RNS Number : 2698C
Commercial Group Properties PLC
29 August 2008
COMMERCIAL GROUP PROPERTIES PLC
29 August 2008
COMMERCIAL GROUP PROPERTIES PLC
UNAUDITED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MAY 2008
CHAIRMAN'S STATEMENT
The Company has continued to make strong progress during the period under review. Our development at Manston and proposed development at
Wigan remain on schedule. We expect to receive a resolution to grant planning consent in the near future for Phase One of the Manston
project. Once this is received we will be able to further progress the planning documentation for the next two phases of this development.
The Board has recently been considering how best to bring the Company's achievements and opportunities to the Market's attention and intends
to implement a number of initiatives designed to create greater investor awareness of the Company's prospects.
The Company has cultivated some important relationships in China resulting in several exciting property related opportunities. The Board
continues to appraise any opportunity to enhance shareholder value and will inform the Market as appropriate.
Progress at the company's sites in Dover has been slow. The plans by Dover Harbour Board to use part of the Farthingloe site as a Lorry
Buffer Zone have been put on hold. In addition, despite the Dover District Council area having plans for a major expansion in domestic house
numbers, no progress has been made towards re-zoning the Farthingloe area as a residential development. It does however continue to benefit
from consent for commercial development.
Previous valuations of the Farthingloe site have taken in to account considerable hope value with regards to both re-zoning for
residential use and the option for the Lorry Buffer Zone.
In view of the difficulties now being experienced in both of these areas and the national trends regarding development land values, the
board considers it appropriate to show a substantial reduction in the value of the Farthingloe holding whilst reducing the value of the
Western Heights site in line with national trends.
Overall, the value of the company's property portfolio is expected to remain approximately the same due to the increase in the value of the
Manston site. This will be confirmed by a formal revaluation of property assets for which instructions have been issued. The resulting
valuation will be announced to the market upon completion.
In these difficult times the company is fortunate to enjoy such strong ties with the expanding Chinese economy, which gives comfort in a
depressed market.
ROBIN BOLTON
29 August 2008
For further information, please contact:
Commercial Group Properties PLCKen Wills +44 (0)1843 860 866
Beaumont Cornish LimitedRolandCornish +44 (0)20 7628 3396
Square1 Consulting LimitedDavid Bick, Mark Longson +44 (0)20 7929 5599
BALANCE SHEET Unaudited Unaudited Audited
PERIOD FROM 1 DECEMBER 2007 TO and
31 MAY 2008 restated
Note 31 May 08 31 May 07 30 Nov 07
ASSETS � � �
Non-current assets
Property under development 4 51,983,637 45,385,000 50,900,000
Fixtures and fittings 7,881 3,808 9,460
Deferred expenditure 3,698,175 - 3,698,175
Deferred tax asset 778,740 - 699,826
------------------ ------------------ ------------------
Total non-current assets 56,468,433 45,388,808 55,307,461
Current assets
Properties intended for sale 4,873,889 11,348,530 11,599,571
Trade and other receivables 174,990 3,670,184 56,175
Cash and cash equivalents 45,143 751,863 323,424
------------------ ------------------ ------------------
Total current assets 5,094,022 15,770,577 11,979,170
------------------ ------------------ ------------------
TOTAL ASSETS 61,562,455 61,159,385 67,286,631
========== ========== ==========
EQUITY AND LIABILITIES
Equity
Issued share capital 210,000 210,000 210,000
Share premium 15,064,740 15,064,740 15,064,740
Revaluation reserve 19,695,273 16,302,308 19,695,273
Retained earnings (8,562,991) (445,777) (830,815)
------------------ ------------------ ------------------
Total equity 26,407,022 31,131,271 34,139,198
Non-current liabilities
Interest bearing loans and 27,300,247 23,525,564 24,495,564
borrowings
Deferred tax provision 7,659,273 6,339,787 7,659,273
------------------ ------------------ ------------------
Total non-current liabilities 34,959,520 29,865,351 32,154,837
Current liabilities
Bank overdraft 44 2,016 -
Trade and other payables 195,869 160,747 992,596
------------------ ------------------ ------------------
Total current liabilities 195,913 162,763 992,596
Total liabilities 35,155,433 30,028,114 33,147,433
------------------ ------------------ ------------------
TOTAL EQUITY AND LIABILITIES 61,562,455 61,159,385 67,286,631
========== ========== ==========
These financial statements were approved by the directors on 29 August 2008 and are signed on their behalf by:
...............................................*
K E WILLS
INCOME STATEMENT Unaudited Unaudited Audited
PERIOD FROM 1 DECEMBER 2007 TO and
31 MAY 2008 restated
31 May 08 31 May 07 30 Nov 07
Note � � �
Continuing operations:
Write down properties for sale 5 (6,725,682) - -
Administrative expenses (693,402) (429,765) (1,465,049)
Other operating income 27,656 26,045 35,912
------------------ ------------------ ------------------
OPERATING LOSS (7,391,428) (403,720) (1,429,137)
Finance income 3,929 466 15,012
Finance costs (423,591) (42,523) (116,516)
------------------ ------------------ ------------------
LOSS BEFORE TAXATION (7,811,090) (445,777) (1,530,641)
Corporation tax 78,914 - 699,826
------------------ ------------------ ------------------
LOSS FOR THE PERIOD (7,732,176) (445,777) (830,815)
ATTRIBUTABLE TO SHAREHOLDERS
========== ========== ==========
Loss per ordinary share
(pence)
Basic 6 (36.82) (2.28) (4.10)
========== ========== ==========
STATEMENT OF CHANGE IN EQUITY Share Share Revaluation Retained Earnings Unaudited
PERIOD FROM 1 DECEMBER 2007 TO capital premium reserve Total
31 MAY 2008
� � � � �
As at 1 December 2006 180,000 13,820,000 - - 14,000,000
Revaluation: Properties under - - 22,642,095 22,642,095
development -
Deferred tax - - (6,339,787) - (6,339,787)
Issue of shares 30,000 1,470,000 - - 1,500,000
Flotation costs - (225,260) - - (225,260)
Loss for the period - - - (445,777) (445,777)
------------------ ------------------ ------------------ ------------------ ------------------
As at 31 May 2007 210,000 15,064,740 16,302,308 (445,777) 31,131,271
========== ========== ========== ========== ==========
STATEMENT OF CHANGE IN EQUITY Share Share Revaluation Retained Earnings Unaudited
PERIOD FROM 1 DECEMBER 2007 TO capital premium reserve Total
31 MAY 2008
� � � � �
As at 1 December 2007 210,000 15,064,740 19,695,273 (830,815) 34,139,198
Revaluation: Properties under - - - -
development -
Deferred tax - - - - -
Issue of shares - - - - -
Flotation costs - - - - -
Loss for the period - - - (7,732,176) (7,732,176)
------------------ ------------------ ------------------ ------------------ ------------------
As at 31 May 2008 210,000 15,064,740 19,695,273 (8,562,991) (26,407,022)
========== ========== ========== ========== ==========
CASH FLOW STATEMENT Unaudited Unaudited Audited
PERIOD FROM 1 DECEMBER 2007 TO and restated
31 MAY 2008
31 May 08 31 May 07 30 Nov 07
� � �
Cash used in Operations
Loss before taxation (7,811,090) (445,777) (1,530,641)
Adjustments for:
Write down properties for sale 6,725,682 - -
Depreciation 1,579 543 3,156
Interest income (3,929) (466) (15,012)
Interest expense 423,591 42,523 116,516
Deferred expenditure - - (3,698,175)
Increase in trade and other (118,815) (3,670,184) (56,175)
receivables
Increase in inventories - (248,530) (11,599,571)
(Decrease)/increase in trade (796,727) 160,747 992,596
payables
------------------ ------------------ --------------------
Cash used in Operations (1,579,709) (4,161,144) (15,787,306)
Interest paid (423,591) (42,523) (116,516)
Corporation tax paid - - -
------------------ ------------------ --------------------
Net Cash used in Operating (2,003,300) (4,203,667) (15,903,822)
Activities
------------------ ------------------ --------------------
Cash Flows from Investing
Activities
Purchase of property, fixtures (1,083,637) (5,847,256) (9,558,070)
and fittings
Interest received 3,929 466 15,012
------------------ ------------------ --------------------
Net Cash from Investing (1,079,708) (5,846,790) (9,543,058)
Activities
------------------ ------------------ --------------------
Cash Flows from Financing
Activities
Net proceeds from issue of - 1,274,740 1,274,740
share capital
Proceeds from long-term 2,804,683 9,525,564 24,495,564
borrowings
------------------ ------------------ --------------------
Net Cash from Financing 2,804,683 10,800,304 25,770,304
Activities
------------------ ------------------ --------------------
Net Decrease/Increase in Cash, (278,325) 749,847 323,424
Cash Equivalents and bank
overdrafts
Cash, Cash Equivalents and 323,424 - -
bank overdrafts at Beginning
of Period
------------------ ------------------ --------------------
Cash, Cash Equivalents and 45,099 749,847 323,424
bank overdrafts at End of
Period
Bank overdrafts 44 2,016 -
------------------ ------------------ --------------------
Cash and Cash Equivalents 45,143 751,863 323,424
========== ========== ===========
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 1 DECEMBER 2007 TO 31 MAY 2008
1 General Information
The Company is incorporated in the United Kingdom. The address of its registered office is One America Square, Crosswall, London, EC3N
2SG.
The Company is listed on AIM.
This interim financial information was approved for issue on 29 August 2008.
This interim financial information has been reviewed, not audited.
2 Basis of Preparation
The interim financial information set out above does not constitute statutory accounts within the meaning of Section 240 of the
Companies Act 1985. It has been prepared on a going concern basis in accordance with the recognition and measurement criteria of the
International Financial Reporting Standards (IFRS) as adopted by the European Union. The accounting policies applied in preparing the
financial information are consistent with those that have been adopted in the Company's 2007 audited statutory accounts. Statutory accounts
for the year ended 30 November 2007 were approved by the Board of Directors on 20 May 2008 and delivered to the Registrar of Companies. The
report of the auditors on those accounts was unqualified.
The financial information for the 6 months ended 31 May 2008 and the 6 months ended 31 May 2007 has not been audited. As permitted, the
Company has chosen not to adopt IAS 34 "Interim Financial Statements" in preparing this interim financial information.
3 Accounting Policies
Except as described below, the accounting policies applied are consistent with those of the annual financial statements for the year
ended 30 November 2007, as described in those annual financial statements except for the following:
* Borrowing Costs - Following the period after releasing the interim financial statements to 31 May 2007, the Company changed its
accounting in respect of Borrowing Costs. The change in the policy adopted allowed the capitalization of borrowing costs in respect of
qualifying assets instead of expensing the costs through the income statement, in line with IAS 23. As a result, the figures in the
comparative column for the period to 31 May 2007 have been restated to reflect the change in accounting policy. As a result the finance
costs in the income statement have been adjusted to �42,523 where �410,134 is capitalized and �30,742 transferred to bank charges as
arrangement fees.
Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings.
The following new standards, amendments to standards or interpretations are mandatory for the first time for the financial year
beginning 1 December 2007 but are not currently relevant for the Company.
* IFRIC 11, 'IFRS 2 - Group and treasury share transactions'.
* IFRIC 12, 'Service concession arrangements'.
* IFRIC 14, 'IAS 19 - the limit on a defined benefit asset, minimum funding requirements and their interaction'.
The following new standards, amendments to standards and interpretations have been issued but are not effective for the financial year
beginning 1 December 2007 and have not been early adopted:
* IFRS 8, 'Operating segments', effective for annual periods beginning on or after 1 January 2009. IFRS 8 replaces IAS 14, 'Segment
reporting', and requires a 'management approach' under which segment information is presented on the same basis as that used for internal
reporting purposes. This is not relevant to the company, as it does not have any operating segments yet.
* IAS 23 (amendment), 'Borrowing costs', effective for annual periods beginning on or after 1 January 2009. This amendment is not
relevant to the company, as the company currently applies a policy of capitalizing borrowing costs.
* IFRS 2 (amendment) 'Share-based payment', effective for annual periods beginning on or after 1 January 2009. This is not relevant
to the company, as the company does not have any share based payments.
* IFRS 3 (amendment), 'Business combinations' and consequential amendments to IAS 27, 'Consolidated and separate financial
statements', IAS 28, 'Investments in associates' and IAS31, 'Interests in join ventures', effective prospectively to business combinations
for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after 1 July 2009.
Management is assessing the impact of the new requirements regarding acquisition accounting, consolidation and associates on the company.
The company has not yet signed up to any joint ventures.
* IAS 1 (amendment), 'Presentation of financial statements', effective for annual periods beginning on or after 1 January 2009.
Management is in the process of developing proforma accounts under the revised disclosure requirements of this standard.
* IAS 32 (amendment), 'Financial instruments: presentation', and consequential amendments to IAS 1, 'Presentation of financial
statements', effective for annual periods beginning on or after 1 January 2009. This is not relevant to the company, as the company does not
have any puttable instruments.
* IFRIC 13, 'Customer loyalty programmes', effective for annual periods beginning on or after 1 July 2008. This is not relevant to
the company, as the company does not have any loyalty programmes.
4 Property Under Development
The Manston site was last revalued at 30 November 2007.
5 Write Down Of Property For Sale
The write down in value of the properties for resale is a consequence of the national reduction in land bank values and development land
values and in addition the option by Dover Harbour Board to acquire part of the Farthingloe site is now unlikely to come to fruition.
6 Loss Per Share
Basic
Basic loss per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of
ordinary shares in issue during the period.
6 months to 6 months to Period to
31 May 08 31 May 07 30 Nov 07
� � �
Loss attributable to equity 7,732,176 445,777 830,815
holders of the Company
------------------ ---------------- --------------------
Weighted average number of 21,000,000 19,549,450 20,276,000
ordinary shares in issue
========== ========= ===========
Basic loss per share (pence (36.82)p (2.28)p (4.10)p
per share)
========== ========= ===========
Diluted
The company has no dilutive potential ordinary shares and therefore the weighted average number of ordinary shares in issue is the same
as for basic earnings per share calculation.
Auditors review report
We have been engaged by the Company to review the condensed set of Financial Statements in the half-yearly financial report for the six
months ended 31 May 2008 which comprise the balance sheet, income statement, statement of changes in equity, cash flow statement and related
notes. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent
misstatements or material inconsistencies with the information in the condensed set of financial statements.
Directors' Responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the Directors. The Directors are responsible for
preparing the half-yearly financial report in accordance with the AIM Rules for Companies.
The annual Financial Statements of the Company are prepared in accordance with the recognition and measurement criteria of IFRSs as
adopted by the European Union. The condensed set of Financial Statements included in this half-yearly financial report has been prepared in
accordance with the AIM Rules for Companies.
Our Responsibility
Our responsibility is to express to the Company a conclusion on the condensed set of Financial Statements in the half-yearly financial
report based on our review. This report, including the conclusion, has been prepared for and only for the Company for the purpose of the AIM
Rules for Companies. We do not, in producing this report, accept or assume responsibility for any other purpose to any other person to whom
this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
Scope of review
We conducted our review in accordance with the International Standard on Review Engagements 2410 "Review of Interim Financial
Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board for use in the United Kingdom. A
review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters,
and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with
International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of
all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of Financial Statements in the
half-yearly financial report for the six months ended 31 May 2008 is not prepared, in all material respects, in accordance with the AIM
Rules for Companies.
Littlejohn
Chartered Accountants
1 Westferry Circus
Canary Wharf
London E14 4HD
29 August 2008
This information is provided by RNS
The company news service from the London Stock Exchange
END
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