Source - LSE Regulatory
RNS Number : 3493K
Smart(J.)&Co(Contractors) PLC
21 April 2020
 

  

 

J. SMART & CO. (CONTRACTORS) PLC

 

 

 

 

 

 

 

INTERIM REPORT

 

FOR THE SIX MONTHS TO

 

31st JANUARY 2020

 

 

 

 

 

 

J SMART & CO. (CONTRACTORS) PLC

 

CHAIRMAN'S REVIEW

 

 

INTERIM REPORT

Unaudited Group profit for the six months to 31st January 2020 amounted to £250,000 compared with £639,000 for the corresponding period last year.

 

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 impact on the headline figures.

 

The private housing sales at our West Bowling Green Street development continued positively in the half year.

 

The build contract for the Affordable Housing at the same development completed as well. The current site progress at the build contract at Ferrymuir is satisfactory but margins are not.

 

We have commenced the third and final phase of industrial development at West Edinburgh Business Park. Letting activity in both our industrial and office properties remained robust in the half year.

 

The lull in contracting work and new private housing work has continued as predicted. This has resulted in an erosion of profit due to lack of recovery of overhead costs and poor margins on contracting.

 

INTERIM DIVIDEND

The Board announces an interim dividend of 0.95p per share (2019, 0.95p) to be paid on 1st June 2020 to shareholders on the register at the close of business on 11th May 2020.  The interim dividend will cost the Company no more than £406,000.

 

 

FUTURE PROSPECTS

We have substantially less work in hand in contracting than the same time last year.  Margins remain no better than last year. 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 continued. The majority of sales at the development have completed albeit after the end of the half year.

 

Commercial property valuation levels have continued to improve since last year.  Also, as mentioned above, lettings of both our industrial and office stock remain robust. The third and final phase of speculative industrial development at Inchwood Park, Bathgate has commenced, but after the half year.

 

However, no sooner had we exited a period of political uncertainty, than we entered the coronavirus crisis. All our construction sites, head office and other operational premises have been closed in line with Scottish Government guidance. Home working has ensured business is progressing, where possible, during the current lockdown.

 

As we do not know when the lockdown will lift it is not possible to accurately predict what impact it will have on all facets of the business, such as inter alia current build contracts, potential new build contracts, commercial property valuation levels, commercial property rental payments, private housing sales and the extent of the potential decrease in value of the Company Pension Fund on the balance sheet.

 

Therefore, at this stage it is difficult to make an accurate forecast of the year end figures, but due to a potential short-term downward pressure on commercial property values there may be a headline loss. It also remains to be seen whether an underlying profit will be achieved this financial year.

 

 

 

21st April 2020

D.W. SMART

Chairman

 

 

CONSOLIDATED INCOME STATEMENT

 

 

 

 

 

Notes

6 Months

ended

31.1.20

(Unaudited)

6 Months

ended

31.1.19

(Unaudited)

Year

ended

31.7.19

(Audited)

 

 

 

 

 

 

 

£000 

£000 

£000 

 

CONTINUING OPERATIONS

 

 

 

 

 

 

 

Group construction activities

 

10,473 

4,513 

16,182 

Less:  Own construction work capitalised

 

 (1,219)

 (46)

 (147)

REVENUE

 

9,254 

4,467 

16,035 

 

Cost of sales

 

(9,972)

(3,946)

(14,416)

 

 

 

 

 

GROSS (LOSS)/PROFIT

 

(718)

521 

1,619 

 

Other operating income

 

 

3,915 

3,641 

 

7,560 

Net operating expenses

 

 (2,967)

 (3,116)

  (6,264)

 

 

 

 

 

OPERATING PROFIT BEFORE NET SURPLUS ON VALUATION OF INVESTMENT PROPERTIES

 

 

 

230 

1,046 

2,915

 

 

 

 

 

Net surplus on valuation of investment properties

 

4,052 

 

 

 

 

 

OPERATING PROFIT

 

230 

1,046 

6,967 

 

Share of (losses)/profits in Joint Ventures

 

 (5)

61 

48 

Income from available for sale financial assets

 

28 

23 

53 

Profit on sale of available for sale financial assets

 

16 

10 

26 

Net deficit on valuation of available for sale financial assets

 

(47)

(48)

  (9)

Finance income

 

49 

32 

185 

Finance costs

 

 (6)

 

 

 

 

 

PROFIT BEFORE TAX

 

265 

1,124 

7,270 

 

Taxation

 

5

(64)

 (232)

 

   (529)

 

PROFIT FROM CONTINUTING OPERATIONS

201 

892 

6,741 

 

 

 

 

DISCONTINUED OPERATIONS

 

 

 

Loss from discontinued operations

6

(12)

 (393)

(505)

 

 

 

 

PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS

189

499

6,236 

EARNINGS/(LOSS) PER SHARE

 

 

8

 

 

 

 

 

 

 

 

From continuing operations - basic and diluted

 

0.47p

2.04p

15.47p

From discontinued operations - basic and diluted

 

(0.03)p

(0.90)p

(1.16)p

From continuing and discontinued operations - basic and diluted

 

0.44p

1.14p

14.31p

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 

 

 

 

 

6 Months

ended

31.1.20

(Unaudited)

6 Months

ended

31.1.19

(Unaudited)

Year

ended

31.7.19

(Audited)

 

 

 

 

 

 

 

£000 

£000 

£000 

PROFIT FOR THE PERIOD

 

 

189 

 

499 

6,236 

 

 

 

 

 

OTHER COMPREHENSIVE LOSS

 

 

 

 

Items that will not be subsequently reclassified to Income Statement:

 

 

Actuarial loss recognised in defined benefit

pension scheme

 

 

 (1,118)

Deferred taxation on actuarial loss

 

190 

TOTAL ITEMS THAT WILL NOT BE SUBSEQUENTLY RECLASSIFED TO INCOME STATEMENT

 

 (928)

 

TOTAL OTHER COMPREHENSIVE LOSS

 

 (928)

 

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD, NET OF TAX

 

189 

499 

5,308 

ATTRIBUTABLE TO EQUITY SHAREHOLDERS

189 

499 

5,308 

  

 

 

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

 

 

 

 

 

Notes

Share Capital

Capital Redemption Reserve

Retained Earnings

Total

 

 

 

£000 

£000 

£000

£000

 

 

 

 

 

 

 

As at 1st August 2019

 

866 

142 

99,274

100,282

 

 

 

 

 

 

 

Profit for the period

 

 

189

189

Other comprehensive income

 

Total comprehensive income for period

189

189

 

 

 

 

 

 

 

TRANSACTIONS WITH OWNERS, RECORDED DIRECTLY IN EQUITY

 

Shares purchased and cancelled

 

(3)

(170)

(173)

Transfer to Capital Redemption Reserve

(3)

Dividends

 

7

(390)

(390)

Total transactions with owners

 

(3)

(563)

(563)

 

 

 

 

 

 

 

As at 31st January 2020

 

 

863 

145

98,900

99,908

                 

           

 

 

 

 

 

Notes

Share Capital

Capital Redemption Reserve

Retained Earnings

Total

 

 

 

£000 

£000

£000

£000

 

 

 

 

 

 

 

As at 1st August 2018

 

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

 

(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 2018

 

880 

128 

95,585

96,593

 

 

 

 

 

 

 

Profit for the period

 

 

6,236

6,236

Other comprehensive loss

 

(928)

(928)

Total comprehensive income for period

5,308

5,308

 

 

 

 

 

 

 

TRANSACTIONS WITH OWNERS, RECORDED DIRECTLY IN EQUITY

 

Shares purchased and cancelled

 

(14)

(792)

(806)

Transfer to Capital Redemption Reserve

14 

(14)

Dividends

 

(813)

(813)

Total transactions with owners

 

(14)

14 

(1,619)

(1,619)

 

 

 

 

 

 

 

As at 31st July 2019

 

866 

142 

99,274

100,282

                 

 

 

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 

 

 

 

 

 

6 Months

ended

31.1.20

(Unaudited)

6 Months

ended

31.1.19

(Unaudited)

Year

ended

31.7.19

(Audited)

 

 

 

 

 

 

 

£000 

£000 

£000 

 

NON-CURRENT ASSETS

 

 

 

 

 

Property, plant and equipment

 

1,300

1,393

1,304

Investment properties

 

75,311

69,594

73,874

Investments in Joint Ventures

 

909

927

914

Available for sale financial assets

 

1,218

951

1,309

Trade and other receivables

 

250

-

250

Retirement benefit surplus

 

2,899

4,205

2,899

Deferred tax assets

 

      101

      94

     101

 

 

  81,988

  77,164

80,651

 

CURRENT ASSETS

 

 

 

 

Inventories

 

 6,161

 11,805

8,643

Contract assets

 

751

-

549

Trade and other receivables

 

2,913

4,448

2,835

Monies held on deposit

 

48

48

48

Cash and cash equivalents

 

  26,565

  22,247

 25,699

 

 

  36,438

  38,548

 37,774

 

 

 

 

 

TOTAL ASSETS

 

118,426

115,712

118,425

 

NON-CURRENT LIABILITIES

 

 

 

 

Deferred tax liabilities

 

   1,731

   1,995

   1,735

Lease liabilities

 

   205

-

-

 

 

   1,936

   1,995

   1,735

 

CURRENT LIABILITIES

 

 

 

 

Trade and other payables

 

3,740

4,629

3,394

Lease liabilities

 

-

-

-

Corporation tax liability

 

7

110

154

Bank overdraft

 

   12,835

   12,747

 12,860

 

 

 16,582

 17,486

 16,408

 

 

 

 

 

TOTAL LIABILITIES

 

 18,518

 19,481

 18,143

 

NET ASSETS

 

 

 99,908

 

 96,231

 

100,282

 

EQUITY

 

 

 

 

Called up share capital

 

     863

     872

866

Capital redemption reserve

 

     145

     136

142

Retained earnings

 

  98,900

  95,223

 99,274

TOTAL EQUITY

 

  99,908

  96,231

 100,282

 

 

  

 

CONSOLIDATED STATEMENT OF CASH FLOWS

 

 

 

 

 

Notes

6 Months

ended

31.1.20

(Unaudited)

6 Months

ended

31.1.19

(Unaudited)

Year

ended

31.7.19

(Audited)

 

 

£000 

£000 

£000 

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

10

2,932 

(1,104)

3,762 

 

Tax paid

 

(212)

(148)

(448)

 

NET CASH FLOWS FROM OPERATING ACTIVITIES

 

2,720 

 

 

  (1,252)

3,314 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

Additions to property, plant and equipment

 

(161)

(254)

(424)

Additions to investment properties

 

(13)

(16)

(143)

Expenditure on own work capitalised - investment properties

 

 

(1,219)

 

(46)

 

(147)

Sale of property, plant and equipment

 

24 

193 

Purchase of available for sale financial assets

(380)

Proceeds of sale of available for sale financial assets

60 

110 

187 

Decrease in monies held on deposit

 

Interest received

 

49 

32 

71 

Interest paid

 

(6)

Dividend received from Joint Ventures

 

59 

59 

NET CASH FLOWS FROM INVESTING ACTIVITIES

 

 

(1,266)

 

(115)

(584)

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

Purchase of own shares

 

   (173)

   (459)

   (806)

Dividends paid

 

   (390)

   (402)

   (813)

NET CASH FLOWS FROM FINANCING ACTIVITIES

 

 

   (563)

 

   (861)

 

   (1,619)

 

INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS

 

891 

 

   (2,228)

1,111 

 

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD

 

 

 

12,839 

 

 

11,728 

 

 

11,728 

 

CASH AND CASH EQUIVALENTS AT END OF PERIOD

 

 

 

 

13,730 

 

 

9,500 

 

 

12,839 

 

 

 

 

 

 

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 2020 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 2020 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 2020 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 2019, 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 2019 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 2019, with the exception of the policies regarding the accounting for pension scheme obligations and investment properties revaluations and the adoption of IFRS 16: Leases, 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 16: Leases became effective as from 1st August 2019 for the Group.  IFRS 16: Leases replaces IAS 17: Leases and requires the Group to incorporate a right-of-use asset and corresponding lease liability in the Statement of Financial Position for those assets held under leases for which the new standard applies. This standard will impact on ground leases on which the Group has built investment properties and which the rent payable to the lessor under the leases is not contingent on the rents received by the Group from its tenants.  The standard requires the current operating lease charges, which were disclosed in Operating Profit to be replaced by a depreciation charge on the right-of-use asset.  As our leases relate to land there will be no depreciation charge but there will be an impact relating to the revaluation movement on the land.  There will also be interest costs in relation to the lease liability which will be recognised in Finance Costs.  The standard does not have an impact on the Group where the Group is the Lessor in respect of leases granted to tenants in our investment properties.

 

 

IFRS 16 outlines several options for the initial recognition on adoption of the standard.  The Group chose to apply the modified retrospective approach which allowed the Group to incorporate the right-of-use assets and the lease liability as at the transition date of 1st August 2019 without the requirement to restate prior periods.  The lease liability is calculated as the discounted present value of the outstanding rental payments and the right-of-use asset is set as being equal to the liability therefore there is no impact on the net assets of the Group on adoption of this standard.  On the transition date the lease liability and right-of- use assets recognised amounted to £205,000.

 

Interpretations effective in period

Other than IFRS 16: Leases as noted above there have been no other new standards, amendments to standards and interpretations relevant to the Group which were issued by the International Accounting Standards Board that were mandatory for the Group for the first time in the financial year to 31st July 2020.

 

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 2019, with the exception of the current situation relating to coronavirus.  The Directors are closely monitoring the situation as it develops and the impact it is having on the trading performance of the Group and will continue to do so.  The Directors will take appropriate actions to help mitigate the impact of the situation on the Group's performance and future prospects.

 

 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)

31.1.20

31.1.19

31.7.19

 

 

 

 

 

 

 

 

£000 

£000 

£000

£000 

£000 

£000

31st JANUARY 2020

(Unaudited)

 

 

 

 

 

 

Construction activities -     continuing operations

9,254

1,219

10,473

(2,387)

Construction activities - discontinued operations

 1

  1

(15)

Investment activities - continuing operations

 3,915

  3,915

 2,617 

Investment activities - discontinued operations

 4

  4

 

13,174

1,219

14,393

215 

 

 

 

 

 

 

 

31st JANUARY 2019

(Unaudited)

 

 

 

 

 

 

Construction activities -     continuing operations

4,467

46

4,513

(1,263)

Construction activities - discontinued operations

587

587

(485)

Investment activities - continuing operations

 3,641

  3,641

 2,309 

Investment activities - discontinued operations

3

3

 

8,698

46

8,744

561 

 

 

 

 

 

 

 

31st JULY 2019

(Audited)

 

 

 

 

 

 

Construction activities - continuing operations

16,035

147

16,182

(2,084)

Construction activities - discontinued operations

645

645

(627)

Investment activities - continuing operations

  7,560

  7,560

 9,051 

Investment activities - discontinued operations

6

  6

 

24,246

147

24,393

 6,340 

 

OPERATING PROFIT

 

 

 

 

215 

561 

 6,340 

Share of results of Joint Ventures

 

 

(5)

61 

48 

Finance and investment income

93 

65 

264 

Finance and investment costs

(53)

(48)

(9)

PROFIT BEFORE TAX ON ORDINARY ACTIVITIES

250 

639 

6,643 

 

 

 

5.         TAXATION

 

The tax charge for the 6 months to 31st January 2020 is based on the corporation tax rate at 18.67% (2019, 19.00%).

 

6.         DISCONTINUED OPERATIONS

 

On 9th November 2018 the Group Directors took the decision that the subsidiary company, Concrete Products (Kirkcaldy) Limited should cease to trade.

 

The results of the discontinued operation, which have been included in the profit, were as follows:

 

6 Months

Ended

31.1.20

(Unaudited)

6 Months

Ended

31.1.19

(Unaudited)

Year

Ended

31.7.19

(Audited)

 

£000 

£000 

£000 

 

Revenue

587 

645 

Cost of Sales

(11)

(773)

(817)

Gross loss

(10)

(186)

(172)

 

 

 

 

Other operating income

3

Net operating expenses

(9)

(302)

(461)

 

 

 

 

Loss before tax

(15)

(485)

(627)

 

 

 

 

Taxation

 

 

 

Corporation tax

92

137 

Deferred tax

(15)

 

92

122 

 

 

 

 

Net loss attributable to discontinued operations

(12)

(393)

(505)

 

 

 

 

 

 

 

 

The company had cashflows amounting to:

 

 

 

Operating activities

(433)

(132)

(76)

Investing activities

6

138 

 

 

7.         DIVIDENDS

 

6 Months

Ended

31.1.20

(Unaudited)

6 Months

Ended

31.1.19

(Unaudited)

Year

Ended

31.7.19

(Audited)

 

£000 

£000 

£000 

 

ORDINARY DIVIDENDS

 

 

 

2019 Final dividend of 2.24p, after waivers

390 

2019 Interim dividend of 0.95p

411 

2018 Final dividend of 2.21p, after waivers

402 

402 

 

390 

402 

813 

 

The interim dividend of 0.95p per share for the year to 31st July 2020 will be paid on 1st June 2020 to shareholders on the register at 11th May 2020.  The interim dividend will cost the Company no more than £406,000.

 

 

 

 

8.         EARNINGS/(LOSS) PER SHARE

 

6 Months

Ended

31.1.20

(Unaudited)

6 Months

Ended

31.1.19

(Unaudited)

Year

Ended

31.7.19

(Audited)

 

 

 

 

 

 

 

 

CONTINUING OPERATIONS

 

 

 

Profit attributable to Equity Shareholders    £000

201

892

6,741

Basic and diluted Earnings per share

0.47p

2.04p

15.47p

 

 

 

 

DISCONTINUED OPERATIONS

 

 

 

Loss attributable to Equity Shareholders    £000

(12)

(393)

(505)

Basic and diluted Loss per share

(0.03)p

(0.90)p

(1.16)p

 

 

 

 

CONTINUING AND DISCONTINUED OPERATIONS

 

 

 

Profit attributable to Equity Shareholders    £000

189

499

6,236

Basic and diluted Earnings per share

0.44p

1.14p

14.31p

 

 

 

 

Weighted average number of shares

 

 43,151,502

 

 43,827,404

 

43,580,094

 

 

 

 

 

 

 

 

 

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

 

During the 6 months to 31st January 2020 the Company purchased for immediate cancellation 150,000 Ordinary Shares of 2p.

 

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

 

 

9.         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.

 

 

 

10.       RECONCILIATION OF PROFIT BEFORE TAX TO CASH FLOWS FROM

            OPERATING ACTIVITIES

 

6 Months

ended

31.1.20

(Unaudited)

6 Months

ended

31.1.19

(Unaudited)

Year

ended

31.7.19

(Audited)

 

 

 

 

 

£000 

£000 

£000 

 

 

 

 

Profit before tax

250 

639 

6,643 

Share of losses/(profits) from Joint Ventures

(61)

(48)

Depreciation

159 

163 

376 

Unrealised valuation surplus on investment properties

(4,052)

(Profit)/loss on sale of property, plant and equipment

(18)

(141)

Profit on sale of available for sale financial assets

(16)

(10)

(26)

Unrealised valuation deficit on available for sale financial assets

47 

48 

9

Change in retirement benefits

188

Interest received

(49)

(32)

(71)

Interest paid

Change in inventories

2,482 

(2,998)

164

Change in contract assets

(202)

221

Change in receivables - non-current

(250)

Change in receivables - current

(78)

92 

935 

Change in payables

346 

1,049 

(186)

 

CASH FLOWS FROM OPERATING ACTIVITIES

2,932 

(1,104)

3,762

 

11.       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 2019.

 

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 2020 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 2020 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 2020 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 2019. 

 

 

By order of the Board

 

 

 

 

 

 

 

 

 

D.W. SMART, Director

J.R. SMART, Director

 

 

21st April 2020

 

 

 

 

 

 

 

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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