Half Yearly Report
30 Septembre 2009 - 8:00AM
UK Regulatory
TIDMROE
RNS Number : 8795Z
Roeford Properties PLC
30 September 2009
ROEFORD PROPERTIES PLC
("the Company" or "Roeford")
Interim Results for the six months ended 30 June 2009
Interim Statement
The Board of Roeford announces results for the six month period ended 30 June
2009. The Company produced a loss before taxation of GBP22,000 (period ended 30
June 2008: loss of GBP51,000, year ended 31 December 2008: loss of GBP88,000).
The Company has net assets of GBP274,000 at the balance sheet date (30 June
2008: net assets of GBP333,000, 31 December 2008: net assets of GBP296,000).
Ongoing Projects and outlook
During the six month period the management team considered a number of
investment projects without incurring external fees. The board are mindful of
the current economic climate and new ventures will only be undertaken where
there is a realistic expectation of profit. In the meantime, overheads will be
kept to a minimum and no remuneration will be paid to any Executive Director.
The Company will continue to consider new opportunities and is confident that
the existing cash reserves and future borrowing facilities will enable it to
undertake suitable projects as they become available.
Maggie Ryan
Chairperson
Date: 30 September 2009
+------------------------------------+------+------------+-------------+------------+
| ROEFORD PROPERTIES PLC |
| STATEMENT OF COMPREHENSIVE INCOME |
| FOR THE PERIOD ENDED 30 JUNE 2009 |
| |
+-----------------------------------------------------------------------------------+
| | Note | 6 months | 6 months | Year ended |
| | | to | to | 31/12/2008 |
| | | 30/06/2009 | 30/06/2008 | Audited |
| | | Unaudited | Unaudited | |
+------------------------------------+------+------------+-------------+------------+
| | | GBP000 | GBP000 | GBP000 |
+------------------------------------+------+------------+-------------+------------+
| | | | | |
+------------------------------------+------+------------+-------------+------------+
| Revenue | | - | - | - |
+------------------------------------+------+------------+-------------+------------+
| | | | | |
+------------------------------------+------+------------+-------------+------------+
| Cost of sales | | - | - | - |
+------------------------------------+------+------------+-------------+------------+
| | | | | |
+------------------------------------+------+------------+-------------+------------+
| Gross profit | | - | - | - |
+------------------------------------+------+------------+-------------+------------+
| | | | | |
+------------------------------------+------+------------+-------------+------------+
| Administrative expenses | | (23) | (60) | (104) |
+------------------------------------+------+------------+-------------+------------+
| | | | | |
+------------------------------------+------+------------+-------------+------------+
| Loss from operations | | (23) | (60) | (104) |
+------------------------------------+------+------------+-------------+------------+
| | | | | |
+------------------------------------+------+------------+-------------+------------+
| Finance income | | 1 | 9 | 16 |
+------------------------------------+------+------------+-------------+------------+
| | | | | |
+------------------------------------+------+------------+-------------+------------+
| | | | | |
+------------------------------------+------+------------+-------------+------------+
| | | | | |
+------------------------------------+------+------------+-------------+------------+
| Loss before taxation | | (22) | (51) | (88) |
+------------------------------------+------+------------+-------------+------------+
| | | | | |
+------------------------------------+------+------------+-------------+------------+
| Taxation | | - | - | - |
+------------------------------------+------+------------+-------------+------------+
| | | | | |
+------------------------------------+------+------------+-------------+------------+
| | | | | |
+------------------------------------+------+------------+-------------+------------+
| Loss after taxation and retained | | (22) | (51) | (88) |
| loss attributable to equity | | | | |
| holders of the company | | | | |
+------------------------------------+------+------------+-------------+------------+
| Other comprehensive income | | - | - | - |
+------------------------------------+------+------------+-------------+------------+
| | | | | |
+------------------------------------+------+------------+-------------+------------+
| Total comprehensive income for the | | (22) | (51) | (88) |
| period | | | | |
+------------------------------------+------+------------+-------------+------------+
| | | | | |
+------------------------------------+------+------------+-------------+------------+
| Loss per share | | | | |
+------------------------------------+------+------------+-------------+------------+
| - basic | | (0.01)p | (0.03)p | (0.05)p |
+------------------------------------+------+------------+-------------+------------+
| - diluted | 3 | (0.01)p | (0.03)p | (0.05)p |
+------------------------------------+------+------------+-------------+------------+
+-----------------------------------------+------+------------+------------+------------+
| ROEFORD PROPERTIES PLC |
| STATEMENT OF FINANCIAL POSITION |
| AS AT 30 JUNE 2009 |
+---------------------------------------------------------------------------------------+
| | | 30/06/2009 | 30/06/2008 | 31/12/2008 |
| | Note | Unaudited | Unaudited | Audited |
+-----------------------------------------+------+------------+------------+------------+
| | | GBP000 | GBP000 | GBP000 |
+-----------------------------------------+------+------------+------------+------------+
| | | | | |
+-----------------------------------------+------+------------+------------+------------+
| Current assets | | | | |
+-----------------------------------------+------+------------+------------+------------+
| | | | | |
+-----------------------------------------+------+------------+------------+------------+
| Trade and other receivables | 4 | 7 | 9 | 1 |
+-----------------------------------------+------+------------+------------+------------+
| Cash and cash equivalents | | 277 | 344 | 318 |
+-----------------------------------------+------+------------+------------+------------+
| Total current assets | | 284 | 353 | 319 |
+-----------------------------------------+------+------------+------------+------------+
| | | | | |
+-----------------------------------------+------+------------+------------+------------+
| Total assets | | 284 | 353 | 319 |
+-----------------------------------------+------+------------+------------+------------+
| | | | | |
+-----------------------------------------+------+------------+------------+------------+
| | | | | |
+-----------------------------------------+------+------------+------------+------------+
| | | | | |
+-----------------------------------------+------+------------+------------+------------+
| LIABILITIES | | | | |
+-----------------------------------------+------+------------+------------+------------+
| Current liabilities | | | | |
+-----------------------------------------+------+------------+------------+------------+
| | | | | |
+-----------------------------------------+------+------------+------------+------------+
| Trade and other payables | 5 | 10 | 20 | 23 |
+-----------------------------------------+------+------------+------------+------------+
| Total current liabilities | | 10 | 20 | 23 |
+-----------------------------------------+------+------------+------------+------------+
| | | | | |
+-----------------------------------------+------+------------+------------+------------+
| EQUITY | | | | |
+-----------------------------------------+------+------------+------------+------------+
| Called up share capital | | 487 | 487 | 487 |
+-----------------------------------------+------+------------+------------+------------+
| Share premium account | | 813 | 813 | 813 |
+-----------------------------------------+------+------------+------------+------------+
| Share based payment reserve | | 20 | 20 | 20 |
+-----------------------------------------+------+------------+------------+------------+
| Profit and loss account | | (1,046) | (987) | (1,024) |
+-----------------------------------------+------+------------+------------+------------+
| Total equity attributable to equity | | 274 | 333 | 296 |
| holders of the company | | | | |
+-----------------------------------------+------+------------+------------+------------+
| Total equity and liabilities | | 284 | 353 | 319 |
+-----------------------------------------+------+------------+------------+------------+
+------------------------------+----------+----------+---------+---------+----------+---+
| ROEFORD PROPERTIES PLC |
| STATEMENT OF CHANGES IN EQUITY |
| FOR THE PERIOD ENDED 30 JUNE 2009 |
| |
+---------------------------------------------------------------------------------------+
| | | Share | Share | Profit | Total | |
| | | premium | based | and | | |
| | Share | account | payment | loss | | |
| | capital | | reserve | account | | |
+------------------------------+----------+----------+---------+---------+----------+---+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | |
+------------------------------+----------+----------+---------+---------+----------+---+
| | | | | | | |
+------------------------------+----------+----------+---------+---------+----------+---+
| At 1 January 2009 | 487 | 813 | 20 | (1,024) | 296 | |
+------------------------------+----------+----------+---------+---------+----------+---+
| | | | | | | |
+------------------------------+----------+----------+---------+---------+----------+---+
| Transactions with owners | - | - | - | - | - | |
+------------------------------+----------+----------+---------+---------+----------+---+
| Loss for the period | - | - | - | (22) | (22) | |
+------------------------------+----------+----------+---------+---------+----------+---+
| | | | | | | |
+------------------------------+----------+----------+---------+---------+----------+---+
| Other comprehensive income | - | - | - | - | - | |
+------------------------------+----------+----------+---------+---------+----------+---+
| | | | | | | |
+------------------------------+----------+----------+---------+---------+----------+---+
| Total comprehensive income | - | - | - | (22) | (22) | |
| for the period | | | | | | |
+------------------------------+----------+----------+---------+---------+----------+---+
| | | | | | | |
+------------------------------+----------+----------+---------+---------+----------+---+
| At 30 June 2009 | 487 | 813 | 20 | (1,046) | 274 | |
+------------------------------+----------+----------+---------+---------+----------+---+
| | | | | | | |
+------------------------------+----------+----------+---------+---------+----------+---+
| | | | | | | |
+------------------------------+----------+----------+---------+---------+----------+---+
| At 1 January 2008 | 95 | 901 | 20 | (936) | 80 | |
+------------------------------+----------+----------+---------+---------+----------+---+
| | | | | | | |
+------------------------------+----------+----------+---------+---------+----------+---+
| Issue of share capital less | 392 | (88) | - | - | 304 | |
| expenses | | | | | | |
+------------------------------+----------+----------+---------+---------+----------+---+
| Transactions with owners | 392 | (88) | - | - | 304 | |
+------------------------------+----------+----------+---------+---------+----------+---+
| | | | | | | |
+------------------------------+----------+----------+---------+---------+----------+---+
| Loss for the period | - | - | - | (51) | (51) | |
+------------------------------+----------+----------+---------+---------+----------+---+
| Other comprehensive income | - | - | - | - | - | |
+------------------------------+----------+----------+---------+---------+----------+---+
| Total comprehensive income | - | - | - | (51) | (51) | |
| for the period | | | | | | |
+------------------------------+----------+----------+---------+---------+----------+---+
| | | | | | | |
+------------------------------+----------+----------+---------+---------+----------+---+
| At 30 June 2008 | 487 | 813 | 20 | (987) | 333 | |
+------------------------------+----------+----------+---------+---------+----------+---+
| | | | | | | |
+------------------------------+----------+----------+---------+---------+----------+---+
| Transactions with owners | - | - | - | - | - | |
+------------------------------+----------+----------+---------+---------+----------+---+
| | | | | | | |
+------------------------------+----------+----------+---------+---------+----------+---+
| Loss for the period | - | - | - | (37) | (37) | |
+------------------------------+----------+----------+---------+---------+----------+---+
| Other comprehensive income | - | - | - | - | - | |
+------------------------------+----------+----------+---------+---------+----------+---+
| Total comprehensive income | - | - | - | (37) | (37) | |
| for the period | | | | | | |
+------------------------------+----------+----------+---------+---------+----------+---+
| | | | | | | |
+------------------------------+----------+----------+---------+---------+----------+---+
| At 31 December 2008 | 487 | 813 | 20 | (1,024) | 296 | |
+------------------------------+----------+----------+---------+---------+----------+---+
+-------------------------------------+------+------------+-------------+------------+
| ROEFORD PROPERTIES PLC |
| STATEMENT OF CASH FLOWS |
| FOR THE SIX MONTHS ENDED 30 JUNE 2009 |
+------------------------------------------------------------------------------------+
| | | 6 months | 6 months | Year ended |
| | | to | to | 31/12/2008 |
| | | 30/06/2009 | 30/06/2008 | Audited |
| | | Unaudited | Unaudited | |
+-------------------------------------+------+------------+-------------+------------+
| | | GBP000 | GBP000 | GBP000 |
+-------------------------------------+------+------------+-------------+------------+
| | | | | |
+-------------------------------------+------+------------+-------------+------------+
| Cash flows from operating | | | | |
| activities | | | | |
+-------------------------------------+------+------------+-------------+------------+
| Loss before taxation | | (22) | (51) | (88) |
+-------------------------------------+------+------------+-------------+------------+
| Finance income | | (1) | (9) | (16) |
+-------------------------------------+------+------------+-------------+------------+
| (Increase)/decrease in trade and | | (6) | 202 | 210 |
| other receivables | | | | |
+-------------------------------------+------+------------+-------------+------------+
| Decrease in trade and other | | (13) | (112) | (109) |
| payables | | | | |
+-------------------------------------+------+------------+-------------+------------+
| Net cash (outflow)/inflow from | | (42) | 30 | (3) |
| operating activities | | | | |
+-------------------------------------+------+------------+-------------+------------+
| | | | | |
+-------------------------------------+------+------------+-------------+------------+
| | | | | |
+-------------------------------------+------+------------+-------------+------------+
| Cash flows from investing | | | | |
| activities | | | | |
+-------------------------------------+------+------------+-------------+------------+
| Finance income | | 1 | 9 | 16 |
+-------------------------------------+------+------------+-------------+------------+
| Net cash inflow from investing | | 1 | 9 | 16 |
| activities | | | | |
+-------------------------------------+------+------------+-------------+------------+
| | | | | |
+-------------------------------------+------+------------+-------------+------------+
| Cash flows from financing | | | | |
| activities | | | | |
+-------------------------------------+------+------------+-------------+------------+
| Proceeds from issue of share | | - | 304 | 392 |
| capital | | | | |
+-------------------------------------+------+------------+-------------+------------+
| Cost of issue of share capital | | - | - | (88) |
+-------------------------------------+------+------------+-------------+------------+
| Net cash inflow from financing | | - | 304 | 304 |
| activities | | | | |
+-------------------------------------+------+------------+-------------+------------+
| | | | | |
+-------------------------------------+------+------------+-------------+------------+
| Net (decrease)/increase in cash and | | (41) | 343 | 317 |
| cash equivalents | | | | |
+-------------------------------------+------+------------+-------------+------------+
| Cash and cash equivalents brought | | 318 | 1 | 1 |
| forward | | | | |
+-------------------------------------+------+------------+-------------+------------+
| Cash and cash equivalents carried | | 277 | 344 | 318 |
| forward | | | | |
+-------------------------------------+------+------------+-------------+------------+
ROEFORD PROPERTIES PLC
NOTES TO THE INTERIM REPORT
FOR THE SIX MONTHS ENDED 30 JUNE 2009
1. GENERAL INFORMATION
The information for the period ended 30 June 2009 does not constitute statutory
accounts as defined in Section 434 of the Companies Act 2006. The figures for
the year ended 31 December 2008 have been extracted fromthe 2008 statutory
financial statements prepared under International Financial Reporting Standards
("IFRS"). The auditors' report on these accounts was unqualified and did not
contain a statement under Section 237 (2) of the Companies Act 1985. A copy of
the statutory accounts for that period has been delivered to the Registrar of
Companies.
2. BASIS OF PREPARATION
The interim financial statements have been prepared in accordance with IFRS and
under the historical cost convention.
The Directors have a reasonable expectation that the Company has adequate
resources to continue in operational existence for the foreseeable future and
for this reason they continue to adopt the going concern basis in preparing the
financial statements.
The principal accounting policies of the Company remain unchanged from those set
out in the Company's 2008 Annual Report, except for the adoption of IAS 1
Presentation of Financial Statements (Revised 2007).
The adoption of IAS 1 (Revised 2007) does not affect the financial position or
profits of the Company, but gives rise to additional disclosures. The
measurement and recognition of the Company's assets, liabilities, income and
expenses is unchanged, however some items that were recognised directly in
equity are now recognised in other comprehensive income, for example revaluation
of property, plant and equipment. IAS 1 (Revised 2007) affects the presentation
of owner changes in equity and introduces a 'Statement of Comprehensive Income'.
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The Company makes estimates and assumptions concerning the future. The resulting
accounting estimates will, by definition, seldom equal actual results. The most
significant assumption that the Directors have made is in respect of the
appropriateness of preparing the interim report on a going concern basis. The
reasons the directors believe it is appropriate to prepare the accounts on a
going concern basis are detailed above. The Directors do not consider that there
are any estimates or assumptions which have a significant risk of causing a
material adjustment of the carrying value of assets and liabilities within the
next accounting year.
The Directors, in applying the accounting policies do not consider that they
have had to make any critical judgements in their application.
3. LOSS per share
The calculation of the basic loss per share is based on the loss attributable to
ordinary shareholders divided by the weighted average number of shares in issue
during the period. The impact of the warrants on the loss per share is
anti-dilutive.
+-----------------------------------------+-------------+-------------+-------------+
| | Basic loss per share |
+-----------------------------------------+-----------------------------------------+
| | 6 months | 6 months | Year ended |
| | to | to | 31/12/2008 |
| | 30/06/2009 | 30/06/2008 | Audited |
| | Unaudited | Unaudited | |
+-----------------------------------------+-------------+-------------+-------------+
| | | | |
+-----------------------------------------+-------------+-------------+-------------+
| Loss on ordinary activities after tax | (22) | (51) | (88) |
| (GBP'000) | | | |
+-----------------------------------------+-------------+-------------+-------------+
| | | | |
+-----------------------------------------+-------------+-------------+-------------+
| Weighted average number of 0.25p | 194,866,667 | 188,871,403 | 188,871,403 |
| ordinary shares | | | |
+-----------------------------------------+-------------+-------------+-------------+
| | | | |
+-----------------------------------------+-------------+-------------+-------------+
| Loss per share - basic | (0.01p) | (0.03p) | (0.05p) |
+-----------------------------------------+-------------+-------------+-------------+
| - diluted | (0.01p) | (0.03p) | (0.05p) |
+-----------------------------------------+-------------+-------------+-------------+
4. trade and other receivables
+-----------------------------------------+-+------------+------------+------------+
| | | 30/06/2009 | 30/6/2008 | 31/12/2008 |
| | | Unaudited | Unaudited | Audited |
+-----------------------------------------+-+------------+------------+------------+
| | | GBP000 | GBP000 | GBP000 |
+-----------------------------------------+-+------------+------------+------------+
| | | | | |
+-----------------------------------------+-+------------+------------+------------+
| Trade receivables | | 1 | 4 | - |
+-----------------------------------------+-+------------+------------+------------+
| Prepayments and accrued income | | 6 | 5 | 1 |
+-----------------------------------------+-+------------+------------+------------+
| Total | | 7 | 9 | 1 |
+-----------------------------------------+-+------------+------------+------------+
5. trade and other payables
+-----------------------------------------+-+------------+------------+------------+
| | | 30/06/2009 | 30/6/2008 | 31/12/2008 |
| | | Unaudited | Unaudited | Audited |
+-----------------------------------------+-+------------+------------+------------+
| | | GBP000 | GBP000 | GBP000 |
+-----------------------------------------+-+------------+------------+------------+
| | | | | |
+-----------------------------------------+-+------------+------------+------------+
| Trade and other payables | | 10 | 20 | 23 |
+-----------------------------------------+-+------------+------------+------------+
| | | | | |
+-----------------------------------------+-+------------+------------+------------+
Enquiries:
Mark Grady
Roeford Properties PLC
0121 733 3011
Katy Birkin
W. H. Ireland
0121 265 6330
This information is provided by RNS
The company news service from the London Stock Exchange
END
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