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

Caledonian TrustAnnouncement

23/12/2015 16:11

- Part 4: For the preceding part double click  ID:nRSW0916Kc 

                                                                                                              
 
 
£000 
 
£000 
 
Available for sale investments 
 
1 
 
1 
 
Other receivables 
 
68 
 
25 
 
Cash and cash equivalents 
 
131 
 
34 
 
________ 
 
________ 
 
200 
 
60 
 
======= 
 
======= 
 
The company does not have an allowance for impairment on trade receivables as,
based on historical experience, management does not consider that such an
impairment is required.Credit risk for trade receivables at the reporting date
was all in relation to property tenants in United Kingdom.The company's
exposure is spread across a number of customers. 
 
   Liquidity riskLiquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due.  The Company's approach to managing          
   liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due without incurring unacceptable losses or         
   risking damage to the Company's reputation. Whilst the directors cannot 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 2015     £'000              Carrying amount  Contractual cash flows  6 months or less  6-12 months  2-5     years    
                                                                                                                              
 Floating rate unsecured loan stock  2,725            2,774                   48                2,726        -                
                                                                                                                              
 Unsecured loan Unsecured loan       805 100          817 107                 12 2              805 2        - 103            
                                                                                                                              
 Trade and other payables            645              645                     645               -            -                
                                                                                                                                
                                                                                                                                        
 
 
 30 June 2014     £'000              Carrying amount  Contractual cash flows  6 months or less  6-12 months  2-5 years  
                                                                                                                        
 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               -            -          
 
 
   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:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      2015     2014     
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      £000     £000     
   Unsecured loanUnsecured loan                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       805100   455-     
   Floating rate instruments - financial liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                  2,725    2,725    
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      =======  =======  
   The weighted average interest rate of the floating rate borrowings was 3.5% (2014: 3.5%).A 1% movement in interest rates would be expected to change the Group's annual net interest charge by £36,300 (2014: £32,000).                                                                                                                                                                                                                                                                                            
 
 
 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:  
                                                                                                                                                                                  2015   2014   
                                                                                                                                                                                  £000   £000   
                                                                                                                                                                                                
     Less than one year                                                                                                                                                           146    125    
     Between one and five years                                                                                                                                                   310    360    
     Greater than five years                                                                                                                                                      284    311    
                                                                                                                                                                                  _____  _____  
                                                                                                                                                                                                
                                                                                                                                                                                  740    796    
                                                                                                                                                                                  =====  =====  
 
 
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 2015, the group has a potential deferred tax asset of £971,000
(2014: £1,162,000) of which £153,000 (2014: £321,000) 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 £818,000 (2014: £841,000). This has not been recognised due to the
uncertainty over the availability of future taxable profits. 
 
Movement in unrecognised deferred tax asset 
 
                        Balance1 July 13at 23%  Additions/reductions  Balance30 June 14at 20%  Additions/reductions  Balance30 Jun 15at 18%  
                        £000                    £000                  £000                     £000                  £000                    
                                                                                                                                             
 Investment properties  412                     (91)                  321                      (168)                 153                     
 Tax losses             787                     54                    841                      (23)                  818                     
                        _____                   ______                _____                    ______                _____                   
                                                                                                                                             
 Total                  1,199                   (37)                  1,162                    (191)                 971                     
                        _____                   ______                _____                    ______                _____                   
                                                                                                                                             
 
 
 21  Issued share capital         30 June 2015  30 June 2014  
                                  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 charged £95,000 (2014:  £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 £3,530,000 (2014: £3,180,000). 
 
The group and company has an unsecured loan from Mrs V Baynham, the wife of a
director.  This is on normal commercial terms.  The balance due to this party
at 30 June 2015 was £99,999 (2014: nil) with interest payable at 3% over Bank
of Scotland base rate per annum.  The loan is due to be repaid on 1 July
2017. 
 
This information is provided by RNS
The company news service from the London Stock Exchange