TIDMCRAW
RNS Number : 3972C
Crawshaw Group PLC
01 May 2012
Crawshaw Group PLC
Final Results
Crawshaw Group PLC ("the Company"), the meat focussed retailer,
today reports its audited results for the year ended 31 January,
2012.
Results highlights for the year to 31(st) January 2012.
-- Sales for the year GBP18.9m (2011: GBP19.1m)
-- Operating profit (before impairment of fixed assets) GBP0.1m (2011: GBP0.6m)
-- Full year like for like sales down 4% (2011: -1%) with improved performance in Q4.
-- EBITDA GBP0.6m (2011: GBP1.0m)
-- Net debt reduced to GBP0.2m (2011: GBP0.5m)
-- Profit before tax GBPnil (2011: GBP0.6m)
-- New store opened in Derby
-- Asset impairment charge of GBP0.1m
For further information, please
contact:
Crawshaw Group PLC 01709 369 602
Lynda Sherratt
WH Ireland Limited (Nominated
Adviser)
Robin Gwyn 0161 832 2174
Chairman's Statement
Sales and gross margin
As outlined in our interim statement issued on 3rd October 2011,
the retail climate has been, and remains, particularly challenging.
Sales for the year were GBP18.9m, slightly down from the previous
year (GBP19.1m). Like for like sales were down 4% (2011: -1%).
Other factors affecting our level of sales for the year were the
sale of our Doncaster market site, the planned reduction in our
lower margin wholesale business, and the opening of our new store
in Derby.
Our interim statement also referred to a 10% fall in like for
like sales in Q3, and outlined a number of initiatives we were
implementing to reverse the decline. These included a broadening of
the product range and the recruitment of a marketing manager. We
also looked at our value proposition to better align it to the
needs of our hard pressed customers.
I'm pleased to report some success with these measures. We did
indeed manage to reverse the sales decline, with like for like
sales rising 2% in Q4. In addition, average spend on fresh products
rose by 17% in Q4 leading to a total of 22% (2011: 6%) over the
year.
Gross margin for the year was 43.3% (2011: 43.6%)
Costs
Excluding asset impairment, total overheads increased 4.8% to
GBP8.2m (2011: GBP7.7m). This increase was wholly driven by the
opening of a new store in Derby in February, with like for like
costs reducing by GBP0.1m during the year. Despite a year of
increasing prices, savings have come from productivity
improvements, certain renegotiated rents, and other operational and
administrative areas.
Profit
Excluding asset impairment, operating profit for the year was
GBP0.1m (2011: GBP0.6m). Profit before tax, including impairment,
was GBPnil (2011: GBP0.6m), and excluding impairment was GBP0.1m
(2011: GBP0.6m).
We generated cash during the year with EBITDA of GBP0.6m (2011:
GBP1.0m). The reduction in profits can be attributed to the
previously referred to fall in like for like sales, and the costs
of opening our new store in Derby.
The asset impairment has arisen following a review of returns by
store format and in line with my comments last year, of our new
outlets, it is our larger store formats that produce the best
performance. Accordingly, we have now concluded that our mobile
trailer should be discontinued, and that our smallest new store in
Bramley should be offered for sale. This generates an asset
impairment charge of GBP0.1m.
No dividend is proposed.
Cash
I am pleased to report that, before tax but after working
capital movements, we generated GBP0.5m (2011: GBP1.1m) of cash
from operating activities. Cash has been utilised on capital
projects (shops and vehicles) GBP0.2m, tax GBP0.1m, and on the
repayment of loans GBP0.4m. We received GBP0.1m from the sale of
our Doncaster market site. Cash balances at the end of January 2012
were GBP0.6m (2011: GBP0.7m).
As at 31(st) January 2012, net debt had reduced further to
GBP0.2m, (2011: GBP0.5m).
Outlook
The last quarter of the year under review showed like for like
sales up 2%, a reversal of the 10% decline seen the previous
quarter. Since the financial year end, like for like sales have
continued to increase by 3%, and we are trading ahead of our
expectation.
I am encouraged by our sales improvements since Q3 of last year.
The retail climate remains extremely tough, and our customers are
finding it difficult to make ends meet. I believe the measures we
have implemented are working and that they are producing the
beginnings of profitable growth.
Unfortunately, my confidence following the restoration of
profitable sales growth has been undermined by the Chancellor's
decision to propose the introduction of VAT on hot food from 1(st)
October this year.
Having worked extremely hard to offer good value to our loyal
customers, and to maintain key affordable price points, I find it
very unfair that small format High Street food retailers, and hard
pressed families and pensioners, are being targeted in this
way.
Some 38% of our sales are generated from hot food, and we are
unable to predict the effect this imposition of VAT will have on
our performance. We will of course do everything possible to
mitigate any negative impact.
We are vigorously opposing the VAT increase, with press, and in
store campaigns, as well as making representations to the
Treasury.
Richard Rose
Chairman
30(th) April 2012.
Directors' report
Principal Activity
The principal activity of the Group is the operation of a chain
of meat focused retail food stores. The Group has two distribution
centres in Grimsby and Rotherham, plus 20 retail locations across
Yorkshire, Lincolnshire and Nottinghamshire.
Business Review
It has been an extremely tough year for both the economy and our
customers as hard pressed families and pensioners continue to
struggle to make ends meet. Crawshaw Butchers Limited (CBL), the
Company's sole trading subsidiary, traded profitably such that the
Group reported an operating profit before one off exceptional costs
of GBP135,676 (2011: GBP638,935) on turnover of GBP18,889,491
(2011: GBP19,062,928).
Total sales were down 1% versus the prior year and LFL sales
were down 4% (2011 -1%) as we felt the impact of reduced footfall
in the high street. Some disappointing results over the summer
meant we needed to maximise the value for money element of our
product promotions, pack sizes and price points. Our efforts have
been received well and, after a disappointing 3(rd) quarter, LFL
sales have been much improved towards the end of the year with the
4(th) quarter LFL sales up 2% versus the prior year (2011 -1%).
Sales performance in the 4(th) quarter was driven by our new
value GBP5 range plus much improved LFL's from some of our newer
format stores where both hot cooked takeaway food and fresh produce
to cook at home appeal to our customers in equal measure. We
continue to focus on "in store" customer service and have recently
recruited a Marketing Manager to strengthen the impact of our
promotional activity to remind customers of the quality and the
value of our products.
Whilst our customers are not shopping as frequently as in
previous years, preferring to make their purchases go further, they
are spending more per visit. Average spend has been rising
throughout the year, particularly on the raw side of the business
where average spend has risen 22% (2011: 6%). Gross margin has
remained relatively consistent at 43.3% (2011: 43.6%).
Overheads have increased by 5% to GBP8,059,743 (2011 :
GBP7,689,323) which is more than explained by the opening of our
new store in Derby. LFL overheads have actually reduced marginally
in the year despite rising fuel and energy costs. Savings have been
identified in staff related costs as we further improve our
operational efficiency and in general operating expenses.
We have undertaken a review of our new store formats and
concluded that it is the medium to large stores that generate the
best returns. As a result we have decided to offer up for sale our
smallest new store and to discontinue the test of the mobile unit
serving local markets. This results in an exceptional impairment
charge of GBP130,738 (2011: GBPnil). Operating profit (before
impairment of fixed assets) is GBP135,676 (2011: GBP638,935), and
profit before tax for the year is GBP2,374 (2011 : GBP569,487). The
earnings per share for the period are 0.026p (2011 : 0.720p).
LFL sales for the first 8 weeks of the current year are running
3% higher than the corresponding period last year.
Balance sheet position
At our reporting date, the Group had a cash balance of
approximately GBP0.6m and total assets of GBP13.5m.
The Group has recently agreed a reduced overdraft facility of
GBP0.25m (2011: GBP0.5m) which will be reviewed annually. Total
utilisation of the facility throughout the year and at the
reporting date amounted to GBPnil.
Cash has mainly been utilised on the opening of a new retail
outlet in Derby and on the repayment of debt. As a result the debt
position as at 31(st) January, 2012 was approximately GBP0.8 m,
solely related to a mortgage secured on the Group's distribution
centre in Grimsby and a store in Hull. Taking into account cash
balances the net debt position is reported as GBP0.2m (2011:
GBP0.5m).
In total, GBP0.7m of cash has been utilised in the year for the
payment of tax (GBP0.1m), for capital projects (GBP0.2m) and on the
repayment of our revolving credit facility (GBP0.4m).These
requirements have been partially met via cash generated from
operating activities (GBP0.5m) and the sale of our Doncaster Market
site (GBP0.1m).
Proposed dividend
The directors do not recommend the payment of a dividend.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
--------------------------------------------------------------------------------------------------------
FOR THE YEAR ENDED 31 JANUARY 2012
--------------------------------------------------------------------------------------------------------
Year ended Year ended
----------------------------------------- ----- --------------------------- -------------------------
31 January 31 January
----------------------------------------- ----- --------------------------- -------------------------
2012 2011
----------------------------------------- ----- --------------------------- -------------------------
Note GBP GBP
----------------------------------------- ----- --------------------------- -------------------------
Revenue 18,889,491 19,062,928
----------------------------------------- ----- --------------------------- -------------------------
Cost of sales (10,715,341) (10,745,622)
----------------------------------------- ----- --------------------------- -------------------------
Gross profit 8,174,150 8,317,306
----------------------------------------- ----- --------------------------- -------------------------
Other operating income 3 21,269 10,952
----------------------------------------- ----- --------------------------- -------------------------
Administrative expenses (8,190,481) (7,689,323)
----------------------------------------- ----- --------------------------- -------------------------
Operating profit before impairment 135,676 638,935
----------------------------------------- ----- --------------------------- -------------------------
Impairment of Fixed Assets 2 (130,738) -
----------------------------------------- ----- --------------------------- -------------------------
Operating profit 4,938 638,935
----------------------------------------- ----- --------------------------- -------------------------
Finance income 7 4,730 83
----------------------------------------- ----- --------------------------- -------------------------
Finance expenses 7 (22,139) (34,531)
----------------------------------------- ----- --------------------------- -------------------------
Net finance expense (17,409) (34,448)
----------------------------------------- ----- --------------------------- -------------------------
Share of (loss)/ profit of equity
accounted investees (net of tax) 14,845 (35,000)
----------------------------------------- ----- --------------------------- -------------------------
Profit before income tax 2,374 569,487
----------------------------------------- ----- --------------------------- -------------------------
Income tax (expense)/credit 8 12,423 (152,939)
----------------------------------------- ----- --------------------------- -------------------------
Total recognised income for the period 14,797 416,548
----------------------------------------- ----- --------------------------- -------------------------
Attributable to:
----------------------------------------- ----- --------------------------- -------------------------
Equity holders of the Company 14,797 416,548
----------------------------------------- ----- --------------------------- -------------------------
Basic profit per ordinary share 0.026p 0.720p
----------------------------------------- ----- --------------------------- -------------------------
Diluted profit per ordinary share 0.026p 0.720p
----------------------------------------- ----- --------------------------- -------------------------
The Company is taking advantage of the exemption in section 408
of the Companies Act 2006
not to present its individual income statement.
Balance Sheets
At 31 January 2012
--------------------
Group Group Company Company
---------------------------- ----- ----------------- ------------------ ------------- ------------------
Note 2012 2011 2012 2011
---------------------------- ----- ----------------- ------------------ ------------- ------------------
ASSETS GBP GBP GBP GBP
---------------------------- ----- ----------------- ------------------ ------------- ------------------
Non Current Assets
---------------------------- ----- ----------------- ------------------ ------------- ------------------
Property, plant
and equipment 10 4,471,820 4,823,442 - -
---------------------------- ----- ----------------- ------------------ ------------- ------------------
Intangible assets
- goodwill and
related Acquisition
intangibles 11 7,556,044 7,650,724 - -
---------------------------- ----- ----------------- ------------------ ------------- ------------------
Investment in equity
accounted investees 12 94,845 100,207 - -
---------------------------- ----- ----------------- ------------------ ------------- ------------------
Investments in
Subsidiaries 13 11,700,000 11,700,000
---------------------------- ----- ----------------- ------------------ ------------- ------------------
Total Non Current
Assets 12,122,709 12,574,373 11,700,000 11,700,000
---------------------------- ----- ----------------- ------------------ ------------- ------------------
Current Assets
---------------------------- ----- ----------------- ------------------ ------------- ------------------
Inventories 15 510,508 361,647 - -
---------------------------- ----- ----------------- ------------------ ------------- ------------------
Trade and other
receivables 16 306,544 371,702 51,940 6,749,969
---------------------------- ----- ----------------- ------------------ ------------- ------------------
Cash and cash equivalents 603,095 723,616 - -
---------------------------- ----- ----------------- ------------------ ------------- ------------------
Total Current Assets 1,420,147 1,456,965 51,940 6,749,969
---------------------------- ----- ----------------- ------------------ ------------- ------------------
Total Assets 13,542,856 14,031,338 11,751,940 18,449,969
---------------------------- ----- ----------------- ------------------ ------------- ------------------
SHAREHOLDERS' EQUITY
---------------------------- ----- ----------------- ------------------ ------------- ------------------
Share capital 19 2,890,940 2,890,940 2,890,940 2,890,940
---------------------------- ----- ----------------- ------------------ ------------- ------------------
Share premium 19 6,317,618 6,317,618 6,317,618 6,317,618
---------------------------- ----- ----------------- ------------------ ------------- ------------------
Reverse acquisition
reserve 19 446,563 446,563 - -
---------------------------- ----- ----------------- ------------------ ------------- ------------------
Capital contribution
reserve 19 - 149,311 - -
---------------------------- ----- ----------------- ------------------ ------------- ------------------
Merger Reserve 19 - 508,146 10,140,000
---------------------------- ----- ----------------- ------------------ ------------- ------------------
Retained earnings 19 288,000 123,892 193,379 (900,176)
---------------------------- ----- ----------------- ------------------ ------------- ------------------
Total Shareholders'
Equity 9,943,121 9,928,324 9,910,083 18,448,382
---------------------------- ----- ----------------- ------------------ ------------- ------------------
LIABILITIES
---------------------------- ----- ----------------- ------------------ ------------- ------------------
Non Current Liabilities
---------------------------- ----- ----------------- ------------------ ------------- ------------------
Other payables 17 298,685 138,742 - -
---------------------------- ----- ----------------- ------------------ ------------- ------------------
Interest bearing
loans and borrowings 20 840,000 1,240,000 - -
---------------------------- ----- ----------------- ------------------ ------------- ------------------
Deferred tax liabilities 14 434,984 486,946 - -
---------------------------- ----- ----------------- ------------------ ------------- ------------------
Total Non Current
Liabilities 1,573,669 1,865,688 - -
---------------------------- ----- ----------------- ------------------ ------------- ------------------
Current Liabilities
---------------------------- ----- ----------------- ------------------ ------------- ------------------
Trade and other
payables 17 2,026,066 2,237,326 1,841,857 1,587
---------------------------- ----- ----------------- ------------------ ------------- ------------------
Total Current Liabilities 2,026,066 2,237,326 1,841,857 1,587
---------------------------- ----- ----------------- ------------------ ------------- ------------------
Total Liabilities 3,599,735 4,103,014 1,841,857 1,587
---------------------------- ----- ----------------- ------------------ ------------- ------------------
Total Equity and
Liabilities 13,542,856 14,031,338 11,751,940 18,449,969
---------------------------- ----- ----------------- ------------------ ------------- ------------------
These financial statements were approved by the Board of
Directors on 30(th) April 2012 and
were signed on its behalf by:
Lynda Sherratt
Finance Director
Company registered number: 04755803
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
--------------------------------------------------------------------------------------------------------
Reverse Capital
Share Acquisition Cont'n Retained Total
Capital Share Premium Reserve Reserve Earnings Equity
GBP GBP GBP GBP GBP GBP
----------------------- ---------- --------------- ------------- ---------- ---------- -----------
Balance at 1 February
2010 2,890,940 6,317,618 446,563 149,311 (312,379) 9,492,053
----------------------- ---------- --------------- ------------- ---------- ---------- -----------
Profit for the
Period - - - - 416,548 416,548
----------------------- ---------- --------------- ------------- ---------- ---------- -----------
Share Based Payments - - - - 19,723 19,723
----------------------- ---------- --------------- ------------- ---------- ---------- -----------
Balance at 31
January 2011 2,890,940 6,317,618 446,563 149,311 123,892 9,928,324
----------------------- ---------- --------------- ------------- ---------- ---------- -----------
Balance at 1 February
2011 2,890,940 6,317,618 446,563 149,311 123,892 9,928,324
----------------------- ---------- --------------- ------------- ---------- ---------- -----------
Profit for the
period - - - - 14,797 14,797
----------------------- ---------- --------------- ------------- ---------- ---------- -----------
Capital Reduction
in Subsidiary
Company - - - (149,311) 149,311 0
----------------------- ---------- --------------- ------------- ---------- ---------- -----------
Share based payment - - - - 0 0
----------------------- ---------- --------------- ------------- ---------- ---------- -----------
Balance at 31
January 2012 2,890,940 6,317,618 446,563 - 288,000 9,943,121
----------------------- ---------- --------------- ------------- ---------- ---------- -----------
Cash Flow Statements
For the period ended 31 January 2012
Group Group Company Company
--------------------------------------- ------------ ------------ ----------------- --------------------
Year ended Year ended Year ended Year ended
--------------------------------------- ------------ ------------ ----------------- --------------------
31 January 31 January 31 January 31 January
2012 2011 2012 2011
--------------------------------------- ------------ ------------ ----------------- --------------------
Cash flows from operating
activities GBP GBP GBP GBP
--------------------------------------- ------------ ------------ ----------------- --------------------
Profit/(Loss)for the period 14,797 416,548 (156,445) 101,479
--------------------------------------- ------------ ------------ ----------------- --------------------
Adjustments for:
--------------------------------------- ------------ ------------ ----------------- --------------------
Share based payments charge 0 19,723 - -
--------------------------------------- ------------ ------------ ----------------- --------------------
Depreciation and amortisation 554,840 377,588 - -
--------------------------------------- ------------ ------------ ----------------- --------------------
Loss on sale of property,
plant and equipment 3,942 5,278 - -
--------------------------------------- ------------ ------------ ----------------- --------------------
Net financial charges 17,409 34,448 - -
--------------------------------------- ------------ ------------ ----------------- --------------------
Share of loss/(profit) of
equity accounted investees
(net of tax) (14,845) 35,000 - -
--------------------------------------- ------------ ------------ ----------------- --------------------
Taxation (12,423) 152,939 (50,919) -
--------------------------------------- ------------ ------------ ----------------- --------------------
Operating cashflow before
movements in working capital 563,720 1,041,524 (207,364) 101,479
--------------------------------------- ------------ ------------ ----------------- --------------------
Movement in trade and other
receivables 65,158 37,727 2,997 -
--------------------------------------- ------------ ------------ ----------------- --------------------
Movement in trade and other
payables 27,788 (65,163) 5,383 (1,997)
--------------------------------------- ------------ ------------ ----------------- --------------------
Movement in inventories (148,861) 123,351 - -
--------------------------------------- ------------ ------------ ----------------- --------------------
Tax Paid (118,643) - - -
--------------------------------------- ------------ ------------ ----------------- --------------------
Net cash (used in)/ generated
from operating activities 389,162 1,137,439 (198,984) 99,482
--------------------------------------- ------------ ------------ ----------------- --------------------
Cash flows from investing
activities
--------------------------------------- ------------ ------------ ----------------- --------------------
Purchase of property, plant
and equipment (201,037) (690,255) - -
--------------------------------------- ------------ ------------ ----------------- --------------------
Proceeds from sale of property,plant
& equipment 88,556 10,500 - -
--------------------------------------- ------------ ------------ ----------------- --------------------
Received from equity accounted
investees 20,207 - - -
--------------------------------------- ------------ ------------ ----------------- --------------------
Interest received 4,730 83 - -
--------------------------------------- ------------ ------------ ----------------- --------------------
Interest paid (22,139) (34,531) - -
--------------------------------------- ------------ ------------ ----------------- --------------------
Net cash (used in)/ generated
by investing activities (109,683) (714,203) - -
--------------------------------------- ------------ ------------ ----------------- --------------------
Cash flows from financing
activities
--------------------------------------- ------------ ------------ ----------------- --------------------
Repayment of loans (400,000) (500,000) - -
--------------------------------------- ------------ ------------ ----------------- --------------------
Movements in amounts owed
by group companies - - 198,984 (99,482)
--------------------------------------- ------------ ------------ ----------------- --------------------
Net cash (used in)/ generated
from financing activities (400,000) (500,000) 198,984 (99,482)
--------------------------------------- ------------ ------------ ----------------- --------------------
Net change in cash and cash
equivalents (120,521) (76,764) - -
--------------------------------------- ------------ ------------ ----------------- --------------------
Cash and cash equivalents
at start of period 723,616 800,380 - -
--------------------------------------- ------------ ------------ ----------------- --------------------
Cash and cash equivalents
at end of period 603,095 723,616 - -
--------------------------------------- ------------ ------------ ----------------- --------------------
Notes to the financial statements
(forming part of the financial statements)
1. ACCOUNTING POLICIES
Crawshaw Group Plc (the "Company") is a company incorporated and
domiciled in the UK.
The group financial statements consolidate those of the Company
and its subsidiaries (together referred to as the "Group") and
equity account the Group's interest in jointly controlled entities.
The parent company financial statements present information about
the Company as a separate entity and not about its group.
Both the parent company financial statements and the group
financial statements have been prepared and approved by the
directors in accordance with International Financial Reporting
Standards as adopted by the EU ("Adopted IFRSs"). On publishing the
parent company financial statements here together with the group
financial statements, the Company is taking advantage of the
exemption in s408 of the Companies Act 2006 not to present its
individual income statement and related notes that form a part of
these approved financial statements.
The following new and revised IFRS have been adopted in these
consolidated financial statements. The application of these new and
revised IFRSs has not had any material impact on the amounts
reported for the current and prior years but may affect the
accounting for future transactions or arrangements. Other new
standards and interpretations have no significant impact on the
Group.
-- Improvements to IFRS (2010). The International Accounting
Standards Board issued its annual omnibus of amendments to
standards in May 2010, effective for accounting periods commencing
after 1 January 2011. The adoption of these amendments does not
have any impact on the reporting of the financial position or
performance of the Group.
-- IAS 24 Related Party Disclosures (Revised 2009) clarifies and
expands the definition of a related party. There is no impact on
the reporting of the Group but additional disclosures may be
required in future annual reports.
-- IFRIC 19 Extinguishing Financial Liabilities with Equity
Instruments provides guidance on accounting for debt for equity
swaps. Equity instruments are measured initially at fair value with
any gain or loss recognised immediately in the income
statement.
The Group has not yet applied the following new and revised
IFRSs that are not yet effective for which early adoption is
permitted:
-- Disclosures - Transfers of Financial Assets (Amendments to
IFRS 7) was published in October 2010. Effective for annual periods
beginning on or after 1 July 2011.
BASIS OF CONSOLIDATION
Subsidiaries
Subsidiaries are entities controlled by the Group. Control
exists when the Group has the power to govern the financial and
operating policies of an entity so as to obtain benefits from its
activities. In assessing control, the Group takes into
consideration potential voting rights that are currently
exercisable. The acquisition date is the date on which control is
transferred to the acquirer. The financial statements of
subsidiaries are included in the consolidated financial statements
from the date that control commences until the date that control
ceases.
Jointly controlled entities are those entities over whose
activities the Group has joint control, established by contractual
agreement and requiring the venturers' unanimous consent for
strategic financial and operating decisions. Jointly controlled
entities are accounted for using the equity method (equity
accounted investees) and are initially recognised at cost. The
Group's investment includes goodwill identified on acquisition, net
of any accumulated impairment losses. The consolidated financial
statements include the Group's share of the total comprehensive
income and equity movements of equity accounted investees, from the
date that joint control commences until the date that joint control
ceases. When the Group's share of losses exceeds its interest in an
equity accounted investee, the Group's carrying amount is reduced
to nil and recognition of further losses is discontinued except to
the extent that the Group has incurred legal or constructive
obligations or made payments on behalf of an investee.
The accounting policies set out below have, unless otherwise
stated, been applied consistently to all periods presented in these
consolidated financial statements.
GOING CONCERN
The Group's business activities, together with the factors
likely to affect its future development, performance and position
are set out on the business review on pages 6-7. In addition, notes
21 and 22 set out the Group's objectives, policies and processes
for managing its capital and exposures to credit and liquidity
risk.
As highlighted in note 22, the Group meets its day to day
working capital requirements through cash generated from operations
and borrowings. Current cash headroom (being cash on hand and
available overdraft facility) totals GBP0.9m.
The Group have recently renewed the overdraft facility at the
lower level of GBP0.25m based on forecast future cash requirements.
This facility falls due for review in April 2013. The Group repaid
its GBP0.4m revolving credit facility during the year using surplus
cash reserves. The outstanding loan balance shown in note 20
relates to a mortgage against freehold property which falls due for
renewal in May 2013.
The Group's forecasts and cash projections, taking account of
reasonably possible changes in trading performance as a result of
the uncertain economic conditions, show that the Group should be
able to operate comfortably within its secured level of available
facility.
The Group have commenced discussions with the bank with regards
to the mortgage and initial indications are that the facility will
be renewed. The Directors currently have no reason to believe that
the mortgage will not be renewed on acceptable terms.
The directors have a reasonable expectation that the company and
group have adequate resources to continue in operational existence
for the foreseeable future. Accordingly, they continue to adopt the
going concern basis in preparing the annual report and
accounts.
CLASSIFICATION OF FINANCIAL INSTRUMENTS ISSUED BY THE GROUP
In applying policies consistent with IAS 32, financial
instruments issued by the Group are treated as equity only to the
extent that they meet the following two conditions:
(a) they include no contractual obligations upon the Group to
deliver cash or other financial assets or to exchange financial
assets or financial liabilities with another party under conditions
that are potentially unfavourable to the Group; and
(b) where the instrument will or may be settled in the Group's
own equity instruments, it is either a non-derivative that includes
no obligation to deliver a variable number of the Group's own
equity instruments or is a derivative that will be settled by the
Group's exchanging a fixed amount of cash or other financial assets
for a fixed number of its own equity instruments.
To the extent that this definition is not met, the proceeds of
issue are classified as a financial liability. Where the instrument
so classified takes the legal form of the Group's own shares, the
amounts presented in this financial information for called up share
capital and share premium account exclude amounts in relation to
those shares.
Preference share capital is classified as equity if it is
non-redeemable, or redeemable only at the Company's option, and any
dividends are discretionary. Dividends thereon are recognised as
distributions within equity upon approval by the Group's
shareholders.
Preference share capital is classified as a liability if it is
redeemable on a specific date or at the option of the shareholders,
or if dividend payments are not discretionary. Dividends thereon
are recognised as interest expense in profit or loss as
accrued.
Finance payments associated with financial liabilities are dealt
with as part of finance expenses. Finance payments associated with
financial instruments that are classified in equity are treated as
distributions and are recorded directly in equity.
NON-DERIVATIVE FINANCIAL INSTRUMENTS
Non-derivative financial instruments comprise investments in
equity securities, trade and other receivables, cash and cash
equivalents and trade and other payables.
Trade and other receivables are recognised at stated cost less
impairment losses. It is the Company's policy to review trade and
other receivable balances for evidence of impairment at each
reporting date. Any receivables which give significant cause for
concern are written down to the best estimate of the recoverable
amount.
Cash and cash equivalents comprise cash-in-hand and
cash-at-bank.
Trade and other payables are recognised at stated cost.
ASSOCIATES AND JOINTLY CONTROLLED ENTITIES (equity accounted
investees)
Associates are those entities in which the Group has significant
influence, but not control, over the financial and operating
policies. Significant influence is presumed to exist when the Group
holds between 20 and 50 percent of the voting power of another
entity. Joint ventures are those entities over whose activities the
Group has joint control, established by contractual agreement and
requiring unanimous consent for strategic financial and operating
decisions.
Associates and jointly controlled entities are accounted for
using the equity method (equity accounted investees) and are
initially recognised at cost. The Group's investment includes
goodwill identified on acquisition, net of any accumulated
impairment losses. The consolidated financial statements include
the Group's share of the income and expenses and equity movements
of equity accounted investees, after adjustments to align the
accounting policies with those of the Group, from the date that
significant influence or joint control commences until the date
that significant influence or joint control ceases. When the
Group's share of losses exceeds its interest in an equity accounted
investee, the carrying amount of that interest (including any
long-term investments) is reduced to nil and the recognition of
further losses is discontinued except to the extent that the Group
has an obligation or has made payments on behalf of the
investee.
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are stated at cost less
accumulated depreciation and impairment losses.
Depreciation is charged to the income statement on a
straight-line basis over the estimateduseful lives of each part of
an item of property, plant and equipment. Residual values of
property, plant and equipment is assumed to be nil. Land is not
depreciated. The estimated useful lives are as follows:
-- Freehold property 2%
-- Leasehold buildings in accordance with the lease term
-- Leasehold improvements in accordance with the lease term
-- Plant, equipment and 10-25% on reducing balance
vehicles
INTANGIBLE ASSETS AND GOODWILL
Goodwill represents amounts arising on acquisition of
businesses. In respect of business acquisitions that have occurred
since 11 December 2006, goodwill represents the difference between
the cost of the acquisition and the fair value of the net
identifiable assets acquired. Identifiable intangibles are those
which can be sold separately or which arise from legal rights
regardless of whether those rights are separable.
Goodwill is stated at cost less any accumulated impairment
losses. Goodwill is allocated to cash-generating units and is not
amortised but is tested annually for impairment. Any impairment is
then recognised immediately in profit or loss and is not
subsequently reversed.
Intangible assets that are acquired by the Group, which have
finite useful lives, are measured at cost less accumulated
amortisation and accumulated impairment losses.
IFRS 1 grants certain exemptions from the full requirements of
Adopted IFRSs in the transition period. The Company elected not to
restate business combinations in Crawshaw Butchers Limited that
took place prior to 1 February 2006. In respect of acquisitions
prior to 1 February 2006, goodwill is included at 1 February 2006
on the basis of its deemed cost, which represents the amount
recorded under UK GAAP which was broadly comparable save that only
separable intangibles were recognised and goodwill was
amortised.
AMORTISATION
Amortisation is recognised in the statement of comprehensive
income on a straight-line basis over the estimated useful lives of
intangible assets, other than goodwill, from the date that they are
available for use. The estimated useful lives for the current and
comparative periods are as follows:
-- Brand 20 years
IMPAIRMENT
The carrying amounts of the Group's assets are reviewed at each
balance sheet date to determine whether there is any indication of
impairment. If any such indication exists, the asset's recoverable
amount is estimated.
For goodwill and intangible assets that are not yet available
for use, the recoverable amount is estimated at each balance sheet
date.
An impairment loss is recognised whenever the carrying amount of
an asset or its cash-generating unit exceeds its recoverable
amount. Impairment losses are recognised in the statement of
comprehensive income.
Impairment losses recognised in respect of cash-generating units
are allocated first to reduce the carrying amount of any goodwill
allocated to cash-generating units and then to reduce the carrying
amount of the other assets in the unit on a pro rata basis. A cash
generating unit is the smallest identifiable group of assets that
generates cash inflows that are largely independent of the cash
inflows from other assets or groups of assets.
Calculation of recoverable amount
The recoverable amount of other assets is the greater of their
fair value less costs to sell and value in use. In assessing value
in use, the estimated future cash flows are discounted to their
present value using a pre-tax discount rate that reflects current
market assessments of the time value of money and the risks
specific to the asset. For an asset that does not generate largely
independent cash inflows, the recoverable amount is determined for
the cash-generating unit to which the asset belongs.
Reversals of impairment
An impairment loss in respect of goodwill is not reversed.
In respect of other assets, an impairment loss is reversed when
there is an indication that the impairment loss may no longer exist
and there has been a change in the estimates used to determine the
recoverable amount.
An impairment loss is reversed only to the extent that the
asset's carrying amount does not exceed the carrying amount that
would have been determined, net of depreciation or amortisation, if
no impairment loss had been recognised.
PROVISIONS
A provision is recognised in the balance sheet when the Group
has a present legal or constructive obligation as a result of a
past event, and it is probable that an outflow of economic benefits
will be required to settle the obligation. If the effect is
material, provisions are determined by discounting the expected,
risk adjusted, future cash flows at a pre-tax risk-free rate.
TRADE AND OTHER RECEIVABLES
Trade and other receivables are recognised at their fair value
and thereafter at amortised cost less impairment charges.
INVENTORIES
Inventories are stated at the lower of cost and net realisable
value, after making due allowance for obsolete and slow moving
items. Cost comprises purchase price and an allocation of
production overheads. Net realisable value is estimated selling
price in the ordinary course of business, less the estimated costs
of completion and selling expenses.
Inventories are primarily goods for resale.
CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise cash-in-hand and cash-at
bank. Bank overdrafts that are repayable on demand and form an
integral part of the Group's cash management are included as a
component of cash and cash equivalents for the purpose only of the
statement of cash flows.
EMPLOYEE BENEFITS
Defined contribution plans
The Group operates a defined contribution pension scheme. The
assets of the scheme are held separately from those of the Group in
an independently administered fund. Obligations for contributions
to defined contribution pension plans are recognised as an expense
in the income statement as incurred.
Short-term benefits
Short-term employee benefit obligations are measured on an
undiscounted basis and are expensed as the related service is
provided. A provision is recognised for the amount expected to be
paid under short-term cash bonus or profit-sharing plans if the
Group has a present legal or constructive obligation to pay this
amount as a result of past service provided by the employee and the
obligation can be estimated reliably.
REVENUE
Revenue is mainly derived from retail butcher activities, stated
after trade discounts, VAT and any other sales taxes. Revenue from
the sale of goods is recognised in the statement of comprehensive
income when the significant risks and rewards of ownership have
been transferred to the buyer. Where the Group sells to
distributors, revenue from the sale of goods is recognised where
there are no further obligations on the Group and when the
associated economic benefits are due to the Group and the turnover
can be reliably measured.
EXPENSES
Operating lease payments
Payments made under operating leases are recognised in the
statement of comprehensive income on a straight-line basis over the
term of the lease. Lease incentives received are recognised in the
income statement as an integral part of the total lease
expense.Lease incentives are recognised in the income statement on
a straight-line basis over the term of the associated lease.
Net financing costs
Net financing costs comprise interest payable, finance charges
on shares classified as liabilities, interest receivable on funds
invested and dividend income.
Interest income and interest payable is recognised in profit or
loss as it accrues, using the effective interest method. Dividend
income is recognised in the income statement on the date the
entity's right to receive payments is established.
Borrowing costs
In the current year borrowing costs are expensed in the
consolidated statement of comprehensive income as incurred.
TAXATION
Tax on the profit or loss for the period comprises current and
deferred tax. Tax is recognised in the statement of comprehensive
income except to the extent that it relates to items recognised
directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income
for the period, using tax rates enacted or substantively enacted at
the balance sheet date, and any adjustment to tax payable in
respect of previous periods.
Deferred tax is provided on temporary differences between the
carrying amounts of assets and liabilities for financial reporting
purposes and the amounts used for taxation purposes. The following
temporary differences are not provided for: the initial recognition
of goodwill; the initial recognition of assets or liabilities that
affect neither accounting nor taxable profit other than in a
business combination, and differences relating to investments in
subsidiaries to the extent that they will probably not reverse in
the foreseeable future. The amount of deferred tax provided is
based on the expected manner of realisation or settlement of the
carrying amount of assets and liabilities, using tax rates enacted
or substantively enacted at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is
probable that future taxable profits will be available against
which the asset can be utilised.
BANK LOANS, OVERDRAFTS AND LOAN NOTES
Interest-bearing bank loans, overdrafts and loan notes are
recorded at the proceeds received, net of direct issue costs.
Finance charges, including premiums payable on settlement or
redemption and direct issue costs, are accounted for on an accruals
basis in profit or loss using the effective interest rate method
and are added to the carrying amount of the instrument to the
extent that they are not settled in the period in which they
arise.
SEGMENTAL REPORTING
An operating segment is a component of the Group that engages in
business activities from which it may earn revenues and incur
expenses, including revenues and expenses that relate to
transactions with any of the Group's other components. Operating
segments' operating results are reviewed regularly by the Group's
Managing Director to make decisions about resources to be allocated
to the segment and assess its performance, and for which discrete
financial information is available. The Directors consider each
location to be a separate operating segment. The Directors have
applied the provisions within IFRS 8 for aggregation of operating
segments with similar risks and markets, to have one reportable
segment. The Group's business operations are conducted exclusively
in the UK so geographical segment reporting is not required.
SIGNIFICANT JUDGEMENTS AND ESTIMATES
The preparation of the financial information in conformity with
IFRS requires management to make judgements, estimates and
assumptions that affect the application of policies and reported
amounts of assets and liabilities, income and expenses. The
estimates and underlying assumptions are reviewed on an ongoing
basis.
The estimates associated with the assumptions are based on
historical experience and various other factors that are believed
to be reasonable under the circumstances, the results of which form
the basis for making judgements about the carrying values of assets
and liabilities that are not readily apparent from other sources.
Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to estimates are recognised in the period
in which the estimate is revised if the revision only affects that
period, or in the period of revision and future periods if the
revision affects both current and future periods.
The key sources of estimation uncertainty at the balance sheet
date are:
GOODWILL
Determining whether goodwill is impaired requires an estimation
of the value in use of the cash-generating unit(s) to which
goodwill has been allocated. The value in use calculation requires
the entity to estimate the future cash flows expected to arise from
the cash-generating unit and a suitable discount rate in order to
calculate present value.
The carrying amount of goodwill at the balance sheet date was
GBP7.0 million. Details of the present value calculation are
provided in note 11.
BRAND INTANGIBLES
The royalty relief approach is considered the most appropriate
method to determine the value of the brand. A royalty percentage of
1% has been applied to revenue streams for the twenty years ended
31 January 2028 from the branch network carrying the Crawshaw
brand. These were discounted at 15.7% to arrive at an initial
carrying value of GBP693,558. This is amortised over the finite
life of twenty years, with the amortisation charge being included
within administrative expenses in the statement of comprehensive
income.
2. EXCEPTIONAL ITEMS
Exceptional costs in the period relate
to
--------------------------------------- -------- -----
2012 2011
--------------------------------------- -------- -----
GBP GBP
--------------------------------------- -------- -----
Impairment of Fixed Assets 130,738 -
--------------------------------------- -------- -----
3. OTHER OPERATING INCOME
2012 2011
----------------------------------- ------------ ------------
GBP GBP
----------------------------------- ------------ ------------
RGV management charge 12,000 7,000
----------------------------------- ------------ ------------
Other 9,269 3,952
----------------------------------- ------------ ------------
TOTAL 21,269 10,952
----------------------------------- ------------ ------------
The Group charges RGV Refrigeration a management charge each
period for administration services. The Group has investment in RGV
Refrigeration, which is described further in note 12.
4. EXPENSES AND AUDITORS REMUNERATION
Included in operating profit are the following:
2012 2011
GBP GBP
Depreciation of property, plant and equipment
(owned)(note 11) 520,160 342,908
Amortisation of intangible assets (note
11) 34,680 34,680
Loss/(profit) on sale of property, plant
and equipment 4,278 5,278
Auditors' remuneration:
2012 2011
GBP GBP
Audit of these financial statements 12,226 12,500
Amounts receivable by the auditors and their
associates in respect of:
Audit of financial statements of subsidiaries
pursuant to legislation 20,000 18,500
Other services relating to taxation 7,000 6,500
Advisory services 7,000 5,500
Total auditors' remuneration 46,226 43,000
5. STAFF NUMBERS AND COSTS
The average number of persons employed by the Company (including
directors) during the period, analysed by category, was as
follows:
Number of employees
2012 2011
Management 5 5
Other 233 226
238 231
The aggregate payroll costs of these persons were as
follows:
2012 2011
GBP GBP
Wages and salaries 4,102,909 4,038,381
Social security costs 342,833 342,059
Other pension costs 71,037 75,981
4,516,779 4,456,421
6. KEY MANAGEMENT COMPENSATION
2012 2011
GBP GBP
Wages and salaries 280,524 274,382
Company contributions to money purchase
pension plans 70,000 74,580
The Group considers key management personnel as defined in IAS24
'Related Party Disclosures' to be the Directors of the Group.
Detailed disclosures of individual remuneration, pension
entitlements and share options, for those directors who served
during the year, are given in the Report of the Remuneration
Committee on pages to these numbers have been audited.The aggregate
of emoluments and amounts receivable under long term incentive
schemes of the highest paid director was GBP65,012 (2011:
GBP59,846),and company pension contributions of GBP50,000 (2011:
GBP54,580) were made to a money purchase scheme on his behalf. The
prior year share based payment charge of GBP19,723 solely relates
to options granted to the executive directors and key
management.The comparable charge in the current year is GBPnil.See
note 18 for further details.
Number of directors
2012 2011
Retirement benefits are accruing to the
following number of directors under:
Money purchase schemes 2 2
7. FINANCE AND INCOME EXPENSE
2012 2011
GBP GBP
Bank interest received 5 83
Other Interest 4,725 -
Financial income 4,730 83
Bank interest paid 22,139 34,531
Financial expenses 22,139 34,531
8. INCOME TAX EXPENSE
Recognised in the income statement 2012 2011
------------------------------------------------- -------------------- ------------------------
The income tax expense is based on the GBP GBP
estimated effective rate of taxation
on trading for the period and represents:
------------------------------------------------- -------------------- ------------------------
Current tax 72,235 131,784
------------------------------------------------- -------------------- ------------------------
Adjustments for prior year (32,695) -
------------------------------------------------- -------------------- ------------------------
39,540 131,784
------------------------------------------------- -------------------- ------------------------
Deferred tax:
------------------------------------------------- -------------------- ------------------------
Origination and reversal of timing differences (14,316) 1,604
------------------------------------------------- -------------------- ------------------------
Adjustments for prior year 1,981 19,551
------------------------------------------------- -------------------- ------------------------
Effect of rate change (39,628) -
------------------------------------------------- -------------------- ------------------------
(51,963) 21,155
------------------------------------------------- -------------------- ------------------------
Income tax (credit)/ expense (12,423) 152,939
------------------------------------------------- -------------------- ------------------------
Reconciliation of effective tax rate 2012 2011
-------------------------------------- ------------------- -------------------
GBP GBP
-------------------------------------- ------------------- -------------------
Profit/(Loss) for the period 14,797 416,548
-------------------------------------- ------------------- -------------------
Total Tax Expense (12,423) 152,939
-------------------------------------- ------------------- -------------------
Profit/(Loss) excluding taxation 2,374 569,487
-------------------------------------- ------------------- -------------------
Tax using UK Corporation tax rate of
26.33% 625 159,456
-------------------------------------- ------------------- -------------------
Non-deductible expenses 56,532 (2,717)
-------------------------------------- ------------------- -------------------
Adjustment in respect of prior years (30,714) 42,490
-------------------------------------- ------------------- -------------------
Change of deferred tax rate to 25% (39,629) (17,876)
-------------------------------------- ------------------- -------------------
Tax not at standard rate 763 -
-------------------------------------- ------------------- -------------------
Utilisation of tax losses - (28,414)
-------------------------------------- ------------------- -------------------
Total tax (credit)/expense (12,423) 152,939
-------------------------------------- ------------------- -------------------
The 2012 Budget on 21 March 2012 announced that the UK
corporation tax rate will reduce to 22% by 2014. A reduction in the
rate from 26% to 25% (effective from 1 April 2012) was
substantively enacted on 5 July 2011, and a further reduction to
24% (effective from 1 April 2012) was substantively enacted on 26
March 2012.
This will reduce the company's future current tax charge
accordingly and further reduce the deferred tax liability at 31(st)
January 2012 (which has been calculated based on the rate of 25%
substantively enacted at the balance sheet date) by GBP19,814.
It has not yet been possible to quantify the full anticipated
effect of the announced further 2% rate reduction, although this
will further reduce the company's future current tax charge and
reduce the company's deferred tax liability accordingly.
9. EARNINGS PER ORDINARY SHARE
Basic earnings per ordinary share is calculated by dividing the
earnings attributable to the ordinary shareholders by the weighted
average number of ordinary shares outstanding during the year of
57,818,801 (31/1/11: 57,818,801).
Diluted EPS is calculated by dividing the profit for the year
attributable to ordinary shareholders by the weighted average
number of ordinary shares in issue adjusted to assume conversion of
all potentially dilutive ordinary shares from the start of the year
giving a figure of 57,818,801 (31/1/11: 57,818,801).
The calculation of the basic and diluted earnings per share is
based on the following data:
2012 2011
-------------------------- ------- --------
GBP GBP
-------------------------- ------- --------
Earnings attributable to
shareholders 14,797 416,548
-------------------------- ------- --------
10. PROPERTY, PLANT AND EQUIPMENT
Land and Buildings
----------------------- -------------- ------------------------- ---------------- ----------
Asset under Leasehold Plant,equipment
construction Freehold improvements and vehicles Total
----------------------- -------------- --------- -------------- ---------------- ----------
Cost GBP GBP GBP GBP GBP
----------------------- -------------- --------- -------------- ---------------- ----------
Balance at 1 February
2011 508,077 753,467 2,828,783 1,628,504 5,718,831
----------------------- -------------- --------- -------------- ---------------- ----------
Additions at cost 1,827 130,223 68,987 201,037
----------------------- -------------- --------- -------------- ---------------- ----------
Disposals - - - (92,336) (92,336)
----------------------- -------------- --------- -------------- ---------------- ----------
Transfer (508,077) - 508,077 -
----------------------- -------------- --------- -------------- ---------------- ----------
Balance at 31 January
2012 - 755,294 3,467,083 1,605,155 5,827,532
----------------------- -------------- --------- -------------- ---------------- ----------
Depreciation and
impairment
----------------------- -------------- --------- -------------- ---------------- ----------
Balance at 1 February
2011 - 54,981 427,518 412,890 895,389
----------------------- -------------- --------- -------------- ---------------- ----------
Depreciation charge
for the year 15,707 324,228 180,225 520,160
----------------------- -------------- --------- -------------- ---------------- ----------
Disposals - - - (59,837) (59,837)
----------------------- -------------- --------- -------------- ---------------- ----------
Balance at 31 January
2012 - 70,688 751,746 533,278 1,355,712
----------------------- -------------- --------- -------------- ---------------- ----------
Net book value
----------------------- -------------- --------- -------------- ---------------- ----------
At 31 January 2012 - 684,606 2,715,337 1,071,877 4,471,820
----------------------- -------------- --------- -------------- ---------------- ----------
At 31 January 2011 508,077 698,486 2,401,265 1,215,614 4,823,442
----------------------- -------------- --------- -------------- ---------------- ----------
There are no items of property, plant and equipment in the
Company.
For details of security given over property, plant and equipment
see note 20.
PRIOR YEAR
Land and Buildings
----------------------- -------------- ------------------------- ---------------- ----------
Asset under Leasehold Plant,equipment
construction Freehold improvements and vehicles Total
----------------------- -------------- --------- -------------- ---------------- ----------
Cost GBP GBP GBP GBP GBP
----------------------- -------------- --------- -------------- ---------------- ----------
Balance at 1 February
2010 - 732,691 2,812,833 1,525,331 5,070,855
----------------------- -------------- --------- -------------- ---------------- ----------
Additions at cost 508,077 20,776 15,950 145,453 690,256
----------------------- -------------- --------- -------------- ---------------- ----------
Disposals - - - (42,280) (42,280)
----------------------- -------------- --------- -------------- ---------------- ----------
Balance at 31 January
2011 - 753,467 2,828,783 1,628,504 5,718,831
----------------------- -------------- --------- -------------- ---------------- ----------
Depreciation and
impairment
----------------------- -------------- --------- -------------- ---------------- ----------
Balance at 1 February
2010 - 40,169 244,015 294,799 578,983
----------------------- -------------- --------- -------------- ---------------- ----------
Depreciation charge
for the year - 14,812 183,503 144,593 342,908
----------------------- -------------- --------- -------------- ---------------- ----------
Disposals - - - (26,502) (26,502)
----------------------- -------------- --------- -------------- ---------------- ----------
Balance at 1 January
2011 - 54,981 427,518 412,890 895,389
----------------------- -------------- --------- -------------- ---------------- ----------
Net book value
----------------------- -------------- --------- -------------- ---------------- ----------
At 31 January 2010 - 692,522 2,568,818 1,230,532 4,491,872
----------------------- -------------- --------- -------------- ---------------- ----------
At 31 January 2011 508,077 698,486 2,401,265 1,215,614 4,823,442
----------------------- -------------- --------- -------------- ---------------- ----------
11. INTANGIBLE ASSETS
Other Intangibles Goodwill Brand Total
----------------------------- ------------------ ---------- -------- ----------
Group GBP GBP GBP GBP
----------------------------- ------------------ ---------- -------- ----------
Cost or deemed cost
----------------------------- ------------------ ---------- -------- ----------
At 1 February 2011 214,247 7,088,657 693,558 7,996,462
----------------------------- ------------------ ---------- -------- ----------
Realised during the year - (60,000) - (60,000)
----------------------------- ------------------ ---------- -------- ----------
Balance at 31 January 2012 214,237 7,028,657 693,588 7,936,462
----------------------------- ------------------ ---------- -------- ----------
Amortisation and impairment
----------------------------- ------------------ ---------- -------- ----------
At 1 February 2011 214,247 - 131,491 345,738
----------------------------- ------------------ ---------- -------- ----------
Amortisation charge for the
period - - 34,680 34,680
----------------------------- ------------------ ---------- -------- ----------
Balance at 31 January 2012 214,247 - 166,171 380,418
----------------------------- ------------------ ---------- -------- ----------
Net book value
----------------------------- ------------------ ---------- -------- ----------
At 31 January 2012 - 7,028,657 527,387 7,556,044
----------------------------- ------------------ ---------- -------- ----------
At 31 January 2011 - 7,088,657 562,067 7,650,724
----------------------------- ------------------ ---------- -------- ----------
PRIOR YEAR
Other Intangibles Goodwill Brand Total
----------------------------- ------------------ ---------- -------- ----------
Group GBP GBP GBP GBP
----------------------------- ------------------ ---------- -------- ----------
Cost or deemed cost
----------------------------- ------------------ ---------- -------- ----------
At 1 February 2010 and 31
January 2011 214,247 7,088,657 693,558 7,996,462
----------------------------- ------------------ ---------- -------- ----------
Amortisation and impairment
----------------------------- ------------------ ---------- -------- ----------
At 1 February 2010 214,247 - 96,811 311,058
----------------------------- ------------------ ---------- -------- ----------
Amortisation charge for the
period - - 34,680 34,680
----------------------------- ------------------ ---------- -------- ----------
Balance at 31 January 2011 214,247 - 131,491 345,738
----------------------------- ------------------ ---------- -------- ----------
Net book value
----------------------------- ------------------ ---------- -------- ----------
At 31 January 2011 - 7,088,657 562,067 7,650,724
----------------------------- ------------------ ---------- -------- ----------
At 31 January 2010 - 7,088,657 596,747 7,685,404
----------------------------- ------------------ ---------- -------- ----------
There are no intangible assets within the Company.
Goodwill is tested for impairment annually.
Acquired brand values were calculated using the royalty relief
approach and are amortised over twenty years. The remaining
amortisation period is 15 years and 2 months.
The amortisation and impairment charge is recognised in the
following line items in the consolidated statement of comprehensive
income:
2012 2011
------------------------- ------- -------
GBP GBP
------------------------- ------- -------
Administrative expenses 34,680 34,680
------------------------- ------- -------
Impairment testing
Goodwill arose on the Group's original acquisition of Crawshaw
Butchers Limited. As such the goodwill is allocated against these
older more established stores as a group of cash generating units
as follows:
2012 2011
------------------------------------------- ---------- ----------
GBP GBP
------------------------------------------- ---------- ----------
Crawshaw Butchers Limited(at acquisition) 7,028,657 7,088,657
------------------------------------------- ---------- ----------
The recoverable amount of Crawshaw Butchers Ltd at acquisition
has been calculated with reference to its value in use. The key
assumptions of this calculation are shown below:
2012 2011
------------------------------------- ------ ------
Growth rate applied(beyond approved
forecast period) 3% 2%
------------------------------------- ------ ------
Discount rate 15.9% 17.1%
------------------------------------- ------ ------
The growth rate used in the value in use calculation reflects
management's assessment of the likely growth rate achievable by the
Group at the stores that were in existence at the acquisition of
Crawshaw Butchers Limited. The rate assumed is marginally higher
than last year and reflects managements focus on product promotion
and pricing for growth.
Management have determined the discount rate by reference to
other companies of similar nature within their industry and their
assessment of the optimal long-term capital structure for the
business.
12. INVESTMENTS IN EQUITY ACCOUNTED INVESTEES
Group Group
------------------------------------------ ------- --------
2012 2011
------------------------------------------ ------- --------
GBP GBP
------------------------------------------ ------- --------
Non-current
------------------------------------------ ------- --------
Investment in equity accounted investees 94,845 100,207
------------------------------------------ ------- --------
Other investments comprise a 50% share in RGV Refrigeration, a
partnership jointly owned by Crawshaw Butchers Limited and Mr M
Hornsby.The principal place of business for RGV Refrigeration is
17-25 John Street,Rotherham, South Yorkshire S60 1EQ.The last year
end being 30 September 2011.The Group does not exert control over
the entity.
The carrying value of investments in equity accounted investees
includes GBP14,845 (2011: GBP 20,207) of outstanding dividend
declared by RGV Refrigeration.
13. OTHER INVESTMENTS
Company Company
------------------------------------- ------------ -----------
2012 2011
------------------------------------- ------------ -----------
GBP GBP
------------------------------------- ------------ -----------
Non-current
------------------------------------- ------------ -----------
Investment in Crawshaw Butchers Ltd 11,700,000 -
------------------------------------- ------------ -----------
Investment in Crawshaw Holdings Ltd - 11,700,000
------------------------------------- ------------ -----------
14. DEFERRED TAX LIABILITIES
Recognised deferred tax liabilities
Deferred tax liabilities are attributable to the following:
Group
Liabilities
--------------------------- -------------
2012
--------------------------- -------------
GBP
--------------------------- -------------
Plant and equipment 351,676
--------------------------- -------------
Intangible assets - brand 129,418
--------------------------- -------------
Temporary differences (46,110)
--------------------------- -------------
434,984
--------------------------- -------------
Movement in deferred tax during the period
31 January Recognised 31 January
2011 in income 2012
Current period
------------------------------------- ----------- ---------------- -----------
GBP GBP GBP
------------------------------------- ----------- ---------------- -----------
Plant and equipment 383,859 (32,183) 351,676
------------------------------------- ----------- ---------------- -----------
Deferred tax relating to intangible
assets - brand 149,135 (19,717) 129,418
------------------------------------- ----------- ---------------- -----------
Temporary differences (46,048) (62) (46,110)
------------------------------------- ----------- ---------------- -----------
486,946 (51,962) 434,984
------------------------------------- ----------- ---------------- -----------
15. INVENTORIES
Group Group
---------------- -------- --------
2012 2011
---------------- -------- --------
GBP GBP
---------------- -------- --------
Finished goods 510,508 361,647
---------------- -------- --------
Finished goods recognised as cost of sales in the year amounted
to GBP10,729,334 (2011: GBP10,745,622)
16. TRADE AND OTHER RECEIVABLES
Group Group Company Company
------------------------------- -------- -------- -------- ----------
2012 2011 2012 2011
------------------------------- -------- -------- -------- ----------
GBP GBP GBP GBP
------------------------------- -------- -------- -------- ----------
Trade receivables 100,277 105,010 - -
------------------------------- -------- -------- -------- ----------
Other tax and social security 16,910 45,482 - -
------------------------------- -------- -------- -------- ----------
Prepayments and accrued
income 189,357 221,210 1,021 4,018
------------------------------- -------- -------- -------- ----------
Amounts owed by group
undertakings - - - 6,745,951
------------------------------- -------- -------- -------- ----------
306,544 371,702 1,021 6,749,969
------------------------------- -------- -------- -------- ----------
The directors consider that the carrying amount of trade and
other receivables approximates their fair value.
Aged analysis of trade receivables
31 January 2012 31 January 2011
--------------- ------------------------------------------------- --------------------------------------------
Gross receivables Provision Net trade Gross Provision Net trade
for doubtful receivables receivables for doubtful receivables
debt debt
--------------- ------------------ -------------- ------------- ------------- -------------- -------------
GBP GBP GBP GBP GBP GBP
--------------- ------------------ -------------- ------------- ------------- -------------- -------------
Not past due 56,124 - 56,124 65,907 - 65,907
--------------- ------------------ -------------- ------------- ------------- -------------- -------------
Up to 1 month
past due 41,035 - 41,035 34,276 - 34,276
--------------- ------------------ -------------- ------------- ------------- -------------- -------------
Over 1 month
past due 10,371 (7,253) 3,118 19,287 (15,000) 4,827
--------------- ------------------ -------------- ------------- ------------- -------------- -------------
107,530 (7,253) 100,277 120,010 (15,000) 105,010
--------------- ------------------ -------------- ------------- ------------- -------------- -------------
Provision for doubtful debt
GBP
---------------------------------- ---------
Provision at 31(st) January 2011 (15,000)
---------------------------------- ---------
Utilised during the year 247
---------------------------------- ---------
Released during the year 7,500
---------------------------------- ---------
Provision at 31(st) January 2012 (7,253)
---------------------------------- ---------
17. TRADE AND OTHER PAYABLES
Group Group Company Company
----------------------- ---------- ---------- ---------- --------
2012 2011 2012 2011
----------------------- ---------- ---------- ---------- --------
GBP GBP GBP GBP
----------------------- ---------- ---------- ---------- --------
Current:
----------------------- ---------- ---------- ---------- --------
Trade payables 1,569,170 1,639,144 - -
----------------------- ---------- ---------- ---------- --------
Other creditors and
accruals 384,661 446,843 6,970 1,587
----------------------- ---------- ---------- ---------- --------
Corporation Tax 72,235 151,339 - -
----------------------- ---------- ---------- ---------- --------
Amounts owed to group - - 1,834,887 -
undertakings
----------------------- ---------- ---------- ---------- --------
2,026,066 2,237,326 1,841,857 1,587
----------------------- ---------- ---------- ---------- --------
Non-current:
----------------------- ---------- ---------- ---------- --------
Accruals 298,685 138,742 - -
----------------------- ---------- ---------- ---------- --------
138,742 138,742 - -
----------------------- ---------- ---------- ---------- --------
Trade payables and other creditors comprise amounts outstanding
for trade purchases and ongoing costs. The directors consider that
the carrying amount of trade payables approximates to their fair
value.
Non-current accruals relate to reverse lease premiums and rent
free periods, which are credited to the income statement on a
straight-line basis over the lease term.
18. EMPLOYEE BENEFITS
Pension plans
Defined contribution plans
The Group operates a defined contribution pension plan. The
assets of the scheme are held separately from those of the Group in
an independently administered fund. The amount charged to the
income statement represents the contributions payable to the scheme
in respect of the accounting period. Pension costs for the defined
contribution scheme are as follows:
2012 2011
GBP GBP
----------------------------- ------ ------
Defined contribution scheme 1,037 1,401
----------------------------- ------ ------
Share Based Payments
Share Options
Share options granted prior to the reverse acquisition are held
by former associates of Felix Group PLC. Further share options were
granted post reverse acquisition on 14 April 2008 to key employees
of the enlarged group, Crawshaw Group PLC. In line with the scheme
rules, options for employees who leave the business lapse after 6
months.
The share options in issue all relate to ordinary shares of 5p
and are to be settled by the physical delivery of shares are as
follows
Date granted Exercise Number Granted Exercised Lapsed Number Exercise period
price of options in period in period in period of options
at at 31
1 Feb Jan 2012
2011
-------------- --------- ------------ ----------- ----------- ----------- ------------ ------------------
14 July 14 July 2003 to
2003 250p 45,000 - - - 45,000 13 July 2013
-------------- --------- ------------ ----------- ----------- ----------- ------------ ------------------
14 April 14 April 2008
2008 42.5p 941,175 - - - 941,175 to 14 April 2018
-------------- --------- ------------ ----------- ----------- ----------- ------------ ------------------
15 December, 15 Dec 2011 to
2011 10.0p - 600,000 600,000 14 Dec 2021
-------------- --------- ------------ ----------- ----------- ----------- ------------ ------------------
During the current year, share options were granted to a key
member of Group management.
The calculated fair value of options granted on 14 December 2011
at the grant date was GBPnil. This was determined using the
Black-Scholes option pricing model. The model inputs were the share
price at the date of grant of 2.5p, the exercise price of 10p,
expected volatility of 18%, expected dividends of GBPnil, an
exercise period of 8 years and a risk free rate of 5%.
The expected volatility is based wholly on the historic
volatility (calculated based on the weighted average remaining life
of the share options) adjusted for any expected changes to future
volatility due to publicly available information.
During the year the Group recognised a charge of GBPnil (2011:
GBP19,723) in relation to equity settled share based payments in
the income statement. No further charge is expected in relation to
options in issue.
19. CAPITAL AND RESERVES
Reconciliation of movements in capital and reserves - Group
Share Share Rev. Capital Retained Total
Acq.
----------------------- --------- --------- ------- --------- --------- ---------
Capital Premium Reserve Cont. Earnings Equity
Res.
----------------------- --------- --------- ------- --------- --------- ---------
GBP GBP GBP GBP GBP GBP
----------------------- --------- --------- ------- --------- --------- ---------
Balance at 1 February
2010 2,890,940 6,317,618 446,563 149,311 (312,379) 9,492,053
----------------------- --------- --------- ------- --------- --------- ---------
Profit for the period - - - - 416,548 416,548
----------------------- --------- --------- ------- --------- --------- ---------
Share based payment - - - - 19,723 19,723
----------------------- --------- --------- ------- --------- --------- ---------
Balance at 31 January
2011 2,890,940 6,317,618 446,563 149,311 123,892 9,928,324
----------------------- --------- --------- ------- --------- --------- ---------
Profit for the period - - - - 14,797 14,797
----------------------- --------- --------- ------- --------- --------- ---------
Share based payment - - - - - -
----------------------- --------- --------- ------- --------- --------- ---------
Capital Reduction
in Subsidiary Company - - - (149,311) 149,311 -
----------------------- --------- --------- ------- --------- --------- ---------
Balance at 31 January
2012 2,890,940 6,317,618 446,563 - 288,000 9,943,121
----------------------- --------- --------- ------- --------- --------- ---------
The reverse acquisition reserve was established under IFRS3
'Business Combinations' following the deemed acquisition of
Crawshaw Group Plc by Crawshaw Holdings Limited on 11 April
2008.
The capital contribution reserve arose in relation to the waiver
of shareholder loan note interest
prior to the reverse acquisition.
On 8(th) February 2011 Crawshaw Holdings Ltd undertook a capital
reduction as part of this process the capital contribution reserve
was cancelled.
Reconciliation of movement in capital and reserves - Company
Merger Retained
Share capital Share premium reserve earnings Total equity
------------------- -------------- -------------- ------------ ---------- -------------
GBP GBP GBP GBP GBP
------------------- -------------- -------------- ------------ ---------- -------------
Balance at
1 February
2011 2,890,940 6,317,618 10,140,000 (900,176) 18,448,382
------------------- -------------- -------------- ------------ ---------- -------------
Write down
of investment
in Crawshaw
Holdings Ltd - - (9,631,854) - (9,631,854)
------------------- -------------- -------------- ------------ ---------- -------------
Dividend Received
from group
undertaking 1,250,000 1,250,000
------------------- -------------- -------------- ------------ ---------- -------------
Total recognised
income and
expense (150,445) (150,445)
------------------- -------------- -------------- ------------ ---------- -------------
Balance at
31 January
2012 2,890,940 6,317,618 508,146 193,379 9.910,083
------------------- -------------- -------------- ------------ ---------- -------------
The merger reserve was established on 11 April 2008 following a
share for share exchange between the Company and Crawshaw Holdings
Limited (CHL) as part of a reverse acquisition. As a result of this
transaction the Company acquired CHL which in turn owned 100% of
the share capital of Crawshaw Butchers Limited (CBL).
During the year ended 31 January 2012, CHL transferred its
investment in CBL to the Company at book value (GBP9,631,854).
Immediately following the transfer, the Company's investment in CHL
was written down by this value against the merger
reserve,reflecting the transfer of investment in CBL to the
Company.
The original carrying value of the Company's investment in CHL
reflected the value paid for the underlying net assets and goodwill
at the time of the reverse acquisition. Following the
reorganisation noted above and the reduction of the merger reserve,
the value of the Company's investment in CHL fell below the amounts
at which they were stated in the Company's accounting records.
However, on the basis that there was considered to be no overall
change or loss to the Group in these circumstances, no provision
for impairment has been reflected in the accounts at the time of
this transfer.
20. LOANS AND BORROWINGS - GROUP
2012 2011
------------------------- -------- ----------
GBP GBP
------------------------- -------- ----------
Non-current liabilities
------------------------- -------- ----------
Medium term loan 0 400,000
------------------------- -------- ----------
Mortgage 840,000 840,000
------------------------- -------- ----------
840,000 1,240,000
------------------------- -------- ----------
Terms and debt repayment schedule
Nominal interest Year of maturity Fair value Carrying
rate Amount
---------- ------------------ ------------------ ----------- ---------
GBP GBP
---------- ------------------ ------------------ ----------- ---------
Mortgage LIBOR+1.5% 2013 840,000 840,000
---------- ------------------ ------------------ ----------- ---------
840,000 840,000
------------------------------------------------ ----------- ---------
The following liabilities disclosed under bank loans are secured
by fixed and floating charges over the assets of the Group.
2012 2011
------------------------- -------- ----------
Non-current liabilities GBP
------------------------- -------- ----------
Medium term loan - 400,000
------------------------- -------- ----------
Mortgage 840,000 840,000
------------------------- -------- ----------
840,000 1,240,000
------------------------- -------- ----------
The principle features of the loans are as follows:
(a) The loan outstanding at 31 January 2012 relates to a
mortgage of GBP840,000 against freehold property taken out on the
21(st) May 2008 over a 5 year period at a rate of LIBOR +1.5%.
21. FINANCIAL INSTRUMENTS
The Group's principal financial instruments comprise loans and
borrowings, cash and trade creditors. The main purpose of these
financial instruments is to raise finance for the Group's
operations.
The main risks arising from the Group's financial instruments
are interest rate risk, liquidity risk and credit risk. The board
reviews and agrees policies for managing each of these risks and
they are summarised below.
Interest rate risk
The Group's exposure to market risk for changes in interest
rates relates primarily to the Group's long-term debt
obligations.
The Group has not currently entered into any steps to mitigate
its risk to variability in interest rates.
Credit risk
The Group's principal financial assets are cash and receivables.
The Group's credit risk is primarily attributable to trade
receivables. Trade receivables are included in the balance sheet
net of a provision for doubtful receivables, estimated by the
Group's management based on prior experience and their assessment
of current economic conditions.
At the balance sheet date the Directors consider there to be no
significant credit risk.
Liquidity risk
The Group's objective is to maintain a balance between
continuity of funding and flexibility through the use of cash and
bank facilities. The cash generative nature of the business is
forecast to continue and therefore we have been reducing our bank
facility requirements over the last year. We currently have a
reduced overdraft facility of GBP0.25m in place which will be
reviewed again in April 2013. The Directors are confident that
there will continue to be sufficient headroom to cover liquidity
risk.
Effective interest rates
In respect of income-earning financial assets and
interest-bearing financial liabilities, the following table
indicates their effective interest rates at the balance sheet date
and the periods in which they mature or, if earlier, are
repriced.
Financial Effective < 1 year 1 to < 2 2 to < 5 5 years and
Instrument Interest years years over
Rate
------------- ---------- --------- --------- --------- ------------
GBP GBP GBP GBP
------------- ---------- --------- --------- --------- ------------
Cash 0.5% 603,095 - - -
------------- ---------- --------- --------- --------- ------------
Loans 2.26% - 840,000 - -
------------- ---------- --------- --------- --------- ------------
22. CAPITAL MANAGEMENT
The capital structure of the group is a mixture of (i) net debt
made up of borrowings and cash balances and (ii) equity comprising
issued share capital and reserves as detailed in note 19.
The Group's primary objective is to safeguard its ability to
continue as a going concern, through the optimisation of the debt
and equity balance, and to maintain a strong credit rating and
headroom. The Group manages its capital structure through detailed
management forecasts and clear authorization procedures for
significant capital expenditure. The Board makes appropriate
decisions in light of the current economic conditions and strategic
objectives of the Group.
There has been no change in the objectives, policies or
processes with regards to capital management during the years ended
31 January 2012 and 31 January 2011.
23. CAPITAL COMMITMENTS
The Group had no capital commitments at the current and
preceding year ends.
24. OPERATING LEASES
Non-cancellable operating lease rentals are payable as
follows:
Group Group Company Company
---------------------- ---------- ---------- -------- --------
2012 2011 2012 2011
---------------------- ---------- ---------- -------- --------
GBP GBP GBP GBP
---------------------- ---------- ---------- -------- --------
Less than one year 712,867 714,204 - -
---------------------- ---------- ---------- -------- --------
Between one and five
years 2,636,921 2,588,998 - -
---------------------- ---------- ---------- -------- --------
More than five years 3,511,215 4,166,422 - -
---------------------- ---------- ---------- -------- --------
Total 6,861,003 7,469,624 - -
---------------------- ---------- ---------- -------- --------
The Company leases a number of retail outlets, warehouse and
factory facilities under operating leases. Land and buildings have
been considered separately for lease classification. During the
year GBP852,746 (2011: GBP821,149) was recognised as an expense in
the income statement in respect of operating leases.
25. RELATED PARTY TRANSACTIONS
Transactions with key management personnel
The Board and certain members of senior management are related
parties within the definition of IAS 24 (Related Party
Disclosures). Summary information of the transactions with key
management personnel is provided in note 6. Detailed disclosure of
the individual remuneration of Board members is included in The
Report of the Remuneration Committee on pages 12 to 13. There is no
difference between transactions with key management personnel of
the Company and the Group.
Transactions with subsidiaries
The Company has entered into transactions with its subsidiary
undertakings in respect of the following: provision of Group
services (including senior management, IT, accounting, purchasing
and legal services). Recharges are made to subsidiary undertakings
for intra- group balances, based on their amount and interest rates
set by Group management.
During the year these charges amounted to:
2012 2011
---------------------------------- -------- --------
GBP
---------------------------------- -------- --------
Interest on intra-group balances 108,929 328,018
---------------------------------- -------- --------
Management charges 200,000 200,000
---------------------------------- -------- --------
The amount outstanding from subsidiary undertakings to the
Company at 31 January 2012 totalled GBPnil (2011: GBP6,745,951).
Amounts owed to subsidiary undertakings by the Company at 31
January 2012 totalled GBP1,834,887 (2011: GBPnil).
The Company has suffered no expense in respect of bad or
doubtful debts of subsidiary undertakings in the year (2011:
GBPnil).
Transactions with jointly controlled entities
Crawshaw Butchers Limited, a subsidiary of the Company, holds a
50% share in a partnership which trades under the name of RGV
Refrigeration. The operations of the partnership comprise of the
maintenance and repair of refrigeration machinery for a variety of
customers.
During the year the transactions amounted to:
2012 2011
------------------------------------------- -------- -------
GBP
------------------------------------------- -------- -------
Amounts received in respect of management
charges 12,000 7,000
------------------------------------------- -------- -------
Amounts paid in respect of repair
and maintenance services 101,368 95,150
------------------------------------------- -------- -------
The amount outstanding from jointly controlled entities to the
Group at 31 January 2012 totalled GBP3,600 (2011: GBP8,669).
Amounts owed to jointly controlled entities by the Group at 31
January 2012 totalled GBP21,139 (2011: GBP9,655).
The Group has suffered no expense in respect of bad or doubtful
debts of jointly controlled entities in the year (2011:
GBPnil).
Transaction with other related parties
During the year the Group paid GBP40,000 (2011: GBP36,667) to
Electro Switch Limited in respect of Director's services. Electro
Switch Limited is a company which provides Directors services and
is under the significant influence of Mr R Rose, a Director of
Crawshaw Group Plc. Amounts owed to Electro Switch Limited by the
Group at 31 January 2012 totalled GBPnil (2011: nil).
The Group leases a property owned by The Colin Crawshaw Pension
Scheme for factory facilities and paid rental fee of GBP13,500 in
2012 (2011: GBP13,500). Amounts owed to The Colin Crawshaw Pension
Scheme by the Group at 31 January 2012 totalled GBPnil (2011:
GBPnil).
26. PRINCIPAL SUBSIDIARY UNDERTAKINGS
At 31 January 2012 Crawshaw Group PLC had the following
principal subsidiary undertakings:
Crawshaw Holdings Limited - United Kingdom - Non-trading
subsidiary
Crawshaw Butchers Limited - United Kingdom - Retail Butchers
The shareholdings were 100% of the subsidiary undertakings'
ordinary and preference shares.
Each of the subsidiaries is included in the consolidated
financial statements.
27. ULTIMATE PARENT COMPANY
The Company is the ultimate parent company of the Group.
No other group financial statements include the results of the
Company.
ANNUAL REPORT
The Annual Report will be posted to shareholders on 8(th) May,
2012 and will also be available from the Company's website at
www.crawshawgroupplc.com from today.
ANNUAL GENERAL MEETING
The Annual General Meeting will be held at Bradmarsh Business
Park, Bow Bridge Close, Rotherham S60 1BY on 25 June 2012 at 12
noon.
The financial information set out above does not constitute the
Company's consolidated statutory accounts for the periods ended 31
January 2012 or 31 January 2011 but is derived from those accounts.
Statutory accounts for the period ended 31 January 2011 have been
delivered to the Registrar of Companies, and those for the period
ended 31 January 2012 will be delivered following the Company's
Annual General Meeting. The auditors, KPMG Audit Plc, have reported
on those accounts; their reports were unqualified and did not
contain statements under section 498(2) or (3) of the Companies Act
2006 or equivalent preceding legislation.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR URUVRUNASOAR
Crawshaw (LSE:CRAW)
Historical Stock Chart
From Jun 2024 to Jul 2024
Crawshaw (LSE:CRAW)
Historical Stock Chart
From Jul 2023 to Jul 2024
