REG - Circle Property PLC - Interim Results <Origin Href="QuoteRef">CRC.L</Origin>

Circle PropertyAnnouncement

07/12/2017 07:05

RNS Number : 6252Y
Circle Property PLC
07 December 2017
7 December 2017
Circle Property Plc
("Circle", "Company" or the "Group")
Interim Results for the six months ended 30 September
CONTINUED LEASING AND ASSET MANAGEMENT MOMENTUM DRIVES STRONG FINANCIAL PERFORMANCE
Circle Property Plc (AIM: CRC), the specialist regional UK property investment, development and management company today announces its results for the six months to 30September 2017. The results show continued strong operational performance driven by asset management translating to growth in portfolio valuation, NAV and rental income and leading to a proposed further increase in dividend.
Financial Highlights
11.3% increase in portfolio valuation to 103.5 million (31 March 2017: 93 million), driven primarily by the Company's ongoing asset management initiatives
15.3% increase in NAV per share to 2.11 (31 March 2017: 1.83) contributing to 40% growth in NAV since IPO in February 2016
 26% increase in rental income to 2.9 million for the first six months to 30 September 2017 (30 September 2016: 2.3 million)
57% increase in net operating profit to 1.8 million which excludes gains on investment properties (six months to 30 September 2016: 1.1 million) leading to a 3.6% increase in profit before tax to 8.6 million (six months to 30 September 2016: 8.3 million)
 Loan to value ratio reduced to 47% (31 March 2017: 49%) 
 6.9% increase in earnings per share to 31 pence (30 September 2016: 29 pence)
8.3% increase in interim dividend to 2.6 pence per share (30September2016:2.4pence) reflecting the Board's ongoing confidence in the Company's prospects and outlook. The dividend will be paid on 18 January 2018 to shareholders on the register on 15 December 2017, with an ex-dividend date of 14 December 2017. 
 WAULT of 11.29 years to expiry, up from 7.39 years
Operational Highlights
Building on the 648,300 of annualised rent which was signed over the second half of last year, three further significant lease contracts were secured during the period, adding 378,841 or 7.2% to the annualised rent roll and comprising:
o Signing a new 20 year lease without break to Las Iguanas, the popular Latin American restaurant chain owned by Casual Dining Group Limited, for 220,000 per annum at one of our two newly developed restaurant units in Somerset House, Temple Street, Birmingham. 
o Securing Topps Tiles as a new tenant at the Baildon Bridge Retail Park in Shipley on a 10 year lease with a 5 year break option, at a rent of 52,585 per annum. 
o Achieving full occupancy at the Group's newly refurbished offices at Powerhouse in Milton Keynes by letting all 6,641 sq ft of the remaining space to Stephen Eagell Ltd, one of the UK's leading Toyota dealerships, on a 10 year lease at a rent of 106,256 per annum, equating to a rent of 16 per square foot.
 Further leasing progress has been made subsequent to the end of the first half year:
o The second of the two restaurant units located in Somerset House, Birmingham, is now under offer.
o Grant Thornton has removed its August 2018 break clause at 300 Pavilion Drive, Northampton Business Park, Northampton, which extends the lease by five years to 2023.
o At the One Castlepark offices in Bristol, a 10 year lease renewal has been agreed on 13,143sqft of space on two equal leases at a rent of 22 per sq ft, with a five year break option.
o In November, the Group completed a 1,350 sq ft letting of the 5th floor at 141 Moorgate for five years at a rent of 59,444 per annum.
o 5,500 sq ft in K2 at the Company's Kents Hill Park business park, Milton Keynes, is now under offer.
o At 36 Great Charles Street, Birmingham, following the rolling refurbishment of 25,000 sq ft of offices, one office suite is under offer at 18.50 per sq ft with another under negotiation.
o Following Willis Towers Watson exercising its break clause and vacating Unit B at Chapel Lane, Great Blakenham, Nr Ipswich, in July 2017, the Company let both Units A&B at the end of November to Anchor Safety LLP, the long standing tenant of Unit A. Anchor has entered into a new five year lease without break on 45,319 sq ft at a rent of 154,500 per annum.
o The remaining Unit 2 at Baildon Bridge Retail Park, Shipley, has been placed under offer at a similar rent to that achieved on Unit 3.
o Following a 3.5 million refurbishment of the six office floors at Somerset House, Birmingham, the project is now nearing completion. The offices are to be formally launched into the market early in 2018.
John Arnold, Chief Executive at Circle Property Plc, commented: "Although there is some degree of caution from tenants making leasing decisions against the backdrop of Brexit uncertainty, we continue to make good leasing progress across our portfolio. Since our IPO in February 2016, we have achieved a 40% increase in NAV and remain confident in our ability to deliver further growth from active asset management. We believe the level of demand for space in our assets is a direct reflection of the location and quality of our assets, as well as the standard of our refurbishments, which places us ahead of the competition. Furthermore, the great majority of our assets are highly reversionary so we have the flexibility to moderate rents or incentives and offer highly attractive terms to secure the tenant, whilst at the same time providing rental income growth for our shareholders. 
"We continue to look for new acquisition opportunities, whether of portfolios or single assets. Our appointment of Smith & Williamson with Radnor Capital is expected to generate a greater level of interest in Circle, as we consider options for enlarging the Company's shareholder base in the New Year." 
Circle Property Plc 
+44 (0)20 7930 8503
John Arnold, CEO
Edward Olins, COO
Smith & Williamson
+44 (0) 20 7131 4000
Azhic Basirov
Katy Birkin
Radnor Capital
Iain Daly
Joshua Cryer
+44 (0) 20 3897 1830
FTI Consulting 
+44 (0)20 3727 1000
Richard Sunderland
Giles Barrie
Eve Kirmatzis
Chief Executive's statement
I am pleased to present the Group's results for the first six months of this year and to report that Circle has once again achieved significant asset valuation growth and that this has been driven primarily by our ongoing letting and refurbishments programme, demonstrating the importance of active management and stock selection. Our belief in the regional office markets remains steadfast, particularly as the supply continues to decline. This trend will be maintained for so long as the ongoing conversion of many less attractive office buildings to residential continues or if rents rise sufficiently to justify the ever increasing cost, as well as the associated risk, of constructing new product. At present, there is relatively little speculative new build office development being undertaken in the provinces and with build costs rising at, or above the rate at which office rents are rising, so our market remains favourable. 
Since admission to AIM in February 2016 we have been pleased to achieve over 40% growth in NAV, which does not include the full lettings potential of our entire stock, which on completion is expected to result in further significant uplift in NAV. However, in common with many other property companies, we are mindful of the discount in the share price and are focussing on generating more liquidity in the Company's shares, as evidenced by our recent appointments of Smith & Williamson and Radnor Capital. 
Asset management
Our development pipeline is now all but complete with less than 0.5m of further expenditure now required on our refurbishment at Somerset House, Temple Street Birmingham. 
New lettings in the investment portfolio have again improved the income profile, and should all the negotiations currently underway convert to lettings, the Company will be able to report that it has over 6 million of annualised rental income at the year-end.
Power House, our 21,400 sq ft office building in Milton Keynes, is now fully let following Stephen Eagell Ltd letting on a 10 year lease at a rent of 106,256 per annum. 
Following the completion of the letting of Unit 3 at Baildon Bridge in Shipley to Topps Tiles, Unit 2 is now under offer and, at completion, this 37,200 sq ft retail park will be fully let. 
In October 2017, we were pleased to secure a letting on both industrial units (45,000 sq ft) at Great Blakenham, Ipswich, to Anchor Safety.
As previously reported our portfolio predominantly comprises high quality and well located regional offices with some "non-core" properties in other sectors which we have marked for sale on an opportunistic basis. 
Developments
Our developments at Milton Keynes and Great Charles Street, Birmingham, are almost complete with marketing well underway, whilst completion of Somerset House, Birmingham, is imminent with marketing due to commence early in January 2018.
Kent's Hill Park
In October we placed the first letting, of 5,500 sq ft, at K2 in solicitors' hands. When we make further progress in the lettings we intend to take back K3 from Compass to undertake a further refurbishment. In the meantime, we are undertaking further landscaping improvements at the property to improve its letting prospects.
Somerset House
Completion of the office refurbishment is expected by the end of the calendar year and we are preparing to launch the asset to agents and begin a wider marketing campaign in January 2018.
Great Charles Street, Birmingham
36 Great Charles Street, Birmingham, is being marketed and we already have one letting in solicitors' hands at 18.50 per sq ft with active negotiations underway with an additional tenant for another half floor.
Outlook
Although we have seen some slowdown in the lettings market overall, we are pleased with the progress made in leasing up space across our portfolio and believe this demand is a direct reflection of the location and quality of our assets and particularly of the standard of our refurbishments and asset management initiatives, compared to the stock that we are competing against. The investment market remains strong with little or no signs of a softening of yields. Our team has a deep knowledge of the regional markets and a proven track record of acquiring and creating value from assets. As and when we identify any suitable acquisition opportunities that we cannot fund from existing resources or from recycling stock and sales of non-core assets, we will explore funding opportunities to support our acquisitive strategy.
Condensed consolidated statement of comprehensive income
for the 6 months ended 30 September 2017
Note
6 months to
30 September
2017
6 months to
30 September
2016
12 months to
31 March
2017
(unaudited)
(unaudited)
(audited)
Rental income
4
2,943,673 
2,340,377 
5,265,507 
Other income
4
92,736 
60,262 
138,122 
3,036,409 
2,400,639 
5,403,629 
Property expenses
5
(425,210)
(393,726)
(1,037,375)
Net rental income
2,611,199 
2,006,913 
4,366,254 
Administrative expenses
6
(801,185)
(855,991)
(2,114,965)
Operating profit before gains on investment properties
1,810,014 
1,150,922 
2,251,289 
Gains on disposal of investment properties
- 
- 
278,771 
Gains on revaluation of investment properties
11
7,307,151 
6,597,429 
7,360,657 
Negative goodwill on acquisition of CPUT
- 
- 
195,554 
Listing costs
- 
- 
(107,493)
Operating profit
9,117,165 
7,748,351 
9,978,778 
Finance income
7
1,293 
46,542 
48,511 
Finance costs
8
(553,225)
(752,895)
(1,293,384)
Effective interest rate adjustment on borrowings
- 
1,232,304 
1,232,304 
Net finance costs
(551,932)
525,951 
(12,569)
Profit for the period before taxation
8,565,233 
8,274,302 
9,966,209 
Taxation
9
99,030 
(61,897)
(21,912)
Profit after taxation
8,664,263 
8,212,405 
9,944,297 
Earnings per share
10
0.31 
0.29 
0.35 
There is no comprehensive income other than that included in the profit for the period. All of the profit for the period is attributable to the owners of the Company.
All items in the above statement derive from continuing operations.
The accompanying notes form an integral part of these condensed consolidated interim financial statements.
Condensed consolidated statement of financial position
30 September 2017
Note
30 September 2017
30 September 2016
31 March
2017
(unaudited)
(unaudited)
(audited)
Non-current assets
Investment properties
11
96,287,600 
83,734,663 
86,054,336 
Property plant and equipment
26,080 
32,894 
29,158 
Trade and other receivables 
12
6,768,045 
6,312,535 
6,518,077 
Deferred tax
1,314,814 
908,553 
1,141,887 
Financial instruments at fair value through profit and loss
86 
- 
710 
104,396,625 
90,988,645 
93,744,168 
Current assets
Trade and other receivables
12
1,352,137 
1,757,277 
1,195,372 
Deferred tax
148,626 
102,736 
128,240 
Cash and cash equivalents
5,161,605 
2,991,506 
4,893,807 
6,662,368 
4,851,519 
6,217,419 
Total assets
111,058,993 
95,840,164 
99,961,587 
Equity
Stated capital
42,542,179 
42,542,179 
42,542,179 
Treasury share reserve
(380,001)
(380,001)
(380,001)
Retained earnings
17,588,004 
8,606,688 
9,659,457 
Total equity
59,750,182 
50,768,866 
51,821,635 
Non-current liabilities
Borrowings
13
48,800,835 
44,085,159 
45,590,423 
48,800,835 
44,085,159 
45,590,423 
Current liabilities
Trade and other payables
14
2,507,976 
986,139 
2,549,529 
2,507,976 
986,139 
2,549,529 
Total liabilities 
51,308,811 
45,071,298 
48,139,952 
Total liabilities and equity
111,058,993 
95,840,164 
99,961,587 
The condensed consolidated interim financial statements were approved by the Board of Directors on 6 December 2017.
The accompanying notes form an integral part of these condensed consolidated interim financial statements.
Condensed consolidated statement of cash flows
for the 6 months ended 30 September 2017
6 months to 30 September 2017
6 months to 30 September 2016
12 months to 31 March
2017
(unaudited)
(unaudited)
(audited)
Cash flows from operating activities
Profit for the period before taxation
8,565,233 
8,274,302 
9,966,209 
Adjustments for:
Finance income
(1,293)
(46,542)
(48,511)
Finance expense
553,225 
752,895 
1,293,384 
Depreciation
3,077 
3,678 
7,414 
Gains on revaluation of investment properties
(7,307,151)
(6,597,429)
(7,360,657)
Gains on disposal of investment properties
- 
- 
(278,771)
Amortisation of loan arrangement fees
29,406 
11,049 
40,136 
Fair value movement on interest rate swaps
625 
(94,872)
(95,565)
Effective interest rate adjustment on borrowings
- 
(1,232,304)
(1,232,304)
Negative goodwill on acquisition of CPUT
- 
- 
(195,554)
Increase in trade and other receivables
(406,733)
(3,700,877)
(3,409,020)
Decrease in trade and other payables
(113,253)
(1,327,035)
(103,177)
Cash generated from operating activities
1,323,136 
(3,957,135)
(1,416,416)
Interest and other finance costs paid
(553,312)
(821,386)
(1,416,942)
Interest received
1,293 
4,055 
70,513 
Net cash from operating activities
771,117 
(4,774,466)
(2,762,845)
Cash flows from investing activities
Cost of additions to investment properties
(2,948,608)
(1,356,410)
(3,520,046)
Proceeds from disposal of investment properties
- 
- 
1,278,770 
Cost of additions of property plant and equipment
- 
(14,200)
(14,200)
Net cash from investing activities
(2,948,608)
(1,370,610)
(2,255,476)
Cash flows from financing activities
Repayment of borrowings
- 
(38,966,135)
(39,775,343)
Drawdown of borrowings
3,181,005 
44,244,177 
46,529,563 
Dividends paid
(735,716)
(657,613)
(1,358,245)
Net cash used in financing activities
2,445,289 
4,620,429 
5,395,975 
Net increase / (decrease) in cash and cash equivalents
267,798 
(1,524,647)
377,654 
Cash and cash equivalents at the beginning of the period
4,893,807 
4,516,153 
4,516,153 
Cash and cash equivalents at the end of the period
5,161,605 
2,991,506 
4,893,807 
The accompanying notes form an integral part of these condensed consolidated interim financial statements.
Condensed consolidated statement of changes in equity
for the 6 months ended 30 September 2017
Share
capital
Treasury shares reserve
Retained earnings
Total
As at 1 April 2016
42,542,179 
(380,001)
1,073,405 
43,235,583 
Profit for the period
- 
- 
8,212,405 
8,212,405 
Dividends
- 
- 
(679,122)
(679,122)
As at 30 September 2016
42,542,179 
(380,001)
8,606,688 
50,768,866 
Profit for the period
- 
- 
1,731,892 
1,731,892 
Dividends
- 
- 
(679,123)
(679,123)
As at 31 March 2017
42,542,179 
(380,001)
9,659,457 
51,821,635 
Profit for the period
- 
- 
8,664,263 
8,664,263 
Dividends
- 
- 
(735,716)
(735,716)
As at 30 September 2017
42,542,179 
(380,001)
17,588,004 
59,750,182 
Notes to the condensed consolidated interim financial statements
for the 6 months ended 30 September 2017
1 General information
These condensed consolidated interim financial statements are for Circle Property Plc ("the Company") and its subsidiary undertakings (together referred to as the "Group").
The Company's shares are admitted to trading on AIM, a market operated by the London Stock Exchange plc. The Company is domiciled and registered in Jersey, Channel Islands. The address of its registered office is 3rd Floor, Standard Bank House, 47-49 La Motte Street, St Helier, Jersey, JE2 4SZ.
The nature of the Company's operations and its principal activities are that of property investment in the UK.
2 Principal accounting policies
Basis of accounting
The condensed consolidated interim financial statements have been prepared in accordance with the IAS 34 "Interim Financial Reporting", and should be read in conjunction with the Group's last consolidated financial statements as at and for the year ended 31 March 2017. They do not include all of the information required for a complete set of IFRS financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since the last financial statements.
Going concern
The Group's business activities, together with the factors likely to affect its future development, performance and position are set out in the Chief Executive's statement. The financial position of the Group, its cash flows, liquidity position and borrowing facilities are described in these financial statements. 
The Group has adequate financial resources together with long term rental contracts with a wide range of tenants. As a consequence, the Directors believe that the Group is well placed to manage its business risk successfully.
The Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they have adopted the going concern basis in preparing the interim financial statements.
Estimates and judgements
In preparing these condensed consolidated interim financial statements, management has made judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.
The significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 31 March 2017.
3 Operating segments
During the period the Group operated in one geographical segment, which is the United Kingdom, and one reporting segment, which is investment in commercial property. Therefore no segmental reporting is required.
4 Revenue
6 months to
30 September 2017
6 months to 30 September 2016
12 months to 31 March
2017
(unaudited)
(unaudited)
(audited)
Rental income
2,676,937 
2,099,171 
4,743,974 
SIC 15 adjustment (spreading of lease incentives)
266,736 
241,206 
521,533 
2,943,673 
2,340,377 
5,265,507 
Insurance recovery
48,053 
60,036 
118,647 
Other income 
44,683 
226 
19,475 
92,736 
60,262 
138,122 
3,036,409 
2,400,639 
5,403,629 
5 Property expenses
6 months to
30 September 2017
6 months to 30 September 2016
12 months to 31 March
2017
(unaudited)
(unaudited)
(audited)
Property expenses
140,501 
81,627 
260,705 
Property service charges
144,397 
167,185 
337,635 
Property repairs and maintenance costs
13,376 
26,059 
25,960 
Property insurance
62,496 
70,615 
144,276 
Property rates
39,440 
48,240 
68,799 
Lease variation costs
25,000 
- 
200,000 
425,210 
393,726 
1,037,375 
6 Administrative expenses
6 months to
30 September 2017
6 months to 30 September 2016
12 months to 31 March
2017
(unaudited)
(unaudited)
(audited)
Staff costs
397,675 
318,218 
1,060,222 
Administration fees
124,248 
126,000 
251,829 
Legal and professional fees
210,474 
290,853 
564,685 
Audit fees
1,300 
30,639 
65,724 
Accountancy fees
3,221 
4,769 
9,918 
Rent, rates and other office costs
31,533 
26,531 
57,219 
Other overheads
29,657 
54,862 
97,954 
Depreciation of tangible fixed assets
3,077 
4,119 
7,414 
801,185 
855,991 
2,114,965 
7 Finance income
6 months to
30 September 2017
6 months to 30 September 2016
12 months to 31 March
2017
(unaudited)
(unaudited)
(audited)
Bank interest 
1,293 
4,055 
5,220 
Loan interest
- 
42,487 
43,291 
1,293 
46,542 
48,511 
8 Finance costs
6 months to
30 September 2017
6 months to 30 September 2016
12 months to 31 March
2017
(unaudited)
(unaudited)
(audited)
Swap interest
- 
70,880 
70,880 
Loan interest 
512,518 
566,679 
1,060,234 
Loan commitment fees
10,676 
24,159 
42,699 
Loan arrangement fees
29,406 
186,049 
215,136 
Fair value movement on interest rate swaps
625 
(94,872)
(95,565)
553,225 
752,895 
1,293,384 
9 Taxation
6 months to
30 September 2017
6 months to 30 September 2016
12 months to 31 March
2017
(unaudited)
(unaudited)
(audited)
Current tax
171,315 
53,733 
77,031 
Over provision of current tax in prior year
(77,031)
- 
- 
Deferred tax charge / (credit)
57,942 
8,164 
(55,119)
Under provision of deferred tax credit in prior year
(251,256)
- 
- 
(99,030)
61,897 
21,912 
10 Earnings per share
Basic earnings per share has been calculated on profit after tax attributable to ordinary shareholders for the period (as shown on the condensed consolidated statement of comprehensive income) and the weighted average number of ordinary shares in issue during the period.
6 months to
30 September 2017
6 months to 30 September 2016
12 months to 31 March
2017
(unaudited)
(unaudited)
(audited)
Profit for the period
8,664,263 
8,212,405 
9,944,297 
Weighted average number of shares 
28,296,762 
28,296,762 
28,296,792 
Earnings per ordinary share:
0.31 
0.29 
0.35 
In the opinion of the Board, treasury shares held to satisfy share awards to management currently do not have any material value and hence do not have any dilutive effect. Therefore no diluted earnings per share has been presented.
11 Investment properties
30 September 2017
30 September 2016
31 March
2017
(unaudited)
(unaudited)
(audited)
Balance brought forward
93,025,000 
77,735,000 
77,735,000 
Cost of additions to investment properties
2,926,114 
1,356,410 
3,912,856 
Disposal of investment properties
- 
- 
(1,000,000)
Gains on revaluation of investment properties
7,307,151 
6,597,429 
7,360,657 
Lease incentive amortisation
266,735 
4,736,161 
5,016,487 
Fair value of investment properties per valuation report
103,525,000 
90,425,000 
93,025,000 
Unamortised lease incentives
(7,237,400)
(6,690,337)
(6,970,664)
Closing fair value
96,287,600 
83,734,663 
86,054,336 
The fair value of the Group's investment properties per the Valuation Report amounted to 103,525,000. The difference between the fair value of the investment properties per the Valuation Report and the fair value per the balance sheet of 7,237,400 relates to unamortised lease incentives which are recorded in the financial statements within non-current and current assets.
The Group has pledged all of its investment properties to secure banking facilities granted to the Group as detailed in note 13.
The fair value of the Group's investment properties at 30 September 2017 has been arrived at on the basis of valuation carried out by Savills (UK) Limited. The valuation was carried out in accordance with the Practice Statements contained in the Appraisal and Valuation Standards as published by the RICS. In forming their opinion of the fair value, the independent valuer's had regard to the current best use of the property, its investment attributes and recent comparable transactions. The valuation was carried out using the "All Risks Yield" method taking into consideration both sales and rental evidence and formulating the opinion of market value taking into account the properties' locations, specifications and specific characteristics.
12 Trade and other receivables 
30 September 2017
30 September 2016
31 March
2017
(unaudited)
(unaudited)
(audited)
Non-current
Lease incentives
6,768,045 
6,312,535 
6,518,077 
Current
Circle Property Trading (Maidstone) Limited
- 
148,398 
- 
Loan interest due from Circle Property Trading (Maidstone) Limited
- 
64,489 
- 
Lease incentives
469,355 
377,802 
452,587 
Amounts due from property agents
92,421 
8,951 
68,767 
Amounts due from tenants
173,707 
241,063 
153,123 
VAT
463,076 
783,394 
352,717 
Other receivables
153,578 
133,180 
168,178 
1,352,137 
1,757,277 
1,195,372 
13 Borrowings
30 September 2017
30 September 2016
31 March
2017
(unaudited)
(unaudited)
(audited)
Brought forward
45,720,355 
38,966,135 
38,966,135 
Loan repayments
- 
(39,775,343)
(39,775,343)
Loan drawdowns
3,181,005 
45,053,385 
46,529,563 
Facility drawn down
48,901,360 
44,244,177 
45,720,355 
Unamortised lending costs
(100,525)
(159,018)
(129,932)
Total borrowings
48,800,835 
44,085,159 
45,590,423 
The Group is party to a 50 million revolving facility with National Westminster Bank plc. The facility has a three year term with two options to extend for a further year, with a drawdown loan to value of up to 55% of the gross portfolio value and an interest rate of 1.85% over LIBOR. 
Interest is charged at a rate of 0.74% on the undrawn loan facility of 1,098,640 (2016: 5,755,823).
14 Trade and other payables
30 September 2017
30 September 2016
31 March
2017
(unaudited)
(unaudited)
(audited)
Trade payables
638,437 
332,247 
384,092 
Property improvement costs
498,364 
- 
471,375 
Wages and salaries
54,459 
- 
411,948 
Deferred income
782,446 
401,836 
760,364 
Rental deposit accounts
129,622 
135,620 
129,591 
Loan interest payable
215,333 
23,194 
215,243 
Valuation fee
18,000 
18,000 
36,000 
Current taxation
171,315 
53,733 
77,031 
Dividends payable
- 
21,509 
- 
Listing costs
- 
- 
63,885 
2,507,976 
986,139 
2,549,529 
15 Post balance sheet events
There have been no post balance sheet events that would require disclosure or adjustment to these financial statements.
Registered Office, Officers and Registrars
Directors
Ian Henderson
Non-Executive Chairman
John Arnold
Chief Executive
Edward Olins
Chief Operating Officer
The Duke of Roxburghe
Non-Executive Director
James Hambro
Non-Executive Director
Michael Farrow
Non-Executive Director
Richard Hebert
Non-Executive Director
Resigned 21 September 2017
Timothy Scott Warren
Non-Executive Director
Appointed 21 September 2017
Company Secretary
Consortia Secretaries Limited
Registered Office
3rd Floor
Standard Bank House
47-49 La Motte Street
St Helier
Jersey
JE2 4SZ
Registrars
Computershare Investor Services (Jersey) Limited
Queensway House
Hillgrove Street
St Helier
Jersey
JE1 1ES

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