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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Walls & Futures REIT plc | AQSE:WAFR | Aquis Stock Exchange | Ordinary Share | GB00BD04QG09 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.00 | 5.00 | 15.00 | 10.00 | 10.00 | 10.00 | 0.00 | 06:56:32 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMWAFR
RNS Number : 0583P
Walls & Futures REIT PLC
29 August 2017
Walls & Futures REIT plc
(Epic: WAFR)
Final Results for the period ended 31 March 2017
The Board of Walls & Futures REIT plc ("the Company") is pleased to announce its audited Final Results for the period ended 31st March 2017.
The Company has had a busy and productive year, completing the restructure, raising over GBP1m in new equity and obtaining admission to the NEX Exchange Growth Market. With those tasks complete we now have the platform to scale the Company and achieve our goal of delivering secure long term income with capital growth from UK residential property.
The last 18 months has seen a number of significant achievements including:
-- successfully restructured the Walls & Futures London Growth Fund; -- GBP1m in new equity raised in November 2016; -- admission to the NEX Exchange Growth Market; -- REIT status obtained; -- completion of first investment in the Supported Housing Sector;
The costs incurred in restructuring the group, together with a small decline in the capital value of the London portfolio, equated to approximately 10p per share with a resultant fall in Net Asset Value at the year end to just above 90p per share. However, we are confident that the half year figures will show an improvement on this number.
In order to deliver the best outcome, our strategy is to build a portfolio of high yielding residential properties that offer secure income from high quality tenants. Ideally, the properties will be let on long leases with rents increasing in line with inflation in order to provide an element of predictable growth.
We have shifted our focus from the London Private Rented Sector to the Social Housing Sector as its profile matches the investment criteria better. With a large and growing need for this type of property, we feel that we can make a positive social impact at the same time as delivering on our investment goals.
A significant milestone, achieved after the financial year end, has been our first investment in the Social Housing Sector - a grade two listed building in the Cotswolds market town of Stroud. Once the extensive redevelopment program is completed, it will provide a high quality home with specialist support to six adults with physical & learning disabilities and/or mental health needs. The property is already let on a 25-year full repairing and insuring lease, with rents adjusted annually in line with inflation (CPI), to one of the UK's leading care providers which has more than 50 years' experience in the sector and currently supports more than 2,500 adults nationwide.
We are currently fully invested and intend to fund our pipeline with a placing and open offer of new shares in the near future.
Joe McTaggart (Chief Executive) commented:
"Everyone at Walls & Futures has worked incredibly hard to build a solid foundation from which we can move forward. We have a strong pipeline and are working on some exciting projects that we want to complete over the next few months. All of our properties are now let which will transform our revenue stream as we progress".
The Directors accept responsibility for this announcement.
For further information please contact:
WALLS & FUTURES REIT plc
Joe McTaggart 0333 700 7171 joe@wallsandfutures.com Walls & Futures REIT plc 3(rd) Floor 111 Buckingham Palace Road London SW1W 0SR www.wallsandfutures.com
CITY & MERCHANT
David Papworth 0207 101 7676 info@cityandmerchant.com Level 17, Dashwood House 69 Old Broad Street, London EC2M 1QS
Note to Editors:
Walls & Futures REIT plc is a Real Estate Investment Trust investing in residential property in the UK. Our primary focus is on the social housing sector making both a positive social impact and generating rental returns on our investment properties.
We provide tailored housing solutions for a variety of organisations that encompasses funding, building design, project management and property development. Our strategic partners include local authorities, NHS trusts, housing associations, housing and social care charities and other care providers.
Our target is to deliver a long-term annual net return of 7-9% of which 3-4% will be paid in the form of a dividend. This will be achieved by building a portfolio of high yielding residential properties that offer secure income from high quality tenants. The properties will ideally be let on long term leases with rents increasing in line with inflation in order to provide an element of predictable growth.
The extracts from the Report and Accounts of the Company set out below are for the first trading period of the Company.
Strategic Report for Walls & Futures REIT plc
Walls & Futures REIT plc is a property investment company with REIT status. The Company's focus is on providing sustainable income with long term capital growth by investing in and developing residential property.
This is the Company's and Group's maiden annual report which is for the period ended 31st March 2017.
Overview & Strategy
Following the restructure of the Walls & Futures London Growth Fund, the Company's shares were successfully admitted to trading on the NEX Exchange Growth Market in November 2016. As part of the admission the Company raised GBP1.025m in new equity.
As a result of the costs associated with the restructure and admission, the Group has posted a loss for the period of GBP314,497 of which GBP202,333 are exceptional items.
The current portfolio consists of properties transferred from the London Growth Fund which are located in Southfields and Wimbledon (South West London). They were originally acquired and redeveloped with the aim of generating capital growth.
However, in order to deliver on its investment focus, its strategy has evolved to building a portfolio of high yielding residential properties that offer secure income from high quality tenants. The properties will ideally be let on long leases with rents increasing in line with inflation in order to provide an element of predictable growth.
While the London Private Rented Sector (PRS) has many attractive qualities, the directors feel the UK Social Housing Sector with properties let to Registered Social Landlords will make for an improved investment outcome. The initial focus will be Supported Housing, however as the Group scales, it may expand to Extra Care and General Needs.
Key performance indicators
The capital value of the company's London PRS portfolio fell by GBP30,000. This was in line with expectations and with the slowdown currently being experienced in the London property market. The directors do not expect values to increase in the short term and there is a possibility that they could soften further. This reinforces the decision to invest in the UK Social Housing Sector.
Post balance sheet event
On 4th May 2017, the Company completed the purchase of a grade two listed building, in the Cotswold market town of Stroud, for GBP475,000. The property is let on a 25-year full repairing and insuring lease, with rents adjusted annually in line with inflation (CPI), to one of the UK's leading care providers.
The acquisition is the first in the supported housing sector and illustrates the new investment focus. The financial benefits will be seen in the next report.
Principle Risks & Uncertainties
The Group portfolio is exclusively invested in the UK and therefore exposed to the risks and uncertainties of the UK economy.
The value of the properties are subject to fluctuating market conditions and may be affected by consumer confidence, the performance of the UK economy and liquidity in the market.
Although the Group does not have any borrowings and is therefore not currently exposed to interest rate risk, it has an ongoing requirement to fund its activities through the equity markets and in the future to obtain finance for property acquisitions. There is no certainty that such funds will be available when needed and thus inhibit growth.
Risk management
The success of the Group is predicated on increasing the size of the portfolio, which would be at risk without further capital. In order to mitigate this, the directors will be engaged in regular fund raising.
Outlook
Admission to the NEX Exchange Growth Market and achieving REIT status has provided a platform on which the management team can build a successful property company providing sustainable income with long term capital growth. The directors will continue to seek out further investments in line with the investment strategy and are actively developing a pipeline of new opportunities.
ON BEHALF OF THE BOARD:
J K McTaggart - Director Date: 24 August 2017
REPORT OF THE DIRECTORS
For The Period 18 March 2016 to 31 March 2017
The directors present their report with the financial statements of the company and the group for the period 18 March 2016 to 31 March 2017.
Commencement of Trading
The company commenced trading on the 1st April 2016.
Dividends
No dividends will be distributed for the period ended 31 March 2017.
Events Since The End of The Period
Information relating to events since the end of the period is given in the notes to the financial statements.
Directors
The directors shown below have held office during the whole of the period from 18 March 2016 to the date of this report.
J K McTaggart appointed 14 June 2016 D P White appointed 14 June 2016 P A Wylie appointed 28 July 2016 D K Papworth appointed 18 March 2016 - resigned 14 June 2016 T H G Lyle appointed 18 March 2016 - resigned 14 June 2016
Statement of Directors' Responsibilities
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently; - make judgements and accounting estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement as to Disclosure of Information to Auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.
Auditors
The auditors, Kingston Smith LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.
ON BEHALF OF THE BOARD:
J K McTaggart - Director
Date 24 August 2017
Consolidated Income Statement
For the period from 18th March 2016 to 31 March 2017
GBP Turnover 45,400 Cost of Sales 15,461 _________ GROSS PROFIT 29,939 Loss on revaluation of investment property 30,000 Administrative Expenses 112,342 _________ OPERATING LOSS (112,403) Cost of fundamental reorganisation 202,333 _________ (314,736) Interest receivable and similar income 22 _________ (314,714) Interest payable and similar expenses 2 _________ LOSS BEFORE TAXATION (314,716) Tax on loss (219) _________ LOSS FOR THE FINANCIAL PERIOD (314,497) ========= Loss attributable to Owners of the parent (314,497) =========
Consolidated Other Comprehensive Income
For the period 18 March 2016 to 31 March 2017
GBP LOSS FOR THE PERIOD (314,497) OTHER COMPREHENSIVE INCOME Gain on bargain purchase 2,509 Income Tax relating - to other comprehensive income _________ OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF INCOME TAX 2,509 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD (311,988) Total comprehensive income attributable to Owners of the parent (311,988) Basic earnings per share (0.17)
Consolidated Statement of Financial Position
31 March 2017
FIXED ASSETS GBP GBP Investments - Investment Property 2,150,000 _________ 2,150,000 CURRENT ASSETS Debtors 4,749 Cash at Bank 842,911 _________ 847,660 CREDITORS Amounts falling due within one year 19,423 NET CURRENT ASSETS 828,237 _________ TOTAL ASSETS LESS CURRENT LIABILITIES 2,978,237 ========= CAPITAL AND RESERVES Called up share capital 164,511 Share premium 3,125,714 Retained earnings (311,988) SHAREHOLDERS FUNDS 2,978,237
The financial statements were approved by the Board of Directors on 24 August 2017 and were signed on its behalf by:
J K McTaggart DIRECTOR D P White DIRECTOR
Consolidated Statement of Changes in Equity
For the period 18 March 2016 to 31 March 2017
Called Retained Share Total up share earnings premium Equity capital Changes in equity GBP GBP GBP GBP Issue of share capital 164,511 - 3,125,714 3,290,225 Total Comprehensive income - (311,988) - (311,988) _________ _________ _________ _________ 164,511 (311,988) 3,125,714 2,978,237 ========= ========= ========= =========
Consolidated Statement of Cash Flows
For the period 18 March 2016 to 31 March 2017
GBP Cash Flows from Operating Activities Cash used in operations 268,115 Interest paid (2) Tax paid 781 _________ Net Cash outflow from operating activities (267,336) _________ Cash Flows from investing activities Interest Received 22 _________ Net cash outflow from financing activities 22 _________ Cash Flows from financing activities Share Issue 1,110,225 _________ Net cash outflow from financing activities 1,110,225 _________ Increase in cash and cash equivalents 842,911 Cash and cash equivalents - at beginning of the period _________ Cash and cash equivalents at the end of the period 842,911 =========
Notes to the Consolidated Financial Statements
For the Period 18 March 2016 to 31 March 2017
1. STATUTORY INFORMATION
Walls & Futures REIT plc is a public company, registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The financial statements have been prepared on the historical cost convention, modified to include investment properties at fair value.
The financial statements are preparing in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company's loss for the year was GBP313,255.
Turnover
Rent receivables are recognised over the lease terms on a straight line basis, inclusive of Value Added Tax. Rent-reduced periods are amortised across the duration of the lease.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
Basis of consolidation
The consolidated financial statements incorporate those of Walls & Futures REIT plc and all of its trading subsidiaries. Subsidiaries acquired during the year are consolidated using the purchase method. All financial statements are made up to 31 March 2017.
Financial instruments
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, are initially recognised at transaction price.
Critical accounting judgements and estimates
There are no critical accounting judgement or estimates.
Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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August 29, 2017 02:15 ET (06:15 GMT)
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