TYI Holdings
LSE : TYIP

May 19, 2009 06:18 ET

Audited Results to 31 December 2008

                                                  - 1 -
                                                                                                                                                                                                                            19/05//2009
                                                                                                                                                                         
                                                                                                                                                                                                              GB00B2QY9Z71/GBP/PLUS-exn
                                                                                                                                                                         

                                     TYI Holdings Plc ("TYI" or the "Company")
                                                       
                               FINAL RESULTS FOR THE PERIOD ENDED 31 DECEMBER 2008
                                                       
                                                       

The Board of Directors have pleasure in presenting the Company's audited accounts for the period from 1 October 2007 to 31 December 2008.



CHAIRMAN'S STATEMENT

This is my first report for TYI Holdings PLC which is for the period from 1 October 2007 to 31 December 2008.

The Board remains committed to creating value for our shareholders through the growth of the business by opening new retail outlets and introducing new products. We have
successfully opened 10 new retail outlets in prime locations throughout the UK during this period.

The Company has taken significant steps towards becoming an established leader in the retail of photos to canvas, acrylic and MDF market.

The next results to be issued will be the un-audited interims for the 6 months ending 30 June 2009.

FINANCIAL PERFORMANCE

The  period  under  review was a time of transition as the Company opened new outlets that resulted in a significant increase in turnover as well  as  one  off  costs.
Despite this the company made good profits and now has a good footing to continue its growth in 2009.


BOARD CHANGES

We regularly review the composition of the Board to ensure it continues to provide the right leadership for the Group's further development.

In May 2008, I became Chairman.

SUMMARY

The Company has successfully moved through this period of transition and are focused on growing the business.

We have increased our retail base to 14 outlets during the period, introduced new products, both of which have
been successfully received.  We will continue to seek suitable outlets to open in an effort to continue growth.

I would like to thank all our people for their efforts and for the continued support of all our stakeholders.

Roy Stanley,
Chairman








GROUP PROFIT AND LOSS ACCOUNT
PERIOD FROM 1 OCTOBER 2007 TO 31 DECEMBER 2008

GROUP TURNOVER                                                                               2,058,251

Cost of sales                                                                                1,305,681
                                                                                             --------------
                                                                                            --------------
                                                                                            --------------
GROSS PROFIT                                                                                 752,570

Distribution Costs                                                                           1,877
Administrative expenses                                                                      616,808
                                                                                             --------------
                                                                                            --------------
                                                                                                      ----
OPERATING PROFIT                                                                             133,885

Interest receivable                                                                          5,426
Interest payable and similar charges                                                         (7,806)

                                                                                             --------------
                                                                                            --------------
                                                                                                      ----
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION                                                131,505

Tax on profit on ordinary activities                                                         63,954

                                                                                             --------------
                                                                                            --------------
                                                                                                      ----
PROFIT FOR THE FINANCIAL PERIOD                                                              67,551
                                                                                             =============
                                                                                             =============
                                                                                                    ======
Earnings per share (pence)

Basic                                                                                         0.013
                                                                                             ==============
                                                                                                      =====

Diluted                                                                                       0.013
                                                                                             ==============
                                                                                                      =====


GROUP BALANCE SHEET
AS AT 31 DECEMBER 2008

                                                                                                  31 Dec 08
                                                                                       £                  £

FIXED ASSETS
Intangible assets                                                                             (23,358)
Tangible assets                                                                               454,551
                                                                                              --------------
                                                                                            --------------
                                                                                                      ----
                                                                                              431,193
CURRENT ASSETS
Stocks                                                                        75,778          
Debtors                                                                       135,613         
Cash at bank and in hand                                                      389,465         
                                                                              --------------  
                                                                             --------------
                                                                                       ----
                                                                              600,856         
CREDITORS: Amounts falling due within one year                                407,926         
                                                                              --------------  
                                                                             --------------
                                                                                       ----
NET CURRENT ASSETS                                                                            192,930
                                                                                             --------------
                                                                                            --------------
                                                                                                      ----
TOTAL ASSETS LESS CURRENT LIABILITIES                                                        624,123

CREDITORS: Amounts falling due after more than one year                                       281,915
                                                                                              --------------
                                                                                            --------------
                                                                                                      ----
                                                                                              342,208

PROVISIONS FOR LIABILITIES
Deferred taxation                                                                             19,654
                                                                                              --------------
                                                                                            --------------
                                                                                                      ----
                                                                                              322,554
                                                                                              =============
                                                                                             =============
                                                                                                    ======

CAPITAL AND RESERVES
Called-up equity share capital                                                                53,571
Share premium account                                                                         293,978
Profit and loss account                                                                       (24,995)
                                                                                              --------------
                                                                                            --------------
                                                                                                      ----
SHAREHOLDERS' FUNDS                                                                           322,554
                                                                                              =============
                                                                                             =============
                                                                                                    ======

NOTES

1.   ACCOUNTING POLICIES

     Basis of accounting

     The  financial  statements have been prepared under the historical cost convention and in accordance  with
     applicable accounting standards.

     Basis of consolidation

     The  consolidated financial statements incorporate the financial statements of the company and  all  group
     undertakings.   These  are  adjusted,  where  appropriate,  to  conform  to  group  accounting   policies.
     Acquisitions  are accounted for under the acquisition method and goodwill on consolidation is  capitalised
     and  written  off  over  ten  years from the year of acquisition. The results  of  companies  acquired  or
     disposed of are included in the group profit and loss account after or up to the date that control  passes
     respectively.  As a consolidated group profit and Loss Account is published, a separate  profit  and  loss
     account for the parent company is omitted from the group financial statements by virtue of section 230  of
     the Companies Act 1985.

     Related parties transactions

     The  company  has taken advantage of the exemption in FRS 8 from disclosing transactions with  members  of
     the same group.

     Turnover

     The  turnover  shown in the group profit and loss account represents amounts invoiced during  the  Period,
     exclusive of Value Added Tax.

     Goodwill

     Positive  purchased goodwill arising on acquisition is capitalised, classified as an asset in the  balance
     sheet  and amortised over its estimated useful life up to a maximum of 20 years.  This length of  time  is
     presumed  to  be the maximum useful life of purchased goodwill because it is difficult to make projections
     beyond  this  period.   Goodwill is reviewed for impairment at the end of the first  full  financial  year
     following  each acquisition and subsequently as and when necessary if circumstances emerge  that  indicate
     that the carrying value may not be recoverable
        
     Amortisation

     Amortisation  is  calculated so as to write off the cost of an asset, less its estimated  residual  value,
     over the useful economic life of that asset as follows:

     Goodwill                     -   10% Straight Line

     Fixed assets

     All fixed assets are initially recorded at cost.

     Depreciation

     Depreciation  is  calculated so as to write off the cost of an asset, less its estimated  residual  value,
     over the useful economic life of that asset as follows:

     Plant & Machinery            -   15% Reducing Balance
     Fixtures & Fittings          -   15% Reducing Balance
     Motor Vehicles               -   25% Reducing Balance

     Stocks

     Stocks  are valued at the lower of cost and net realisable value, after making due allowance for  obsolete
     and slow moving items.

     Hire purchase agreements

     Assets  held under hire purchase agreements are capitalised and disclosed under tangible fixed  assets  at
     their  fair value.  The capital element of the future payments is treated as a liability and the  interest
     is charged to the group profit and loss account on a straight line basis.

     Operating lease agreements

     Rentals  applicable  to operating leases where substantially all of the benefits and  risks  of  ownership
     remain with the lessor are charged against profits on a straight line basis over the period of the lease.

     Deferred taxation

     Deferred  tax is recognised in respect of all timing differences that have originated but not reversed  at
     the  balance  sheet date where transactions or events have occurred at that date that will  result  in  an
     obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:

        Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of
        fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets,
        only  to  the  extent that, at the balance sheet date, there is a binding agreement to dispose  of  the
        assets  concerned. However, no provision is made where, on the basis of all available evidence  at  the
        balance  sheet  date,  it  is  more likely than not that the taxable gain  will  be  rolled  over  into
        replacement assets and charged to tax only where the replacement assets are sold.

        Deferred  tax  assets are recognised only to the extent that the directors consider  that  it  is  more
        likely  than  not  that there will be suitable taxable profits from which the future  reversal  of  the
        underlying timing differences can be deducted.

     Deferred  tax  is  measured on an undiscounted basis at the tax rates that are expected to  apply  in  the
     periods  in which timing differences reverse, based on tax rates and laws enacted or substantively enacted
     at the balance sheet date.

     Financial instruments

     Financial  instruments  are classified and accounted for, according to the substance  of  the  contractual
     arrangement,  as  either  financial  assets,  financial  liabilities  or  equity  instruments.  An  equity
     instrument  is any contract that evidences a residual interest in the assets of the group after  deducting
     all of its liabilities.

     Merger relief

     Where  the conditions set out in FRS6 have been satisfied in relation to a business combination the  group
     takes advantage of the merger relief exemption from creating a share premium account and accounts for  the
     shares issued at nominal value.


EARNINGS PER SHARE

     The  basic  earnings  per ordinary share is calculated by dividing profit for the period  less  non-equity
     dividends  and  other  appropriations in respect of non-equity shares by the weighted  average  number  of
     equity shares outstanding during the period.

     The  diluted  earnings per ordinary share is calculated by dividing profit for the period less  non-equity
     dividends  and  other  appropriations in respect of non-equity shares by the weighted  average  number  of
     equity  shares  outstanding during the period (after adjusting both figures for  the  effect  of  dilutive
     potential ordinary shares).

     The calculation of basic and diluted earnings per ordinary share is based upon the following data:

     Earnings
                                                                                                       2008
                                                                                                      £
     Earnings for the purposes of basic earnings per share                                    67,551

                                                                                             --------------
                                                                                             --------------
     Earnings for the purposes of diluted earnings per share                                  67,551
                                                                                             ==============
                                                                                             ==============

     Number of shares
                                                                                                       2008
                                                                                                         No
     Basic weighted average number of shares                                                  5,357,152
                                                                                              =============
                                                                                             =============
                                                                                             =============
                                                                                                   =======

                                                                                                           
     Weighted average number of shares
      for the purposes of diluted earnings per share                                          5,357,152
                                                                                             ==============
                                                                                             ==============
                                                                                             ==============
                                                                                                       ====

     There  have  been no other transactions involving ordinary shares or potential ordinary shares  since  the
     reporting date and before the completion of these financial statements.

DIVIDENDS

     Equity dividends
                                                                                                Period from
                                                                                                1 Oct 07 to
                                                                                                  31 Dec 08
                                                                                                      £

     Paid during the period
     Equity dividends on ordinary shares                                                     92,546
                                                                                             =============
                                                                                             =============
                                                                                                        ==

SHARE CAPITAL

     Authorised share capital:

                                                                                                  31 Dec 08
                                                                                                      £
     10,000,000 Ordinary shares of £0.01 each                                                100,000
                                                                                             =============
                                                                                             =============
                                                                                                    ======
        Allotted, called up and fully paid:

                                                                                         No           £
     Ordinary shares of £0.01 each                                            5,357,142       53,571
                                                                              =============  ==============
                                                                              =============  ==============
                                                                              =============            ====
                                                                                        ===

     On incorporation the company issued 2 ordinary shares with a nominal value of £1

     On 1 November 2007 the 2 ordinary £1 shares were sub-divided into 200 ordinary £0.01 shares.

     On  1  November  2007 the authorised capital of the company was increased from £1,000 to £100,000  by  the
     creation of 9,900,000 ordinary shares of £0.01.

     On  1  November 2007 4,239,800 ordinary shares were issued at par and 750,000 ordinary shares were  issued
     for consideration of £150,000 resulting in share premium of £142,500.

     On 22 May 2008 357,142 ordinary shares were issued for £199,999 resulting in share premium of £196,428.

Full accounts for the Group for the period, which received an unqualified auditors' report are available upon
request to the company at the registered office. The financial information in this announcement has been
extracted from the Groups audited accounts.

The Directors of TYI Holdings Plc accept responsibility for this announcement.

Contact Information:

Company:

TYI Holdings Plc
Alex Noble/Andrew Snell
Telephone: 0191 258 4868


Corporate Advisers:

St Helen's Capital Plc
Duncan Vasey/Barry Hocken
Telephone: 020 7628 5582


Contact Information

  • TYI Holdings