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Mittwoch, 26.08.2015 15:05 von

SECURED PROPERTY DEVELOPMENTS PLC - Half-yearly Report

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Secured Property Developments plc
Unaudited financial statements for the period from 1st January 2015 to 30th June 2015
Registered number 2055395

Chairman’s Statement

During the first half of 2015 two shop properties were sold at Scarborough and one at York. A gain was achieved on these disposals and this is reflected in the exceptional item appearing in the accounts of £159,620.

The turnover for the first half of 2015 is less than the corresponding period last year as a result of the property disposals in the period and the interest charge in the period is also reduced as a result of the company having repaid in full its outstanding loan with RBS.

The Company continues to manage the remaining shop property at Scarborough which is held for future sale.

I wish to thank David Duffield our former Chairman who retired from office on 31st July 2015 for his wise counsel over the years and particularly for his guidance and advice in connection with the RBS Swap Claim.

The outcome of the outstanding claims against RBS for consequential loss and additional tax continues and is taking longer than expected to be settled.

On 29th July 2015 George Green one of our longest serving directors retired from office and I wish to thank him for his service to the company over the years.

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All the resolutions proposed at the annual general meeting were passed and trading with Crest Settlement has now commenced following the appointment of Avenir Registrars.

I will be serving as Interim Chairman pending the appointment of a new Chairman whose mandate will be to execute the strategy to focus on residential property.

R.A.Shane

Interim Chairman

26th August 2015


 

Unaudited profit and loss account

for the period from 1st January 2015 to 30th June 2015

2015 2015 2014 2014
£ £ £ £
Turnover 48,668 68,500
Cost of sales (1,618) (1,597)
_______ _______
Gross profit 47,050 67,903
Administrative expenses
Exceptional Item
(74,084)
159,620
(59,328)
476,309
_______ _______
Operating profit/(loss) 132,586 484,884
Interest receivable 1,431 1,251
Interest payable (11,100) (51,682)
_______ _______
(9,669) (50,431)
_______ _______
Profit  on ordinary activities before taxation 122,917 434,453
Taxation (31,270) (63,729)
_______ _______
Profit on ordinary activities after taxation 91,647 370,724
======= =======
Profit per share 4.64 p 18.8p
======= =======


 

Unaudited Balance sheet

at 30th June 2015

2015 2015 2014 2014
£ £ £ £
Fixed assets
Tangible assets 300,000 1,550,000
Current assets
Debtors 22,902 44,197
Cash at bank and in hand 621,387 832,754
_______ _______
644,289 876,951
Creditors: amounts falling due within one year (259,234) (1,724,230)
_______ _______
Net current assets 385,055 (847,279)
_______ _______
Total assets less current liabilities 685,055 702,721
Creditors: amounts falling due after more than one year - -
_______ _______
Net assets 685,055 702,721
======= =======
Capital and reserves
Called up share capital 418,861 418,861
Share premium account 3,473 3,473
Revaluation reserve 3,742 101,861
Profit and loss account 258,979 178,526
_______ _______
Shareholders’ funds 685,055 702,721
======= =======
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