RNS Number : 6191W
Smart(J.)&Co(Contractors) PLC
18 April 2023
 

 

 

 

J. SMART & CO. (CONTRACTORS) PLC

 

 

 

 

 

 

INTERIM REPORT

 

FOR THE SIX MONTHS TO

 

31st JANUARY 2023

 

 

 

 

 

J. SMART & CO. (CONTRACTORS) PLC

 

CHAIRMAN'S REVIEW

 

 

INTERIM REPORT

Unaudited Group profit for the six months to 31st January 2023 amounted to £260,000 compared with £6,334,000 for the corresponding period last year.  This decrease in profit was largely due to there being no profit from investment sales of commercial property as was the case in the previous 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 the valuation may have had a detrimental effect on the headline figures, due to a decrease in yields.

 

The private housing development at Winchburgh, Canal Quarter, is progressing well on site and there have been sales completed.  However, whilst reservations were encouraging until the end of 2022, there have been next to no reservations in 2023.  The majority of the development will be complete at the end of the current financial year.

 

The construction of the second phase at Belgrave Point, Bellshill continues apace, with completion due later in 2023, after the financial year end.  Interest is promising at present.

 

The residential development at Clovenstone Gardens has commenced and as the first completions are not due until the middle of 2024, no marketing has taken place yet.

 

We continue to see rises in the prices of construction materials, which still affects the viability of all types of potential projects.  The erosion of profits of recently completed and soon to be completed projects has not abated.  Moreover, this erosion of profit on our private housing developments will be exacerbated by the recent lull in reservations.  The delays in processing contracting work and commencing new private housing work continue.

 

INTERIM DIVIDEND

The Board announces an interim dividend of 0.96p per share (2022, 0.96p) to be paid on 5th June 2023 to shareholders on the register at the close of business on 5th May 2023.  The interim dividend will cost the Company no more than £389,000.

 

FUTURE PROSPECTS

There will be further private housing sales this year, albeit not as many as had been expected.  As predicted, the current economic issues of interest rate rises, high inflation and the cost of living crisis, have had an impact on consumer confidence in the housing sector, which has resulted in a near standstill in reservations.

 

Whilst commercial property values may fall, as predicted, due to the decrease in investment yields, lettings of both our industrial stock and office stock remain steady.  Rental levels, more so in the industrial sector than the office sector, have not fallen yet and are still robust.

 

Whilst no external contracts with housing associations have been secured, we have agreed a contract with a manufacturing company for a new office facility and an industrial unit extension.  This contract will likely commence prior to the end of the financial year.

 

Whilst we might make an underlying profit, it is unlikely to be better than the underlying profit last year, due to the aforementioned reasons and the lack of recovery of overhead costs.

 

It is evident that due to the potential decrease in commercial property values, as described above, we may make a minimal headline profit or indeed a headline loss.

 

 

 

18th April 2023

D.W. SMART

Chairman

 

 

CONSOLIDATED INCOME STATEMENT

 


 

 

 

Notes

6 Months

ended

31.1.23

(Unaudited)

6 Months

ended

31.1.22

(Unaudited)

Year

ended

31.7.22

(Audited)


 

 

 

 


 

£000 

£000 

£000 

 

 

 


 

Group construction activities

 

5,438 

6,231 

9,597 

Less:  Own construction work capitalised

 

 (3,318)

 (1,072)

 (2,167)

REVENUE

 

2,120 

5,159 

7,430 

 

Cost of sales

 

(2,083)

(4,712)

(5,853)

 

 

 


 

GROSS PROFIT

 

37 

447 

1,577 

 

Other operating income

 

 

3,528 

3,596 

 

7,012 

Net operating expenses

 

 (3,471)

 (3,813)

  (7,295)

 

 

 


 

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

 

 

 

94 

230 

1,294


 

 


 

Profit on sale of investment properties

 

6,055 

6,055 

Net surplus on valuation of investment properties

 

473 

 

 

 


 

OPERATING PROFIT

 

94 

6,285 

7,822 

 

Share of (losses)/profits in Joint Ventures

 

 (17)

27 

254 

Income from financial assets

 

28 

31 

63 

(Loss)/profit on sale of financial assets

 

 (15)

17 

Net surplus/(deficit) on valuation of financial assets

113 

 (8)

 (121)

Finance income

 

63 

141 

Finance costs

 

 (6)

 (6)

 (12)

Gain on measurement of subsidiary company

 

28 

 

 

 


 

PROFIT BEFORE TAX

 

260 

6,334 

8,192 

 

Taxation

 

5

(30)

(1,268)

 

   (1,571)


 


 

PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS

230

5,066

6,621 

EARNINGS PER SHARE

 

 

7

 


 

Basic and diluted


0.56p

12.12p

15.90p

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 


 

 

 

6 Months

ended

31.1.23

(Unaudited)

6 Months

ended

31.1.22

(Unaudited)

Year

ended

31.7.22

(Audited)

 

 

 

 

 

 

 

£000 

£000 

£000 

PROFIT FOR THE PERIOD

 

 

230 

 

5,066 

6,621 


 

 


 

OTHER COMPREHENSIVE INCOME

 

 


 

Items that will not be subsequently reclassified to Income Statement:


 

Remeasurement gains on defined benefit pension scheme

 

 

7,219 

Deferred taxation on remeasurement gains on defined benefit pension scheme

 

 (1,804)

TOTAL ITEMS THAT WILL NOT BE SUBSEQUENTLY RECLASSIFED TO INCOME STATEMENT

 

5,415 

 

TOTAL OTHER COMPREHENSIVE INCOME

 

5,415 

 

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD, NET OF TAX

 

230 

5,066 

12,036 

ATTRIBUTABLE TO EQUITY SHAREHOLDERS

230 

5,066 

12,036 

 

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

 



 

 

Notes

Share Capital

Capital Redemption Reserve

Retained Earnings

Total


 







 


£000 

£000 

£000

£000


 






As at 1st August 2022


818 

190 

123,668

124,676

 

 

 

 

 



Profit for the period

 


230

230

Other comprehensive income


Total comprehensive income for period

230

230








TRANSACTIONS WITH OWNERS, RECORDED DIRECTLY IN EQUITY

 

Shares purchased and cancelled


(4)

(305)

(309)

Transfer to Capital Redemption Reserve

(4)

Dividends


6

(923)

(923)

Total transactions with owners


(4)

(1,232)

(1,232)



 

 

 

 

 

As at 31st January 2023



814 

194

122,666

123,674

           

 

 


 

 





As at 1st August 2021 - as previously reported

840 

168 

112,376

113,384

Restatement relating to pension surplus

10

2,353

2,353

As at 1st August 2021 - restated

 

840 

168 

114,729

115,737

 

 

 

 

 



Profit for the period

 


5,066

5,066

Other comprehensive income


Total comprehensive income for period

5,066

5,066








TRANSACTIONS WITH OWNERS, RECORDED DIRECTLY IN EQUITY

 

Shares purchased and cancelled


(4)

(260)

(264)

Transfer to Capital Redemption Reserve

(4)

Dividends


(948)

(948)

Total transactions with owners


(4)

(1,212)

(1,212)


 

 

 

 

 

 

As at 31st January 2022


836 

172

118,583

119,591

 

 

 


 

 





As at 1st August 2021


840 

168 

114,729

115,737

 

 

 

 

 



Profit for the period

 


6,621

6,621

Other comprehensive income


5,415

5,415

Total comprehensive income for period

12,036

12,036








TRANSACTIONS WITH OWNERS, RECORDED DIRECTLY IN EQUITY

 

Shares purchased and cancelled


(22)

(1,727)

(1,749)

Transfer to Capital Redemption Reserve

22 

(22)

Dividends


(1,348)

(1,348)

Total transactions with owners


(22)

22 

(3,097)

(3,097)



 

 

 

 

 

As at 31st July 2022


818 

190 

123,668

124,676

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 


 

 

 

 

6 Months

ended

31.1.23

(Unaudited)

6 Months

ended

31.1.22

(Unaudited)

Year

ended

31.7.22

(Audited)


 

 

Restated

 Note 10

 


 

£000 

£000 

£000 

 

NON-CURRENT ASSETS

 

 

 

 


Property, plant and equipment

 

1,315

1,256

1,207

Investment properties

 

81,140

76,175

77,777

Investments in Joint Ventures

 

1,515

1,294

1,532

Financial assets

 

1,357

1,183

1,069

Trade and other receivables

 

3,010

3,010

3,010

Retirement benefit surplus

 

15,096

7,863

15,096

Deferred tax assets

 

      13

      179

  13


 

  103,446

  90,960

99,704

 

CURRENT ASSETS

 

 


 

Inventories

 

 16,760

 7,999

12,454

Contract assets

 

150

52

16

Corporation tax asset

 

322

-

-

Trade and other receivables

 

2,196

2,925

2,442

Monies held on deposit

 

49

48

48

Cash and cash equivalents

 

  25,803

  38,907

 31,796


 

  45,280

  49,931

 46,756

 

 

 


 

TOTAL ASSETS

 

148,726

140,891

146,460

 

NON-CURRENT LIABILITIES

 

 


 

Deferred tax liabilities

 

   8,172

   5,956

   8,172

Lease liabilities

 

   212

   213

212


 

   8,384

   6,169

   8,384

 

CURRENT LIABILITIES

 



 

Trade and other payables

 

4,511

2,839

2,306

Lease liabilities

 

1

-

1

Corporation tax liability

 

-

983

44

Bank overdraft

 

   12,156

   11,309

 11,049

 

 

 16,668

 15,131

 13,400

 

 

 


 

TOTAL LIABILITIES

 

 25,052

 21,300

 21,784

 

NET ASSETS

 

 

 123,674

 

 119,591

 

124,676

 

EQUITY

 

 


 

Called up share capital

 

     814

     836

818

Capital redemption reserve

 

     194

     172

190

Retained earnings

 

  122,666

  118,583

 123,668

TOTAL EQUITY

 

  123,674

  119,591

 124,676

 

 

  

 



CONSOLIDATED STATEMENT OF CASH FLOWS

 



6 Months

ended

31.1.23

(Unaudited)

6 Months

ended

31.1.22

(Unaudited)

Year

ended

31.7.22

(Audited)

 


 


 

 


£000 

£000 

£000 

 

CASH FLOWS FROM OPERATING ACTIVITIES




Profit after tax

230 

5,066 

6,621 

Tax charge for year

30 

1,268 

1,571 

Profit after tax

260 

6,334 

8,192 

Adjustment for:

 


 

Share of losses/(profits) from Joint Ventures


17 

(27)

(254)

Depreciation


194 

169 

399 

Unrealised valuation surplus on investment properties

(473)

Unrealised valuation (surplus)/deficit on financial assets

(113)

121 

Profit on sale of property, plant and equipment

(60)

(5)

(29)

Profit on sale of investment property


(6,055)

(6,055)

Loss/(profit) on sale of financial assets


15 

(4)

(17)

Gain on remeasurement of subsidiary company

(28)

Change in retirement benefits


(14)

Increase on monies held on deposit


(1)

Interest received


(63)

(1)

(20)

Interest paid


12 

Change in inventories


(4,306)

(468)

(4,584)

Change in contract assets


(134)

194 

230 

Change in receivables - current


246 

20 

503 

Change in payables


2,205 

(211)

(1,113)

CASH OUTFLOW FROM OPERATING ACTIVITIES

(1,734)

(40)

(3,130)

Tax paid

 

(396)

(250)

(914)

NET CASH OUTFLOW FROM OPERATING ACTIVITIES

(2,130)

(290)

(4,044)

 

CASH FLOWS FROM INVESTING ACTIVITIES

 


 

Additions to property, plant and equipment

 

(323)

(184)

(380)

Additions to investment properties

 

(45)

(20)

(54)

Expenditure on own work capitalised - investment properties

 

 

(3,318)

 

(1,072)

 

(2,167)

Proceeds of sale of property, plant and equipment

81 

48 

Proceeds of sale of investment property


24,032 

24,032 

Purchase of financial assets


(368)

(47)

(47)

Proceeds of sale of financial assets

 

178 

44 

58 

Acquisition of investment in Subsidiary - net cash acquired

97 

Interest received

 

63 

20 

Loan to Joint Venture

 

(1,440)

(1,440)

Investment in Joint Ventures

 

(50)

NET CASH (OUTFLOW)/INFLOW FROM INVESTING ACTIVITIES

 

(3,732)

 

21,323

20,117

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 


 

Interest costs on leases

 

(6)

(6)

(12)

Purchase of own shares

 

   (309)

   (264)

   (1,749)

Dividends paid

 

   (923)

   (948)

   (1,348)

NET CASH OUTFLOW FROM FINANCING ACTIVITIES

 

   (1,238)

 

   (1,218)

 

   (3,109)

 

(DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS

 

   (7,100)

 

19,815

 

12,964

 

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD

 

 

20,747 

 

 

7,783 

 

 

7,783 

 

CASH AND CASH EQUIVALENTS AT END OF PERIOD

 

 

13,647 

 

 

27,598 

 

 

20,747 

 

 

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 2023 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 2023 have been prepared in accordance with the Disclosure and Transparency Rules of the Financial Conduct Authority and with IAS 34: Interim Financial Reporting under UK adopted International Accounting Standards. 

 

The condensed consolidated interim financial statements for the six months to 31st January 2023 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 2022, which have been prepared in accordance with UK adopted International Accounting Standards.

 

The statutory financial statements for the year to 31st July 2022 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, 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 2022, with the exception of the policies regarding the accounting for pension scheme obligations and investment properties revaluations.  

 

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 and therefore, no revaluation adjustment is made in the condensed consolidated interim financial statements.

 

Standards, Amendments to Standards and Interpretations effective in period

The following new standards, amendments to standards and interpretations, which are relevant to the Group, were issued by the International Accounting Standards Board and are mandatory for the Group for the first time in the financial year to 31st July 2022:

·    IAS 37 (amended): Provisions, Contingent Liabilities and Contingent Assets.

·    IFRS 3 (amended): Business Combinations.

 

The Directors anticipate that there will be no material impact of these amendments to standards on the financial statements.

 

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 financial statements have been prepared on a going concern basis. The Directors have prepared a number of cashflows scenarios taking account of trading activities around construction projects in hand and anticipated projects, land acquisitions, rental income, investment property acquisitions and disposals and other capital expenditure.  In each scenario reviewed by the Directors the Group remains cash positive with no reliance on external funding and therefore remains net debt free. The net assets of the Group are £123,674,000 at 31st January 2023 and the Group's net current assets amount to £28,612,000.  Taking all of the information the Directors currently have they are of the opinion that the Group is well placed to manage its financial and business risks and have a reasonable expectation that the Group has adequate financial resources to continue in operational existence for a period of at least twelve months from the date of approval of these financial statements and therefore consider the adoption of the going concern basis as appropriate for the preparation of these 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 2022.  The Directors regularly review the risks and uncertainties facing the Group and their impact on the trading performance of the Group and take appropriate actions to help mitigate their impact on the Group's performance and future prospects.

 

 

4.         SEGMENTAL INFORMATION

 

IFRS 8: Operating Segments requires operating segments to be identified on the basis of internal reporting about components of the Group and they are regularly reviewed by the chief operating decision maker to allow the allocation of resources to the segments and to assess their performance.  The chief operating decision maker has been identified as the Board of Directors.  The chief operating decision maker has identified two distant areas of activities in the Group being construction activities and investment property activities.

 

All revenue and investment property income 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

Other Operating Income

Operating Profit/(Loss)

31.1.23

31.1.22

31.7.22










£000 

£000 

£000

£000

£000 

£000 

£000

 








31st JANUARY 2023 (Unaudited)







Construction activities

2,120

3,318

5,438

  4 

(2,099)

Investment property activities

 - 

  - 

  3,464

 2,193 


2,120

3,318

5,438

  3,468

94 









31st JANUARY 2022 (Unaudited)







Construction activities

5,159

1,072

6,231

  4 

(1,628)

Investment property activities

 - 

  - 

  3,587

 7,913 


5,159

1,072

6,231

  3,591

6,285 

 








31st JULY 2022 (Audited)







Construction activities

7,430

2,167

9,597

  7 

(2,487)

Investment property activities

 - 

  - 

  6,976

 10,309 


7,430

2,167

9,597

  6,983

 7,822 

 

OPERATING PROFIT

94 

6,285 

7,822 

Share of results of Joint Ventures




(17)

27 

254 

Finance and investment income


204 

36 

221 

Finance and investment costs


(21)

(14)

(133)

Gain on remeasurement of subsidiary company


28 

PROFIT BEFORE TAX ON ORDINARY ACTIVITIES


260 

6,334 

8,192

 





 

5.         TAXATION

 

The tax charge for the six months to 31st January 2023 is based on the corporation tax rate at 21.01% (2022, 19.00%).

 

 

6.         DIVIDENDS


6 Months

Ended

31.1.23

(Unaudited)

6 Months

Ended

31.1.22

(Unaudited)

Year

Ended

31.7.22

(Audited)






£000 

£000 

£000 

 

ORDINARY DIVIDENDS




2021 Final Dividend of 2.27p per share

948 

948 

2022 Interim Dividend of 0.96p per share

400 

2022 Final Dividend of 2.27p per share

923 


923 

948 

1,348 

 

The interim dividend of 0.96p per share for the year to 31st July 2023 will be paid on 5th June 2023 to shareholders on the register at 5th May 2023.  The interim dividend will cost the Company no more than £389,000.

 

 

7.         EARNINGS PER SHARE


6 Months

Ended

31.1.23

(Unaudited)

6 Months

Ended

31.1.22

(Unaudited)

Year

Ended

31.7.22

(Audited)



 

 





Profit attributable to Equity Shareholders    £000

230

5,066

6,621

Basic and diluted Earnings per share

0.56p

12.12p

15.90p





Weighted average number of shares

 

 40,758,094

 

 41,810,610

 

41,638,109





 

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

 

During the six months to 31st January 2023 the Company purchased for immediate cancellation 189,034 Ordinary Shares of 2p.

 

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

 

 

8.         FAIR VALUE ASSETS

 

The Group's investment properties, 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 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 bonds 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 Group can access at the period end date.

 

 

9.         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 2022.

 

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.

 

 

  

10.       PRIOR YEAR ADJUSTMENT

 

During the year to 31st July 2022 the Group sought further advice on the Group's right to a surplus arising on the pension scheme from a firm of lawyers who specialise in this area.  Their advice was that the Group had an unconditional right to the surplus based on the original Trust Deed and Deed of Variation and therefore the full surplus arising on the calculation thereof under IAS 19 (amended): Employee Benefits should be accounted for in the financial statements.  This revised advice impacted on the accounts for the year to 31st July 2021 and resulted in the accounts for that year being revised.  

The impact of this new advice is that it is now clear to the Group that the full surplus arising on the pension scheme should be accounted for and should not have been reduced by the asset ceiling adjustment to reduce the surplus to the present value of economic benefits available in the form of reductions in future contributions to the plan.

There has been no impact on the Consolidated Income Statement as the asset ceiling adjustment was only accounted for in the Consolidated Statement of Comprehensive Income.  The pension scheme asset in the Consolidated Statement of Financial Position has increased as has deferred tax liability on the asset.  It is only the financial statements for the six months to 31st January 2022, disclosed in this interim report, which are impacted upon by the prior year adjustment, details of which are given below:

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 


 

£000 

 

Retirement benefit surplus - as previously stated

 

4,725

 


 


 

Retirement benefit surplus - as restated

 

7,863

 


 


 

Increase in asset

 

3,138

 


 


 

Increase in deferred tax adjustment based on above increase

 

(785)

 


 


 

Increase in net assets of the Group

 

2,353

 


 


 

Increase in retained earnings of Group

 

2,353

 

 

 



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 2023 have been prepared in accordance with IAS 34: Interim Financial Reporting under UK adopted International Accounting Standards.  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 2023 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 2023 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 2022. 

 

 

By order of the Board

 

 

 

 

 

D.W. SMART, Director

J.R. SMART, Director


 

18th April 2023

 

 

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