TIDMANG
ANGELA FLOWERS GALLERY PLC
FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2008
CHAIRMAN'S STATEMENT
After the strong financial performance in 2007 it is disappointing to announce
a large loss for 2008. The fall in turnover to GBP4 million or 32% represents all
too clearly the recession in the contemporary art market since 2007. The cost
of sales dropped by 30% to GBP2.3 million, leaving gross profits lower by 34% at
GBP1.8 million.
Administrative expenses fell by 8% to GBP2.3 million, which was a considerable
achievement in the circumstances, but resulted in a loss of GBP450,603 at the
operating level and a loss of GBP565,380 before tax. The net loss came to GBP
521,199. equating to a loss of 7.5p per share.
During this very difficult financial year for business at large, the company
still achieved a great deal. We moved out of our old storage premises in
Richmond Road into the new freehold facility, having built a mezzanine floor
and fitted superb racking. We completed our renovations at Cork Street and now
have a splendid basement Gallery in addition to the ground floor area, which
has a separate, dedicated entrance. The space re-opened with a brilliant
exhibition of new paintings by Derek Boshier.
Peter Howson had a sell-out exhibition "The Harrowing of Hell" in a return to
form at Flowers East in October. Lucy Jones' exhibition of landscapes,
accompanied by a handsome new book, earned rave reviews, notably in the
Financial Times. The Gallery gave a first exhibition to the photographer Nadav
Kander - Yangtze From East To West - which also received excellent publicity.
He has since photographed "Obama's People" for the New York Sunday Times
magazine to celebrate President Obama's inauguration. An exhibition of this new
work is running at the Birmingham Museum and Art Gallery until the end of
August.
The unfriendly climate meant that the New York Gallery suffered its first loss
in six years (GBP120,008 against a profit of GBP11,493 last year). Sales in New
York dropped off earlier than the UK. The situation has been hindered further
by long and protracted renovations at 1000 Madison Avenue. This disturbance has
recently resulted in our vacating the premises, with a view to finding new
accommodation later this year.
Given the current market conditions, your board has taken the tough and
necessary measures to reduce costs dramatically in order to bring about
financial stability and growth. We have seen a revival in sales from the
beginning of February and are hopeful of a return to profit by the end of this
year.
As I remarked last year, spotting and bringing in new talent is very important.
Despite all the difficulties, I am therefore pleased to announce the
forthcoming first exhibitions with us for Jennifer Taylor, Cedric Christie and
Kwon Ki-Soo from South Korea. We are also about to launch our most ambitious
publication to date, "Bernard Cohen Work of Six Decades", which will be
available shortly to coincide with a brilliant survey exhibition.
The immensely hard-working staff deserve our warm thanks for their efforts in a
year when overall numbers have unfortunately had to be reduced from last year's
levels.
The Directors have given valued backing for the inevitable actions taken to
resist the difficulties undergone - and the artists have maintained a level of
achievement that has been splendid.
Angela Flowers
Chairman
These financial statements which have been extracted from audited information
have been approved by the Board of Directors.
The directors do not recommend payment of a dividend for the year ended 31st
December 2008 (2007: Nil).
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2008
2008 2007
GBP GBP GBP GBP
TURNOVER 4,039,449 5,899,318
Cost of sales 2,234,988 3,176,070
GROSS PROFIT 1,804,461 2,723,248
Administrative expenses 2,309,786 2,499,837
(505,325) 223,411
Other operating income 54,722 2,000
OPERATING (LOSS)/PROFIT (450,603) 225,411
Income from interest in associated undertakings - 4,000
Interest receivable and similar income 19,389 899
19,389 899
(431,214) 230,310
Interest payable and similar charges 134,166 122,943
(LOSS)/PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION (565,380) 107,367
Tax on (loss)/profit on ordinary activities (44,181) 48,522
(LOSS)/PROFIT FOR THE FINANCIAL YEAR
AFTER TAXATION (521,199) 58,845
Earnings per share expressed
in pence per share:
Basic -7.50 0.85
Diluted -7.50 0.84
CONTINUING OPERATIONS
None of the group's activities were acquired or discontinued during the current
year or previous year.
TOTAL RECOGNISED GAINS AND LOSSES
The group has no recognised gains or losses other than the loss for the current
year and the profit for the previous year.
CONSOLIDATED BALANCE SHEET
31 DECEMBER 2008
2008 2007
GBP GBP GBP GBP
FIXED ASSETS
Intangible assets 50,943 60,249
Tangible assets 3,264,756 3,002,291
Investments 2 2
3,315,701 3,062,542
CURRENT ASSETS
Stocks 1,977,118 1,859,109
Debtors 962,685 1,512,883
Cash at bank and in hand 102,568 579,063
3,042,371 3,951,055
CREDITORS
Amounts falling due within one year 1,706,387 1,834,259
NET CURRENT ASSETS 1,335,984 2,116,796
TOTAL ASSETS LESS CURRENT
LIABILITIES 4,651,685 5,179,338
CREDITORS
Amounts falling due after
more than one year (1,896,351) (1,902,988)
PROVISIONS FOR LIABILITIES (40,799) (40,616)
NET ASSETS 2,714,535 3,235,734
CAPITAL AND RESERVES
Called up share capital 1,043,093 1,043,093
Share premium 1,421,006 1,421,006
Capital reserves 1,906 1,906
Profit and loss account 248,530 769,729
SHAREHOLDERS' FUNDS 2,714,535 3,235,734
The financial statements were approved by the Board of Directors on 28 May 2009
and were signed on its behalf by:
M D Flowers - Director
COMPANY BALANCE SHEET
31 DECEMBER 2008
2008 2007
GBP GBP GBP GBP
FIXED ASSETS
Intangible assets - -
Tangible assets 3,252,526 2,987,104
Investments 17,291 17,291
3,269,817 3,004,395
CURRENT ASSETS
Stocks 1,977,118 1,859,109
Debtors 1,168,372 1,490,367
Cash at bank and in hand 24,848 549,400
3,170,338 3,898,876
CREDITORS
Amounts falling due within one year 1,664,201 1,744,962
NET CURRENT ASSETS 1,506,137 2,153,914
TOTAL ASSETS LESS CURRENT
LIABILITIES 4,775,954 5,158,309
CREDITORS
Amounts falling due after
more than one year (1,896,351) (1,902,988)
PROVISIONS FOR LIABILITIES (40,799) (40,616)
NET ASSETS 2,838,804 3,214,705
CAPITAL AND RESERVES
Called up share capital 1,043,093 1,043,093
Share premium 1,421,006 1,421,006
Capital reserves 1,906 1,906
Profit and loss account 372,799 748,700
SHAREHOLDERS' FUNDS 2,838,804 3,214,705
The financial statements were approved by the Board of Directors on 28 May 2009
and were signed on its behalf by:
M D Flowers - Director
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2008
2008 2007
GBP GBP GBP GBP
Net cash (outflow)/inflow
from operating activities (136,183) 22,170
Returns on investments and
servicing of finance (114,777) (118,044)
Taxation (1,206) (20,558)
Capital expenditure (322,264) (542,834)
(574,430) (659,266)
Financing 64,632 945,234
(Decrease)/Increase in cash in the period (509,798) 285,968
Reconciliation of net cash flow
to movement in net debt
(Decrease)/Increase
in cash in the period (509,798) 285,968
Cash inflow
from increase in debt (64,632) (445,235)
Change in net debt resulting
from cash flows (574,430) (159,267)
Movement in net debt in the period (574,430) (159,267)
Net debt at 1 January (1,414,656) (1,255,389)
Net debt at 31 December (1,989,086) (1,414,656)
Notice of AGM
Notice is hereby given that the Annual General Meeting of Angela Flowers
Gallery plc for 2009 will be held at Flowers East, 82 Kingsland Road, London,
E2 8DP on Thursday 16th July 2009 at 11am.
END
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