Source - LSE Regulatory
RNS Number : 7867W
Smart(J.)&Co(Contractors) PLC
23 April 2019
 

 

 

 

 

 

J. SMART & CO. (CONTRACTORS) PLC

 

 

 

 

 

INTERIM REPORT

 

FOR THE SIX MONTHS TO

 

31st JANUARY 2019

 

 

 

 

 

J SMART & CO. (CONTRACTORS) PLC

 

CHAIRMAN'S REVIEW

 

 

INTERIM REPORT

Unaudited Group profit for the six months to 31st January 2019 amounted to £639,000 compared with £962,000 for the corresponding period last year.  Group turnover decreased by 39%.

 

In accordance with our normal practice, there has been no revaluation of our investment properties at the end of the half year.  If a half year revaluation had taken place, we believe that there would have been an uplift in the valuation, which would have had a material effect on the headline figures.

 

There were no private residential sales this half year, but the first sales at our current private housing development at West Bowling Green Street, Edinburgh have just concluded.

 

The first unit at our joint venture development at Gartcosh has now been completed.

 

Our serviced office company, Smart Serviced Offices Limited, has refurbished a third suite at Links Place, Leith, Edinburgh, to provide further serviced office space.

 

The current site progress in contracting is satisfactory.

 

As reported in post balance sheet events in the last report, due to a substantial loss in that financial year and losses in previous years, the decision was taken to cease trading in the subsidiary company, Concrete Products (Kirkcaldy) Limited.  Trading has now ceased at Concrete Products and I will report further at the year end when the financial cost of cessation will be clearer.

 

INTERIM DIVIDEND

The Board announces an interim dividend of 0.95p per share (2018, 0.95p) to be paid on 3rd June 2019 to shareholders on the register at the close of business on 10th May 2019.  The interim dividend will cost the Company no more than £412,000.

 

FUTURE PROSPECTS

We have substantially less work in hand in contracting than the same time last year.  Margins remain no better than last year.  Both our social housing contracts at West Bowling Green Street and Ferrymuir are progressing well.  However, as previously reported, it is by no means certain that new contracting work will be secured this financial year.

 

As mentioned above, sales at our private housing development at West Bowling Green Street have commenced and will continue into the next financial year.  Reservations remain at an encouraging level.

 

Commercial property valuation levels have improved since last year.  Also, lettings of both our industrial and office stock are still robust.

 

The third phase of speculative industrial development at West Edinburgh Business Park may commence this financial year.

 

Both our private housing sales and our commercial property activity have prospered in spite of the seemingly never ending political uncertainty, but it remains to be seen when the cyclical nature of the property markets may take effect.

 

At this stage it is difficult to make an accurate forecast of the year end figures, but due to our reduced turnover and cost of cessation of trading at Concrete Products, our underlying profit for the financial year may be less than the previous year.

 

 

23rd April 2019

D.W. SMART

Chairman

 

 

CONSOLIDATED INCOME STATEMENT

 

 

 

 

 

Notes

6 Months

ended

31.1.19

(Unaudited)

6 Months

ended

31.1.18

(Unaudited)

Year

ended

31.7.18

(Audited)

 

 

 

Restated

(Note 2)

Restated

(Note 2)

 

 

£000 

£000 

£000 

 

 

 

 

 

 

 

 

 

Group construction activities

 

5,100 

8,390 

12,502 

Less:  Own construction work capitalised

 

 (46)

 (1,623)

 (1,847)

REVENUE

 

5,054 

6,767 

10,655 

 

Cost of sales

 

(4,719)

(5,246)

(8,118)

 

 

 

 

 

GROSS PROFIT

 

335 

1,521 

2,537 

 

Other operating income

 

 

3,644 

2,898 

 

6,352 

Net operating expenses

 

 (3,418)

 (3,569)

  (7,185)

 

 

 

 

 

OPERATING PROFIT BEFORE PROFIT ON SALE AND NET SURPLUS ON VALUATION OF INVESTMENT PROPERTIES

 

 

 

561 

850 

1,704

Profit arising on sale of investment properties

 

Net surplus on valuation of investment properties

 

2,859 

 

 

 

 

 

OPERATING PROFIT

 

561 

850 

4,563 

 

Share of profits in Joint Ventures

 

61 

14 

463 

Income from available for sale financial assets

 

23 

16 

43 

Profit on sale of available for sale financial assets

 

10 

Net (deficit)/surplus on valuation of available for sale financial assets

 

(48)

41 

106 

Finance income

 

32 

41 

180 

 

 

 

 

 

PROFIT BEFORE TAX

 

639 

962 

5,357 

 

Taxation

 

5

 (140)

 (183)

 

   (415)

 

PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS

 

499 

779 

4,942 

 

EARNINGS PER SHARE - BASIC AND DILUTED

 

 

7

 

 

1.14p

 

 

1.75p

 

 

11.11p

 

 

                                                                                             

 

  

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 

 

 

 

 

6 Months

ended

31.1.19

(Unaudited)

6 Months

ended

31.1.18

(Unaudited)

Year

ended

31.7.18

(Audited)

 

 

 

Restated

(Note 2)

Restated

(Note 2)

 

 

£000 

£000 

£000 

Profit for the period

 

 

499 

 

779 

4,942 

 

 

 

 

 

Items that will not be subsequently reclassified to Income Statement:

 

 

Actuarial gain recognised in defined benefit

pension scheme

 

 

111 

Deferred taxation on actuarial gain

 

 (19)

Total items that will not be subsequently reclassified to Income Statement

 

92 

 

Total other comprehensive income

 

92 

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD, NET OF TAX

 

499 

779 

5,034 

ATTRIBUTABLE TO EQUITY SHAREHOLDERS

499 

779 

5,034 

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

 

 

 

 

 

Notes

Share Capital

Capital Redemption Reserve

Retained Earnings

Total

 

 

 

£000 

£000 

£000

£000

 

 

 

 

 

 

 

As at 1st August 2018 (Restated)

2

880 

128 

95,585

96,593

 

 

 

 

 

 

 

Profit for the period

 

 

499

499

Other comprehensive income

 

Total comprehensive income for period

499 

499

 

 

 

 

 

 

 

TRANSACTIONS WITH OWNERS, RECORDED DIRECTLY IN EQUITY

 

Shares purchased and cancelled

 

(8)

(451)

(459)

Transfer to Capital Redemption Reserve

(8)

Dividends

 

6

(402)

(402)

Total transactions with owners

 

(8)

(861)

(861)

 

 

 

 

 

 

 

As at 31st January 2019

 

 

872 

136 

95,223

96,231

                 

           

 

 

 

 

 

Notes

Share Capital

Capital Redemption Reserve

Retained Earnings

Total

 

 

 

£000 

£000

£000

£000

 

 

 

 

 

 

 

As at 1st August 2017 (Restated)

2

896 

112 

92,850

93,858

 

 

 

 

 

 

 

Profit for the period

 

 

779

779

Other comprehensive income

 

Total comprehensive income for period

779

779

 

 

 

 

 

 

 

TRANSACTIONS WITH OWNERS, RECORDED DIRECTLY IN EQUITY

 

Shares purchased and cancelled

 

(5)

(255)

(260)

Transfer to Capital Redemption Reserve

(5)

Dividends

 

(968)

(968)

Total transactions with owners

 

(5)

(1,228)

(1,228)

 

 

 

 

 

 

 

As at 31st January 2018 (Restated)

 

891 

117 

92,401

93,409

                 

 

 

 

 

 

 

 

 

Notes

Share Capital

Capital Redemption Reserve

Retained Earnings

Total

 

 

 

£000 

£000

£000

£000

 

 

 

 

 

 

 

As at 1st August 2017 (Restated)

2

896 

112 

92,850

93,858

 

 

 

 

 

 

 

Profit for the period

 

 

4,942

4,942

Other comprehensive income

 

92

92

Total comprehensive income for period

5,034

5,034

 

 

 

 

 

 

 

TRANSACTIONS WITH OWNERS, RECORDED DIRECTLY IN EQUITY

 

Shares purchased and cancelled

 

(16)

(892)

(908)

Transfer to Capital Redemption Reserve

16 

(16)

Dividends

 

(1,391)

(1,391)

Total transactions with owners

 

(16)

16 

(2,299)

(2,299)

 

 

 

 

 

 

 

As at 31st July 2018 (Restated)

 

880 

128 

95,585

96,593

                 

 

 

  

 

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 

 

 

 

 

 

6 Months

ended

31.1.19

(Unaudited)

6 Months

ended

31.1.18

(Unaudited)

Year

ended

31.7.18

(Audited)

 

 

 

Restated

(Note 2)

Restated

(Note 2)

 

 

£000 

£000 

£000 

 

NON-CURRENT ASSETS

 

 

 

 

 

Property, plant and equipment

 

1,393

1,406

1,308

Investment properties

 

69,594

66,435

69,532

Investments in Joint Ventures

 

70

319

68

Available for sale financial assets

 

951

1,041

1,099

Trade and other receivables

 

857

857

Retirement benefit surplus

 

4,205

3,862

4,205

Deferred tax assets

 

      94

      58

     94

 

 

  77,164

  73,121

77,163

 

CURRENT ASSETS

 

 

 

 

Inventories

 

 11,805

 5,241

8,807

Trade and other receivables

 

4,448

5,500

4,540

Monies held on deposit

 

48

4,045

48

Cash and cash equivalents

 

  22,247

  24,734

 23,586

 

 

  38,548

  39,520

 36,981

 

 

 

 

 

TOTAL ASSETS

 

115,712

112,641

114,144

 

NON-CURRENT LIABILITIES

 

 

 

 

Deferred tax liabilities

 

   1,995

   1,926

   1,995

 

CURRENT LIABILITIES

 

 

 

 

Trade and other payables

 

4,629

4,297

3,580

Corporation tax liability

 

110

151

118

Bank overdraft

 

   12,747

   12,858

 11,858

 

 

 17,486

 17,306

 15,556

 

 

 

 

 

TOTAL LIABILITIES

 

 19,481

 19,232

 17,551

 

NET ASSETS

 

 

 96,231

 

 93,409

 

 96,593

 

EQUITY

 

 

 

 

Called up share capital

 

     872

     891

880

Capital redemption reserve

 

     136

     117

128

Retained earnings

 

  95,223

  92,401

 95,585

TOTAL EQUITY

 

  96,231

  93,409

 96,593

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF CASH FLOWS

 

 

 

 

 

Notes

6 Months

ended

31.1.19

(Unaudited)

6 Months

ended

31.1.18

(Unaudited)

Year

ended

31.7.18

(Audited)

 

 

£000 

£000 

£000 

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

9

(1,101)

(1,208)

(4,306)

 

Tax paid

 

(148)

(191)

(442)

 

NET CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

  (1,249)

 

 

  (1,399)

(4,748)

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

Additions to property, plant and equipment

 

(254)

(183)

(454)

Additions to investment properties

 

(16)

(13)

(27)

Expenditure on own work capitalised - investment properties

 

 

(46)

 

(1,623)

 

(1,847)

Sale of property, plant and equipment

 

57 

93 

Proceeds of sale of available for sale financial assets

110 

Increase/(decrease) in monies held on deposit

 

(1,509)

2,488 

Interest received

 

29 

41 

80 

Dividend received from Joint Ventures

 

59 

700 

NET CASH FLOWS FROM INVESTING ACTIVITIES

 

 

(118)

 

(3,230)

1,042 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

Purchase of own shares

 

   (459)

   (260)

   (908)

Dividends paid

 

   (402)

   (968)

   (1,391)

NET CASH FLOWS FROM FINANCING ACTIVITIES

 

 

   (861)

 

   (1,228)

 

   (2,299)

 

DECREASE IN CASH AND CASH EQUIVALENTS

 

 

   (2,228)

 

   (5,857)

 

   (6,005)

 

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD

 

 

 

11,728 

 

 

17,733 

 

 

17,733 

 

CASH AND CASH EQUIVALENTS AT END OF PERIOD

 

 

 

 

9,500 

 

 

11,876 

 

 

11,728 

 

 

 

 

 

 

NOTES TO INTERIM FINANCIAL STATEMENTS

 

1.         BASIS OF PREPARATION

 

J. Smart & Co. (Contractors) PLC is a company domiciled in the United Kingdom.  The condensed consolidated interim financial statements of the Company for the six months ended 31st January 2019 comprise the Company and its Subsidiaries, together referred to as the Group, and the Group's interest in jointly controlled entities.

 

The condensed consolidated interim financial statements for the six months to 31st January 2019 have been prepared in accordance with the Disclosure and Transparency Rules of the Financial Conduct Authority and with IAS 34: Interim Financial Reporting as adopted by the European Union. 

 

The condensed consolidated interim financial statements for the six months to 31st January 2019 do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006.  The condensed consolidated interim financial statements should be read in conjunction with the annual financial statements for the year to 31st July 2018, which have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union.

 

The statutory financial statements for the year to 31st July 2018 have been filed with the Registrar of Companies and a copy may be obtained from Companies House.  These have been audited and contain an unqualified audit opinion, did not draw attention to any matters by way of emphasis and did not contain a statement under Section 498 of the Companies Act 2006.

 

The condensed consolidated interim financial statements have not been audited or reviewed by the Company's auditor.  A copy of the interim financial statements will be available on the Company's website www.jsmart.co.uk.

 

2.         ACCOUNTING POLICIES

 

The condensed consolidated interim financial statements have been prepared under the historical cost convention except where the measurement of balances at fair value is required for investment properties, available for sale financial assets and assets held by defined benefit pension scheme.

 

The accounting policies adopted are consistent with those followed in the preparation of the Group's annual financial statements for the year ended 31st July 2018, with the exception of the policies regarding the accounting for pension scheme obligations and investment properties revaluations and the adoption of IFRS 9: Financial Instruments and IFRS 15: Revenue from Contracts with Customers, details of which are given below.  

 

For the condensed consolidated interim financial statements the assets and liabilities of the pension scheme are estimated to be unchanged from the values included at the previous year end.  Also, in accordance with long standing practice, the Group's investment properties are revalued annually on 31st July each year.  No revaluation adjustment is made in the condensed consolidated interim financial statements.

 

IFRS 9: Financial Instruments became effective as from 1st August 2018.  This standard impacts for the Group on the accounting for revaluation surpluses or deficits on its available for sale financial assets.  Previously these surpluses or deficits were accounted for in the Consolidated Statement of Comprehensive Income together with the taxation impact of these surpluses or deficits.  Under IFRS 9 these surpluses or deficits are accounted for in the Consolidated Income Statement together with taxation impact.  There is no impact on the valuation of the available for sale financial assets or the deferred tax provision in relation to their valuation in the Consolidated Statement of Financial Position.  Within the Equity section of the Consolidated Statement of Financial Position the Fair value reserve no long exists and the Retained earnings have increased by the balance previously disclosed as Fair value reserve.

 

 

The application of IFRS 9: Financial Instruments has been applied retrospectively and accordingly the comparative figures have been restated for the six months to 31st January 2018 and for the year to 31st July 2018. 

 

The table below details the impact of the application of IFRS 9: Financial Instruments on the Consolidated Income Statement and the Consolidated Statement of Comprehensive Income for the six months to 31st January 2018 and the year to 31st July 2018:

 

CONSOLIDATED INCOME STATEMENT

 

 

 

 

 

 

 

 

 

 

6 Months

ended

31.1.18

(Unaudited)

Year

ended

31.7.18

(Audited)

 

 

 

£000 

£000 

PROFIT BEFORE TAX (as previously reported)

 

921 

5,253 

 

Impact of net surplus on valuation of available for sale financial assets

41

104 

 

 

 

 

 

 

 

 

962 

5,357 

 

 

 

 

 

 

 

 

 

 

TAX (as previously reported)

 

 

   (180)

   (402)

Impact of deferred tax adjustment on fair value reserve

 

   (3)

   (13)

 

 

 

 

 

 

 

 

   (183)

   (415)

 

 

 

 

 

 

 

 

 

 

PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS - REVISED

779

4,942

 

 

 

 

 

Impact on profit for the period - increase

 

 

38

91

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 

 

 

 

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD (as previously reported)

779 

5,034 

 

Impact on profit for the period - increase (as above)

 

38 

91 

 

 

 

 

 

 

 

 

817 

5,125

 

 

 

 

 

Other comprehensive income relating to fair value of available for sale financial assets - no longer accounted for in Statement of Comprehensive Income

   (38)

   (91)

 

 

 

 

 

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD - REVISED

779 

5,034 

 

 

 

 

 

PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS - REVISED

779

5,034

 

 

 

 

 

 

IFRS 15: Revenue from Contracts with Customers became effective as from 1st August 2018 and it replaces IAS 11: Construction Contracts and IAS 18: Revenue and sets out the criteria for revenue recognition with regards to performance obligations.  In respect of construction contracts this standard will have no impact on revenue from customers as the standard allows for the recognition of revenue over time which is the Group's practice.  The recognition of revenue from private house sales or sales of land will not be impacted on by the new standard.  This standard does not apply to rental income from our investment properties but does apply to service charge income and other property related income and income from sale of investment properties. The new standard does not impact on the Group's current practice of recognition of these income types. 

 

Interpretations effective in period

The following new standards, amendments to standards and interpretations relevant to the Group were issued by the International Accounting Standards Board and are mandatory for the Group for the first time in the financial year to 31st July 2019:

·     IFRS 9: Financial Instruments.

·     IFRS 15: Revenue from Contracts with Customers.

·     IAS 40 (Amended): Investment Property

 

The impact of the implementation of IFRS 9 and IFRS 15 are detailed above.  With regards to IAS 40: Investments Properties the amendment relates to transfers to and from investment properties and had no impact on the financial statements for the period to 31st January 2019.

 

Estimates and assumptions

The preparation of the condensed consolidated interim financial statements requires management to make estimates and assumptions concerning the future that may affect the application of accounting policies and the reported amounts of assets, liabilities and income and expenses.  Management believes that the estimates and assumptions used in the preparation of these accounts are reasonable.  However, actual outcomes may differ from those anticipated.

 

Going concern

The Directors have a reasonable expectation that the Company and Group as a whole have adequate resources to continue in operational existence for the foreseeable future, being a period of not less than twelve months from the date of these accounts.  For this reason, the Directors continue to adopt the going concern basis in preparing the condensed consolidated interim financial statements.

 

3.         PRINCIPAL RISKS AND UNCERTAINTIES

 

The principal risks and uncertainties which could have a material impact on the Group's performance for the remainder of the current financial year remain the same as those detailed in the Group's Annual Report and Financial Statements for the year to 31st July 2018.

 

 4.         SEGMENTAL INFORMATION

 

The Group has identified operating segments on the basis of internal reporting components that are regularly reviewed by the chief operating decision maker to allow the allocation of resources to segments and assess their performance.  The Board of Directors has been recognised as the chief operating decision maker.

 

All revenue arises from activities within the UK and therefore the Board of Directors does not consider the business from a geographical perspective.  The operating segments are based on activity and performance of an operating segment is based on a measure of operating results.

 

 

External

Revenue

Internal

Revenue

Total

Revenue

Operating Profit/(Loss)

31.1.19

31.1.18

31.7.18

 

 

 

 

 

Restated

(Note 2)

Restated

(Note 2)

 

£000 

£000 

£000

£000 

£000 

£000

31st JANUARY 2019

(Unaudited)

 

 

 

 

 

 

Construction activities

5,054

46

5,100

(1,748)

Investment activities

 3,644

  3,644

 2,309 

 

8,698

46

8,744

561 

 

 

 

 

 

 

 

31st JANUARY 2018

(Unaudited) (Restated Note 2)

 

 

 

 

 

 

Construction activities

6,767

1,623

8,390

(632)

Investment activities

 2,898

  2,898

 1,482 

 

9,665

1,623

11,288

850 

 

 

 

 

 

 

 

31st JULY 2018

(Audited) (Restated Note 2)

 

 

 

 

 

 

Construction activities

10,655

1,847

12,502

(1,854)

Investment activities

  6,352

  6,352

 6,417 

 

17,007

1,847

18,854

 4,563 

 

OPERATING PROFIT

 

 

 

 

561 

850 

 4,563 

Share of results of Joint Ventures

 

 

 

61 

14 

463 

Finance and investment income and profit on sale and net (deficit)/surplus on valuation of available for sale financial assets

17 

98 

331 

PROFIT BEFORE TAX ON ORDINARY ACTIVITIES

639 

962 

5,357 

 

5.         TAXATION

 

The tax charge for the 6 months to 31st January 2019 is based on the corporation tax rate at 19.00% (2018, 19.00%).

 

 

 6.         DIVIDENDS

 

6 Months

Ended

31.1.19

(Unaudited)

6 Months

Ended

31.1.18

(Unaudited)

Year

Ended

31.7.18

(Audited)

 

£000 

£000 

£000 

 

ORDINARY DIVIDENDS

 

 

 

2018 Final dividend of 2.21p, after waivers

402 

2018 Interim dividend of 0.95p

423 

2017 Final dividend of 2.17p

968 

968 

 

 402 

 968 

1,391 

 

The interim dividend of 0.95p per share for the year to 31st July 2019 will be paid on 3rd June 2019 to shareholders on the register at 10th May 2019.  The interim dividend will cost the Company no more than £412,000.

 

7.         EARNINGS PER SHARE

 

6 Months

Ended

31.1.19

(Unaudited)

6 Months

Ended

31.1.18

(Unaudited)

Year

Ended

31.7.18

(Audited)

 

 

Restated

(Note 2)

Restated

(Note 2)

 

Profit attributable to equity shareholders (£000)

 

 499 

 

 779 

 

 4,942 

 

Basic earnings per share

 

 1.14p

 

 1.75p

 

11.11p

 

Weighted average number of shares

 

 43,827,404

 

 44,624,268

 

44,495,116

 

Basic earnings per share are calculated by dividing the profit attributable to equity shareholders by the weighted average number of shares in issue during the period.

 

During the 6 months to 31st January 2019 the Company purchased for immediate cancellation 410,000 Ordinary Shares of 2p.

 

There is no difference between basic and diluted earnings per share.

 

8.         FAIR VALUE ASSETS

 

The Group's investment properties, available for sale financial assets and assets held by defined benefit pension scheme are measured at fair value after initial recognition.

 

Investment properties are only valued annually by the Directors at the year end and not for the purposes of the interim financial statements.  The Group considers all of its investment properties fall within 'Level 3' of the fair value hierarchy as described by IFRS 13: Fair Value Measurement.  Level 3 valuations are those using inputs for the asset or liability that are not based on observable market data.  The main unobservable inputs relate to estimated rental value and equivalent yield.

 

The Group's available for sale financial assets consisted entirely of equities of companies listed on quoted markets which fall within 'Level 1' of the fair value hierarchy.  Assets held by defined benefit pension scheme consist of equities and bond of companies listed on quoted markets and cash which all fall within 'Level 1' of the fair value hierarchy.  Level 1 valuations are those using inputs which are quoted prices (unadjusted) in active markets for identical assets or liabilities the Company can access at the period end date.

 

9.         RECONCILIATION OF PROFIT BEFORE TAX TO CASH FLOWS FROM

            OPERATING ACTIVITIES

 

6 Months

ended

31.1.19

(Unaudited)

6 Months

ended

31.1.18

(Unaudited)

Year

ended

31.7.18

(Audited)

 

 

Restated

(Note 2)

Restated

(Note 2)

 

£000 

£000 

£000 

 

 

 

 

Profit before tax

639 

962 

5,357 

Share of profits from Joint Ventures

(61)

(14)

(463)

Depreciation

163 

188 

427 

Impairment of assets

116 

Unrealised valuation surplus on investment properties

(2,859)

Loss/(profit) on sale of property, plant and equipment

(37)

(59)

Profit on sale of available for sale financial assets

(10)

(2)

Unrealised valuation deficit/(surplus) on available for sale financial assets

48 

(41)

(106)

Change in retirement benefits

(232)

Interest received

(29)

(41)

(80)

Change in inventories

(2,998)

(2,360)

(5,926)

Change in receivables  - non-current

(857)

Change in receivables  - current

92 

223 

1,183 

Change in payables

1,049 

(88)

(805)

 

CASH FLOWS FROM OPERATING ACTIVITIES

(1,101)

(1,208)

(4,306)

 

10.       RELATED PARTY TRANSACTION

 

Related parties are consistent with those disclosed in the Group's Annual Report and Statement of Accounts for the year to 31st July 2018.

 

Related party transactions, including salary and benefits provided to Directors and key management, were not material to the financial position or performance of the Group for the period.

 

 

 

 

 

 

 

 

STATEMENT OF DIRECTORS' RESPONSIBILITIES

 

 

The Directors named below, confirm on behalf of the Board of Directors that to the best of their knowledge that the condensed consolidated interim financial statements for the six months to 31st January 2019 have been prepared in accordance with IAS 34: Interim Financial Reporting as adopted by the European Union.  The condensed consolidated interim financial statements include a fair review of the information required by Disclosure and Transparency Rules 4.2.7 and 4.2.8, being:

 

·     an indication of important events that have occurred during the six months to 31st January 2019 and their impact on the condensed consolidated interim financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year, and

 

·     material related party transactions in the six months to 31st January 2019 and any material changes in the related party transactions described in the last annual report.

 

The Directors of the Company are listed in the Annual Report and Statement of Accounts for the year to 31st July 2018. 

 

 

By order of the Board

 

 

 

 

 

 

 

 

 

D.W. SMART, Director

J.R. SMART, Director

 

 

23rd April 2019

 

 

 

 

 

 

 

 

 


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END
 
 
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