30 Sep 2009 07:00
RED LEOPARD HOLDINGS PLC
("Red Leopard" or the "Group")
Half Yearly Report
Red Leopard presents the unaudited interim accounts for the six months ended 30th June 2009.
The Board is continuing to look at opportunities in the leisure and hospitality market, in particular hotels.
A copy of the interim results will be available on the Company's website www.redleopardholdings.com
For further information, please contact:
| Red Leopard Holdings Plc | |
| John May, Chairman | Tel: 020 7747 8385 |
|
| |
| Astaire Securities Plc, Nominated Adviser | |
| Lindsay Mair / Luke Cairns | Tel: 020 7448 4400 |
Consolidated income statement
| Note | (unaudited) 6 months to 30 June 2009 | (unaudited) 6 months to 30 June 2008 | Year to 31 December 2008 | |
| £ | £ | £ | ||
| Overheads | ||||
| Administrative costs | (83,018) | (177,632) | (263,948) | |
| Operating loss before finance | (83,018) | (177,632) | (263,948) | |
| Interest income | 223 | 29,082 | 66,093 | |
| Interest payable | (3,317) | (6,328) | (334,373) | |
| Loss from activities before taxation | (86,112) | (154,878) | (532,228) | |
| Income tax expense | - | - | - | |
| Loss for the year attributable to the equity holders of the parent | (86,112) | (154,878) | (532,228) | |
| Loss per share: | ||||
| Basic and diluted | 3 | (0.022) | (0.039) | (0.133) |
Consolidated statement of financial position
| Notes | (unaudited) 30 June 2009 | (unaudited) 30 June 2008 | 31 December 2008 | |
| £ | £ | £ |
| ASSETS | ||||
| Current assets | ||||
| Trade and other receivables | 11,735 | 343,817 | 52,502 | |
| Cash and cash equivalents | 168,671 | 263,170 | 189,667 | |
| ------------------------- | ------------------------- | ------------------------- | ||
| Total current assets | 180,406 | 606,987 | 242,169 | |
| ------------------------- | ------------------------- | ------------------------- | ||
| Total assets | 180,406 | 606,987 | 242,169 | |
| ================= | ================== | ================== | ||
| EQUITY | ||||
| Equity attributable to equity holders of the parent | ||||
| Share capital | 5 | 798,227 | 798,227 | 798,227 |
| Share premium account | 2,723,241 | 2,723,241 | 2,723,241 | |
| Share option reserve | 60,002 | 60,002 | 60,002 | |
| Other reserve | 72,414 | 72,414 | 72,414 | |
| Profit and loss account | (3,979,772) | (3,516,310) | (3,893,660) | |
| ------------------------- | ------------------------- | ------------------------- | ||
| Total equity | (325,888) | 137,574 | (239,776) | |
| ================= | ================== | ================== | ||
| LIABILITIES | ||||
| Current liabilities | ||||
| Trade and other payables | 135,534 | 105,122 | 114,502 | |
| ------------------------- | ------------------------- | ------------------------- | ||
| Total current liabilities | 135,534 | 105,122 | 114,502 | |
| ------------------------- | ------------------------- | ------------------------- | ||
| Non-current liabilities | ||||
| Borrowings | 4 | 370,760 | 364,291 | 367,443 |
| ------------------------- | ------------------------- | ------------------------- | ||
| Total non-current liabilities | 370,760 | 364,291 | 367,443 | |
| ------------------------- | ------------------------- | ------------------------- | ||
| Total liabilities | 506,294 | 469,413 | 481,945 | |
| ------------------------- | ------------------------- | ------------------------- | ||
| Total equity and liabilities | 180,406 | 606,987 | 242,169 | |
| ================== | =================== | =================== |
Consolidated statement of changes in equity
| Share capital | Share premium account | Share options reserve | Other reserve | Profit and loss account | Total equity | |
| £ | £ | £ | £ | £ | £ | |
| Changes in equity for first half of 2009 (unaudited) | ||||||
| Balance at 31 December 2008 | 798,227 | 2,723,241 | 60,002 | 72,414 | (3,893,660) | (239,776) |
| --------------------- | ------------------------ | ------------------------ | ------------------------- | ------------------------ | ------------------------ | |
| Loss for the period | - | - | - | - | (86,112) | (86,112) |
| --------------------- | ------------------------ | ------------------------ | ------------------------- | ------------------------ | ------------------------ | |
| Total recognised income and expense for the period | - | - | - | - | (86,112) | (86,112) |
| Issue of share capital | - | - | - | - | - | - |
| --------------------- | ------------------------ | ------------------------ | ------------------------- | ------------------------ | ------------------------ | |
| Balance at 30 June 2009 | 798,227 | 2,723,241 | 60,002 | 72,414 | (3,979,772) | (325,888) |
| ============== | ================ | =============== | ================= | =============== | =============== |
| Changes in equity for first half of 2008 (unaudited) | ||||||
| Balance at 31 December 2007 | 798,227 | 2,723,241 | - | 72,414 | (3,361,432) | 232,450 |
| --------------------- | ------------------------ | ------------------------ | ------------------------- | ------------------------ | ||
| Loss for the period | - | - | - | - | (154,878) | (154,878) |
| --------------------- | ------------------------ | ------------------------ | ------------------------- | ------------------------ | ------------------------ | |
| Total recognised income and expense for the period | - | - | - | - | (154,878) | (154,878) |
| Options contracts issued | - | 60,002 | - | - | 60,002 | |
| --------------------- | ------------------------ | ------------------------ | ------------------------- | ------------------------ | ------------------------ | |
| Balance at 30 June 2008 | 798,227 | 2,723,241 | 60,002 | 72,414 | (3,516,310) | 137,574 |
| ============= | =============== | =============== | ================ | ============== | =============== |
| Changes in equity for 2008 | ||||||
| Balance at 31 December 2007 | 798,227 | 2,723,241 | - | 72,414 | (3,361,432) | 232,450 |
| --------------------- | ------------------------ | ------------------------ | ------------------------- | ------------------------ | ------------------------ | |
| Loss for the period | - | - | - | - | (532,228) | (532,228) |
| --------------------- | ------------------------ | ------------------------ | ------------------------- | ------------------------ | ------------------------ | |
| Total recognised income and expense for the period | - | - | - | - | (532,228) | (532,228) |
| Share-based payment expense | - | - | 60,002 | - | - | 60,002 |
| --------------------- | ------------------------ | ------------------------ | ------------------------- | ------------------------ | ------------------------ | |
| Balance at 31 December 2008 | 798,227 | 2,723,241 | 60,002 | 72,414 | (3,893,660) | (239,776) |
| ============== | =============== | =============== | ================= | ================ | =============== |
Consolidated statement of cash flows
| (unaudited) 6 monthsto 30 June2009 | (unaudited) 6 monthsto 30 June2008 | Year to31 December2008 | |
| £ | £ | £ |
| Cash flows used in operating activities | |||
| Operating loss | (83,018) | (177,632) | (263,948) |
| Adjustments for: | |||
| Share based payments | - | 60,002 | 60,002 |
| Decrease/(Increase) in trade and other receivables | 40,767 | (99,672) | (70,336) |
| Increase in trade payables | 24,349 | 57,110 | 49,262 |
| ------------------------- | ------------------------- | ------------------------- | |
| Net cash from operating activities | (17,902) | (160,192) | (225,020) |
| ------------------------- | ------------------------- | ------------------------- |
Cash flows from investing activities
| Interest received | 223 | 8,678 | 12,659 |
| Interest paid on loans | (3,317) | - | (12,656) |
| ------------------------- | ------------------------- | ------------------------- | |
| Net cash used in investing activities | (3,094) | 8,678 | 3 |
| ------------------------- | ------------------------- | ------------------------- |
Cash flows from financing activities
| Issue of ordinary shares | - | - | - |
| ------------------------- | ------------------------- | ------------------------- | |
| Net cash used in financing activities | - | - | - |
| ------------------------- | ------------------------- | ------------------------- |
| Net decrease in cash and cash equivalents | (20,996) | (151,514) | (225,017) |
| Cash and cash equivalents at beginning of period | 189,667 | 414,684 | 414,684 |
| ------------------------- | ------------------------- | ------------------------- | |
| Cash and cash equivalents at end of period | 168,671 | 263,170 | 189,667 |
| ================= | ================= | ================= |
Notes to the consolidated financial statements
1 Nature of operations and general information
The principal activity of Red Leopard Holdings plc and its subsidiaries (the "Group") during the period was looking for opportunities in the leisure and hospitality markets, in particular hotels.
Red Leopard Holdings plc is the Group's ultimate parent company. It is incorporated and domiciled in Great Britain. The address of Red Leopard Holdings plc's registered office is 233-237 Old Marylebone Road, London, NW1 5QT. Red Leopard Holdings plc's shares are listed on the Alternative Investment Market of the London Stock Exchange.
Red Leopard Holding's consolidated interim financial statements are presented in Pounds Sterling (£), which is also the functional currency of the parent company.
These consolidated interim financial statements have been approved for issue by the Board of Directors on 29 June 2009. The directors have not recommended a dividend.
The financial information set out in this interim report does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The Group's statutory financial statements for the year ended 31 December 2008, prepared under UK GAAP, have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain a statement under Section 237(2) of the Companies Act 1985.
2 Basis of preparation
These interim consolidated financial statements are for the six months ended 30 June 2009. They have been prepared in accordance with IAS 34, Interim Financial Reporting. They do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 December 2008.
These financial statements have been prepared under the historical cost convention.
These consolidated interim financial statements have been prepared in accordance with the accounting policies adopted in the last annual financial statements for the year to 31 December 2008 except for the adoption of IAS 1 Presentation of Financial Statements (Revised 2007).
The accounting policies have been applied consistently throughout the Group for the purposes of preparation of these consolidated interim financial statements.
3 Loss per share
The calculation of the basic loss per share is based on the loss attributable to ordinary shareholders divided by the weighted average number of shares in issue during the year.
The calculation of diluted loss per share is based on the basic loss per share, adjusted to allow for the issue of shares and the post tax effect of dividends and/or interest, on the assumed conversion of all dilutive options and other dilutive potential ordinary shares.
Reconciliations of the loss and weighted average number of shares used in the calculations are set out below.
| Loss | Weighted average number of shares | Per share amount | |
| 6 months to 30 June 2009 | £ | Pence | |
| Loss attributable to ordinary shareholders | (86,112) | ||
| Weighted average number of shares (used for basic earnings per share) | 399,113,333 | ||
| Basic loss per share | 0.022 | ||
| ========================= |
6 months to 30 June 2008
| Loss attributable to ordinary shareholders | (154,878) | ||
| Weighted average number of shares (used for basic earnings per share) | 399,113,333 | 0.039 | |
| Basic loss per share | |||
| ========================= |
Year to 31 December 2008
| Loss attributable to ordinary shareholders | (532,228) | ||
| Weighted average number of shares (used for basic earnings per share) | 399,113,333 | ||
| Basic loss per share | 0.133 | ||
| ========================= |
For diluted loss per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all potential dilutive ordinary shares. Items to be included in the calculation are:
- Options for ordinary shares
- Convertible loan notes for ordinary shares
The effect of conversion of all potential dilutive ordinary shares would have an anti-dilutive effect on loss per share and therefore they have not been incorporated in the diluted loss per share calculation.
4 Borrowings
The 3% unsecured Loan Notes are not wholly repayable within 5 years. The Loan Notes were issued on 25 September 2006 are redeemable at par on or before 31 March 2015.
Per the Group accounting policy the Loan Notes are regarded as compound instruments, consisting of a liability component and an equity component.
The Loan Notes are convertible into Ordinary shares at the mid market share price of Red Leopard Holdings plc on the day that notice of conversion is sent to the Noteholders at the option of Red Leopard Holdings plc.
5 Share Capital
Shares issued and authorised for the period to 30 June 2009 are summarised as follows:
6 months to 30 June 2009
| Number | £ | |
| At 1 January 2009 | 399,113,333 | 798,227 |
| Issue of shares | - | - |
| At 30 June 2009 | 399,113,333 | 798,227 |
| ========================= | ========================= |
6 months to 30 June 2008
| Number | £ | |
| At 1 January 2008 | 399,113,333 | 798,227 |
| Issue of shares | ||
| At 30 June 2008 | 399,113,333 | 798,227 |
| ========================= | ========================= |
Year to 31 December 2008
| Number | £ | |
| At 1 January 2008 | 399,113,333 | 798,227 |
| Issue of shares | - | - |
| At 31 December 2008 | 399,113,333 | 798,227 |
| ========================= | ========================= |