Interim Results
08 Julio 2008 - 1:30AM
UK Regulatory
RNS Number : 5000Y
White Star Property Holdings PLC
08 July 2008
White Star Property Holdings Plc
Results for the 6 months to 31 March 2008
Chairman's Statement
I'm pleased to announce the unaudited results for the six months ended 31 March 2008 which show a much reduced loss, after taxation, of
�113,946 compared with a loss, after taxation, of �644,853 for the corresponding period last year.
I am also pleased to report that we have also suceeded in producing our belated audited Report and Accounts for the year ended 30
September 2007 and, I anticipate the restoration in dealing in the ordinary shares of the Company later this week.
I believe that, after considerable time and work, your Directors have stabilised the Company such that it is now within a step or two of
being in a position to contemplate the seeking of a transaction which could go some way to restoring shareholder value. The next step in
this process is the resolution to be proposed at the forthcoming General Meeting, to be held immediately after the Annual General Meeting to
be held on the 29th July at 10:00 a.m.the offices of Charles Russell, 8-10 New Fetter Lane, London EC4A 1RS to give authority to your
Directors to institute action along the lines I have outlined above.
For the first time since I became Chairman of the Company I look to the future with a modest degree of optimism
Income Statement for the 6 Months to 31 March 2008
Notes 31/3/08 30/9/07
� �
Revenue 700,000 -
Cost of sales (695,538) (15,000)
Gross profit 4,462 (15,000)
Administrative expenses (86,548) (401,723)
Impairment of listed fixed asset investment - (140,239)
Amounts written off other debtors - (76,500)
Other operating income 14,000 7,783
Operating loss (68,086) (625,679)
Finance income - 1,298
Finance costs (45,860) (20,472)
Loss on ordinary activities before taxation (113,946) (644,853)
Tax on loss on ordinary activities - -
Loss for the financial period (113,946) (644,853)
Basic earnings per share (0.04p) (0.21p)
Diluted earnings per share (0.04p) (0.21p)
Balance Sheet as at 31 March 2008
31/3/08 30/9/07
� �
Non-Current Assets
Investments 273,840 273,840
Current Assets
Inventories - 1,795,538
Trade and other receivables 801,550 388,500
Cash and cash equivalents 305 305
801,855 2,184,343
Liabilities (382,298) (1,650,840)
Current Liabilities
Net current assets 419,557 533,503
Net assets 693,397 807,343
Shareholders Equity
Called up share capital - 3,008,095 3,008,095
equity
Share premium 295,931 295,931
Share based payment reserve 83,200 453,467
Profit and loss account (2,693,829) (2,950,150)
Total shareholders equity 693,397 807,343
Cash Flow Statement
31/03/08 30/09/07
Cash flow from operating
activities
Loss (113,946) (644,853)
Adjustments for
Disposal of investments 27,587
Impairment charge - 140,239
Interest expense 45,860 19,174
Decrease in stocks 1,795,538 (23,038)
Increase in debtors (413,050) 539,516
Decrease in creditors (1,225,182) (434,505)
89,220 (375,880)
Cash flow from investing
activities
Capital expenditure - (151,466)
- (151,466)
Cash flow from financing
activities
Servicing of finance (45,860) (19,174)
(45,860) (19,174)
Movement in cash and cash 43,360 (546,520)
equivalents
Cash and cash equivalents at (193,003) 353,517
beginning of period
Cash and cash equivalents at (149,643) (193,003)
end of period
Notes To The Accounts For The Period
ACCOUNTING POLICIES
Accounting convention
The accounts have been prepared under the historical cost convention and in accordance with applicable International Financial Reporting
Standards.
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.
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 shares were: 31/3/08 30/9/07
Number Number
Weighted average number of shares 300,809,500 299,142,833
Basic earnings per share (0.04p) (0.21p)
Diluted earnings per share (0.04p) (0.21p)
Financial information
The financial information set out in this preliminary announcement does not constitute statutory accounts as defined in section 240 of
the Companies Act 1985.
Other debtors
Other debtors include an amount of �400,000 which is due after more than one year.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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