THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY
AND ITS SUBSIDIARIES
LEI: 213800GE3FA4C52C1N05
FOR RELEASE 7.00 AM 30 November 2021
THE CARDIFF PROPERTY PLC
(The group, including Campmoss, specialises in property investment and development in the Thames Valley. The total portfolio including the jointly controlled Campmoss investment and development portfolio, valued in excess of £34m, is primarily located to the west of London, close to Heathrow Airport and in Surrey and Berkshire.)
PRELIMINARY RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2021
Highlights:
|
| 2021 | 2020 |
Net Assets | £'000 | 28,442 | 29,080 |
Net Assets Per Share | £ | 25.49 | 24.35 |
Profit Before Tax | £'000 | 1,259 | 1,940 |
Earnings Per Share - Basic and diluted | pence | 91.91 | 146.7 |
Dividend Per Share | pence | 18.5 | 17.6 |
Gearing | % | Nil | Nil |
|
|
|
|
Richard Wollenberg, Chairman, commented:
"The Thames Valley property market has seen an initial recovery from the difficulties experienced over the past two years although a return to pre-pandemic levels is likely to take some time.
The property market will continue to be sensitive to political and economic changes as well as any further measures required by the pandemic, however during the year under review an increased level of confidence has certainly returned to most sectors of the property market.
The Thames Valley office letting market has shown some signs of recovery and encouragingly we have noticed a large number of our tenants returning to their offices. The level of office enquiries has also increased over recent months.
Office rental levels which were very challenging over recent periods have improved with 5-year lease terms and rental linked to the retail price index being acceptable to most Landlords and Tenants."
For further information:
The Cardiff Property plc | Richard Wollenberg | 01784 437444 | |
Shore Capital | Patrick Castle | 020 7468 7923 | |
THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY
AND ITS SUBSIDIARIES
PRELIMINARY RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2021
Chairman's Statement
Dear Shareholder,
The Thames Valley property market has seen an initial recovery from the difficulties experienced over the past two years although a return to pre-pandemic levels is likely to take some time.
The property market will continue to be sensitive to political and economic changes as well as any further measures required by the pandemic, however during the year under review an increased level of confidence has certainly returned to most sectors of the property market.
The Thames Valley office letting market has shown some signs of recovery and encouragingly we have noticed a large number of our tenants returning to their offices. The level of office enquiries has also increased over recent months.
Office rental levels which were very challenging over recent periods have improved with 5-year lease terms and rental linked to the retail price index being acceptable to most Landlords and Tenants.
As indicated in our review of our business, demand for business units has been strong in the last quarter and rental increases of up to 10% have been achieved at our properties at Windsor and Maidenhead. Our retail interests which include Campmoss Property Company Limited ("Campmoss"), primarily in Bracknell and Egham, have proved resilient in a difficult market as the portfolio includes a high number of shops many of which were able to remain open during the period of lock down and continued to trade successfully.
As in the previous financial year the Group continued to liaise closely with all tenants and where necessary assisting with cash flow by agreeing rental payments of monthly in arrears rather than the usual quarterly in advance.
Excluding development properties by value, 43.7% of the Group's portfolio relates to the retail sector, 9.8% to small business units, 14.4% to residential and 32.1% offices. Rent collection for the Group over the last two quarters has been 89% of that invoiced.
The residential market remained reasonably active with asking prices consistent with last year. The residential development at Woking, Surrey, being undertaken by Campmoss in partnership with a well-known local developer, completed after the year end with construction costs in line with budget. I am pleased to report that at the time of writing 31 sales have been completed with a further 18 apartments reserved.
The residential letting market remained firm with all the Group's apartments let on Assured Shorthold Tenancy Agreements.
The Thames Valley commercial property investment market has been reasonably active with institutional and private investors attracted to the high returns available. The Thames Valley continues to be popular for investors with Maidenhead, Woking, Bracknell and Windsor being particularly sought after. The number of investments available in all sectors has markedly reduced as existing investors are finding it difficult to source opportunities that retain the level of income currently being received.
FINANCIAL
For the year to 30 September 2021, the Group profit before tax was £1.26m (2020 restated: £1.94m). This figure includes an investment property value increase of £0.53m (2020: £0.15m decrease) for the Group and a profit of £0.07m (2020: £1.36m) in respect of our post tax profit and pre-dividend share of Campmoss Property Company Limited and Campmoss Property Developments Limited ("Campmoss Group"), our 47.62% owned joint venture. During the year, the Company received a dividend of £0.50m (2020: £0.64m) from its investment in Campmoss Property.
Revenue for the year which represented gross rental income, excluding Campmoss, totalled £0.60m (2020: £0.65m).
The profit after tax attributable to shareholders for the financial year was £1.08m (2020 restated: £1.79m) and the earnings per share was 91.91p (2020 restated: 146.68p).
At the year-end, the Company's commercial portfolio was valued by Kempton Carr Croft at a total of £5.92m (2020: £5.81m) this valuation excludes the Company's freehold office property which was also valued by Kempton Carr Croft and is included in the balance sheet at valuation classified as property, plant and equipment.
Property when completed and retained for re-sale is held as stock at the lower of cost or net realisable value. At the year-end this related to commercial property owned by First Choice Plc at The Windsor Business Centre.
The Group's total property portfolio, including the jointly controlled Campmoss Group's investment and development portfolio, was valued at £34.8m (2020: £35.7m). The value has marginally decreased over the year primarily due to the disposal of Clivemont House offset by additions to Britannia Wharf. Residential property at Alston House and Gowring House Bracknell and the residential development at Britannia Wharf, Woking are held as stock in Campmoss.
The Company's share of the net assets of Campmoss Group was £15.9m (2020: £16.3m).
The Group's total net assets as at the year-end were £28.44m (2020 restated: £29.08m) equivalent to £25.49 per share (2020 restated: £24.35) an increase of 4.7% over the year (2020: 6.6%). The Group, including Campmoss Group, has adequate financial facilities and resources to complete works in progress and the current development programme. Cash balances are held on short term deposit. At the year-end, the Company had nil gearing (2020: nil). During the year the Company purchased and cancelled 78,525 (2020: 45,694) ordinary shares at a total cost of £1,492,000. (2020: £773,000).
The Company may hold in treasury any of its own shares purchased. This gives the Company the ability to reissue treasury shares and provides greater flexibility in the management of its capital base. At the year end the Company held nil (2020 : nil) shares in treasury. Any shares purchased by the Company not held in treasury will be cancelled and the number of shares in issue reduced accordingly.
Pursuant to share buybacks that took place between 30 November 2020 and 24 September 2021 and already announced, the Concert Party, comprising myself and my family members, now holds more than 50 per cent. of the Company's voting share capital and accordingly is able to increase its aggregate shareholding in the Company without incurring any obligation under Rule 9 to make a general offer to the Company's other shareholders. Furthermore, I together with my wife are now interested in 50.18 per cent. of the Company's voting share capital and accordingly we are able to increase further our shareholdings in the Company without incurring any obligation under Rule 9 to make a general offer to the Company's other shareholders. Accordingly, a further Rule 9 Waiver will not be required in respect of any future buybacks after the current authorities expire at the forthcoming AGM.
The Company proposes to continue its policy of purchasing its own shares, whether to be held in treasury or to be cancelled, and a resolution renewing the Directors' authority will be placed before the forthcoming Annual General Meeting to be held on 17 January 2022. This authority will only be exercised in circumstances where the Directors regard such purchases to be in the best interests of shareholders as a whole. Full details are available on the Company's website www.cardiff-property.com.
Current IFRS accounting requires that deferred tax is chargeable on the difference between, the cost of properties, including applicable indexation and quoted investments and their current market value. However, IFRS accounting does not require the same treatment in respect of the Group's unquoted investment in Campmoss Group, our 47.62% owned joint venture, which represents a substantial part of the Company's net assets. Whilst provision is made in Campmoss accounts for deferred tax, should the shares held in Campmoss be disposed of, for indicative purposes, based on the value in the Company's balance sheet at the year-end this would result in a tax liability of £3.9m (2020 : £3.1m) equivalent to £3.56 (2020: £2.60) per share calculated using a tax rate of 25% (2020: 19%). This information is provided to shareholders as an additional non-statutory disclosure.
DIVIDEND
The Directors recommend a final dividend of 13.5p per share (2020: 12.8p) making a total dividend for the year of 18.5p (2020: 17.6p), an increase of 5.1%. The final dividend will be paid on 1 February 2022 to shareholders on the register at 18 January 2022.
THE PROPERTY PORTFOLIO
The Group continues to concentrate its property activities in the Thames Valley, primarily to the west of London, close to Heathrow Airport and in Surrey, Berkshire and Buckinghamshire.
During the year the Company completed a number of new lettings in Egham, Windsor and Maidenhead whilst progressing development plans at Windsor and Cardiff.
The Campmoss Group portfolio is predominantly let reflecting an active management policy. Planning permission for a Care Home at The Priory, Burnham was recently refused and an appeal together with a revised application is currently being prepared. New lettings were negotiated at Bracknell and Burnham. An updated office planning application for Highway House, Maidenhead is scheduled to be lodged shortly.
QUOTED INVESTMENTS
The Company retains a small portfolio of quoted retail bonds and equity investments the former providing an attractive medium-term income stream. The value of the portfolio marginally decreased over the year as a number of bonds neared their maturity date but remains in excess of original cost. The equity investments include Aquila Services Group plc and Galileo Resources plc. I remain a Non-Executive Director of both.
RELATIONSHIP AGREEMENT
The Company has entered into a written and legally binding relationship agreement with myself, its controlling shareholder, to address the requirements of LR9.2.2AD of the Listing Rules.
MANAGEMENT AND TEAM
In difficult circumstances the Group has performed well over the year and I wish to take this opportunity of thanking all the members of our property team and our Joint Venture partner for their support and achievements over the year.
OUTLOOK
I expect the property market to continue its recovery with events over the last two years focussing the minds of many property investors and tenants. Supply of materials and labour difficulties currently being experienced by the building industry will certainly lead to increased building costs. This in turn will embed higher capital values in existing property portfolios. Whilst property may well receive additional government taxation attention, the high yields currently available from commercial property will remain attractive compared to low rates of interest offered elsewhere.
The property market in the Thames Valley will remain challenging however I look forward to reporting further progress at the half year.
J. Richard Wollenberg
Chairman
29 November 2021
Consolidated Income Statement
FOR THE YEAR ENDED 30 SEPTEMBER 2021
|
|
| 2021 | 2020 |
|
|
| £'000 | £'000 |
|
|
|
|
|
Revenue |
|
| 596 | 650 |
Cost of sales |
|
| (33) | (65) |
|
|
|
|
|
Gross profit |
|
| 563 | 585 |
Administrative expenses |
|
| (502) | (532) |
Other operating income |
|
| 553 | 579 |
|
|
|
|
|
Operating profit before fair value movement on investment properties |
|
|
614 |
632 |
Fair value movement on investment properties |
|
| 533 | (148) |
|
|
|
|
|
Operating profit |
|
| 1,147 | 484 |
Financial income |
|
| 54 | 54 |
Financial expense |
|
| (9) | (34) |
Profit on sale of investment |
|
| - | 74 |
Share of profit of Joint Venture |
|
| 67 | 1,362 |
|
|
|
|
|
Profit before taxation |
|
| 1,259 | 1,940 |
Taxation |
|
| (181) | (148) |
|
|
|
|
|
Profit for the financial year attributable to equity Holders |
|
|
1,078 |
1,792 |
|
|
|
|
|
Earnings per share on profit for the |
|
|
|
|
financial year - pence |
|
|
|
|
Basic and diluted |
|
| 91.91 | 146.7 |
|
|
|
|
|
Dividends |
|
|
|
|
Final 2020 paid 12.8p (2019: 12.5p) |
|
| 152 | 155 |
Interim 2021 paid 5.0p (2020 4.8p) |
|
| 59 | 58 |
|
|
|
|
|
|
|
| 211 | 213 |
|
|
|
|
|
Final 2021 proposed 13.5p (2020: 12.8p) |
|
|
|
|
|
|
|
|
|
These results relate entirely to continuing operations. There were no acquisitions or disposals in either year.
Consolidated statement of comprehensive income and expense
FOR THE YEAR ENDED 30 SEPTEMBER 2021
| 2021 | 2020 | |||
| £'000 | £'000 | |||
|
|
| |||
Profit for the financial year |
1,078 |
1,792 | |||
|
|
| |||
Items that cannot be reclassified subsequently to profit or loss |
|
| |||
Net change in fair value of other properties | 8 | (55) | |||
|
|
| |||
Net change in fair value of investments at fair value through comprehensive income | (21) | (14) | |||
|
|
| |||
|
|
| |||
Total comprehensive income and expense for the year attributable to the equity holders of the Parent Company |
1,065 |
1,723 | |||
|
|
| |||
|
|
|
| ||
|
| ||||
Consolidated Balance Sheet
AT 30 SEPTEMBER 2021
| 2021 | 2021 | 2020 | 2020 |
|
|
| Restated | Restated |
| £'000 | £'000 | £'000 | £'000 |
Non-current assets |
|
|
|
|
Freehold investment properties |
| 5,968 |
| 5,857 |
Property, plant, and equipment |
| 240 |
| 228 |
Right of use asset |
| 155 |
| 165 |
Investment in Joint Venture |
| 15,890 |
| 16,323 |
Other financial assets |
| 1,073 |
| 925 |
|
|
|
|
|
|
| 23,326 |
| 23,498 |
|
|
|
|
|
Current assets |
|
|
|
|
Inventory and work in progress | 689 |
| 688 |
|
Trade and other receivables | 140 |
| 238 |
|
Term deposits | 1,907 |
| 1,748 |
|
Cash and cash equivalents | 3,594 |
| 3,773 |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
| 29,656 |
| 29,945 |
|
|
|
|
|
Current liabilities |
|
|
|
|
Trade and other payables | (752) |
| (529) |
|
Corporation tax | (158) |
| (50) |
|
|
|
|
|
|
|
| (910) |
| (579) |
Non-current liabilities |
|
|
|
|
Lease liability |
| (178) |
| (184) |
Deferred tax liability |
| (126) |
| (102) |
|
|
|
|
|
Total liabilities |
| (1,214) |
| (865) |
|
|
|
|
|
Net assets |
| 28,442 |
| 29,080 |
|
|
|
|
|
Equity |
|
|
|
|
Called up share capital |
| 223 |
| 239 |
Share premium account |
| 5,076 |
| 5,076 |
Other reserves |
| 2,478 |
| 2,475 |
Investment property fair value reserve |
| 1,814 |
| 3,139 |
Retained earnings |
| 18,851 |
| 18,151 |
|
|
|
|
|
Total equity |
| 28,442 |
| 29,080 |
|
|
|
|
|
|
|
|
|
|
Net assets per share |
| £25.49 |
| £24.35 |
|
|
|
|
|
|
|
|
|
|
Consolidated Cash Flow Statement
FOR THE YEAR ENDED 30 SEPTEMBER 2021
|
| 2021 | 2020 |
Cash flows from operating activities |
|
|
|
Profit for the year |
| 1,078 | 1,792 |
Adjustments for: |
|
|
|
Depreciation right of use assets |
| 10 | 35 |
Depreciation fixed assets |
| - | 3 |
Financial income |
| (54) | (54) |
Financial expense |
| 9 | 34 |
Profit on sale of investments |
| - | (74) |
Share of profit of Joint Venture |
| (67) | (1,362) |
Fair value movement on investment properties |
| (533) | 148 |
Taxation |
| 181 | 148 |
|
|
|
|
Cash flows from operations before changes in working capital |
| 624 | 670 |
Acquisition of inventory and work in progress |
| (1) | (14) |
Decrease/(increase) in trade and other receivables |
| 97 | (98) |
Increase in trade and other payables |
| 223 | 1 |
|
|
|
|
Cash generated from operations |
| 943 | 559 |
Tax paid |
| (43) | (228) |
|
|
|
|
Net cash flows from operating activities |
| 900 | 331 |
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
Interest received |
| 49 | 61 |
Dividend from Joint Venture |
| 500 | 643 |
Proceeds from sale of investment property |
| 462 | - |
Acquisition of investment property, and plant and equipment |
| (45) | (13) |
Acquisition of investments |
| (169) | (100) |
Proceeds from sale of investments |
| - | 78 |
(Increase)/decrease in held term deposits |
| (159) | 1,336 |
|
|
|
|
Net cash flows from investing activities |
| 638 | 2,005 |
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
Purchase of own shares |
| (1,492) | (773) |
Lease payments |
| (14) | (50) |
Dividends paid |
| (211) | (213) |
|
|
|
|
Net cash flows (used in)/from financing activities |
| (1,717) | (1,036) |
|
|
|
|
|
|
|
|
Net (decrease)/increase in cash and cash equivalents |
| (179) | 1,300 |
Cash and cash equivalents at beginning of year |
| 3,773 | 2,473 |
|
|
|
|
Cash and cash equivalents at end of year |
| 3,594 | 3,773 |
|
|
|
|
Consolidated statement of changes in equity
FOR THE YEAR ENDED 30 SEPTEMBER 2021
| Called up share
£'000 | Share
£'000 | Other (note 21)
£'000 | Investment £'000 | Retained
£'000 | Total
£'000 |
At 30 September 2019 and | 248 | 5,076 | 2,535 | 1,814 | 18,670 | 28,343 |
Profit for the year as restated | - | - | - | - | 1,792 | 1,792 |
Other comprehensive income - revaluation of investments Net change in fair value of own use freehold property |
|
|
|
|
|
|
Transactions with equity holders |
|
|
|
|
|
|
Dividends | - | - | - | - | (213) | (213) |
Purchase of own shares | (9) | - | 9 | - | (773) | (773) |
|
|
|
|
|
|
|
Total transactions with equity holders | (9) | - | 9 | - | (986) | (986) |
|
|
|
|
|
|
|
Fair value movements on investment properties - Cardiff | - | - | - | (148) | 148 | - |
Fair value movements on investment properties - Campmoss Group | - | - | - | 1,473 | (1,473) | - |
|
|
|
|
|
|
|
At 30 September 2020 | 239 | 5,076 | 2,475 | 3,139 | 18,151 | 29,080 |
At 1 October 2020 as previously stated | 239 | 5,076 | 2,475 | 3,139 | 18,170 | 29,099 |
Prior year adjustment (note 3) | - | - | - | - | (19) | (19) |
|
|
|
|
|
|
|
At 1 October 2020 restated | 239 | 5,076 | 2,475 | 3,139 | 18,151 | 29,080 |
|
|
|
|
|
|
|
Profit for the year | - | - | - | - | 1,078 | 1,078 |
Other comprehensive income - revaluation of investments Net change in fair value of own use freehold property |
|
|
|
|
|
|
Transactions with equity holders |
|
|
|
|
|
|
Dividends | - | - | - | - | (211) | (211) |
Purchase of own shares | (16) | - | 16 | - | (1,492) | (1,492) |
|
|
|
|
|
|
|
Total transactions with equity holders | (16) | - | 16 | - | (1,703) | (1,703) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value movements on investment properties - Cardiff | - | - | - | 526 | (526) | - |
Disposal of property - Cardiff | - | - | - | (259) | 259 | - |
Fair value movements on investment properties - Campmoss Group | - | - | - | (1,592) | 1,592 | - |
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|
|
|
|
|
|
At 30 September 2021 |
|
|
|
|
|
|
| 223 | 5,076 | 2,478 | 1,814 | 18,851 | 28,442 |
| ______ | __ ____ | ______ | ______ | ______ | ___ ___ |
* - Includes fair value movements on investment properties held by Campmoss Group, our Joint Venture, which are presented in investment property fair value reserve to demonstrate these are unrealised.
Notes to the Financial Statements
FOR THE YEAR ENDED 30 SEPTEMBER 2020
1. Basis of preparation
The consolidated results for the year ended 30 September 2021 and 2020 are prepared under applicable International Financial Reporting Standards adopted by the International Accounting Standards in conformity with the companies act 2006 ("adopted IFRS") and those parts of the Companies Act 2006 applicable to companies reporting under IFRS and have been incorporated into the principal accounting policies.
The financial information set out above does not constitute the company's statutory financial statements for the years ended 30 September 2021 or 30 September 2020 but is derived from those financial statements. Statutory financial statements for 2020 have been delivered to the Registrar of Companies and those for 2021 will be delivered in due course. The auditor has reported on those financial statements; their reports were (i) unqualified, (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006 in respect of the financial statements for 2020 nor 2021.
Going concern
The financial statements have been prepared on a going concern basis, which assumes that the Group will continue to meet its liabilities as they fall due. The Group's activities, together with the factors likely to affect its future development, performance and position are set out in the Chairman's Statement and Strategic Report. The financial position of the Group, its property portfolio under management, asset base, liquidity and key performance indicators.
The Group has sufficient financial resources to enable it to continue to trade and to complete the current maintenance and development programme. The Group is ungeared, and the cash flow forecasts do not assume any debt being required. Therefore, the Directors believe that the Group is well placed to manage its business risks successfully despite the current economic uncertainty, and the ongoing impact of the Covid-19 pandemic changing behaviours and the impact on the Group's tenants.
The Group is in the enviable position of having significant cash balances at 30 September 2021, the Cardiff Group had cash balances of £3.6m and a further £1.9m term deposits (generally with maturity dates of 95 days), in addition the Company has investments of £1.1m of which £0.9m are readily marketable. The Group has an operating cost base including tax and dividends of under £1m per annum so even with no income for several years the Group would remain solvent.
Notes to the Financial Statements
FOR THE YEAR ENDED 30 SEPTEMBER 2021 (continued)
The Cardiff Group receives a management fee from Campmoss of around £0.5m per annum, there is no reason to assume this income would not be received as the Campmoss Group had cash balances at 30 September 2021, of £1.4m and a further £5.3m term deposits (generally with maturity dates of 95 days) and in addition Campmoss expect to receive a significant cash inflow from sales at Britannia Wharf. Campmoss have a capital commitment of £0.8m to complete its development programme at Britannia Wharf, which completed shortly after the year end and including the Cardiff management fee an annual operating cost base excluding development of under £1.5m, so Campmoss Group similarly has a strong balance sheet.
New, revised or changes to existing financial reporting standards
Subject to the adoption of the IFRS's available for application noted below, this announcement is prepared on the basis of the accounting policies as set out in the most recently published set of annual financial statements.
IFRS
IFRS 16 - Leases was effective for the year ended 30 September 2020. IFRS 16 removes the distinction between operating and financial leases, which for lessees resulted in almost all operating leases being brought on balance sheet. The Group has restated 2020 results due to an operating lease needing to be capitalised being omitted. See note 3 for further information.
A number of new standards and amendments to standards and interpretations have been issued but are not yet effective for the current accounting period. None are expected to have a material impact on the consolidated financial statements of the Group.
2. Segmental analysis
The Group manages its operations in two segments, being property and other investment and property development. Property and other investment relates to the results for The Cardiff Property Company Limited where properties are held as investment property with Property Development relating to the results of First Choice Estates Plc and Thames Valley Retirement Homes Limited. The results of these segments are regularly reviewed by the Board as a basis for the allocation of resources, in conjunction with individual site investment appraisals, and to assess their performance. Information regarding the results and net operating assets for each reportable segment are set out below:
| Property and other investment | Property Development | Eliminations | 2021 |
|
|
|
|
|
| |
| £'000 | £'000 | £'000 | £'000 | |
|
|
|
|
| |
Rental income (wholly in the UK) | 434 | 162 | - | 596 | |
Property sales | 462 | - | - | 462 | |
|
|
|
|
| |
Profit before taxation | 1,096 | 163 | - | 1,259 | |
|
|
|
|
| |
Net operating assets |
|
|
|
| |
Assets | 26,607 | 4,851 | (1,802) | 29,656 | |
Liabilities | (2,765) | (251) | 1,802 | (1,214) | |
|
|
|
|
| |
Net assets | 23,842 | 4,600 | - | 28,442 | |
|
|
|
|
|
| Property and other investment | Property Development | Eliminations | 2020 |
|
|
|
|
|
| |
| £'000 | £'000 | £'000 | £'000 | |
|
|
|
|
| |
Rental income (wholly in the UK) | 468 | 182 | - | 650 | |
Property sales | - | - | - | - | |
|
|
|
|
| |
Profit before taxation | 1,667 | 273 | - | 1,940 | |
|
|
|
|
| |
Net operating assets |
|
|
|
| |
Assets | 27,114 | 4,718 | (1,887) | 29,945 | |
Liabilities | (2,512) | (240) | 1,887 | (865) | |
|
|
|
|
| |
Net assets | 24,602 | 4,478 | - | 29,080 | |
|
|
|
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|
"Eliminations" relate to inter segment transactions and balances which cannot be specifically allocated but are eliminated on consolidation.
3. Prior year adjustment as a result of a correction of IFRS 16 lease accounting
The Group and Company has restated 2020 results due to an operating lease needing to be capitalised as a Right of Use asset under IFRS 16 on adoption of the Standard in the prior period being omitted in error. The impact of the prior year adjustment is set out below. As noted, no third balance sheet is required as the error occurred in the year ended 30 September 2020 only and has no impact on the year ended 30 September 2019.
Group |
| Increase/ | 2020 |
| £'000 | £'000 | £'000 |
Balance sheet extract |
|
|
|
Right to use asset | - | 165 | 165 |
Lease liability | - | (184) | (184) |
|
|
|
|
Net assets | 29,099 | (19) | 29,080 |
|
|
|
|
|
|
|
|
Retained earnings | 18,170 | (19) | 18,151 |
|
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|
Total equity | 29,099 | (19) | 29,080 |
|
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|
Notes to the Financial Statements FOR THE YEAR ENDED 30 SEPTEMBER 2021 (continued)
Profit and loss extract | |||
Cost of sales | (115) | 50 | (65) |
|
|
|
|
Gross profit | 535 | 50 | 585 |
Administrative expenses | (497) | (35) | (532) |
|
|
|
|
Operating profit before fair value movement on investment
| 617 | 15 | 632 |
Operating profit | 469 | 15 | 484 |
Financial expense | - | (34) | (34) |
|
|
|
|
Profit before tax | 1,959 | (19) | 1,940 |
|
|
|
|
Profit for the financial year attributable to equity holders | 1,811 | (19) | 1,792 |
|
|
|
|
|
|
|
|
Statement of comprehensive income (extract) |
|
|
|
Profit for the financial year | 1,811 | (19) | 1,792 |
|
|
|
|
Total comprehensive income and expense for the year attributable to the equity holders of the Parent Company |
|
|
|
|
|
|
|
EPS (basic and diluted) | £24.36 | £(0.01) | £24.35 |
|
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4. Earnings per share
Earnings per share has been calculated in accordance with IAS 33 - Earnings Per Share using the profit after tax for the financial year of £1,078,000 (2020 restated: £1,792,000) and the weighted average number of shares as follows:
| Weighted average number of shares | ||
| 2021 | 2020 | |
Basic and diluted shares | 1,172,532 | 1,221,929 | |
|
|
| |
|
|
| |
| 91.91 | 146.68 | |
Earnings per share (p) |
|
| |
There is no difference between basic and diluted shares as the Company has no share options in issue.
Notes to the Financial Statements
FOR THE YEAR ENDED 30 SEPTEMBER 2021 (continued)
Financial Calendar
2021 | 30 November | Final results for 2020 announced |
2022 | 17 January | Annual General Meeting/General Meeting |
| 18 January | Ex-dividend date for the final dividend |
| 19 January | Record date for the final dividend |
| 1 February | Final dividend to be paid |
| May | Interim results for 2022 to be announced |
| July | Interim dividend for 2022 to be paid |
| 30 September | Year end |
Directors and Advisers
Directors | Statutory Auditor |
J Richard Wollenberg | PKF Littlejohn. LLP |
Chairman and chief executive |
|
|
|
Karen L Chandler FCA |
|
Finance director | Stockbrokers and financial adviser |
| Shore Capital |
Nigel D Jamieson BSc, FCSI |
|
Independent non-executive director |
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Secretary | Bankers |
Karen L Chandler FCA | HSBC Bank Plc |
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Non-executive director of wholly owned subsidiary | Solicitors |
First Choice Estates plc | Blake Morgan LLP Charsley Harrison LLP
|
Head office | Registrar and transfer office |
56 Station Road | Neville Registrars Ltd |
Egham | Neville House |
Surrey TW20 9LF | Steelpark Road |
Telephone: 01784 437444 | Halesowen |
Fax: 01784 439157 | B62 8HD |
E-mail: webmaster@cardiff-property.com | Telephone: 0121 585 1131 |
Website: www.cardiff-property.com |
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Registered office | Registered number |
56 Station Road | 00022705 |
Egham |
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Surrey TW20 9LF |
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