Preliminary Results
26 August 2005 - 9:00AM
UK Regulatory
RNS Number:5070Q
Bolton Group (International) Ld
26 August 2005
Bolton Group (International) Limited
26 August 2005
Preliminary Results
The Board of Bolton Group (International) Limited ('Group') real estate holding
and development group, announces its preliminary unaudited results for the year
ended 30 April 2005.
Chairman's Statement
The Directors, who were appointed on 29 November 2004 following the return of
the Group's two subsidiaries (Urania Securities Limited and Bolton Group Plc) to
the Group have been involved in resolving various disputes and liabilities
relating to the Group and its subsidiaries. This has been time consuming due to
the lack of documentation.
The Group has agreed equity for debt with a number of creditors which has
substantially reduced the Group's liabilities.
Richards Butler, (Solicitors in Hong Kong), have obtained a judgement in Hong
Kong for a disputed debt together with an order for costs. This relates to
transactions purportedly undertaken on behalf of China Strategic/Bolton Group
some eight years ago. Group did not defend the action for this purported debt at
trial in Hong Kong due to the costs involved. In addition, Group's defence to
the claim required the co-operation of the previous Directors of Bolton Group
(International) Limited, who were at the time the alleged debt was incurred
Directors of China Strategic and their co-operation was not forthcoming.
Richards Butler Hong Kong have been offered equity in lieu of debt and we are
awaiting their response.
Following the return of the Group's subsidiaries in November 2004 the financial
situation of Urania Securities Limited was considered and after taking advice,
there was no alternative other than to put Urania into administration.
The Board is continuing to pursue its endeavours to move the Company forward
into areas in which shareholders value will be maximised.
Michael Goletka
Chairman
Consolidated profit and loss account
Year Ended 30 April 2005
NOTES 12 months to RESTATED
Year ended Year ended
30 April 2005 30 April 2004
(Unaudited) (Audited)
#000 #000
Turnover 570 124
Administrative expenses (1,288) (1,141)
Other operating income - 25
Operating profit / (loss) (718) (992)
Proceeds from disposal of shares -
(Loss)/profit on ordinary activities
before
interest and taxation (718) (992)
Interest receivable 1 -
Interest payable (228) (166)
(Loss)/profit on ordinary activities
before
taxation (945) (1,158)
Tax on (loss)/profit on ordinary - -
activities
(Loss)/profit on ordinary activities
after taxation (945) (1,158)
Exceptional item 5 3,227 (510)
Retained (loss)/profit for the year 2,282 (1,668)
Prior year adjustment 6 (12,209) -
Retained (loss) / profit (9,927) (1,668)
(Loss)/earnings per share 3 2.6p (2.5)p
Diluted (loss)/earnings per share 3 2.6p (2.5)p
All transactions arose from continuing operations during the current and
previous year.
Consolidated balance sheet
at 30 April 2005
12 months to RESTATED
30 April As at
2005 30 April
2004
(Unaudited) (Audited)
#000 #000
Fixed assets
Tangible assets 3,598 3,858
Current assets
Debtors 16 22
Cash at bank and in hand 38 15
54 37
Creditors: amounts falling due within one (1,238) (4,175)
year
Net current liabilities (1,184) (4,138)
Total assets less current liabilities 2,414 (280)
Creditors: amounts falling due after more
than one year 7 (3,102) -
Net (liabilities) / assets (688) (280)
Capital and reserves
Called up share capital 861 656
Share premium account 1,534 1,547
Revaluation reserve (100) (150)
Other reserves 5,724 5,724
Profit and loss account (8,707) (8,057)
Shareholders' funds - equity (688) (280)
Consolidated Cash Flow Statement
for the year ended 30 April 2005
Note 12 months to RESTATED
Year ended Year ended
30 April 30 April 2004
2005
(Unaudited) (Audited)
#000 #000
Net cash (outflow) / inflow from
operating activities (2,796) 328
Exceptional items - (510)
Returns on investments and servicing of
finance
Interest received 1 -
Interest paid (228) (166)
Net cash (outflow) from returns on (227) (166)
investments and servicing of finance
Capital expenditure and financial
investments
Purchase / disposal of tangible fixed (542) -
assets
Recovered proceeds from the sale of - 62
shares
Net cash (outflow) / inflow from capital
expenditure and financial investments (542) 62
Net cash (outflow) / inflow before (3,565) (286)
financing
Financing
Repayment of borrowings (172) (120)
Receipt from borrowings 3,845 397
Net cash inflow / (outflow) from 3,673 277
financing
(Decrease) / increase in cash 108 (9)
Preliminary Results
1. The preliminary results report has been prepared using accounting
policies consistent with those set out in the statutory accounts of the group
for the year ended 30 April 2005.
2. The financial information for the year to 30 April 2005 is unaudited
and does not constitute statutory accounts within the meaning of Section 240 of
the Companies Act 1985. The figures relating to the year ended 30 April 2004 are
an extract from statutory accounts within the meaning of Section 240 of the
Companies Act 1985 which have been delivered to the Registrar of Companies and
on which the auditors gave an unqualified audit report.
3. The calculation of the (loss)/earnings per share and diluted (loss)/
earnings per share are based on the following (losses)/profits after taxation
and weighted average numbers of shares:
Year ended 30 April 2005 Year ended 30 April 2004
(Unaudited) (Audited)
#'000 #'000
(Loss)/earnings per share
(Loss)/profit after tax (#'000) 2,282 (1,668)
Number of shares 86,138,238 65,638,238
Diluted (loss)/earnings per share
(Loss)/profit after tax (#'000) 2,282 (1,668)
Number of shares 86,138,238 65,638,237
4. Copies of this interim report will be available to the shareholders and
the public from the group's registered office.
5. Extraordinary items
12 monthes to RESTATED
Year ended
30 April Year ended
2005 30 April
2004
(Unaudited) (Audited)
#000 #000
Group company loan reinstated after being
written off in previous years 3,227
Group company loan written off
Net charge relating as a result of
mediation agreement in order to return
investments to the company 510
6. The prior year adjustment represents the re-instatement of the
subsidiary companies as a result the mediation settlement.
Bolton Group (International) Limited
- re-statement of year ended 30 April 2004 : #000 #000
Write back of gain on disposal of investments (72)
Write back group company loans previously
written off (262)
Compensation payable :
Proceeds from sale of subsidiary companies
shares 160
Cost of mediation settlement (670)
(510)
Re-instatement of Bolton Group Plc retained
losses as at 30/4/04 (7,106)
Re-instatement of Urania Securities Ltd
retained losses as at 30/4/04 (4,259)
(12,209)
7. Creditors falling due within one year include deferred income of
#98,000.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR EAKPSALSSEFE
Bolton Group (LSE:BOL)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
Bolton Group (LSE:BOL)
Historical Stock Chart
Von Jun 2023 bis Jun 2024
