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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March 31, 2021 02:00 ET (06:00 GMT)