | |
+--+--------------------------+----------+----------+-------------------------+-----------------+
| | | | | Assets | Liabilities | | |
+--+--------------------------+----------+----------+-----------+-------------+--------+--------+
| | | | | GBP | GBP | | |
+--+--------------------------+----------+----------+-----------+-------------+--------+--------+
| | Temporary differences | | | Losses | Property, | | |
| | | | | | plant & | | |
| | | | | | equipment | | |
+--+--------------------------+----------+----------+-----------+-------------+--------+--------+
| | | | | | | | |
+--+--------------------------+----------+----------+-----------+-------------+--------+--------+
| | At 1 January 2008 | | | 150,000 | (1,358,988) | | |
+--+--------------------------+----------+----------+-----------+-------------+--------+--------+
| | Recognised in income | | | (148,050) | 52,721 | | |
+--+--------------------------+----------+----------+-----------+-------------+--------+--------+
| | | | | | | | |
+--+--------------------------+----------+----------+-----------+-------------+--------+--------+
| | At 31 December 2008 | | | 1,950 | (1,306,267) | | |
+--+--------------------------+----------+----------+-----------+-------------+--------+--------+
| | Recognised in income | | | (1,950) | (1,845) | | |
+--+--------------------------+----------+----------+-----------+-------------+--------+--------+
| | | | | | | | |
+--+--------------------------+----------+----------+-----------+-------------+--------+--------+
| | At 31 December 2009 | | | - | (1,308,112) | | |
+--+--------------------------+----------+----------+-----------+-------------+--------+--------+
| | | | | | | | |
+--+--------------------------+----------+----------+-----------+-------------+--------+--------+
| | Factors that may affect future tax charges |
+--+--------------------------------------------------------------------------------------------+
| | The Group has unrelieved losses of approximately GBP1,656,000 available for carry |
| | forward against future profits. A deferred tax asset of GBP463,600 based on these |
| | losses has not been recognised, since the recoverability of this asset is |
| | uncertain. |
+--+--------------------------+----------+----------+-----------+-------------+--------+--------+
+--+--------------------------+----------+----------+-----------+-----------+-----------+-----------+
| 7.| BORROWINGS | | | | | | |
+--+--------------------------+----------+----------+-----------+-----------+-----------+-----------+
| | | | | | | | |
+--+--------------------------+----------+----------+-----------+-----------+-----------+-----------+
| | Group | | | | | | |
+--+--------------------------+----------+----------+-----------+-----------+-----------+-----------+
| | | | | Current | Non current |
+--+--------------------------+----------+----------+-----------------------+-----------------------+
| | | | | 2009 | 2008 | 2009 | 2008 |
+--+--------------------------+----------+----------+-----------+-----------+-----------+-----------+
| | | | | GBP | GBP | GBP | GBP |
+--+--------------------------+----------+----------+-----------+-----------+-----------+-----------+
| | Unsecured - at amortised | | | | | | |
| | cost | | | | | | |
+--+--------------------------+----------+----------+-----------+-----------+-----------+-----------+
| | Bank overdrafts | | | 81,350 | 401,526 | - | - |
+--+--------------------------+----------+----------+-----------+-----------+-----------+-----------+
| | Other loans | | | 120,099 | 437,036 | - | 13,678 |
+--+--------------------------+----------+----------+-----------+-----------+-----------+-----------+
| | Loans from related | | | 1,338,715 | 1,144,000 | 305,000 | - |
| | parties | | | | | | |
+--+--------------------------+----------+----------+-----------+-----------+-----------+-----------+
| | | | | | | | |
+--+--------------------------+----------+----------+-----------+-----------+-----------+-----------+
| | | | | 1,540,164 | 1,982,562 | 305,000 | 13,678 |
+--+--------------------------+----------+----------+-----------+-----------+-----------+-----------+
| | | | | | | | |
+--+--------------------------+----------+----------+-----------+-----------+-----------+-----------+
| | Secured - at amortised | | | | | | |
| | cost | | | | | | |
+--+--------------------------+----------+----------+-----------+-----------+-----------+-----------+
| | Bank Loans | | | - | 313,856 | 8,392,655 | 7,689,314 |
+--+--------------------------+----------+----------+-----------+-----------+-----------+-----------+
| | | | | | | | |
+--+--------------------------+----------+----------+-----------+-----------+-----------+-----------+
| | | | | 1,540,164 | 2,296,418 | 8,697,655 | 7,702,992 |
+--+--------------------------+----------+----------+-----------+-----------+-----------+-----------+
| | | | | | | | |
+--+--------------------------+----------+----------+-----------+-----------+-----------+-----------+
+--+--------------------------+----------+----------+--------+--------+-----------+------------+--------+--------+----------+
| 8.| 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 20 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. Total payments due over the | |
| | period of the leases are: | |
+--+-------------------------------------------------------------------------------------------+----------------------------+
| | | | | | | 2009 | 2008 | |
+--+--------------------------+----------+----------+--------+--------+-----------+------------+----------------------------+
| | | | | | | GBP | GBP | |
+--+--------------------------+----------+----------+--------+--------+-----------+------------+----------------------------+
| | | | | | | | | |
+--+--------------------------+----------+----------+--------+--------+-----------+------------+----------------------------+
| | Not longer than one year | | | | | 205,000 | 204,712 | |
+--+--------------------------+----------+----------+--------+--------+-----------+------------+----------------------------+
| | Longer than one year but not longer than five years | | 820,000 | 964,670 | | | 818,850 |
+--+---------------------------------------------------------+--------+-----------+------------+--------+--------+----------+
| | Longer than five years | | | | | 1,260,000 | 2,681,262 | |
+--+--------------------------+----------+----------+--------+--------+-----------+------------+----------------------------+
| | | | | | | | | |
+--+--------------------------+----------+----------+--------+--------+-----------+------------+----------------------------+
| | | | | | | 2,285,000 | 3,704,824 | |
+--+--------------------------+----------+----------+--------+--------+-----------+------------+--------+--------+----------+
9. 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 GBP750 per month.
During the year professional fees of GBP52,000 (2008: GBP25,000) were charged by
Regents Park Estates Limited, a company in which Mr S A Bentley has an interest
and GBP90,000 (2008: GBP13,523) were charged by New World Corporate Finance
Limited, a company in which Mr N Berger has an interest.
During the year Mr S A Bentley lent the Group GBP225,000 (2008: GBP700,000), Mr
A McEwen lent the Group GBP125,000 (2008: GBP30,000), During the year interest
payable was charged to the group in respect of Mr S A Bentley of GBP101,898
(2008: GBP37,903) and GBP1,199 in respect of Mr A McEwen (2008: GBPnil). At the
year end balances were due to Mr S A Bentley GBP825,000 (2008: GBP600,000), Mr A
McEwen of GBP160,000 (2008: GBP35,000), Mr T D McEwen GBP4,000 (2008: GBP4,000)
and Regents Park Estates Limited GBP450,000 (2008: GBP450,000). Interest of
GBP64,735 (2008: GBP6,436) was charged to the group by Regents Park Estates
Limited during the year.
15% loan notes are in issue to Regents Park Estates Pension Scheme, of which Mr
S A Bentley is a trustee. During the year interest of GBP8,250 (2008: GBP8,250)
was charged to the group and at the year end the balance owed to the Scheme
stood at GBP55,000 (2008: GBP55,000). GBP50,000 (2008: GBP50,000) 15% loan notes
are also in issue to the Bushey Acceptances Pension Scheme of which Mr N Berger
is a trustee. Interest on these notes was GBP7,500 (2008; GBP7,500).
+--+--------------------------+----------+----------+-----------+-----------+-----------+-----------+
| 10.| CASH AND CASH | | | | | | |
| | EQUIVALENTS | | | | | | |
+--+--------------------------+----------+----------+-----------+-----------+-----------+-----------+
| | | | | | | | |
+--+--------------------------+----------+----------+-----------+-----------+-----------+-----------+
| | For the purposes of the statement of cash flows, 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 statement of financial position as |
| | follows: |
+--+------------------------------------------------------------------------------------------------+
| | | | | | | | |
+--+--------------------------+----------+----------+-----------+-----------+-----------+-----------+
| | | | | Group | Company |
+--+--------------------------+----------+----------+-----------------------+-----------------------+
| | | | | 2009 | 2008 | 2009 | 2008 |
+--+--------------------------+----------+----------+-----------+-----------+-----------+-----------+
| | | | | GBP | GBP | GBP | GBP |
+--+--------------------------+----------+----------+-----------+-----------+-----------+-----------+
| | Cash and bank balances | | | 2,132,806 | 2,110,542 | 2,056,954 | 2,055,127 |
+--+--------------------------+----------+----------+-----------+-----------+-----------+-----------+
| | Bank overdraft | | | (81,350) | (401,526) | (81,350) | (401,526) |
+--+--------------------------+----------+----------+-----------+-----------+-----------+-----------+
| | | | | | | | |
+--+--------------------------+----------+----------+-----------+-----------+-----------+-----------+
| | | | | 2,051,456 | 1,709,016 | 1,975,604 | 1,653,601 |
+--+--------------------------+----------+----------+-----------+-----------+-----------+-----------+
| | | | | | | | |
+--+--------------------------+----------+----------+-----------+-----------+-----------+-----------+
Included in Group and Company cash and bank balances at 31 December 2009 and at
31 December 2008 is GBP2,050,649, which was received from the disposal of
Wroxton House Hotel. The Group is unable to draw against these monies, the
monies being held by the Group's bankers as security against the Group's
borrowings.
+-----+--------------------------+----------+-+-+-+----------+--------+-----+-----+------+------+------+----------+----------+
| 11. | FINANCIAL ASSETS AND | | | | | | | |
| | LIABILITIES | | | | | | | |
+-----+--------------------------+------------+---+-------------------+-----------+-------------+-----------------+----------+
| | The Group's main financial instruments are loans, cash at bank and short term debtors and creditors. | |
| | The carrying value of the financial instruments is not significantly different form the fair value. | |
+-----+-----------------------------------------------------------------------------------------------------------+----------+
| | | | | | | | | |
+-----+--------------------------+------------+---+-------------------+-----------+-------------+-----------------+----------+
| | Capital Management | | | | | | | |
+-----+--------------------------+------------+---+-------------------+-----------+-------------+-----------------+----------+
| | The Group's policy is to maintain a strong capital base. The Group finances its operations through | |
| | bank borrowings and the management of working capital. Acquisitions are financed through both the | |
| | issue of equity (Note 19) and borrowings (Note 21). | |
+-----+-----------------------------------------------------------------------------------------------------------+----------+
| | | | | | | | | |
+-----+--------------------------+------------+---+-------------------+-----------+-------------+-----------------+----------+
| | Management of financial | | | | | | | |
| | risk | | | | | | | |
+-----+--------------------------+------------+---+-------------------+-----------+-------------+-----------------+----------+
| | Details of the risks (financial, liquidity, interest rate and credit) facing the Group are | |
| | highlighted in the directors' report. | |
+-----+-----------------------------------------------------------------------------------------------------------+----------+
| | | | | | | | | |
+-----+--------------------------+------------+---+-------------------+-----------+-------------+-----------------+----------+
| | The Group has mitigated its short term exposure to interest rate risk by entering into an agreement | |
| | with the Group's bankers to fix the interest rate on the Group's main borrowings. | |
+-----+-----------------------------------------------------------------------------------------------------------+----------+
| | | | | | | | | |
+-----+--------------------------+------------+---+-------------------+-----------+-------------+-----------------+----------+
| | Included in trade debtors of GBP16,479 (2008: GBP31,215), an amount of GBPnil (2008: GBPnil) was | |
| | past the due date. Any provision for impairment is based upon the specific circumstances of each | |
| | transaction and at the year end no provision for impairment was considered necessary. | |
+-----+-----------------------------------------------------------------------------------------------------------+----------+
| | | | | | | | | |
+-----+--------------------------+------------+---+-------------------+-----------+-------------+-----------------+----------+
| | | | | |
+-----+---------------------------------------------------------------------+------------+-------------+---------------------+
| | An analysis of the maturity of the capital and interest payments of the loans is given below: |
+-----+----------------------------------------------------------------------------------------------------------------------+
| | | | | Group | |
+-----+-------------------------------------+---+------------+---------------------------+-----------------------------------+
| | | | | 2009 | 2008 | | |
+-----+-------------------------------------+---+------------+--------------+------------+-------------+---------------------+
| | | | | GBP | GBP | | |
+-----+-------------------------------------+---+------------+--------------+------------+-------------+---------------------+
| | Amounts falling due within one year or on demand: | | | |
+-----+---------------------------------------------------------------------+------------+-------------+---------------------+
| | Bank overdrafts | | | 81,350 | 401,526 | | |
+-----+-------------------------------------+---+------------+--------------+------------+-------------+---------------------+
| | Bank loans | | | 866,239 | 894,332 | | |
+-----+-------------------------------------+---+------------+--------------+------------+-------------+---------------------+
| | Other loans | | | 1,159,272 | 1,831,933 | | |
+-----+-------------------------------------+---+------------+--------------+------------+-------------+---------------------+
| | | | | | | | |
+-----+-------------------------------------+---+------------+--------------+------------+-------------+---------------------+
| | | | | 2,106,861 | 3,127,791 | | |
+-----+-------------------------------------+---+------------+--------------+------------+-------------+---------------------+
| | | | | | | | |
+-----+-------------------------------------+---+------------+--------------+------------+-------------+---------------------+
| | Amounts falling due between one and two years: | | | |
+-----+---------------------------------------------------------------------+------------+-------------+---------------------+
| | Bank loans | | | 995,554 | 879,957 | | |
+-----+-------------------------------------+---+------------+--------------+------------+-------------+---------------------+
| | Other loans | | | 331,375 | 19,383 | | |
+-----+-------------------------------------+---+------------+--------------+------------+-------------+---------------------+
| | | | | | | | |
+-----+-------------------------------------+---+------------+--------------+------------+-------------+---------------------+
| | | | | 1,326,929 | 899,340 | | |
+-----+-------------------------------------+---+------------+--------------+------------+-------------+---------------------+
| | | | | | | | |
+-----+-------------------------------------+---+------------+--------------+------------+-------------+---------------------+
| | Amounts falling due between two and five years: | | | |
+-----+---------------------------------------------------------------------+------------+-------------+---------------------+
| | Bank loans | | | 3,323,156 | 2,562,677 | | |
+-----+-------------------------------------+---+------------+--------------+------------+-------------+---------------------+
| | | | | | | | |
+-----+-------------------------------------+---+------------+--------------+------------+-------------+---------------------+
| | Amounts falling due in more than five years: | | | |
+-----+---------------------------------------------------------------------+------------+-------------+---------------------+
| | Bank loans | | | 13,947,704 | 10,729,502 | | |
+-----+-------------------------------------+---+------------+--------------+------------+-------------+---------------------+
| | | | | | | | |
+-----+-------------------------------------+---+------------+--------------+------------+-------------+---------------------+
| | Borrowings include: | | | | | | |
+-----+-------------------------------------+---+------------+--------------+------------+-------------+---------------------+
| | Bank borrowings of GBP7,407,380 repayable monthly, commencing in March 2011, at an interest rate of 8.95% |
+-----+----------------------------------------------------------------------------------------------------------------------+
| | | | | | | | |
+-----+-------------------------------------+---+------------+--------------+------------+-------------+---------------------+
| | Bank borrowings of GBP1,250,000 at LIBOR plus 15% which is repayable in one payment in 2022. For the purpose of |
| | calculating interest payable in the maturity table, the LIBOR rate in force at the year end has been used. |
+-----+----------------------------------------------------------------------------------------------------------------------+
| | | | | | | | |
+-----+-------------------------------------+---+------------+--------------+------------+-------------+---------------------+
| | Loan notes of GBP205,000 at 15%, of which GBP150,000 is repayable on demand and GBP55,000 repayable in 2011. |
+-----+----------------------------------------------------------------------------------------------------------------------+
| | | | | | | | |
+-----+-------------------------------------+---+------------+--------------+------------+-------------+---------------------+
| | Loans of GBP250,000 at 10% repayable in 2011. |
+-----+----------------------------------------------------------------------------------------------------------------------+
| | | | | | | | |
+-----+-------------------------------------+---+------------+--------------+------------+-------------+---------------------+
| | Interest free loans of GBP600,000 repayable in 2010 and interest free loans of GBP550,000 repayable on demand. |
+-----+----------------------------------------------------------------------------------------------------------------------+
| | | | | | | | |
+-----+-------------------------------------+---+------------+--------------+------------+-------------+---------------------+
| 12. | SHARE BASED PAYMENTS | | | | | | |
+-----+-------------------------------------+---+------------+--------------+------------+-------------+---------------------+
| | |
+-----+----------------------------------------------------------------------------------------------------------------------+
| | Share options have been granted to the Directors as follows: |
+-----+----------------------------------------------------------------------------------------------------------------------+
| | | | | | | | |
+-----+-------------------------------------+---+------------+--------------+------------+-------------+---------------------+
| | | | | | | 2009 | 2008 |
+-----+-------------------------------------+---+------------+--------------+------------+-------------+---------------------+
| | | | | | | | |
+-----+-------------------------------------+---+------------+--------------+------------+-------------+---------------------+
| | Granted on 19 May 2006 at an | | | | | | |
| | exercise price of 2.25p per share: | | | | | | |
+-----+-------------------------------------+---+------------+--------------+------------+-------------+---------------------+
| | Balance at beginning of year | | | | | 8,500,000 | 8,500,000 |
| | | | | | | | |
+-----+-------------------------------------+---+------------+--------------+------------+-------------+---------------------+
| | Forfeited during year | | | | | (5,000,000) | - |
| | | | | | | | |
+-----+-------------------------------------+---+------------+--------------+------------+-------------+---------------------+
| | Balance at end of year | | | | | 3,500,000 | 8,500,000 |
| | | | | | | | |
+-----+-------------------------------------+---+------------+--------------+------------+-------------+---------------------+
| | | | | | | | |
+-----+-------------------------------------+---+------------+--------------+------------+-------------+---------------------+
| | Granted on 19 May 2006 at an | | | | | | |
| | exercise price of 1.7p per share: | | | | | | |
+-----+-------------------------------------+---+------------+--------------+------------+-------------+---------------------+
| | Balance at beginning of year and | | | | | 26,000,000 | 26,000,000 |
| | end of year | | | | | | |
+-----+-------------------------------------+---+------------+--------------+------------+-------------+---------------------+
| | Total options outstanding at end of | | | | | 29,500,000 | 34,500,000 |
| | year | | | | | | |
+-----+-------------------------------------+---+------------+--------------+------------+-------------+---------------------+
| | | | | | | | |
+-----+-------------------------------------+---+------------+--------------+------------+-------------+---------------------+
| | | | | | | | |
+-----+-------------------------------------+---+------------+--------------+------------+-------------+---------------------+
| | There were no options granted during the year. There were no amounts included in the statement of comprehensive |
| | income for the current or prior year in respect of share based payments as all vesting conditions had been |
| | satisfied prior to 2008. |
+-----+----------------------------------------------------------------------------------------------------------------------+
| | All options may be exercised to purchase one share per option at any time from the date of grant for a period |
| | of ten years. |
+-----+----------------------------------------------------------------------------------------------------------------------+
| | | | | | | | | | | | | | | |
+-----+--------------------------+----------+-+-+-+----------+--------+-----+-----+------+------+------+----------+----------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR BIGDLSUGBGGX
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