RNS Number : 9391T
Cardiff Property PLC
30 November 2021
 

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
Restated

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
Restated

 

 

 

£'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)

 

 


151


153

 

 

 

              

              

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
Restated

 

£'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

 

 

               


6,330

               


6,447

 

 

               

 

               

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
£'000

2020
Restated
£'000

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
capital

 

 

    £'000

Share
premium
account

 

£'000

Other
reserves

(note 21)

 

£'000

Investment
property
fair value
reserve*

    £'000

Retained
earnings

 

 

£'000

Total
equity

 

 

£'000

At 30 September 2019 and
1 October 2019

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


-

-


-

-


(14)

(55)


-

-


-

-


(14)

(55)

 

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


-

-


-

-


(21)

8


-

-


-

-


(21)

8

 

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

-

 

             

                

                

            

                

                

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
Total

 

 

 

 

 

 

 

£'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
Restated
Total

 

 

 

 

 

 

 

£'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

 

              

              

              

              

 "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


2020

Increase/
(decrease)

2020
Restated

 

£'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

 

              

              

              

Total equity

29,099

(19)

29,080

 

              

              

              

 

 

 

 

 

 

 

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


1,742


(19)


1,723

 

              

              

              

EPS (basic and diluted)

£24.36

£(0.01)

£24.35

 

              

              

              

 

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
Restated

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

 

 

 

Secretary

Bankers

Karen L Chandler FCA

HSBC Bank Plc

 

 

 

 

Non-executive director of wholly owned subsidiary

Solicitors

First Choice Estates plc
Derek M Joseph BCom, FCIS

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

 

 

 

 

 

Registered office

Registered number

56 Station Road

00022705

Egham

 

Surrey TW20 9LF

 

 

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