Kingsley & Forester Group PLC
17 October 2000
KINGSLEY AND FORESTER GROUP PLC
Preliminary Results 2000
RESULTS
2000 1999
£'000 £'000
Pre-tax (loss)/profit (82) 291
(Loss)/profit per ordinary share pence (0.30) (0.86)
Diluted pence (0.30) (0.86)
COMMENTARY
Following the decision by the ultimate parent company, Tandem Group plc, to
withdraw from its clothing business several years ago, the company has
continued to wind down its operation during the year.
For further information, please contact:
Mervyn Keene, Finance Director
Tandem Group plc 01733 211399
KINGSLEY & FORESTER GROUP PLC
Consolidated profit and loss account for the year ended 31 January 2000
2000 1999
£'000 £'000
Cost of sales - 178
Gross profit - 178
Distribution expenses 85 (239)
Administrative expenses (74) 339
Utilisation of provision for losses on
discontinued operations 51 227
Operating profit on ordinary activities
before interest 62 505
Interest payable (144) (214)
(Loss)/profit on ordinary activities (82) 291
before and after taxation
Additional finance cost of non-equity shares (15) (15)
Sustained (loss)/retained profit for the year (97) 276
(Loss)/profit per share (pence) (0.30) 0.86
All amounts relate to discontinued activities.
All recognised gains and losses are included in the profit and loss account.
KINGSLEY & FORESTER GROUP PLC
Consolidated balance sheet at 31 January 2000
2000 1999
£'000 £'000
Current assets
Debtors 1,346 1,359
Creditors: amounts falling due
within one year (2,003) (1,868)
Net current liabilities (657) (509)
Provision for liabilities and charges (24) (75)
Net liabilities (681) (584)
Capital and reserves
Called up share capital 6,851 6,851
Share premium account 1,036 1,036
Other reserves 56 56
Profit and loss account (8,624) (8,527)
Shareholders' deficit (681) (584)
The financial statements were approved by the Board on 30 August 2000.
MPJ Keene
Director
KINGSLEY & FORESTER GROUP PLC
Company balance sheet at 31 January 2000
2000 1999
£'000 £,000
Creditors: amounts falling due
within one year (15) -
Total assets less current liabilities (15) -
Capital and reserves
Called up share capital 6,851 6,851
Share premium account 1,296 1,296
Profit and loss account (8,162) (8,147)
Shareholders' deficit (15) -
The financial statements were approved by the Board on 30 August 2000.
MPJ Keene
Director
KINGSLEY & FORESTER GROUP PLC
Consolidated cash flow statement for the year ended 31 January 2000
2000 1999
£'000 £'000 £'000 £'000
Net cash (outflow)/inflow from
operating activities (45) 62
Returns on investments and
servicing of finance
Interest received 4 5
Interest paid (148) (219)
(144) (214)
Decrease in cash (189) (152)
KINGSLEY & FORESTER GROUP PLC
Notes to the preliminary results
1 This preliminary announcement is not the company's statutory accounts but
extracts therefrom. Statutory accounts dealing with the financial period
ended 31 January 2000 have been delivered to the Registrar of Companies.
2 The financial statements have been prepared on a going concern basis, the
validity of which depends on the bank facilities remaining in place. If
the facilities were to be withdrawn and not replaced adjustments would
have to be made to reduce balance sheet asset values to their recoverable
amounts, to provide for any further liabilities that might arise and to
reclassify fixed assets and long term liabilities as current assets and
current liabilities.
3 In the audit report to the 31 January 2000 annual financial statements
the auditors have emphasised the fact that the Company meets its day to
day working capital requirements through certain overdraft facilities,
which are repayable on demand. The Company expects to operate within the
facilities currently agreed. In these circumstances, the Directors
believe that it continues to be appropriate for the financial statements
to be prepared on a going concern basis. However, inherently, there can
be no certainty in relation to these views.
4 The audit report did not contain statements under s237 (2) or (3)
Companies Act 1985.