St Mark Homes Plc Half-year Report

 
TIDMSMAP 
 
30 September 2022 
 
                               St Mark Homes Plc 
 
                          ("SMH" or "the Company") 
 
     Unaudited Interim Report for the six-month period ended 30 June 2022 
 
Review of operations for the six month period ended 30 June 2022 
 
The Directors are pleased to announce the interim results for six months ended 
30 June 2022. The company continues to trade as a residential and mixed-use 
property developer. The trading environment remains challenging and the 
Directors report a pre-tax loss of £146,510 (2021 loss - £49,420) for the 
period. 
 
The construction industry is experiencing continuing supply chain delays and 
cost increases in recent times. Our projects have also been delayed as a 
consequence of subcontractor insolvency. This had a significant impact on 
progress on our Uxbridge Road and High Road Finchley projects. 
 
The net assets per share stands currently stand at 116p (June 2021: 120p) at 
the end of this interim reporting period. No dividend ( 2021: 3p) was  paid 
during the period. The Board will consider an interim dividend for 2022 as the 
current portfolio of projects complete. 
 
A summary of the progress on our current projects is set out below: 
 
Sutton High Street, Sutton 
 
The Group retains a 40% interest in a development site at Sutton High 
Street.  In November 2020 the Group, in association with its joint venture 
partner, successfully secured planning consent from the London Borough of 
Sutton for the extension of 
the  ground  floor  retail  space  at  its  previous developed scheme at 324 - 
340 High Street, Sutton, together with approval for a new six-storey building 
comprising 30 residential apartments over ground floor retail space and 
basement car park on the adjacent land at 342 - 346 High Street, 
Sutton.  Construction works are now underway with completion of the scheme 
scheduled for the second quarter of 2023. 
 
The developer has exchanged contracts with a FTSE 100 retailer for the letting 
of the ground floor retail space. 
 
The Group plans to commence marketing of the residential element of this scheme 
later this year. 
 
Gwynne Road, London, SW11 
 
The Group has a 40% interest in the redevelopment of this site with its joint 
venture partner. The initial phase of the project was completed in 2020 
providing a mixed-use development of commercial/retail at ground and mezzanine 
levels and 33 residential flats above. The apartments have all been sold while 
the commercial sector of the scheme continues to be marketed by our appointed 
agents.  We are currently exploring additional / further planning options at 
the development. 
 
Uxbridge Road, Hanwell, W5 
 
The Group has a 50% interest in the redevelopment of this site with full 
planning permission in place to provide 43 residential units (7 houses and 36 
apartments) and ground floor retail fronting Uxbridge Road, Hanwell, West 
London. The development is located just 200m from the new Elizabeth line 
station at Hanwell. Construction of the project has been delayed and is over 
budget and the Board now expect practical completion next month. The business 
has already secured a FTSE 100 tenant for 80% of the retail space and agreed 
terms for disposal of all commercial space to an investor. 11 of the 
residential units are now sale agreed. 
 
Twyford Avenue, Muswell Hill, N2 
 
The Group retains a 50% joint venture stake in a new build housing scheme in 
Muswell Hill, North London. This development is of seven new houses with off 
street parking in an affluent and much sought after area of North London. Sales 
of three units have completed since the period end and a further two have 
exchanged contracts. A further two units are sale agreed and are well advanced 
in legals with contracts expected to be exchanged in October 2022. 
 
High Road, Finchley,N12 
 
The Group has a 50% joint venture stake in a new build housing scheme in 
Finchley, North London. This development will see the construction of 5 houses. 
Construction works are expected to be complete in Spring 2023. 
 
Signed on behalf of the board on 29 September 2022. 
 
 
S Ryan 
Director 
 
 
Unaudited Consolidated Profit and loss account and statement of comprehensive 
income for the six months ended 30 June 2022 
 
                                                          2022        2021 
 
Group turnover                                          21,600     108,000 
 
Cost of sales                                         (14,797)    (14,400) 
 
Gross Profit                                             6,803      93,600 
 
Administrative expenses                              (188,804)   (183,147) 
 
Operating (Loss)                                     (182,001)    (89,547) 
 
Share of operating profit in joint venture              11,498           - 
 
( Loss) before interest and taxation                 (170,503)    (89,547) 
 
Interest receivable and similar income                  25,729      40,387 
 
Interest payable and similar charges                   (1,736)       (260) 
 
(Loss) on ordinary activities before taxation        (146,510)    (49,420) 
 
Taxation on ordinary activities                         27,832       9,385 
 
                                                      ________    ________ 
 
(Loss) on ordinary activities after taxation         (118,678)    (40,035) 
 
                                                      ________    ________ 
 
Profit/ (Loss) per share - basic and diluted 
 
Ordinary shares                                         (2.7p)      (0.9p) 
 
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 2022 
 
                                       Jun-22     Jun-22     Jun-21     Jun-21 
 
Non Current assets 
 
Tangible assets                                        761                 1,045 
 
Current assets 
 
Debtors                               5,211,802             5,099,157 
 
Cash at bank and in hand                 45,944               284,559 
 
                                       ________              ________ 
 
                                      5,257,746             5,383,716 
 
Creditors: amounts falling 
 
due within one year                   (119,079)              (70,557) 
 
                                       ________              ________ 
 
Net current assets                               5,138,667             5,313,159 
 
Creditors: amounts falling 
 
due in more than one year                         (27,815)              (38,464) 
 
                                                  ________              ________ 
 
Net Assets                                       5,111,613             5,275,740 
 
                                                  ________              ________ 
 
Capital and reserves 
 
Called up share capital                          2,206,501             2,206,501 
 
Capital redemption reserve                       1,009,560             1,009,560 
 
Other reserve                                      211,822               211,822 
 
Share Premium                                      375,246               375,246 
 
Merger Reserve                                     327,060               327,060 
 
Profit and loss account                            981,424             1,145,551 
 
                                                  ________              ________ 
 
Shareholders' funds                              5,111,613             5,275,740 
 
                                                  ________              ________ 
 
 
Notes forming part of the unaudited interim report  for the six months ended 30 
June 2022 
 
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 2021, which 
have been applied consistently. The financial statements for the year ended 31 
December 2021 have been filed at Companies House. The company's auditors Moore 
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 19% (2021- 19%) of the taxable (loss)/profit for the period. 
 
3.         Earnings per share 
 
Earnings per share has been calculated by dividing the (loss) after tax for the 
period of (£118,678) (2021 - (£40,035)) by the weighted average number of 
ordinary shares in issue of 4,413,003 (2021 - 4,413,003). 
 
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. 
 
The Directors of St Mark Homes PLC accept responsibility for this announcement. 
 
- Ends - 
 
 
For further information, please contact: 
 
St Mark Homes Plc 
 
Sean Ryan, Finance Director                           Tel: [phone] 
 
                                                       [e-mail] 
 
Alfred Henry Corporate Finance Ltd, AQSE 
Growth Market Corporate Adviser 
 
Jon Isaacs / Nick Michaels                            Tel: [phone] 
 
                                                            www.alfredhenry.com 
 
 
 
END 
 
 

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September 30, 2022 02:00 ET (06:00 GMT)