Final Results
03 Juin 2010 - 8:00AM
UK Regulatory
TIDMROE
RNS Number : 9852M
Roeford Properties PLC
03 June 2010
Roeford Properties plc
("Roeford" or "the Company")
Preliminary results for the year ended 31 December 2009
CHAIRPERSON'S STATEMENT
I am pleased to present the results of Company for the year ended 31 December
2009.
The Company generated a loss before taxation of GBP54,000 (2008: loss of
GBP88,000). As at 31 December 2009 the Company had net assets of GBP242,000
(2008: GBP296,000).
During the period the Company has undertaken no investment projects. Economic
conditions have not been conducive to new projects and the Directors remain
committed to only undertaking projects where there is a realistic expectation of
profit. Until an opportunity has been secured overheads will be kept to a
minimum and no remuneration will be paid to the Directors.
The Directors continue to seek investment opportunities for the Company that
will enhance shareholder value.
Maggie Ryan
3 June 2010
STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2009
+--------------------------------------+------+------------+------------+
| | Note | 2009 | 2008 |
+--------------------------------------+------+------------+------------+
| | | GBP'000 | GBP'000 |
+--------------------------------------+------+------------+------------+
| | | | |
+--------------------------------------+------+------------+------------+
| Administrative expenses | | (55) | (104) |
+--------------------------------------+------+------------+------------+
| | | | |
+--------------------------------------+------+------------+------------+
| Loss from operations | | (55) | (104) |
+--------------------------------------+------+------------+------------+
| | | | |
+--------------------------------------+------+------------+------------+
| Finance income | | 1 | 16 |
+--------------------------------------+------+------------+------------+
| | | | |
+--------------------------------------+------+------------+------------+
| Loss on ordinary activities before | | (54) | (88) |
| taxation | | | |
+--------------------------------------+------+------------+------------+
| | | | |
+--------------------------------------+------+------------+------------+
| Income tax | 2 | - | - |
+--------------------------------------+------+------------+------------+
| | | | |
+--------------------------------------+------+------------+------------+
| Loss on ordinary activities after | | (54) | (88) |
| taxation | | | |
+--------------------------------------+------+------------+------------+
| | | | |
+--------------------------------------+------+------------+------------+
| Other comprehensive income | | - | - |
+--------------------------------------+------+------------+------------+
| | | | |
+--------------------------------------+------+------------+------------+
| Total comprehensive expense | | (54) | (88) |
| attributable to owners | | | |
+--------------------------------------+------+------------+------------+
| | | | |
+--------------------------------------+------+------------+------------+
| Total and continuing loss per share | | | |
+--------------------------------------+------+------------+------------+
| Basic | 3 | (0.03p) | |
| | | | (0.05p) |
+--------------------------------------+------+------------+------------+
| Diluted | 3 | (0.03p) | (0.05p) |
+--------------------------------------+------+------------+------------+
STATEMENT OF CHANGES IN EQUITY
At 31 December 2009
+----------------------+---------+---------+--------+----------+----------+---------+
| | Share | Share | Share based | Retained | Total |
+----------------------+---------+---------+-------------------+----------+---------+
| | capital | premium | payment | earnings | equity |
+----------------------+---------+---------+-------------------+----------+---------+
| | | account | reserve | | |
+----------------------+---------+---------+-------------------+----------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+----------------------+---------+---------+-------------------+----------+---------+
| | | | | | |
+----------------------+---------+---------+--------+---------------------+---------+
| At 1 January 2008 | 95 | 901 | 20 | (936) | 80 |
+----------------------+---------+---------+--------+---------------------+---------+
| | | | | | |
+----------------------+---------+---------+--------+---------------------+---------+
| Issue of share | 392 | (88) | - | - | 304 |
| capital (less | | | | | |
| expenses) | | | | | |
+----------------------+---------+---------+--------+---------------------+---------+
| Transactions with | 392 | (88) | - | - | 304 |
| owners | | | | | |
+----------------------+---------+---------+--------+---------------------+---------+
| | | | | | |
+----------------------+---------+---------+--------+---------------------+---------+
| Loss for the year | - | - | - | (88) | (88) |
+----------------------+---------+---------+--------+---------------------+---------+
| Other comprehensive | - | - | - | - | - |
| income | | | | | |
+----------------------+---------+---------+--------+---------------------+---------+
| Total comprehensive | - | - | - | (88) | (88) |
| expense | | | | | |
+----------------------+---------+---------+--------+---------------------+---------+
| | | | | | |
+----------------------+---------+---------+--------+---------------------+---------+
| At 31 December 2008 | 487 | 813 | 20 | (1,024) | 296 |
+----------------------+---------+---------+--------+---------------------+---------+
| Transactions with | - | - | - | - | - |
| owners | | | | | |
+----------------------+---------+---------+--------+---------------------+---------+
| | | | | | |
+----------------------+---------+---------+--------+---------------------+---------+
| Loss for the year | - | - | - | (54) | (54) |
+----------------------+---------+---------+--------+---------------------+---------+
| Other comprehensive | - | - | - | - | - |
| income | | | | | |
+----------------------+---------+---------+--------+---------------------+---------+
| Total comprehensive | - | - | - | (54) | (54) |
| expense | | | | | |
+----------------------+---------+---------+--------+---------------------+---------+
| | | | | | |
+----------------------+---------+---------+--------+---------------------+---------+
| At 31 December 2009 | 487 | 813 | 20 | (1,078) | 242 |
+----------------------+---------+---------+--------+---------------------+---------+
| | | | | | |
+----------------------+---------+---------+--------+---------------------+---------+
| | | | | | | |
+----------------------+---------+---------+--------+----------+----------+---------+
STATEMENT OF FINANCIAL POSITION
At 31 December 2009
+--------------------------+-------+-------+---------+---------+
| | Note | 2009 | 2008 |
+----------------------------------+-------+---------+---------+
| | | GBP'000 | GBP'000 |
+----------------------------------+-------+---------+---------+
| | | | |
+----------------------------------+-------+---------+---------+
| Current assets | | | |
+----------------------------------+-------+---------+---------+
| Trade and other receivables | | 4 | 1 |
+----------------------------------+-------+---------+---------+
| Cash and cash equivalents | | 256 | 318 |
+----------------------------------+-------+---------+---------+
| Total assets | | 260 | 319 |
+----------------------------------+-------+---------+---------+
| | | | |
+----------------------------------+-------+---------+---------+
| Current liabilities | | | |
+----------------------------------+-------+---------+---------+
| Trade and other payables | | 18 | 23 |
+----------------------------------+-------+---------+---------+
| | | | |
+----------------------------------+-------+---------+---------+
| Equity | | | |
+----------------------------------+-------+---------+---------+
| Called up share capital | 4 | 487 | 487 |
+----------------------------------+-------+---------+---------+
| Share premium account | | 813 | 813 |
+----------------------------------+-------+---------+---------+
| Share based payment reserve | | 20 | 20 |
+----------------------------------+-------+---------+---------+
| Retained earnings | | (1,078) | (1,024) |
+----------------------------------+-------+---------+---------+
| Total equity | | 242 | 296 |
+----------------------------------+-------+---------+---------+
| | | | |
+----------------------------------+-------+---------+---------+
| Total liabilities and | | | 260 | 319 |
| equity | | | | |
+--------------------------+-------+-------+---------+---------+
| | | | | |
+--------------------------+-------+-------+---------+---------+
STATEMENT OF CASH FLOWS
For the year ended 31 December 2009
+------------------------------------+----------+-----------+
| | 2009 | 2008 |
+------------------------------------+----------+-----------+
| | GBP'000 | GBP'000 |
+------------------------------------+----------+-----------+
| | | |
+------------------------------------+----------+-----------+
| Cash flows from operating | | |
| activities | | |
+------------------------------------+----------+-----------+
| Loss before taxation | (54) | (88) |
+------------------------------------+----------+-----------+
| Adjustments for: | | |
+------------------------------------+----------+-----------+
| Finance income | (1) | (16) |
+------------------------------------+----------+-----------+
| | | |
+------------------------------------+----------+-----------+
| (Increase)/decrease in trade and | (3) | 210 |
| other receivables | | |
+------------------------------------+----------+-----------+
| Decrease in trade and other | (5) | (109) |
| payables | | |
+------------------------------------+----------+-----------+
| | | |
+------------------------------------+----------+-----------+
| Net cash outflow from operating | (63) | (3) |
| activities | | |
+------------------------------------+----------+-----------+
| | | |
+------------------------------------+----------+-----------+
| Cash flows from investing | | |
| activities | | |
+------------------------------------+----------+-----------+
| Finance income | 1 | 16 |
+------------------------------------+----------+-----------+
| | | |
+------------------------------------+----------+-----------+
| Net cash inflow from investing | 1 | 16 |
| activities | | |
+------------------------------------+----------+-----------+
| | | |
+------------------------------------+----------+-----------+
| Cash flows from financing | | |
| activities | | |
+------------------------------------+----------+-----------+
| Proceeds from issue of share | - | 392 |
| capital | | |
+------------------------------------+----------+-----------+
| Cost of issue of share capital | - | (88) |
+------------------------------------+----------+-----------+
| | | |
+------------------------------------+----------+-----------+
| Net cash inflow from financing | - | 304 |
| activities | | |
+------------------------------------+----------+-----------+
| | | |
+------------------------------------+----------+-----------+
| Net (decrease)/increase in cash | (62) | 317 |
| and cash equivalents | | |
+------------------------------------+----------+-----------+
| Cash and cash equivalents at | 318 | 1 |
| beginning of year | | |
+------------------------------------+----------+-----------+
| | | |
+------------------------------------+----------+-----------+
| Cash and cash equivalents at end | 256 | 318 |
| of year | | |
+------------------------------------+----------+-----------+
1 ACCOUNTING POLICIES
Basis of preparation
The financial statements
have been prepared under the historical cost convention and in accordance with
International Financial Reporting Standards adopted by the European Union
(IFRSs). The Company's shares are traded on the AIM market of the London Stock
Exchange.
The principal accounting policies of the Company, which are
consistent with those applied in the 2008 financial statements except for the
adoption of IAS1 Presentation of Financial Statements (Revised 2007) and IFRS 8
Operating Segments, are set out in the annual report and financial
statements.
The adoption of IAS1 (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.
IAS1 (Revised) 2007 affects the presentation of owner changes in equity and
introduces a "Statement of Comprehensive Income". IAS 1 (Revised) 2007 requires,
in certain circumstances, presentation of a comparative statement of financial
position as at the beginning of the first comparative period. Management
consider that this is not necessary as the statement of financial position as at
31 December 2007 is the same as previously published and therefore there is no
material change in presentation.
The adoption of IFRS 8 Operating
Segments has not affected the identified operating segments. IFRS 8 requires
segments to be identified based on the internal management reporting information
that is regularly reviewed by the chief operating decision maker. In the
previous financial statements, segments were identified by reference to the
dominant source and nature of the Company's risks and returns.
Going
concern
The Directors have prepared cash flow forecasts for the period through
to 30 June 2011. The forecasts assume that no major transactions will take
place unless sufficient funds are available. The forecasts demonstrate that the
Company has sufficient finance available to allow it to continue in business for
a period of at least twelve months from the date of approval of these financial
statements. On this basis the financial statements have been prepared on a
going concern basis.
2 INCOME TAX
There is no tax charge for either period.
Unrelieved tax losses of GBP684,774 (2008: GBP630,640) remain available
to offset against future taxable trading profits. The associated deferred tax
asset of GBP191,736 (2008: GBP176,576) has not been recognised due to the
uncertainty over the timing of future profits.
The tax assessed for the
period differs from the standard rate of corporation tax in the UK as
follows:
+---------------------------------------+---------+---------+
| | 2009 | 2008 |
+---------------------------------------+---------+---------+
| | GBP'000 | GBP'000 |
+---------------------------------------+---------+---------+
| | | |
+---------------------------------------+---------+---------+
| Loss on ordinary activities before | (54) | (88) |
| taxation | | |
+---------------------------------------+---------+---------+
| Loss multiplied by standard rate of | (15) | (25) |
| corporation tax in the UK of 28% | | |
| (2007: 28%) | | |
+---------------------------------------+---------+---------+
| Effect of | | |
+---------------------------------------+---------+---------+
| Expenses not deductible for tax | - | (5) |
| purposes | | |
+---------------------------------------+---------+---------+
| Losses carried forward | 15 | 30 |
+---------------------------------------+---------+---------+
| Tax charge for period | - | - |
+---------------------------------------+---------+---------+
| | | |
+---------------------------------------+---------+---------+
| | | |
+---------------------------------------+---------+---------+
3 LOSS PER SHARE
The calculation of the basic loss per share is based
on the loss on ordinary activities after tax of GBP54,000 (2008: GBP88,000)
divided by the weighted average number of ordinary shares in issue during the
year of 194,866,677 (2008: 188,871,403). The impact of the warrants on the loss
per share is anti-dilutive for the years ended 31 December 2009 and 31 December
2008.
4 SHARE CAPITAL
+------------------------------------+------+--+------------------+----------+
| | | | 2009 | 2008 |
+------------------------------------+------+--+------------------+----------+
| | | | GBP'000 | GBP'000 |
+------------------------------------+------+--+------------------+----------+
| | | | | |
+------------------------------------+------+--+------------------+----------+
| Authorised | | | | |
+------------------------------------+------+--+------------------+----------+
| 4,000,000,000 ordinary shares of | | | 10,000 | 10,000 |
| 0.25p | | | | |
+------------------------------------+------+--+------------------+----------+
| | | | | |
+------------------------------------+------+--+------------------+----------+
| Allotted, issued and fully paid | | | | |
+------------------------------------+------+--+------------------+----------+
| 194,866,667 ordinary shares of | | | 487 | 487 |
| 0.25p | | | | |
+------------------------------------+------+--+------------------+----------+
| | | | | |
+------------------------------------+------+--+------------------+----------+
+------------------------------------------+--+-------------+-------------+
| | | Ordinary shares of |
| | | 0.25p |
+------------------------------------------+--+---------------------------+
| | | 2009 | 2008 |
+------------------------------------------+--+-------------+-------------+
| | | | |
+------------------------------------------+--+-------------+-------------+
| Shares issued and fully paid at the | | 194,866,667 | 38,133,333 |
| beginning of the period | | | |
+------------------------------------------+--+-------------+-------------+
| Issued and fully paid | | - | 156,733,334 |
+------------------------------------------+--+-------------+-------------+
| Shares issued and fully paid at the end | | 194,866,677 | 194,866,667 |
| of the period | | | |
+------------------------------------------+--+-------------+-------------+
| | | | |
+------------------------------------------+--+-------------+-------------+
All ordinary shares have the same rights and there are no restrictions on
the distribution of dividends or repayment of capital.
Warrants
On
23 February 2005 a warrant was issued to Strand Partners Securities Limited, in
respect of 1% of the issued share capital at the date of exercise, as part
consideration for their group's role as Nominated Adviser. On 19 December 2007
the terms of the warrant were modified; the warrant is now exerciseable in
respect of 381,333 ordinary shares, being 1% of the issued share capital at the
date of variation of the terms of the agreement. The warrant has vested and is
exercisable between 18 March 2005 and 18 March 2010 at 10p per share.
5 PUBLICATION OF NON-STATUTORY ACCOUNTS
The financial information set
out in this preliminary announcement does not constitute statutory accounts as
defined in section 434 of the Companies Act 2006.
The statement of
financial position at 31 December 2009 and the statement of comprehensive
income, the statement of changes in equity, the statement of cash flows and the
associated notes for the year then ended have been extracted from the Company's
financial statements upon which the auditor's opinion is unqualified and does
not include any statement under section 498 of the Companies Act 2006. The
statutory accounts for the year ended 31 December 2009 will be published shortly
and delivered to the Registrar of Companies following the Company's Annual
General Meeting. Following publication copies of the accounts will be available
on the Company's website www.roefordproperties.co.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR UUAKRRKANRAR
Gblbalfaccusd (LSE:ROE)
Graphique Historique de l'Action
De Nov 2024 à Déc 2024
Gblbalfaccusd (LSE:ROE)
Graphique Historique de l'Action
De Déc 2023 à Déc 2024
