Interim financial information for the six-month period ended 30th June 2023
02/10/2023 15:00
SECURED PROPERTY DEVELOPMENTS PLC
Unit 6, Orchard Mews, 42 Orchard Road
Highgate, London N6 5TR
Secured Property Developments plc
Interim financial information For the six-month period ended 30 th June 2023 (Unaudited)
Registered number 02055395
Secured Property Developments plc
Interim financial information for the six-month period ended 30th June 2023
Chairman’s Statement
Due to the uncertainties in the economy with interest rates rising the
commercial and residential property markets have been disrupted and reset.
Investors have become more selective and sought higher returns on their
capital.
Some borrowers requiring to refinance have decided to sell properties rather
than invest further capital and pay the higher rates of interest required by
their bankers.
The recent pause in interest rate increases by the Bank of England has been
welcomed by the markets but the availability of credit remains tightly
controlled by the banks.
For those with capital to invest this has created a buying opportunity which
has not existed for some years.
Your board continue to reduce overheads wherever possible whilst we seek
opportunities to invest the limited amount of capital and review the
opportunities now available to the company.
R.A Shane
Chairman
29th September 2023
Consolidated Statement of Comprehensive Income
for the period from 1st January 2023 to 30th June 2023
Interim 30 Jun 23 (Unaudited) Interim 30 Jun 22 (Unaudited) Year ended 31 Dec 22 (Audited)
£ £ £
Turnover - - -
Gross profit - - -
Administrative expenses (25,021) (16,446) (17,514)
Operating loss (25,021) (16,446) (17,514)
Interest receivable 1,707 96 754
Loss on ordinary activities before taxation (23,314) (16,350) (16,760)
Taxation - - -
Loss on ordinary activities after taxation (23,314) (16,350) (16,760)
Loss per share (1.18) (0.83) (0.85)
Consolidated Statement of Financial Position
at 30th June 2023
Interim Interim Year ended
30 Jun 23 30 Jun 22 31 Dec 22 Audited)
(Unaudited) (Unaudited)
£ £ £
Fixed assets
Tangible assets - - -
Current assets
Debtors 6,101 7,650 7,864
Cash at bank and in hand 376,326 421,045 383,465
________ ________ ________
382,427 428,695 391,329
Creditors: amounts falling due within one year (36,778) (48,896) (22,366)
________ ________ ________
Net current assets 345,649 379,799 368,963
________ ________ ________
Total assets less current liabilities 345,649 379,799 368,963
Creditors: amounts falling due after more than one year - - -
________ ________ ________
345,649 379,799 368,963
======= ======= =======
Capital and reserves
Called up share capital 418,861 418,861 418,861
Share premium 3,473 3,473 3,473
Profit and loss account (76,685) (42,535) (53,371)
________ ________ ________
Shareholders’ funds 345,649 379,799 368,963
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