TIDMSTE
RNS Number : 3388H
Stewart & Wight PLC
07 June 2017
STEWART & WIGHT PLC
-
CHAIRMAN'S STATEMENT
A satisfactory year. I am pleased to report that the Company
made a net profit of GBP555,723
after tax and expenses for the year ended 31 March 2017. Gross
rental income rose to GBP938,342 compared with GBP901,717 in the
previous year. Administrative expenses were GBP95,708 as against
GBP98,206 previously. Financial expenses rose to GBP54,026
(GBP27,276) due to increased borrowing as mentioned below.
The properties owned by the Company as at 31 March 2017 were
valued professionally at GBP13,605,000. The value of the properties
owned throughout the year (excluding those purchased or sold)
decreased by 1.45 per cent. During the year the Company sold its
two properties in South Shields which in aggregate led to a slight
gain over their previous valuation. The property in Woodbridge
which the Company purchased in 2015 and let to Joules was sold at a
significant gain. During the year the Company purchased three new
properties in Truro, Barnstaple and Middlesbrough respectively. The
Board considers that they will prove to be valuable additions to
the Company's portfolio of properties. All the Company's tenants
are up-to-date with their rents and there are no vacancies.
In order to finance the purchase of the properties mentioned
above, the Company has taken a further loan of GBP1 million from
Barclays Bank. In addition, the Company has also been taking
bridging finance from a related party at an interest rate of 4% per
annum. The Board continues to search for property investments to
add to the Company's portfolio and will borrow further when, and
if, appropriate.
An interim dividend of 10 pence per ordinary share was paid in
April 2017 and the Board has decided to recommend a final dividend
of 14.5p per share payable on 18 October 2017 to shareholders
registered at close of business on 22 September 2017. This
represents a total dividend of 24.5p per share compared with 24p
last year.
The net asset value of each ordinary share was GBP7.25 per share
as at 31 March 2017 compared with GBP7.13 at 31 March 2016.
The Board has chosen the same venue as last year for this year's
Annual General Meeting which will be held at Stanmore Golf Club, 29
Gordon Avenue, Stanmore on 6 September 2017.
In conclusion, I would like to thank my co-directors and the
Company's advisers for their continued help and assistance.
MICHAEL CONN
Chairman
6 June 2017
Stewart & Wight PLC
Statement of comprehensive income (audited)
for the year ended 31 March 2017
Year to Year to
31 March 31 March
2017 2016
GBP GBP
----------------------- ----------
Gross rental income 938,342 901,717
Property operating expenses (44,278) (86,862)
----------------------- ----------
Net rental income 894,064 814,855
Profit/(Loss) on disposal
of investment property 60,327 (62,299)
Valuation gains on investment
properties 598,052 1,265,053
Valuation losses on investment
properties (697,039) (170,000)
Administrative expenses (95,708) (98,206)
----------------------- ----------
Net operating profit before
financing 759,696 1,749,403
Financial expenses (54,026) (27,276)
----------------------- ----------
Profit before taxation 705,670 1,722,127
Taxation 149,947 138,788
----------------------- ----------
Profit and total comprehensive
income 555,723 1,583,339
Basic earnings per share 35.44p 100.96p
----------------------- ----------
Stewart & Wight PLC
Balance sheet (audited)
as at 31 March 2017
31 March 31 March
2017 2016
GBP GBP
----------- -----------
Assets
Non-current assets
Investment property 13,605,000 12,205,000
Total non current assets 13,605,000 12,205,000
=========== ===========
Current assets
Trade and other receivables 14,675 -
Cash and cash equivalents 129,520 418,710
----------- -----------
Total current assets 144,195 418,710
----------- -----------
Total assets 13,749,195 12,623,710
=========== ===========
Liabilities
Current liabilities
Interest bearing loan and
borrowings 117,332 50,000
Current tax 148,866 137,707
Trade and other payables 318,328 326,522
----------- -----------
Total current liabilities 584,526 514,229
----------- -----------
Non-current liabilities
Interest bearing loans
and borrowings 1,800,835 925,000
Total non-current liabilities 1,868,167 925,000
----------- -----------
Total liabilities 2,385,361 1,439,229
----------- -----------
Net assets 11,363,834 11,184,481
=========== ===========
Equity
Called up share capital 89,866 89,866
Other reserve 25,670 25,670
Share premium reserve 246,000 246,000
Retained earnings 11,002,298 10,822,945
----------- -----------
Total equity 11,363,834 11,184,481
=========== ===========
Stewart & Wight PLC
Statement of Changes in Shareholders' Equity (audited)
from 1 April 2015 to 31 March 2017
Retained Other Share Total
earnings reserves capital
GBP GBP GBP GBP
At 1 April 2015 9,600,292 271,670 89,866 9,961,828
Total comprehensive
income 1,583,339 - - 1,583,339
Dividends to
shareholders (360,686) - - (360,686)
As at 31 March
2016 and 1 April
2016 10,822,945 271,670 89,866 11,184,481
Total comprehensive
income 555,723 - - 555,723
Dividends to
shareholders (376,370) - - (376,370)
As at 31 March
2017 11,002,298 271,670 89,866 11,363,834
============ ========== ========= ===========
Shareholders' funds include non-equity shareholders' funds of
GBP11,456 (2016: GBP11,456). These relate to deferred ordinary
shares of 328p each and have attached to them the right to a return
of capital on winding up; they do not confer any voting, dividend
or redemption rights. The company has the right to purchase all of
the deferred shares in issue for an aggregate consideration of
GBP1.00.
Stewart & Wight PLC
Cash flow statement (audited)
for the year ended 31 March 2017
Year to Year to
31 March 31 March
2017 2016
GBP GBP
------------ ------------
Operating activities
Profit for the period 555,723 1,583,339
Adjustments for:
Net valuation gains on investment
property 98,987 (1,095,053)
(Profit)/loss on disposal
of investment property (60,327) 62,299
Interest expense 54,026 27,276
Taxation 149,947 138,788
------------ ------------
Operating profit before
changes in working capital
and provisions 798,356 716,649
Change in receivables (14,675) -
Change in payables (8,194) 6,086
------------ ------------
Cash generated from operations 775,487 722,735
Net interest paid (54,026) (27,276)
Tax paid (138,788) (32,245)
------------ ------------
Cash flow from operating
activities 582,673 663,214
------------ ------------
Investing activities
Purchase of investment property (2,638,987) (1,664,947)
Sale of investment property 1,200,327 687,701
Sale of investment
Cash used in investing activities (1,438,660) (977,246)
------------ ------------
Financing activities
Cash inflow from loans 1,010,000 2,020,000
Cash outflow from loan repayments (66,833) (1,045,000)
Dividend paid (376,370) (360,686)
------------ ------------
Cash flow from financing
activities 566,797 614,314
------------ ------------
Net (decrease)/increase
in cash and cash equivalents (289,190) 300,282
Cash and cash equivalents
at 1 April 2016 418,710 118,428
------------ ------------
Cash and cash equivalents
at 31 March 2017 129,520 418,710
============ ============
Stewart & Wight PLC
Notes to the accounts
1. This preliminary announcement was approved for issue by a
duly appointed and authorised committee of the Board of Directors
on 6 June 2017.
2. Basis of preparation
While the financial information included in this preliminary
announcement has been prepared in accordance with the recognition
and measurement principles of International Financial Reporting
Standards (IFRS) as endorsed for the use in the European Union,
this announcement does not itself contain sufficient information to
comply with IFRS.
3 Taxation Year to Year to
31 March 31 March
2017 2016
GBP GBP
Current tax 148,866 138,788
Adjustment in respect 1,081 -
of previous year
149,947 138,788
============ ============
There is a potential deferred tax asset
of GBP520,027 (2016: GBP487,000) in
respect of capital losses and the revaluation
of properties. In accordance with the
deferred tax accounting policy, the
deferred tax asset is not being recognised
on the basis that it is not probable
that taxable capital gains will be available
against which these deductible temporary
timing differences can be utilised.
4 Earnings per share
The calculation of profit per share
is based on the profit for the period
of GBP555,723 (2016: GBP1,583,339) and
on 1,568,209 shares (2016: 1,568,209)
which is the weighted average number
of shares in issue during the year ended
31 March 2017.
5 Dividends Year to Year to
31 March 31 March
2017 2016
GBP GBP
The following dividends
have been paid by the
Company
Ordinary shares - final
dividend paid 376,370 360,686
------------ ------------
376,370 360,686
============ ============
Dividends of 24p per ordinary share
were paid in the year. The proposed
dividend for the year ended 31 March
2017 is 14.5 pence per ordinary share
and is subject to approval by the shareholders
at the annual general meeting and has
not been included in these financial
statements. The total dividend proposed
amounts to GBP227,390. An interim dividend
was paid after the year end of 10 pence
per ordinary share amounting to GBP156,821
and has not been included in these
accounts.
6 Investment Property 31 March 31 March
2017 2016
GBP GBP
Valuation at 1 April
2016 12,205,000 10,195,000
Additions 2,638,987 1,664,947
Disposals (1,140,000) (750,000)
(Deficit)/surplus on
revaluation (98,987) 1,095,053
------------ ------------
As at 31 March 2017 13,605,000 12,205,000
============ ============
Boddy & Edwards, independent chartered
surveyors, carried out an independent
valuation of the properties at a fair
value amounting to GBP13,605,000 at
31 March 2017. The valuation was made
in accordance with the appraisal and
valuation manual of the Royal Institution
of Chartered Surveyors with key basis
including location, rental growth and
length of lease. This has been reflected
in these accounts.
7 Final and interim ordinary dividend
A final ordinary dividend of 14.5 pence
per ordinary share will be paid on 18
October 2017 to shareholders registered
at the close of business on 22 September
2017. An interim dividend was paid on
4 April 2017 of 10 pence per ordinary
share.
8. Share capital
The aggregate issued share capital of
the company remained GBP89,866 being
1,568,209 ordinary shares of 5p each
and 3,489 deferred ordinary shares of
328p each.
9 Accounting policies
The accounting policies have been consistently
applied and are consistent with the most
recently published full accounts.
10 Limitation
The above does not constitute full accounts
within the meaning of section 434 of the
Companies Act 2006. It is an extract from
the full accounts for the year ended 31
March 2017 which are audited. The auditor's
report on those financial statements is
unqualified and does not contain any statement
under section 498(2) or (3) of the Companies
Act 2006. The accounts will be posted
to all shareholders on or before 6 August
2017 and subsequently filed at Companies
House.
11 The Annual General Meeting will be
held on 6 September 2017
12 The registered office of the company
is at 845 Finchley Road, London NW11
8NA. The incorporation number of the
company is 57142
For enquiries about buying and selling shares in Stewart and
Wight Plc please contact Mr
Lawrence Marshom ,Walker Crips Stockbrokers Limited, Finsbury
Tower,103-105 Bunhill Row,
London ,EC1Y 8LZ.Telephone:44 (0)20 3100 8660
Registered office - 845 Finchley Road, London, NW11 8NA,
Registered in England No, 57142
This information is provided by RNS
The company news service from the London Stock Exchange
END
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