TIDMWSP
RNS Number : 9081V
Wynnstay Properties PLC
10 November 2010
Wynnstay Properties PLC
Interim Results for the six months ended 29th September 2010
Chairman's Statement
Against the background of economic uncertainty and the effects of the
government's efforts to reduce both public spending and the budget deficit while
at the same time stimulating growth in the economy, I am pleased to report on
the results of the first half of the financial year for your Company.
The results for the six months to 29th September 2010 may be summarised as
follows:-
+------------------------------+---------+------------+------------+
| | | 2010 | 2009 |
+------------------------------+---------+------------+------------+
| Operating income before | | | |
| movement in fair value of | (5.2)% |GBP676,000 |GBP713,000 |
| investment properties: | | | |
+------------------------------+---------+------------+------------+
| Income before Taxation |(13.1)% |GBP479,000 |GBP551,000 |
+------------------------------+---------+------------+------------+
| | | | |
+------------------------------+---------+------------+------------+
| Earnings per share | 3.0% | 13.6p | 13.2p |
+------------------------------+---------+------------+------------+
| Interim Dividend per share | 0% | 2.90p | 2.90p |
+------------------------------+---------+------------+------------+
| Net Asset value per share | 9.7 % | 462p | 421p |
+------------------------------+---------+------------+------------+
| | | | |
+------------------------------+---------+------------+------------+
Property income for the half year fell slightly to GBP903,000 (2009 -
GBP976,000) primarily due to the disposal of the retail units at Dorking and the
absence of rental income from the currently vacant warehouse unit at Crawley as
well as from some smaller vacant units, including three of the four units at
Twickenham, which may be redeveloped and to which I refer below. As a result,
both our operating income of GBP676,000 (2009 - GBP713,000) and pre-tax profit
of GBP478,000 (2009 - GBP551,000) were lower than for the same period last year.
However, property costs were also lower than in the same period last year, which
had included fees and costs relating to plans for the possible redevelopment of
our Twickenham property. Administration costs were held at the same level as
last year.
Our borrowing costs continue to benefit from the prevailing lower interest rates
on the variable part of our facility and lower overall borrowings. As I pointed
out in my statement with the Annual Report and Financial Statements in June, the
rate of interest on the part of the facility where the interest rate was fixed
some years ago expires in March next year. Unless there is a dramatic upward
move in interest rates in the next few months, we should be paying a
significantly reduced rate of interest on that part of the facility from the end
of March 2011, thus further reducing borrowing costs in the year to March 2012.
In my statement in June, I noted that we had successfully renewed the leases on
each of the four shops at our retail premises in Dorking. The Board formed the
view that the opportunities for future capital and income growth at Dorking were
limited and, as I mentioned at the Annual General Meeting in July, the premises
were sold at auction shortly prior to the meeting at a price of GBP925,000
which, after costs, reflected a slight loss against book value of GBP40,000.
The sale proceeds were used to reduce borrowings, which now stand at GBP7.455
million within our borrowing facility of GBP8.5 million.
The high level of activity in property management that I mentioned in my
statement in June has continued into the first half of this financial year. In
particular we have negotiated lease renewals or new lettings on a further eight
properties, including three units at Aylesford Industrial Estate.
Despite the economic conditions, it is encouraging to report that we did not
suffer any material bad debts resulting from the failure of tenants. In
addition, we have collected substantially all the rental income due for the
current quarter commencing 30 September 2010.
I have reported previously on our planning application and the consent obtained
to redevelop our industrial units at Twickenham. Pending continued exploration
of the development opportunities, and following the expiry of the previous
leases, we continued to let some of the units on a relatively short-term basis.
As these short-term leases have now came to an end, we concluded that it would
be best to demolish all the units given the difficulties and costs of granting
further short term lettings, and the risks of being left with empty units on
which penal business rates would be payable. We are currently in the process of
seeking competitive tenders to have the units demolished.
Our industrial unit at Crawley remains vacant following the surrender by the
previous tenant of the lease, which expired in July 2010. Whilst there have
been a number of viewings by potentially interested parties for a variety of
uses, we have not yet been able to secure a tenant. Interest has undoubtedly
been affected by the economic conditions and the resulting uncertainty for
business. However, given the location of the premises and since this is one of
the few units of this size currently on the market in the area, I am optimistic
that we will make some progress in the near future.
We continue to look for additions to the portfolio. However, the market has
been relatively thin for the kinds of properties in which we are interested and
those that are offered can turn out, after detailed investigation, to have
unanticipated potential risks or a lease or tenant profile that is unattractive,
especially at the prices being quoted.
The outlook for interest rates still appears uncertain. Whilst an increase in
rates seems likely, the timing remains unclear and, as noted above, we should
further benefit next year from the lower rates predicted. We have over GBP1.0m
of unused facilities together with uncharged properties that we can use to
secure additional borrowings, if required.
The aftermath of the banking crisis and the unfavourable economic climate make
the future prospects more unpredictable for commercial property and for your
Company. Whilst we have a number of vacant premises at present, we have been
very active in negotiating lease renewals and new lettings. Unless we are able
to acquire suitable additions to the portfolio our rental income is likely to be
lower in the immediate future than in prior years, reflecting the loss of rental
income mentioned earlier. Nevertheless, I am confident that our diversified
portfolio and focussed management will stand us in good stead.
In the light of the results and uncertainties described above, the Directors
have decided to hold the interim dividend at the same level as last year, i.e.
2.9p per share. This will be paid on 17th December 2010 to those Shareholders
on the register on 19th November 2010. A decision on the appropriate amount to
recommend as a final dividend will be taken having regard to the results for the
full year.
A number of Shareholders have mentioned that the Company's share price no longer
appears in The Daily Telegraph. The Directors took the view that the cost of
this service could no longer be justified when the share price is available on
the internet from various sources, including Wynnstay's own website
(www.wynnstayproperties.co.uk). In addition to the share price, the website
also contains details of the portfolio as well as providing access to the
Company's 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 Thursday 14th July 2011 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 wish all Shareholders a Happy Christmas and
our best wishes for good health and happiness in 2011. Your engagement with,
and support for, the Company is appreciated by the Board.
Philip G.H. Collins
10th November 2010
Chairman
For further information please contact:
+----------------------------+----------------+
| Wynnstay Properties Plc | |
+----------------------------+----------------+
| Toby Parker, Finance | 020 7554 8766 |
| Director | |
+----------------------------+----------------+
| | |
+----------------------------+----------------+
| Charles Stanley Securities | 020 7149 6000 |
| - Nominated Adviser | |
+----------------------------+----------------+
| Dugald Carlean / Carl | |
| Holmes | |
+----------------------------+----------------+
WYNNSTAY PROPERTIES PLC
UNAUDITED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 29TH
SEPTEMBER 2010
+------------------+---------------------+---------------------+---------------------+
| | Six months | Year |
| | ended | ended |
+------------------+-------------------------------------------+---------------------+
| | 29th | 29th | 25th |
| | September | September | March |
+------------------+---------------------+---------------------+---------------------+
| | 2010 | 2009 | 2010 |
+------------------+---------------------+---------------------+---------------------+
| | GBP'000 | GBP'000 | GBP'000 |
+------------------+---------------------+---------------------+---------------------+
| | | | |
+------------------+---------------------+---------------------+---------------------+
| Property Income | 903 | 976 | 1,934 |
+------------------+---------------------+---------------------+---------------------+
| | | | |
+------------------+---------------------+---------------------+---------------------+
| Property Costs | (22) | (61) | (121) |
+------------------+---------------------+---------------------+---------------------+
| | | | |
+------------------+---------------------+---------------------+---------------------+
| Administrative | (205) | (202) | (448) |
| Costs | | | |
+------------------+---------------------+---------------------+---------------------+
| | ------------------- | ------------------- | ------------------- |
+ +---------------------+---------------------+---------------------+
| | 676 | 713 | 1,365 |
+------------------+---------------------+---------------------+---------------------+
| | | | |
+------------------+---------------------+---------------------+---------------------+
| Movement in fair | | | |
| value of: | | | |
+------------------+---------------------+---------------------+---------------------+
| Investment | | | 545 |
| Properties | | | |
+------------------+---------------------+---------------------+---------------------+
| Loss on Sale of | (40) | - | - |
| Investment | | | |
| Property | | | |
+------------------+---------------------+---------------------+---------------------+
| | ------------------- | ------------------- | ------------------- |
+------------------+---------------------+---------------------+---------------------+
| Operating Income | 636 | 713 | 1,910 |
+------------------+---------------------+---------------------+---------------------+
| | | | |
+------------------+---------------------+---------------------+---------------------+
| Investment | 1 | 2 | 7 |
| Income | | | |
+------------------+---------------------+---------------------+---------------------+
| | | | |
+------------------+---------------------+---------------------+---------------------+
| Finance Costs | (158) | (164) | (382) |
+------------------+---------------------+---------------------+---------------------+
| | ------------------- | ------------------- | ------------------- |
+------------------+---------------------+---------------------+---------------------+
| Income before | 479 | 551 | 1,535 |
| Taxation | | | |
+------------------+---------------------+---------------------+---------------------+
| | | | |
+------------------+---------------------+---------------------+---------------------+
| Taxation | (111) | (133) | (367) |
+------------------+---------------------+---------------------+---------------------+
| | ------------------- | ------------------- | ------------------- |
+------------------+---------------------+---------------------+---------------------+
| Income after | 368 | 418 | 1,168 |
| Taxation | | | |
+------------------+---------------------+---------------------+---------------------+
| The company has | =========== | =========== | =========== |
| no other items | | | |
| of comprehensive | | | |
| income. | | | |
+------------------+---------------------+---------------------+---------------------+
| | | | |
+------------------+---------------------+---------------------+---------------------+
| Basic and | 13.6p | 13.2p | 37.0p |
| Diluted Earnings | | | |
| per Share | | | |
+------------------+---------------------+---------------------+---------------------+
| | | | |
+------------------+---------------------+---------------------+---------------------+
| Net Asset value | 462p | 421p | 455p |
| per share - IFRS | | | |
+------------------+---------------------+---------------------+---------------------+
| | | | |
+------------------+---------------------+---------------------+---------------------+
WYNNSTAY PROPERTIES PLC
UNAUDITED STATEMENT OF FINANCIAL POSITION AT 29TH SEPTEMBER 2010
+----------------------+------------------+------------------+------------------+
| | 29th | 29th | 25th |
| | September | September | March |
+----------------------+------------------+------------------+------------------+
| | 2010 | 2009 | 2010 |
+----------------------+------------------+------------------+------------------+
| | GBP'000 | GBP'000 | GBP'000 |
+----------------------+------------------+------------------+------------------+
| | | | |
+----------------------+------------------+------------------+------------------+
| Non Current | | | |
| Assets | | | |
+----------------------+------------------+------------------+------------------+
| Investment | 20,345 | 20,745 | 21,290 |
| Properties | | | |
+----------------------+------------------+------------------+------------------+
| Other Property, | 5 | 7 | 8 |
| Plant and | | | |
| Equipment | | | |
+----------------------+------------------+------------------+------------------+
| Investments | 3 | 3 | 3 |
+----------------------+------------------+------------------+------------------+
| Deferred | - | 20 | - |
| Taxation | | | |
+----------------------+------------------+------------------+------------------+
| | ---------------- | ---------------- | ---------------- |
+----------------------+------------------+------------------+------------------+
| | 20,353 | 20,775 | 21,301 |
+----------------------+------------------+------------------+------------------+
| | | | |
+----------------------+------------------+------------------+------------------+
| Current Assets | | | |
+----------------------+------------------+------------------+------------------+
| Accounts | 170 | 51 | 103 |
| Receivable | | | |
+----------------------+------------------+------------------+------------------+
| Cash and Cash | 501 | 1,057 | 753 |
| Equivalents | | | |
+----------------------+------------------+------------------+------------------+
| | ---------------- | ---------------- | ---------------- |
+----------------------+------------------+------------------+------------------+
| | 671 | 1,108 | 856 |
+----------------------+------------------+------------------+------------------+
| | | | |
+----------------------+------------------+------------------+------------------+
| Current | | | |
| Liabilities | | | |
+----------------------+------------------+------------------+------------------+
| Bank Loans | | | (200) |
| Payable | | | |
+----------------------+------------------+------------------+------------------+
| Accounts Payable | (519) | (544) | (877) |
+----------------------+------------------+------------------+------------------+
| Derivative | (65) | - | (65) |
| Financial | | | |
| Instruments | | | |
+----------------------+------------------+------------------+------------------+
| Income Tax | (380) | (362) | (269) |
| Payable | | | |
+----------------------+------------------+------------------+------------------+
| | ---------------- | ---------------- | ---------------- |
+----------------------+------------------+------------------+------------------+
| | (964) | (906) | (1,411) |
+----------------------+------------------+------------------+------------------+
| | | | |
+----------------------+------------------+------------------+------------------+
| | ---------------- | ---------------- | ---------------- |
+----------------------+------------------+------------------+------------------+
| Net Current | (293) | 202 | (555) |
| (Liabilities)/Assets | | | |
+----------------------+------------------+------------------+------------------+
| | | | |
+----------------------+------------------+------------------+------------------+
| Total Assets | 20,059 | 20,977 | 20,746 |
| Less Current | | | |
| Liabilities | | | |
+----------------------+------------------+------------------+------------------+
| | | | |
+----------------------+------------------+------------------+------------------+
| Non-Current | | | |
| Liabilities | | | |
+----------------------+------------------+------------------+------------------+
| Bank Loans | (7,452) | (7,700) | (8,300) |
| Payable | | | |
+----------------------+------------------+------------------+------------------+
| Deferred | (81) | - | (81) |
| Taxation | | | |
+----------------------+------------------+------------------+------------------+
| | ---------------- | ---------------- | ---------------- |
+----------------------+------------------+------------------+------------------+
| | | | |
+----------------------+------------------+------------------+------------------+
| Net Assets | 12,526 | 13,277 | 12,365 |
+----------------------+------------------+------------------+------------------+
| | ======== | ======== | ======== |
+----------------------+------------------+------------------+------------------+
| | | | |
+----------------------+------------------+------------------+------------------+
| Capital and | | | |
| Reserves | | | |
+----------------------+------------------+------------------+------------------+
| | | | |
+----------------------+------------------+------------------+------------------+
| Share Capital | 789 | 789 | 789 |
+----------------------+------------------+------------------+------------------+
| Share Premium | 1,135 | 1,135 | 1,135 |
| Account | | | |
+----------------------+------------------+------------------+------------------+
| Capital | 205 | 205 | 205 |
| Redemption | | | |
| Reserve | | | |
+----------------------+------------------+------------------+------------------+
| Retained | 10,397 | 11,148 | 10,236 |
| Earnings | | | |
+----------------------+------------------+------------------+------------------+
| | ---------------- | ---------------- | ---------------- |
+----------------------+------------------+------------------+------------------+
| | 12,526 | 13,277 | 12,365 |
+----------------------+------------------+------------------+------------------+
| | ======== | ======== | ======== |
+----------------------+------------------+------------------+------------------+
WYNNSTAY PROPERTIES PLC
UNAUDITED STATEMENT OF CASH FLOW FOR THE SIX MONTHS ENDED 29TH SEPTEMBER 2010
+-----------------------+---------------+---------------+---------------+
| | Six months | Year |
| | ended 29 | ended |
| | September | 25 |
| | | March |
+-----------------------+-------------------------------+---------------+
| | 2010 | 2009 | 2010 |
+-----------------------+---------------+---------------+---------------+
| | GBP'000 | GBP'000 | GBP'000 |
+-----------------------+---------------+---------------+---------------+
| | | | |
+-----------------------+---------------+---------------+---------------+
| Cashflow from | | | |
| operating activities | | | |
+-----------------------+---------------+---------------+---------------+
| | | | |
+-----------------------+---------------+---------------+---------------+
| Income before | 636 | 713 | 1,535 |
| taxation | | | |
+-----------------------+---------------+---------------+---------------+
| Adjusted for: | | | |
+-----------------------+---------------+---------------+---------------+
| Depreciation | 1 | 3 | 2 |
+-----------------------+---------------+---------------+---------------+
| (Increase) in fair | | | (545) |
| value of investment | | | |
| properties | | | |
+-----------------------+---------------+---------------+---------------+
| Interest income | 1 | | (7) |
+-----------------------+---------------+---------------+---------------+
| Interest expense | | | 317 |
+-----------------------+---------------+---------------+---------------+
| Loss on financial | | | 65 |
| liabilities at fair | | | |
| value | | | |
+-----------------------+---------------+---------------+---------------+
| Changes in: | | | |
+-----------------------+---------------+---------------+---------------+
| Trade and other | (67) | (50) | (2) |
| receivables | | | |
+-----------------------+---------------+---------------+---------------+
| Trade and other | (358) | (238) | 93 |
| payables | | | |
+-----------------------+---------------+---------------+---------------+
| Income tax paid | (5) | 101 | (226) |
+-----------------------+---------------+---------------+---------------+
| | ------------- | ------------- | ------------- |
+-----------------------+---------------+---------------+---------------+
| Net cash from | 209 | 529 | 1,232 |
| operating activities | | | |
+-----------------------+---------------+---------------+---------------+
| | ======= | ======= | ======= |
+-----------------------+---------------+---------------+---------------+
| | | | |
+-----------------------+---------------+---------------+---------------+
| Cashflow from | | | |
| investing activities | | | |
+-----------------------+---------------+---------------+---------------+
| Interest and Other | 1 | 2 | 7 |
| income received | | | |
+-----------------------+---------------+---------------+---------------+
| Sale of investment | 925 | | |
| properties | | | |
+-----------------------+---------------+---------------+---------------+
| | ------------- | ------------- | ------------- |
+-----------------------+---------------+---------------+---------------+
| Net cash from | 926 | 2 | 7 |
| investing activities | | | |
+-----------------------+---------------+---------------+---------------+
| | ======= | ======= | ======= |
+-----------------------+---------------+---------------+---------------+
| | | | |
+-----------------------+---------------+---------------+---------------+
| Cashflow from | | | |
| financing activities | | | |
+-----------------------+---------------+---------------+---------------+
| Dividends paid | (206) | (229) | (320) |
+-----------------------+---------------+---------------+---------------+
| Interest paid | (132) | (164) | (315) |
+-----------------------+---------------+---------------+---------------+
| Proceeds from bank | | | 800 |
| loans | | | |
+-----------------------+---------------+---------------+---------------+
| Repayments on bank | (1,048) | (200) | (200) |
| loans | | | |
+-----------------------+---------------+---------------+---------------+
| Purchase of treasury | | | (1,570) |
| shares | | | |
+-----------------------+---------------+---------------+---------------+
| | ------------- | ------------- | ------------- |
+-----------------------+---------------+---------------+---------------+
| Net cash used in | (1,386) | (593) | (1,605) |
| financing activities | | | |
+-----------------------+---------------+---------------+---------------+
| | ======= | ======= | ======= |
+-----------------------+---------------+---------------+---------------+
| Net (decrease) in | (252) | (62) | (366) |
| cash and cash | | | |
| equivalents | | | |
+-----------------------+---------------+---------------+---------------+
| | | | |
+-----------------------+---------------+---------------+---------------+
| Cash and cash | 753 | 1,119 | 1,119 |
| equivalents at | | | |
| beginning of period | | | |
+-----------------------+---------------+---------------+---------------+
| | ------------- | ------------- | ------------- |
+-----------------------+---------------+---------------+---------------+
| Cash and cash | 501 | 1,057 | 753 |
| equivalents at end of | | | |
| period | | | |
+-----------------------+---------------+---------------+---------------+
| | ======= | ======= | ======= |
+-----------------------+---------------+---------------+---------------+
WYNNSTAY PROPERTIES PLC
STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 29TH SEPTEMBER 2010
+---------------+---------------+-------------+-------------+-------------+-------------+
| | SIX MONTHS ENDED 29 SEPTEMBER |
| | 2010 |
+---------------+-----------------------------------------------------------------------+
| | Share | Capital | Share | Retained | Total |
| | Capital | Redemption | Premium | Earnings | |
| | | Reserve | Account | | |
+---------------+---------------+-------------+-------------+-------------+-------------+
| | GBP | GBP | GBP | GBP | GBP |
| | 000 | 000 | 000 | 000 | 000 |
+---------------+---------------+-------------+-------------+-------------+-------------+
| | | | | | |
+---------------+---------------+-------------+-------------+-------------+-------------+
| Balance at 26 | 789 | 205 | 1,135 | 10,236 | 12,365 |
| March 2010 | | | | | |
+---------------+---------------+-------------+-------------+-------------+-------------+
| Total | | | | | |
| comprehensive | | | | | |
| income for | | | | | |
| the period | | | | | |
+ +---------------+-------------+-------------+-------------+-------------+
| | | | | 368 | 368 |
+---------------+---------------+-------------+-------------+-------------+-------------+
| Dividends | | | | (206) | (206) |
+---------------+---------------+-------------+-------------+-------------+-------------+
| | ----------- | ----------- | ----------- | ----------- | ----------- |
+---------------+---------------+-------------+-------------+-------------+-------------+
| Balance at 29 | 789 | 205 | 1,135 | 10,398 | 12,527 |
| September | | | | | |
| 2010 | | | | | |
+---------------+---------------+-------------+-------------+-------------+-------------+
| | | | | | |
+---------------+---------------+-------------+-------------+-------------+-------------+
| | ======= | ======= | ======= | ======= | ======= |
+---------------+---------------+-------------+-------------+-------------+-------------+
| | |
+---------------+-----------------------------------------------------------------------+
| | SIX MONTHS ENDED 29 SEPTEMBER |
| | 2009 |
+---------------+-----------------------------------------------------------------------+
| | Share | Capital | Share | Retained | Total |
| | Capital | Redemption | Premium | Earnings | |
| | | Reserve | Account | | |
+---------------+---------------+-------------+-------------+-------------+-------------+
| | GBP | GBP | GBP | GBP | GBP |
| | 000 | 000 | 000 | 000 | 000 |
+---------------+---------------+-------------+-------------+-------------+-------------+
| | | | | | |
+---------------+---------------+-------------+-------------+-------------+-------------+
| Balance at 26 | 789 | 205 | 1,135 | 10,958 | 13,087 |
| March 2009 | | | | | |
+---------------+---------------+-------------+-------------+-------------+-------------+
| Total | | | | | |
| comprehensive | | | | | |
| income for | | | | | |
| the period | | | | | |
+ +---------------+-------------+-------------+-------------+-------------+
| | | | | 418 | 418 |
+---------------+---------------+-------------+-------------+-------------+-------------+
| Dividends | | | | (228) | (228) |
+---------------+---------------+-------------+-------------+-------------+-------------+
| | ----------- | ----------- | ----------- | ----------- | ----------- |
+---------------+---------------+-------------+-------------+-------------+-------------+
| Balance at 29 | 789 | 205 | 1,135 | 11,148 | 13,277 |
| September | | | | | |
| 2009 | | | | | |
+---------------+---------------+-------------+-------------+-------------+-------------+
| | ======= | ======= | ======= | ======= | ======= |
+---------------+---------------+-------------+-------------+-------------+-------------+
| | | | | | |
+---------------+---------------+-------------+-------------+-------------+-------------+
| | | | | | |
+---------------+---------------+-------------+-------------+-------------+-------------+
| | YEAR ENDED 25 MARCH 2010 |
+---------------+-----------------------------------------------------------------------+
| | Share | Capital | Share | Retained | Total |
| | Capital | Redemption | Premium | Earnings | |
| | | Reserve | Account | | |
+---------------+---------------+-------------+-------------+-------------+-------------+
| | GBP | GBP | GBP | GBP | GBP |
| | 000 | 000 | 000 | 000 | 000 |
+---------------+---------------+-------------+-------------+-------------+-------------+
| | | | | | |
+---------------+---------------+-------------+-------------+-------------+-------------+
| Balance at 26 | 789 | 205 | 1,135 | 10,958 | 13,087 |
| March 2009 | | | | | |
+---------------+---------------+-------------+-------------+-------------+-------------+
| Total | | | | | |
| comprehensive | | | | | |
| income for | | | | | |
| the year | | | | | |
+ +---------------+-------------+-------------+-------------+-------------+
| | | | | 1,168 | 1,168 |
+---------------+---------------+-------------+-------------+-------------+-------------+
| Dividends | | | | (320) | (320) |
+---------------+---------------+-------------+-------------+-------------+-------------+
| Purchase of | | | | (1,570) | (1,570) |
| treasury | | | | | |
| shares | | | | | |
+---------------+---------------+-------------+-------------+-------------+-------------+
| | ----------- | ----------- | ----------- | ----------- | ----------- |
+---------------+---------------+-------------+-------------+-------------+-------------+
| Balance at 25 | 789 | 205 | 1,135 | 10,236 | 12,365 |
| March 2010 | | | | | |
+---------------+---------------+-------------+-------------+-------------+-------------+
| | ======= | ======= | ======= | ======= | ======= |
+---------------+---------------+-------------+-------------+-------------+-------------+
| | | | | | |
+---------------+---------------+-------------+-------------+-------------+-------------+
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 is property
investment, development and management. The Company's ordinary shares are traded
on the Alternative Investment Market.
Basis of Preparation
These unaudited condensed interim financial statements have been prepared in
accordance with International Financial Reporting Standard (IFRS) IAS 34 Interim
Financial Reporting. They do not constitute statutory accounts within the
meaning of section 435 of the Companies Act 2006.
The unaudited condensed interim financial statements should be read in
conjunction with the financial statements of the Company as at and for the year
ended 25th March 2010 which were prepared in accordance with IFRS as adopted by
the European Union and those parts of the Companies Act 2006 applicable to
companies reporting under IFRS, and have been reported on by the Company's
auditors. The financial information for the interim periods ended 25th September
2010 and 25th September 2009 has not been audited and the auditors have not
reported on or reviewed these interim financial statements. The information for
the year ended 25th March 2010 has been extracted from the latest published
audited financial statements.
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 Company's investment properties are revalued annually and stated at fair
value at 25th March. The aggregate of any resulting surpluses or deficits are
recognised through the statement of comprehensive income.
Depreciation
In accordance with IAS 40, freehold and leasehold investment properties are
included at the reporting date 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 statement of comprehensive income in the year of
disposal.
Property Income
Property income represents the value of accrued charges under operating leases
for rental of the Company'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 reporting 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 financial position 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 statement of comprehensive income, including deferred tax on
the revaluation of the asset.
Investments
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 profit or
loss.
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 (less than three months from inception), 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 2010 has been extracted from the
latest published audited financial statements.
Pensions
Pension contribution towards employees' pension plans are charged to the
statement of comprehensive income as incurred. The pension scheme is defined as
a pension contribution scheme.
Financial Instruments
Derivative financial instruments are initially measured at fair value at the
contract date entered into, and subsequently measured to their fair value at
each reporting date. Embedded derivatives are recognised separately on the
statement of financial position, when not closely related to the host contract.
Changes in the fair value of derivative financial instruments are recognised in
profit or loss.
2. DIVIDENDS
+----------------------+----------+---------+-----------+
| | Payment | Per | Amount |
| | | share | absorbed |
+----------------------+----------+---------+-----------+
| Period | Date |(pence) | GBP'000 |
+----------------------+----------+---------+-----------+
| | | | |
+----------------------+----------+---------+-----------+
| 6 months to 29th |17th Dec | 2.90 | 79 |
| September 2010 | 2010 | | |
+----------------------+----------+---------+-----------+
| | | | |
+----------------------+----------+---------+-----------+
| 6 months to 29th |10th Dec | 2.90 | 92 |
| September 2009 | 2009 | | |
+----------------------+----------+---------+-----------+
| | | | |
+----------------------+----------+---------+-----------+
| Year ended 25th | 22nd | 7.6 | 206 |
| March 2010 | July | | |
| | 2010 | | |
+----------------------+----------+---------+-----------+
| | | | |
+----------------------+----------+---------+-----------+
3. EARNINGS PER SHARE
Basic earnings per share are calculated by dividing income after taxation
attributable to Ordinary Shareholders of GBP368,000 (2009: GBP418,000) by the
weighted average number of 2,711,617 ordinary shares in issue during the period
(2009: 3,155,267). There are no instruments in issue that would have the effect
of diluting earnings per share.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DMMGMNLZGGZM
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