St Mark Homes Plc
Unaudited Interim Report for the six month period ended 30 June 2016
Review of operations for the six month period ended 30 June 2016
The Directors announce interim results for six months ended 30 June 2016. The company continues to trade as a residential developer.
A pre-tax profit of £315,493 (2015 - £144,348) arose during the period.
Distributions to shareholders have also been increased. A 2016 interim dividend of 5.0 pence per share (2015 – 4.5p) was declared on 29 June 2016 and was paid to shareholders on 15 July 2016.
The net assets per share were 137 pence (2015 – 122.5p) at the end of the reporting period.
The company made an offer for the entire share capital of St Mark Contracts Ltd on 17 June 2016. The offer was successful and was declared unconditional on 28 July 2016 (after the reporting period). The Directors believe that the acquisition will lead to a stronger and more profitable business going forward.
A summary of the progress on individual projects is detailed below:
Forsyth House, Richmond, TW9: Construction of the 26 units was completed in March 2016. Sales were exchanged and profits recognised on 19 units at the end of the reporting period. Since then sales on a further 3 units have completed. Further details can be viewed on the company website at http://www.stmarkhomes.co.uk/forsyth-house.html.
Railshead Road, St Margarets, TW7: Construction of the 21 residential units and commercial space are well advanced with completion expected in September 2016. Contracts have been exchanged on 10 residential units at 30 June 2016. Further information can be viewed on the company website at http://www.stmarkhomes.co.uk/st-margarets-waterside.html.
Sutton High Street, Sutton, SM1: Construction on this 40 residential units and commercial space on this project and is expected to complete in September 2016. Contracts have been exchanged on all residential units at 30 June 2016. The commercial space is under offer and legal negotiations are ongoing. Further sales details are available on the company website at http://www.stmarkhomes.co.uk/sutton-high-st.html.
Signed on behalf of the board
Unaudited Consolidated statement of comprehensive income for the six months ended 30 June 2016
|Cost of sales||(1,153,400)||(1,050,000)|
|Joint developers share of profit||(100,062)||(109,375)|
|Share of operating profit in joint venture||223,387||111,648|
|Profit before interest and taxation||212,564||93,736|
|Interest receivable and similar income||103,020||90,879|
|Interest payable and similar charges||(91)||(40,267)|
|Profit/(Loss) on ordinary activities before taxation||315,493||144,348|
|Taxation on ordinary activities||(63,099)||(28,870)|
|Profit /(Loss) on ordinary activities after taxation||252,394||115,478|
|Profit/ (Loss) per share – basic and diluted|
All amounts relate to continuing activities.
All recognised gains and losses in the current and prior period are included in the profit and loss account.
Unaudited Consolidated Balance sheet
at 30 June 2016
|Non Current assets|
|Cash at bank and in hand||31,662||238,345|
|Creditors: amounts falling|
|due within one year||(721,448)||(3,035,606)|
|Net current assets||4,049,725||3,621,367|
|Capital and reserves|
|Called up share capital||1,478,478||1,478,748|
|Capital redemption reserve||1,009,560||1,009,560|
|Profit and loss account||1,351,501||923,731|
Company Registration No 03822978
Notes forming part of the unaudited interim report
for the six months ended 30 June 2016
1. Accounting Policies
The financial information contained in this unaudited interim report has been prepared on the basis of the accounting policies set out in the St Mark Homes PLC audited financial statements for the year ended 31 December 2015, which have been applied consistently. The financial statements for the year ended 31 December 2015 have been filed at Companies House. The company’s auditors Kingston Smith LLP have not reviewed these interim accounts.
2. Taxation on Profit on ordinary activities
For the purpose of this unaudited interim report, the tax charge is calculated at 20% of the taxable (loss)/profit for the period.
3. Earnings per share
Earnings per share has been calculated by dividing the profit after tax for the period of £252,394 by the weighted average number of ordinary shares in issue of 2,957,495.
4. Non Statutory Financial Statements
The financial information contained in this unaudited interim report does not constitute full statutory financial statements as defined by section 240 of the Companies Act 1985.