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

Caledonian TrustAnnouncement

23/12/2016 10:45

- Part 4: For the preceding part double click  ID:nRSW7351Sc 

                                                                                                                    418    310    
     Greater than five years                                                                                                                                                      216    284    
                                                                                                                                                                                  _____  _____  
                                                                                                                                                                                                
                                                                                                                                                                                  855    740    
                                                                                                                                                                                  =====  =====  
 
 
The amounts recognised in income and costs for operating leases are shown on
the face of the income statement. 
 
 20  Deferred tax      
                       
 
 
At 30 June 2016, the Group has a potential deferred tax asset of £971,000
(2015: £971,000) of which £74,000 (2015: £153,000) 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 £897,000 (2015: £818,000). This has not been recognised due to the
uncertainty over the availability of future taxable profits. 
 
Movement in unrecognised deferred tax asset 
 
                        Balance1 July 14at 20%  Additions/reductions  Balance30 June 15at 18%  Additions/reductions  Balance30 Jun 16at 18%  
                        £000                    £000                  £000                     £000                  £000                    
                                                                                                                                             
 Investment properties  321                     (168)                 153                      (79)                  74                      
 Tax losses             841                     (23)                  818                      79                    897                     
                        _____                   ______                _____                    ______                _____                   
                                                                                                                                             
 Total                  1,162                   (191)                 971                      -                     971                     
                        _____                   ______                _____                    ______                _____                   
                                                                                                                                             
 
 
 21  Issued share capital         30 June 2016  30 June 2015  
                                  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 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 an unsecured loan due to Leafrealm Limited, a
company of which ID Lowe is the controlling shareholder.  The balance due to
this party at 30 June 2016 was £3,530,000 (2015: £3,530,000) with interest
payable at 3% over Bank of Scotland base rate per annum.  Leafrealm Limited
varied its right to the margin of interest over base rate until further
notice.  Interest charged in the year amounted to £17,698 (2015: £95,000). 
 
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 2016 was £99,999 (2015: £99,999) with interest payable at 3% over
Bank of Scotland base rate per annum.  Interest charged in the year amounted
to £4,382 (2015: £nil).  The loan is due to be repaid on 1 July 2017. 
 
Contracting work on certain of the Group's development and investment property
sites has been undertaken by Leafrealm Land Limited, a company under the
control of ID Lowe.  The value of the work done by Leafrealm Limited since
2011 has been accrued in the accounts for the year to 30 June 2016 and amounts
to a total of £44,627 at rates which do not exceed normal commercial rates. 
 
This information is provided by RNS
The company news service from the London Stock Exchange