RNS Number:2373D
G.R. Holdings PLC
01 November 2002
G.R. (Holdings) plc
Consolidated Profit and Loss Account
For the year ended 30 June 2002
2002 2001
# # #
Turnover 4,408,740 4,824,755
Operating loss (289,090) (208,510)
Exceptional profit on disposal of tangible - 2,381,053
fixed assets
(Loss) / profit on ordinary activities before (289.090) 2,172,543
interest
Income from listed fixed asset investments - 3,078
Interest receivable and similar income 179,720 131,826
Interest payable and similar charges (8,898) (8,527)
170,822 126,377
(Loss) / profit on ordinary activities before (118,268) 2,298,920
taxation
Tax on profit on ordinary activities 23,553 ( 48,169)
Loss / profit on ordinary activities after (94,715) 2,250,751
taxation
Dividends (333,946) (215,433)
(Loss) / profit for the financial year (428,661) 1,903,637
Earnings per share (2.0)p 15.9p
G.R. (Holdings) plc
Consolidated Balance Sheet
As at 30 June 2002
2002 2001
# # #
Fixed assets
Intangible assets 1 1
Tangible assets 1,407,109 1,365,134
Investments 2,644,184 2,969,141
4,051,294 4,334,276
Current assets
Stocks 238,436 345,807
Debtors 282,828 244,025
Cash at bank and in hand 3,487,688 3,729,873
4,008,952 4,319,705
Creditors : amounts falling due
within one year 643,182 743,416
Net current assets 3,365,770 3,576,289
Total assets less current liabilities 7,417,064 7,910,565
Creditors : amounts falling due after
more than one year 30,832 62,487
7,386,232 7,848,078
Capital and reserves
Called up share capital 2,208,513 2,208,513
Capital redemption reserve 425,000 425,000
Share premium account 198,396 198,396
Profit and loss account 4,554,323 5,016,169
Shareholders funds 7,386,232 7,848,078
G.R (Holdings) plc
Notes:
1. The summary of results for the year ended 30 June 2002 does not constitute
full financial statements within the meaning of Section 240 of the Companies
Act 1985.
2. The board has decided to declare a final dividend of 1p, (2001 - 1p) for the
year ending 30th June 2002 on the ordinary shares of the company. This will
be paid on 17th December 2002 to those shareholders on the Register of
Members on 15th November 2002.
3. The calculation of earnings per share is based on a loss of #94,715 (2001:
#2,250,751 -profit) being the profit after taxation and after deducting
preference dividends, and on 13,168,100 ordinary shares of 5p each (2001:
13,168,100).
4. The Annual General Meeting will be held at 11.30am on 13 December 2002 at the
offices of Evolution Beeson Gregory, The Registry, Royal Mint Court, London
EC3N 4LB.
5. Copies of the 2002 Report and Accounts are being sent to shareholders in due
course. Further copies are available from the Company's registered office at
1-6 Sloane Square, London SW1W 8EE.
6. The auditors report has been qualified for the following reason: Tulsebridge
(USA) Inc., a wholly owned subsidiary, has principal assets comprising
investments in limited partnerships investing in land, which are included in
the balance sheet of Tulsebridge (USA) Inc. at a carrying value of
US$2,805,836. In the absence of recent professional valuations of the land
the auditors have been unable to determine the appropriateness of the
applied provision and consequently whether the investments are fairly stated
in the financial statements. The auditor's report to the stockholders of
that company gave rise to a qualified opinion arising from limitation on
audit scope.
G.R. (HOLDINGS) PLC
PRELIMINARY ANNOUNCEMENT OF FINAL RESULTS
FOR THE YEAR ENDED 30 JUNE 2002
CHAIRMAN'S STATEMENT
The pre-tax loss of the group on ordinary activities for the year ended 30 June
2002 was #118,268 (profit #2,298,920 - 2001). After taxation the loss
attributable to members of the company is #94,715 against a profit of #2,250,751
for the previous year. The turnover was down from #4,824,755 to #4,408,740.
The occupancy at Grayshott Hall unfortunately fell by approximately 6%, giving
rise to a fall in profits of around #186,000.
The turnover at Morlands decreased by 25%, increasing losses by just over
#70,000 for the year, the majority of which were redundancy payments due to the
closure of the factory following the sale of the site. The production of
footwear is now resourced. A Morlands shop has now been opened in Street.
There was one sale of land in America in which we held an investment interest as
a limited partner, resulting in a profit of #145,313.
During the year our stock has decreased by #107,371. Debtors have increased by
#38,803 whilst creditors have decreased by #263,570. Net cash at bank and in
hand has decreased by #242,185.
Since the end of the year, the company has seen deterioration in its trading
position and is continuing to monitor costs very carefully.
Finally, I would like to thank my co-directors and all the staff for their
support and involvement during the year.
A.D. Stalbow
Chairman
31 October 2002
This information is provided by RNS
The company news service from the London Stock Exchange
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