REG - Circle Property PLC - Results for the year ended 31 March 2017 <Origin Href="QuoteRef">CRC.L</Origin> - Part 10
10/08/2017 07:06
- Part 10: For the preceding part double click ID:nRSJ5823Ni
23 Investment in subsidiaries Country of incorporation Ownership interest
31 March 2017 31 March 2016
Circle Property Unit Trust Jersey 100% 100%
Circle Property (Warrington) Limited Jersey - 100%
Circle Property (Milton Keynes) Jersey 100% 100%
Limited
Circle Property Management Limited England 100% 100%
Circle Property (Warrington) Limited
was dissolved on 15 February 2017.
Circle Property Management Limited
was dissolved on 30 May 2017.
24 Commitments under construction
contracts
As at 31 March 2017 the Group had
contracted capital expenditure on
existing properties of £2,156,704
(2016; £533,318). This was committed
but not yet provided for in the
financial statements.
25 Operating leases
The Group leases out its investment
properties under operating leases.
As at the reporting date, the future
minimum lease payments under non
-cancellable leases are receivable
as follows (based on annual
rentals):
31 March 2017 31 March 2016
£ £
Less than one year 5,325,385 4,279,104
Between two and five years 15,339,579 13,700,180
Over five years 26,142,360 11,053,958
Total 46,807,324 29,033,242
Operating lease payments in respect
of rents payable on leasehold
properties were payable as follows:
31 March 2017 31 March 2016
£ £
Less than one year 137,105 16,829
26 Ultimate controlling party
In the opinion of the Directors
there is no ultimate controlling
party as no one individual is deemed
to satisfy this definition.
27 Related party disclosures
Consortia Partnership Limited
("CPL") and Consortia Trustees
Limited ("CTL") are joint Trustees
of CPUT and provide administration
and accounting services to the
Group. Michael Farrow and Richard
Hebert are Directors of CPL and CTL.
During the year CPL and CTL charged
and received a total of £251,829
(2016; £30,797) for administration
and accountancy services and nil
(2016; £168,114) for administration
services in relation to the
admission to AIM.
As disclosed in note 14, the Group
was party to a loan facility
agreement with Circle Property
Trading (Maidstone) Limited
("CPTML"). John Arnold, Edward
Olins, The Duke of Roxburghe and
James Hambro are all Directors and
Shareholders of CPTML. The loan and
all interest thereon was repaid on 2
February 2017.
Directors' interests in the shares
of the Company, including relevant
family interests:
Ordinary shares
John Arnold 977,971
Edward Olins 128,089
The Duke of Roxburghe 2,483,069
James Hambro 3,267,656
There have been no changes in the
Directors' shareholdings since the
year end.
The remuneration of the Directors
who are key management personnel of
the group, is set out below in
aggregate. Further information about
the remuneration of individual
directors is provided in the
Remuneration report on pages 23-24.
Key personnel of the Group are those
persons who have responsibility for
planning, directing and controlling
the activities of the Group either
directly or indirectly, including
any director, whether executive or
otherwise.
1 April 2016 to 31 March 2017 4 December 2015 to 31 March 2016
£ £
Directors remuneration 953,870 66,020
A bonus was awarded to the executive
directors ("Executives") of the
Company for the year ended 31 March
2017. The Key Performance
Indicators (KPIs") comprise the Net
Asset Value, Earnings (EBITDA) and
maintenance of a progressive
dividend policy, each evenly
weighted. The bonus awards, against
KPIs, takes regard of the individual
performance of the Executives and of
the business as a whole but remain
at the absolute discretion of the
Board. Due to the performance of
the Group over the year the bonus
has achieved the capped amount of
100% of salary.
On 11 February 2016 two Directors
were granted options under the
company Long Term Incentive Plan
("LTIP") as described in note 21.
John Arnold was granted an Option by
Deed to acquire 134,229 Shares and
Edward Olins was granted an Option
to acquire 120,805 Shares both at
nil cost.
28 Subsequent events
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