White Star Property Holdings Plc
Interim Results for the 6 months to 31 March 2007
Chairman's Statement
I am pleased to present the interim statement for the 6 months to 31 March
2007.
Financial overview
The Company has adopted FRS 20 in these financial statements for the first
time. The effect of the changes on previous reported results, assets and
liabilities for the comparative period are set our in the accounting policies
note to this statement.
As at 31 March 2007 the Company had net assets of �1,220,583 (31 March 2006: �
910,718) which included cash resources of �45,124 (31 March 2006: �253,352).
The Company did not record any turnover in the year (6 months to 31 March 2006
�nil). The loss for the period was �263,615 (6 months to 31 March 2006: �
183,079), reflecting administrative expenses incurred in the period.
Operational Review
The Company currently has a number of property investments within the UK which
it is seeking to either develop or dispose of.
The Company is currently evaluating a number of property related opportunities
and will keep shareholders informed of progress.
Mercury
The Company has a 10.4 per cent holding in Mercury Group Plc, and AIM listed
property services company. On 13 February I was appointed to the board of
Mercury.
Brian Basham
27 June 2007
Profit and Loss Account for the 6 Months to 31 March 2007
Notes 31/3/07 31/3/06 30/9/06
(As (As
restated) restated)
� � �
Turnover - - 650,000
Cost of sales - - (593,125)
Gross profit - - 56,875
Administrative expenses (317,031) (184,959) (1,229,326)
Impairment of listed fixed asset - - (400,000)
investment
Other operating income 23,704 -
Operating loss (293,327) (184,959) (1,572,451)
Exceptional items:
Loss on the disposal of tangible - - (205,663)
fixed assets
Profit of the disposal of 28,961 - 30,130
investments
(264,366) (184,959) (1,747,984)
Interest receivable 1,268 1,880 2,955
Interest payable (517) - -
-
Loss on ordinary activities before (263,615) (183,079) (1,745,029)
taxation
Tax on loss on ordinary activities - - -
Loss for the financial year (263,615) (183,079) (1,745,029)
Basic earnings per share (0.09p) (0.15p) (1.09p)
Diluted earnings per share (0.09p) (0.15p) (1.09p)
Balance Sheet as at 31 March 2007
31/3/07 31/3/06 30/9/06
(As (As
restated) restated)
� � �
Fixed Assets
Investments 401,079 699,578 322,200
Current Assets
Stocks 1,772,500 - 1,772,500
Debtors 431,548 16,168 928,016
Cash at bank and in hand 45,124 253,352 353,517
2,249,172 269,520 3,054,033
Creditors: amounts falling due within (1,429,668) (58,380) (1,892,037)
one year
Net current assets 819,504 211,140 1,161,996
Net assets 1,220,583 910,718 1,484,196
Capital and reserves
Called up share capital - equity 3,008,095 1,335,595 2,808,095
Share premium 327,931 237,838 229,931
Other reserves 496,414 123,579 794,414
Profit and loss account (2,611,857) (786,294) (2,348,244)
Equity shareholders' funds 1,220,583 910,718 1,484,196
CASH FLOW STATEMENT
31/3/07 31/3/06 30/9/06
� � �
Net cash outflow from operating (323,814) (134,666) (1,682,154)
activities
Returns on investments and servicing 751 1,880 2,955
of finance
Capital expenditure (49,918) (455,893) (655,108)
(372,981) (588,679) (2,334,307)
Financing - 656,850 2,502,643
Increase/(decrease) in cash (372,981) 68,171 168,336
Reconciliation of net cash flow to
movement in debt
Change in net debt (372,981) 68,171 168,336
Net funds at start of period 353,517 185,181 185,181
Net funds at end of period (19,464) 253,352 353,517
Represented by:
Cash at bank and in hand 45,124 253,352 353,517
Bank loans and overdrafts (64,588) - -
Net funds at end of period (19,464) 253,352 353,517
Reconciliation of operating profits to net cash inflow from operating
activities
31/3/07 30/3/06 30/9/06
(As
restated)
� � �
Operating loss (293,327) (184,959) (1,572,451)
Increase in stocks - - (1,772,500)
(Increase)/decrease in debtors 496,468 2,556 (909,292)
Increase/(decrease) in creditors (526,957) 48,797 1,882,454
Share based payments - - 289,635
Impairment charge - 400,000
Profit on sale of investments - (1,060) -
Net cash outflow from operating activities (323,814) (134,666) (1,682,154)
The financial statements were approved by the board of directors on June2007
NOTES TO THE ACCOUNTS FOR THE PERIOD
ACCOUNTING POLICIES
ACCOUNTING CONVENTION
The interim financial information has been prepared on the basis of the
accounting policies set out in the Company's statutory accounts to 30th
September 2006 and subject to the first time application of FRS 20 - `Share
based payments' as explained in further detail below. The interim figures have
not been audited. The interim financial statement does not constitute statutory
accounts within the meaning of Section 240 of the Companies Act 1985 (the
"Act").
Comparative financial information for the 12 months ended 30th September 2006
has been extracted from the statutory accounts (subject to the a prior year
adjustment arising on first time application of FRS 20) for the period which
have been delivered to the Registrar of Companies and upon which the auditors
gave an unqualified report, with no statement under Section 237(2) or (3) of
the Act.
TURNOVER
Turnover comprises proceeds of sales of trading properties and is recognised
when the significant risks and returns have been transferred to the buyer. This
is generally on unconditional exchange. In some instances payment or completion
may occur significantly after exchange. Sales of investments or fixed assets
properties, which are not included in turnover, are recognised on the same
basis.
RESTATEMENT OF
COMPARATIVE FIGURES
The Company has adopted FRS20 ("Share based
payments") in these financial statements for
the first time. The effect of these changes on 6 month 6 month
the previous reported results, assets and period period
liabilities for the comparative periods are as ended 31 ended 31
follows: March 2006 March 2006
As Effect As
previously of restated
stated FRS20
� � �
Turnover - - -
Operating loss (184,959) - (184,959)
Loss before (183,079) - (183,079)
and after
taxation
Investments 699,578 - 699,578
Net current 211,140 - 211,140
assets
Net assets 910,718 - 910,718
Called up 1,335,595 - 1,335,595
share capital
Share premium 275,490 (37,652) 237,838
account
Other reserves - 123,579 123,579
Profit and (700,367) (85,927) (786,294)
loss account
Shareholders' 910,718 - 910,718
funds
Year ended 30 Year ended 30
September 2006 September 2006
As previously Effect of As restated
stated FRS20
� � �
Turnover 650,000 - -
Operating loss (1,282,816) (289,635) (1,572,451)
Loss before and after (1,455,394) (289,635) (1,745,029)
taxation
Investments 322,200 - 322,200
Net current assets 1,161,996 - 1,161,996
Net assets 1,484,196 - 1,484,196
Called up share capital 2,808,095 - 2,808,095
Share premium account 267,583 (37,652) 229,931
Other reserves 381,200 413,214 794,414
Profit and loss account (1,972,682) (375,562) (2,348,244)
Shareholders' funds 1,484,196 - 1,484,196
EARNINGS PER SHARE
The basic earnings per share is calculated by dividing the profit for the
financial year attributable to shareholders by the weighted average number of
shares in issue.
The weighted average number of 31/3/07 31/3/06 30/9/06
shares were:
Number Number Number
Weighted average number of shares 297,952,357 119,933,126 160,101,167
Basic earnings per share (as (0.09p) (0.15p) (1.09p)
restated)
Diluted earnings per share (as (0.09p) (0.15p) (1.09p)
restated)
Contact
Liam Murray, Nominated Adviser
City Financial Associates Limited
Tel 020 7090 7800
END
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