Final Results
19 May 2008 - 5:01PM
UK Regulatory
RNS Number : 7128U
Roeford Properties PLC
19 May 2008
ROEFORD PROPERTIES PLC
PRELIMINARY ANNOUNCEMENT
For the year ended 31 December 2007
CHAIRPERSON'S STATEMENT
I am pleased to present Roeford's results for the twelve months ended 31 December 2007.
The Company produced a profit before taxation of £182,000 (2006: loss of £985,000) on turnover of £397,000 (2006: £1,513,000).
The Company has net assets of £80,000 at the balance sheet date (2006: net liabilities of £102,000).
The Company issued new ordinary shares on 14 January 2008 to raise £392,000 before expenses, which is considered to be sufficient for
the Board to continue to pursue its stated objectives. It will seek new opportunities throughout the coming year and I anticipate that they
will ultimately prove profitable ventures.
Maggie Ryan
Chairperson
19 May 2008
ROEFORD PROPERTIES PLC
income statement
For the year ended 31 December 2007
Note
2007 2006
£'000 £'000
Revenue 397 1,513
Cost of sales - (1,692)
Gross profit/(loss) 397 (179)
Administrative expenses (215) (807)
Profit/(loss) from operations 182 (986)
Finance income - 1
Profit/(loss) on ordinary activities 182 (985)
before taxation
Income tax - -
Profit/(loss) on ordinary activities 182
after taxation and retained (985)
profit/(loss)
Total and continuing earnings/(loss)
per share
Basic 3 (2.58)p
0.48p
Diluted 3 0.47p (2.58)p
There were no recognised gains or losses other than the profit for the financial period.
All the operations of the Company are continuing.
ROEFORD PROPERTIES PLC
STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2007
Share Capital Share premium Share based Retained earnings Total
account payment
reserve
£'000 £'000 £'000 £'000 £'000
At 1 January 2006 95 901 20 (133) 883
Net loss for the year and - - - (985) (985)
total recognised income and
expense for the year
At 31 December 2006 95 901 20 (1,118) (102)
Net profit for the year and - - - 182 182
total recognised income and
expense for the year
At 31 December 2007 95 901 20 (936) 80
ROEFORD PROPERTIES PLC
balance sheet AT 31 December 2007
2007 2006
£'000 £'000
Current assets
Trade and other receivables 211 26
Cash and cash equivalents 1 25
Total assets 212 51
Current liabilities
Trade and other payables 132 153
Equity
Called up share capital 95 95
Share premium account 901 901
Share based payment reserve 20 20
Retained earnings (936) (1,118)
Total equity 80 (102)
Total liabilities and equity 212 51
ROEFORD PROPERTIES PLC
CASH FLOW STATEMENT
For the year ended 31 December 2007
2007 2006
£'000 £'000
Cash flows from operating activities
Profit/(loss) after taxation 182 (985)
Adjustments for:
Finance income - (1)
Decrease in inventories - 1,581
Increase in trade and other receivables (185) (5)
(Decrease)/increase in trade and other payables (21) 40
Net cash from operating activities (24) 630
Cash flows from investing activities
Finance income - 1
Payment of bank loans - (701)
Net decrease in cash and cash equivalents (24) (70)
Cash and cash equivalents at beginning of year 25 95
Cash and cash equivalents at end of year 1 25
ROEFORD PROPERTIES PLC
NOTES TO THE PRELIMINARY ANNOUNCEMENT
For the year ended 31 December 2007
1 BASIS OF PREPARATION
The financial statements have been prepared under the historical cost convention and in accordance with International Financial
Reporting Standards adopted by the European Union (IFRSs).
The transition to IFRSs has resulted in a number of changes in presentation in the reported financial statements, notes thereto and
accounting policies compared to the previous annual report. There are no adjustments to the reported results, cash flows or balance sheet
figures for any period on transition from UK GAAP to IFRSs.
The principal accounting policies are detailed in the Company's annual report and financial statements.
2 segmental information
Primary reporting format - business segment
The only material business that the Company has is that of trading of commercial properties and providing property consultancy
services.
Secondary reporting format - geographical segment
The only material segment that the Company operates is in the UK.
3 EARNINGS/(LOSS) PER SHARE
The calculation of the basic earnings per share is based on the profit on ordinary activities after tax of £182,000 (2006: loss
£985,000) divided by the weighted average number of ordinary shares in issue during the year of 38,133,333 (2006: 38,133,333). The dilutive
warrants for 2007 are 381,333, increasing the diluted weighted average number of shares to 38,514,666 and resulting in a diluted earnings
per share, based on the profit in ordinary activities after tax of £182,000 of 0.47p. The impact of the warrants on the loss per share in
2006 is anti-dilutive.
4 PUBLICATION
The financial information set out in this preliminary announcement does not constitute statutory accounts.
The balance sheet at 31 December 2007 and the income statement, statement of changes in equity, cash flow statement and enclosed notes
for the year then ended have been extracted from the Company's statutory financial statements upon which the auditor's report is
unqualified.
5 copies of this announcement
Copies of this announcement are available for collection from the Company's offices at Mar House, 1036 Stratford Road, Shirley,
Solihull, West Midlands,
B90 4EE.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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