of property provision discount
Notes to the Interim Consolidated Condensed Financial
Statements
1 General information
The principal activity of the Group is the specialist retailing
of greetings cards and associated products. This is carried out
through two brands on the high street, Clinton Cards and
Birthdays.
Clinton Cards PLC is a Public Limited Company incorporated and
domiciled in England and Wales.
These interim consolidated condensed financial statements and
the comparative figures for the 26 weeks ended 30 January 2011 do
not constitute statutory accounts within the meaning of Section 434
of the Companies Act 2006. Statutory accounts for the 52 weeks
ended 31 July 2011 were approved by the Board of Directors on 30
November 2011 and delivered to the Registrar of Companies. The
report of the auditors on those accounts was unqualified, did not
contain an emphasis of matter and did not contain statements under
Section 498 of the Companies Act 2006.
The interim results are unaudited and were approved by the Board
of Directors on 28 March 2012.
2 Basis of preparation
The interim consolidated condensed financial report for the 26
weeks ended 29 January 2012 has been prepared in accordance with
the Disclosure and Transparency Rules of the Financial Services
Authority and with IAS 34 "Interim Financial Reporting" as adopted
by the European Union. The interim financial report should be read
in conjunction with the annual financial statements for the 52
weeks ended 31 July 2011 which were prepared in accordance with
IFRS's as adopted by the European Union.
The Group meets its day to day working capital requirements
through a secured revolving credit facility which is due to expire
in July 2013 with a maximum draw down available of GBP55m. The
Group's forecasts and projections, taking account of reasonable
possible changes in trading performance, show that the Group should
be able to operate within the level of its current facility to the
end of the financial year. Over the next four months, the directors
will be in discussions with the lenders to secure future
facilities. The directors have a reasonable expectation that the
Group have adequate resources to continue in operational existence
for the foreseeable future and therefore continue to adopt the
going concern basis of accounting in preparing financial
statements.
Use of adjusted measures
Adjusted operating profits or losses and adjusted net profits or
losses are defined as operating profits or losses and net profits
or losses before charging impairment and losses on sale of
property, plant and equipment, the movement in the fair value of
financial instruments, losses on discontinued operations, charges
in respect of onerous leases and restructuring costs.
3 Accounting policies
The accounting policies adopted are consistent with those of the
annual financial statements for the 52 weeks ended 31 July 2011 as
described in those financial statements.
The financial statements have been prepared on the historical
cost basis.
4 Segmental Information
Clinton Birthdays
Store information Cards Retail Group
------------------------------------- -------- ---------- -------
No. No. No.
Store numbers
Stores at 30 January 2011 649 157 806
Additions 1 - 1
Disposals (including relocations) (15) (3) (18)
Relocations 6 2 8
Stores at 31 July 2011 641 156 797
Additions 2 - 2
Disposals (including relocations) (17) (17) (34)
Relocations 2 - 2
-------- ---------- -------
Stores at 29 January 2012 628 139 767
-------- ---------- -------
Trading area (square feet) 000 000 000
Trading area at 30 January 2011 1,250 272 1,522
Additions 3 (3) -
Disposals (36) - (36)
Relocations 20 3 23
-------- ---------- -------
Trading area at 31 July 2011 1,237 272 1,509
Additions 5 - 5
Disposals (28) (26) (54)
Relocations 4 - 4
-------- ---------- -------
Trading area at 29 January 2012 1,218 246 1,464
Average store size sq ft sq ft sq ft
At 30 January 2011 1,926 1,735 1,889
At 31 July 2011 1,931 1,746 1,895
At 29 January 2012 1,941 1,767 1,909
Segmental information
4 (continued)
Clinton Birthdays Continuing Discontinued
Income statement Cards Retail operations operations Group
---------------------------------- -------- ---------- ------------ ------------- ---------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
26 weeks ended 29 January
2012
Revenue (excluding VAT) 171,699 25,450 197,149 - 197,149
-------- ---------- ------------ ------------- ---------
Adjusted operating profit 3,588 (2,845) 743 - 743
Provision for onerous
lease 138 (545) (407) - (407)
Restructuring costs (1,052) (166) (1,218) - (1,218)
Loss on sale of property,
plant and equipment (93) (805) (898) - (898)
-------- ---------- ------------ ------------- ---------
Operating profit/(loss) 2,581 (4,361) (1,780) - (1,780)
-------- ----------
Net finance costs (1,894) - (1,894)
------------ ------------- ---------
Loss before tax (3,674) - (3,674)
Taxation 166 - 166
------------ ------------- ---------
Loss after tax (3,508) - (3,508)
-------------------------------------- -------- ---------- ------------ ------------- ---------
26 weeks ended 30 January
2011
Revenue (excluding VAT) 178,297 28,596 206,893 3,408 210,301
-------- ---------- ------------ ------------- ---------
Adjusted operating profit 14,703 (292) 14,411 (523) 13,888
Assets impaired - - - (1,620) (1,620)
Provision for onerous
lease - - - (1,500) (1,500)
Loss on sale of property,
plant and equipment (1,051) (294) (1,345) - (1,345)
-------- ---------- ------------ ------------- ---------
Operating profit/(loss) 13,652 (586) 13,066 (3,643) 9,423
-------- ----------
Net finance costs (1,333) - (1,333)
------------ ------------- ---------
Profit/(loss) before
tax 11,733 (3,643) 8,090
Taxation (3,286) - (3,286)
------------ ------------- ---------
Profit/(loss) after
tax 8,447 (3,643) 4,804
-------------------------------------- -------- ---------- ------------ ------------- ---------
52 weeks ended 31 July
2011
Revenue (excluding VAT) 312,878 51,340 364,218 3,347 367,565
-------- ---------- ------------ ------------- ---------
Adjusted operating profit/(loss) 7,004 (3,801) 3,203 (558) 2,645
Net impairment to property,
plant and equipment (4,126) (1,560) (5,686) - (5,686)
Charges in respect of
onerous leases (1,819) (2,825) (4,644) (1,411) (6,055)
Loss on sale of property,
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