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

FrasersAnnouncement

26/08/2015 14:00

Secured Property Developments plc        
                                                 
  Unaudited financial statements for the period  
     from 1st January 2015 to 30th June 2015     
                                                 
            Registered number 2055395            
                                                 

Chairman's Statement

During the first half of 2015 two shop properties were sold at Scarborough and
one at York. A gain was achieved on these disposals and this is reflected in
the exceptional item appearing in the accounts of £159,620.

The turnover for the first half of 2015 is less than the corresponding period
last year as a result of the property disposals in the period and the interest
charge in the period is also reduced as a result of the company having repaid
in full its outstanding loan with RBS.

The Company continues to manage the remaining shop property at Scarborough
which is held for future sale.

I wish to thank David Duffield our former Chairman who retired from office on
31st July 2015 for his wise counsel over the years and particularly for his
guidance and advice in connection with the RBS Swap Claim.

The outcome of the outstanding claims against RBS for consequential loss and
additional tax continues and is taking longer than expected to be settled.

On 29th July 2015 George Green one of our longest serving directors retired
from office and I wish to thank him for his service to the company over the
years.

All the resolutions proposed at the annual general meeting were passed and
trading with Crest Settlement has now commenced following the appointment of
Avenir Registrars.

I will be serving as Interim Chairman pending the appointment of a new Chairman
whose mandate will be to execute the strategy to focus on residential property.

R.A.Shane

Interim Chairman

26th August 2015


 

Unaudited profit and loss account

for the period from 1st January 2015 to 30th June 2015

                                         2015      2015      2014          2014
                                                                               
                                            £         £         £             £
                                                                               
Turnover                                         48,668                  68,500
                                                                               
Cost of sales                                   (1,618)                 (1,597)
                                                                               
                                                _______                 _______
                                                                               
Gross profit                                     47,050                  67,903
                                                                               
Administrative expenses                        (74,084)                (59,328)
Exceptional Item                                159,620                 476,309
                                                                               
                                                _______                 _______
                                                                               
Operating profit/(loss)                         132,586                 484,884
                                                                               
Interest receivable                     1,431               1,251              
                                                                               
Interest payable                     (11,100)            (51,682)              
                                                                               
                                      _______             _______              
                                                                               
                                                (9,669)                (50,431)
                                                                               
                                                _______                 _______
                                                                               
Profit  on ordinary activities                  122,917                 434,453
before taxation                                                                
                                                                               
Taxation                                       (31,270)                (63,729)
                                                                               
                                                _______                 _______
                                                                               
Profit on ordinary activities after              91,647                 370,724
taxation                                                                       
                                                                               
                                                =======                 =======
                                                                               
Profit per share                                 4.64 p                   18.8p
                                                                               
                                                =======                 =======


 

Unaudited Balance sheet

at 30th June 2015

                                        2015      2015        2014      2014
                                                                            
                                           £         £           £         £
                                                                            
Fixed assets                                                                
                                                                            
Tangible assets                                300,000             1,550,000
                                                                            
Current assets                                                              
                                                                            
Debtors                               22,902                44,197          
                                                                            
Cash at bank and in hand             621,387               832,754          
                                                                            
                                     _______               _______          
                                                                            
                                     644,289               876,951          
                                                                            
Creditors: amounts falling due     (259,234)           (1,724,230)          
within one year                                                             
                                                                            
                                     _______               _______          
                                                                            
Net current assets                             385,055             (847,279)
                                                                            
                                               _______               _______
                                                                            
Total assets less current                      685,055               702,721
liabilities                                                                 
                                                                            
Creditors: amounts falling due                       -                     -
after more than one year                                                    
                                                                            
                                               _______               _______
                                                                            
Net assets                                     685,055               702,721
                                                                            
                                               =======               =======
                                                                            
Capital and reserves                                                        
                                                                            
Called up share capital                        418,861               418,861
                                                                            
Share premium account                            3,473                 3,473
                                                                            
Revaluation reserve                              3,742               101,861
                                                                            
Profit and loss account                        258,979               178,526
                                                                            
                                               _______               _______
                                                                            
Shareholders' funds                            685,055               702,721
                                                                            
                                               =======               =======



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