REG - Cardiff Property PLC - Half-year Report <Origin Href="QuoteRef">CDFF.L</Origin> - Part 1

Cardiff PropertyAnnouncement

10/05/2016 07:05

RNS Number : 6819X
Cardiff Property PLC
10 May 2016
THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY
AND ITS SUBSIDIARIES
FOR RELEASE 7.00 AM 10 May 2016
THE CARDIFF PROPERTY PLC
The group, including Campmoss, specialises in property investment and development in the Thames Valley. The total portfolio under management, valued in excess of 38m, is primarily located to the west of London, close to Heathrow Airport and in Surrey and Berkshire.
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2016
Highlights:


Six months
31 March
2016
(Unaudited)
Six months
31 March
2015
(Unaudited)
Year
30 September
2015
(Unaudited)
Revenue
'000
300
296
577
Net assets per share
17.93
15.22
16.84
Profit before tax
'000
1,541
566
2,586
Earnings per share
pence
117.1
39.9
191.3
Interim/total dividend
 per share
pence

3.60
3.50
13.50
Gearing
%
Nil
Nil
Nil
Richard Wollenberg, Chairman, commented:
"The Thames Valley commercial property market remains positive with renewed interest from businesses and large corporates wanting to locate around the M25 motorway. Following the government planning initiative, a number of existing office buildings are being converted to residential use and although this has reduced overall office supply, the availability of second hand office space is still a restraint on the market. There are shortages of high grade office space in certain locations which has supported an increase in rental levels. Despite the improved market conditions the continuing political and financial uncertainties in the UK and Europe remain a concern, and until these are resolved further growth in the Thames Valley commercial property market is expected to be limited.
The investment market continues to be buoyant. Low interest rates and the prospect of rental growth are very attractive to investors but recent stamp duty increases for commercial property will need to be absorbed.
Residential sales values in Surrey and Berkshire, the group's main area of operation have remained unchanged despite reduced volumes. We continue to receive a high level of letting enquiries with rents retaining previous year's increases."
For further information:
The Cardiff Property plc
Richard Wollenberg
01784 437444
Stockdale Securities
 Richard Johnson
020 7601 6100


THE CARDIFF PROPERTY PLC
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2016
INTERIM MANAGEMENT REPORT
The Thames Valley commercial property market remains positive with renewed interest from businesses and large corporates wanting to locate around the M25 motorway. Following the government planning initiative, a number of existing office buildings are being converted to residential use and although this has reduced overall office supply, the availability of second hand office space is still a restraint on the market. There are shortages of high grade office space in certain locations which has supported an increase in rental levels. Despite the improved market conditions the continuing political and financial uncertainties in the UK and Europe remain a concern and until these are resolved, further growth in the Thames Valley commercial property market is expected to be limited.
The investment market continues to be buoyant. Low interest rates and the prospect of rental growth are very attractive to investors but recent stamp duty increases for commercial property will need to be absorbed.
Residential sales values in Surrey and Berkshire, the group's main area of operation have remained unchanged despite reduced volumes. We continue to receive a high level of letting enquiries with rents retaining previous year's increases.
Financial
For the half year ending 31 March 2016 profit before tax amounted to 1.54m (March 2015: 0.57m; September 2015: 2.59m). This figure includes an after tax profit from Campmoss Property Company Limited, our 47.62% joint venture, of 1.29m (March 2015: 0.35m; September 2015: 1.92m). The figures for Campmoss are based on Financial Reporting Standard 101 (FRS 101). 
Revenue for the six months to 31 March 2016 which represents gross rental income totalled 0.30m (March 2015: 0.30m; September 2015: 0.58m). The group's share of revenue from Campmoss was 1.84m (March 2015: 0.81m; September 2015: 1.70m) the latter was represented by gross rental income of 0.63m (March 2015: 0.55m; September 2015: 1.10m) and property sales, referred to in this report, of 1.21m (March 2015: 0.26m; September 2015: 0.60m). These latter figures are not included in group revenue.
Campmoss has exchanged contracts for the sale of Worplesdon View, Guildford for a cash consideration of 15.85m. Completion of the sale may take place at any time up to August 2017. As a result of this contract the accounting policy for Campmoss and the Company (as set out in note 1) has been expanded such that when the period between exchange and completion exceeds 120 days the sale is recognised on receipt of due notice rather than on exchange. 
In view of the contracted sale at Worplesdon View and, reflecting an improvement in market values for similar investment property, the directors of Campmoss at 31 March 2016 increased the value of this property in the Campmoss portfolio to 13.0m (30 September 2015: 11.3m) an increase of 1.70m. 
Due to the withdrawal of UK GAAP accounting the directors of Campmoss have decided to adopt FRS 101 and a reconciliation of the impact on the results of the joint venture for previous periods is provided in note 6. 
Net assets of the group as at 31 March 2016 were 22.95m (March 2015: 19.94m; September 2015: 21.56m) equivalent to 17.93 per share (March 2015: 15.22; September 2015: 16.84). The company's share of net assets of Campmoss amounted to 12.45m (March 2015: 9.59m; September 2015: 11.16m).
Your directors are of the opinion that apart from the property at Worplesdon View held by Campmoss, there is no material change in the value of the group's property portfolio as at 31 March 2016.
During the 6 months to 31 March 2016 the company did not purchase any of its own shares (March 2015: nil; September 2015: 30,300) and other than as mentioned in this report there have been no material events or material changes in assets, liabilities or related party relationships since 30 September 2015.
Current IFRS accounting does not permit a deferred tax provision in respect of the company's investment in Campmoss. The investment in Campmoss is a substantial part of the company's net assets and, for indicative purposes only, a disposal of the investment based on the value in the company balance sheet at 31 March 2016, could generate a potential tax liability that would equate to 2.24m (March 2015: 1.82m; September 2015: 2.12m) equivalent to 175p per share (March 2015: 139p; September 2015: 163p). This information is provided to shareholders as an additional, non-statutory disclosure.
Dividend
Your directors have declared an interim dividend of 3.6p (March 2015: 3.5p; September 2015: 10.0p) an increase of 3% which will be paid on 7 July 2016 to shareholders on the register at 3 June 2016.
Investment and Development Portfolio
The group's freehold property portfolio includes offices, retail and industrial units, a care home and residential property primarily located close to the M25, M4 and M3 motorways and Heathrow airport within the counties of Surrey and Berkshire.
The office and retail investment at the White House, Egham comprising 5 ground floor retail units with offices above, is fully let on short and medium term leases. A number of these leases included yearly rental increases.
The Maidenhead Enterprise Centre, Maidenhead, comprises 6 business units totalling 14,000 sq ft. Each unit comprises offices on the first floor with industrial use on the ground floor. Five of the units are occupied by local businesses and let on either short or medium term leases. One unit has recently become vacant and following completion of dilapidation works is now available for letting. 
At the Windsor Business Centre, Windsor, all four business units are let. Two existing tenants have recently signed new medium term leases at a small increase in rent. The remaining two units are let on short term leases.
At Cowbridge Road, Cardiff, the company retains a commercial property let on a medium term lease to the Royal Mail. The property is currently used as a Sorting Office and retail centre. 
At Egham, Surrey, the company retains its own freehold office premises as well as a freehold residential property which is let on an Assured Shorthold Tenancy Agreement. 
At Tilehurst, Reading, plans are being prepared to submit an application for a residential development. This land is now under full ownership of the company following the lapse of a joint venture option.
Campmoss Property Company Limited
Campmoss continues with its extensive programme of re-development, letting and re-planning which has been challenging but successful over the past six months. 
At Worplesdon View, Guildford, contracts have been exchanged for the sale, at a price of 15.85m, of the 78 bedroom care home let on a 35 year institutional lease with annualised RPI increases. Rental income will be received until completion which is expected to take place by August 2017. Following the sale Campmoss will continue to own an adjacent 2 acre site which, subject to planning may be available for other uses.
At Westview, Market Street, Bracknell the recently completed development of 8 retail units on ground and first floor are now all let on medium to long term leases. 
Adjacent to Westview, demolition of the existing building has been completed and construction of Alston House, comprising 10 new retail units on ground and first floor has commenced. The development is expected to complete by the end of next year and a marketing strategy is currently in preparation. 
Gowring House, Market Street, Bracknell, comprises 3 ground floor retail units all let on medium term leases. A change of use is currently being applied for on the first and second floors with a view to refurbishing for residential use. The upper 3 floors were previously converted into 18 one and two bedroom apartments of which 4 remain available for sale.
At Britannia Wharf, Woking, which comprises 4 floors of offices totalling 27,743 sq ft, negotiations are currently in hand regarding a change of use to either a care home or residential. The existing building is let on short term leases which are due to expire this year. Subject to the outcome of our planning discussions, development work is programmed to commence towards the beginning of next year.
Brickfields, Kiln Lane, Bracknell comprises 16 business units and an adjacent office unit. These are primarily occupied by local businesses on medium term leases. Three units have been sold in previous years, one unit was sold in the current period and one unit is currently available for sale or to let.
At Clivemont House and Highway House, Maidenhead, planning permission was previously granted for separate office schemes. In view of the uncertain local office market, commencement of the development has been placed on hold until a significant pre-letting is achieved. In the meantime discussions with the local authority for alternative uses are in progress.
The Priory, Burnham comprises a business centre and 2 adjacent floors of offices. The offices are let on short and medium terms leases. Part of the business centre is let to a number of local tenants on short term leases. Some smaller units are currently available. 
Quoted Investments
The company retains a small equity and bond portfolio all listed on either the London Stock Exchange or AIM. The portfolio has achieved a small increase in value over the period under review.
Relationship Agreement
The company has entered into a written and legally binding relationship agreement with myself, its controlling shareholder, to address the requirements of LR9.2.2AR of the Listing Rules.
Outlook
The group is currently progressing new commercial and residential development projects in Bracknell and negotiating a number of planning applications as referred to in this report. Completion of the investment sale of Worplesdon View, Guildford is expected to take place during the current or next financial year.
Confidence in the commercial and residential property market is still evident and I therefore look forward to reporting to you further at the end of the financial year.
J Richard Wollenberg
Chairman 
10 May 2016


Condensed Consolidated Interim Income Statement
FOR THE SIX MONTHS ENDED 31 MARCH 2016
Six months
31 March
2016

(Unaudited)
'000
Six months
31 March
2015
(Unaudited
see note 6)
'000
Year
30 September
2015
(Unaudited
see note 6)
'000
Revenue
300
296
577
Cost of sales
(5)
3
(31)

______
______
______
Gross profit
295
299
546
Administrative expenses
(305)
(292)
(540)
Other operating income
217
175
406

______
______
______
Operating profit before gains on investment properties and other investments

207
182
412
Surplus on revaluation of investment properties
-
-
150
Surplus on revaluation of other properties
-
-
25

______
______
______
Operating profit
207
182
587
Financial income
42
31
77
Share of results of joint venture
1,292
353
1,922

______
______
______
Profit before taxation
1,541
566
2,586
Taxation
(43)
(43)
(96)

______
______
______
Profit for the period attributable to equity holders
1,498
523
2,490

______
______
______



Earnings per share on profit for the period - pence



Basic and diluted
117.1
39.9
191.3
______
______
______



Dividends



Final 2015 paid 10.0p (2014: 9.55p)
128
125
125
Interim 2015 paid 3.4p (2014: 3.p)
-
-
46
______
______
______
128
125
171
______
______
______
Final 2015 proposed 10.0p
-
-
128
Interim 2016 proposed 3.6p (2015: 3.5p)
46
46
-
______
______
______
46
46
128
______
______
______
The above results relate entirely to continuing activities. There were no acquisitions or disposals of businesses during these periods.


Condensed Consolidated Interim Balance Sheet
AT 31 MARCH 2016
31 March
2016
(Unaudited)

'000
31 March
2015
(Unaudited
see note 6)
'000
30 September
2015
(Unaudited
see note 6)
'000
Non-current assets



Freehold investment properties
4,660
4,510
4,660
Investment in joint venture
12,448
9,587
11,156
Property, plant and equipment
238
214
238
Other financial assets
769
744
744
Deferred tax asset
5
5
5

______
______
______
Total non-current assets
18,120
15,060
16,803

______
______
______
Current assets



Stock and work in progress
668
668
668
Trade and other receivables
1,130
244
132
Financial assets
1,350
2,380
1,050
Cash and cash equivalents
2,374
2,254
3,579

______
______
______
Total current assets
5,522
5,546
5,429
______
______
______
Total assets
23,642
20,606
22,232
______
______
______
Current liabilities



Corporation tax
(141)
(140)
(99)
Trade and other payables
(491)
(463)
(516)

______
______
______
Total current liabilities
(632)
(603)
(615)

______
______
______
Non-current liabilities



Deferred tax liability
(58)
(62)
(60)
______
______
______
Total non-current liabilities
(58)
(62)
(60)
______
______
______
Total liabilities
(690)
(665)
(675)

______
______
______
Net assets
22,952
19,941
21,557

______
______
______



Equity



Called up share capital
256
262
256
Share premium account
5,076
5,076
5,076
Other reserves
2,569
2,513
2,544
Investment property revaluation reserve
2,117
536
2,158
Retained earnings
12,934
11,554
11,523

______
______
______
Shareholders' funds attributable to equity holders
22,952
19,941
21,557

______
______
______




Net assets per share
17.93
15.22
16.84

______
______
______


Condensed Consolidated Interim Statement of Cash Flows
FOR THE SIX MONTHS ENDED 31 MARCH 2016
Six months
31 March
2016
(Unaudited)

'000
Six months
31 March
2015
(Unaudited
see note 6)
'000
Year
30 September
2015
(Unaudited
see note 6)
'000



Cash flows from operating activities



Profit for the period
1,498
523
2,490
Adjustments for:



Depreciation
-
-
1
Financial income
(42)
(31)
(77)
Share of profit of joint venture
(1,292)
(353)
(1,922)
Surplus on revaluation of investment properties
-
-
(150)
Surplus on revaluation of other properties
-
-
(25)
Taxation
43
43
96

______
______
______
Cash flows from operations before changes in
working capital

207
182
413
Decrease/(increase) in trade and other receivables
(998)
520
632
(Decrease)/increase in trade and other payables
(25)
(34)
19

______
______
______
Cash generated/(used) from operations
(816)
668
1,064
Tax paid
(3)
-
(96)

______
______
______
Net cash flows from operating activities
(819)
668
968

______
______
______




Cash flows from investing activities



Interest received
42
31
77
Acquisition of investments, and property, plant and equipment

-
(1)
(1)
Held to maturity deposits
(300)
(176)
1,154

______
______
______
Net cash flows from investing activities
(258)
(146)
1,230

______
______
______




Cash flows from financing activities



Purchase of own shares
-
-
(305)
Dividends paid
(128)
(125)
(171)

______
______
______
Net cash flows from financing activities
(128)
(125)
(476)

______
______
______




Net increase/(decrease) in cash and cash equivalents
(1,205)
397
1,722
Cash and cash equivalents at beginning of period
3,579
1,857
1,857

______
______
______
Cash and cash equivalents at end of period
2,374
2,254
3,579

______
______
______


Other Primary Statements
FOR THE SIX MONTHS ENDED 31 MARCH 2016
Condensed Consolidated Interim Statement of Comprehensive Income and Expense
Six months
31 March
2016
(Unaudited)

'000
Six months
31 March
2015
(Unaudited see note 6)
'000
Year
30 September
2015
(Unaudited
see note 6)
'000



Profit for the financial period
1,498
523
2,490



Other items recognised directly in equity



Net change in fair value of available for sale assets
25
19
19

______
______
______
Total comprehensive income and expense for the period attributable to equity holders of the parent company
1,523
542
2,509

______
______
______





Other Primary Statements
FOR THE SIX MONTHS ENDED 31 MARCH 2016 (continued)
Condensed Consolidated Interim Statement of Changes in Equity
Share
capital
 '000 
Share
premium
account
'000
Other
reserves
'000
Investment
property
revaluation
reserve
 '000
Retained
earnings
'000
Total
equity
'000






At 1 October 2014
262
5,076
2,494
577
11,115
19,524
Profit for the period
-
-
-
-
523
523







Other comprehensive income
-
-
19
-
-
19
Transactions with equity holders
Dividends

-

-

-

-

(125)
(125)

______
______
______
______
______
______
Total transactions with equity holders
-
-
-
-
(125)
(125)
______
______
______
______
______
______
Realisation of revaluation reserve
-
-
-
(41)
41
-
______
______
______
______
______
______
At 31 March 2015
262
5,076
2,513
536
11,554
19,941
Profit for the period
-
-
-
-
1,967
1,967
Transactions with equity holders
Dividends

-

-

-

-

(46)

(46)
Purchase of own shares
(6)
-
6
-
(305)
(305)

______
______
______
______
______
______
Total transactions with equity holders
(6)
-
6
-
(351)
(351)

______
______
______
______
______
______
Transfer on revaluation of investment
properties
-
-
-
1,622
(1,622)
-
Transfer on revaluation of other properties
-
-
25
-
(25)
-

______
______
______
______
______
______
At 30 September 2015
256
5,076
2,544
2,158
11,523
21,557
Profit for the period
-
-
-
-
1,498
1,498
Other comprehensive income
-
-
25
-
-
25
Transactions with equity holders
Dividends
-
-
-
-
(128)
(128)

______
______
______
______
______
______
Total transactions with equity holders
-
-
-
-
(128)
(128)

______
______
______
______
______
______
Realisation of revaluation reserve
-
-
-
(41)
41
-
At 31 March 2016
256
5,076
2,569
2,117
12,934
22,952

______
______
______
______
______
______


Statement of Responsibility
FOR THE SIX MONTHS ENDED 31 MARCH 2016
The directors are responsible for preparing the condensed consolidated interim financial statements for the six months ended 31 March 2016 and they confirm, to the best of their knowledge and belief, that:
 the condensed consolidated set of interim financial statements for the six months ended 31 March 2016 has been prepared in accordance with IAS 34 - Interim Financial Reporting, as adopted by the EU;
 the interim management report includes a fair review of the information required by:
a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of interim financial statements and a description of the principal risks and uncertainties for the remaining six months of the year; and
b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the group during that period; and any changes in the related party transactions described in the last annual report that could do so.
J Richard Wollenberg, Chairman
Karen L Chandler, Finance director
Nigel D Jamieson, Independent non-executive director
10 May 2016


Notes to the Condensed Consolidated Interim Financial Statements
FOR THE SIX MONTHS ENDED 31 MARCH 2016
1. Basis of preparation
This condensed set of financial statements has been prepared in accordance with IAS 34 - Interim Financial Reporting as adopted by the EU.
The annual financial statements of the group are prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU. As required by the Disclosure and Transparency Rules of the Financial Conduct Authority, the condensed set of financial statements has been prepared applying the accounting policies and presentation that were applied in the preparation of the group's published consolidated financial statements for the year ended 30 September 2015.
The comparative figures for the financial year ended 30 September 2015 are not the group's statutory accounts for that financial year. Those accounts have been reported on by the group's auditor and delivered to the registrar of companies. The report of the auditor was: unqualified; did not give any reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report; and did not contain a statement under sections 498 (2) or (3) of the Companies Act 2006.
Campmoss Property Company Limited intend to adopt Financial Reporting Standard 101 (FRS 101) for statutory accounts purposes. A reconciliation of the effect of this transition from UK GAAP is set out in note 6.
Accounting policies
The condensed consolidated interim financial statements have been prepared applying the accounting policies that were applied in the preparation of the group's published financial statements for the year ended 30 September 2015. With the exception that the accounting policy for investment properties has been expanded as follows:
Purchases and sales of investment properties are accounted for when exchanged contracts become unconditional, or in the event a notice to complete is required, on receipt of such notice where the notice period is a period of less than 120 days.
Whilst numerous other IFRSs and Interpretations have been endorsed in the period to 31 March 2016 and have been adopted by the group, none of them has had a material impact on these interim financial statements. 
Use of estimates and judgement
The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. The key areas in which estimates have been used and the assumptions applied are in valuing investment properties and properties in the joint venture, in valuing available for sale assets, in classifying properties and in the calculating of provisions. 
An external, independent valuer, having an appropriate recognised professional qualification and recent experience in the location and category of property being valued, values the company's property portfolio at the end of each financial year. The directors of the joint venture value its portfolio each year; such valuation takes into account yields on similar properties in the area, vacant space and covenant strength. The directors of the group and joint venture review the valuations for the interim financial statements. 
A provision is recognised in the balance sheet when the group has a present legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefit will be required to settle the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability.
Going concern
The group has sufficient financial resources to enable it to continue in operational existence for the foreseeable future, to complete the current maintenance and development program and meet its liabilities as they fall due. Accordingly, the directors consider it appropriate to continue to adopt the going concern basis in preparing these interim financial statements.


Notes to the Condensed Consolidated Interim Financial Statements
FOR THE SIX MONTHS ENDED 31 MARCH 2016 (continued)
2. Segmental analysis
The group manages its operations in two segments, being property and other investments and property development. The results of these segments are regularly reviewed by the board as a basis for the allocation of resources, in conjunction with individual site investment appraisals and to assess their performance. Information regarding the revenue and profit before taxation for each reportable segment is set out below:
Six months
31 March
2016
(Unaudited)

'000
Six months
31 March
2015
(Unaudited
see note 6)
'000
Year
30 September
2015
(Unaudited
see note 6)
'000




Revenue (wholly in the United Kingdom)



Property and other investments being gross rents
receivable
300
296
577

______
______
______








Profit before taxation



Property and other investments
1,052
430
2,455
Property development
489
136
131

______
______
______

1,541
566
2,586

______
______
______




The operations of the group are not seasonal.
3. Taxation
The tax position for the six month period is estimated on the basis of the anticipated tax rates applying for the full year.
4. Dividends
The interim dividend of 3.6pper share will be paid on 7 July 2016 to shareholders on the register on 3 June 2016. Under accounting standards this dividend is not included in the condensed consolidated interim financial statements for the six months ended 31 March 2016.
5. Earnings per share
Earnings per share has been calculated using the profit after tax for the period of 1,498,000 (March 2015: 523,000; September 2015: 2,490,000) and the weighted average number of shares as follows:

Weighted average number of shares
31 March
2016
31 March
2015
30 September
2015




Basic and diluted
1,279,746
1,310,046
1,301,461

_________
_________
_________
6. Explanation of transition to FRS 101
As stated in note 1 Campmoss Property Company Limited intend to adopt Financial Reporting Standard 101 (FRS 101) for statutory accounts purposes. The impact on the investment in the joint venture relates to the recognition of the deferred tax liability on the difference between indexed cost and valuation is set out below.
Six months
31 March
2015



(Unaudited)
'000
Six months
31 March
2015
Effect of transition to FRS 101
(Unaudited)
'000
Six moths
31 March
2015



(Unaudited)
'000
Revenue
296
-
296
Cost of sales
3
-
3

______
______
______
Gross profit
299
-
299
Administrative expenses
(292)
-
(292)
Other operating income
175
-
175

______
______
______
Operating profit before gains on investment properties and other investments

182
-
182
Surplus on revaluation of investment properties
-
-
-
Surplus on revaluation of other properties
-
-
-

______
______
______
Operating profit
182
-
182
Financial income
31
-
31
Share of results of joint venture
335
18
353

______
______
______
Profit before taxation
548
18
566
Taxation
(43)
-
(43)

______
______
______
Profit for the period attributable to equity holders
505
18
523

______
______
______



Earnings per share on profit for the period - pence



Basic and diluted
38.6
1.3
39.9
______
______
______





Year
30 September
2015



(Audited)
'000
Year
30 September
2015
Effect of transition to FRS 101
(Unaudited)
'000
Year
30 September
2015



(Unaudited)
'000
Revenue
577
-
577
Cost of sales
(31)
-
(31)
______
______
______
Gross profit
546
-
546
Administrative expenses
(540)
-
(540)
Other operating income
406
-
406
______
______
______
Operating profit before gains on investment properties and other investments

412
-
412
Surplus on revaluation of investment properties
150
-
150
Surplus on revaluation of other properties
25
-
25
______
______
______
Operating profit
587
-
587
Financial income
77
-
77
Share of results of joint venture
1,976
(54)
1,922
______
______
______
Profit before taxation
2,640
(54)
2,586
Taxation
(96)
-
(96)
______
______
______
Profit for the period attributable to equity holders
2,544
(54)
2,490
______
______
______



Earnings per share on profit for the period - pence



Basic and diluted
195.5
(4.2)
191.3
______
______
______


31 March
2015



(Unaudited)
'000
31 March
2015
Effect of transition to FRS 101
(Unaudited)
'000
31 March
2015



(Unaudited)
'000
Non-current assets



Freehold investment properties
4,510
-
4,510
Investment in joint venture
9,703
(116)
9,587
Property, plant and equipment
214
-
214
Other financial assets
744
-
744
Deferred tax asset
5
-
5

______
______
______
Total non-current assets
15,176
(116)
15,060

______
______
______
Current assets



Stock and work in progress
668
-
668
Trade and other receivables
244
-
244
Financial assets
2,380
-
2,380
Cash and cash equivalents
2,254
-
2,254

______
______
______
Total current assets
5,546
-
5,546
______
______
______
Total assets
20,722
(116)
20,606
______
______
______
Current liabilities



Corporation tax
(140)
-
(140)
Trade and other payables
(463)
-
(463)

______
______
______
Total current liabilities
(603)
-
(603)

______
______
______
Non-current liabilities



Deferred tax liability
(62)
-
(62)
______
______
______
Total non-current liabilities
(62)
-
(62)
______
______
______
Total liabilities
(665)
-
(665)

______
______
______
Net assets
20,057
(116)
19,941

______
______
______



Equity



Called up share capital
262
-
262
Share premium account
5,076
-
5,076
Other reserves
2,513
-
2,513
Investment property revaluation reserve
536
-
536
Retained earnings
11,670
(116)
11,554

______
______
______
Shareholders' funds attributable to equity holders
20,057
(116)
19,941

______
______
______




Net assets per share
15.31
(0.09)
15.22

______
______
______
30 September
2015



(Audited)
'000
30 September
2015
Effect of transition to FRS 101
(Unaudited)
'000
30 September
2015



(Unaudited)
'000
Non-current assets



Freehold investment properties
4,660
-
4,660
Investment in joint venture
11,334
(188)
11,156
Property, plant and equipment
238
-
238
Other financial assets
744
-
744
Deferred tax asset
5
-
5
______
______
______
Total non-current assets
16,991
(188)
16,803
______
______
______
Current assets



Stock and work in progress
668
-
668
Trade and other receivables
132
-
132
Financial assets
1,050
-
1,050
Cash and cash equivalents
3,579
-
3,579
______
______
______
Total current assets
5,429
-
5,429
______
______
______
Total assets
22,420
(188)
22,232
______
______
______
Current liabilities



Corporation tax
(99)
-
(99)
Trade and other payables
(516)
-
(516)
______
______
______
Total current liabilities
(615)
-
(615)
______
______
______
Non-current liabilities



Deferred tax liability
(60)
-
(60)
______
______
______
Total non-current liabilities
(60)
-
(60)
______
______
______
Total liabilities
(675)
-
(675)
______
______
______
Net assets
21,745
(188)
21,557
______
______
______



Equity



Called up share capital
256
-
256
Share premium account
5,076
-
5,076
Other reserves
2,544
-
2,544
Investment property revaluation reserve
2,158
-
2,158
Retained earnings
11,711
(188)
11,523
______
______
______
Shareholders' funds attributable to equity holders
21,745
(188)
21,557
______
______
______



Net assets per share
16.99
(0.15)
16.84
______
______
______





30 September
2014


(Audited)
'000
30 September
2014
Effect of transition to FRS 101
(Unaudited)
'000
30 September
2014


(Unaudited)
'000
Non-current assets



Freehold investment properties
4,510
-
4,510
Investment in joint venture
9,368
(134)
9,234
Property, plant and equipment
213
-
213
Other financial assets
725
-
725
Deferred tax asset
5
-
5

______
______
______
Total non-current assets
14,821
(134)
14,687

______
______
______
Current assets



Stock and work in progress
668
-
668
Trade and other receivables
764
-
764
Financial assets
2,204
-
2,204
Cash and cash equivalents
1,857
-
1,857

______
______
______
Total current assets
5,493
-
5,493
______
______
______
Total assets
20,314
(134)
20,180
______
______
______
Current liabilities



Corporation tax
(100)
-
(100)
Trade and other payables
(497)
-
(497)

______
______
______
Total current liabilities
(597)
-
(597)

______
______
______
Non-current liabilities



Deferred tax liability
(59)
-
(59)
______
______
______
Total non-current liabilities
(59)
-
(59)
______
______
______
Total liabilities
(656)
-
(656)

______
______
______
Net assets
19,658
(134)
19,524

______
______
______



Equity



Called up share capital
262
-
262
Share premium account
5,076
-
5,076
Other reserves
2,494
-
2,494
Investment property revaluation reserve
577
-
577
Retained earnings
11,249
(134)
11,115

______
______
______
Shareholders' funds attributable to equity holders
19,658
(134)
19,524

______
______
______




Net assets per share
15.00
(0.10)
14.90

______
______
______
Directors and Advisers
Directors
Auditor
J Richard Wollenberg
KPMG LLP
Chairman and chief executive

Karen L Chandler FCA

Finance director
Stockbrokers and financial advisers
Nigel D Jamieson BSc, FCSI
Stockdale Securities Limited
Independent non-executive director





Secretary
Bankers
Karen L Chandler FCA
HSBC Bank plc




Non-executive director of wholly owned subsidiary
Solicitors
First Choice Estates plc
Blake Morgan LLP
Derek M Joseph BCom, FCIS





Head office
Registrar and transfer office
56 Station Road
Neville Registrars Limited
Egham, TW20 9LF
Neville House
Telephone: 01784 437444
18 Laurel Lane
Fax: 01784 439157
Halesowen
E-mail: webmaster@cardiff-property.com
B63 3DA
Web: www.cardiff-property.com
Telephone: 0121 585 1131



Registered office
Registered number
3 Assembly Square
22705
Britannia Quay

Cardiff Bay, CF10 4AX



Financial Calendar
2016
10 May
Interim results for 2016 announced

2June
Ex-dividend date for interim dividend

3June
Record date for interim dividend

7July
Interim dividend to be paid

30 September
End of accounting year

December
Final results for 2016 announced
2017
January
Annual general meeting

February
Final dividend to be paid

This information is provided by RNS
The company news service from the London Stock Exchange
  END
IR BXGDUBBGBGLC