REG-Secured Property Developments Plc: Half-yearly Report <Origin Href="QuoteRef">SPD.ISD</Origin> <Origin Href="QuoteRef">SPD.L</Origin>

FrasersAnnouncement

24/11/2014 14:12

SECURED PROPERTY DEVELOPMENTS PLC
                 Unit 6, Orchard Mews, 42 Orchard Road
                        Highgate, London N6 5TR






                    Secured Property Developments plc          
                                                     
           Unaudited financial statements for the period from  
                   1st January 2014 to 30th June 2014          
                                                     
                       Registered number 2055395              
                                                     

Chairman's Statement

The basic redress payment in settlement of the swap claim of £476,309
(including interest) has now been received from Royal Bank of Scotland PLC
(RBS), and is shown in the accounts as an exceptional item. The outcome of the
additional claims against RBS for consequential loss and additional tax is
awaited. The taxation figure is an estimate based on advice received from KPMG.
Turnover has increased against last year by £2k due to a fixed rent increase at
Scarborough. The increase in administrative costs against last year has
resulted from costs incurred in the litigation in relation to the swap claim.
The Company has received outline terms from Royal Bank of Scotland Plc for a
partial renewal of the existing bank loan facility which is being considered by
the Board. The Company is also looking at alternative ways of raising finance
including a possible rights or loan note issue. I shall report to the
shareholders on this as soon as the Board has sufficient information to make a
recommendation.

Current economic trading conditions remain difficult, and the Board continues
to make every effort to maximise rental income and control costs.

David Duffield
Chairman
15th September 2014





Secured Property Developments plc
Unaudited financial statements for the period from 1st January to 30th June 2014
Can be compared with those for the same period as follows;-


Unaudited profit and loss account
for the period from 1st January 2014 to 30th June 2014

                                    2014      2014      2013      2013         
                                       £         £         £         £            
                                                                               
Turnover                                      69,500              68,500       
Cost of sales                                 (1,597)             (1,445)      
                                              _______             _______
    
Gross profit                                  67,903              67,055       
Administrative expenses                       (59,328)            (51,037)     
Exceptional Item                              476,309             -     
                                              _______             _______
       
                                                                               
Operating profit/(loss)                       484,884             16,018       
Interest receivable                 1,251               1,160                  
Interest payable                    (51,682)            (51,530)       
                                     _______                      _______
        
                                                                               
                                              (50,431)            (50,370)     
                                                                           
                                              _______             _______
    
Loss on ordinary activities before            434,453             (34,352)     
taxation                                                                       
                                                                               
Taxation                                      (63,729)            - 

                                              _______             _______
           
                                                                               
Profit / (loss) on ordinary                   370,724             (34,352)     
activities after taxation                                                      
                                                                               
                                              ======              ======       
                                                                               
Profit / (loss) per share                     18.8p               (1.77)p      
                                                                               
                                              ======              ======       



Secured Property Developments plc
Unaudited financial statements for the period from 1st January to 30th June 2014
Can be compared with those for the same period as follows;-


Unaudited Balance sheet
at 30th June 2014

                                   2014        2014      2013        2013       
                                      £           £         £           £          
                                                                                
Fixed assets                                                                    
Tangible assets                                1,550,000             1,550,000  
                                                                                
Current assets                                                                  
Debtors                            44,197                34,921                 
Cash at bank and in hand           832,754               395,230                
                                   ________              ________
                                             
                                   876,951               430,151                
                                                                                
Creditors: amounts falling due     (1,724,230)           (1,561,838)            
within one year                                                   
                                   ________              ________
              
                                                                                
Net current assets                             (847,278)             (1,131,687)
                                               ________              ________   
                                                                              
                                                                                
Total assets less current                      702,721               418,313    
liabilities                                                                     
                                                                                
Creditors: amounts falling due                 -                     -          
after more than one year                                                
                                               ________              ________
                                                                                
Net assets                                     702,721               418,313 

                                               ========              ========   
Capital and reserves                                                            
                                                                                
Called up share capital                        418,861               418,861    
Share premium account                          3,473                 3,473      
Revaluation reserve                            101,861               101,861    
Profit and loss account                        178,526               (105,882)  

                                               ________              ________   

Shareholders' funds                            702,721               418,313    
                                                                                
                                               ========              ========


                                                                               
END


Copyright © 2014 PR Newswire Association, LLC. All Rights Reserved