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30 Sep 2010 15:50
Amicrest Holdings PLC Results for the six months ended 30 June 2010
The Board of Amicrest Holdings PLC announces the results of the Company for thesix months ended 30 June 2010, which are set out below. The unaudited interimfinancial statements for the six months ended 30 June 2010 are being sent toall shareholders. Copies may be obtained from the Company by writing toAmicrest Holdings PLC, Grove Lodge, 287 Regents Park Road, London N3 3JY.
CHAIRMAN'S STATEMENT
For the six months ended 30 June 2010
Dear Shareholder,
I am pleased to present the half yearly accounts to the 30th June 2010. Marketconditions are still very challenging. However, I am pleased to informshareholders that the company has no debt, and is therefore in a good positionin this present market.
The board does not expect market conditions to improve in the short term.
GERARD A LEEChairman30 September 2010.AMICREST HOLDINGS PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE SIX MONTHS TO 30TH JUNE 2010
Six Six Year Months Months ended to 30th to 30th 31st June June December 2010 2009 2009 £'000 £'000 £'000 TURNOVER Group and share of associates 119 396 2,888 Less: Share of associates (63) (211) (97) GROUP TURNOVER 56 185 2,791 Cost of sales (10) (85) (3,298) GROSS PROFIT/(LOSS) 46 100 (507) Administration Expenses (147) (177) (384) OPERATING (LOSS) (101) (77) (891)
Amounts written off investments - (18) (15) Share of operating (loss)/profit - (1) -
in associates
Amounts written off fixed assets - - (21)
Interest receivable - 1 - Interest payable - (75) (105) (LOSS) ON ORDINARY ACTIVITIES BEFORE TAXATION (101) (170) (1,032) Taxation repayable/(payable) - 74 74 (LOSS) ON ORDINARY ACTIVITIES AFTER TAXATION (101) (96) (958) ATTRIBUTABLE TO MEMBERS OF THE PARENT COMPANY (101) (96) (958) Ordinary dividend - - - ACCUMULATED (LOSS) FOR THE PERIOD (101) (96) (958) PENCE PENCE PENCE (Loss) per share (2.1) (2.0) (19.9) The profit and loss account has been prepared on the basis that all operations are continuing operations. There are no gains or losses other than those passing through the profit and loss account AMICREST HOLDINGS PLC CONSOLIDATED BALANCE SHEET 30th 30th 31st June June Dec 2010 2009 2009 £'000 £'000 £'000 FIXED ASSETS Tangible assets 433 505 443 Investments 1,525 1,521 1,525 1,958 2,026 1,968 CURRENT ASSETS Work in progress 2,592 5,570 2,441 Debtors 1,223 1,209 1,255 Cash at bank 26 82 37 3,841 6,861 3,733 CREDITORS: Amounts falling due within one (600) (431) (401)year NET CURRENT ASSETS 3,241 6,430 3,332 TOTAL ASSETS LESS CURRENT LIABILITIES 5,199 8,456 5,300 Creditors: Amounts falling due after more than one (-) (2,275) (-)year NET ASSETS 5,199 6,181 5,300 CAPITAL AND RESERVES Called up share capital 2,410 2,410 2,410 Own shares held (334) (334) (334) Share premium account 1,802 1,802 1,802 Capital redemption 425 425 425reserve Revaluation reserve - 19 - Profit and loss account 896 1,859 997 5,199 6,181 5,300 PENCE PENCE PENCE Net assets per share attributable to ordinary shareholders 108 128 110 NOTES TO THE FINANCIAL STATEMENTS 1 ACCOUNTING POLICIES Basis of accounting The financial statements have been prepared under the historical cost convention modified by the valuation of investment properties and in accordance with applicable accounting standards in the United Kingdom and the Companies Act 2006. The consolidated financial statements comprise statements of the company and its subsidiary undertakings. Where a subsidiary is acquired during the period, the profit attributed to shareholders includes only profits and losses from the effective date of acquisition. The Group's interests in joint ventures are accounted for using the gross equity method. Where the Group exercises significant influence over certain investments, these are treated as associates and the interest is accounted for using the gross equity method. Where the Group no longer exercises significant influence, these are treated as investments from the date at which the ability to exercise significant influence ceased. Turnover
Turnover and operating loss for the period is principally attributable
to investment property rental, value of development stock and work in
progress sold during the period and fees from management contracts.
Turnover is derived from activities undertaken in the United Kingdom.
Sales are recognised on completion of contracts. 2 LOSS PER SHARE
The calculation of loss per share is based on a loss after taxation, of
£101,000 and on 4,820,247 shares being the number of ordinary shares in
issue during the year. (31st December 2009 loss: £958,000, 30th June 2009 loss: £96,000). 3 RECONCILIATION OF SHAREHOLDERS' FUNDS 30th 30th 31st June June December 2010 2009 2009 £'000 £'000 £'000 Brought forward 5,300 6,277 6,277 (Loss) for the period (101) (96) (958) Realisation of - - (19) revaluation reserve Own shares acquired (-) (-) (-) Closing shareholders' 5,199 6,181 5,300 funds 4 FINANCIAL STATEMENTS The financial statements of the company for the six months ended 30th June 2010 and 30th June 2009 are un-audited, have not been reviewed by the company's auditors and do not constitute statutory financial
statements within the meaning of the Companies Act 2006 (the "Act").
The financial statements for the year ended 31st December 2009, which
have been delivered to the Registrar of Companies, have been audited
by the company's auditors', SRLV, whose report was unqualified and included no statement under Section 237(2) or (3) of the Act. AMICREST HOLDINGS PLCPreliminary announcement
Private & Confidential/Price Sensitive Page 1 9/30/2010
Private & Confidential/Price Sensitive Page 4 9/30/2010
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