Source - RNS
RNS Number : 4052L
Ellenbrook Developments PLC
30 September 2016
 

 

 

 

Company Registration No. 04318115

 

 

 

 

 

 

 

 

ELLENBROOK DEVELOPMENTS PLC

 

 

INTERIM MANAGEMENT STATEMENT AND CONDENSED UNAUDITED INTERIM FINANCIAL STATEMENTS

 

 

 

FOR THE SIX MONTHS TO 30 JUNE 2016

 

 

 

 

 

 

 

ELLENBROOK DEVELOPMENTS PLC

 

INTERIM MANAGEMENT REPORT

 

 

The Directors have pleasure in submitting their Interim Management Report and Condensed Unaudited Interim Financial Statements for the six month period ended 30 June 2016.

 

Principal Activities and Business Review

 

There have not been any significant changes in the Company's principal activities in the period under review and there have been no important events to disclose.

 

Principal Risks and Uncertainties

 

Major Maintenance

 

The principal risk borne by the Company is that maintenance costs exceed those forecast in the financial model agreed at financial close. This risk is mitigated by regular management review of actual expenditure against budget and technical evaluations of the physical condition of the Residencies and Sports Village.

 

Service Performance and Unavailability

 

The Soft Services and Maintenance Services are monitored against agreed objective measures. Performance failures and failure which means an area may become unavailable may result in financial deductions, ultimately, in the University of Hertfordshire having the right to terminate the Project Agreement. Deductions of £17,448 (2015: £Nil) have been incurred in the period covered in these financial statements.

 

The Company has passed on its availability/performance risk to its sub-contractor via its Services Contract.

 

Dividends   

 

During the period the Company paid an interim dividend on the issued ordinary share capital of the Company of £300,000 (2015: Nil). 

 

Financial Reporting, Risk and Internal Controls

 

The Company has outsourced the financial reporting function to HCP Management Services Limited (HCP). The Board receives regular reports from HCP which address specific risks to the Company in a Risk Register, which contains a summary of all material and possible risks which the Company is exposed to, and is pertinent to the industry in which the Company operates and the Company's customer and sub-contractor environment. The Board also receives quarterly management accounts with explanations of variances from annual budgets and forecasts, which are in turn compared to the Financial Model, which represents the long-term business plan of the Company.

 

 

 

ELLENBROOK DEVELOPMENTS PLC

 

INTERIM MANAGEMENT REPORT (Continued)

 

 

Significant Shareholdings and Special Rights

 

The Company is 100% owned by Ellenbrook Holdings Limited. Ellenbrook Holdings Limited is 100% owned by DIF Infrastructure II (UK) Ltd. The largest group of which Ellenbrook Developments plc is consolidated in is DIF Infra II Feeder BV.

 

None of the Company's ordinary shares carry any special rights with regard to the control of the Company. There are no known arrangements under which financial rights are held by a person other than the beneficial owner of the shares and no known agreements on restrictions on share transfers (other than pre-emption rights between existing shareholders) or on voting rights.

 

 

 

 

 

 

 

 

 

 

On behalf of the Board

 

__________________

 

Helen Murphy

Director

 

                September 2016

 

Company registration no: 04318115

     

 


ELLENBROOK DEVELOPMENTS PLC

 

RESPONSIBILITY STATEMENT OF DIRECTORS IN RESPECT OF THE INTERIM MANAGEMENT REPORT

 

The Directors are responsible for preparing the Condensed Unaudited Interim Financial Statements in accordance with applicable law and regulations.  They are also responsible for ensuring that the Interim Management Report includes information required by the Listing Rules of the Financial Conduct Authority.

 

The Directors have elected to prepare the financial statements in accordance with applicable accounting standards. In preparing these financial statements the Directors are required to:

 

·     select suitable accounting policies and then apply them consistently;

·     make judgments and estimates that are reasonable and prudent;

·     state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

·     prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

 

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

The Directors confirm, to the best of their knowledge:

 

·       that the Condensed Unaudited Interim Financial Statements, which have been prepared in accordance with UK Generally Accepted Accounting Practice including Financial Reporting Standard 102, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company;

·       that the Interim Management Report includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it is exposed to;

·       that the appropriate disclosure under DTR 4.2.7R of the Disclosure and Transparency Rules has been made in the Interim Management Report as to any significant events that have occurred during the first six months of the financial year that have had a material impact on the Condensed Unaudited Interim Financial Statements; and

·       that the appropriate disclosure under DTR 4.2.7R of the Disclosure and Transparency Rules has been made in the Interim Management Report as to a description of the principal risks and uncertainties for the remaining six months of the financial year.

 

The financial information contained in the Condensed Unaudited Interim Financial Statements is pro-forma and does not constitute full statutory accounts within the meaning of section 435 of the Companies Act 2006.  The information has been extracted from the records of the Company for the six month periods ended 30 June 2016 and 30 June 2015 and for the year ended 31 December 2015.

 

 

On behalf of the Board

 

__________________

 

Helen Murphy

Director

 

 September 2016

 

Company registration no: 04318115

 

 

ELLENBROOK DEVELOPMENTS PLC

 

CONDENSED UNAUDITED INTERIM STATEMENT OF COMPREHENSIVE INCOME

 

FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2016

 

 

 

 

 


 

 

 

 

 

6m ended


6m ended


 

 

 

 

 

Jun-16


Jun-15


 

 

 

 

 

£000's


£000's


 

 

 

 

 

 

 

 

Turnover


 

 

 

 

1,637


1,643


 

 

 

 

 

 

 

 

Other operating charges


 

 

(1,416)


(1,404)


 

 

 

 

 




Operating Profit


 

 

 

221


239


 

 

 

 

 

 

 

 

Interest payable and similar charges


 

(1,159)


(1,346)

Interest receivable and similar income


 

2,004


2,100


 

 

 

 

 




Profit on ordinary activities before taxation


1,066


993


 

 

 

 

 

 

 

 

Tax on profit on ordinary activities


 

(258)


(380)


 

 

 

 

 

 

 

 

 

 

 

 

 

 




Profit on ordinary activities after taxation


808


613


 

 

 

 

 

 

 

 

Total comprehensive income for the period


808


613

 

 

 

 

Company registration no: 04318115

ELLENBROOK DEVELOPMENTS PLC

 

CONDENSED UNAUDITED INTERIM STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2016

 

 

 


 

 

30 June 2016


30 June 2015


 

Notes

£000's


£000's


 

 

 

 

 

Current Assets


 

 

 

 

 

 

 

 

 

 

Debtors: Amounts falling due within one year


2,520


2,847

Debtors: Amounts falling due after more than one year


52,018


55,679

Cash at Bank


 

8,264


9,355


 

 

62,802


67,881


 

 

 

 

 

Current Liabilities


 

 

 

 

Creditors : Amounts falling due within one year


(5,470)


(5,273)


 

 




Total assets less current liabilities


 

57,332


62,608


 

 

 

 

 

Creditors : Amounts falling due after more than one year


(56,097)


(61,933)


 

 

 

 

 

Provisions for liabilities and charges


 

(244)


(194)


 

 

 

 

 

Net assets


 

991


481


 

 

 

 

 

 

 

 

 

 

 

Capital and reserves


 

 

 

 

 

 

 

 

 

 

Called up share capital


 

50


50

Profit and loss account


1

941


431


 

 

 

 

 

Total shareholder's funds


 

991


481

 

  

The financial statements were approved and authorised for issue by the board and were signed on its behalf on    September 2016.

 

 

__________________  

Helen Murphy

Director

 

 

 

 

ELLENBROOK DEVELOPMENTS PLC

 

CONDENSED UNAUDITED STATEMENT OF CHANGES IN EQUITY

 

FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2016

 

                 

 

                                                                                                                                                      

 

 

 


Profit & Loss Account


Share Capital


Total


£000's


£000's


£000's


 

 

 

 

 

Balance at 1 January 2015

(186)


50


(136)

Total comprehensive income for the period

613


   -  


613

Dividends

   -  


   -  


   -  

Balance at 30 June 2015

427


50


477


 

 

 

 

 

Total comprehensive income for the period

591


   -  


591

Dividends

(585)


   -  


(585)

Balance at 31 December 2015

433


50


483


 

 

 

 

 

Total comprehensive income for the period

808


   -  


808

Dividends

(300)


   -  


(300)

Balance at 30 June 2016

508


50


991

 

 

 

As at 30 June 2016 there were no dividends either proposed or declared.

 

 

 

 

ELLENBROOK DEVELOPMENTS PLC

 

NOTES TO THE CONDENSED UNAUDITED INTERIM FINANCIAL STATEMENTS

 

FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2016

 

 

 

 

1.         The date of transition to FRS 102 was 1st January 2014. There have been no adjustments as a result of the transition to FRS 102.

 

 

 

 

 

 

 


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