TIDMOAH
RNS Number : 3715J
Oak Holdings PLC
30 March 2010
PRELIMINARY RESULTS 2009
Oak Holdings plc ("Oak" or the "Company"), the leisure business operator and
YES! Project developer, is pleased to announce its audited results for the year
ended 31 October 2009.
Financial Highlights:
· Revenue of GBP761,784 (2008: GBP25,073)
· Pre-tax profit of GBP325,818 (2008: pre-tax loss of GBP791,515)
· GBP1.5 million fundraising achieved post year end
Operational Highlights:
· Oak successfully repositioned as leisure business operator with property
potential
· Operational lease secured at Rother Valley Country Park
· Ringwood Town & Country Experience acquisition completed
· Application to extend planning permission for the YES! Project
submitted
· First pre-let signed for the development
· Ongoing discussions with hotel groups in respect of further
pre-lettings
Malcolm Savage, Chairman of Oak, said: "The outlook for Oak is a great deal
brighter than it was 12 months ago. The repositioning of the Company as a
revenue generating leisure business, creating value through trading and property
investment activities, augurs well for shareholders. The directors are
confident that this will enable Oak to take advantage of current market
opportunities as they arise, whilst continuing to retain the longer term value
of its property development potential."
For further information, please contact:
+------------------------+----------------------------------------+
| Oak Holdings plc | Tel: 020 7493 5522 |
+------------------------+----------------------------------------+
| Steve Lewis, Chief | steve.lewis@oakholdings.co.uk |
| Executive | |
+------------------------+----------------------------------------+
| Mike Williams, | mike.williams@oakholdings.co.uk |
| Director | |
+------------------------+----------------------------------------+
| | |
+------------------------+----------------------------------------+
| Arbuthnot Securities | Tel: 020 7012 2000 |
+------------------------+----------------------------------------+
| | |
+------------------------+----------------------------------------+
| Rawlings Financial PR | Tel: 01653 618 016 |
| Limited | |
+------------------------+----------------------------------------+
| Catriona Valentine | catriona@rawlingsfinancial.co.uk |
+------------------------+----------------------------------------+
| Keeley Clarke | keeley@rawlingsfinancial.co.uk |
+------------------------+----------------------------------------+
| | www.rawlingsfinancial.co.uk |
+------------------------+----------------------------------------+
About Oak
Oak is an asset-based leisure business operator with significant property
development potential. The Company's activities comprise:
Rother Valley County Park
The Company leases and manages Rother Valley Country Park, a 1,000 acre country
park with four major lakes. The park is positioned just off the M1 on the
borders of Sheffield, Rotherham and Derbyshire. It currently attracts over
750,000 visitors per year and is included in the Official 2012 Olympic Training
Camp Guide, which recommends high quality sporting facilities for all
participating athletes.
Ringwood Town & Country Experience
Ringwood Town & Country Experience is a leisure business located in the New
Forest, Hampshire, which attracts around 19,000 visitors per year. Ringwood
Town & Country Experience incorporates a Heritage Centre with vintage cars and
motorcycles, a replica railway station, tearooms, a restaurant, nostalgic shops
and a 100 seat function room.
YES! Project
Oak is the promoter and developer of the exciting GBP350 million YES! Project, a
phased development which will create one of the largest undercover,
leisure-based, resort and convention destinations in Europe. The site covers
327 acres and is adjacent to the Rother Valley Country Park in South Yorkshire.
CHAIRMAN'S STATEMENT
It gives me great pleasure to announce the results for the year ended 31 October
2009.
As I am sure everyone is aware, the past year has witnessed a dramatically
changed business environment, which adversely impacted all areas of commercial
life. The directors realised that positive action was needed not only to ensure
the survival of the business, but also to lay firm foundations for its future
growth.
I am pleased to report that action taken to reposition Oak as a leisure business
operator with significant property development potential has proved successful.
Progress
In May 2009, the Company entered into a seven year lease of the entire Rother
Valley Country Park from Rotherham Metropolitan Borough Council, giving the
Company operational control of this major leisure attraction. This is an
interim measure until such time as a 250 year lease under the provisions of the
Development Agreement for The YES! Project is granted. This was followed by the
conditional acquisition (completed since the year end) of The Ringwood Town &
Country Experience, an asset based leisure business on the edge of the New
Forest in Hampshire. This acquisition added a new dimension to Oak's
activities, providing additional trading opportunities together with geographic
diversification.
Since the year end, a revised and updated planning application for the YES!
Project, the Company's leisure destination and convention resort, has been
submitted. This application provides for the project to be constructed in phases
as pre-letting demand materialises.
A successful, post balance sheet fundraising of GBP1.5 million was completed in
February 2010. This put the Group in a much healthier financial position and
provides a springboard to develop the Group's trading and investment
opportunities.
Results
Group revenue to 31 October 2009 increased significantly to GBP761,784 (2008:
GBP25,073). The Company returned to profitability, recording pre-tax profit of
GBP326,536 (2008: loss of GBP782,929). Earnings per share were 2.0p, compared
with a loss per share of 5.2p in the previous year.
As at 31 October 2009, the Group's net assets totalled GBP9.84 million (2008:
GBP9.48 million) - the major component being intangible assets, as disclosed in
the Company's balance sheet, of GBP10.8 million. Whilst the formal valuation
undertaken by HLL Humberts in August 2008, in a distressed market, indicated a
value of GBP21 million, this enhanced value still appears only as a note and is
not incorporated in the balance sheet.
Costs during the year attributable to the YES! Project were restricted to
essential expenditure pursuant to modifying the scheme for the submission of the
revised planning application. In accordance with the policy adopted by the
Group, all costs were written off in the income statement and not capitalised.
Strategy
The Group's revised strategy to concentrate on income generation and the
establishment of a sustainable business is proving successful. Further growth
of income generating businesses is expected in the current financial year and
thereafter.
The Board believes this strategy will enable the Company to direct resources to
its development opportunities when circumstances permit. In the meantime, the
focus remains firmly on creating profitable enterprises in the Rother Valley
Country Park and at the newly acquired Ringwood Town & Country Experience.
An approach, reflective of the leisure emphasis in the activities of the
Company, will be made to the FTSE to reclassify Oak into the leisure sector
instead of the current property classification.
Business Review
The Rother Valley Country Park is a major leisure undertaking which currently
attracts in excess of 750,000 visitors a year. Trading income since Oak took
over management of the Rother Valley Country Park has responded positively to
Oak's active approach. This has included investment in new equipment and
refurbished facilities, as well as the introduction of a very popular miniature
steam railway and Zorbs. The first evening event in the Park took place on
Halloween. It was very well attended and proved to be a major success. Oak's
active management approach has successfully generated additional income.
The Ringwood Town & Country Experience acquisition further expands Oak's leisure
and revenue generating activities. It owns and operates a heritage and
education centre with a café/restaurant and banqueting/event space at Ringwood,
Hampshire on the fringe of the New Forest. The business also owns a large
collection of memorabilia which has extensive potential for either sale, a
remodelled exhibition or other revenue generating opportunities, such as film
hire. The assets acquired include world class items such as an extremely rare
Hispano Suiza car (and sufficient Hispano spare parts to re-build a further
three vehicles), an original World War II "Bouncing Bomb" and a Victorian steam
driven carousel.
In light of the changed economic environment, the design of the YES! Project has
been revised to facilitate a phased development. This revised scheme, which was
completed after the year end, incorporates a new multi-purpose sports facility
that will become the new home of the Sheffield Steelers, the current UK Elite
League Ice Hockey champions. This important pre-let forms the first phase in
the development of the YES! Project. The revised planning application, which
was submitted in late January 2010, will preserve the existing value and
facilitate a more flexible approach to delivering the largest undercover leisure
destination and convention resort in Europe.
Work continues on the strategic partnership with a landowner in Bolsover on a
project to promote a major scheme for active senior living. Oak has a carried
equity interest and continues to work progressively to deliver value for this 50
Ha scheme.
Further consultancy opportunities have arisen in Romania and in the Czech
Republic. Modest income was received during the year from the Romanian project
and further revenue earning consultancy work is anticipated in 2010 from this
appointment. The Czech project could also generate income for the Group in the
current year.
OAK Shareholders' Privilege Card
Every Oak shareholder will receive a Privilege Card with the Annual Report,
which will entitle the holder to a 10% discount on the comprehensive activities
at the Rother Valley Country Park and a 10% discount on the admission fee to the
Ringwood Town & Country Experience.
Water borne activities at the Rother Valley Country Park range from advanced
sailing tuition in the best laser craft to power boat tuition, pedalos,
windsurfing and canoeing. Land based activities cover cycle hire, including the
best stock of disabled cycles in the region, racing in four seater go-karts and
riding the miniature railway. At the Ringwood Town & Country Experience,
entrants can see the diverse range of memorabilia.
The card has been created to encourage shareholders to visit these venues and
witness the progress the Company is making.
Funding
Oak successfully completed a Placing and Subscription to raise approximately
GBP1.5 million through the issue of new ordinary shares at 5p per share on 2
March 2010, enabling the repositioning of the business and providing a platform
from which to grow. The ability to raise these significant funds in a difficult
investment market is testimony to the effort, commitment and determination of
the directors. I thank them for their tenacity and drive.
Outlook
The outlook for Oak is a great deal brighter than it was 12 months ago. The
repositioning of the Company as a revenue generating leisure business, creating
value through trading and property investment activities, augurs well for
shareholders. The directors are confident that this will enable Oak to take
advantage of current market opportunities as they arise, whilst continuing to
retain the longer term value of its property development potential. The
operational team inherited at the Rother Valley Country Park has provided a
valuable and enthusiastic additional resource, which is being carefully expanded
to facilitate enhanced net revenue generation. A carefully enhanced skill base
will enable the directors to optimise the potential of the existing businesses
and to consider further acquisitions. The reputation being established by the
Company in the leisure business-operating sector will be nurtured to secure
additional profitable, revenue generating commissions.
The new agreement with the Sheffield Steelers after the year end will enable the
Company to embark on the first phase of the YES! Project. Although protracted
difficulties in the property market have, in certain sectors, subdued demand, I
am pleased to report a recent increased level of tenant interest in the YES!
Project. The commercial viability of the YES! Project and the Group's leisure
based projects remain sound and the directors believe that the repositioned
Group is well placed to take advantage of increasing market opportunities.
Finally, I would like to thank my colleagues and the shareholders for their
continued support in this challenging but successful transitional year and to
welcome new shareholders to the Company.
Malcolm Savage
Chairman
29 March 2010
CONSOLIDATED INCOME STATEMENT
for the year ended 31 October 2009
+--------------------------------------+-------------+-------------+
| | 2009 | 2008 |
+--------------------------------------+-------------+-------------+
| | GBP | GBP |
+--------------------------------------+-------------+-------------+
| | | |
+--------------------------------------+-------------+-------------+
| Revenue | 761,784 | 25,073 |
+--------------------------------------+-------------+-------------+
| Administrative expenses | (845,334) | (808,002) |
+--------------------------------------+-------------+-------------+
| Release of liabilities | 410,086 | - |
+--------------------------------------+-------------+-------------+
| Operating profit/(loss) | 326,536 | (782,929) |
+--------------------------------------+-------------+-------------+
| | | |
+--------------------------------------+-------------+-------------+
| Finance income | 14 | 324 |
+--------------------------------------+-------------+-------------+
| Finance costs | (732) | (8,910) |
+--------------------------------------+-------------+-------------+
| Finance costs - net | (718) | (8,586) |
+--------------------------------------+-------------+-------------+
| | | |
+--------------------------------------+-------------+-------------+
| Profit/(loss) before tax | 325,818 | (791,515) |
+--------------------------------------+-------------+-------------+
| Tax expense | - | - |
+--------------------------------------+-------------+-------------+
| | | |
+--------------------------------------+-------------+-------------+
| Profit(loss) for the period | | |
| attributable to equity holders of | 325,818 | (791,515) |
| the Company | | |
+--------------------------------------+-------------+-------------+
| Earnings/(loss per share) | | |
+--------------------------------------+-------------+-------------+
| Equity holders | 2.2p | (5.2)p |
+--------------------------------------+-------------+-------------+
All activities are continuing.
STATEMENT OF CHANGES IN EQUITY
for the year ended 31 October 2009
+-----------------+-----------+-----------+-------------+------------+-----------+------------+
| | Share | Share | Retained | Capital | Merger | Total |
| | capital | premium | earnings | Redemption | reserve | |
| | | | | reserve | | |
+-----------------+-----------+-----------+-------------+------------+-----------+------------+
| | GBP | GBP | GBP | GBP | GBP | GBP |
+-----------------+-----------+-----------+-------------+------------+-----------+------------+
| Group | | | | | | |
+-----------------+-----------+-----------+-------------+------------+-----------+------------+
| Balance at 1 | 7,545,067 | 3,017,818 | (5,858,064) | 164,667 | 5,197,319 | 10,086,807 |
| November 2007 | | | | | | |
+-----------------+-----------+-----------+-------------+------------+-----------+------------+
| Loss for the | - | - | (791,515) | - | - | (791,515) |
| year ended 31 | | | | | | |
| October 2008 | | | | | | |
+-----------------+-----------+-----------+-------------+------------+-----------+------------+
| Cost of share | - | - | 186,722 | - | - | 186,722 |
| based awards | | | | | | |
+-----------------+-----------+-----------+-------------+------------+-----------+------------+
| | | | | | | |
+-----------------+-----------+-----------+-------------+------------+-----------+------------+
| At 31 October | 7,565,067 | 3,017,818 | (6,462,857) | 164,667 | 5,197,319 | 9,482,014 |
| 2008 | | | | | | |
+-----------------+-----------+-----------+-------------+------------+-----------+------------+
| Profit for the | - | - | 325,818 | - | - | 325,818 |
| year ended 31 | | | | | | |
| October 2009 | | | | | | |
+-----------------+-----------+-----------+-------------+------------+-----------+------------+
| Cost of share | - | - | 35,063 | - | - | 35,063 |
| based awards | | | | | | |
+-----------------+-----------+-----------+-------------+------------+-----------+------------+
| | | | | | | |
+-----------------+-----------+-----------+-------------+------------+-----------+------------+
| At 31 October | 7,565,067 | 3,017,818 | (6,101,976) | 164,667 | 5,197,319 | 9,842,895 |
| 2009 | | | | | | |
+-----------------+-----------+-----------+-------------+------------+-----------+------------+
| | | | | | | |
+-----------------+-----------+-----------+-------------+------------+-----------+------------+
| | Share | Share | Retained | Capital | Merger | Total |
| | capital | premium | Earnings | Redemption | reserve | |
| | | | | reserve | | |
+-----------------+-----------+-----------+-------------+------------+-----------+------------+
| | GBP | GBP | GBP | GBP | GBP | GBP |
+-----------------+-----------+-----------+-------------+------------+-----------+------------+
| Company | | | | | | |
+-----------------+-----------+-----------+-------------+------------+-----------+------------+
| Balance at 1 | 7,565,067 | 3,017,818 | (4,368,586) | 164,667 | 5,197,319 | 11,576,285 |
| November 2007 | | | | | | |
+-----------------+-----------+-----------+-------------+------------+-----------+------------+
| Loss for the | - | - | (477,864) | - | - | (477,864) |
| year ended 31 | | | | | | |
| October 2008 | | | | | | |
+-----------------+-----------+-----------+-------------+------------+-----------+------------+
| Cost of share | - | - | 186,722 | - | - | 186,722 |
| based awards | | | | | | |
+-----------------+-----------+-----------+-------------+------------+-----------+------------+
| | | | | | | |
+-----------------+-----------+-----------+-------------+------------+-----------+------------+
| At 31 October | 7,565,067 | 3,017,818 | (4,659,728) | 164,667 | 5,197,319 | 11,285,143 |
| 2008 | | | | | | |
+-----------------+-----------+-----------+-------------+------------+-----------+------------+
| Profit for the | - | - | 235,368 | - | - | 235,368 |
| year ended 31 | | | | | | |
| October 2009 | | | | | | |
+-----------------+-----------+-----------+-------------+------------+-----------+------------+
| Cost of share | - | - | 35,063 | - | - | 35,063 |
| based awards | | | | | | |
+-----------------+-----------+-----------+-------------+------------+-----------+------------+
| | | | | | | |
+-----------------+-----------+-----------+-------------+------------+-----------+------------+
| At 31 October | 7,565,067 | 3,017,818 | (4,389,297) | 164,667 | 5,197,319 | 11,555,574 |
| 2009 | | | | | | |
+-----------------+-----------+-----------+-------------+------------+-----------+------------+
BALANCE SHEETS
at 31 October 2009
+-----------------------+-------------+-------------+-------------+-------------+
| | Group | Company |
+-----------------------+---------------------------+---------------------------+
| | 2009 | 2008 | 2009 | 2008 |
+-----------------------+-------------+-------------+-------------+-------------+
| | GBP | GBP | GBP | GBP |
+-----------------------+-------------+-------------+-------------+-------------+
| | | | | |
+-----------------------+-------------+-------------+-------------+-------------+
| Non-current assets | | | | |
+-----------------------+-------------+-------------+-------------+-------------+
| Goodwill | 10,828,446 | 10,828,446 | - | - |
+-----------------------+-------------+-------------+-------------+-------------+
| Property, plant and | 1,409,417 | 1,190,807 | 1,279,071 | 1,190,807 |
| equipment | | | | |
+-----------------------+-------------+-------------+-------------+-------------+
| Investments in | - | - | 10,436,059 | 10,435,959 |
| subsidiaries | | | | |
+-----------------------+-------------+-------------+-------------+-------------+
| Total non-current | 12,237,863 | 12,019,253 | 11,715,130 | 11,626,766 |
| assets | | | | |
+-----------------------+-------------+-------------+-------------+-------------+
| | | | | |
+-----------------------+-------------+-------------+-------------+-------------+
| Current assets | | | | |
+-----------------------+-------------+-------------+-------------+-------------+
| Inventories | 56,230 | - | - | - |
+-----------------------+-------------+-------------+-------------+-------------+
| Trade and other | 131,305 | 39,653 | 2,254,265 | 2,036,573 |
| receivables | | | | |
+-----------------------+-------------+-------------+-------------+-------------+
| Cash at bank | 32,050 | - | - | - |
+-----------------------+-------------+-------------+-------------+-------------+
| Total current assets | 219,585 | 39,653 | 2,254,265 | 2,036,573 |
+-----------------------+-------------+-------------+-------------+-------------+
| | | | | |
+-----------------------+-------------+-------------+-------------+-------------+
| Total assets | 12,457,448 | 12,058,906 | 13,969,395 | 13,663,339 |
+-----------------------+-------------+-------------+-------------+-------------+
| | | | | |
+-----------------------+-------------+-------------+-------------+-------------+
| Equity | | | | |
+-----------------------+-------------+-------------+-------------+-------------+
| Issued share capital | 7,565,067 | 7,565,067 | 7,565,067 | 7,565,067 |
+-----------------------+-------------+-------------+-------------+-------------+
| Share premium | 3,017,818 | 3,017,818 | 3,017,818 | 3,017,818 |
+-----------------------+-------------+-------------+-------------+-------------+
| Retained earnings | (6,101,976) | (6,462,857) | (4,389,297) | (4,659,728) |
+-----------------------+-------------+-------------+-------------+-------------+
| Capital redemption | 164,667 | 164,667 | 164,667 | 164,667 |
| reserve | | | | |
+-----------------------+-------------+-------------+-------------+-------------+
| Merger reserve | 5,197,319 | 5,197,319 | 5,197,319 | 5,197,319 |
+-----------------------+-------------+-------------+-------------+-------------+
| Total equity | 9,842,895 | 9,482,014 | 11,555,574 | 11,285,143 |
+-----------------------+-------------+-------------+-------------+-------------+
| | | | | |
+-----------------------+-------------+-------------+-------------+-------------+
| Liabilities | | | | |
+-----------------------+-------------+-------------+-------------+-------------+
| Non-current | | | | |
| liabilities | | | | |
+-----------------------+-------------+-------------+-------------+-------------+
| Borrowings | 534,267 | 180,695 | 503,212 | - |
+-----------------------+-------------+-------------+-------------+-------------+
| Total non-current | 534,267 | 180,695 | 503,212 | - |
| liabilities | | | | |
+-----------------------+-------------+-------------+-------------+-------------+
| | | | | |
+-----------------------+-------------+-------------+-------------+-------------+
| Current liabilities | | | | |
+-----------------------+-------------+-------------+-------------+-------------+
| Borrowings | 1,011,103 | 1,067,290 | 1,001,935 | 1,067,290 |
+-----------------------+-------------+-------------+-------------+-------------+
| Trade and other | 1,069,183 | 1,328,907 | 908,574 | 1,310,906 |
| payables | | | | |
+-----------------------+-------------+-------------+-------------+-------------+
| Total current | 2,080,286 | 2,396,197 | 1,910,509 | 2,378,196 |
| liabilities | | | | |
+-----------------------+-------------+-------------+-------------+-------------+
| | | | | |
+-----------------------+-------------+-------------+-------------+-------------+
| Total liabilities | 2,614,553 | 2,576,892 | 2,413,721 | 2,378,196 |
+-----------------------+-------------+-------------+-------------+-------------+
| | | | | |
+-----------------------+-------------+-------------+-------------+-------------+
| Total equity and | 12,457,448 | 12,058,906 | 13,969,295 | 13,663,339 |
| liabilities | | | | |
+-----------------------+-------------+-------------+-------------+-------------+
These financial statements were approved and authorised for issue by the Board
of directors on 29 March 2010 and were signed on its behalf by:
M G Savage
Chairman
CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 October 2009
+--------------------------+-----------+-----------+-----------+-----------+
| | Group | Company |
+--------------------------+-----------------------+-----------------------+
| | 2009 | 2008 | 2009 | 2008 |
+--------------------------+-----------+-----------+-----------+-----------+
| | GBP | GBP | GBP | GBP |
+--------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+--------------------------+-----------+-----------+-----------+-----------+
| Cash flows from | | | | |
| operating activities | | | | |
+--------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+--------------------------+-----------+-----------+-----------+-----------+
| Net cash absorbed by | (312,221) | (43,085) | (437,126) | (43,085) |
| operations | | | | |
+--------------------------+-----------+-----------+-----------+-----------+
| Net interest paid | (718) | (1,170) | (731) | (1,170) |
+--------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+--------------------------+-----------+-----------+-----------+-----------+
| Net cash absorbed by | (312,939) | (44,255) | (437,857) | (44,255) |
| operating activities | | | | |
+--------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+--------------------------+-----------+-----------+-----------+-----------+
| Cash flows from | | | | |
| investing activities | | | | |
+--------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+--------------------------+-----------+-----------+-----------+-----------+
| Payments to acquire | (105,618) | (16,382) | - | (16,382) |
| tangible fixed assets | | | | |
+--------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+--------------------------+-----------+-----------+-----------+-----------+
| Net cash used in | (105,618) | (16,382) | - | (16,382) |
| investing activities | | | | |
+--------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+--------------------------+-----------+-----------+-----------+-----------+
| Cash flows from | | | | |
| financing activities | | | | |
+--------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+--------------------------+-----------+-----------+-----------+-----------+
| Net advances on | 446,712 | - | 433,212 | - |
| directors' loans and | | | | |
| loans from related | | | | |
| parties | | | | |
+--------------------------+-----------+-----------+-----------+-----------+
| Net proceeds from | 251,935 | - | 251,935 | - |
| advance of bank loan | | | | |
+--------------------------+-----------+-----------+-----------+-----------+
| Repayment of bank loan | - | (250,000) | - | (250,000) |
+--------------------------+-----------+-----------+-----------+-----------+
| Repayments of | (750) | - | - | - |
| obligations under hire | | | | |
| purchase contracts | | | | |
+--------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+--------------------------+-----------+-----------+-----------+-----------+
| Net cash from financing | 697,897 | (250,000) | 685,147 | (250,000) |
| activities | | | | |
+--------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+--------------------------+-----------+-----------+-----------+-----------+
| Net increase/(decrease) | 279,340 | (310,637) | 247,290 | (310,637) |
| in cash and bank | | | | |
| balances | | | | |
+--------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+--------------------------+-----------+-----------+-----------+-----------+
| Cash and bank overdrafts | (247,290) | 63,347 | (247,290) | 63,347) |
| at beginning of year | | | | |
+--------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+--------------------------+-----------+-----------+-----------+-----------+
| Cash and bank and bank | 32,050 | (247,290) | - | (247,290) |
| overdrafts at end of | | | | |
| year | | | | |
+--------------------------+-----------+-----------+-----------+-----------+
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 October 2009
1. Basis of accounting
The consolidated financial statements have been prepared under the historical
cost convention and in accordance with applicable International Financial
Reporting Standards (IFRS) as adopted by the European Union.
As permitted by section 408 of the Companies Act 2006, the Company has elected
not to present its own profit and loss account for the year. Oak Holdings Plc
reported a profit for the financial year of GBP235,368 (2008: loss of
GBP477,864).
2. The financial information set out in this preliminary announcement does not
constitute statutory accounts as defined in section 240 of the Companies Act
1985. The balance sheet at 31 October 2009, the Consolidated Income Statement,
the Statement of changes in Equity and the Consolidated Cash Flow Statement and
associated notes for the year then ended have been extracted from the Groups
2009 statutory financial statements on which the auditors will give an
unqualified report, without any statement under section 237(2) or (3) of the
Companies Act 1985.
3. Segmental Analysis
+---------------+------------+-------------+-----------+--------------+------------+--------+----------+--------------+
| | 2009 | 2008 |
+---------------+-----------------------------------------------------+-----------------------------------------------+
| | | | Rother | | | | |
| | | | Valley | | | | |
| | | Yes! | Country | | | YES! | |
| RESULT | Consulting | Project | Park | Consolidated | Consulting | Project | Consolidated |
| | | | | | | | |
+---------------+------------+-------------+-----------+--------------+------------+-------------------+--------------+
| | GBP | GBP | GBP | GBP | GBP | GBP | GBP |
+---------------+------------+-------------+-----------+--------------+------------+-------------------+--------------+
| | | | | | | | |
+---------------+------------+-------------+-----------+--------------+------------+-------------------+--------------+
| Revenue | 5,000 | - | 756,784 | 761,784 | 25,073 | - | 25,073 |
+---------------+------------+-------------+-----------+--------------+------------+-------------------+--------------+
| | | | | | | | |
+---------------+------------+-------------+-----------+--------------+------------+-------------------+--------------+
| Segment | - | 70,150 | 142,494 | 212,644 | 6,438 | (398,951) | (392,513) |
| operating | | | | | | | |
| profit/(loss) | | | | | | | |
+---------------+------------+-------------+-----------+--------------+------------+-------------------+--------------+
| | | | | | | | |
+---------------+------------+-------------+-----------+--------------+------------+-------------------+--------------+
| Unallocated | | | | (296,194) | | | (390,416) |
| corporate | | | | | | | |
| costs | | | | | | | |
+---------------+------------+-------------+-----------+--------------+------------+-------------------+--------------+
| Release of | | | | 410,086 | | | - |
| liabilities | | | | | | | |
+---------------+------------+-------------+-----------+--------------+------------+-------------------+--------------+
| Operating | | | | 326,536 | | | (782,929) |
| profit/(loss) | | | | | | | |
+---------------+------------+-------------+-----------+--------------+------------+-------------------+--------------+
| Net | | | | (718) | | | (8,586) |
| finance | | | | | | | |
| costs | | | | | | | |
+---------------+------------+-------------+-----------+--------------+------------+-------------------+--------------+
| Profit/(loss) | | | | 325,818 | | | (791,515) |
| before tax | | | | | | | |
+---------------+------------+-------------+-----------+--------------+------------+-------------------+--------------+
| Tax | | | | - | | | - |
| expense | | | | | | | |
+---------------+------------+-------------+-----------+--------------+------------+-------------------+--------------+
| Profit/(loss) | | | | 325,818 | | | (791,515) |
| for the year | | | | | | | |
+---------------+------------+-------------+-----------+--------------+------------+-------------------+--------------+
| | | | | | | | |
+---------------+------------+-------------+-----------+--------------+------------+-------------------+--------------+
| BALANCE SHEET | | | | | | |
| | | | | | | |
+----------------------------+-------------+-----------+--------------+------------+-------------------+--------------+
| Goodwill | - | 10,828,446 | - | 10,828,446 | - | 10,828,446 | 10,828,446 |
+---------------+------------+-------------+-----------+--------------+------------+-------------------+--------------+
| Other | 5,000 | 1,298,271 | 325,731 | 1,629,002 | - | 1,194,982 | 1,194,982 |
| segment | | | | | | | |
| assets | | | | | | | |
+---------------+------------+-------------+-----------+--------------+------------+-------------------+--------------+
| Segment | 5,000 | 12,126,717 | 325,731 | 12,457,448 | - | 12,023,428 | 12,023,428 |
| assets | | | | | | | |
+---------------+------------+-------------+-----------+--------------+------------+-------------------+--------------+
| Unallocated | | | | - | | | 35,478 |
| corporate | | | | | | | |
| assets | | | | | | | |
+---------------+------------+-------------+-----------+--------------+------------+-------------------+--------------+
| Consolidated | | | | 12,457,448 | | | 12,058,906 |
| assets | | | | | | | |
+---------------+------------+-------------+-----------+--------------+------------+-------------------+--------------+
| | | | | | | | |
+---------------+------------+-------------+-----------+--------------+------------+-------------------+--------------+
| Segment | - | (1,504,002) | (188,032) | (1,692,034) | - | (1,609,985) | (1,609,985) |
| liabilities | | | | | | | |
+---------------+------------+-------------+-----------+--------------+------------+-------------------+--------------+
| Unallocated | | | | (935,489) | | | (966,907) |
| corporate | | | | | | | |
| liabilities | | | | | | | |
+---------------+------------+-------------+-----------+--------------+------------+--------+-------------------------+
| Consolidated | | | | (2,627,523) | | | (2,576,892) |
| liabilities | | | | | | | |
+---------------+------------+-------------+-----------+--------------+------------+--------+-------------------------+
| | | | | | | | | |
+---------------+------------+-------------+-----------+--------------+------------+--------+----------+--------------+
Unallocated assets include Group cash and VAT balances. Goodwill and other
assets are allocated to the appropriate segment.
Unallocated liabilities include tax balances and trade and other payables
attributable to corporate overhead costs.
4. There is no provision for corporation tax on the basis that no liability
arose in the year.
5. The Directors are not able to recommend the payment of a dividend.
6. The earnings/(loss) per share is based on a profit for the year of
GBP325,818 (2008: loss of GBP791,515) and the weighted average of ordinary
shares in issue for the year of 15,130,133 (2008: 15,130,133).
The exercise of the outstanding options and warrants at 31 October 2009 would
have an anti-dilutive effect.
There are potentially 783,998 shares that could be issued under the terms of
options and are also 1,990,839 warrants, as described in notes 21 and 15, that
will potentially reduce future earnings per share.
7. Goodwill
+-------------------------------------------------+----+------------+
| Group | | GBP |
+-------------------------------------------------+----+------------+
| | | |
+-------------------------------------------------+----+------------+
| Cost and net book value | | |
+-------------------------------------------------+----+------------+
| At 1 November 2007, 31 October 2008 and 31 | | 10,828,446 |
| October 2009 | | |
+-------------------------------------------------+----+------------+
Goodwill arose on the acquisition of Oak Ventures Limited on 1 December 2003 and
the issue by the Group of 490,313,015 Ordinary shares of the then nominal value
of 1p each at a value of 2.06p per share in exchange for the whole of the issued
share capital of Oak Ventures Limited.
The goodwill arising on the acquisition was attributable primarily to the fact
that Oak Ventures Limited had been granted preferred developer status by
Rotherham Metropolitan Borough Council ("RMBC") to develop a major entertainment
and leisure complex (the "YES! Project"). Furthermore, the Company was, and
continues to be, managed by an experienced board with considerable expertise in
delivering major commercial property development projects. Since that date, the
Group has signed a Development Agreement with RMBC that has given the Group the
right to the land once certain conditions have been met.
During the previous year, the directors received a professional valuation of
GBP21,000,000 of the Group's interest in the YES! Project. Specifically, this
valued the legal interest in the YES! Project development site, the Rother
Valley Country Park and the A57 access land on the assumption that a Development
Agreement was in place.
This valuation contained some conditions and assumptions, but the directors
consider that, given the excess of the valuation over the value of goodwill and
freehold land on the balance sheet, this valuation remains appropriate for the
year ended 31 October 2009 and provides sufficient evidence that no impairment
charge is required.
8. Cash absorbed by operations
+--------------------------+-----------+-----------+----------+-----------+-----------+
| | Group | | Company |
+--------------------------+-----------------------+----------+-----------------------+
| | 2009 | 2008 | | 2009 | 2008 |
+--------------------------+-----------+-----------+----------+-----------+-----------+
| | GBP | GBP | | GBP | GBP |
+--------------------------+-----------+-----------+----------+-----------+-----------+
| Operating profit/(loss) | 326,536 | (782,929) | | 236,099 | (469,278) |
+--------------------------+-----------+-----------+----------+-----------+-----------+
| Depreciation | 2,745 | - | | - | - |
+--------------------------+-----------+-----------+----------+-----------+-----------+
| Share based awards | 35,063 | 186,722 | | 35,063 | 186,722 |
+--------------------------+-----------+-----------+----------+-----------+-----------+
| Increase in inventories | (56,230) | - | | - | - |
+--------------------------+-----------+-----------+----------+-----------+-----------+
| Increase in receivables | (91,652) | (35,478) | | (217,692) | (379,312) |
+--------------------------+-----------+-----------+----------+-----------+-----------+
| (Decrease)/increase in | (347,988) | 588,600 | | (490,596) | 618,783 |
| payables | | | | | |
+--------------------------+-----------+-----------+----------+-----------+-----------+
| Adjustment for waiver of | (180,695) | - | | - | - |
| loans | | | | | |
+--------------------------+-----------+-----------+----------+-----------+-----------+
| | | | | | |
+--------------------------+-----------+-----------+----------+-----------+-----------+
| Cash absorbed by | (312,221) | (43,085) | | (437,126) | (43,085) |
| operations | | | | | |
+--------------------------+-----------+-----------+----------+-----------+-----------+
9. The Annual General Meeting of the Company will be held at 11.30 am on 21
April 2010 at Rother Valley Country Park, Mansfield Road, Wales Bar, Sheffield
S26 5PQ.
10. The Annual Report and Accounts is being mailed to registered shareholders at
their registered address and copies of the Annual Report will be made available
to the public free of charge for one month at the Company's registered office,
38 South Molton Street, London W1K 5RL and from the Company's website:
www.oakholdings.co.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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