RNS Number:8477O
Eurocity Properties PLC
18 December 2001
Eurocity Properties PLC
INTERIM ACCOUNTS
for the six months ended
30 September 2001
ADVANCE /y786
Company Registration No. 2739940
For the six month period to 30 September 2001 the group made a loss of
#141,003 (2000: loss #96,305). The group has increased net assets to
#3,172,570 from #3,013,573, at the year end, by making a number of acquisitions
and also by disposing of some of the residential properties that were held as
stock.
We have in the process of the acquisitions been successful in issuing shares
at 50p per share and are continuing to seek further opportunities to increase
the strength of the balance sheet whilst at the same time to eliminate the
losses and seek to achieve profitability.
Nicholas Jeffrey LLB
Chairman
17 December 2001
Notes Period ended Period ended Year ended
30 September 30 September 31 March
2001 2000 2001
(Unaudited) (Unaudited) (Audited)
# # #
TURNOVER 2 1,774,279 251,470 531,878
Cost of trading properties sold (1,214,692) - -
Direct property expenses (40,782) (43,830) (39,696)
Operating expenses (320,111) (210,887) (591,801)
OPERATING PROFIT/(LOSS) 198,694 (3,247) (99,619)
Amounts written off investments - - (5,188)
Profit on sale of investment - 54,630 31,924
properties
Interest receivable 1,873 11,991 15,735
Interest payable (341,570) (159,679) (374,913)
LOSS ON ORDINARY ACTIVITIES
BEFORE TAXATION
(141,003) (96,305) (432,061)
Taxation 5 - - -
LOSS ON ORDINARY ACTIVITIES
AFTER TAXATION
(141,003) (96,305) (432,061)
LOSS PER SHARE
Basic 3 2.6p 2.7p 10.9p
Fully diluted 3 2.6p 2.7p 10.9p
The operating profit/(loss) for the period arises from the group's continuing
operations.
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
Period Period Year ended
ended ended 31 March
30 30 2001
September September
2001 2000
(Unaudited) (Unaudited) (Audited)
# # #
Loss for the financial period (141,003) (96,305) (432,061)
Unrealised surplus on revaluation of
investment properties
- - 385,508
Total recognised gains and losses (141,003) (96,305) (46,553)
relating to the period
Notes 30 September 31 March
2001 2001
(Unaudited) (Audited)
# #
FIXED ASSETS
Investment properties and other tangible 6 13,219,694 9,194,962
assets
CURRENT ASSETS
Stock 677,658 1,842,418
Debtors 58,966 36,560
Investments - 119,442
Cash at bank and in hand 38,378 115,992
775,002 2,114,412
CREDITORS: Amounts falling due within one (1,674,986) (2,101,746)
year
NET CURRENT (LIABILITIES)/ASSETS (899,984) 12,666
TOTAL ASSETS LESS CURRENT LIABILITIES 12,319,710 9,207,628
CREDITORS: Amounts falling due after more (9,147,140) (6,194,055)
than one year
NET ASSETS 3,172,570 3,013,573
CAPITAL AND RESERVES
Called up share capital 7 2,912,670 2,612,670
Share premium account 663,581 663,581
Other reserve 53,711 53,711
Revaluation reserve 949,063 949,063
Profit and loss account (1,406,455) (1,265,452)
SHAREHOLDERS' FUNDS 3,172,570 3,013,573
NET ASSET VALUE PER SHARE 4 54.5p 57.7p
Period ended Period ended Year ended
30 September 30 September 31 March
2001 2000 2001
(Unaudited) (Unaudited) (Audited)
# # (restated)
#
Cash flow from operating activities 1,479,501 (96,423) 241,007
Returns on investments and servicing (338,062) (147,688) (359,178)
of finance
Taxation - - -
Capital expenditure and financial (3,605,920) (4,691) 44,390
investment
Acquisitions - - (2,060,420)
CASH OUTFLOW BEFORE FINANCING (2,464,481) (291,102) (2,134,201)
Financing 2,451,767 89,348 1,552,816
DECREASE IN CASH IN THE PERIOD (12,714) (201,754) (581,385)
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
Period ended Period ended Year ended
30 September 30 September 31 March
2001 2000 2001
(Unaudited) (Unaudited) (Audited)
# # (restated)
#
Decrease in cash in the period (12,714) (201,754) (581,385)
Cash inflow from increase in debt (2,451,767) (113,319) (4,247,121)
Change in net debt resulting from (2,464,481) (315,073) (4,828,506)
cashflows
Amortisation of finance costs (1,635) - -
MOVEMENT IN NET DEBT IN PERIOD (2,466,116) (315,073) (4,828,506)
NET DEBT BROUGHT FORWARD (7,551,592) (2,723,086) (2,723,086)
NET DEBT CARRIED FORWARD (10,017,708) (3,038,159) (7,551,592)
1 BASIS OF PREPARATION
The financial information contained in this interim report does not constitute
statutory accounts within the meaning of section 240 of the Companies Act
1985. The figures for the year ended 31 March 2001 are based upon the latest
statutory accounts which have been delivered to the Registrar of Companies;
the report of the auditors on those accounts was unqualified and did not
contain a statement under section 237(2) or (3) of the Companies Act 1985.
The six months figures, which have not been audited, use the same accounting
policies as for the year ended 31 March 2001, except that the investment
properties have not been valued at 30 September 2001 or 30 September 2000. As
explained in the supplementary note following this report, certain comparative
figures have been restated. The interim accounts were approved by the
Directors on 17 December 2001.
2 TURNOVER Period ended Period ended Year ended
30 September 30 September 31 March
2001 2000 2001
(Unaudited) (Unaudited) (Audited)
# # #
Investment property 525,779 251,470 531,878
income
Sale of trading 1,248,500 - -
properties
1,774,279 251,470 531,878
3 LOSS PER SHARE
The calculation of loss per ordinary share is based on the loss after taxation
of #141,003 (year to 31 March 2001: #432,061; period to 30 September 2000:
#96,305) and on the weighted average number of ordinary shares in issue during
the period of 5,383,810 shares (year to 31 March 2001: 3,971,492 shares;
period to 30 September 2000: 3,573,782 shares).
Fully diluted loss per ordinary share is based upon the loss after taxation of
#141,003 (year to 31 March 2001: #432,061; period to 30 September 2000:
#96,305) and on the weighted average number of ordinary shares in issue during
the period of 5,383,810 shares (year to 31 March 2001: 3,971,492 shares;
period to 30 September 2000: 3,573,782 shares).
4 NET ASSET VALUE PER SHARE
The calculation of net asset value per share is based on net assets of
#3,172,570 (31 March 2001: #3,013,573) and on the number of shares in issue at
the balance sheet date of 5,825,340 shares (31 March 2001: 5,225,340 shares).
5 TAXATION
There is no charge to corporation tax for the group due to the losses
incurred.
6 INVESTMENT PROPERTIES
Investment properties are included at valuation as at 31 March 2001 adjusted
for additions and disposals since that date at cost or valuation.
7 SHARE CAPITAL 30 September 31 March
2001 2001
(Unaudited) (Audited)
# #
Authorised:
60,000,000 ordinary shares of 50p each 30,000,000 30,000,000
Allotted, issued and fully paid:
5,825,340 (31 March: 5,225,340) ordinary 2,912,670 2,612,670
shares of 50p each
During the period the company issued 600,000 ordinary 50p shares at par as
part consideration for the purchase of investment properties.
8 CASH FLOWS Period Period Year ended
ended ended 31 March
30 30
September September 2001
2001 2000 (Audited)
(Unaudited) (Unaudited) (restated)
# # #
Reconciliation of operating profit/(loss)
to net cash flow from operating activities
Operating profit/(loss) 198,694 (3,247) (99,619)
Depreciation - - 4,549
Loss on disposal of fixtures and fittings 630 - -
Decrease in stock 1,164,760 - -
Increase in debtors (22,406) (50,325) (720)
Increase/(decrease) in creditors 137,823 (42,851) 336,797
Net cash flow from operating activities 1,479,501 (96,423) 241,007
INDEPENDENT REVIEW REPORT TO THE BOARD OF DIRECTORS OF
EUROCITY PROPERTIES PLC
Introduction
We have been instructed by the company to review the financial information set
out above, comprising consolidated profit and loss account, statement of total
recognised gains and losses, consolidated balance sheet, consolidated cash
flow statement and the related notes. We have also read the other information
contained in the interim report and considered whether it contains any
apparent misstatements or material inconsistencies with the financial
information.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the directors. The Listing
Rules of the Financial Services Authority require that the accounting policies
and presentation applied to the interim figures should be consistent with
those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999
/4 issued by the Auditing Practices Board. A review consists principally of
making enquiries of group management and applying analytical procedures to the
financial information and underlying financial data and based thereon,
assessing whether the accounting policies and presentation have been
consistently applied unless otherwise disclosed. A review excludes audit
procedures such as tests of controls and verification of assets, liabilities
and transactions. It is substantially less in scope than an audit preformed
in accordance with Auditing Standards and therefore provides a lower level of
assurance than an audit. Accordingly we do not express an audit opinion on
the financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 September 2001.
BAKER TILLY
Registered Auditor
Chartered Accountant
2 Bloomsbury Street
London WC1B 3ST
17 December 2001
The supplementary note revises in certain respects the original annual
financial statements for the year ended 31 March 2001 of the company and is to
be treated as forming part of those financial statements.
The financial statements have been revised as at 28 September 2001 and not at
the date of this revision and accordingly do not deal with events between
these dates.
CONSOLIDATED CASH FLOW STATEMENT Notes Revised Original
2001 2001
# #
Cash flow from operating activities 21a 241,007 41,007
Returns on investments and servicing 21b (359,178) (359,178)
of finance
Taxation - -
Capital expenditure and financial 21b 44,390 (110,610)
investment
Acquisitions and disposals 21b (2,060,420) (2,060,420)
Cash outflow before financing (2,134,201) (2,489,201)
Financing 21b 1,552,816 1,907,816
Decrease in cash in the period (581,385) (581,385)
CASH FLOW STATEMENT (note 21) Revised Original
2001 2001
# #
a Reconciliation of operating loss to net cash flow
from operating activities
Operating loss (99,619) (99,619)
Depreciation 4,549 4,549
Increase in debtors (720) (720)
Increase in creditors 336,797 136,797
Net cash inflow from operating activities 241,007 41,007
Revised Original
b Analysis of cash flows for headings netted in the 2001 2001
cash flow # #
Returns on investments and servicing of finance
Interest received 15,735 15,735
Interest paid (374,913) (374,913)
Net cash outflow for returns on investment and
servicing of finance
(359,178) (359,178)
Capital expenditure and financial investment
Purchase of tangible fixed assets (1,423,945) (1,578,945)
Sale of tangible fixed assets 1,468,335 1,592,965
Purchase of listed equity investment - (124,630)
Net cash inflow/(outflow) for capital expenditure
and financial investment
44,390 (110,610)
Acquisitions and disposals
Purchase of subsidiary undertakings (2,105,027) (2,105,027)
Net cash acquired with subsidiary undertakings 44,607 44,607
Net cash outflow from acquisitions and disposals (2,060,420) (2,060,420)
Financing
Issue of ordinary share capital - 355,000
New building society loans 2,808,062 2,808,062
Building society loan repayments (1,240,246) (1,240,246)
Share issue expenses (15,000) (15,000)
Net cash inflow from financing 1,552,816 1,907,816
The above revision does not affect the reported loss for the year, net assets
at the year end and the net cashflow for the year.
Approved by the board on 17 December 2001
BA Bloom
Director
AUDITORS' REPORT TO THE MEMBERS OF EUROCITY PROPERTIES PLC
We have audited the revised financial statements of Eurocity Properties plc
for the year ended 31 March 2001. The revised financial statements replace the
original financial statements approved by the directors on 28 September 2001
and consist of the above supplementary note together with the original
financial statements which were circulated to members on 28 September 2001.
Respective responsibilities of directors and auditors
As described on page 6 of the original financial statements the company's
directors are responsible for the preparation of financial statements.
It is our responsibility to form an independent opinion, based on our audit,
on those statements and to report our opinion to you. We are also required to
report whether in our opinion the original financial statements failed to
comply with the requirements of the Companies Act 1985 in the respects
identified by the directors.
Basis of opinion
We conducted our audit in accordance with Auditing Standards issued by the
Auditing Practices Board. An audit includes examination, on a test basis, of
evidence relevant to the amounts and disclosures in the financial statements.
It also includes an assessment of the significant estimates and judgements
made by the directors in the preparation of the financial statements, and of
whether the accounting policies are appropriate to the company's
circumstances, consistently applied and adequately disclosed. The audit of
revised financial statements includes the performance of additional procedures
to assess whether the revisions made by the directors are appropriate and have
been properly made.
We planned and performed our audit so as to obtain all the information and
explanations which we considered necessary in order to provide us with
sufficient evidence to give reasonable assurance that the revised financial
statements are free from material misstatement, whether caused by fraud or
other irregularity or error. In forming our opinion we also evaluated the
overall adequacy of the presentation of information in the revised financial
statements.
Opinion
In our opinion the revised financial statements give a true and fair view,
seen as at the date the original financial statements were approved, of the
state of affairs of the company and the group as at 31 March 2001 and of the
group's loss for the year then ended and have been properly prepared in
accordance with the provisions of the Companies Act 1985 as they have effect
under the Companies (Revision of Defective Accounts and Reports) Regulations
1990.
In our opinion the original financial statements for the year ended 31 March
2001 failed to comply with the requirements of the Companies Act 1985 in the
respects identified by the directors in the supplementary note.
BAKER TILLY
Registered Auditor
Chartered Accountants
2 Bloomsbury Street
London WC1B 3ST
17 December 2001
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