RNS Number:9910D
Stylo PLC
19 September 2007
Release Date: 19 September 2007
Immediate Release
STYLO PLC
RESTATEMENT OF FINANCIAL INFORMATION UNDER INTERNATIONAL FINANCIAL REPORTING
STANDARDS
Stylo plc ("the Group") is preparing for the adoption of International Financial
Reporting Standards ("IFRS") for the 52 weeks ending 2 February 2008. As part of
this transition, the Group today presents its results and accounting policies
prepared under IFRS for the 53 weeks ended 3 February 2007 and the 26 weeks
ended 29 July 2006, together with explanations and reconciliations of the
changes. This announcement is intended to assist readers of the Group's
financial statements to understand the impact of IFRS in advance of the
publication of the Group's Interim Report for the period ended 4 August 2007 in
September 2007.
The primary changes to the Group's previously reported financial information at
3 February 2007 and 29 July 2006 resulting from the adoption of IFRS are as a
result of the following:
* Reclassification of certain leases as finance leases;
* The uplift of freehold and long leasehold property to fair value as deemed
cost at the date of transition;
* Recognition of lease incentives received over the life of the lease; and
* Related deferred taxation adjustments.
The adoption of IFRS represents an accounting change only and does not affect
the cash flows of the Group or its operations.
For the 53 weeks ended 3 February 2007, the impact of adoption of IFRS is to
increase the loss before taxation by #2.0m from #4.7m to #6.7m, principally
being #0.9m charge related to lease incentives, #0.6m credit related to deferred
taxation and #1.7m charge related to disposal of assets capitalised at the IFRS
transition date. As at 3 February 2007, net assets after the adoption of IFRS
increased to #45.9m from #35.3m, the principal difference relating to the
recognition of the property valuation surplus of #25.3m, recognition of deferred
tax liabilities of #11.5m and deferral of lease incentives over the life of the
lease of #1.8m.
Full reconciliations between UK GAAP and IFRS of the balance sheets at the date
of transition being 28 January 2006, 29 July 2006 and 3 February 2007 and the
income statements for the 26 weeks ended 29 July 2006 and the 53 weeks ended 3
February 2007 are set out in the attached announcement.
The Group is monitoring future developments in IFRS on an ongoing basis. Such
developments may result in the inclusion of additional adjustments in the year
end financial statements.
The interim results for the 26 weeks ended 4 August 2007 will be announced in
September 2007.
For Further Information
Stylo plc
Michael Ziff 01274 617 761
Dawnay Day Corporate Finance
David Floyd 020 7509 4570
1. INTRODUCTION
Stylo plc and its subsidiary companies ("the Group") currently prepare
consolidated financial statements in accordance with UK Generally Accepted
Accounting Practice ("UK GAAP"). Following a European Union Regulation issued in
July 2002, the Group will now report its consolidated figures under
International Accounting Standards and International Financial Reporting
Standards (collectively "IFRS") as adopted by the European Union.
The Group's first annual report under IFRS will be for the 52 weeks ending 2
February 2008 and these financial statements will include restated figures under
IFRS for the year ended 3 February 2007. The Group's date of transition to IFRS
is 28 January 2006, being the start of the previous period that will be
presented as comparative information. The first IFRS results to be announced
will be for the half-year ended 4 August 2007.
This document sets out the changes in accounting policies arising from the
adoption of IFRS and presents restated information for the opening balance sheet
at 28 January 2006, the 26 weeks ended 29 July 2006 and the 53 weeks ended 3
February 2007, which were previously published under UK GAAP.
Conversion to IFRS affects the Group's reporting particularly in the areas of
accounting for leases, property uplift to fair value, lease incentives,
financial instruments, and deferred taxation. This said, the adoption of IFRS
represents an accounting change only and does not change the cash flows of the
group or its operations. There is also no impact on the Group's reportable
segments from those reported under UK GAAP.
2. BASIS OF PREPARATION
The financial statements in this document, which is unaudited, has been prepared
in accordance with the accounting policies set out in Section 5 below.
The accounting policies are based on current IFRS, International Financial
Reporting Interpretation Committee ("IFRIC") interpretations and current
International Accounting Standards Board ("IASB") exposure drafts that are
expected to be issued as final standards and adopted by the EU such that they
are effective for the 52 weeks ending 2 February 2008. These standards are
subject to ongoing review and endorsement by the EU and further IFRIC
interpretations and may therefore be subject to change. The Group's first IFRS
financial statements may consequently be prepared on the basis of accounting
policies or presentations that are different to those set out in this document.
In implementing the transition to IFRS, the Group has followed the requirements
of IFRS 1, the general principle being to establish accounting policies under
IFRS and then to apply these retrospectively at the transition date to determine
the opening balance sheet. Significant accounting policy changes, together with
the relevant transitional provisions, are set out in Section 4 below.
In accordance with IFRS 1 'First Time Adoption of International Financial
Reporting Standards' there are a number of first time adoption exemptions
available, some of which are mandatory and some optional. The Group has applied
the following optional exemptions:
* Business combinations - the Group has not restated any
business combinations that occurred before 28 January 2006; and
* Share based payment transactions - The Group has not applied
IFRS 2 to share awards that were issued prior to 7 November 2002 and which
vested until after 28 January 2006.
The following mandatory exceptions to full retrospective application of IFRS
were applicable to the Group:
* Hedge accounting - the Group will apply hedge accounting from
28 January 2006 where hedge relationships meet the relevant criteria under IAS
39; and
* Estimates - estimates under IFRS at 28 January 2006 are
consistent with estimates made at the same date under UK GAAP.
The UK GAAP financial information contained in this document does not constitute
full financial statements within the meaning of Section 240 of the Companies Act
1985. Full financial statements for the 53 weeks ended 3 February 2007, which
were prepared under UK GAAP, have been delivered to the Registrar of Companies.
The auditors' report on those financial statements was unqualified, did not
include references to any matters to which the auditors drew attention by way of
emphasis without qualifying their report, and did not contain a statement under
section 237(2)-(3) of the Companies Act 1985.
3. OVERVIEW OF THE IMPACT OF IFRS ADOPTION
The adoption of IFRS represents an accounting change only and does not affect
the cash flows of the Group or its operations. The analysis below sets out the
most significant adjustments made at arriving at the income statements and
balance sheets in accordance with IFRS, the impact of which can be seen in the
reconciliations in Sections 6 to 10.
Based on the accounting policies detailed in Section 5, the effect of the
transition on key reported results is as follows:
26 weeks 53 weeks
to to
29 July 3 February
2006 2007
UK GAAP IFRS UK GAAP IFRS
#'000 #'000 #'000 #'000
Operating loss (5,207) (5,979) (2,450) (3,173)
Loss for the period (7,036) (7,731) (4,696) (6,727)
Basic loss per share (22.37) (24.58) (14.98) (21.45)
Net assets 34,011 45,941 35,339 45,941
Net assets per share 98.3 132.8 102.2 132.8
(pence)
The key impacts on reported results are:
* The reclassification of certain leases as finance leases;
* The uplift of freehold and long leasehold property to fair value as
deemed cost at the date of transition;
* The recognition of lease incentives received over the life of the
lease; and
* Related deferred taxation adjustments.
Each of these is discussed in further detail in the following section, and full
reconciliations of the UK GAAP to IFRS figures are shown in Sections 6 to 10.
4. EXPLANATION OF SIGNIFICANT ADJUSTMENTS
Finance Leases (IAS 17)
IAS 17 considers a number of factors similar to UK GAAP (SSAP 21) in determining
whether leases should be treated as finance leases or operating leases. Unlike
SSAP 21, which considers leases to be finance leases if the net present value of
future lease payments is in excess of 90% of the fair value of the asset, IAS 17
is less prescriptive and some leases that were previously treated as operating
leases are now treated as finance leases in accordance with IFRS. Accordingly,
an adjustment has been made to increase both non-current assets and other
financial liabilities.
Property plant and equipment (IAS 16)
The Group has taken advantage of the IFRS 1 first time adoption option to
measure properties at the date of transition at their fair value and treat this
as the deemed cost, with no future annual revaluation policy. Property, plant
and equipment has, therefore, been increased with a corresponding adjustment to
retained earnings and a reclassification of the previous UK GAAP revaluation
reserve to retained earnings.
Leases (SIC 15)
Under UK GAAP, operating lease incentives (premiums received and rent free
periods) were recognised in the profit and loss account over the period to the
first rent review. In accordance with SIC 15 'Operating leases - Incentives',
lease incentives will now be recognised in the income statement over the full
term of the lease. As a result, an adjustment has been made to increase trade
and other payables and to reduce the income previously recognised in the profit
and loss account under UK GAAP.
Deferred taxation (IAS 12)
IAS 12 takes a balance sheet approach to deferred tax whereby deferred tax is
recognised in the balance sheet by applying the appropriate rate of tax to the
temporary differences arising between the carrying value of assets and
liabilities and their tax base. This contrasts to UK GAAP (FRS 19) that
considers timing differences arising in the profit and loss account.
Accordingly, an adjustment has been made to recognise a deferred tax liability,
principally in relation to the property uplift to fair value, with a
corresponding adjustment to retained earnings.
Other
Other adjustments include:
* Recognition of fair value gains arising on forward contracts (IAS 39);
* Reassessment of overheads absorbed into inventories (IAS 2);
* Reclassification of 'Profit on Disposal of Fixed Assets' to within
'Operating Profit' within the income statement (IAS 1);
* Reclassification of certain properties to 'Investment Properties' (IAS
40); and
* Reclassification of properties held for sale to 'Assets Held for Sale'
(IFRS 5).
Adjustments made to the financial statements on the transition to IFRS result in
related adjustments, which are detailed in the full balance sheet and income
statement reconciliations between UK GAAP and IFRS as shown in Sections 6 to 10.
5. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The IFRS restatement information (the financial information) has been prepared
in accordance with the recognition and measurement requirements of the
International Financial Reporting Standards ('IFRS') as adopted by the European
Union.
A summary of the significant accounting policies adopted and consistently
applied, in the preparation of the group financial information is shown below:
Basis of preparation
The financial statements have been prepared on the historical cost basis except
for derivative financial instruments which are measured at fair value.
Basis of consolidation
Consolidated financial statements include the financial statements of the
Company and all its subsidiary undertakings and are made up to the Saturday
nearest to 31 January. The results of subsidiary undertakings acquired or
disposed of during the period are accounted for in the income statement from or
up to the date that control passes. Inter-company sales and profits are
eliminated on consolidation.
Goodwill
Goodwill arising on acquisition is initially measured at cost, being the excess
of the cost of the acquisition over the Group's interest in the net fair value
of the acquired entity's identifiable assets and liabilities at the date of
acquisition. Goodwill is not amortised but is reviewed for impairment at lease
annually. Any impairment is recognised immediately in the income statement and
is not subsequently reversed.
Goodwill previously written off to equity, as permitted under UK GAAP, remains
offset against retained earnings, but is no longer transferred to the income
statement on the subsequent disposal of the subsidiary.
Revenue
Revenue, which is net of value added tax and returns, comprises the fair value
of the consideration received or receivable for the sale of goods in the
ordinary course of the group's activities.
The group recognises revenue when the amount of revenue can be reliably
measured, it is probable that future economic benefits will flow to the entity
and specific criteria have been met for each of the group's activities as
follows:
a) Sale of goods - retail
The group operates a chain of retail outlets for selling shoes and other
products. Retail sales of goods are usually in cash or by credit card and are
recognised when a group entity sells a product to a customer.
It is the group's policy to sell its products to the retail customer with a
right of return within 28 days. Accumulated experience is used to estimate and
provide for returns at the time of sale. The group does not operate a loyalty
scheme.
b) Sale of goods - wholesale
The group sells a range of footwear products in the wholesale market. Sales of
goods are recognised at the value specified in the sales contract when a group
entity has delivered products to the wholesaler and the wholesaler has accepted
the products in accordance with the sales contract.
c) Sale of goods - internet
The group sells a range of footwear via the internet. Sales of goods are by
credit card and are recognised when the goods are despatched to the customer. It
is the group's policy to sell its products to the internet customer with a right
of return within 28 days. Accumulated experience is used to estimate and provide
for customer returns.
Segmental analysis
The Group operates only one class of business and in one principal geographical
segment.
Leased assets
Leases are classified as finance leases where the terms of the lease transfer
substantially all the risks and rewards of ownership to the Group. All other
leases are classified as operating leases.
Assets held under finance leases and hire purchase contracts are capitalised in
the balance sheet and are depreciated over the shorter of the useful life of the
asset concerned or the lease term. The corresponding liability is recorded as a
creditor and the finance charge is charged to the income statement over the
period of the lease so as to produce a constant periodic rate of charge on the
remaining balance of the obligation for each accounting period.
Rent-free periods, capital contributions or any other inducements to enter into
operating lease arrangements are released to the income statement over the life
of the lease.
Rentals paid under operating leases are charged to the income statement as
incurred over the life of the lease.
Onerous leases
Provision is made for future lease commitments on stores no longer used within
the business. The lease exit cost provision was established to provide for all
future estimated costs which will be payable up to, and including, the date of
termination of the leases and is discounted at the average cost of capital of
the group where material.
Property, plant and equipment
The Group has taken advantage of the IFRS 1 first time adoption option to
measure property, at the date of transition at its fair value and treat this as
the deemed cost. Consequently, interests in freehold properties and in leasehold
properties with 50 years or more to run at 28 January 2006 are stated at the
professional valuation using an open market value for existing use basis that
was available at that date. Freehold and long leasehold properties purchased
since 28 January 2006 are held at cost.
Other items of plant and equipment are stated at cost less depreciation.
Depreciation
Depreciation is provided so as to write down the cost of property, plant and
equipment to their estimated residual values over their expected useful economic
lives on a straight-line basis.
Freehold and long leasehold properties are depreciated over 50 years to their
estimated residual values. Freehold land is not depreciated. Other leasehold
properties with fewer than 50 years to run at the balance sheet date are
depreciated over the residual lives of the leases. Repairs expenditure is
charged to the profit and loss account as incurred. Branch fixtures, equipment
and vehicles are depreciated on a straight-line basis at rates of between 10%
and 25% per annum on gross book amounts.
Impairment of assets
Assets are tested for impairment whenever events or circumstances indicate that
the carrying amount may not be recoverable. An impairment loss is recognised for
the amount by which the asset's carrying amount exceeds its recoverable amount.
The recoverable amount is the higher of an asset's fair value less costs to sell
and value in use.
Any impairment in the value of freehold and long leasehold properties, based on
their open market value, is charged to the revaluation reserve to the extent of
any previous revaluation with any excess charged to the profit and loss account.
Fixed asset investments
Investment in own shares is taken as a deduction from shareholders' funds.
Pensions
The group operates a defined benefit scheme and a defined contribution scheme.
In respect of the defined benefit scheme, the pension scheme assets are measured
using market value. Pension scheme liabilities are measured using a projected
unit method and discounted at the current rate of return on a high quality
corporate bond of equivalent term and currency to the liability. The increase in
the present value of the liabilities of the group's defined benefit pension
schemes expected to arise from employee service in the period is charged to
operating profit. The expected return on the scheme's assets and the increase
during the period in the present value of the scheme's liabilities arising from
the passage of time are included in other financial income. Actuarial gains and
losses are recognised immediately in the consolidated Statement of Recognised
Income and Expenses ('SORIE'). As the pension scheme is closed to future
accrual, surpluses are not recognised. Deficits are recognised in full.
In respect of the defined contribution scheme, the costs are charged to the
income statement as incurred.
Inventories
Inventories, all of which are held for resale, are valued at the lower of cost
and net realisable value less any provision for obsolete, slow-moving or
defective inventories. Cost is based on weighted average purchase costs and
includes overhead expenditure incurred in bringing the stock to its present
location. Net realisable value is the price at which inventories can be sold in
the normal course of business after allowing for the costs of realisation.
The Group estimates its level of inventory provisions using a method that
attributes an increasing slow-moving provision on the basis of the age of the
items.
Foreign currency
Assets and liabilities expressed in foreign currencies are translated into
sterling at rates applicable at the year end and trading results at average
rates during the year. Any resultant exchange gain or loss is included in the
income statement for that period.
Taxation
The charge for taxation is based on the profit for the year and takes into
account taxation deferred or accelerated because of differences between the
treatment of certain items for accounting and taxation purposes.
Deferred tax expected to be payable or recoverable on differences at the balance
sheet date between the tax bases of assets and liabilities and their carrying
amounts for financial reporting purposes is accounted for using the liability
method. Deferred tax liabilities are generally recognised for all taxable
temporary differences and deferred tax assets are recognised to the extent that
it is probable that taxable profits will be available against which deductible
temporary differences can be utilised. Deferred tax is not recognised if the
temporary difference arises from the initial recognition of assets and
liabilities in a transaction that affects neither the taxable profit nor the
accounting profit. Deferred tax is calculated at the rates of taxation enacted
or substantively enacted at the balance sheet date, and is not discounted.
Cash and cash equivalents
Cash comprises cash in hand and demand deposits. Cash equivalents are short-term
highly liquid investments with a maturity of less than 90 days that are readily
convertible to known amounts of cash and subject to insignificant risk of
changes in value. Bank overdrafts repayable on demand are shown within
borrowings in current liabilities in the balance sheet. For the purpose of the
consolidated cash flow statement, cash and cash equivalents consist of cash and
cash equivalents as defined above, net of outstanding bank overdrafts.
Derivative financial instruments
The Group uses derivative financial instruments, principally forward exchange
contracts, to reduce exposure to foreign exchange risk. The Group does not hold
or issue derivative financial instruments for speculative purposes. Derivatives
that do not qualify for hedge accounting are accounted for as trading
instruments.
Derivative financial instruments are recognised initially at fair value. The
gain or loss on re-measurement to fair value is recognised immediately in the
income statement, unless the derivatives qualify for hedge accounting.
The fair value of forward exchange contracts is their market price at the
balance sheet date.
Where a forward exchange contract is designated as a hedge of the viability in
cash flows of a recognised asset or liability, or of a highly probable forecast
transaction, the effective part of any gain or loss on the derivative financial
instrument is recognised directly in equity, and the ineffective part is
recognised immediately in the income statement.
Where the forecasted transaction subsequently results in the recognition of
non-financial assets, principally inventories for resale, the associated
cumulative gain or loss is removed from equity and included in the initial cost
of the assets.
When a hedging instrument expires or is sold, terminated or exercised, or the
Group revokes designation of the hedge relationship, but the hedged forecast
transaction is still expected to occur, the cumulative gain or loss at that
point remains in equity and is recognised in accordance with the above policy
when the transaction occurs. If the hedged transaction is no longer expected to
take place, the cumulative unrealised gain or loss recognised in equity is
recognised immediately in the income statement.
Share based payments
Share options granted on or after 7 November 2002 are measured at fair value
with a corresponding charge recognised in the income statement. The total amount
to be expensed over the vesting period is determined by reference to the fair
value of the options granted. The fair values of these payments are measured at
the dates of grants and is recognised over the period during which employees
become unconditionally entitled to the awards.
6. RECONCILIATION OF NET ASSETS AT 28 JANUARY 2006
UK Finance Property Lease Deferred Other Effect of Restated
GAAP Leases Surplus Incen- Taxation transition under
tives to IFRS IFRS
IAS 17 IAS 16 SIC 15 IAS12
#'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000
Fixed
assets
Property, 66,729 2,928 27,059 - - (9,582) 20,405 87,134
plant &
equipment
Investment - 170 - - - 7,133 7,303 7,303
properties
Non-current 66,729 3,098 27,059 - - (2,449) 27,708 94,437
assets
Current
assets
Inventories 25,616 - - - - (730) (730) 24,886
Trade and 12,106 - - - - - - 12,106
other
receivables
Cash and 7,380 - - - - - - 7,380
cash
equivalents
Assets held - - - - - 2,469 2,469 2,469
for sale
45,102 - - - - 1,739 1,739 46,841
Total 111,831 3,098 27,059 - - (710) 29,447 141,278
assets
Current
liabilities
Short term 654 - - - - - - 654
borrowings
Trade and 39,454 - - 899 - 237 1,136 40,590
other
payables
Current tax 116 - - - - - - 116
payable
Short term - 10 - - - - 10 10
provisions
40,224 10 - 899 - 237 1,146 41,370
Net current 4,878 (10) - (899) - 1,502 593 5,471
assets
Non-current
liabilities
Long term 30,000 - - - - - - 30,000
borrowings
Deferred - - - - 12,090 - 12,090 12,090
taxation
Pension 4,304 - - - - 242 242 4,546
liability
Other - 3,593 - - - - 3,593 3,593
financial
liabilities
34,304 3,593 - - 12,090 242 15,925 50,229
Total 74,528 3,603 - 899 12,090 479 17,071 91,599
liabilities
Net assets 37,303 (505) 27,059 (899) (12,090)(1,189) 12,376 49,679
Equity
Called up 692 - - - - - - 692
share
capital
Share 41 - - - - - - 41
premium
account
Capital 174 - - - - - - 174
redemption
reserve
Revaluation 33,494 - (33,494) - - - (33,494) -
reserve
Retained 2,902 (505) 60,553 (899) (12,090) (1,189) 45,870 48,772
earnings
Total 37,303 (505) 27,059 (899) (12,090) (1,189) 12,376 49,679
equity
7. RECONCILIATION OF PROFIT FOR THE 26 WEEKS ENDED 29 JULY 2006
UK Finance Property Lease Deferred Other Effect of Restatd
GAAP Leases Surplus Incent- Taxation transition under
ives transition to IFRS IFRS
IAS 17 IAS 16 SIC 15 IAS 12
#'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000
Revenue 104,532 - - - - - - 104,532
Cost of sales(100,427) 141 (135) (609) - - (603) (101,030)
Gross profit 4,105 141 (135) (609) - - (603) 3,502
Distribution (3,972) - - - - - - (3,972)
costs
Admin (5,980) - - - - - - (5,980)
expenses
Other 640 - - - - - - 640
operating
income
Profit on - 80 (231) - - (18) (169) (169)
disposal of
fixed assets
Operating loss (5,207) 221 (366) (609) - (18) (772) (5,979)
Net finance (1,829) (203) - - - (7) (210) (2,039)
costs
Loss before (7,036) 18 (366) (609) - (25) (982) (8,018)
taxation
Taxation - - - - 287 - 287 287
Loss for the (7,036) 18 (366) (609) 287 (25) (695) (7,731)
period
Basic loss per (22.37) (24.58)
share (pence)
Diluted loss (22.37) (24.58)
per share
(pence)
8. RECONCILIATION OF NET ASSETS AT 29 JULY 2006
UK Finance Property Lease Deferred Other Effect of Restated
GAAP Leases Surplus Incent- Taxation transition under
ives to IFRS IFRS
IAS 17 IAS 16 SIC 15
#'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000
Fixed
assets
Property, 66,016 2,875 26,693 - - (9,029) 20,539 86,555
plant &
equipment
Investment - 156 - - - 6,180 6,336 6,336
properties
Non-current 66,016 3,031 26,693 - - (2,849) 26,875 92,891
assets
Current
assets
Inventories 32,760 - - - - (730) (730) 32,030
Trade and 11,848 - - - - - - 11,848
other
receivables
Cash and 1,319 - - - - - - 1,319
cash
equivalents
Assets held - - - - - 2,867 2,867 2,867
for sale
45,927 - - - - 2,137 2,137 48,064
Total 111,943 3,031 26,693 - - (712) 29,012 140,955
assets
Current
liabilities
Short term 10,050 - - - - - - 10,050
borrowings
Trade and 35,629 - - 1,508 - 253 1,761 37,390
other
payables
Current tax 53 - - - - - - 53
payable
Short term - 10 - - - - 10 10
provisions
45,732 10 - 1,508 - 253 1,771 47,503
Net current 195 (10) - (1,508) - 1,884 366 561
assets
Non-current
liabilities
Long term 32,200 - - - - - - 32,200
borrowings
Deferred - - - - 11,803 - 11,803 11,803
taxation
Other - 3,508 - - - - 3,508 3,508
financial
liabilities
32,200 3,508 - - 11,803 - 15,311 47,511
Total 77,932 3,518 - 1,508 11,803 253 17,082 95,014
liabilities
Net assets 34,011 (487) 26,693 (1,508) (11,803) (965) 11,930 45,941
Equity
Called up 692 - - - - - - 692
share
capital
Share 41 - - - - - - 41
premium
account
Capital 174 - - - - - - 174
redemption
reserve
Revaluation 33,240 - (33,240) - - - (33,240) -
reserve
Retained (136) (487) 59,933 (1,508) (11,803) (965) 45,170 45,034
earnings
Total 34,011 (487) 26,693 (1,508) (11,803) (965) 11,930 45,941
equity
9. RECONCILIATION OF PROFIT FOR THE 53 WEEKS ENDED 3 FEBRUARY 2007
UK Finance Property Lease Deferred Other Effect of Restated
GAAP Leases Surplus Incent- Taxation transition under
ives to IFRS IFRS
IAS 17 IAS 16 SIC 15 IAS 12
#'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000
Revenue 239,565 - - - - - - 239,565
Cost of
sales (222,568) 141 (269) (858) - 23 (963) (223,531)
Gross profit 16,997 141 (269) (858) - 23 (963) 16,034
Distrib-
ution (8,267) - - - - - - (8,267)
costs
Admin. (11,929) - - - - - - (11,929)
expenses
Other 749 - - - - - - 749
operating
income
Profit on - 48 (1,459) - - 1,651 240 240
disposal of
fixed assets
Operating loss (2,450) 189 (1,728) (858) - 1,674 (723) (3,173)
Profit on 1,665 - - - - (1,665) (1,665) -
disposal of
fixed assets
Net finance (3,715) (202) - - - (15) (217) (3,932)
costs
Loss before (4,500) (13) (1,728) (858) - (6) (2,605) (7,105)
taxation
Taxation (196) - - - 574 - 574 378
Loss for the (4,696) (13) (1,728) (858) 574 (6) (2,031) (6,727)
period
Basic loss per (14.98) (21.45)
share (pence)
Diluted loss (14.98) (21.45)
per share
(pence)
10. RECONCILIATION OF NET ASSETS AT 3 FEBRUARY 2007
UK Finance Property Lease Deferred Other Effect of Restated
GAAP Leases Surplus Incent- Taxation transition under
ives to IFRS IFRS
IAS 17 IAS 16 SIC 15 IAS 12
#'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000
Fixed
assets
Property, 62,050 2,843 25,331 - - (6,926) 21,248 83,298
plant &
equipment
Investment - 151 - - - 6,147 6,298 6,298
properties
Non-current 62,050 2,994 25,331 - - (779) 27,546 89,596
assets
Current
assets
Inventories 22,869 - - - - (685) (685) 22,184
Trade and 13,203 - - - - - - 13,203
other
receivables
Cash and 5,545 - - - - - - 5,545
cash
equivalents
Assets held - - - - - 795 795 795
for sale
41,617 - - - - 110 110 41,727
Total 103,667 2,994 25,331 - - (669) 27,656 131,323
assets
Current
liabilities
Short term 5,467 - - - - - - 5,467
borrowings
Trade and 31,796 - - 1,757 - 269 2,026 33,822
other
payables
Current tax 65 - - - - - - 65
payable
Short term - 10 - - - - 10 10
provisions
37,328 10 - 1,757 - 269 2,036 39,364
Net current 4,289 (10) - (1,757) - (159) (1,926) 2,363
assets
Non-current
liabilities
Long term 31,000 - - - - - - 31,000
borrowings
Deferred - - - - 11,516 - 11,516 11,516
taxation
Other - 3,502 - - - - 3,502 3,502
financial
liabilities
31,000 3,502 - - 11,516 - 15,018 46,018
Total 68,328 3,512 - 1,757 11,516 269 17,054 85,382
liabilities
Net assets 35,339 (518) 25,331 (1,757) (11,516) (938) 10,602 45,941
Equity
Called up 692 - - - - - - 692
share
capital
Share 41 - - - - - - 41
premium
account
Capital 174 - - - - - - 174
redemption
reserve
Revaluation 30,694 - (30,694) - - - (30,694) -
reserve
Retained 3,738 (518) 56,025 (1,757) (11,516) (938) 41,296 45,034
earnings
Total 35,339 (518) 25,331 (1,757) (11,516) (938) 10,602 45,941
equity
This information is provided by RNS
The company news service from the London Stock Exchange
END
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