Invesco Prop Inc Annual Financial Report -5-
29 11월 2014 - 1:15AM
UK Regulatory
rate swaps
Balance at 31 March 101,368 - 2,267 (208,202) 66,893 (37,674)
2014
The accompanying notes are an integral part of these financial statements.
.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AT 31 MARCH 2014
2014 2013
NOTES GBP'000 GBP'000
Non-current assets
Investment properties 108,221 191,028
108,221 191,028
Current assets
Trade and other receivables 3,187 5,744
Cash and cash equivalents 24,190 11,198
27,377 16,942
Assets classified as held for sale 19,156 -
Total assets 154,754 191,028
Current liabilities
Trade and other payables (13,001) (14,058)
Taxation (3,753) -
Interest rate swap liabilities (1,474) (149)
Currency rate swap liabilities (7,979) -
Obligations under finance lease (461) (458)
Bank loan (150,777) -
(177,445) (14,665)
Total assets less current liabilities (22,691) 176,363
Non-current liabilities
Bank loan - (191,288)
Other payables (1,420) (2,796)
Interest rate swap liabilities - (4,521)
Currency rate swap liabilities - (9,785)
Obligations under finance leases (7,154) (7,142)
Deferred taxation (6,409) (12,761)
(14,983) (228,293)
Net liabilities (37,674) (34,988)
Capital and reserves
Stated capital 4 101,368 101,368
Other reserve - (4,670)
Translation reserve 2,267 1,766
Capital reserves (208,202) (199,874)
Revenue reserves 66,893 66,422
Issued capital and reserves (37,674) (34,988)
Net asset value per ordinary share 5 (24.6)p (22.9)p
Approved by the Board of Directors on 27 November 2014.
Richard Barnes
Chairman
The accompanying notes are an integral part of these financial statements.
.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2014
2014 2013
GBP'000 GBP'000
Operating activities
Rent and service charges received 19,790 21,140
Bank interest received 3 5
Proceeds on swap disposal - (825)
Bank loan interest paid (8,357) (8,656)
Operating expense payments (10,921) (11,423)
Tax paid (134) (128)
Net cash from operating activities 381 113
Investing activities
Capital expenditures and incentives (1,080) (1,473)
Sale of investment properties 53,164 -
Net cash from/(used in) investing activities 52,084 (1,473)
Financing activities
Loan facility fee (324) -
Repayment of loan (39,172) (1,597)
Net cash used in financing activities (39,496) (1,597)
Increase/(decrease) in cash and cash equivalents 12,969 (2,957)
Cash and cash equivalents at beginning of year 11,198 14,004
Effect of foreign exchange changes 23 151
Cash and cash equivalents at end of year 24,190 11,198
.
NOTES TO THE FINANCIAL STATEMENTS
1. Accounting policies
A summary of the principal accounting policies, all of which have been applied
consistently throughout this and the previous year, is set out below.
(a) Going Concern
It was announced on 28 July 2014 that the Company would seek purchasers for all
the Group's remaining property assets. Since that date the Company has agreed
arrangements with its lenders for the extension of the loan facility to 31
December 2014 and the marketing and proposed sale of investment properties,
following which the Directors intend to begin the winding up of the Group
companies. Given these proposals for the effective termination of the Company's
business, the Directors do not consider it appropriate to treat the Company as
a going concern and the accounts have been prepared on a basis other than that
of a going concern.
The financial statements do not include any provision for the future costs of
winding up the group companies except to the extent that they were committed at
the end of the reporting period.
(b) Basis of Accounting
The financial statements of the Group have been prepared in accordance with
International Financial Reporting Standards (`IFRS') as adopted for use in the
European Union, which comprise standards and interpretations approved by the
International Accounting Standards Board (`IASB'), and International Accounting
Standards and Standing Interpretations Committee interpretations approved by
the International Accounting Standards Committee (`IASC') that remain in
effect, and were subsequently endorsed by the European Union.
The financial statements have been prepared on a basis other than that of a
going concern. Where presentational guidance set out in the Statement of
Recommended Practice (`SORP') for investment trusts issued by the Association
of Investment Companies (`AIC') in January 2009 is consistent with the
requirements of IFRS, the Directors have sought to prepare the financial
statements on a basis compliant with the recommendations of the SORP.
The preparation of the financial statements in conformity with IFRS requires
management to make judgements, estimates and assumptions that affect the
application of policies and the reported amounts of assets and liabilities,
income and expenses. The estimates and associated assumptions are based on
historical experience and various other factors that are believed to be
reasonable under the circumstances, the results of which form the basis of
making judgements about the carrying value of assets and liabilities that are
not readily apparent from other sources.
Actual results may differ from these estimates. The estimates and underlying
assumptions are reviewed on an ongoing basis. Revisions to accounting estimates
are recognised in the period in which the estimate is revised if the revision
only affects that period, or in the period of the revision and future periods
if the revision affects both current and future periods.
In applying the Group's accounting policies, the Directors make key judgements
and assumptions; the key sources of estimation and uncertainty are in the
following areas:
Property valuations
In determining the fair value of investment properties under IAS 40 at fair
value, there is a degree of uncertainty and judgement involved. The Group uses
external professional valuers to determine the relevant amounts. The valuers'
opinion is that, with market conditions which currently prevail, there is
likely to be a greater than usual degree of uncertainty in respect of
valuations. Until the number and consistency of comparable transactions
increase, this situation is likely to remain.
The Directors and the company's external valuers have also given consideration
to the valuations in light of the basis of preparation of the financial
statements and the realisable values of individual assets at the reporting
date.
Classification of leases
In determining whether leases and related properties represent operating or
finance leases, consideration is given to whether the tenant or landlord bears
the risks and rewards of ownership.
Non-current assets held for sale
A non-current asset is transferred to assets held for sale when it is expected
that the carrying amount will be recovered principally through sale rather than
continuing use. For this to be the case, the asset or disposal group must be
available for immediate sale in its present condition subject only to terms
that are usual and customary to sales of such property and its sale must be
highly probable. The following criteria must be met for a highly probable sale:
* Available for immediate sale in its present condition;
* Management committed to a plan to sell;
* Active program to locate the buyer and complete the plan must be initiated;
* The property must be actively marketed for sale at a price that is reasonable
in relation to its current fair value;
* The sale should be expected to qualify for recognition as a completed; and
* Sale within one year from the date of classification.
Non-current assets and disposal groups classified as held for sale are measured
Invesco Uk Property Income Trust (LSE:IPI)
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Invesco Uk Property Income Trust (LSE:IPI)
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