REG-Red Leopard Holdings PLC: Final Results

Red Leopard Holdings Plc

(the "Company")

Final Results

Chairman's Statement

I am pleased to present the financial statements for the year to 31 December
2008 for Red Leopard Holdings Plc and its wholly owned subsidiaries, Harrell
Hotels (Europe) Limited and Red Leopard Management Limited (the "Group").

Net deficit on equity of the Group as at 31 December 2008 was £239,776 (2007:
equity £232,450) and, with no revenue generated from operations, the loss for
the year attributable to the equity holders of the parent was £532,228 (2007 £
213,627).

As at 31 December 2008, net cash for the Group was £189,667.

The Board's decision towards the end of 2007 was to focus on residential
property developments, a strategy which it pursued through a joint development
agreement with First Broughton Group. Unfortunately, this strategy focused on
the development of residential properties aimed at the mid-market consumer, a
target market that was severely affected by the economic downturn during 2008.

While the outcome from this investment was disappointing, the reality of the
situation could have been much worse. Through the joint development agreement
we located several sites, conducted preliminary due diligence (including land
surveys and local authority searches) and the evaluation of the sites looked
promising. However, each of these sites was under option subject to finance
and, as occurred to most property developers last year, we were unable to
secure finance due to the drying up of liquidity. In hindsight, this has worked
in our favour as the specific sites we held under option have continued to
decline in value. .

In order to finance these operations the company invested £336,613 into site
investigation, research, council planning and working capital. We are unlikely
to retrieve this in the near term if at all. The Board continues to monitor the
residential development market but would not be investing any further funds
until there was significant improvement in this segment.

The Board is now actively investigating and reviewing several opportunities
including investments in the leisure and hospitality market, with special
attention focused on hotels. The current economic climate is presenting some
exciting hotel opportunities which we are hopeful Red Leopard can get
successfully involved in, given adequate financing.

J J May
Chairman

Consolidated income statement

Year to 31 Re-stated
December Year to 31
2008 December
2007

£ £

OVERHEADS

Administrative expenses (263,948) (208,114)

OPERATING LOSS BEFORE FINANCE (263,948) (208,114)

Finance income 66,093 13,063

Finance cost (334,373) (18,576)

LOSS FROM CONTINUING ACTIVITIES BEFORE (532,228) (213,627)
TAXATION

Income tax expense - -

LOSS FOR THE YEAR ATTRIBUTABLE TO THE (532,228) (213,627)
EQUITY HOLDERS OF THE PARENT

Loss per share - basic and diluted 4 (0.13)p (0.08)p

Consolidated balance sheet
Year ended Re-stated
31 December Year ended
2008 31 December
2007

£ £

NON-CURRENT ASSETS

Property, plant and equipment - -

TOTAL NON-CURRENT ASSETS - -

CURRENT ASSETS

Trade and other receivables 52,502 244,145

Cash and cash equivalents 189,667 414,684

TOTAL CURRENT ASSETS 242,169 658,829

TOTAL ASSETS 242,169 658,829

EQUITY

Share capital 798,227 798,227

Share premium account 2,723,241 2,723,241

Share based payment reserve 60,002 -

Other reserve 72,414 72,414

Retained earnings (3,893,660) (3,361,432)

TOTAL EQUITY (239,776) 232,450

CURRENT LIABILITIES

Trade and other payables 114,502 65,240

TOTAL CURRENT LIABILITIES 114,502 65,240

NON-CURRENT LIABILITIES

Borrowings 367,443 361,139

TOTAL NON-CURRENT LIABILITIES 367,443 361,139

TOTAL LIABILITIES 481,945 426,379

TOTAL EQUITY AND LIABILITIES 242,169 658,829

Company balance sheet
Year ended Re-stated
31 December Year ended
2008 31 December
2007

£ £

NON-CURRENT ASSETS

Investments 100 100

TOTAL NON-CURRENT ASSETS 100 100

CURRENT ASSETS

Trade and other receivables 85,493 235,862

Cash and cash equivalents 148,850 405,014

TOTAL CURRENT ASSETS 234,343 640,876

TOTAL ASSETS 234,443 640,976

EQUITY

Share capital 798,227 798,227

Share premium account 2,723,241 2,723,241

Share based payment reserve 60,002 -

Other reserve 72,414 72,414

Retained earnings (3,901,486) (3,379,317)

TOTAL EQUITY (247,602) 214,565

CURRENT LIABILITIES

Trade and other payables 114,602 65,272

TOTAL CURRENT LIABILITIES 114,602 65,272

NON-CURRENT LIABILITIES

Borrowings 367,443 361,139

TOTAL NON-CURRENT LIABILITIES 367,443 361,139

TOTAL LIABILITIES 482,045 426,411

TOTAL EQUITY AND LIABILITIES 234,443 640,976

Consolidated statement of changes in equity

Share Share Share Other Retained Total
capital premium based reserves earnings equity
payment
account reserve

£ £ £ £ £ £

At 1 January 2008 798,227 2,723,241 - 72,414 (3,361,432) 232,450

Loss for the year - - - - (532,228) (532,228)

Total recognised 798,227 2,723,241 - 72,414 (3,893,660) (299,778)
income and expense

Share-based payment - - 60,002 - - 60,002
expense

At 31 December 2008 798,227 2,723,241 60,002 72,414 (3,893,660) (239,776)

Share Share Re-stated Re-stated Total
capital premium Retained equity
Other earnings
account reserves

£ £ £ £ £

At 1 January 2007 492,160 2,552,491 72,414 (3,147,805) (30,740)

Loss for the year - - - (213,627) (213,627)
(re-stated)

Total recognised income and 492,160 2,552,491 72,414 (3,361,432) (244,367)
expense

Shares issued during the 306,067 236,250 - - 542,317
year

Costs off-set against share - (65,500) - - (65,500)
premium

At 31 December 2007 798,227 2,723,241 72,414 (3,361,432) 232,450

Company statement of changes in equity

Share Share Share Other Retained Total
capital premium based reserves earnings equity
payment
account reserve

£ £ £ £ £ £

At 1 January 2008 798,227 2,723,241 - 72,414 (3,379,317) 214,565

Loss for the year - - - - (522,169) (522,169)

Total recognised 798,227 2,723,241 - 72,414 (3,901,486) (307,604)
income and expense

Share-based payment - - 60,002 - - 60,002
expense

At 31 December 2008 798,227 2,723,241 60,002 72,414 (3,901,486) (247,602)

Share Share Re-stated Re-stated Total
capital premium Retained equity
Other earnings
account reserves

£ £ £ £ £

At 1 January 2007 492,160 2,552,491 72,414 (3,163,351) (46,286)

Loss for the year - - - (215,966) (215,966)
(re-stated)

Total recognised income and 492,160 2,552,491 72,414 (3,379,317) (262,252)
expense

Shares issued during the 306,067 236,250 - - 542,317
year

Costs off-set against share - (65,500) - - (65,500)
premium

At 31 December 2007 798,227 2,723,241 72,414 (3,379,317) 214,565

Consolidated cash flow statement
Year to 31 Year to 31
December December
2008 2007

£ £

CASH FLOWS USED IN OPERATING ACTIVITIES (225,020) (434,775)

INVESTING ACTIVITIES

Interest received 12,659 13,063

Interest paid on loans (12,656) (12,587)

Reclassification of listed investments - 50,000

CASH FLOWS FROM INVESTING ACTIVITIES 3 50,476

FINANCING ACTIVITIES

Sale of listed investments - 159,000

Issue of ordinary shares - 542,317

Expense paid in connection with share issue - (65,500)

CASH FLOWS FROM FINANCING ACTIVITIES - 635,817

NET (DECREASE)/ INCREASE IN CASH AND CASH (225,017) 251,518
EQUIVALENTS

Cash and cash equivalents brought forward 414,684 163,166

CASH AND CASH EQUIVALENTS CARRIED FORWARD 189,667 414,684

Company cash flow statement
Year to 31 Year to 31
December December
2008 2007

£ £

CASH FLOWS USED IN OPERATING ACTIVITIES (255,706) (422,266)

INVESTING ACTIVITIES

Interest received 12,198 5,567

Interest paid on loans (12,656) (12,587)

Investment in subsidiary - (100)

Reclassification of listed investments - 50,000

CASH FLOWS (USED IN)/FROM INVESTING (458) 42,880
ACTIVITIES

FINANCING ACTIVITIES

Sale of listed investments - 159,000

Issue of ordinary shares - 542,317

Expense paid in connection with share issue - (65,500)

CASH FLOWS FROM FINANCING ACTIVITIES - 635,817

NET (DECREASE)/ INCREASE IN CASH AND CASH (256,164) 256,431
EQUIVALENTS

Cash and cash equivalents brought forward 405,014 148,583

CASH AND CASH EQUIVALENTS CARRIED FORWARD 148,850 405,014

Notes:

1. This statement has been prepared using accounting policies and presentation
consistent with those applied in the preparation of the statutory accounts
of the Company.

2. The summary accounts set out above do not constitute statutory accounts as
defined by Section 240 of the UK Companies Act 1985. The summarised balance
sheets at 31 December 2008 and the summarised income statement and,
summarised cash flow statements and summarised statement of changes in
equity for the year then ended have been extracted from the Group's 2008
statutory financial statements upon which the auditors' opinion is
unqualified. The results for the period ended 31 December 2007 have been
extracted from the statutory accounts for that period, which contain an
unqualified auditors' report.

3. The annual report and accounts were today posted to shareholders.

4. Basic loss per ordinary share for the year is based on the loss of £532,228
(2007: £213,627) and a weighted average of 397,964,658 (2007: 267,660,731)
ordinary shares.

For diluted loss per share, the weighted average number of ordinary shares in
issue is adjusted to assume conversion of all potential dilutive ordinary
shares. Items to be included in the calculation are:

- Options for ordinary shares

- Convertible loan notes for ordinary shares

The effect of conversion of all potential dilutive ordinary shares would have
an anti-dilutive effect on loss per share and therefore they have not been
incorporated in the diluted loss per share calculation.

Enquiries:

John May, Red Leopard Holdings Plc +44 (0) 20 7747 8385

Liam Murray, Dowgate Capital Advisers Limited +44 (0) 20 7492 4777

Neil Badger, Dowgate Capital Stockbrokers Limited +44 (0) 12 9351 7744

END