Re-Stated Interim Results
August 12 2008 - 5:04AM
UK Regulatory
RNS Number : 1324B
Bakery Services PLC
12 August 2008
"Bakery Services plc ("Bakery Services" or the "Company")
Interim Results for the six months ended 30 September 2007 - restated to report under UK GAAP
On 14 December 2007 the Company presented its interim report for the six months ended 30 September 2007. That report was prepared in
accordance with International Financial Reporting Standards and Interpretations issued by the International Accounting Standards Board,
since it was envisaged that those were the accounting policies that would need to be adopted by the Company, as a parent company, in respect
of its annual accounts for the financial year ending 30 March 2008.
However, in January 2008 the Company sold its trading subsidiaries and was not a parent company at the end of its financial year.
Accordingly, as permitted by the AIM Rules for Companies, it has chosen to prepare its annual accounts for the financial year ending 30
March 2008 under UK GAAP rather than under IFRS.
The Company released its preliminary results for the year ended 31 March 2008 on 8 August 2008 and expects to send its report and
accounts to shareholders on 18 August 2008.
To help clarify the position for Shareholders, the Company is today reissuing its interim report for the six months ended 30 September
2007, prepared under UK GAAP, to conform to the accounting policies adopted by the Company for the full financial year. The Directors
believe there are no material differences between the profit and loss or total equity shown in this report under UK GAAP and those which
were reported under IFRS.
12 August 2008
Contacts:
Richard Worthington, Non-Executive Chairman
Bakery Services plc
Tel: 07973 442331
Nicola Horton/David Abbott
Smith & Williamson Corporate Finance Limited
Tel: 020-7131-4000
CONSOLIDATED PROFIT AND LOSS ACCOUNT
Unaudited six months Audited
ended 30 September 31 March
Total Total Total
2007 2006 2007
Note �'000 �'000 �'000
Revenue 1,717 1,598 3,225
Cost of Sales (953) (899) (1,793)
Gross Profit 764 699 1,432
Distribution costs (192) (181) (355)
Administrative expenses (669) (600) (1,199)
Operating loss (97) (82) (122)
Finance costs (1) (2) (3)
Loss on ordinary activities (98) (84) (125)
before taxation
Taxes 3 - - -
Loss for the period (98) (84) (125)
Loss per share 4
- Basic (0.0557 p) (0.0478 p) (0.0700 p)
- Fully diluted (0.0557 p) (0.0478 p) (0.0700 p)
CONSOLIDATED BALANCE SHEET
Unaudited six months Audited
ended 30 September 31 March
2007 2006 2007
�'000 �'000 �'000
Fixed assets
- Tangible assets 60 189 150
60 189 150
Current assets
- Stocks 85 84 87
- Trade debtors 291 279 209
- Cash at bank 8 54 48
384 417 344
Current liabilities
Trade creditors (357) (368) (304)
Net Current assets 27 49 40
Total assets less current liabilities 87 238 190
Creditors: amounts falling due after - (12) (5)
more than one year
Net assets 87 226 185
Equity
- Called up share capital 176 176 176
- Share premium 2,634 2,634 2,634
- Retained earnings (2,723) (2,584) (2,625)
Shareholders' funds 87 226 185
CONSOLIDATED CASH FLOW STATEMENT
Unaudited six months Audited
ended 30 September 31 March
2007 2006 2007
�'000 �'000 �'000
Cash generated from operating activities
Loss before taxation (98) (84) (125)
Adjustments for:
Depreciation and impairment charges 97 41 70
Loss on disposal of property, plant and equipment - - 10
Interest expense 1 2 3
Decrease in inventories 1 2 -
Increase / (decrease) in trade and other receivables (82) 32 102
Increase / (decrease) in trade and other payables 31 (2) 14
Cash flow from operations (50) (9) 74
Interest paid (1) (2) (3)
Tax paid - - -
Net cash from operating activities (51) (11) 71
Cash flows from investing activities
Purchase of property, plant and equipment (7) (70) (71)
(58) (81) -
Cash flows from financing activities
Repayments of borrowings (6) (14) (23)
Decrease in cash (64) (95) (23)
Cash at beginning of period - 23 23
Cash at end of period (64) (72) -
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Unaudited six months Audited
ended 30 September 31 March
2007 2006 2007
�'000 �'000 �'000
Opening total equity 185 310 310
Loss for the period (98) (84) (125)
Closing total equity 87 226 185
Notes
1. Publication of Non-Statutory Accounts
The financial information contained in this interim statement has not been audited and does not constitute accounts as defined by
section 240 of the Companies Act 1985. The financial information for the full preceding year is based on the statutory accounts for the year
ended 31 March 2007. Those accounts, upon which the Auditors issued an unqualified opinion have been delivered to the Registrar of
Companies.
2. Basis of Preparation of Interim Financial Information
The interim financial information has been prepared on the basis of the accounting policies set out in the Group's statutory accounts
for the year ended 31 March 2007.
3. Taxation
The Directors believe that available tax losses will result in no tax charge for the period.
4. Earnings per Share
The calculation of earnings per share is based on the profit or loss after tax for the financial period divided by the weighted average
number of ordinary shares in issue during the period. The weighted average number of ordinary shares in issue for the periods reported were
as follows:
Unaudited six monthsended 30 September Audited31 March
2007 2006 2007
Basic:
Weighted average number of 175,833,333 175,833,333 175,833,333
ordinary shares in issue
Fully diluted:
Weighted average number of 175,833,333 175,833,333 175,833,333
ordinary shares in issue
5. Copies of the Interim Statement
Copies of the interim statement will be available from Smith & Williamson Corporate Finance Limited, 25 Moorgate, London, EC2R 6AY.
Additionally the Company will post the interim report on its website, www.bakeryservices.co.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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