REG-Secured Property Developments Plc: Annual Financial Report <Origin Href="QuoteRef">SPD.ISD</Origin> <Origin Href="QuoteRef">SPD.L</Origin> - Part 2
22/06/2015 17:00
- Part 2: For the preceding part double click ID:nPRrJ283Aa
paid to his employer in respect of
his services, and one other director received £2,136 (2013: £nil) in respect of
his services (see note 23).
Notes (continued)
5 Staff numbers and costs
There are no other staff costs other than those disclosed in note 4. The
average number of persons employed by the Group (including directors) during
the year, analysed by category, was as follows:
Number of employees
2014 2013
Directors 6 5
6 Exceptional Item
This represents compensation received (less related expenses incurred in the
year) in respect of the claim for mis-selling by RBS of its financial products.
7 Other interest receivable and similar income
2014 2013
£ £
Bank interest receivable 2,728 2,701
8 Interest payable and similar charges
2014 2013
£ £
On bank loans 65,671 103,800
Notes (continued)
9 Taxation
Analysis of charge in year
2014 2013
£ £
UK corporation tax
Current tax on income for the year 44,519 -
Total current tax 44,519 -
Tax on profit on ordinary activities 44,519 -
Factors affecting the tax charge for the current year
The current tax charge for the year is lower (2013: higher) than the standard
rate of corporation tax in the UK. The differences are explained below.
2014 2013
£ £
Current tax reconciliation
Profit / (loss) on ordinary activities before tax 404,044 (78,011)
Current tax at 21.5% (2013: 23.25%) 86,869 (18,138)
Effects of:
Movement in tax losses (40,358) 18,138
Marginal relief (1,992) -
Total current tax charge (see above) 44,519 -
10 Deferred tax
An analysis of the unrecognised deferred taxation asset is set out below.
Group Company
2014 2013 2014 2013
£ £ £ £
Tax Losses (10,504) (33,305) (10,504) (32,465)
The deferred tax asset has not been recognised on the basis that the timing
differences and tax losses may not be recovered in the foreseeable future. Tax
losses for which a deferred tax asset has not been recognised as at 31 December
2014 are £nil.
11 Earnings per share
The calculation of the earnings per share figure is based on the following:
2014 2013
Profit/(loss) after tax 359,525 (78,011)
Weighted average number of ordinary shares 1,970,688 1,970,688
Profit/(loss) per share 18.2p (3.9)p
Notes (continued)
12 Tangible fixed assets
Group Investment
properties
£
Cost or valuation
At beginning of year 1,550,000
Net book value
At 31 December 2014 1,550,000
At 31 December 2013 1,550,000
2014 2013
£ £
Historical cost of revalued assets 1,448,139 1,448,139
Historical cost net book value of revalued assets 1,448,139 1,448,139
Company Investment
Properties
£
Cost or valuation
At beginning and end of year 500,000
Revaluation -
Net book value
At 31 December 2014 500,000
At 31 December 2013 500,000
2014 2013
£ £
Historical cost of revalued assets 411,237 411,237
Historical cost net book value of revalued assets 411,237 411,237
Group and company
The investment properties were valued in July 2013 by Jones Lang LaSalle. The
external valuation was completed in accordance with the current edition of the
Practice Statements and Guidance Notes of the Appraisal and Valuation Standards
prepared by the Royal Institution of Chartered Surveyors. The Directors believe
this valuation still to be appropriate as at 31 December 2014.
Notes (continued)
13 Investments
Company Loans to Shares in
subsidiaries Subsidiaries Total
£ £ £
Cost
At beginning of year 947,259 4 947,263
Net book value
At 31 December 2014 947,259 4 947,263
At 31 December 2013 947,259 4 947,263
Shares in group undertakings represent the Company's investment in SPD Discount
Limited and Secured Property Developments (Scarborough) Limited. At 31
December 2014 and 2013 the Company held 100% of the ordinary share capital of
each of the subsidiary undertakings. Both subsidiary undertakings are
registered in England and Wales. SPD Discount Limited was trading as a finance
company but has not traded in the current or prior year, and the principal
activity of Secured Property Developments (Scarborough) Limited is property
investment.
14 Debtors
Group Company
2014 2013 2014 2013
£ £ £ £
Amounts owed by subsidiary - - - 111,569
undertakings
Prepayments and accrued income 26,806 69,807 4,504 14,320
26,806 69,807 4,504 125,889
All amounts fall due within one year.
15 Creditors: amounts falling due within one year
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