Final Results

Braime (T.F.& J.H.) (Hldgs) PLC
04 March 2005


At a meeting of the directors held here today, the accounts for the year ended
31st December 2004 were submitted and approved by the directors.  The
preliminary profits statement is as follows:

 
 
   Consolidated Profit and Loss Account for the year ended 31st December 2004 
 

                                                                                
                                                 2004                     2003  
                                                    £                        £  
  Group turnover                            9,330,733                9,418,422  
                                                                                
  Operating profit/(loss)                      41,788                  (57,393) 
  Interest receivable and                      
  similar income                               50,363                   50,953                                   
                                               92,151                   (6,440) 
  Interest payable                             23,238                   26,589  
  Profit/(loss) on ordinary                    68,913                  (33,029) 
  activities before taxation                                                    
  Taxation                                     14,971                   15,009  
                                                                                
  Profit/(loss) attributable                   53,942                  (48,038) 
  to shareholders                                                               
                                                                                
  The directors recommend the                                                   
  following appropriations:                                                     
                                                                                
  Preference shares                                                             
  Dividend already paid of        9,000                    9,000                
  5.00p per share (2003                                                         
  5.00p)                                                                        
                                                                                
  Ordinary shares                                                               
  Interim dividend already                                                      
  paid of nil p per share             -                    8,640                
  (2003 1.80p)                                                                  
                                                                                
  Proposed final dividend of     14,400                   19,200                
  3.00p per share (2003                                                         
  4.00p)                                                                        
                                                                                
  'A' Ordinary shares                                                           
  Interim dividend already                                                      
  paid of nil p per share             -                   17,280                
  (2003 1.80p)                                                                  
                                                                                
  Proposed final dividend of     28,800        52,200     38,400        92,520  
  3.00p per share (2003                                                         
  4.00p)                                                                        
                                                                                
  Retained profit/(loss)                        1,742                 (140,558) 
  Earnings/(losses) per share                   3.12p                   (3.96p) 
 
 


                    Consolidated Balance Sheet as at 31st December 2004 
 

                                                                                
                                                            2004          2003  
                                                               £             £  
                                                                                
  Fixed assets              Intangible assets             11,035        11,644  
                            Tangible assets              557,301       554,479  
                                                         568,336       566,123  
                                                                                
  Current assets            Stocks                     2,115,681     1,890,199  
                            Debtors                    2,450,028     1,899,444  
                            Cash at bank and in        1,415,832     1,614,131  
                            hand                                                
                                                       5,981,541     5,403,774  
                                                                                
  Creditors                 Amounts falling due        2,368,418     1,832,366  
                            within one year                                     
                                                                                
  Net current assets                                   3,613,123     3,571,408  
                                                                                
  Total assets less                                    4,181,459     4,137,531  
  current liabilities                                                           
                                                                                
  Creditors                 Amounts falling due           52,979             -  
                            after more than one                                 
                            year                                                
                                                                                
  Deferred income                                         24,784        26,440  
                                                                                
  Net assets                                           4,103,696     4,111,091  
                                                                                
  Capital and reserves      Called up share capital      540,000       540,000  
                            Capital reserve               77,319        77,319  
                            Profit and loss reserve    3,486,377     3,493,772  
                                                                                
  Shareholders' funds                                  4,103,696     4,111,091  
                            Comprising:                                         
                            Non-equity                   180,000       180,000  
                            shareholders' funds                                 
                            Equity shareholders'       3,923,696     3,931,091  
                            funds                                               
 
 


      Consolidated Cash Flow Statement for the year ended 31st December 2004 
 
                                                                                
                                                             2004         2003  
                                               Notes            £            £  
  Net cash outflow from operating activities   1         (549,079)     (17,501) 
                                                                                
  Returns on investments and servicing of                                       
  finance                                                                       
  Interest received                                        50,363       50,953  
  Interest paid                                           (23,238)     (26,589) 
  Non-equity dividends paid                                (9,000)      (9,000) 
                                                           18,125       15,364  
                                                                                
  Taxation                                                                      
  UK Corporation tax repaid/(paid)                         21,185      (20,701) 
  Overseas tax paid                                       (27,059)     (26,653) 
                                                           (5,874)     (47,354) 
                                                                                
  Capital expenditure                                                           
  Purchase of tangible fixed assets                       (37,841)     (35,410) 
  Disposal of tangible fixed assets                         8,626       17,286  
                                                          (29,215)     (18,124) 
                                                         (566,043)     (67,615) 
                                                                                
  Equity dividends paid                                   (57,600)    (141,120) 
                                                                                
  Management of liquid resources                                                
  Decrease in treasury deposits                2          102,019      245,354  
                                                                                
  (Decrease)/increase in cash                  3         (521,624)      36,619  
 
 


                        Notes to Consolidated Cash Flow Statement 
 

                                                                                
  1.  Reconciliation of                                     2004          2003  
      operating                                                £             £  
      profit/(loss) to                                                          
      net cash outflow                                                          
      from operating                                                            
      activities                                                                
                                                                                
      Operating                                           41,788       (57,393) 
      profit/(loss)                                                             
      Depreciation of                                     90,536        96,046  
      tangible and                                                              
      intangible assets                                                         
      Loss/(profit) on                                       346        (2,148) 
      disposal of fixed                                                         
      assets                                                                    
      Government grants                                   (1,656)       (1,656) 
      amortised                                                                 
      (Increase)/decrease                                (225,482)      23,234  
      in stocks                                                               
      Increase in                                        (549,681)     (53,350) 
      debtors                                                                   
      Increase/(decrease)                                 94,690       (15,481) 
      in creditors                                                            
      Movement in value                                                         
      of assets caused                                       380        (6,753) 
      by foreign                                                                
      exchange                                                                  
      movements                                                                 
                                                         (549,079)     (17,501) 
                                                                                
                                                                                
                                                Effect                         
                                                    of                           
                                               Foreign                         
                                        Cash  Exchange      Other              
                             2003       Flow      Rate   non-cash        2004  
  2.  Analysis of                              Changes  Movements    
      changes in net            £          £         £          £           £
      funds                                                              
                                                                                
      Cash at bank and    447,112    (96,280)       -          -       350,832  
      in hand                                                                   
      Bank overdrafts     (646,781)  (425,344)  (8,475)        -    (1,080,600) 
                          (199,669)  (521,624)  (8,475)        -      (729,768) 
                                                                                
      Hire purchase             -          -        -    (64,260)      (64,260) 
      agreements                                                                
      Bank loans          (139,645)        -     (662)         -      (140,307) 
      Treasury deposits   1,167,019  (102,019)      -          -     1,065,000  
                          827,705    (623,643)  (9,137)  (64,260)      130,665  
                                                                                
                                                                                

  3.  Reconciliation of                                                         
      net cash flow to                                                       £  
      movement in net                                                           
      funds                                                                     
                                                                                
      Decrease in cash                                                (521,624) 
      Effect of foreign                                                 (9,137) 
      exchange rate                                                             
      changes                                                                   
                                                                      (530,761) 
      Decrease in                                                     (102,019) 
      treasury deposits                                                         
      New hire purchase                                                (64,260) 
      agreements                                                                
      Movement in net                                                 (697,040) 
      funds in the year                                                         
      Net funds at 31st                                                827,705  
      December 2003                                                             
                                                                                
      Net funds at 31st                                                130,665  
      December 2004                                                             
 
 
The results incorporated in the preliminary announcement have been prepared in
accordance with accounting policies consistent with previous years. 
 
The financial information set out above does not constitute the company's
statutory accounts within the meaning of section 240 of the Companies Act 1985.
The 2004 figures are based on unaudited accounts for the year ended 31st
December 2004. The auditors do not expect to issue a qualified report on the
statutory accounts which will be finalized on the basis of the financial
information presented by the directors in the preliminary announcement and
which will be delivered to the Registrar of Companies following the company's
annual general meeting. 
 
The 2003 comparatives are derived from the statutory accounts for 2003 which
have been delivered to the Registrar of Companies and received an unqualified
audit report and did not contain a statement under the Companies Act 1985, S
237(2) or (3). 
 
The annual general meeting will be held on Friday 29th April 2005 and it is
proposed to pay the final dividend on 3rd May 2005 to shareholders registered
with the company on 18th March 2005. 
 
The company's auditors have agreed to this statement being notified to a
regulatory information service. 
 
 
D. H. Brown 
Company Secretary 
T.F. & J.H. Braime (Holdings) P.L.C. 
 
4th March 2005 
 
END  



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