TIDMWSP
RNS Number : 0725C
Wynnstay Properties PLC
05 November 2009
Wynnstay Properties PLC
Interim Results for the six months ended 29th September 2009
Chairman's Statement
Against the background of troubled economic conditions and uncertainty about the
timing and strength of recovery, I am pleased to report on a very satisfactory
first half of the financial year for your Company.
The results for the six months to 29th September 2009 may be summarised as
follows:-
+----------------------------------------------+----------+------------+----------------+
| | | 2009 | 2008 |
+----------------------------------------------+----------+------------+----------------+
| Operating income before movement in fair | 21.8% | GBP713,000 | GBP585,000 |
| value of | | | |
| investment properties | | | |
+----------------------------------------------+----------+------------+----------------+
| Profit/(loss) on ordinary activities before | | GBP551,000 | (GBP1,712,000) |
| taxation | | | |
+----------------------------------------------+----------+------------+----------------+
| Earnings per share | | 13.3p | (49.2p) |
+----------------------------------------------+----------+------------+----------------+
| Normalised earnings per share | 33% | 13.3p | 10.0p |
+----------------------------------------------+----------+------------+----------------+
| Interim dividend per share | 5.5% | 2.90p | 2.75p |
+----------------------------------------------+----------+------------+----------------+
| Net asset value per share | (14.7%) | 421p | 494p |
+----------------------------------------------+----------+------------+----------------+
| Adjusted net asset value per share+ | (17.5%) | 420p | 509p |
+----------------------------------------------+----------+------------+----------------+
+ Adjusted net asset value per share is net asset value per share determined in
accordance with International Financial Reporting Standards and adjusted to
exclude deferred tax arising on the revaluation of the investment portfolio.
You will recall that at this time last year the Directors considered that it
would be a prudent step to revalue the portfolio at the interim stage in view of
market conditions. Given the signs that the commercial property market is
stabilising, and may indeed be turning or about to turn for the better, we
considered that it was not necessary or cost effective to undertake an interim
revaluation this year but rather to await the full annual revaluation as at 25
March 2010.
I mention this because at the interim stage last year we wrote down the value of
the portfolio by GBP2,106,000 or 8.1% and under International Financial
Reporting Standards to which we are now required to prepare our financial
statements, we are obliged to reflect any revaluation adjustment in full in our
income statement which thus impacts on profits and earnings rather than only on
net asset value per share. This revaluation adjustment led to the reported loss
of GBP1.7 million at the interim stage last year even though our operating
income from the core business of managing and securing rental income from its
portfolio was a healthy GBP585,000.
At the end of this half-year, I am pleased to report that our operating income
rose by 21.8% to to GBP713,000 and our pre tax profit increased to GBP551,000
which represents an increase on a like-for-like basis, i.e. excluding the impact
of any revaluation, of GBP 157,000 or 39.8%.
Property rental income was significantly higher than for the same period last
year reflecting receipt of a full six months rental from the Aylesford
industrial estate which was acquired in June 2008 plus some modest increases in
rents achieved following settlement of rent reviews, new lettings and lease
renewals. Property costs were only marginally lower than last year, since
despite tight cost control, both this year's and last year's figures include the
costs and fees associated with plans for the possible redevelopment of our
Twickenham property. Administrative costs continue to reflect the benefits of
our earlier cost reduction exercise. Interest costs are substantially lower due
to the lower interest rates now prevailing, the greater flexibility in choice of
rates that we now enjoy under our new facility and the reduction in our total
borrowings.
The portfolio was fully let at the end of the half-year and we have collected
substantially all the rental income due for the period.
The last six months have been an active period for the management of the
portfolio. For instance at our retail premises in Dorking, the leases of all
four units came to and end in the summer. Given the conditions on the high
street, we were concerned about the tenants desire to renew and the
opportunities for re-letting if the present tenants decided not to renew their
leases and thus leave us with the loss of rental income and the considerable
costs that can be associated with vacant premises. I am pleased to say that we
have agreed terms for new leases for three of the four premises and terms for
the fourth are under negotiation.
Last year I reported on our planning application and the consent obtained to
redevelop our industrial units at Twickenham which are in a predominantly
residential area and where some of the leases expired in 2009. Those
shareholders who attended the Annual General Meeting in July will have seen our
initial proposals for this site. I am able to report that we now have all the
units let on a relatively shorter-term basis, including to one new tenant, and
on terms that will allow us to terminate on grounds of redevelopment. As the
housing market appears to show signs of life after a very difficult period, we
continue to keep the project under review and to investigate possibilities for
further enhancing the value of the site.
Our tenant at Crawley, a subsidiary of the French Post Office, have advised that
they will not be renewing their lease when it expires in the middle of 2010 as
they need, and have now found, significantly larger premises. The property is
well located, close to Gatwick Airport and as a consequence of the present
tenant's early indication of its plans, we have been able to actively market the
premises well in advance of the present lease coming to an end. I hope to have
further news for you when I report on the full year's results.
So far, your Company has been relatively unscathed by difficulties in the
financial markets and the recession. It is comforting that despite the economic
conditions that they face, the majority of our tenants seem to be coping and are
looking to the longer term, investing in the future of their businesses in the
hope that confidence and economic stability will soon return.
Despite much talk there has been little activity at least until recently in the
investment market where we continue to look for additions to the portfolio. The
properties that have been available and which we have actively investigated have
not turned out to be of the type, with the tenant mix or income profile that we
seek. Nevertheless, we have explored a number of prospective purchases and
continue to seek out opportunities.
The outlook for interest rates in the short-to medium terms appears at the
moment to be benign as the authorities seek to stabilise the economy and the
financial markets and to stimulate investment and demand, even if the
longer-term outlook is far less certain.
Wynnstay has considerable headroom within its current borrowing facility as a
result of having repaid some of its borrowings from cashflow during the past
year and we have a number of uncharged properties that we can use to secure
additional borrowings, if necessary. We are thus well placed to invest for the
future growth of the business as and when suitable opportunities arise.
In the light of the results described above, the Directors have decided to
declare an interim dividend of 2.9p per share, representing an increase of 5.45%
over last year. This will be paid on 10th December 2009 to those Shareholders on
the register on 13th November 2009. A decision on the appropriate amount to
recommend as a final dividend must have to be taken in the light of the results
for the full year, but as things stand at present, the Board is hopeful that
this can reflect a similar proportionate increase.
I would remind you that our website, www.wynnstayproperties.co.uk, contains
details of the portfolio as well as the current share price and access to the
company recent published documents and announcements.
Our Annual General Meeting next year will again be held at the Royal Automobile
Club, 89 Pall Mall, London SW1 on Wednesday 16th July 2010 at 12 noon and I hope
that as many shareholders as possible will take the opportunity of a day in
London to attend the event .
Finally, on behalf of the Board, I would like to thank all Shareholders for
their continued interest in, and support for, Wynnstay. We hope that all
Shareholders enjoy a peaceful and restful Christmas and convey our best wishes
for 2010.
Philip G.H. Collins
Chairman
Enquiries:
Paul Williams, Managing Director, Wynnstay Properties PLC - 0207745 7160
Rick Thompson, Nominated Adviser & Broker, Charles Stanley Securities - 0207149
6000
WYNNSTAY PROPERTIES PLC AND ITS SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 29TH SEPTEMBER 2009
+------------------------------------+----------------+----------------+--------------+
| | Six months ended | Year ended |
+------------------------------------+---------------------------------+--------------+
| |29th September |29th September | 25th March |
+------------------------------------+----------------+----------------+--------------+
| | 2009 | 2008 | 2009 |
+------------------------------------+----------------+----------------+--------------+
| | GBP'000 | GBP'000 | GBP'000 |
+------------------------------------+----------------+----------------+--------------+
| | | | |
+------------------------------------+----------------+----------------+--------------+
| Property Income | 976 | 870 | 1,874 |
+------------------------------------+----------------+----------------+--------------+
| | | | |
+------------------------------------+----------------+----------------+--------------+
| Property Costs | (61) | (64) | (97) |
+------------------------------------+----------------+----------------+--------------+
| | | | |
+------------------------------------+----------------+----------------+--------------+
| Administrative Costs | (202) | (221) | (430) |
+------------------------------------+----------------+----------------+--------------+
| Operating Income before movement | | | |
| in fair value of investment | | | |
| properties: | | | |
+ +----------------+----------------+--------------+
| | 713 | 585 | 1,347 |
+------------------------------------+------------------------------------+----------------+----------------+
| | | | |
+------------------------------------+----------------+----------------+--------------+
| Movement in fair value of: | | | |
+------------------------------------+----------------+----------------+--------------+
| Investment Properties | - | (2,106) | (5,421) |
+------------------------------------+----------------+----------------+--------------+
| Other investments | - | (1) | - |
+------------------------------------+----------------+----------------+--------------+
| | | | |
+------------------------------------+----------------+----------------+--------------+
| Operating Income/(Expense) | 713 | (1,522) | (4,074) |
+------------------------------------+----------------+----------------+--------------+
| | | | |
+------------------------------------+----------------+----------------+--------------+
| Investment Income | 2 | 34 | 41 |
+------------------------------------+----------------+----------------+--------------+
| Other income | - | - | - |
+------------------------------------+----------------+----------------+--------------+
| | | | |
+------------------------------------+----------------+----------------+--------------+
| Finance Costs | (164) | (224) | (424) |
+------------------------------------+----------------+----------------+--------------+
| | | | |
+------------------------------------+----------------+----------------+--------------+
| Net Income/(Expense) before | 551 | (1,712) | (4,457) |
| Taxation | | | |
+------------------------------------+----------------+----------------+--------------+
| | | | |
+------------------------------------+----------------+----------------+--------------+
| Taxation | (133) | 160 | 484 |
+------------------------------------+----------------+----------------+--------------+
| | | | |
+------------------------------------+----------------+----------------+--------------+
| Net Income/(Expense) after | 418 | (1,552) | (3,973) |
| Taxation | | | |
+------------------------------------+----------------+----------------+--------------+
| | | | |
+------------------------------------+----------------+----------------+--------------+
| Dividends paid | (229) | (216) | (303) |
+------------------------------------+----------------+----------------+--------------+
| | | | |
+------------------------------------+----------------+----------------+--------------+
| Retained Earnings for the period | 190 | (1,768) | (4,276) |
+------------------------------------+----------------+----------------+--------------+
| | | | |
+------------------------------------+----------------+----------------+--------------+
| | | | |
+------------------------------------+----------------+----------------+--------------+
| Basic Earnings per share | 13.3 | (49.2) | (125.9) |
+------------------------------------+----------------+----------------+--------------+
| Normalised Earnings per Share | 13.3 | 10.0 | 45.9 |
+------------------------------------+----------------+----------------+--------------+
| | | | |
+------------------------------------+----------------+----------------+--------------+
| Net Asset value per share - IFRS | 421 | 494 | 550 |
+------------------------------------+----------------+----------------+--------------+
| Net Asset value per share - UK | 420 | 509 | 572 |
| GAAP | | | |
+------------------------------------+----------------+----------------+--------------+
| | | | |
+------------------------------------+----------------+----------------+--------------+
WYNNSTAY PROPERTIES PLC
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AT 29TH SEPTEMBER 2009
+------------------------------------------+------------+------------+----------+
| | 29th | 29th | 25th |
| | September | September | March |
+------------------------------------------+------------+------------+----------+
| | 2009 | 2008 | 2009 |
+------------------------------------------+------------+------------+----------+
| | GBP'000 | GBP'000 | GBP'000 |
+------------------------------------------+------------+------------+----------+
| | | | |
+------------------------------------------+------------+------------+----------+
| Non Current Assets | | | |
+------------------------------------------+------------+------------+----------+
| Investment Properties | 20,745 | 24,060 | 20,745 |
+------------------------------------------+------------+------------+----------+
| Other property, plant and equipment | 7 | 9 | 10 |
+------------------------------------------+------------+------------+----------+
| Investments | 3 | 2 | 3 |
+------------------------------------------+------------+------------+----------+
| | 20,755 | 24,071 | 20,758 |
+------------------------------------------+------------+------------+----------+
| | | | |
+------------------------------------------+------------+------------+----------+
| Current Assets | | | |
+------------------------------------------+------------+------------+----------+
| Accounts Receivable | 51 | 50 | 101 |
+------------------------------------------+------------+------------+----------+
| Deferred tax | 20 | - | 20 |
+------------------------------------------+------------+------------+----------+
| Cash and Cash equivalents | 1,057 | 1,354 | 1,119 |
+------------------------------------------+------------+------------+----------+
| | 1,128 | 1,404 | 1,240 |
+------------------------------------------+------------+------------+----------+
| | | | |
+------------------------------------------+------------+------------+----------+
| Current Liabilities | | | |
+------------------------------------------+------------+------------+----------+
| Accounts Payable | (544) | (626) | (782) |
+------------------------------------------+------------+------------+----------+
| Income Tax payable | (362) | (300) | (229) |
+------------------------------------------+------------+------------+----------+
| | (906) | (926) | (1,011) |
+------------------------------------------+------------+------------+----------+
| | | | |
+------------------------------------------+------------+------------+----------+
| Net Current Assets | 222 | 478 | 229 |
+------------------------------------------+------------+------------+----------+
| | | | |
+------------------------------------------+------------+------------+----------+
| Total Assets Less Current Liabilities | 20,977 | 24,549 | 20,987 |
+------------------------------------------+------------+------------+----------+
| | | | |
+------------------------------------------+------------+------------+----------+
| Non-Current Liabilities | | | |
+------------------------------------------+------------+------------+----------+
| Loans Payable | (7,700) | (8,500) | (7,900) |
+------------------------------------------+------------+------------+----------+
| Deferred Tax | - | (454) | - |
+------------------------------------------+------------+------------+----------+
| | | | |
+------------------------------------------+------------+------------+----------+
| Net Assets | 13,277 | 15,595 | 13,087 |
+------------------------------------------+------------+------------+----------+
| | | | |
+------------------------------------------+------------+------------+----------+
| | | | |
+------------------------------------------+------------+------------+----------+
| Capital and Reserves | | | |
+------------------------------------------+------------+------------+----------+
| | | | |
+------------------------------------------+------------+------------+----------+
| Share Capital | 789 | 789 | 789 |
+------------------------------------------+------------+------------+----------+
| Share Premium Account | 1,135 | 1,135 | 1,135 |
+------------------------------------------+------------+------------+----------+
| Capital Redemption Reserve | 205 | 205 | 205 |
+------------------------------------------+------------+------------+----------+
| Retained Earnings | 11,148 | 13,466 | 10,958 |
+------------------------------------------+------------+------------+----------+
| | | | |
+------------------------------------------+------------+------------+----------+
| Equity attributable to equity holders of | 13,277 | 15,595 | 13,087 |
| the parent | | | |
+ +------------+------------+----------+
| | | | |
+------------------------------------------+------------+------------+----------+
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOW
FOR THE SIX MONTHS ENDED 29TH SEPTEMBER 2009
+-------------------------------------+-----------+-----------+-----------+
| | Six months ended | Year |
| | 29 September | ended 25 |
| | | March |
+-------------------------------------+-----------------------+-----------+
| | 2009 | 2008 | 2009 |
+-------------------------------------+-----------+-----------+-----------+
| | GBP'000 | GBP'000 | GBP'000 |
+-------------------------------------+-----------+-----------+-----------+
| | | | |
+-------------------------------------+-----------+-----------+-----------+
| Cashflow from operating activities | | | |
+-------------------------------------+-----------+-----------+-----------+
| | | | |
+-------------------------------------+-----------+-----------+-----------+
| Profit/(Loss) before taxation | 713 | (1,522) | (4,457) |
+-------------------------------------+-----------+-----------+-----------+
| Adjusted for: | | | |
+-------------------------------------+-----------+-----------+-----------+
| Depreciation | 1 | 1 | 1 |
+-------------------------------------+-----------+-----------+-----------+
| Decrease in fair value of | - | 2,106 | 5,421 |
| investment properties | | | |
+-------------------------------------+-----------+-----------+-----------+
| Decrease in fair value of | - | (1) | - |
| investment | | | |
+-------------------------------------+-----------+-----------+-----------+
| Interest income | 2 | - | (41) |
+-------------------------------------+-----------+-----------+-----------+
| Interest expense | - | - | 424 |
+-------------------------------------+-----------+-----------+-----------+
| Changes in: | | | |
+-------------------------------------+-----------+-----------+-----------+
| Trade and other receivables | (50) | 102 | 51 |
+-------------------------------------+-----------+-----------+-----------+
| Trade and other payables | (238) | 66 | 234 |
+-------------------------------------+-----------+-----------+-----------+
| Income tax paid | 101 | - | (221) |
+-------------------------------------+-----------+-----------+-----------+
| | | | |
+-------------------------------------+-----------+-----------+-----------+
| Net cash from operating activities | 530 | 752 | 1,412 |
+-------------------------------------+-----------+-----------+-----------+
| | | | |
+-------------------------------------+-----------+-----------+-----------+
| | | | |
+-------------------------------------+-----------+-----------+-----------+
| Cashflow used in investing | | | |
| activities | | | |
+-------------------------------------+-----------+-----------+-----------+
| Interest and Other income received | 2 | 34 | 41 |
+-------------------------------------+-----------+-----------+-----------+
| Purchase of property, plant and | - | (4,786) | (4,786) |
| equipment | | | |
+-------------------------------------+-----------+-----------+-----------+
| | | | |
+-------------------------------------+-----------+-----------+-----------+
| Net cash used in investing | 2 | (4,752) | (4,745) |
| activities | | | |
+-------------------------------------+-----------+-----------+-----------+
| | | | |
+-------------------------------------+-----------+-----------+-----------+
| Cashflow from financing activities | | | |
+-------------------------------------+-----------+-----------+-----------+
| Dividends paid | (229) | (216) | (303) |
+-------------------------------------+-----------+-----------+-----------+
| Interest payable | (164) | (218) | (433) |
+-------------------------------------+-----------+-----------+-----------+
| Loans drawn down | - | 4,900 | 8,500 |
+-------------------------------------+-----------+-----------+-----------+
| Repayments on bank loans | (200) | - | (4,200) |
+-------------------------------------+-----------+-----------+-----------+
| | | | |
+-------------------------------------+-----------+-----------+-----------+
| Net cash from financing activities | (593) | 4,466 | 3,564 |
+-------------------------------------+-----------+-----------+-----------+
| | | | |
+-------------------------------------+-----------+-----------+-----------+
| Net increase in cash and cash | (60) | 466 | 231 |
| equivalents | | | |
+-------------------------------------+-----------+-----------+-----------+
| | | | |
+-------------------------------------+-----------+-----------+-----------+
| Cash and cash equivalents at | 1,119 | 888 | 888 |
| beginning of period | | | |
+-------------------------------------+-----------+-----------+-----------+
| | | | |
+-------------------------------------+-----------+-----------+-----------+
| Cash and cash equivalents at end of | 1,057 | 1,354 | 1,119 |
| period | | | |
+-------------------------------------+-----------+-----------+-----------+
WYNNSTAY PROPERTIES PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 29TH SEPTEMBER 2009
+-----------------------+-----------+------------+-----------+-----------+-----------+
| | SIX MONTHS ENDED 29 SEPTEMBER 2009 |
+-----------------------+------------------------------------------------------------+
| | Share | Capital | Share | Retained | Total |
| | Capital |Redemption | Premium | Earnings | |
| | | Reserve | Account | | |
+-----------------------+-----------+------------+-----------+-----------+-----------+
| | GBP 000 | GBP 000 | GBP 000 | GBP 000 | GBP 000 |
+-----------------------+-----------+------------+-----------+-----------+-----------+
| | | | | | |
+-----------------------+-----------+------------+-----------+-----------+-----------+
| Balance at 26 March | 789 | 205 | 1,135 | 10,958 | 13,087 |
| 2009 | | | | | |
+-----------------------+-----------+------------+-----------+-----------+-----------+
| Net income for the | - | - | - | 418 | 418 |
| period | | | | | |
+-----------------------+-----------+------------+-----------+-----------+-----------+
| Dividends | - | - | - | (229) | (229) |
+-----------------------+-----------+------------+-----------+-----------+-----------+
| Balance at 29 | 789 | 205 | 1,135 | 11,148 | 13,277 |
| September 2009 | | | | | |
+-----------------------+-----------+------------+-----------+-----------+-----------+
+------------------------+-----------+------------+-----------+-----------+-----------+
| | SIX MONTHS ENDED 29 SEPTEMBER 2008 |
+------------------------+------------------------------------------------------------+
| | Share | Capital | Share | Retained | Total |
| | Capital |Redemption | Premium | Earnings | |
| | | Reserve | Account | | |
+------------------------+-----------+------------+-----------+-----------+-----------+
| | GBP 000 | GBP 000 | GBP 000 | GBP 000 | GBP 000 |
+------------------------+-----------+------------+-----------+-----------+-----------+
| | | | | | |
+------------------------+-----------+------------+-----------+-----------+-----------+
| Balance at 26 March | 789 | 205 | 1,135 | 15,234 | 17,363 |
| 2008 | | | | | |
+------------------------+-----------+------------+-----------+-----------+-----------+
| Net income for the | - | - | - | (1,552) | (1,552) |
| year | | | | | |
+------------------------+-----------+------------+-----------+-----------+-----------+
| Dividends | - | - | - | (216) | (216) |
+------------------------+-----------+------------+-----------+-----------+-----------+
| Balance at 29 | 789 | 205 | 1,135 | 13,466 | 15,595 |
| September 2008 | | | | | |
+------------------------+-----------+------------+-----------+-----------+-----------+
| | | | | | |
+------------------------+-----------+------------+-----------+-----------+-----------+
+------------------------+-----------+------------+-----------+-----------+-----------+
| | YEAR ENDED 25 MARCH 2009 |
+------------------------+------------------------------------------------------------+
| | Share | Capital | Share | Retained | Total |
| | Capital |Redemption | Premium | Earnings | |
| | | Reserve | Account | | |
+------------------------+-----------+------------+-----------+-----------+-----------+
| | GBP 000 | GBP 000 | GBP 000 | GBP 000 | GBP 000 |
+------------------------+-----------+------------+-----------+-----------+-----------+
| | | | | | |
+------------------------+-----------+------------+-----------+-----------+-----------+
| Balance at 26 March | 789 | 205 | 1,135 | 15,234 | 17,363 |
| 2008 | | | | | |
+------------------------+-----------+------------+-----------+-----------+-----------+
| Net income for the | - | - | - | (3,973) | (3,973) |
| year | | | | | |
+------------------------+-----------+------------+-----------+-----------+-----------+
| Dividends | - | - | - | (303) | (303) |
+------------------------+-----------+------------+-----------+-----------+-----------+
| Balance at 25 March | 789 | 205 | 1,135 | 10,958 | 13,087 |
| 2009 | | | | | |
+------------------------+-----------+------------+-----------+-----------+-----------+
| | | | | | |
+------------------------+-----------+------------+-----------+-----------+-----------+
Notes
1. ACCOUNTING POLICIES
Wynnstay Properties PLC is a public limited company incorporated and domiciled
in England and Wales. The principal activity of the company and group is
property investment, development and management. The Company's ordinary shares
are traded on the Alternative Investment Market.
Basis of Preparation and Consolidation
The Group Accounts have been prepared in accordance with International Financial
Reporting Standards ("IFRS") as adopted by the EU. The financial statements have
been presented in pounds sterling being the functional currency of the company.
The financial statements have been prepared under the historical cost basis
modified for the revaluation of investment properties measured at fair value.
The comparative figures represent the Group's results and cash flows for the six
months ended 29th September 2008 and for the year ended 25th March 2009 under
the recognition and measurement principles of IFRS.
The consolidated financial statements comprise the results of the Company drawn
up to 25th March each year.
Key Sources of Estimation Uncertainty
The preparation of the financial statements requires management to make
judgements, estimates and assumptions that may affect the application of
accounting policies and the reported amounts of assets and liabilities, income
and expenses.
Revisions to accounting estimates are recognised in the period in which the
estimate is revised if the revision affects only that period. The key sources of
estimation uncertainty that have a significant risk of causing material
adjustment to the carrying amounts of assets and liabilities within the next
financial year are those relating to the fair value of investment properties.
Investment Properties
All the Group's investment properties are revalued annually and stated at fair
value at 25th March. The aggregate of any resulting surpluses or deficits are
taken to the income statement.
Depreciation
In accordance with IAS 40, freehold and leasehold investment properties are
included in the balance sheet at fair value, and are not depreciated. Leasehold
improvements are amortised over the period of the underlying lease.
Depreciation of other plant and equipment is on a straight line basis calculated
at annual rates estimated to write off each asset over its useful life of 5
years.
Disposal of Investments
The gains and losses on the disposal of investment properties and other
investments are included in the income statement in the year of disposal.
Property Income
Property Income represents the value of accrued charges under operating leases
for rental of the Group's properties. Revenue is measured at the fair value of
the consideration received. All income is derived in the United Kingdom.
Taxation
The tax expense represents the sum of the tax currently payable and deferred
tax. Current tax is the expected tax payable on the taxable income for the year
based on the tax rate enacted or substantially enacted at the balance sheet
date, and any adjustment to tax payable in respect of prior years. Taxable
profit differs from income before tax as reported in the income statement
because it excludes items of income or expense that are deductible in other
years, and it further excludes items that are never taxable or deductible.
Deferred taxation is the tax expected to be payable or recoverable on
differences between the carrying amounts of assets and liabilities in the
financial statements and the corresponding tax bases used in the computation of
taxable profits, and is accounted for using the balance sheet liability method.
Deferred tax liabilities are recognised for all taxable temporary differences
(including unrealised gains on revaluation of investment properties) and
deferred tax assets are recognised to the extent that it is probable that
taxable profits will be available against which deductible temporary differences
can be utilised.
Deferred tax is calculated at the rates that are expected to apply in the period
when the liability is settled, or the asset is realised. Deferred tax is charged
or credited in the income statement, including deferred tax on the revaluation
of investment property.
Investments
Investments in subsidiaries are stated at cost less provision for impairment.
Quoted investments are recognised as held at fair value, and are measured at
subsequent reporting dates at fair value, which is either at the bid price, or
the latest traded price, depending on the convention of the exchange on which
the investment is quoted. Changes in fair value are recognised in the income
statement.
Trade and other accounts receivable
Trade and other receivables are initially measured at fair value as reduced by
appropriate allowances for estimated irrecoverable amounts. All receivables do
not carry any interest and are short term in nature.
Cash and cash equivalents
Cash comprises cash at bank and on demand deposits. Cash equivalents are short
term, repayable on demand and which are subject to an insignificant risk of
change in value.
Trade and other accounts payable
Trade and other payables are initially measured at fair value. All trade and
other accounts payable are not interest bearing.
Comparative information
The information for the year ended 25 March 2008 has been extracted from the
latest published audited financial statements.
Pensions
Pension contribution towards employees' pension plans are charged to the income
statement as incurred.
2. DIVIDENDS
+----------------------------+----------------+------------+-------------------+
| | | | |
+----------------------------+----------------+------------+-------------------+
| | Payment | Per share | Amount absorbed |
+----------------------------+----------------+------------+-------------------+
| Period | Date | (pence) | GBP'000 |
+----------------------------+----------------+------------+-------------------+
| | | | |
+----------------------------+----------------+------------+-------------------+
| 6 months to 29th September | 10th Dec 2009 | 2.90 | 93 |
| 2009 | | | |
+----------------------------+----------------+------------+-------------------+
| | | | |
+----------------------------+----------------+------------+-------------------+
| 6 months to 29th September | 12th Dec 2008 | 2.75 | 87 |
| 2008 | | | |
+----------------------------+----------------+------------+-------------------+
| | | | |
+----------------------------+----------------+------------+-------------------+
| Year ended 25th March 2009 |22nd July 2009 | 7.25 | 229 |
+----------------------------+----------------+------------+-------------------+
| | | | |
+----------------------------+----------------+------------+-------------------+
3. EARNINGS PER SHARE
Basic earnings per share are calculated by dividing Net Income after Taxation
attributable to Ordinary Shareholders of GBP418,000 (2008: Loss (GBP1,552,000))
by the weighted average number of 3,155,267 ordinary shares in issue during the
period (2007: 3,155,267). There are no instruments in issue that would have the
effect of diluting earnings per share.
4. INTERIM REPORT
A copy of the interim report will be distributed to shareholders shortly and
will be made available on the company's website.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DGMGMVKRGLZM
Wynnstay Properties (LSE:WSP)
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Wynnstay Properties (LSE:WSP)
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