RNS Number : 1937I
G.R. Holdings PLC
14 November 2008
G.R. (HOLDINGS) PLC
PRELIMINARY ANNOUNCEMENT OF FINAL RESULTS
FOR THE YEAR ENDED 30 JUNE 2008
Chairman's Statement
The pre-tax loss of the group on ordinary activities for the year ended 30 June 2008 was �193,792 (2007: �399,010 loss; previously
stated under UK GAAP: loss �186,625) the loss is stated after charging preference dividends of �92,083 (2007: �162,761). After taxation, the
loss attributable to members of the company is �234,749 against a loss �295,246 for the previous year. This year's turnover was �684,989
compared to �684,039 for the previous year.
Morlands' turnover was the around same level as the previous year, whilst the profit for the year amounted to �68,746 compared to a loss
the previous year of �77,677.
In January 2008, the group disposed of a property asset in London for a net consideration of �597,890; this resulted in a profit of
�538,977 against historical costs. This asset had previously been revalued in the accounts at �400,000 and under the new IFRS accounting
rules, only �197,891 has been credited to the consolidated income statement.
On 25 January 2008, the company redeemed and cancelled 1,550,108 10�% Second Cumulative Preference Shares of �1 each, amounting to
�1,550,108.
During the year, Lichfield Land Company Limited, a joint venture company in which Mintbay Limited, a group subsidiary, has a 50%
interest, sold a small parcel of land. This sale resulted in our share of the profit being �20,405.
We are still involved as limited partners in four partnerships in the United States of America. There were no sales during the year. Of
these remaining four partnerships included in these financial statements at a value of �237,020, one constitutes over 75% of the total
value. This single investment has been held since December 1987, and no serious offers for sale have been received to date.
At the year end, our stock increased by �20,769. Debtors have decreased by �30,872 whilst creditors have increased by �3,820. Net cash
at bank and in hand has decreased by �1,394,678 to �1,665,300, principally due to the redemption of the preference shares amounting to
�1,550,108.
Overall, in view of the current economic climate, I am pessimistic regarding the trading results for the current year.
Finally, I would like to thank my co-director and all the staff for their support and efforts during the year.
A.D. Stalbow
Chairman
14 November 2008
G.R. (Holdings) plc
Consolidated Income Statement
for the year ended 30 June 2008
2008 2007
� �
Continuing operations
Revenue 684,989 684,039
Cost of sales (371,904) (445,456)
Gross profit 313,085 238,583
Distribution costs (36,177) (29,971)
Administrative expenses (673,753) (522,266)
Provision against property investments (41,623) -
Loss on disposal of USA investments - (49,953)
Profit on disposal of UK investments and assets 218,900 301
(532,653) (601,889)
Loss from continuing activities (219,568) (363,306)
Financial income 119,031 128,123
Financial costs (93,255) (163,827)
25,776 (35,704)
Loss on before taxation (193,792) (399,010)
Income tax expenses (40,957) 103,764
Loss for the year (234,749) (295,246)
Earnings per share from continuing operations (1.5p) (3.0p)
G.R. (Holdings) plc
Consolidated Balance Sheet
as at 30 June 2008
2008 2007
� � �
Assets
Non-current assets
Property, plant and equipment 135,874 537,494
Investment properties 756,794 822,460
Intangible assets 1 1
892,669 1,359,955
Current assets
Inventories 96,824 76,055
Trade and other receivables 124,532 155,404
Cash and cash equivalents 1,665,300 3,059,978
1,886,656 3,291,437
Current liabilities
Trade and other payables 134,481 126,709
1,752,175 3,164,728
Total assets less current liabilities 2,644,844 4,524,683
Non-current liabilities
Obligations under hire purchase leases - 3,820
Preference shares - 1,550,108
Deferred income tax liabilities 69,476 25,380
69,476 1,579,308
2,575,368 2,945,375
Shareholders* equity
Issued share capital 658,405 658,405
Capital redemption reserve 425,000 425,000
Share premium account 198,396 198,396
Retained earnings 1,293,567 1,663,574
Total shareholders* equity 2,575,368 2,945,375
G.R. (Holdings) plc
TRANSITION TO IFRS
These are the group's first consolidated financial statements prepared in accordance with IFRS.
IFRS 1 permits companies adopting IFRS for the first time to take certain exemptions from the full requirements of IFRS in the
transition period. These consolidated financial statements have been prepared on the basis of taking the following exemptions:
* Business combination that took place prior to the date of transition have not been restated to comply with IFRS 3 "Business
Combinations"
* Cumulative translation differences that existed at the date of transition are set to nil
* Certain investments held at the opening balance sheet date have been held at cost rather than revalued to market value.
The following reconciliations show the effect of the transition from UK GAAP to IFRS.
Reconciliation of net income for the year ended 30 June 2007
UKGAAP Effect of transition Restated underIFRS
to IFRS
� � �
Continuing operations
Revenue 677,044 6,995 684,039
Cost of sales (445,456) - (445,456)
Gross profit 231,588 6,995 238,583
Distribution costs (29,971) - (29,971)
Administrative expenses (512,896) (9,370) (522,266)
Loss on disposal of USA (3,556) (46,397) (49,953)
investments
Profit on disposal of UK 166,289 (165,988) 301
investments and assets
(380,134) (221,755) (601,889)
Loss from continuing (148,546) (214,760) (363,306)
activities
Financial income 125,748 2,375 128,123
Financial costs (163,827) - (163,827)
(38,079) 2,375 (35,704)
Loss on before taxation (186,625) (212,385) (399,010)
Taxation 103,764 - 103,764
Loss for the year (82,861) (212,385) (295,246)
G.R. (Holdings) plc
Reconciliation of group equity at 30 June 2007
UKGAAP Effect of transition to Restated under IFRS
IFRS
� � �
Assets
Non-current assets
Property, plant and equipment 537,494 - 537,494
Investment properties 846,912 (24,452) 822,460
Intangible assets 1 - 1
1,384,407 (24,452) 1,359,955
Current assets
Inventories 76,055 - 76,055
Trade and other receivables 153,584 1,820 155,404
Cash and cash equivalents 3,030,554 29,424 3,059,978
3,260,193 31,244 3,291,437
Current liabilities
Trade and other payables 119,917 6,792 126,709
Net current assets 3,140,276 24,452 3,164,728
Total assets less current 4,524,683 - 4,524,683
liabilities
Non-current liabilities
Long term borrowings 3,820 - 3,820
Preference shares 1,550,108 - 1,550,108
Deferred income tax - 25,380 25,380
liabilities
1,553,928 25,380 1,579,308
2,970,755 (25,380) 2,945,375
Shareholders equity
Issued share capital 658,405 - 658,405
Capital redemption reserve 425,000 - 425,000
Revaluation reserve 843,141 (843,141) -
Share premium account 198,396 - 198,396
Retained earnings 845,813 817,761 1,663,574
Shareholders equity 2,970,755 (25,380) 2,945,375
G.R. (Holdings) plc
Explanation of the effect of the transition to IFRS
The transition to IFRS reporting has resulted in a number of changes in the reported financial statements, notes thereto and accounting
principles compares to those presented in previous years in accordance with UK GAAP.
The following explanatory notes explain the differences between IFRS/IAS and UK GAAP, as referred to in the reconciliations below,
required in accordance with IFRS 1, "First-time adoption of IFRSs".
a Investment properties (IAS 40)
Under UK GAAP, investment properties must be accounted for in accordance with SSAP 19. The properties are stated at open market value,
with changes taken direct to an investment revaluation reserve.
IAS 40 offers two options - the "fair value method" and the "cost method". The company has adopted the fair value method. The properties
will be stated in the balance sheet on a similar basis to SSAP 19. However, IAS 40 requires changes in value to be taken to profit or loss.
b Deferred tax (IAS 12)
Under UK GAAP, in accordance with FRS 19, no deferred tax was provided in respect of revaluation surpluses on investment properties. IAS
12, "Income taxes", requires deferred tax to be provided.
c Joint venture (IAS 31)
Under UK GAAP, the joint venture was account for using the equity method of accounting basis. IAS 31, "Financial reporting of interests
in joint venture", requires that the venturer should recognise in its financial statements the assets that it controls, the liabilities
that it incurs, the expenses that it incurs, and its share of the income from the sale of goods or services by the joint venture the joint
venture.
Explanation of adjustments to the cash flow statement
Under UK GAAP, cash does not include short-term deposits and investments that cannot be withdrawn without notice and without incurring a
penalty. Such items are shown as short-term investments. Under IFRS, deposits with a maturity of three months or less at inception and which
are readily convertible to known amount of cash are included as cash and cash equivalents.
Under UK GAAP, cash flows are presented separately for operating activities, returns on investments and servicing of finance, taxation,
capital expenditure, and financial investments, acquisitions and disposals, management of liquid resources and financing activities. IFRS,
however, require only three categories of cash flow activity to be reported: operating, investing, and financing.
G.R (Holdings) plc
Notes:
* The summary of results for the year ended 30 June 2008 does not constitute full financial statements within the meaning of Section 240
of the Companies Act 1985.
2. These financial statements have been audited.
3. The board has decided not to declare a final dividend, (2007: 1.0p) for the year
ending 30 June 2008 on the ordinary shares of the company..
4. The calculation of earnings per share is based on a loss of �193,792 (2007:
�399,010 loss) being the profit after taxation and after deducting preference
dividends, and on 13,168,100 ordinary shares of 5p each (2007: 13,168,100).
5. The Annual General Meeting will be held at 11.30am on 9 December 2008 at
Queripel House, 1 Duke of York Square, London SW3 4LY.
6. Copies of the 2008 Report and Accounts are being sent to shareholders in due
course. Further copies are available from the Company's registered office at 7
Queripel House, 1 Duke of York Square, London SW3 4LY and from the company
website www.grholdingsplc.co.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR BIBBTMMIBBRP
G.R.(Hldgs) (LSE:GRH)
過去 株価チャート
から 5 2024 まで 6 2024
G.R.(Hldgs) (LSE:GRH)
過去 株価チャート
から 6 2023 まで 6 2024