TIDMMTVW
RNS Number : 7347E
Mountview Estates PLC
09 July 2021
Mountview Estates P.L.C.
Publication of 2021 Annual Report and Accounts
&
Notice of 2021 Annual General Meeting
Mountview Estates P.L.C. (the "Company") announces that the
Annual Report and Accounts for the year ended 31 March 2021 (the
"2021 Annual Report & Accounts") together with the 2021 Notice
of Annual General Meeting (the "2021 AGM") will be posted to
shareholders today, 9 July 2021, and will be able to be downloaded
from the Company's website www.mountviewplc.co.uk.
Copies of these documents, together with the Form of Proxy for
the Annual General Meeting, will be made available for inspection
on the National Storage Mechanism at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
The Company's 2021 AGM will be held at Radisson Blu Edwardian
Bloomsbury St. Hotel, 9-13 Bloomsbury Street, London WC1B 3QD on
Wednesday, 11 August 2021 at 11.30am.
AGM arrangements
The Company currently intends to hold the 2021 AGM as a physical
meeting. Given the constantly evolving nature of the Covid-19
situation, shareholders should consider whether it is appropriate
to attend the 2021 AGM in person. Shareholders are asked to
pre-register their attendance in advance of the 2021 AGM and the
Notice of 2021 AGM explains how shareholders can pre-register. The
Board will be closely monitoring the restrictions over public
gatherings and it will communicate any necessary changes.
Voting
The Board urges all shareholders to exercise their vote and
submit their proxy as soon as possible. Shareholders are strongly
encouraged to appoint the chairman of the meeting as their proxy
with instructions as to how to cast their vote on the resolutions
proposed to ensure their vote is counted at the meeting. The Notice
of 2021 AGM explains how shareholders can submit their proxy vote.
Results of voting will be published as soon as practicable
following the conclusion of the meeting.
Engagement with shareholders is important to the Company and
arrangements have been made so that shareholders can participate in
the 2021 AGM by submitting questions or matters of concern in
connection with the business of the 2021 AGM in advance. Any
specific questions on the business of the 2021 AGM and on the
resolutions can be submitted by email to
reception@mountviewplc.co.uk or by writing to the Company
Secretary, Mountview House, 151 High Street, Southgate, London N14
6EW. The Board encourages questions to be submitted as soon as
possible and no later than 31 July 2021 and the Board will provide
responses to relevant questions by way of a written Q&A posted
on the Company's website as soon as practicable in advance of the
AGM, and no later than 7 August 2021. The Notice of 2021 AGM
explains the arrangements for submitting questions.
In compliance with paragraph 6.3.5 of the Disclosure Guidance
and Transparency Rules, the information in respect of Principal
Risks, Related Party Transactions and the Directors' Responsibility
Statement, contained in the Appendix, is extracted from the 2021
Annual Report & Accounts and should be read in conjunction with
the Company's preliminary results announcement of 17 June 2021
which can be viewed on the Company's website at
www.mountviewplc.co.uk.
Enquiries:
For further information on the Company, visit:
www.mountviewplc.co.uk
SPARK Advisory Partners Limited (Financial Adviser)
www.sparkadvisorypartners.com
Mark Brady 020 3368 3551
Appendix
PRINCIPAL RISKS AND UNCERTAINTIES
RISK REVIEW
In our 2020 Annual Report we specifically considered risk by
risk the possible impact that Covid-19 could have on the business.
In the event, for the most part these risks did not materialise and
while initially there were delays while other providers and
professionals in our supply chains re-organised to work within the
restrictions placed by the Government's response to the virus, once
revised working process were established these delays were reduced.
By the end of the year the revised working practices introduced by
the Group and its suppliers meant that business activity was back
up towards pre-pandemic levels of performance. The exception was in
relation to risk 7 - Operations and Property Maintenance where some
tenants were reluctant to allow contractors or inspectors into
their homes due to their personal circumstances. We respected these
wishes so only essential work was carried out by contractors who
abided by our Covid-19-secure regime. Throughout we have remained
in contact with affected tenants to identify when there may be
changes that might permit non-essential works to be carried out and
we are hopeful that with the advent of the vaccines that we will be
able to catch up this backlog in the coming year.
As a result for this year we have removed the specific
references to Covid-19 from the commentary on the underlying risks.
A fuller note of our approach to our work during the pandemic,
including risk management, is contained in the separate note on
Covid-19 in the 2021 Annual Report & Accounts. This position
will be kept under constant review.
1.TRADING STOCK - REGULATED TENANCIES
Risk
Reduced opportunity to replace asset sales of vacant properties
due to the reducing number of regulated tenancies available for
purchase.
Mitigation
The Group has developed clear criteria that are applied when
considering asset purchases. Using these, the Group has performed
creditably in replacing this class of assets in the year ended 31
March 2021, with good purchasing again during the year. The
'Analysis of Acquisitions' is contained in the 2021 Annual Report
& Accounts.
2. MARKET
Risk
Weak macro-economic conditions - for example arising from
bedding in of the UK's trade deal with the EU or the longer term
impact of Covid-19.
Mitigation
The Group's exposure is weighted towards the stronger London and
South East markets and this geographical area has over the long
term consistently been an above-average performer.
3. FINANCIAL
Risk
Reduced availability of financing options resulting in inability
to meet business plans.
Mitigation
The Group monitors its bank accounts and loans closely to
maintain sufficient capacity. We review our loan facilities
regularly. The Group is conservatively geared and operates well
within financial covenants. Financial Key Performance indicators
are set out in the 2021 Annual Report & Accounts. Details of
the Group's current facilities are set out in Note 18 of the 2021
Annual Report & Accounts.
4. DIVIDS
Risk
The Group seeks to provide shareholders with good returns on
their investment. This aim could be put at risk if the Group was
unable to sustain the level of dividends for any reason.
Mitigation
We carefully monitor our strategy and our results in order to
identify any risk to dividend levels.
The Group maintains a strong balance sheet. With appropriate
banking facilities, we are able to maintain our trading stock by
taking advantage of purchasing opportunities when they occur.
5. PEOPLE
Risk
Capacity to maintain strategy is compromised due to inability to
attract and retain suitably experienced employees.
Mitigation
Mountview employs a relatively small workforce which
accommodates personal interaction at all levels.
The Company has a stringent recruitment process to ensure we
employ appropriately skilled staff. We carry out regular appraisals
and offer employees opportunities for training and development
courses. The Company has a good record of long-term service, a
great number of our employees have worked for the group for over 10
years. Details of employees and diversity are set out in Notes 9
and 10 of the Directors' Report.
6. REGULATORY
Risk
Risk of not meeting new or changed regulatory requirements and
obligations that affect the Group's business activities and could
lead to fines or penalties.
Mitigation
The Group engages in close working relationships with
appropriate authorities and advisers to ensure it meets its
obligations.
7. OPERATIONS AND PROPERTY MAINTENANCE
Risk
Legal action against the Group for failure to meet its
obligations under property management and safety legislation.
Mitigation
In addition to its own regular inspections, the Group engages
professional external companies to undertake health and safety, gas
and electrical checks, fire risk assessments, etc to ensure we meet
our commitments as employers and landlords. Our staff receive
regular training to ensure their skills are kept up to date.
Our Compliance Officer monitors our performance against existing
regulations and tracks and prepares for new requirements as they
are published.
8. CLIMATE
Risk
The impact on the Group of climate related matters. For example
changing weather patterns, including extreme weather events, that
could lead to increased wear and tear or other property damage.
Mitigation
The regular inspections noted above provide the Group with
opportunities to identify properties that may be at risk which
would be considered for more frequent inspections. Due diligence
for purchases aims to identify properties with higher than normal
inherent risks for flooding or other water risks.
EMERGING RISK
As well as monitoring the incidence of currently identified
risks we also look for emerging trends in operations that could
become active risks. In addition, we carry out horizon scanning
through our network of stakeholders, notably our advisers, and also
by reviewing published emerging risk reports.
THE OVERALL RISK ENVIRONMENT
Given Mountview's business model and financial strength, while
any risks materialising could well have a negative impact on short
term performance, and lead to inconvenience, none are significant
enough to threaten the continued existence of the Group. We are
confident that we can meet our strategic and operational goals and
in particular are in a strong position to take advantage of
purchasing opportunities as they arise. Risks are considered to be
broadly unchanged from 2020 with moderate assessments for both
probability of occurrence and impact.
These principal risks were part of the Group's assessment of
long term viability, details of which are set out in the viability
statement in the 2021 Annual Report & Accounts.
RELATED PARTY TRANSACTIONS
The following is extracted from the 2021 Annual Report &
Accounts
1 During the financial year there were no key management
personnel emoluments, other than remuneration.
2
(a) Mountview Estates P.L.C. provides general management and
administration services to Ossian Investors Limited and Sinclair
Estates Limited, companies of which Mr D.M. Sinclair is a Director.
Fees of GBP34,800 (2020: GBP33,100) were charged for these
services.
(b) Included within other loans repayable in less than one year
and on demand was a loan from Sinclair Estates Limited. The balance
outstanding at the balance sheet date was GBP537,444 (2020:
GBP465,000). Interest was payable on the loan at 0.5%. Interest
paid in the year on this loan amounted to GBP2,960 (2020:
GBP3,260).
(c) Included within other loans repayable in less than one year
and on demand was a loan from Ossian Investors Limited. The balance
outstanding at the balance sheet date was GBP411,573 (2020:
GBP100,000). Interest was payable on the loan at 0.5%. Interest
paid in the year on this loan amounted to GBP1,210 (2020:
GBP310).
(d) All of the above loans are unsecured.
(e) Transactions between the Group and its subsidiaries, which
are related parties, have been eliminated on consolidation and have
not been disclosed in this note.
(f) The only key management are the Directors.
(g) As at 31 March 2021 the Group owed Mr D.M. Sinclair
GBP51,244 (2020: GBP38,133) in relation to an informal loan.
DIRECTORS' RESPONSIBILITY STATEMENT
The following statement is extracted from the 2021 Annual Report
& Accounts
The Directors are responsible for preparing the Annual Report,
the Directors' Remuneration Report and the Group and Company
financial statements in accordance with applicable law and
regulations.
Company law requires the Directors to prepare financial
statements for each financial year. Under that law, the Directors
are required to prepare the Group financial statements in
accordance with International Accounting Standards in conformity
with the requirements of the Companies Act 2006 and International
Financial Reporting Standards (IFRSs) adopted pursuant to
Regulation (EC) No 1606/2002 as it applies in the European
Union.
The Directors have elected to prepare the Company financial
statements in accordance with United Kingdom Generally Accepted
Accounting Practice (UK GAAP) including FRS 102 and applicable
law.
Under company law, the Directors must not approve the financial
statements unless they are satisfied that they give a true and fair
view of the state of affairs of the Group and Company and of their
profit or loss for that period. In preparing these financial
statements, the Directors are required to:
-- select suitable accounting policies and then apply them consistently;
-- make judgements and estimates that are reasonable and prudent;
-- present information, including accounting policies, in a
manner that provides relevant, reliable, comparable and
understandable information;
-- in respect of Group Financial Statements, state whether they
have been prepared in accordance with IFRSs as adopted by the
EU;
-- in respect of the Company financial statements state whether
applicable UK accounting standards have been followed, subject to
any material departures disclosed and explained in those
statements; and
-- prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the Group and the
Company will continue in business.
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Company's
transactions and disclose with reasonable accuracy at any time the
financial position of the Company and enable them to ensure that
its financial statements comply with the Companies Act 2006. They
have general responsibility for taking such steps as are reasonably
open to them to safeguard the assets of the Group and to prevent
and detect fraud and other irregularities.
The Directors are responsible for the maintenance and integrity
of the corporate and financial information included on the
Company's website. Legislation in the United Kingdom governing the
preparation and dissemination of Financial Statements may differ
from legislation in other jurisdictions.
Each of the Directors, whose names and functions are set out on
page 17 of the 2021 Annual Report & Accounts, confirms to the
best of their knowledge that:
-- The financial statements, prepared in accordance with the
applicable set of accounting standards, give a true and fair view
of the assets, liabilities, financial position and profit of the
Group and the Company.
-- The strategic report includes a fair review of the
development and performance of the business and the position of the
Group and the Company, together with a description of the principal
risks and uncertainties that they face.
-- The annual report and financial statements, taken as a whole,
are fair, balanced and understandable and provide the information
necessary for shareholders to assess the Group's performance,
business model and strategy.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
NOAKZGGNKLZGMZG
(END) Dow Jones Newswires
July 09, 2021 02:00 ET (06:00 GMT)
Mountview Estates (LSE:MTVW)
Historical Stock Chart
From Sep 2024 to Oct 2024
Mountview Estates (LSE:MTVW)
Historical Stock Chart
From Oct 2023 to Oct 2024