TIDMWSP
RNS Number : 4862I
Wynnstay Properties PLC
15 June 2011
Wynnstay Properties PLC
Preliminary Results for Year Ended 25th March 2011
CHAIRMAN'S STATEMENT
I am pleased to report on the results and the performance of
your company for the year ended 25 March 2011, the 125th year of
its existence. Despite the uncertainties in the economy and the
financial and commercial property markets which have been
challenging for many businesses, including some of Wynnstay's
tenants, this has been a satisfactory year and, I am pleased to
say, your company remains in good health.
Overview of financial performance
The financial performance may be summarised as follows:
Change 2011 2010
--------------------------------------------------- ----------- -----------
-- Profit before movement in - 10.6% GBP886,000 GBP990,000
fair value of investment
properties and taxation
----------------------------------------- --------- ----------- -----------
-- Earnings per share - 60.5% 16.6p 43.1p
----------------------------------------- --------- ----------- -----------
-- Dividends per share, paid - 10.5p 10.5p
and proposed:
----------------------------------------- --------- ----------- -----------
-- Net asset value per share: + 1.5% 462p 456p
----------------------------------------- --------- ----------- -----------
Property Management and Portfolio
As anticipated in my interim statement, property income was
lower at GBP1.69 million (2009 - GBP1.93 million), principally as
the result of the disposal of our retail premises at Dorking for
GBP925,000 (excluding sale costs) in August 2010 on which I
reported in that statement, and the existence of a number of vacant
premises, notably our Crawley warehouse which has been non-income
producing since the lease expired in July 2010.
We conducted negotiations with several prospective tenants for
this property, but ultimately none proceeded to completion.
However, close to the year end we received a satisfactory offer for
the freehold of this building and took the decision to sell it in
view of the difficulty of securing a good tenant in the short to
medium term on a basis which would provide value for shareholders.
I am pleased to report that this sale was completed on 10th June
and the sale price of GBP1.1million was significantly in excess of
book value, which together with the release of a provision for
repairs to the building, results in a profit of circa GBP265,000
which will be reflected in next year's accounts.
One of the larger units at our industrial estate in Aylesford
became vacant during the year and this also contributed to the
reduction in income, although I am delighted that since the year
end it has been re-let on satisfactory terms.
As shareholders are aware we obtained planning consent in 2008
for the redevelopment of our property at Twickenham and after
considering various options we obtained vacant possession of the
four units which had been let on a short term basis in order to
prepare for the development or disposal of the site. We are
currently discussing with our architects certain changes to the
scheme to improve its marketability.
Following the grant of planning consent for the change of use of
the upper floors of our office building in Colchester, which I
reported on last year, and with little prospect of future rental
and capital growth, we marketed the freehold of the property for
sale and have accepted an offer. I hope to be in a position to
update you further about this at the Annual General Meeting.
In a busy year on the management side we have been successful in
re-letting or renewing leases on other units at our Aylesford
Industrial Estate, in addition to the one already mentioned above,
and in renewing the two leases on generally satisfactory terms at
Hertford as well as securing a new tenant at one of the three units
at the Oakcroft Business Centre at Chessington, and for one of the
retail units at Colchester.
We continue to manage actively our relationships with our
tenants and to work closely with them to understand their current
and future needs and thus to reduce the incidence of vacant
premises and tenant defaults arising in the portfolio, with their
attendant costs and loss of income.
Portfolio Valuation
As at 25 March 2011, our Independent Valuers, Sanderson
Weatherall, have undertaken the annual valuation of the Company's
portfolio at GBP20,120,000, representing a modest fall, on a
like-for-like basis of GBP225,000 or 1%, over the valuation at the
end of the prior year. This fall, coupled with the sale of the
Dorking property, results in a total reduction in the value of the
investment portfolio of 5.5%. This is a satisfactory outcome given
the conditions and challenges in the economy and the markets.
Following the revaluation, as at the year-end, the industrial
sector within the portfolio accounted for 70% by value, with the
retail and office elements each comprising 15%.
Borrowings and Gearing
Net borrowings at the year-end were GBP7.45 million (2010 -
GBP8.5 million) and net gearing at the year-end was 52% compared to
62% last year as a result of the sale of the Dorking property in
August 2010.
The Company has benefited from the historically very low levels
of interest payable on that part of our borrowing facility where
the rate of interest is variable. The fixed rate of interest on the
other part of our borrowing expired in March 2011, so all our
borrowings are now on variable terms. At the time of writing, there
seems to be little indication of an increase in interest rates
until later in the calendar year, but the Board continues to keep
the position under close review.
Costs
Our property costs during the year were significantly impacted
by the level of empty business rates on the vacant premises to
which I have referred above, although our total property costs were
only slightly above last year. Administrative costs were somewhat
lower compared to the previous year, as we continue to exercise
tight control over overheads and the changes that we made in 2007-8
continue to deliver significant savings.
Purchase by the Company of its own shares
In January 2010, the Company held an Extraordinary General
Meeting at which resolutions authorising the Company to make market
purchases of its own shares were duly passed. This authority
expires at the conclusion of this year's Annual General Meeting.
Accordingly, a General Meeting is being convened following the
Annual General Meeting in order to consider resolutions granting a
new authority for the Company to purchase its own shares. A
separate circular is being posted to shareholders together with
this Annual Report and Financial Statements.
Dividend
The Directors are recommending a total dividend for the year at
the same level as last year, namely 10.5p per share. An interim
dividend of 2.9p per share was paid in December 2010 and, subject
to approval of shareholders at the Annual General Meeting, a final
dividend of 7.6p per share will be paid on 22nd July 2011 to
shareholders on the register on 24th June 2011.
Outlook
Prospects for the United Kingdom economy continue to be
uncertain in the light of many challenges including rising
taxation, lack of consumer confidence, increasing inflation and
reduced public spending. As we have seen over the past year in your
Company, these conditions can affect the ability to retain tenants
and to relet vacant premises promptly and on acceptable terms.
Nevertheless, your Company remains in a sound and healthy
position and we will continue to seek out opportunities that will
add to the quality of our earnings and the value of our assets, so
as to maximise value for shareholders.
Tributes
John Langrishe
John Langrishe was a descendant of one of the founding families
of Wynnstay and had a long and active involvement with the Company
over his long life. He was a solicitor and a partner in the firm,
Peake & Co., which had formed the Company in 1886. As well as
being a shareholder, he acted as legal adviser, Board member,
Managing Director and Chairman. He oversaw the disposal of the
flats at Wynnstay Gardens, Kensington in the 1960's and the
significant strategic move of the Company into commercial property.
With detailed knowledge of Wynnstay's history, he knew a
significant number of its shareholders and their family connections
with the Company, and kept in contact with many of them after
retirement. After standing down from the Board, which he had joined
in 1959 he retained an active interest in the Company's development
right up to the time of his death in December 2010.
Ian Lockhart
Ian Lockhart, who joined the Board as a non-executive Director
in 1972, was also a solicitor and a partner in Peake & Co. and
thus also knew a considerable number of the shareholders and their
families. He provided informed and wise counsel to the Board during
a period of significant change and considerable challenges. He
retired prematurely due to sudden ill-health and died in April
2011.
Hugh Bird
Hugh Bird, like John Langrishe, was also a descendant of one of
the founding families of Wynnstay. He was a significant individual
shareholder and a regular attendee at our Annual General Meetings,
in latter years despite his advancing age and ill-health. He always
took a keen interest in the Company's affairs and was keen to
preserve its individual character and its future as a family
enterprise.
I am sure that many shareholders would join with me in conveying
our condolences to their wives and families.
Colleagues and Advisers
As always, it would not be possible for Wynnstay to operate as
it does, in a tight, lean and purposeful way without the hard work
of Paul Williams, our Managing Director, and Toby Parker, our
Finance Director and I would like to thank them as well as my
fellow directors and our professional advisers for their support
and advice throughout the past challenging year.
Annual General Meeting
Our Annual General Meeting will be held at the Royal Automobile
Club on Thursday 14th July 2011 at 12 noon. As always, I would
encourage as many shareholders as possible to attend so that they
can meet the Board and other shareholders and learn more about your
Company's activities.
The Company's Annual Report & Accounts for the year ended
25th March 2011 have today been posted to shareholders and are
available to download on the Company's website
http://www.wynnstayproperties.co.uk
14th June 2011
Philip G.H. Collins
Chairman
For further information please contact:
Wynnstay Properties Plc
Toby Parker, Finance Director 020 7554 8766
Charles Stanley Securities - Nominated
Adviser 020 7149 6000
Dugald J. Carlean / Carl Holmes
STATEMENT OF COMPREHENSIVE INCOME FOR YEAR ENDED 25TH MARCH
2011
Notes 2011 2010
GBP'000 GBP'000
Property Income 1 1,691 1,934
Property Costs 2 (136) (121)
Administrative Costs 3 (389) (448)
1,166 1,365
Movement in Fair Value of
Investment Properties 9 (225) 545
Loss on Sale of Investment
Property (39) -
Operating Income 902 1,910
Investment Income 5 6 7
Finance Costs 5 (247) (382)
Income before Taxation 661 1,535
Taxation 6 (212) (367)
Income after Taxation 449 1,168
Basic and diluted earnings 16.6p 43.1p
per share
The company has no other items of comprehensive income.
STATEMENT OF FINANCIAL POSITION 25TH MARCH 2011
2011 2010
Notes GBP'000 GBP'000
Non Current Assets
Investment Properties 9 18,825 21,290
Other Property, Plant and
Equipment 10 6 8
Investments 12 3 3
18,834 21,301
Current Assets
Accounts Receivable 14 26 103
Cash and Cash Equivalents 881 753
907 856
Current Liabilities
Bank Loans Payable - (200)
Accounts Payable 15 (757) (877)
Derivative Financial Instruments - (65)
Income Taxes Payable (240) (269)
(997) (1,411)
Net Current Assets 1,205 (555)
Total Assets Less Current
Liabilities 20,039 20,746
Non-Current Liabilities
Bank Loans Payable 16 (7,455) (8,300)
Deferred Taxation 17 (56) (81)
Net Assets 12,528 12,365
Capital and Reserves
Share Capital 18 789 789
Treasury shares (1,570) (1,570)
Share Premium Account 1,135 1,135
Capital Redemption Reserve 205 205
Retained Earnings 11,969 11,806
12,528 12,365
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 25TH MARCH 2011
2011 2010
GBP'000 GBP'000
Cashflow from operating activities
Income before taxation 661 1,535
Adjusted for:
Depreciation 2 2
Decrease/(Increase) in fair value
of investment properties 225 (545)
Interest income (6) (7)
Interest expense 312 317
(Profit)/Loss on financial liabilities
at fair value (65) 65
Loss on disposal of investment properties 39 -
Changes in:
Trade and other receivables 77 (2)
Trade and other payables (120) 93
Income taxes paid (266) (226)
Interest paid (312) (315)
Net cash from operating activities 547 917
Cashflow from investing activities
Interest and other income received 6 7
Sale of investment properties 906 -
Net cash from investing activities 912 7
Cashflow from financing activities
Dividends paid (286) (320)
Proceeds from bank loans - 800
Repayments of bank loans (1,045) (200)
Purchase of treasury shares - (1,570)
Net cash from financing activities (1,331) (1,290)
Net increase/(decrease) in cash and
cash equivalents 128 (366)
Cash and cash equivalents at beginning
of period 753 1,119
Cash and cash equivalents at end of
period 881 753
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 25th MARCH
2011
YEAR ENDED 25 MARCH 2011
Capital Share
Share Redemption Premium Treasury Retained
Capital Reserve Account Shares Earnings Total
GBP 000 GBP 000 GBP 000 GBP 000 GBP 000 GBP 000
Balance at 26
March 2010 789 205 1,135 (1,570) 11,806 12,365
Total
comprehensive
income for
the year - - - - 449 449
Dividends -
note 7 - - - - (286) (286)
Balance at 25
March 2011 789 205 1,135 (1,570) 11,969 12,528
YEAR ENDED 25 MARCH 2010
Capital Share
Share Redemption Premium Treasury Retained
Capital Reserve Account Shares Earnings Total
GBP 000 GBP 000 GBP 000 GBP 000 GBP 000 GBP 000
Balance at 26
March 2009 789 205 1,135 - 10,958 13,087
Total
comprehensive
income for
the year - - - 1,168 1,168
Dividends - - - - (320) (320)
Purchase of
treasury
shares - - - (1,570) - (1,570)
Balance at 25
March 2010 789 205 1,135 (1,570) 11,806 12,365
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 25TH MARCH
2011
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
The 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, financial assets and
financial liabilities measured at fair value through profit or
loss, and investments.
The financial statements comprise the results of the Company
drawn up to 25th March each year.
(a) New interpretations and revised standards effective for the
year ended 25 March 2011
The directors have adopted all new and revised standards and
interpretations issued by the International Accounting Standards
Board ("IASB") and International Financial Reporting
Interpretations Committee ("IFRIC") of the IASB that are relevant
to the operations and effective for accounting periods beginning on
or after 26 March 2010.
(b) Standards and Interpretations in issue but not yet
effective
The International Accounting Standards Board ("IASB") and
International Financial Reporting Interpretations Committee
("IFRIC") have issued revisions to a number of existing standards
and new interpretations with an effective date of implementation
after the date of these financial statements.
It is not anticipated that the adoption of these revised
standards and interpretations will have a material impact on the
figures included in the financial statements in the period of
initial application.
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 taken to profit or loss.
Non-current assets are classified as held for sale if their
carrying amount will be recovered through a sale transaction rather
than through continuing use. This condition is regarded as met only
when the sale is highly probable and the asset is available for
immediate sale in its present condition. Management must be
committed to the sale, which should be expected to qualify for
recognition as a completed sale within one year from the date of
classification. Non-current assets classified as held for sale are
measured at the lower of the assets' previous carrying amount and
fair value less cost to sell.
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.
Other plant and equipment is recognised at cost and depreciated
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 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 reporting date, and any adjustment to
tax payable in respect of prior years. Taxable profit differs from
income before tax 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 statement of 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
investment property.
Investments
The quoted investment is recognised as held at fair value, and
is 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 contributions 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 that do not qualify for
hedge accounting are recognised in profit or loss.
2. PROPERTY COSTS 2011 2010
GBP'000 GBP'000
Rents payable 5 4
Empty rates 46 -
Property management and repairs 29 7
80 11
Legal fees 37 30
Agents fees 12 74
Credit losses 7 6
136 121
3. ADMINISTRATIVE COSTS 2011 2010
GBP'000 GBP'000
Rents payable - operating lease rentals 20 15
General administration, including staff
costs 330 395
Auditors' remuneration: Audit fees 32 32
Tax services 5 4
Depreciation and amortisation 2 2
389 448
Included within General administration costs above are pension
payments made to a former director of GBP5,724 (2010: GBP5,724).
4. STAFF COSTS 2011 2010
GBP'000 GBP'000
Staff costs, including Directors, during
the year were as follows:
Wages and salaries 166 163
Social security costs 18 16
Other pension costs 15 15
199 194
Details of Directors' emoluments, totalling
GBP174,989 (2010: GBP171,623), are shown
in the Report of the Directors
No. No.
The average number of employees, including
Directors, engaged wholly in management and
administration was: 5 5
The number of Directors for whom the
Company paid pension benefits during
the year was: 1 1
5. FINANCE COSTS (NET) 2011 2010
GBP'000 GBP'000
Interest payable on bank loans 312 317
(Profit)/Loss on financial liabilities
at fair value
through profit or loss (note 19) (65) 65
247 382
Less: Bank interest receivable (6) (7)
241 375
6. TAXATION 2011 2010
GBP'000 GBP'000
(a) Analysis of the tax charge for the
year:
UK Corporation tax at 28% (2010: 28%) 237 269
Overprovision from previous years - (3)
237 266
Deferred tax - timing differences - note
17 (25) 101
Current tax charge for the year 212 367
(b) Factors affecting the tax charge
for the year:
Net Income before taxation 661 1,535
Current Year:
Corporation tax thereon at 28% (2010
- 28%) 185 430
Expenses not deductible for tax purposes 8 24
Excess of capital allowances over depreciation (7) (24)
Investment loss/(gain) not taxable 63 (153)
Marginal rate relief (12) (8)
237 269
7. DIVIDENDS 2011 2010
GBP'000 GBP'000
Final dividend paid in year of 7.6p per
share
(2010: 7.25p per share) 206 229
Interim dividend paid in year of 2.9p
per share
(2010: 2.9p per share) 80 91
286 320
The Board recommends the payment of a final dividend of 7.6p
per share, which will be recorded in the Financial Statements
for the year ending 25th March 2012.
8. EARNINGS PER SHARE
Basic earnings per share are calculated by dividing Income
after Taxation attributable to Ordinary shareholders of GBP449,000
(2010: GBP1,168,000) by the weighted average number of 2,711,617
(2010: 3,155,267) ordinary shares in issue during the period.
There are no instruments in issue that would have the effect
of diluting earnings per share. The share buy back of 443,650
shares took place in March 2010 and therefore had no effect
on the weighted average number of shares in issue as at March
2010.
9. INVESTMENT PROPERTIES 2011 2010
GBP'000 GBP'000
Cost
Balance at 25th March 2010 21,290 20,745
Disposals (945) -
Assets held for sale (note 13) (1,295) -
Revaluation (Deficit)/Surplus (225) 545
Balance at 25th March 2011 18,825 21,290
The Group's freehold investment properties were valued at GBP20,120,000
by Independent Valuers, Sanderson Weatherall, Chartered Surveyors,
as at 25th March 2011, in accordance with the RICS Appraisal
and Valuation Standards, on the basis of Market Value, defined
as:
"The estimated amount for which a property should exchange
on the date of valuation between a willing buyer and a willing
seller in an arm's-length transaction, after proper marketing
wherein the parties had each acted knowledgeably, prudently
and without compulsion."
Freehold investment properties, including assets held for sale
(Note 13), would have been shown at an historical cost of GBP16,613,000
(2010: GBP17,270,000) if revaluations had not been undertaken.
10. OTHER PROPERTY, PLANT AND EQUIPMENT
2011 2010
GBP'000 GBP'000
Cost
Balance at 25th March 2010
and
at 25th March 2011 47 47
Depreciation
Balance at 25th March 2010 39 37
Charge for the Year 2 2
Balance at 25th March 2011 41 39
Net Book Values at 25th
March 2011 6 8
11. OPERATING LEASES RECEIVABLE
2011 2010
The future minimum lease
payments receivable under
non-cancellable operating
leases which expire: GBP'000 GBP'000
Not later than one year 1,389 1,556
Between 2 and 5 years 2,439 2,557
Over 5 years 197 141
4,025 4,254
Rental Income recognised in the statement of comprehensive
income amounted to GBP1,691,000 (2010: GBP1,934,000).
Typically, the properties were let for a term of between 5
and 15 years at a market rent with rent reviews every 5 years.
The properties are leased on terms where the tenant has the
responsibility for repairs and running costs for each individual
unit with a service charge payable to cover common services
provided by the landlord on certain properties.
12. INVESTMENTS 2011 2010
GBP'000 GBP'000
Quoted investments 3 3
13. NON CURRENT ASSETS HELD FOR SALE 2011 2010
GBP'000 GBP'000
Investment properties 1,295 -
The company anticipates that it will sell two commercial properties
within the current financial year and as a result, these properties
are re-classified under this heading in accordance with IFRS5.
14. ACCOUNTS RECEIVABLE 2011 2010
GBP'000 GBP'000
Other receivables 26 82
Prepayments - 21
26 103
15. ACCOUNTS PAYABLE 2011 2010
GBP'000 GBP'000
Other creditors 153 108
Accruals and deferred income 604 769
757 877
16. BANK LOANS PAYABLE 2011 2010
GBP'000 GBP'000
Bank Loan: Repayable on 17 December 2013 7,455 7,700
Bank Loan: Repayable equally over 4 years
from 31 March 2010 - 800
7,455 8,500
Interest has been fixed at 6.351% per annum on GBP3,600,000
of the bank loan until 31st March 2011, with interest on any
variable rate element being charged at 1.25% per annum over
LIBOR. Thereafter, interest is accruing on the remaining balance
of GBP3,855,000 at a rate of 1.25% per annum over LIBOR until
17 December 2013.
The loan facility is secured by fixed charges over a number of freehold
land and buildings owned by the Group, which at the year end had a
combined value of GBP11,625,000 (2010: GBP13,100,000). The undrawn
element of the loan facility available at 25th March 2011 was
GBP1.05million (2010: GBPnil). The loan is additionally secured by a
memorandum of security over cash deposits of GBP300,000 (2010:
GBP300,000).
17. DEFERRED TAX
Under IAS 12 Income Tax, provision is made for the deferred
tax liability associated with the revaluation of investment
properties. The Group provides for deferred tax on investment
properties by reference to the tax that would be due on the
sale of investment properties by applying the corporation tax
rate of 28% (2010: 28%) to the revaluation deficit after indexation
allowance.
Deferred Tax
on property
revaluation
GBP'000
At 26th March 2010 81
Release of provision in the year - note
6 (25)
At 25th March 2011 56
18. SHARE CAPITAL 2011 2010
GBP'000 GBP'000
Ordinary Shares of 25p each:
Authorised: 8,000,000 shares 2,000 2,000
Allotted, Called Up and Fully Paid 789 789
All shares rank equally in respect of
Shareholder rights.
In March 2010, the company acquired 443,650 Ordinary shares
of Wynnstay Properties plc from Channel Hotels and Properties
Ltd at a price of GBP3.50 per share as the Directors deemed
it was in the best interests of the Company to do so. These
shares, representing in excess of 14% of the total shares in
issue, are held in Treasury. At 25th March 2011, total shares
in issue and fully paid are 3,155,267, of which 443,650 are
held in treasury.
19. STATEMENT OF CASH FLOWS
Analysis of Net Debt 25th March Cash 26th March
2011 Movement 2010
GBP'000 GBP'000 GBP'000
Cash and cash equivalents (881) (128) (753)
Bank loans due within one year - (200) 200
Bank loan due after more than one
year 7,455 (845) 8,300
Net Debt 6,574 1,173 7,747
20. COMMITMENTS UNDER OPERATING LEASES
Future rental commitments at 25th March 2011 under non-cancellable
operating leases are as follows:-
2011 2010
GBP'000 GBP'000
Within one year 15 3
Between two to five years 7 18
22 21
21. RELATED PARTY TRANSACTIONS
The Company has entered into an agreement with I.F.M.Consultants
Ltd, a company owned and controlled by T.J.C. Parker, a Director
of the Company, for that company to provide certain consultancy
services. During the year to 25th March 2011, I.F.M. Consultants
Ltd was paid GBP33,825 (2010: GBP35,875). There were no other
related party transactions other than with the Directors, which
have been disclosed under Directors' Emoluments in the Report
of the Directors on page 8.
22. EVENTS after the end of the reporting period
On 27th May 2011 the company entered into a sale contract for
GBP1,100,000 of its freehold interest at Crawley with a completion
date of 10th June 2011. This sale, together with a release of
provisions for repairs to the building, will give rise to a profit
to the company of circa GBP265,000. The proceeds from sale will be
used to discharge bank loans.
23. ANNUAL REPORT AND ACCOUNTS
The Annual Report and Accounts for the year ended 25(th) March
2011 will be posted to shareholders on or about 15 June 2011.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR DKPDBKBKDOAD
Wynnstay Properties (LSE:WSP)
Historical Stock Chart
From Jun 2024 to Jul 2024
Wynnstay Properties (LSE:WSP)
Historical Stock Chart
From Jul 2023 to Jul 2024
