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30 Sep 2008 07:00
Amicrest Holdings PLC ("Amicrest" or "Company") Results for the six months ended 30 June 2008 The Board of Amicrest announces the results of the Company for the six monthsended 30 June 2008, which are set out below. The unaudited interim financialstatements for the six months ended 30 June 2008 are being sent to allshareholders. Copies may be obtained from the Company by writing to AmicrestHoldings PLC, 1001 Finchley Road, London NW11 7H .CHAIRMAN'S STATEMENTFor the six months ended 30 June 2008 CHAIRMAN'S STATEMENT
I am pleased to present the half-yearly accounts to the 30th June 2008.
You will be aware from the media and other sources that the state of theproperty market and financial markets is currently very challenging. In today'smarket conditions the values of commercial sites, even those with planningconsents, have been severely affected. My fellow Directors and I continue towork extremely hard to limit any impairment to the value of your Company'sassets.The Board does not expect the situation to improve in the short term and, as aconsequence, I expect Amicrest's NAV to reduce further by the end of thecurrent financial year. Obviously, the longer the property recession continues,the greater will be the challenge facing your Company.Gerard A. LeeChairman30 September 2008AMICREST HOLDINGS PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE SIX MONTHS TO 30TH JUNE 2008
Six Six Year Months Months ended to 30th to 30th 31st June June December 2008 2007 2007 ‚£'000 ‚£'000 ‚£'000 TURNOVER Group and share of associates 231 161 1,108 Less: Share of associates (104) (57) (142) GROUP TURNOVER 127 104 966 Cost of sales (22) (13) (192) GROSS PROFIT 105 91 774 Administration Expenses (173) (162) (424) OPERATING (LOSS) (68) (71) 350
Share of operating (loss)/profit - (49) -
in associates Interest receivable 20 50 125 Interest payable (53) (55) (127) (LOSS) ON ORDINARY ACTIVITIES BEFORE TAXATION (101) (125) 348 Taxation payable - - (95) (LOSS) ON ORDINARY ACTIVITIES AFTER TAXATION (101) (125) 253 ATTRIBUTABLE TO MEMBERS OF THE PARENT COMPANY (101) (125) 253 Ordinary dividend - - - ACCUMULATED (LOSS) FOR THE PERIOD (101) (125) 253 PENCE PENCE PENCE (Loss) per share (2.1) (2.6) 5.3 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 2008 2007 2007 ‚£'000 ‚£'000 ‚£'000 FIXED ASSETS Tangible assets 476 515 498 Investments 1,922 1,873 1,922 2,398 2,388 2,420 CURRENT ASSETS Work in progress 7,006 5,620 5,468 Debtors 789 130 189 Cash at bank 142 1,810 2,084 7,937 7,560 7,741 CREDITORS: Amounts falling due within one year (508) (64) (231) NET CURRENT ASSETS 7,429 7,496 7,510 TOTAL ASSETS LESS CURRENT LIABILITIES 9,827 9,884 9,930 Creditors: Amounts falling due after more than one year (1,500) (1,500) (1,500) NET ASSETS 8,327 8,384 8,430 CAPITAL AND RESERVES Called up share capital 2,410 2,410 2,410 Own shares held (334) - (332) Share premium account 1,802 1,802 1,802 Capital redemption reserve 425 425 425 Revaluation reserve 19 19 19 Profit and loss account 4,005 3,728 4,106 8,327 8,384 8,430 PENCE PENCE PENCE Net assets per share attributable to ordinary shareholders 173 174 175
NOTES TO THE FINANCIAL STATEMENTS
1 ACCOUNTING POLICIES Basis of accounting The financial statements have been prepared under the historical cost conventionmodified by the valuation of investment properties and in accordance with applicableaccounting standards in the United Kingdom and the Companies Act 1985.The consolidated financial statements comprise statements of the company and itssubsidiary undertakings. Where a subsidiary is acquired during the period, the profitattributed to shareholders includes only profits and losses from the effective date ofacquisition. The Group's interests in joint ventures are accounted for using the grossequity method. Where the Group exercises significant influence over certain investments,these are treated as associates and the interest is accounted for using the gross equitymethod. Where the Group no longer exercises significant influence, these are treated asinvestments from the date at which the ability to exercise significant influence ceased.
Turnover
Turnover and operating loss for the period is principally attributable to investmentproperty rental, value of development stock and work in progress sold during the periodand fees from management contracts.
Turnover is derived from activities undertaken in the United Kingdom.
Sales are recognised on completion of contracts.
2 LOSS PER SHAREThe calculation of loss per share is based on a loss after taxation, of ‚£101,000 and on4,820,247 shares being the number of ordinary shares in issue during the year. (31stDecember 2007 profit: ‚£253,000, 30th June 2007 loss: ‚£125,000).3 RECONCILIATION OF SHAREHOLDERS' FUNDS 30th 30th 31st June June December 2008 2007 2007 ‚£'000 ‚£'000 ‚£'000 Brought forward 8,430 8,509 8,509 (Loss) for the period (101) (125) 253 Own shares acquired (2) - (332) Closing shareholders' 8,327 8,384 8,430 funds 4 FINANCIAL STATEMENTS
The financial statements of the company for the six months ended 30th June 2008and 30th June 2007 are un-audited, have not been reviewed by the company'sauditors and do not constitute statutory financial statements within the meaning of the Companies Act 1985 (the "Act"). The financial statements for the year ended31st December 2007, which have been delivered to the Registrar of Companies, have been audited by the company's auditors', Sedley Richard Laurence Voulters, whose report was unqualified and included no statement under Section 237(2) or (3) of the Act.
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