Audited Financial Statements, year ended 31 December 2005
Directors:
P H P Stephens, Non-executive Chairman
C S Turpin, Chief Executive
S J Massingham
G R Boot
T M Hearley, Non-executive
A P Clarke, Non-executive
Company Secretary:
G R Boot
Company Number:
3608522
Registered Office and Business Address:
Oakdene House, 34 Bell Street, Reigate, Surrey, RH2 7SL
Auditors:
UHY Hacker Young, St Alphage House, 2 Fore Street, London, EC2Y 5DH
Bankers:
Royal Bank of Scotland, Turnpike House, 123 High Street, Crawley, West Sussex, RH10 1DQ
Registrars:
Capita IRG, Bourne House, 34 Beckenham Road, Beckenham, BR3 4TU
Financial Public Relations:
Binns & Co PR Ltd., 9th Floor, Citypoint, 1 Ropemaker Street, London, EC2Y 9HT
Solicitors to the Company:
Norton Rose, Kempson House, Camomile Street, London, EC3A 7AN
Nominated Advisers and Brokers:
Seymour Pierce Ltd., Bucklersbury House, 3 Queen Victoria Street, London, EC4N 8EL
Chairman's Statement
I am pleased to report that in the year ended 31st December2005, the Group achieved another year of substantial growth.
The year was one of enormous change for the Company,starting with the successful integration of Honeygrove Group Plc, this acquisition having been completed in December 2004, a successful share placing in October, and the purchase of asignificant waterfront development project at Newhaven in December.
Turnover increased by 98% to £42.58 million but pre-tax profits reduced slightly to £5.1 million in line withour trading update, issued on 1 February 2006. Pre-tax profit was affected by exceptional costs relating to the integration of Honeygrove of £0.655m and the decision of the board not to sell a development site, which would have increased profit by around £2m. The board considered that, whilst a sale would have enhanced short-term profits, it was more beneficial to future profit to retain it.
The major acquisition of the land at Newhaven is of enormous significance to the Company. The acquisition comprises the current marina and land at West Quay and Railway Quay. Planning permission has already been granted for the first 115 units at West Quay and construction is well underway. It is anticipated that the total development will be for around 640 residential units plus 50,000 sq ft of commercial space. The first units are planned to be completed and sold this year with development of the remaining site continuing through to at least 2011 making a substantial contribution to profit in each of the 6 years. Newhaven is one of the few natural harbours on the south coast; other water front developments, including those at Brighton and Eastbourne, being man-made marinas. Without any marketing having taken place tremendous interest has already been shown by potential buyers and we are confident that early sales will be made off plan.
The Board is pleased to recommend a final dividend for the year ended 31st December 2005 of 2.0p per share which, subject to shareholders approval at the Annual General Meeting, will be paid on 14 July 2006 to the shareholders on the register at the close of business on 16 June 2006. When added to the interim dividend of 1p per share, the total for the year is 3p per share covered almost 6.0 times by the earnings per share of 17.3p.
The housing market experienced mixed fortunes in 2005. For most of the year the market in the south-east was quite weak and we, like most developers, needed to offer incentives in order to attract buyers. However, in the last few months of the year the market stabilised and we were able to reduce the incentives offered. The completed units that we took over from Honeygrove were particularly difficult to sell but the majority of these have now been sold albeit at very low margins. The underlying position remains that there is a substantial lack of new housing stock in the United Kingdom and this is particularly true in the areas of our operations. Interest rates are still low and employment levels high, so we are confident about our future prospects.
We have a 5 year revolving loan facility with Royal Bank of Scotland which secures our general development financing requirement for the foreseeable future. Newhaven though is a special case and separate facilities were taken out with RBS for the acquisition and development finance. The share placing in October raised £7m of additional equity finance which also helped to fund the Newhaven purchase and development. As a result of the new borrowing and share placing our gearing at the year end including the security deposit was 92%, a significant reduction from the 141% at December 2004.
All AIM companies have been required to adopt the new International Financial Reporting Standards for accounting periods starting on or after 1 January 2007. However, we decided to make the transition earlier than we needed to and this year’s accounts are presented using IFRS. The work required for the transition was quite time consuming and has caused our results and Annual Report to be published a little later than would normally be the case.
Much has been written in this statement and elsewhere about the development at Newhaven and this tends to overshadow the strides being made by the Company in other areas. Development has started on a luxury 48 apartment development in mid-Kent, is well advanced on sites in Ashford, Kingswood ,Tongham and Hastings, and is about to commence on sites in Weeley and Hildenborough. In addition development is about to commence on the 63 unit site on the Isle of Wight that we decided not to sell at the end of 2005. It takes time to bring this expansion of activity to full fruition and, whilst some units on these sites will be completed and sold in 2006, the full effect will be seen in 2007.
I thank you, our shareholders, for your continuing support but I would particularly thank the executive directors and the staff for their hard work and enthusiastic commitment during the past year. Our operations director, John Griggs, retired in February 2006 and was replaced by David Cummings. I thank John for his efforts in helping to create Oakdene into the company that we have today and I welcome David, who brings with him a wealth of experience which will stand us in good stead for the exciting times ahead.
Oakdene has taken another major step forward in 2005. The prospects for the company are exceptional. The first quarter of 2006 is in line with management’s projections but, as in previous years, it will be the second half of the year when we expect to achieve the largest part of the turnover and profit for the year. I look forward to reporting further progress later this year.
Philip Stephens
Chairman
18 May 2006
I am pleased to report that the year to 31st December 2005 saw Oakdene take another major step forward.
As you are aware Oakdene completed its acquisition of Honeygrove in December 2004, and in the first quarter of 2005 the Honeygrove operation was successfully integrated into that of Oakdene Homes.
The Honeygrove offices were closed in April of 2005 and the administration transferred to the Oakdene offices in Reigate.
During 2005 planning permission was obtained on a number of Honeygrove sites and in line with our statement made at the time of the acquisition, a number of those sites were disposed of during the year.
The Group moved forward significantly in 2005 to consolidate its position as a major developer in the south of England. Oakdene continued to develop a number of sites up to 25 units and also enlarged its area of operation to include sites in Hampshire and in Essex.
The major development opportunity in 2005 was the acquisition of a substantial site in Newhaven comprising the Marina, West Quay and Railway Quay on which planning is sought for in excess of 640 units, the first 115 having now been granted.
To fund the acquisition, there was a share placing raising a total of £7m in October 2005 and a further number of institutions joined the share register.
Financial Results
I am pleased to report another year of significant growth resulting in increased turnover to £42.6m from £21.4m last year; the pre tax profit of £5.1m was a slight reduction on the previous year of £5.5m as reported or £6.3m as adjusted for IFRS. Though overall profit in the year fell slightly, the integration of Honeygrove was a success and the results included a number of items that were written off as one off nonrecurring costs, totalling £655,000.
As reported last year, the Group’s funding is predominantly from Royal Bank of Scotland in the form of a £40m revolving credit, with a substantial new facility to enable the Group to develop Newhaven without the need for a joint venture partner.
Another significant step in 2005 was the arrangement entered into with Heritable Bank for the development of Swaylands at Penshurst in Kent. Agreement was reached with Heritable to acquire Swaylands, and at the same time Oakdene entered into a development agreement and profit sharing arrangement, Heritable supplying all of the necessary finance to develop the site in its entirety, and Oakdene providing the development, building and marketing expertise to maximise profits from the project.
Operational Review for 2005
The scope of Oakdene’s operation expanded significantly in 2005 with the average site size increasing to in excess of 20 units. Our internal systems have been upgraded and enhanced further with CAD systems in the design and engineering sections which allow all design, working drawings and engineering calculations to be fully integrated.
The contracts placed during 2005 were on our usual tendered fixed price basis in order to mitigate any increase in building costs throughout the duration of the project. All projects progressed well. A number of contracts were concluded in 2005, and a number are for development throughout 2006. Oakdene continued to produce a high quality product with innovation in terms of security, in-house entertainment and green sustainable issues.
Land
Land as always is the building block on which any development company is formed. I am pleased to report that our land bank continues to grow at a rate in excess of our build production. Our land bank now, including conditional contracts, is in excess of 2,000 plots, of which over half are scheduled to be built in the next three years. We continue to source our own development sites, Newhaven being a typical example, in terms of aspiration and size.
Sales and Marketing
Over recent years Oakdene has matured and has an excellent reputation and brand name in the South East. The Company now has larger sites coming on stream, in particular Swaylands and Newhaven, and the Board felt it time to look at the Company’s signage logo and update it to a more modern style which is easy to reproduce and more recognisable.
The Company sought the services of a specialist marketing company to address the rebranding and I am pleased to report that the new logo is used for the first time on the annual accounts presented to you. The new branding for the Company as a whole will be completed at the end of June, when on all sites the hoarding will reflect the new logo and style.
2005 by and large was, in marketing terms, a difficult year. During the year we integrated the Honeygrove sites into the Oakdene portfolio. I am pleased to report that we are now operational on a number of Honeygrove sites, particularly at Swaylands.
The market in 2005 as mentioned remained flat until the final quarter, when after 12 months in the doldrums, confidence returned to the market. We have seen firm prices as a result in the early part of 2006.
Taking into account our new livery and branding across the sites, together with the development of prestigious schemes planned in prime locations, we look forward to this coming period with increased growth, a strengthened profile and a further maturing of Oakdene.
Market Outlook
2006 has opened with a firm and orderly market with buyers returning in reasonable volume with renewed confidence, something not present in 2005.
The planning situation in the south of England remains slow and therefore we expect a continued shortage of property to hold the market steady while interest rates are at the current level. Though it is possible that interest rates will rise during the coming year, it is not expected there will be significant increases to cause a problem in the residential market.
In summary, we look forward to this year and coming years with enormous enthusiasm, particularly with the Newhaven development forecast to produce substantial profits in each of the next five years, together with the organic growth of Oakdene Homes Plc.
Carl Turpin
Chief Executive
31 May 2006
The directors present their report, together with the audited financial statements of the Company and the
Group, for the year ended 31 December 2005.
Principal activity and review of the business
The principal activity of the Group is that of house builders. It operates primarily in Surrey, Sussex, Kent and
the southern London Boroughs. It generally sources its own land on option or conditional contract and obtains planning permission for the most commercially advantageous development consistent with the environment. It undertakes the developments using external contractors on fixed price contracts.
On 23rd December 2005 the Group purchased property in Newhaven, East Sussex, comprising of Newhaven
Marina, West Quay and Railway Quay, a development with a gross value in excess of £150 million. The Group expects to secure planning permission for approximately 640 residential units plus 50,000sq ft of commercial space. Permission for 115 apartments and 6 shops on an area of 1.5 acres has already been granted.
During the year the Group sold three development sites which it had acquired with the Honeygrove group and which it considered did not fit with Oakdene's normal market either geographically or in the type of homes to be developed. One site which was intended to be sold has been retained for development as the return will be much greater. The effect of this was that profit was less in 2005 than it would have been but will be greater in 2007 when the result of the development is realised.
Results and dividends
The results for the year are set out on page 15.
The directors recommend the payment of a final dividend of 2.0p per share.
Future developments
The company continues to seek out new opportunities for future development. The stock of development land is extremely promising as is the future for the Group.
Payment of creditors
With respect to all the suppliers, it is the policy of the Company:
- to settle the terms of payment with suppliers when agreeing the terms of each transaction;
- to ensure suppliers are made aware of the terms of payment; and
- to abide by the terms of payment.
The number of days, which bears to the number of days in the period the same proportion as:
|
Aggregate amounts owed to trade creditors as at 31 December 2005 |
|
Aggregate amounts the Company was invoiced during the period |
was 67 days (2004 - 43 days).
Charitable and political contributions
During the period the Company contributed £ 152,055 (2004: £5,300) to charities.
Directors and their interests
The Company is managed by a Board of Directors and they have the necessary skills and experience to do so. The Board consists of a Non-executive Chairman, a Chief Executive, two Non-executive directors and three Executive Directors. The Non-executive Directors are considered to be independent.
Management information systems are in place to enable the Board to make informed decisions and properly discharge their duties.
The directors who have held office since 1 January 2005 and their interests in the company are as stated below:
|
Ordinary shares |
||
|
31 December 2004 |
1 January 2004 |
|
|
C S Turpin (1) |
4,354,923 |
4,358,000 |
|
J N Griggs (resigned 28 February 2006) |
1,605,000 |
1,605,000 |
|
S J Massingham |
1,759,000 |
1,759,000 |
|
G R Boot |
36,985 |
21,600 |
|
A P Clarke (2) |
28,892 |
21,200 |
| P H P Stephens | 32,000 | 32,000 |
| T M Hearley | 11,364 | 11,364 |
(1) Carl Turpin subscribed for 76,923 shares during the year and 80,000 Ordinary shares were registered in the name of Carl Turpin's son, Oscar Kristian Turpin who attained his majority during the year, here shown as a reduction of his share holding.
(2) 3,000 Ordinary shares are registered in the name of Philip Clarke's wife, Annette Jane Clarke.
Mr C S Turpin, Mrs S Massingham and Mr G R Boot have options to subscribe for 500,000 ordinary shares, 250,000 ordinary shares and 200,000 ordinary shares respectively, at a price of 43.5 pence per ordinary share exercisable up to May 2008.
Mr J Griggs has options to subscribe for 105,000 ordinary shares at a price of 43.5 pence per ordinary share exercisable up to December 2006.
Mr J Griggs has options to subscribe for 145,000 ordinary shares at a price of 35 pence per ordinary share exercisable up to July 2006.
Remuneration policy and committee
The remuneration and terms and conditions of service of the executive directors are determined by the Board, based on the recommendations of the Remuneration Committee. The Board's policy is to pay competitive salaries having regard to a director's experience, the size and complexity of the role and any special factors which they consider to be relevant. The directors consider that the Company has taken account of the Combined Code.
The remuneration committee consists of the three Non-executive Directors and the Chief Executive. They
meet at least twice per year to consider the scale and structure of the remuneration of the executive directors and senior staff and to recommend the grant of options under the Approved and Unapproved Share Option Schemes.
Substantial interests
The company has been notified that as at 8 May 2006 the following shareholders, who are not directors, own or control more than 3% of the issued share capital :
| Number | Percent | |
| Mrs M Decker | 2,500,000 | 7.74 |
| Mr Nigel Wray | 5,191,967 | 16.07 |
Corporate governance
Where practical for a company of its size, the Board complies voluntarily with the main provisions of the Principles of Good Governance and Code of Best Practice set out in the Combined Code.
The Board has also considered the guidance published by the Institute of Chartered Accountants in England
and Wales concerning the internal control requirements of the Combined Code and, where practical, has established a process for identifying, evaluating and managing any significant risks faced by the Group.
Dialogue with shareholders
The Company reports formally to shareholders twice per year when its half-year and full-year results are announced and reports are sent to shareholders. The Annual Report includes the notice of the Annual General Meeting of the Company at which the directors are available to answer any questions.
When matters arise of particular significance the Board arranges to hold an Extraordinary General Meeting of which notice is sent to shareholders and at which the directors are available to answer any questions.
Audit committee
The audit committee comprises the three Non-executive Directors and the Finance Director. They meet at least twice per year and are responsible for ensuring that the financial performance of the Group is properly reported and monitored, and for meeting the auditors and reviewing reports from the auditors relating to financial statements and internal control systems.
Health and safety
The directors are aware of their obligations under current health and safety regulations and at their monthly management meeting consider any matters that have been brought to their attention by the director responsible for the day to day management of health and safety issues. High standards of safety awareness are promoted throughout the Group and are required from all site contractors. Environment The Group pays particular attention to environmental issues. It takes great care to ensure that each development fits with the local environment and continually strives to ensure best practice in a commercially acceptable manner and compliance with regulatory obligations.
Employees
The Group recognises the benefit of keeping its employees informed of all relevant matters on a regular
basis. The Group is an equal opportunities employer and all applications for employment are considered
fully on the basis of the suitability for the job.
Going concern
After making enquiries, the directors have formed a judgement at the time of approving the financial statements that there is an expectation that the Group has adequate working capital resources to continue its operations in the forseeable future. The financial statements have accordingly been prepared on a going concern basis.
Directors responsibilities
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. The Directors' have elected to prepare the Group and Company Financial Statements in accordance with IFRS's as adopted by the EU.
Company law requires the directors to prepare financial statements for each financial period that give a true and fair view of the state of the affairs of the Company and of the Group and of the profit or loss of the Group for that period. In preparing these, the directors are required to:
- select suitable accounting policies and apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company and the Group will continue in business.
The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy
at any time the financial position of the Company and of the Group and to enable them to ensure that the financial statements comply with the Companies Act 1985. They are also responsible for safeguarding the assets of the Company and of the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintainence and integrity of the corporate and financial information included in the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Auditors
In accordance with Section 385 of the Companies Act 1985, a resolution proposing that UHY Hacker Young be reappointed as auditors of the company will be put to the Annual General Meeting.
This report was approved by the Board on 8 May 2006 and signed on its behalf by
G R BOOT
Secretary
Independent Auditors' Report to the Shareholders of Oakdene Homes Plc
We have audited the group and parent company financial statements (the “financial statements”) of Oakdene Homes Plc for the year ended 31 December 2005 which comprise the Group and Parent Company Income Statements, the Group and Parent Company Balance Sheets, the Group and Parent Company Cash Flow Statements, the Group and Parent Company Statement of Recognised Income and
Expense and the related notes. These Financial Statements have been prepared under the accounting policies set out therein.
This report is made solely to the Company's members, as a body, in accordance with Section 235 of the Companies Act 1985. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the
Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have,formed.
Respective responsibilities of directors and auditors
The director’s responsibilities for preparing the Annual Report and the Financial Statements in accordance with applicable law and those International Financial Reporting Standards (IFRSs) as adopted for use in the European Union are set out in the Statement of Directors’ Responsibilities.
Our responsibility is to audit the Financial Statements in accordance with relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the Financial Statements give a true and fair view and have been properly prepared in accordance with the Companies Act 1985 and Article 4 of the IAS Regulation. We also report to you if, in our opinion, the Directors' Report is not consistent with the Financial Statements, if the Company has not kept proper accounting records, if we have not received all the
information and explanations we require for our audit, or if information specified by law regarding directors'
remuneration and other transactions is not disclosed.
We read other information contained in the Annual Report and consider whether it is consistent with the audited financial statements. The other information comprises only the Directors’ Report, the Chairman’s Statement, and the Chief Executive’s Review. We consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the Financial Statements. Our responsibilities do not extend to any other information.
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the Financial Statements. It also includes an assessment of the significant estimates and judgments made by the directors in the preparation of the Financial Statements, and of whether the accounting policies are appropriate to the Group’s and Company's circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the Financial Statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.
Opinion
In our opinion:
• the Financial Statements give a true and fair view, in accordance with IFRSs as adopted for use in the European Union, of the state of the Group’s and the Parent Company’s affairs as at 31 December 2005 and of the Group’s and the Parent Company’s profit for the year then ended; and
• the Financial Statements have been properly prepared in accordance with the Companies Act 1985 and Article 4 of the IAS Regulation.
UHY Hacker Young, Chartered Accountants, Registered Auditors
31 May 2006
notes |
year ended 2005 |
year ended 2004 |
|
£'000 |
£'000 |
||
Revenue |
3 |
42,582 |
21,427 |
Cost of sales |
(32,302) |
(13,422) |
|
Amortisation of fair value adjustment on WIP |
(1,386) |
- |
|
 |
|
|
|
Gross Profit |
8,894 |
8,005 |
|
Administrative expenses |
(2,701) |
(1,553) |
|
|
|
|
|
Profit from operations before exceptional costs |
6 |
6,193 |
6,452 |
Exceptional costs |
5 |
(655) |
- |
|
|
|
|
Profit from operations after exceptional costs |
5,538 |
6,452 |
|
Investment income |
8 |
25 |
28 |
Finance costs |
9 |
(444) |
(152) |
|
|
|
|
Profit before tax |
5,119 |
6,328 |
|
Tax |
10 |
(338) |
(951) |
|
|
|
|
Profit for the period from continuing operations after tax |
4,781 |
5,377 |
|
| All attributable to equity holders of the parent | |||
|
|
|
|
Earnings per share |
|
|
|
from continuing operations |
|
||
Basic |
12 |
17.3p |
36.4 |
Diluted |
12 |
16.4 |
33.3p |
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
|
notes |
year ended 2005 |
year ended 2004 |
|
|
£'000 |
£'000 |
||
|
Profit for the period |
4,781 |
5,377 |
|
|
|
|
|
|
Total recognised income and expense for the period |
4,781 |
5,377 |
|
|
|
|
|
|
Attributable to: |
|||
|
Equity holders of the parent |
4,781 |
5,377 |
|
|
|
|
|
notes |
31 December 2005 |
31 December 2004 |
|||
|
£'000 |
£'000 |
£'000 |
£'000 |
||
|
Non-current assets |
|||||
|
Goodwill |
13 |
14,761 |
14,611 |
||
|
Other intangible assets |
14 |
146 |
163 |
||
|
Investments |
17 |
1 |
1 | ||
|
Property, plant and equipment |
15 |
1,480 |
16,388 |
318 |
15,093 |
|
|
|
|
|
|
|
Current assets |
|||||
|
Inventories |
18 |
46,088 |
51,054 |
||
|
Security deposit |
20 |
5,250 |
- |
||
|
Trade and other receivables |
20 |
9,347 |
2,170 |
||
|
Cash and cash equivalents |
93 |
60,778 |
5,712 |
58,936 |
|
|
|
|
|
|
|
|
Total assets |
77,166 |
74,029 |
|||
|
Current liabilities |
|||||
|
Trade and other payables |
26 |
1,425 |
3,943 |
||
|
Tax liabilities |
1,289 |
2,538 |
|||
|
Obligations under finance leases |
25 |
11 |
25 |
||
|
Loan notes |
22 |
2,000 |
1,600 |
||
|
Bank overdrafts and loans |
21 |
263 |
4,988 |
- |
8,106 |
|
|
|
|
|
|
|
Non-current liabilities |
|||||
|
Bank loans |
21 |
37,006 |
39,509 |
||
|
Obligations under finance leases |
25 |
- |
24 |
||
|
Loan notes |
22 |
338 |
838 |
||
|
Other loans |
- |
37,344 |
1,546 |
41,917 |
|
|
|
|
|
|
|
|
Net assets |
34,834 |
24,006 |
|||
|
|
|
|
|
|
|
Equity |
|||||
|
Share capital |
27 |
323 |
256 |
||
|
Share premium account |
28 |
24,434 |
16,215 |
||
|
Own shares |
29 |
- |
1,560 |
||
|
Retained earnings |
30 |
10,077 |
5,975 |
||
|
Total equity attributable to equity holders of the parent |
|
34,834 |
|
24,006 |
|
|
notes |
year ended 2005 |
year ended 2004 |
|
|
£'000 |
£'000 |
||
|
Continuing operations |
|||
|
Operating income |
31 |
1,453 |
|
|
Administrative expenses |
(2,528) |
(1,454) |
|
|
|
|
|
|
Profit from operations |
39 |
(2,497) |
(1) |
|
Finance costs |
40 |
(164) |
(76) |
|
Interest received |
5 |
16 |
|
|
|
|
|
|
Profit before tax |
(2,656) |
(61) |
|
|
Tax |
41 |
(15) |
(22) |
|
|
|
|
|
Net profit attributable to equity holders of the parent |
(2,671) |
(83) |
|
|
|
|
|
|
notes |
2005 |
2004 |
|
|
£'000 |
£'000 |
||
|
Non-current assets |
|||
|
Intangible assets |
146 |
163 |
|
|
Investments in subsidiaries |
42 |
17,808 |
17,658 |
|
Property, plant and equipment |
223 |
219 |
|
|
|||
|
18,177 |
18,040 |
||
|
Current assets |
|||
|
Inventories |
17,988 |
17,383 |
|
|
Trade and other receivables |
43 |
33,198 |
26,349 |
|
Cash and cash equivalents |
43 |
71 |
5,660 |
|
|||
|
51,257 |
49,392 |
||
|
Total assets |
69,434 |
67,432 |
|
|
Current liabilities |
|||
|
Trade and other payables |
44 |
16,294 |
5,963 |
|
Tax liabilities |
41 |
- |
296 |
|
Obligations under finance leases |
12 |
10 |
|
|
Loan notes |
22 |
2,000 |
1,600 |
|
Bank overdrafts and loans |
148 |
19 |
|
|
18,454 |
7,888 |
||
|
Total assets less current liabilities |
50,980 |
59,544 |
|
|
Non-current liabilities |
|||
|
Bank loans |
21 |
28,081 |
39,509 |
|
Obligations under finance leases |
- |
10 |
|
|
Loan notes |
22 |
- |
500 |
|
|||
|
28,081 |
40,019 |
||
|
|
|
|
|
Net assets |
22,899 |
19,525 |
|
|
|
||
|
Equity |
|||
|
Share capital |
45 |
323 |
256 |
|
Share premium account |
45 |
24,434 |
16,215 |
|
Reserve for own shares |
29 |
- |
1,560 |
|
Retained earnings |
46 |
(1,858) |
1,494 |
|
Equity attributable to equity holders of the parent |
|
|
Company cash Flow
|
year ended 2005 |
year ended 2004 |
|
|
£'000 |
£'000 |
|
|
Net cash from operating activities |
(700) |
(25,131) |
|
Investing activities |
||
|
Purchases of property, plant and equipment |
(58) |
(222) |
|
Purchases of goodwll |
- |
(175) |
|
Purchases of investments |
(150) |
(13,853) |
|
|
|
|
Net cash used in investing activities |
(208) |
(14,250) |
|
|
|
|
Financing activities |
||
|
Increase in borrowings |
530 |
39,026 |
|
Shares issued for cash |
6,726 |
17,436 |
|
Repayments of borrowings |
(11,937) |
(11,421) |
|
|
|
|
Net cash (used in)/from financing activities |
(4,681) |
45,041 |
|
|
|
|
Net increase/(decrease) in cash and cash equivalents |
(5,589) |
5,660 |
|
Cash and cash equivalents at beginning of year |
5,660 |
- |
|
|
|
|
Cash and cash equivalents at end of year |
71 |
5,660 |
|
|
|
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Registered Office : Oakdene Homes Plc, Oakdene House, 34 Bell Street, Reigate, Surrey RH2 7SL. Place of registration : England. Company No. : 03608522
© Copyright 2009 Oakdene Homes PLC