REG - Caledonian Trust PLC - Final Results <Origin Href="QuoteRef">CNN.L</Origin> - Part 4

Caledonian TrustAnnouncement

24/12/2014 07:10

- Part 4: For the preceding part double click  ID:nRSX6576Ac 

envisage all possible circumstances, the directors believe that, taking account of reasonably       
   foreseeable adverse movements in rental income, interest or property values, the group has sufficient resources available to enable it to do so.                            
   The group's exposure to liquidity risk is given below                                                                                                                     
 
 
 30 June 2014     £'000              Carrying amount  Contractual cash flows  6 months or less  6-12 months      
                                                                                                                 
 Floating rate unsecured loan stock  2,725            2,774                   48                2,726            
                                                                                                                 
 Unsecured loan                      455              463                     8                 455              
                                                                                                                 
 Trade and other payables            525              525                     525               -                
                                                                                                                 
                                                                                                                       
 
 
   30 June 2013     £'000                        Carrying amount  Contractual cash flows  6 months or less  6-12 months      
                                                                                                                             
   Floating rate unsecured loan stock            2,725            2,774                   48                2,726            
   Unsecured loan                                275              280                     5                 275              
   Trade and other payables                      431              431                     431               -                
   Market riskMarket risk is the risk that       
   changes in market prices, such as interest    
   rates, will affect the company's income or the 
   value of its holdings of financial            
   instruments.  The objective of market risk    
   management is to manage and control market    
   risk exposures within acceptable parameters,  
   while optimising the return.Interest rate     
   riskThe Group borrowings are at floating rates 
   of interest based on LIBOR or Base Rate.The   
   interest rate profile of the Group's          
   borrowings as at the year end was as follows: 
                                                 2014             2013                    
                                                 £000             £000                    
   Unsecured loan                                455              275                     
   Floating rate instruments - financial         2,725            2,725                   
   liabilities                                                                            
                                                 =======          =======                 
   The weighted average interest rate of the     
   floating rate borrowings was 3.5%  (2013:     
   3.5%).A 1% movement in interest rates would be 
   expected to change the Group's annual net     
   interest charge by £32,000 (2013: £30,000).   
                                                                                                                                   
 
 
 19  Operating leases                                                                                                                                                                           
                                                                                                                                                                                                
     Leases as lessorsThe group leases out its investment properties under operating leases.  The future minimum receipts under non-cancellable operating leases are as follows:  
                                                                                                                                                                                  2014   2013   
                                                                                                                                                                                  £000   £000   
                                                                                                                                                                                                
     Less than one year                                                                                                                                                           125    176    
     Between one and five years                                                                                                                                                   360    503    
     Greater than five years                                                                                                                                                      311    362    
                                                                                                                                                                                  _____  _____  
                                                                                                                                                                                                
                                                                                                                                                                                  796    1,041  
                                                                                                                                                                                  =====  =====  
 
 
The amounts recognised in income and costs for operating leases are shown on
the face of the income statement. 
 
 20  Income tax and deferred tax      
                                      
 
 
At 30 June 2014, the group has a potential deferred tax asset of £1,162,000
(2013: £1,199,000) of which £321,000 (2013: £412,000) relates to differences
between the carrying value of investment properties and the tax base. In
addition the group has tax losses which would result in a deferred tax asset
of £841,000 (2013: £787,000). This has not been recognised due to the
uncertainty over the availability of future taxable profits. 
 
Movement in unrecognised deferred tax asset 
 
                        Balance1 July 12at 26%  Additions/reductions  Balance30 June 13at 23%  Additions/reductions  Balance30 Jun 14at 20%  
                        £000                    £000                  £000                     £000                  £000                    
                                                                                                                                             
 Investment properties  516                     (104)                 412                      (91)                  321                     
 Tax losses             700                     87                    787                      54                    841                     
                        _____                   ______                _____                    ______                _____                   
                                                                                                                                             
 Total                  1,216                   (17)                  1,199                    (37)                  1,162                   
                        _____                   ______                _____                    ______                _____                   
                                                                                                                                             
 
 
 21  Issued share capital         30 June 2014  30 June 2013  
                                  No            £000          No.         £000     
     Issued and                                                                    
     fully paid                                                                    
     Ordinary shares of 20p each  11,783,577    2,357         11,783,577  2,357    
                                  ========      =======       ========    =======  
 
 
Holders of ordinary shares are entitled to dividends declared from time to
time, to one vote per ordinary share and a share of any distribution of the
company's assets. 
 
 22  Capital and reserves            
 
 
   The capital redemption reserve arose in prior years on redemption of share capital.  The reserve is not distributable.       
   The share premium account is used to record the issue of share capital above par value.  This reserve is not distributable.  
                                                                                                                                
 
 
23        Related parties 
 
Transactions with key management personnel 
 
Transactions with key management personnel consist of compensation for
services provided to the company.  Details of this are given in note 6. 
 
Other related party transactions 
 
The parent company has a related party relationship with its subsidiaries. The
group and company has unsecured floating rate loan stock due to Leafrealm
Limited, a company of which ID Lowe is the controlling shareholder. This is on
normal commercial terms.  Leafrealm received £95,000 (2013:  £95,000) of
interest in respect of its holding of Floating Rate Unsecured Loan Stock. The
balance due to this party at the year-end was £3,180,000 (2013: £3,000,000).
Transactions with subsidiary undertakings have not been disclosed as the
company has taken advantage of the exemption contained within FRS 8. 
 
Annual Report and Accounts 
 
   The Annual Report and Accounts will be posted to shareholders together with a Notice of Annual General Meeting on or before 31 December 2014 and further copies will be available, free of charge, for a period of one month following posting to shareholders from the Company's head office, 61A North Castle Street, Edinburgh, EH2 3LJ.  
   AGM                                                                                                                                                                                                                                                                                                                                          
   The Annual General Meeting of the Company will be held at 61A North Castle Street, Edinburgh EH2 3LJ on Friday 30 January 2015 at 12:30pm.A copy of this announcement and the Company's Annual Report and Accounts for 2014 will be made available on the Company's website http://www.caledoniantrust.com shortly.                          
                                                                                                                                                                                                                                                                                                                                                
 
 
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