TIDMWAFR
RNS Number : 9758K
Walls & Futures REIT PLC
08 January 2021
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR")
8 January 2021
WALLS & FUTURES REIT PLC
("Walls & Futures" or the "Company")
Half Year Results for the period to 30 September 2020 &
Southfields disposal
Walls & Futures REIT plc ("WAFR") the Ethical Housing
Investor and developer, is pleased to announce its interim results
for the six months to 30 September 2020.
We are also happy to announce the sale of its leasehold property
in Southfields for GBP660,000 before costs which reflects a 5.7 per
cent discount to its valuation dated as 31 March 2020.
Joe McTaggart, CEO of Walls & Futures REIT plc said:
"We are pleased to have completed the transaction despite the
ongoing economic uncertainty.
We will seek to dispose of our last residential property asset
in London in the coming months and recycle the capital to make
further investments and develop Specialist Supported Housing, where
we have successfully delivered raised the bar and delivered
innovative housing.
This development strategy has enabled us to increase our Net
Asset Value (during the previous 6 months) and revenues in a sector
which, unlike commercial property, has largely been unaffected by
the economic fallout of Covid-19."
Consolidated Income Statement
For the Six-Month Period to 30 September 2020
6 Months to 6 Months to
30 September 30 September
2020 2019
GBP GBP
Rent received 79,023 67,650
Cost of sales (31,409) -
Increase in property values - -
Other Income 27,617 -
Gross Profit 75,231 67,650
Administrative Expenses (121,630) (151,526)
Depreciation (316) -
____________ ____________
OPERATING PROFIT/(LOSS) (46,715) (83,876)
Interest receivable and similar
income - 218
Interest payable (5,578) (8,542)
____________ ____________
PROFIT/(LOSS) BEFORE TAXATION (52,293) (92,200)
Taxation - -
Loss on disposal of fixed assets (19,000) -
& depreciation
____________ ____________
PROFIT/(LOSS) FOR THE FINANCIAL
PERIOD (71,293) (92,200)
Other comprehensive income 176,118 -
TOTAL COMPREHENSIVE INCOME FOR
THE PERIOD 104,825 (92,200)
Consolidated Balance Sheet
30 September 2019
30 September 2020 30 September 2019
GBP GBP GBP GBP
FIXED ASSETS
Investment Property 3,950,316 3,730,010
CURRENT ASSETS
Cash at Bank 40,313 169,036
Debtors and Prepayments 6,934 6,645
------- --------
47,247 175,681
CREDITORS
Amounts falling due within
one year (5,189) (6,176)
------- --------
NET CURRENT ASSETS 42,058 169,505
--------------- -------------------
TOTAL ASSETS LESS CURRENT
LIABILITIES 3,992,404 3,899,515
Provision for Liabilities - -
Amounts falling due over
one year (30,000) (600,000)
--------------- -------------------
NET ASSETS 3,962,374 3,299,515
CAPITAL AND RESERVES
Called up share capital 187,754 187,754
Share Premium 3,505,154 3,505,154
Fair Value Reserve 934,900 297,150
Retained Earnings (665,434) (690,543)
3,962,374 3,299,515
The above figures have not been reviewed by the Company's
auditors.
The Directors of the issuer accept responsibility for the
contents of this announcement.
For further information, contact:
Walls & Futures REIT PLC 0333 700 7171
Joe McTaggart, Chief Executive
Website www.wallsandfutures.com
Allenby Capital Limited (Corporate Adviser)
Nick Harriss/James Reeve 020 3328 5656
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END
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