Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

 Information  X 
Enter a valid email address

Your Space PLC (YSP)

  Print      Mail a friend

Friday 30 September, 2005

Your Space PLC

Final Results

Your Space PLC
30 September 2005

                                 Your Space Plc

                        Preliminary Results Announcement
                        for the year ended 31 March 2005

Your Space Plc ('Your Space' or the 'Company') is pleased to announce its
preliminary results for the year ended 31 March 2005.


•    Turnover of £2,671,000 up £88,000 (3.4%)

•    Loss for the year before tax £383,000, (2004 loss £179,000).

•    Loss per share 0.19p, (2004 0.10p).

•    Net asset value of 2.7p per share at the year end.

•    Cash balances of £515,000 at 31 March 2005.

•    Change in accounting policy results in £845,000 increase in shareholders 

•    Exceptional amortisation of fixtures and fittings £179,000.

•    Development programme in Willenhall and Manchester. New credit facility of 
     £500,000 secured to complete the projects.  Revenue maintained despite
     investment disruption.

•    Submission of planning permission in Manchester for extension to existing 
     building and development of 7 storey student accommodation block.

•    Up to 13,000 sq ft of new space expected to be in circulation by period
     ended 31 March 2006.

•    Average rent increases of up to 25% in the last quarter.

•    Average occupancy at 79%.

•    Car park at 23 Mount Street, Manchester also valued at £800,000 resulting 
     in an increase in shareholders funds

•    Group property portfolio re-valued since year end resulting in overall
     increase in value of £1,350,000 from £15,662,000 as at 31 March 2005 to a
     current value of £17,012,000.

•    Revaluation implies increased net assets per share of approximately 26%
     from 2.7p to 3.4p and gearing reduced from 66% to 58%

Chairman, Christopher Phillips, commented:

'This year has seen a considerable change in the business. A new management team
has brought fresh impetus and new direction. We have begun to improve the
quality of the office space we provide and are now attracting more tenants as a
result. We continue to develop the range of services we offer and are especially
pleased with the opportunities we have identified to develop the business from
within the existing portfolio of properties.'

For further information please contact:

Your Space Plc                                    Tel: 0207 036 0300

Christopher Phillips, Chairman                    Tel: 0207 036 0300
Jim Millar, Finance Director                      Tel: 0207 036 0300
Graham Webster, Zeus Capital                      Tel: 0207 965 0750

Chairman's Statement

Your Space is pleased to report its results for the year ended 31 March 2005.

Financial summary

In the 12 months to 31 March 2005, turnover was £2,671,000 an increase of
£88,000 (3.4%) from £2,583,000 the previous year.

The company incurred a loss before taxation of £383,000 compared to a restated
loss of £179,000 in 2004.

At the year end the net assets of the company were £5,363,000 or 2.7p per share
(197,775,442 ordinary shares) compared to £4,946,000 (restated) or 2.8p per
share (178,805,571 ordinary shares) at 31 March 2004. During the period the
directors have valued the car park which the company owns at 23 New Mount
Street, Manchester. This has a current value of £800,000. Planning permission
has already been sought to develop the plot into a 7 storey Student
accommodation block and consent is awaited.

Cash balances at 31 March 2005 were £515,000 compared to £850,000 in 2004.

The loss for 2004 has been restated, as the previously reported loss included
negative goodwill which arose in the acquisition of Workspace Northwest Limited
and Falconstate Limited. In accordance with recommended accounting practice (FRS
10 (Amortisation of Goodwill)) this negative goodwill has now been amortised
over a period of 5 years.  This has not been accounted for in the past and
therefore the Board has taken the decision to restate the balance sheet for the
relevant previous periods in order to comply with recommended accounting
practice.  This change has resulted in a prior year adjustment of £845,000,
resulting in an increase in shareholders funds.

In addition the Directors have written off a balance relating to fixtures and
fittings amounting to an exceptional amortisation in the period of £179,000. The
directors are of the opinion that these adjustments now properly reflect the
value of the assets in the business and enable a more realistic treatment to be
made of such asset classes in the future.

There have been significant changes to the board during the past financial year,
with David Berry resigning as a non-executive of the company on 31 October 2004,
Harvey Soning resigning as Chief Executive and as a director of the Board on
23 November 2004 and Anita Bevan resigning as a director on 31 December 2004.
Abraham Marrache joined the Board as a non-executive director on 1 November
2004. Ray Harris stepped down as Finance Director on January 19 January and
remained on the board as a non-executive director as of that date. Shaun Mealey
was appointed Chief Executive and Seamus Millar appointed as Finance Director on
19th January 2005.

In September this year we appointed Zeus Capital as our adviser and WH Ireland
as our broker we look forward to working with them both in the coming months. I
would like to extend my thanks to John East and Partners for their services over
the past year.

The Board has restructured management and introduced a number of initiatives
aimed at increasing the returns in each business unit and maximising the
profitability of the company.

Set out below is a brief description of trading for each of the business units
within the group.

Clerkenwell: trading in the London business space market was particularly
difficult over the past year as a result of which occupancy levels and income
levels fell well below the previous year. However following a number of new
initiatives and a concerted marketing effort the average occupancy for the final
quarter of the year was 94% and has continued at this level into the present
trading period.

West Midlands House, Willenhall: achieved an occupancy of 68%. Over the year the
management team undertook a full survey of this building.   The company has
commenced refurbishment and expects to increase net lettable space from 31,000
sq ft to 41,000 sq ft.

23 New Mount Street: achieved average occupancy levels of 74%. During the year a
refurbishment program managed by our in-house team has commenced and the net
lettable space has been increased by 6,000 sq ft. We have recently submitted
planning permission for the development of the car park opposite the 23 New
Mount Street building. If consent is granted then we hope to begin the
construction of a 200 bed purpose built student accommodation block, with the
infrastructure at the New Mount Street complex managing the site on completion.
In addition to this planning application we have also submitted plans to
redevelop the New Mount Street building itself. We hope to extend the building
by 14,000 sq ft creating an additional 10,000 sq ft of high quality office

Our building at 85 Frampton Street, London continues to be let to Psion on a
lease expiring 2015.

The management contracts at Shortlands in Hammersmith and with Mountgrange at
Bishopsgate continue to operate and contribute to group income.

In the period since January this year, much has been done to significantly
reduce costs, the benefit of which we anticipate will be shown in the current
financial year. We have reviewed rents and are now confident that true market
rates are being reflected in all new tenancies. Your directors continue to look
for new ways to improve performance and maximise returns. Our short term goal is
to restore the Company to profitability and continue the development of the
buildings in Manchester and Willenhall to increase net asset value.


Following the hard work undertaken to enhance the Group's portfolio of
properties outlined in this statement, the Board believed it appropriate to
revalue the portfolio as the Board was of the opinion that the asset value shown
in the balance sheet materially undervalued the Group's assets.  The Board was
also of the opinion that a revaluation would present the opportunity to
renegotiate the Company's banking facilities on more advantageous terms.

Third party surveyor's reports have valued the Company's portfolio of properties
as follows:

-    23 Mount Street has been valued at £3,600,000 (31 March 2005: £2,600,000).
     The car park at 23 Mount Street has been separately valued at £800,000.

-    West Midlands House, Willenhall has been valued at £1,750,000 (31 March 
     2005: £1,500,000).

-    The Bridge, 12-16 Clerkenwell Road, London has been valued at £4,850,000 
     (31 March 2005: £4,750,000).

-    85 Frampton Street remains in the group portfolio at £5,950,000.

The re-valuation of the property portfolio implies an overall increase in value
of £1,350,000 from £15,662,000 as at 31 March 2005 to a current value of
£17,012,000.  The car park at 23 Mount Street, Manchester is also valued at
£800,000 resulting in an increase in shareholders funds.  Further, the
revaluation implies increased net assets per share of approximately 26% from
2.7p to 3.4p and gearing reduced from 66% to 58%.

Other business

On 6 September 2005, the Board approved proposals relating to the consolidation
of the issued ordinary share capital of the Company and providing authority to
the Directors to effect market purchases of shares by the Company (together the
'Proposals').   The Board will be seeking the consent of shareholders to the
Proposals at the next annual general meeting of the Company.

I would like to thank the directors who have left the company for their
contributions to the development of Your Space and commend the executive
directors and the employees for their achievements and efforts to optimise the
performance of the Company during a difficult year of transition.  I believe
shareholders can look forward with optimism to what should be an exciting year
for the development of Your Space.

The accounts for the period ended 31st March 2005 will be despatched to
shareholders on Friday the 30th September.

Christopher R L Phillips

Non Executive Chairman

Consolidated Profit and Loss account
For the year ended 31 March 2005

                                                Note           2005         2004
                                                              £'000        £'000

Turnover                                                      2,671        2,583

Operating expenses                                          (2,313)      (2,100)

Operating profit                                                358          483

Interest receivable                                              12           23

Interest payable                                              (753)        (685)

Loss on ordinary activities before taxation                   (383)        (179)

Taxation                                                          -            7

Retained loss for the financial period                        (383)        (172)

                                                              Pence        Pence

Loss per share
Basic and diluted loss per ordinary share       1              0.19         0.10

The profit and loss account has been prepared on the basis that all operations
are continuing operations.


                                               Note            2005         2004
                                                              £'000        £'000

Loss for the financial year                                   (383)        (172)

Unrealised surplus on revaluation of 
investment properties                                           800           68

Total recognised gain/(loss) for the year                       417        (104)

Prior year adjustment                           2               845

Total recognised gains and losses since 
last annual report                                            1,262

Consolidated Balance Sheet

                                                             Group       Group       Company      Company
                                                              2005        2004          2005         2004
                                                             £'000       £'000         £'000        £'000
Fixed assets
Negative goodwill                                                -       (211)             -            -
Tangible assets                                             15,662      15,082             -            -
Investments                                                      -           -         3,118        3,118
                                                            15,662      14,871         3,118        3,118

Current assets
Debtors                                                        399         406         3,147        2,744
Cash at bank and in hand                                       515         850           326          341
                                                               914       1,256         3,473        3,085

Creditors: amounts falling due
within one year                                            (1,754)     (1,416)       (1,604)        (734)

Net current assets/(liabilities)                             (840)       (160)         1,869        2,351

Total assets less current liabilities                       14,822      14,711         4,987        5,469

Creditors: amounts falling due
after more than one year                                   (9,459)     (9,765)             -            -

Total assets less liabilities                                5,363       4,946         4,987        5,469

Capital and reserves
Called up share capital                                      1,978       1,978         1,978        1,978
Share premium account                                        4,489       4,489         4,489        4,489
Revaluation reserve                                            192       (608)             -            -
Profit and loss account                                    (1,296)       (913)       (1,480)        (998)

Equity shareholders' funds                                   5,363       4,946         4,987        5,469

Consolidated Cashflow

                                                  Note            2005        2005        2004      2004
                                                                 £'000       £'000       £'000     £'000
Net cash inflow from operating activities            a

Return on investments and servicing of finance
Interest received                                                   12                      23
Interest payable                                                 (753)                   (729)

Net cash outflow from returns on investments and
servicing for finance                                                        (741)                 (706)

Taxation                                                                         -                     -

Capital expenditure and financial investment
    Payments to acquire tangible assets                           (29)                   (333)

Net cash outflow from capital expenditure                                     (29)                 (333)

Net cash outflow before management of liquid
resources and financing
                                                                             (211)                 (596)

   Issue of ordinary share capital                                   -                     637
   New bank loan                                                     -                     300
   Repayment of bank loan                                        (208)                   (268)
   Repayment of convertible debt                                     -                   (924)

Net cash inflow from financing                                               (208)                 (255)

Decrease in cash in the year                         b                       (419)                 (851)

a. Reconciliation of operating profit to net cash inflow from operating

                                                                2005        2004
                                                               £'000       £'000

Operating profit                                                358          483
Depreciation                                                    249           78
Amortisation                                                  (211)        (205)
Increase in debtors                                               7         (59)
Increase in creditors                                           156          146
Net cash inflow from operating activities                       559          443

b. Analysis of changes in cash and cash equivalents during the years

                                               At 1 April                        Non-cash        31 March 
                                                     2004       Cash flow       movements            2005
                                                    £'000           £'000           £'000           £'000

Net cash:
  Cash at bank                                        850           (335)               -             515
  Bank overdraft                                        -            (84)               -            (84)
                                                      850             419               -             431

  Bank loans                                     (10,005)             208               -         (9,797)
                                                 (10,005)             208               -         (9,797)

Net debt                                          (9,155)           (211)                         (9,366)

c. Reconciliation of net cash flow to movement in net debt

                                                                                        2005        2004
                                                                                       £'000       £'000

Decrease in cash in the year                                                           (419)       (851)
Cash outflow from decrease in net debt                                                   208         892

Change in net debt resulting from cash flows                                           (211)          41
Non cash movement in net debt                                                              -         263

Movements in debt in the year                                                          (211)         304
Opening net debt                                                                     (9,155)     (9,459)
Closing net debt                                                                     (9,366)     (9,155)

Notes to the preliminary announcement

1.   Loss per share

The calculation of the basic loss per share is based on the loss after tax of
£383,000 (2004: restated £179,000) and on 197,775,442 (2004: 178,805,571)
ordinary shares being the weighted average number of ordinary shares in issue
during the period.

There is no dilutive effect of warrants and options due to the fair price of the
shares during the period being less than the exercisable price of those warrants
and options.

2.   Prior year adjustment

During the year the directors have identified that the negative goodwill
included in the accounts did not relate to the properties acquired, they have
therefore changed their accounting policy in respect of negative goodwill and
this is now amortised over a period of 5 years. This change in accounting policy
has resulted in a prior year adjustment of £845,000, resulting in an increase in
shareholders funds.

3.   Dividends

The directors are not proposing the payment of a dividend in respect of the year
ended 31 March 2005.

4.   Publication of non-statutory accounts

The financial information set out in this preliminary announcement does not
constitute statutory accounts as defined in Section 240 of the Companies Act

The consolidated balance sheet at 31 March 2004 and the consolidated profit and
loss account, consolidated cash flow statement and associated notes for the year
then ended have been extracted from the Group's financial statements. Those
financial statements have not yet been delivered to the Registrar of Companies,
nor have the auditors reported on them.

5.   Report and Accounts

A copy of the Report and Accounts will be sent to shareholders on 30 September
2005  and will be available from the Company's registered office.

Further Enquiries:

Your Space PLC
Chris Phillips/Jim Millar                           Tel: 020 7036 0300

Zeus Capital
Graham Webster                                      Tel: 0207 965 0750
Alex Clarkson                                       Tel: 0161 831 1512

                      This information is provided by RNS
            The company news service from the London Stock Exchange                                                                                                                                                                                                                                            

a d v e r t i s e m e n t