TIDMGRH
RNS Number : 0153B
G.R. Holdings PLC
19 October 2009
?
G.R. (HOLDINGS) PLC
PRELIMINARY ANNOUNCEMENT OF FINAL RESULTS
FOR THE YEAR ENDED 30 JUNE 2009
Chairman's Statement
The pre-tax loss of the group on ordinary activities for the year ended 30 June
2009 was GBP270,366 (2008: GBP193,792 loss). After taxation, the loss
attributable to members of the company is GBP227,761 against a loss GBP234,749
for the previous year. This year's turnover was GBP527,468 compared to
GBP684,989 for the previous year.
Morlands' turnover fell from GBP675,863 to GBP514,343, whilst the profit for the
year amounted to GBP12,617 compared to for the previous year of GBP68,746 due to
reduced sales.
In October 2009, Lichfield Land Company Limited, a joint venture company in
which Mintbay Limited, a group subsidiary, has a 50% interest, completed the
sale of a parcel of land. The sale has resulted in a net profit before tax of
GBP123,915; this has been reflected in the results for the year as an increase
in the value of the property investments.
We were involved as limited partners in four partnerships in land in the United
States of America. There was one disposal during the year resulting in a net
loss of GBP17,146. Of the remaining three partnerships included in these
financial statements at a value of GBP219,874, 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.
During the year the stock decreased by GBP25,840, debtors have decreased by
GBP32,486 whilst creditors, excluding deferred tax, have decreased by GBP16,812.
Net cash at bank and in hand has decreased by GBP308,124 to GBP1,357,176.
Overall, in view of the uncertainty of the current economic climate, it is very
difficult to project trading profits for the current year; however cost cutting
is on-going throughout the group.
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
19 October 2009
G.R. (Holdings) plc
Consolidated Income Statement
for the year ended 30 June 2009
+----------------------------------------+------------+---+-----------+
| | 2009 | | 2008 |
+----------------------------------------+------------+---+-----------+
| | GBP | | GBP |
+----------------------------------------+------------+---+-----------+
| Continuing operations | | | |
+----------------------------------------+------------+---+-----------+
| Revenue | 527,468 | | 684,989 |
+----------------------------------------+------------+---+-----------+
| Cost of sales | (266,507) | | (371,904) |
+----------------------------------------+------------+---+-----------+
| Gross profit | 260,961 | | 313,085 |
+----------------------------------------+------------+---+-----------+
| | | | |
+----------------------------------------+------------+---+-----------+
| Distribution costs | (34,770) | | (36,177) |
+----------------------------------------+------------+---+-----------+
| Administrative expenses | (633,439) | | (673,753) |
+----------------------------------------+------------+---+-----------+
| Provision against property investments | - | | (41,623) |
+----------------------------------------+------------+---+-----------+
| Loss on disposal of USA investments | (17,146) | | - |
+----------------------------------------+------------+---+-----------+
| Increase in value of property | 123,915 | | - |
| investments | | | |
+----------------------------------------+------------+---+-----------+
| Profit on disposal of UK investments | - | | 218,900 |
| and assets | | | |
+----------------------------------------+------------+---+-----------+
| | (561,440) | | (532,653) |
+----------------------------------------+------------+---+-----------+
| | | | |
+----------------------------------------+------------+---+-----------+
| Loss from continuing activities | (300,479) | | (219,568) |
+----------------------------------------+------------+---+-----------+
| | | | |
+----------------------------------------+------------+---+-----------+
| Financial income | 30,886 | | 119,031 |
+----------------------------------------+------------+---+-----------+
| Financial costs | (773) | | (93,255) |
+----------------------------------------+------------+---+-----------+
| | 30,113 | | 25,776 |
+----------------------------------------+------------+---+-----------+
| | | | |
+----------------------------------------+------------+---+-----------+
| Loss on before taxation | (270,366) | | (193,792) |
+----------------------------------------+------------+---+-----------+
| Income tax expenses | 42,605 | | (40,957) |
+----------------------------------------+------------+---+-----------+
| | | | |
+----------------------------------------+------------+---+-----------+
| Loss for the year | (227,761) | | (234,749) |
+----------------------------------------+------------+---+-----------+
| | | | |
+----------------------------------------+------------+---+-----------+
| Earnings per share from continuing | (2.0p) | | (1.5p) |
| operations | | | |
+----------------------------------------+------------+---+-----------+
| | | | |
+----------------------------------------+------------+---+-----------+
G.R. (Holdings) plc
Consolidated Balance Sheet
as at 30 June 2009
+-----------------------------+-----------+-----------+---+-----------+
| | 2009 | | 2008 |
+-----------------------------+-----------------------+---+-----------+
| | GBP | GBP | | GBP |
+-----------------------------+-----------+-----------+---+-----------+
| Assets | | | | |
+-----------------------------+-----------+-----------+---+-----------+
| Non-current assets | | | | |
+-----------------------------+-----------+-----------+---+-----------+
| Property, plant and | | 130,182 | | 135,874 |
| equipment | | | | |
+-----------------------------+-----------+-----------+---+-----------+
| Investment properties | | 863,563 | | 756,794 |
+-----------------------------+-----------+-----------+---+-----------+
| Intangible assets | | 1 | | 1 |
+-----------------------------+-----------+-----------+---+-----------+
| | | 993,746 | | 892,669 |
+-----------------------------+-----------+-----------+---+-----------+
| Current assets | | | | |
+-----------------------------+-----------+-----------+---+-----------+
| Inventories | 70,984 | | | 96,824 |
+-----------------------------+-----------+-----------+---+-----------+
| Trade and other receivables | 92,046 | | | 124,532 |
+-----------------------------+-----------+-----------+---+-----------+
| Cash and cash equivalents | 1,357,176 | | | 1,665,300 |
+-----------------------------+-----------+-----------+---+-----------+
| | 1,520,206 | | | 1,886,656 |
+-----------------------------+-----------+-----------+---+-----------+
| Current liabilities | | | | |
+-----------------------------+-----------+-----------+---+-----------+
| Trade and other payables | 117,669 | | | 134,481 |
+-----------------------------+-----------+-----------+---+-----------+
| | | 1,402,537 | | 1,752,175 |
+-----------------------------+-----------+-----------+---+-----------+
| Total assets less current | | 2,396,283 | | 2,644,844 |
| liabilities | | | | |
+-----------------------------+-----------+-----------+---+-----------+
| | | | | |
+-----------------------------+-----------+-----------+---+-----------+
| Non-current liabilities | | | | |
+-----------------------------+-----------+-----------+---+-----------+
| Deferred income tax | 37,582 | | | 69,476 |
| liabilities | | | | |
+-----------------------------+-----------+-----------+---+-----------+
| | | 37,582 | | 69,476 |
+-----------------------------+-----------+-----------+---+-----------+
| | | 2,358,701 | | 2,575,368 |
+-----------------------------+-----------+-----------+---+-----------+
| | | | | |
+-----------------------------+-----------+-----------+---+-----------+
| 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 | | 1,076,900 | | 1,293,567 |
+-----------------------------+-----------+-----------+---+-----------+
| Total shareholders' equity | | 2,358,701 | | 2,575,368 |
+-----------------------------+-----------+-----------+---+-----------+
| | | | | |
+-----------------------------+-----------+-----------+---+-----------+
G.R (Holdings) plc
Notes:
1. The financial information set out above does not constitute the company's
statutory accounts for the years ended 30 June 2008 or 2009, but is derived from
those accounts. Statutory accounts for 2008 have been delivered to the Registrar
of Companies and those for 2009 will be delivered following the company's annual
general meeting. The auditors have reported on those accounts; their reports for
both years were unqualified, however for 30 June 2009 they did draw attention to
matters by way of emphasis without qualifying their report. For both years their
report did not contain statements under s498 (2) or (3) Companies Act 2006 or
equivalent preceding legislation.
2. The board has decided not to declare a final dividend for the year
ending 30
June 2009 (2008: nil) on the ordinary shares of the company.
3. The calculation of earnings per share is based on a loss of
GBP270,366 (2008:
GBP193,792 loss) being the profit after taxation
and after deducting preference
dividends, and on 13,168,100 ordinary
shares of 5p each (2008: 13,168,100).
4. The Annual General Meeting will be held at 11.30am on
1 December 2009 at
Queripel House, 1 Duke of York Square, London SW3
4LY.
5. Copies of the 2009 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
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