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Wellington Market Company plc ("Wellington" or "the Company") Financial Statements for the year ended 31st December 2011 Chairman's Statement 2011 was a year of modest success and achievements for your company against a difficult trading background. Our pre-tax profit, before impairment of tangible and intangible assets, of GBP150,000 represents an improvement on last year's GBP 110,000, but impairment of our assets at Cleethorpes, Clydach and the revaluation of Luton totalling GBP593,000 converted this positive result to a significant "loss". Once again our "core" markets performed well with Old Spitalfields continuing to flourish; in December last year we commenced Saturday markets following our successful planning application, with a vintage fashion market and an antiques fayre on alternate weeks. Events income has also been encouraging. Cornish Market World has had a somewhat disappointing year, reflecting competition from an adjacent discount store but, on a brighter note, "Kidzworld" was successfully reopened in July as an under-12's play centre and, together with our "Skytrail" development, scheduled to open at Easter, now gives our whole site much broader appeal. At Morley near Leeds we have let part of our site to Ladbrokes on a 10 year lease and although this involves a certain re-jigging of market stalls, a useful net increase in income is anticipated in due course. Turning to our balance sheet there is an overall reduction in shareholders' funds from GBP4.326m to GBP3.548m, primarily because of the aforementioned impairment charge together with an additional devaluation of Luton. Although there has been a welcome fall in bank borrowings of nearly GBP600,000 - property realisations producing GBP218,000 - our gearing (bank borrowing excluding preference shares as a percentage of total shareholders' funds) has risen slightly from 135% to 148% as a result of the reduction in shareholders' funds. Taking all factors into account the board is not proposing a dividend in 2011.Pleasingly our bank has again renewed our facilities indicating that we have their on-going support. We are hopeful that 2012 will show further trading improvement. Finally I would like to thank our Chief Executive Malcolm Ball and all his team for their great efforts during the past year. I look forward to welcoming shareholders to our coming AGM at Old Spitalfields Market at 12 noon on Friday, May 18th. Lord Lee of Trafford DL FCA Chairman 29 March 2012 Consolidated Profit and Loss Account at 31 December 2011 2011 2010 GBP'000 GBP'000 Turnover - continuing operations 6,861 6,831 Cost of sales (5,626) (5,718) ------ ------ Gross profit 1,235 1,113 Administrative expenses - impairment of tangible and intangible fixed assets (593) - - other administrative expenses (801) (709) ------ ------ (1,394) (709) Operating profit Operating profit before impairment of tangible and 434 404 intangible fixed assets Impairment of tangible and intangible fixed assets (593) - Operating (loss)/profit (159) 404 Interest payable (284) (294) - ----- ------ (Loss)/profit on ordinary activities before taxation (443) 110 Tax on (Loss)/profit on ordinary activities 17 (60) ------ ------ (Loss)/profit on ordinary activities after taxation (426) 50 Minority interests 57 (4) ------ ------ (Loss)/profit for the financial year (369) 46 ====== ====== (Loss)/profit per ordinary share (7.10)p 0.83p ====== ====== Diluted earnings(loss)/profit per ordinary share (7.10)p 0.81p ====== ====== All of the activities of the Group are classified as continuing. Consolidated Balance Sheet at 31 December 2011 Unaudited 2011 2010 Pro-forma GBP'000 GBP'000 GBP'000 (See note 3) Fixed assets Intangible assets - positive goodwill and other intangible 281 281 290 assets - negative goodwill (170) (170) (228) Tangible assets 9,867 9,867 11,036 ------ ------ ------ 9,978 9,978 11,098 ------ ------ ------ Current assets Stocks 43 43 29 Debtors 661 661 563 Cash at bank and in hand 19 19 124 ------ ------ ------ 723 723 716 Creditors: amounts falling due within one (2,471) (6,439) (2,418) year ------ ------ ------ Net current liabilities (1,748) (5,716) (1,702) ------ ------ ------ Total assets less current liabilities 8,230 4,262 9,396 Creditors: amounts falling due after more than (4,477) (509) (4,822) one year Provisions for liabilities (205) (205) (248) ------ ------ ------ Net assets 3,548 3,548 4,326 ====== ====== ====== Capital and reserves Called up share capital 3,000 3,000 3,000 Share premium account 250 250 250 Revaluation reserve 1,242 1,242 1,527 Share based payment reserve 53 53 38 Profit and loss account (1,017) (1,017) (648) ------ ------ ------ Equity shareholders' funds 3,528 3,528 4,167 Equity minority interest 20 20 159 ------ ------ ------ Total shareholders' funds 3,548 3,548 4,326 ====== ====== ====== NOTES 1. The calculation of earnings per share for the 12 months to 31st December 2011 is based on the weighted average number of shares throughout the period of 5,999,449 (2010: 5,999,449) 2. A preference share dividend of 1.5875 pence per share was paid on the 30th June 2011 and the 31st December 2011. 3. Since the year end the bank has offered the Group new facilities. The Group has prepared forecasts to 31 December 2013, which take into account a range of possible changes in trading performance and assume that certain properties presently being marketed will be sold on or before April 2013. The Group has already received some interest in these properties. The forecasts show that the Group should be able to operate within its proposed new bank facilities. As the proposed new facilities were put in place post 31st December 2011 we have inserted a pro-forma Balance Sheet. This shows the effect the new facility would have on the structure of the creditors at the 31st December 2011. The pro-forma Balance Sheet represents non statutory information and is unaudited. After making enquiries, including discussions with the Groups bankers, the directors have formed a judgement that, at the time of approving the financial statements, there is a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. For this reason, the directors continue to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result if the bank facilities were not renewed by the Group's bankers. 4. The financial information set out above does not constitute the Group's nor Company's statutory accounts for the years ended 31st December 2010 and 31st December 2011 but is derived from them. The auditors have reported on the statutory accounts for both financial years. Their reports were unqualified and did not contain a statement under section 498(1) to (4) of the Companies Act 2006. 5. The annual report to shareholders will be sent to all shareholders week commencing 23rd April 2012 and will also be available on the Company's website www.wellingtonmarkets.co.uk. The directors of the issuer (Wellington Market Company plc) accept responsibility for this announcement. WELLINGTON MARKET COMPANY PLC END