Barrasford Holdings - Final Results
March 02 1998 - 2:31AM
UK Regulatory
RNS No 7140a
BARRASFORD HOLDINGS PLC
2nd March 1998
BARRASFORD HOLDINGS PLC
Results
CHAIRMAN'S STATEMENT
This Chairman's Statement covers the period from Barrasfords incorporation on
17 September 1996 to 31 December 1997. The group has raised over #16 million
during this period and laid the foundations for a portfolio of properties of
high quality.
As anticipated in my statement in the interim report to 30 September 1997, the
group made a loss before taxation of #98,000 for the period. This was
primarily due to the write-off against profits of interest hedging premiums of
#99,000, combined with a depreciation charge on fixtures and fittings of
#94,000 and net interest payable of #329,000. As previously explained, all
interest incurred is written off to the profit and loss account and not taken
to the balance sheet.
The net asset value of the Group on the balance sheet is now 7.3p per share.
This incorporates valuations of our completed properties at Lexham Gardens,
Philbeach Gardens and Earls Court Road by George Trollope, specialist
residential property valuers, in accordance with the Appraisal and Valuation
Manual of the Royal Institution of Chartered Surveyors. Properties in the
course of construction are held at cost.
There are 3 properties currently in the course of construction. Our largest
property is Furse House, a parade of eight freehold buildings and a large mews
house in Queens Gate Terrace, London SW7, which comprises approximately 82,000
square feet of gross space. This was purchased on 30 September 1997 for #13.5
million following a placing and offer which raised #12 million at 12p per
share. A loan facility to cover approximately 60 per cent. of the total
purchase and refurbishment costs has been agreed. Initial building work is
already underway and is progressing well. The first lettings are expected to
commence in spring 1999, and we anticipate that the property should give rise
to a worthwhile uplift in net asset value following completion.
Holland Place Chambers is expected to be completed and available for letting
in May of this year. Finally, we anticipate that Nevern Mansions will produce
significantly improved rental income following refurbishment in approximately
three years time.
There are currently no vacancies at any of the 42 apartments available for
rent in our property portfolio.
Group bank and cash balances were #1.7m at the period end. Administrative
expenses are low (#121,000 excluding the #99,000 interest hedging premiums),
and our interest payments are capped. We therefore expect to be able to keep
borrowings below our limit of 60 per cent. of the portfolio.
The continued strength in the housing market in Kensington and Chelsea has
continued over the period. This has made the identification of good value
properties more difficult. We will continue to actively review the market and
will only invest further if we are happy there is significant added value to
be gained.
We have scheduled our first AGM for 27 March 1998 and would be pleased to see
as many shareholders attending as possible.
T F Vaughan
Chairman
CONSOLIDATED PROFIT & LOSS ACCOUNT
for the period ended 31 December 1997
Period ended 31 December 1997
#000
Turnover 740
General property expenses (289)
Net rental income 451
Deduct:
Administrative expenses (220)
Operating profit on continuing operations 231
Interest - net (329)
Loss before taxation (98)
Taxation 18
Retained loss for the period (80)
Basic loss per ordinary share 0.04p
CONSOLIDATED AND COMPANY BALANCE SHEETS
Group Company
31 December 31 December
1997 1997
#000 #000
Fixed assets
Investment properties 26,918 -
Fixed asset investments - 794
Other tangible assets 441 -
27,359 794
Current assets
Debtors 87 16,328
Bank balances and cash 1,695 1,529
1,782 17,857
Creditors: due within one year (71) (26)
Net current assets 1,711 17,831
Total assets less current liabilities 29,070 18,625
Creditors due after more than one year (9,410) -
Net assets 19,660 18,625
Capital and reserves
Called up share capital 2,707 2,707
Share premium account 15,622 15,622
Revaluation reserve 1,323 -
Merger reserve 88 88
Profit and loss account (80) 208
Equity shareholders funds 19,660 18,625
Approved by the Board on 2 March 1998
A Graham
Director
CONSOLIDATED CASH FLOW STATEMENT
for the period ended 31 December 1997
Period ended 31 December 1997
#000
Net cash inflow from operating activities 211
Returns on investments and servicing of finance
Interest received 284
Interest paid (609)
Net cash outflow from returns on investments
and servicing of finance (325)
Capital expenditure and financial investment
Additions to investment properties (21,095)
Completion monies included in creditors 23
Purchase of other tangible fixed assets - net (454)
(21,526)
Acquisitions and disposals
Purchase of subsidiary (net of cash acquired) 86
Cash outflow before management of liquid resources
and financing (21,554)
Financing
Issues in ordinary share capital 16,049
New secured loans 7,750
Expenses paid in connection with share issues (550)
Net cash inflow from management of liquid resources
and financing 23,249
Increase in cash in the period 1,695
Notes:
1. The financial information set out in the preliminary results for the
period from 17 September 1996 to 31 December 1997 does not constitute
statutory accounts within the meaning of Section 240 of the Companies Act
1985.
The statutory accounts for the period ended 31 December 1997 have not
yet been delivered to the Registrar of Companies. The auditors have made a
report under Section 235 of the Companies Act 1985, as amended, in respect of
such accounts, which was unqualified and did not contain a statement under
Sections 237(2) or (3) of the Act.
2. The calculation of basic loss per share has been based on the loss on
ordinary activities after tax of #80,000 and on the weighted average of
191,428,152 ordinary shares in issue during the period.
3. Copies of the audited financial statements will be posted to
shareholders in March 1998 and may be obtained from the Company Secretary at
the Companys registered office: 223a Kensington High Street, London W8 6SG.
Copies of this announcement are available for a period of 14 days from today
from Charles Stanley & Company Limited, 25 Luke Street, London EC2A 4AR
END
FR FCOCDCDKDBBB
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