St Mark Homes Plc Half-year Report

 
TIDMSMAP 
 
St Mark Homes Plc 
 
Unaudited Interim Report for the six month period ended 30 June 2016 
 
Review of operations for the six month period ended 30 June 2016 
 
The Directors announce interim results for six months ended 30 June 2016. The 
company continues to trade as a residential developer. 
 
A pre-tax profit of GBP315,493 (2015 - GBP144,348) arose during the period. 
 
Distributions to shareholders have also been increased. A 2016 interim dividend 
of 5.0 pence per share (2015 - 4.5p) was declared on 29 June 2016 and was paid 
to shareholders on 15 July 2016. 
 
The net assets per share were 137 pence (2015 - 122.5p) at the end of the 
reporting period. 
 
The company made an offer for the entire share capital of St Mark Contracts Ltd 
on 17 June 2016. The offer was successful and was declared unconditional on 28 
July 2016 (after the reporting period). The Directors believe that the 
acquisition will lead to a stronger and more profitable business going forward. 
 
A summary of the progress on individual projects is detailed below: 
 
Forsyth House, Richmond, TW9: Construction of the 26 units was completed in 
March 2016. Sales were exchanged and profits recognised on 19 units at the end 
of the reporting period. Since then sales on a further 3 units have completed. 
Further details can be viewed on the company website at http:// 
www.stmarkhomes.co.uk/forsyth-house.html. 
 
Railshead Road, St Margarets, TW7: Construction of the 21 residential units and 
commercial space are well advanced with completion expected in September 2016. 
Contracts have been exchanged on 10 residential units at 30 June 2016. Further 
information can be viewed on the company website at http:// 
www.stmarkhomes.co.uk/st-margarets-waterside.html. 
 
Sutton High Street, Sutton, SM1: Construction on this 40 residential units and 
commercial space on this project and is expected to complete in September 2016. 
Contracts have been exchanged on all residential units at 30 June 2016. The 
commercial space is under offer and legal negotiations are ongoing. Further 
sales details are available on the company website at http:// 
www.stmarkhomes.co.uk/sutton-high-st.html. 
 
Signed on behalf of the board 
 
S Ryan 
 
Director 
 
  Unaudited Consolidated statement of comprehensive income for the six months 
                              ended 30 June 2016 
 
                                                     2016          2015 
 
                                                       GBP             GBP 
 
Group turnover                                     1,423,749       1,225,000 
 
Cost of sales                                     (1,153,400)    (1,050,000) 
 
Gross Profit                                        270,349          175,000 
 
Administrative expenses                            (181,110)        (83,537) 
 
Operating Profit/(Loss)                             89,239            91,463 
 
Joint developers share of profit                   (100,062)       (109,375) 
 
Share of operating profit in joint venture          223,387          111,648 
 
Profit before interest and taxation                 212,564           93,736 
 
Interest receivable and similar income              103,020           90,879 
 
Interest payable and similar charges                 (91)           (40,267) 
 
Profit/(Loss) on ordinary activities                315,493          144,348 
before taxation 
 
Taxation on ordinary activities                    (63,099)         (28,870) 
 
                                                  __________    __________ 
 
Profit /(Loss) on ordinary activities               252,394          115,478 
after taxation 
 
                                                  __________    __________ 
 
Profit/ (Loss) per share - basic and 
diluted 
 
Ordinary shares                                      8.6p               3.9p 
 
All amounts relate to continuing activities. 
 
All recognised gains and losses in the current and prior period are included in 
the profit and loss account. 
 
                     Unaudited Consolidated Balance sheet 
 
                                at 30 June 2016 
 
                                              Jun-16     Jun-16     Jun-15     Jun-15 
 
                                                GBP          GBP           GBP          GBP 
 
Non Current assets 
 
Tangible assets                                             1,636                 2,494 
 
Current assets 
 
Debtors                                      4,739,511              6,418,628 
 
Cash at bank and in hand                        31,662                238,345 
 
                                              ________               ________ 
 
                                             4,771,173              6,565,973 
 
Creditors: amounts falling 
 
due within one year                          (721,448)            (3,035,606) 
 
                                              ________               ________ 
 
Net current assets                                      4,049,725             3,621,367 
 
                                                         ________              ________ 
 
Net Assets                                              4,051,361             3,623,861 
 
                                                         ________              ________ 
 
Capital and reserves 
 
Called up share capital                                 1,478,478             1,478,748 
 
Capital redemption reserve                              1,009,560             1,009,560 
 
Other reserve                                             211,822               211,822 
 
Profit and loss account                                 1,351,501               923,731 
 
                                                         ________              ________ 
 
Shareholders' funds                                     4,051,361             3,623,861 
 
                                                         ________              ________ 
 
Company Registration No 03822978 
 
              Notes forming part of the unaudited interim report 
 
                     for the six months ended 30 June 2016 
 
1.         Accounting Policies 
 
The financial information contained in this unaudited interim report has been 
prepared on the basis of the accounting policies set out in the St Mark Homes 
PLC audited financial statements for the year ended 31 December 2015, which 
have been applied consistently. The financial statements for the year ended 31 
December 2015 have been filed at Companies House. The company's auditors 
Kingston Smith LLP have not reviewed these interim accounts. 
 
2.         Taxation on Profit on ordinary activities 
 
 
For the purpose of this unaudited interim report, the tax charge is calculated 
at 20% of the taxable (loss)/profit for the period. 
 
3.        Earnings per share 
 
Earnings per share has been calculated by dividing the profit after tax for the 
period of GBP252,394    by the weighted average number of ordinary shares in 
issue of 2,957,495. 
 
4.         Non Statutory Financial Statements 
 
The financial information contained in this unaudited interim report does not 
constitute full statutory financial statements as defined by section 240 of the 
Companies Act 1985. 
 
ENDS 
 
 
 
END 
 

(END) Dow Jones Newswires

August 30, 2016 09:59 ET (13:59 GMT)