TIDMBL03

RNS Number : 0342U

Belvedere Leisure Resorts PLC

31 March 2021

31 March 2021

Belvedere Leisure Resorts plc

("Belvedere" or the "Company")

Unaudited Interim Report for the six-month period ended 31 December 2020

Belvedere, the luxury holiday resort developer, announces its unaudited interim results for the six months ended 30 June 2020.

Highlights

-- A bond issue of GBP872,014 on 30 November 2020 and one of GBP297,900 subsequent to the period end on 18 January 2021; bonds with aggregate principal amount of GBP1,276,914 now issued

-- Exclusivity agreement to purchase the 160 acre site known as Barnsoul Park, Shawhead, Dumfries & Galloway

-- Negotiations to acquire the original Barncrosh Site, at Barncrosh Farm, Dumfries & Galloway are ongoing

-- Appointment of Keith Aldridge to the Company's board, post period end, on 15 February 2021. Christopher Eddlestone retired from the board on the same date .

Chairman's Report

I am pleased to present the Company's unaudited interim results for the six months ended 31 December 2020 (the "Period").

The Period was one of continued progress for the Company, albeit at a slower pace than we would have liked due to the continuing impact of the Covid-19 pandemic. We raised a further GBP872,000 through bond issuance and entered into an exclusivity agreement to purchase the 160 acre site known as Barnsoul Park, Shawhead, Dumfries & Galloway. We are in the advanced legal stages of the transaction and anticipate completion shortly.

The business remains is focused on progressing its fundraising strategy and pushing forward on its UK leisure development project opportunities. Whilst we are conscious of the overall economic climate we believe that the current environment makes our proposed UK holiday resorts an even more attractive investment proposition.

Post the period end, the Company was also pleased to welcome Keith Aldridge to the Company's board. Keith is already adding significant value, particularly with his extensive experience in successfully originating debt structures, as we look to complete the acquisitions under negotiation and continue with our fundraising efforts.

We expect 2021 to be a transformational year for Belvedere and I look forward to reporting on our further progress in due course.

Alan McNamara

Chairman

31 March 2021

For further information, please contact:

Belvedere Leisure Resorts plc

Alan McNamara

Executive Director

T: + 44 (0) 7581 88 00 70

Email: alan@belvedereleisureresortsplc.com

Alfred Henry Corporate Finance Limited

Aquis Stock Exchange Corporate Advisor to Belvedere Leisure Resorts plc

Jon Isaacs

www.alfredhenry.com

Tel: +44 (0) 203 772 0021

IFC Advisory Limited

Financial PR & IR

Tim Metcalfe

Tel: +44 (0) 203 934 6630

Email: belvedere@investor-focus.co.uk

UNAUDITED PROFIT AND LOSS AND STATEMENT OF COMPREHENSIVE INCOME

for the SIX MONTHS ENDED 31 DECEMBER 2020

 
                             Six Months    Six Months       Period 
                                  Ended         Ended        Ended 
                            31 December   31 December      30 June 
                                   2020          2019         2020 
                                    GBP           GBP          GBP 
                              Unaudited     Unaudited      Audited 
 Revenue                              -             -            - 
 Total income                         -             -            - 
                           ------------  ------------  ----------- 
 
 Expense                      (891,611)     (329,452)    (499,109) 
 Total expense                (891,611)     (329,452)    (499,109) 
                           ------------  ------------  ----------- 
 
 Loss before tax              (891,611)     (329,452)    (499,109) 
 Corporation tax                      -             -            - 
                           ------------  ------------  ----------- 
 Loss for the period          (891,611)     (329,452)    (499,109) 
                           ------------  ------------  ----------- 
 
 Basic loss per share         (17.8322)     (6.58904)    (9.98218) 
 Diluted loss per share       (17.8322)     (6.58904)    (9.98218) 
 Weighted average number 
  of shares                      50,000        50,000       50,000 
 

No dividends were proposed or declared in respect of any of the periods presented above.

The accompanying notes form part of this historical financial information.

UNAUDITED BALANCE SHEET

AS AT 31 DECEMBER 2020

 
                                              As at          As at          As at 
                                        31 December    31 December        30 June 
                                               2020           2019           2020 
                                                GBP            GBP            GBP 
                                          Unaudited      Unaudited        Audited 
 Fixed Assets 
  Tangible assets                         1,000,000              -              - 
 Current Assets 
 Trade and other receivables                124,702         73,873         96,833 
  Bank and cash                             105,029              -              - 
                                      -------------  -------------  ------------- 
 Total current assets                       229,731         73,873         96,833 
                                      -------------  -------------  ------------- 
 
 
 Total assets                             1,229,731         73,873         96,833 
                                      -------------  -------------  ------------- 
 
 Liabilities 
 Trade and other payables                 (793,617)      (353,405)      (439,022) 
                                      -------------  -------------  ------------- 
 Total current liabilities                (793,617)      (353,405)      (493,022) 
                                      -------------  -------------  ------------- 
 
   Net current assets/(liabilities)         436,114      (279,532)      (342,189) 
                                      -------------  -------------  ------------- 
 Long term liabilities 
 Debenture loans                        (1,276,914)              -      (107,000) 
                                      -------------  -------------  ------------- 
 Total long term liabilities            (1,276,914)              -      (107,000) 
                                      -------------  -------------  ------------- 
 
 Net assets / (liabilities)               (840,800)      (279,532)      (449,189) 
                                      -------------  -------------  ------------- 
 
 Shareholders' equity 
 Share capital                               50,000         50,000         50,000 
  Revaluation reserve                       500,000              -              - 
 Accumulated losses                     (1,390,800)      (329,532)      (499,189) 
                                      -------------  -------------  ------------- 
 Total shareholders' deficit              (840,800)      (279,532)      (449,189) 
                                      -------------  -------------  ------------- 
 
 

The accompanying notes form part of these financial statements

Notes to the Financial statements

   1.    BASIS OF ACCOUNTING 

The financial information contained in this unaudited interim report has been prepared on the basis of the accounting policies set out in the Belvedere Leisure Resorts PLC for the period ended 30 June 2020, which have been applied consistently. The financial statements for the period ended 30 June 2020 have been filed at Companies House. The company's auditors KJG LLP have not reviewed these interim accounts.

   2.    TAXATION ON PROFIT ON ORDINARY ACTIVITIES 

For the purposes of this unaudited interim report, the tax charge is calculated at 19% of the taxable (loss)/profit for the period.

   3.    EARNINGS PER SHARE 

Earnings per share have been calculated by dividing the loss after tax for the period of GBP891,611 (June 2020 - GBP499,109) by the weighted average number of ordinary shares in issue of 50,000 (June 2020 - 50,000).

   4.    NON-STATUTORY FINANCIAL STATEMENTS 

This condensed set of Interim Financial Statements for the six months ended 31 December 2020 has been prepared in accordance with FRS104 'Interim Financial Reporting' as adopted by the Financial Reporting Council using the recognition and measurement requirements of FRS 102. The condensed set of Interim Financial Statements for the six months ended 31 December 2020 should be read in conjunction with the Annual Report and Financial statements for the period ended 30 June 2020.

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END

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