AFG Aquatic Food

 
TIDMANG 
 
Angela Flowers Gallery plc 
 
                     Interim Statement and Results for the 
                        six months ended 30th June 2009 
 
 
 
                             CHAIRMAN'S STATEMENT 
 
The first half of 2009 has been a period of consolidation. The aim has been to 
steady the ship in the face of extremely challenging financial times. Our 
strategy to reduce costs has been a success. We have witnessed a great deal of 
interest from collectors old and new, but a reluctance to part with money. I am 
confident that we have weathered the worst of the storm and that as soon as 
conditions improve in the contemporary art market we will be well placed to 
benefit. Your board of directors support me in believing that there remains a 
great opportunity in the United States: that being so, we have now found new 
premises in Chelsea, New York where we plan to open this fall. 
 
Our results for the first half of 2009 are a little better than anticipated and 
an improvement on the first half of 2008. Gross profits of GBP961,463 on sales of 
GBP2 million for the half year are down from GBP1.12 million on GBP2.34 million 
turnover in 2008, but with operating costs down from GBP1.16 million to GBP997,547 
the net loss of GBP56,495 is a small, but welcome improvement on the loss of GBP 
87,809 last year. 
 
We plan to launch our new website shortly. The news page is an excellent place 
to find all the exciting exhibitions our artists are involved in both at the 
galleries and elsewhere. Lucy Jones has recently been shortlisted for the GBP 
25,000 Threadneedle Art Prize taking place at the Mall galleries in London. 
Nadav Kander's imminent exhibition "Obama's People" at Kingsland Road has been 
attracting fabulous press. Patrick Hughes is about to celebrate his 70th 
birthday with work in exhibitions across the globe. Robert Polidori has 
retrospectives taking place in Montreal and Rio de Janeiro. Edward Burtynsky is 
about to open a significant new exhibition "Oil" at the Corcoran Art Gallery in 
Washington DC. 
 
It is, however, unfair to mention only a few of the Gallery artists as all of 
them continue to produce work of the highest calibre. 
 
Lastly I want to thank all the staff. They have remained incredibly positive, 
hard-working and motivated despite the odds. 
 
I look forward to bringing further good news in the months and years ahead. 
 
Angela Flowers 
Chairman 
15 September 2009 
 
 
                 CONSLIDATED PROFIT AND LOSS ACCOUNT FOR THE 
 
                          SIX MONTHS TO 30 JUNE 2009 
 
                                       Unaudited      Unaudited      Audited 
                                       Six months    Six months       year 
                                         ended          ended         ended 
 
                                        30.06.09      30.06.08      31.12.08 
 
                                           GBP              GBP             GBP 
 
Turnover                                 2,053,252     2,338,341     4,039,449 
 
Cost of Sales                          (1,091,789)   (1,217,168)   (2,234,988) 
 
Gross Profit                               961,463     1,121,173     1,804,461 
 
Operating Costs                          (997,547)   (1,162,872)   (2,255,064) 
 
Operating Profit (Loss)                   (36,084)      (41,699)     (450,603) 
 
Interest receivable                              1        15,700        19,389 
 
Interest payable                          (19,900)      (70,835)     (134,166) 
 
Profit (Loss) before                      (55,983)      (96,834)     (565,380) 
taxation 
 
Taxation                                     (512)         9,025        44,181 
 
Profit (Loss) after                       (56,495)      (87,809)     (521,199) 
taxation 
 
Retained Profit brought                    248,530       769,729       769,729 
forward 
 
Retained Profit carried                    192,035       681,920       248,530 
forward 
 
 
 
Earnings per share                         (0.81p)       (1.26p)       (7.50p) 
 
 
 
                       NOTE TO INTERIM FINANCIAL RESULTS 
 
The interim financial information set out herein does not constitute statutory 
accounts within the meaning of Section 434 of the Companies Act 2006. The 
financial statements comprise the unaudited results for the six months ended 30 
June 2009 and extracts from the audited results for the year ended 31 December 
2008. The unaudited Group results have been prepared under the historical cost 
convention, in accordance with the Companies Act 2006 and applicable accounting 
standards in the United Kingdom, and on the basis of the accounting policies 
set out in the Annual Report for the year ended 31 December 2008. 
 
The results for the 6 months ended 30 June 2009 have not been audited. The 
financial information for the year ended 31 December 2008 is an abridged 
version of the Group's Annual Report and Accounts for that year, which has been 
delivered to the Registrar of Companies. The independent auditors' report in 
the Annual Report 2008 was unqualified and did not contain a statement under 
Section 237(2) or 237(3) of the Companies Act 1985 (as amended). 
 
 
 
                          INDEPENDENT REVIEW 
 
                     Report to Angela Flowers Gallery plc 
 
INTRODUCTION 
 
We have been instructed by the Company to review the condensed financial 
statements for the six months ended 30th June 2009. We have read the other 
information contained in the interim report and considered whether it contains 
any apparent misstatements or material inconsistencies with the financial 
information. 
 
This report is made solely to the Company in accordance with the terms of our 
engagement. Our work has been undertaken so that we might state to the Company 
those matters we are required to state in an independent review report and for 
no other purpose. To the fullest extent permitted by law, we do not accept or 
assume responsibility to anyone other than the Company for our review work, for 
this report, or for the conclusions we have formed. 
 
DIRECTORS' RESPONSIBILITIES 
 
The interim report, including the financial information contained therein, is 
the responsibility of, and has been approved by the Directors. The Directors 
are responsible for preparing the interim report in accordance with the Rules 
of Plus. 
 
SCOPE OF REVIEW 
 
We conducted our review in accordance with International standard on Review 
Engagements 2410, "Review of Interim Financial Information Performed by the 
Independent Auditor of the Entity." A review of interim financial information 
consists of making inquiries, 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 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. 
 
REVIEW 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 interim financial 
report for the six months ended 30th June 2009 is not prepared, in all material 
respects, in accordance with the PLUS Rules for companies. 
 
Bowker Orford 
Registered Auditors 
15 September 2009 
 
 
Enquiries: 
Angela Flowers Gallery plc 
Matthew Flowers, Chief Executive Tel: + 44 (020) 7920 7777 
 
Ruegg & Co Limited 
Gavin Burnell Tel: + 44 (020) 7448 4400 
 
 
 
 
END 
 

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