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Share Name Share Symbol Market Type Share ISIN Share Description
Cardiff Property Plc LSE:CDFF London Ordinary Share GB0001754257 ORD 20P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 1,850.00 1,800.00 1,900.00 1,850.00 1,850.00 1,850.00 0.00 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 0.7 2.0 148.2 12.5 22

Cardiff Property PLC Final Results

24/11/2020 7:00am

UK Regulatory (RNS & others)


Cardiff Property (LSE:CDFF)
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TIDMCDFF

RNS Number : 2335G

Cardiff Property PLC

24 November 2020

THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY

AND ITS SUBSIDIARIES

LEI: 213800GE3FA4C52C1N05

   FOR RELEASE                           7.00 AM                                    24 November 2020 

THE CARDIFF PROPERTY PLC

(The group, including Campmoss, specialises in property investment and development in the Thames Valley. The total portfolio including the jointly controlled Campmoss investment and development portfolio, valued in excess of GBP35m, is primarily located to the west of London, close to Heathrow Airport and in Surrey and Berkshire.)

PRELIMINARY RESULTS FOR THE YEARED 30 SEPTEMBER 2020

Highlights:

 
                                      2020     2019 
 Net Assets              GBP'000    29,099   28,343 
 Net Assets Per Share    GBP         24.36    22.85 
 Profit Before Tax       GBP'000     1,959    1,653 
 Earnings Per Share - 
  Basic and diluted      pence       148.2    123.1 
 Dividend Per Share      pence        17.6     17.1 
 Gearing                 %             Nil      Nil 
 
 

Richard Wollenberg, Chairman, commented:

" During the financial year under review the UK property market suffered a difficult and unprecedented trading period.

Political and economic uncertainties surrounding the UK's final exit from the European Union together with current and ongoing concerns regarding the effects of Covid-19 undermined the confidence of occupiers and investors. The Thames Valley property market our key business area, reflected these concerns.

Inevitably letting and development activity in the retail and office market has been challenging, placing rental levels and lease negotiations under pressure. Working from home, internet procurement and the requirement for flexible office space is determining strategy and future trends will depend on the speed of the UK economic recovery.

Sales of new homes in the Thames Valley, despite government initiatives, declined in the third quarter of the year leading to lower asking prices. Increased activity is being reported over the last few weeks with pricing in certain locations returning to previous levels. The demand for residential lettings has remained high with rents remaining similar to last year."

For further information:

 
       The Cardiff Property plc          Richard Wollenberg     01784 437444 
       Shore Capital                     Patrick Castle        020 7468 7923 
 
 

THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY

AND ITS SUBSIDIARIES

PRELIMINARY RESULTS FOR THE YEARED 30 SEPTEMBER 2020

Chairman's Statement and Property Review

Dear Shareholder,

During the financial year under review the UK property market suffered a difficult and unprecedented trading period.

Political and economic uncertainties surrounding the UK's final exit from the European Union together with current and ongoing concerns regarding the effects of Covid-19 undermined the confidence of occupiers and investors. The Thames Valley property market our key business area, reflected these concerns.

Inevitably letting and development activity in the retail and office market has been challenging, placing rental levels and lease negotiations under pressure. Working from home, internet procurement and the requirement for flexible office space is determining strategy and future trends will depend on the speed of the UK economic recovery.

Sales of new homes in the Thames Valley, despite government initiatives, declined in the third quarter of the year leading to lower asking prices. Increased activity is being reported over the last few weeks with pricing in certain locations returning to previous levels. The demand for residential lettings has remained high with rents remaining similar to last year.

FINANCIAL

For the year to 30 September 2020, the Group profit before tax was GBP1.96m (2019: GBP1.65m). This figure includes a fair value decrease of GBP0.148m (2019: GBP0.022m increase) for the Group and a profit of GBP1.36m (2019: GBP0.90m) in respect of our post tax profit and pre-dividend share of Campmoss Property Company Limited, our 47.62% owned Joint Venture. During the year, the Company received a dividend of GBP0.64m (2019: GBP0.5m) from its investment in Campmoss Property.

Revenue for the year which represented gross rental income, excluding Campmoss, totalled GBP0.65m (2019: GBP0.65m).

The profit after tax attributable to shareholders for the financial year was GBP1.81m (2019: GBP1.54m) and the earnings per share was 148.2p (2019: 123.1p).

At the year-end, the Company's commercial portfolio was valued by Kempton Carr Croft. The residential property at 14 Runnymede Road was based on a memorandum for sale. The total portfolio was valued at GBP5.81m (2019: GBP5.96m). This value excludes the Company's freehold office property, which was also valued by Kempton Carr Croft and is included in the balance sheet at valuation under property, plant and equipment..

Property when completed and held for re-sale is held as stock at the lower of cost or net realisable value. At the year-end this relates to commercial property at The Windsor Business Centre.

The Group's total property portfolio, including the jointly controlled Campmoss investment and development portfolio, was valued at GBP35.7m (2019: GBP30m). The increase in the property value attributable to Campmoss is as a result of the increase in fair value of Clivemont House, Maidenhead, which was sold post the year end and construction costs during the year at Britannia Wharf, Woking, offset by the fair value decrease of approximately 5% of the remaining property in the Group. Residential property at Alston House and Gowring House, Bracknell and the residential development at Britannia Wharf, Woking are held as stock in Campmoss. The Company's share of the net assets of Campmoss was GBP16.3m (2019: GBP15.6m).

The Group's net assets as at the year-end were GBP29.10m (2019: GBP28.34m) equivalent toGBP24.36 per share (2019: GBP22.85) an increase of 6.6% over the year (2019: 4.9%). The Group, including Campmoss, has adequate financial facilities and resources to complete works in progress and the current development programme. Cash balances are held on short term deposit. At the year-end, the Company had nil gearing (2019: nil). During the year the Company purchased and cancelled 45,694 (2019: 12,567) ordinary shares at a total cost of GBP773,143 (2019: GBP220,062).

The Company may hold in treasury any of its own shares purchased. This gives the Company the ability to reissue treasury shares and provides greater flexibility in the management of its capital base. At the year end the Company held nil (2019 : nil) shares in treasury. Any shares purchased by the Company not held in treasury will be cancelled and the number of shares in issue reduced accordingly. The Company intends to continue its policy of purchasing its own shares, whether to be held in treasury or to be cancelled, and a resolution renewing the Directors' authority will be placed before the forthcoming Annual General Meeting on 14 January 2021. This authority will only be exercised in circumstances where the Directors regard such purchases to be in the best interests of shareholders as a whole and is subject to the waiver under Rule 9 of the Takeover Code being approved by shareholders as set out in the document accompanying this report. Full details of the Rule 9 Waiver are also available on the Company's website www.cardiff-property.com .

Current IFRS accounting recommends that deferred tax is chargeable on the difference between, the cost of properties, including applicable indexation and quoted investments and their current market value. However, IFRS accounting does not require the same treatment in respect of the Group's unquoted investment in Campmoss Property, our 47.62% owned Joint Venture, which represents a substantial part of the Company's net assets. Whilst provision is made in Campmoss accounts for deferred tax, should the shares held in Campmoss be disposed of, for indicative purposes, based on the value in the Company's balance sheet at the year-end this would result in a tax liability of GBP3.10m (2019 : GBP2.65m) equivalent to GBP2.60 (2019: GBP2.14) per share calculated using a tax rate of 19% (2019: 17%). This information is provided to shareholders as an additional non-statutory disclosure.

DIVID

The Directors recommend a final dividend of 12.8p per share (2019: 12.5p) making a total dividend for the year of 17.6p (2019: 17.1p). an increase of 2.9%. The final dividend will be paid on 29 January 2021 to shareholders on the register at 15 January 2021.

THE PROPERTY PORTFOLIO

The Group's investment and development activities continue to be primarily located in the Thames Valley to the West of London, close to Heathrow Airport and in Surrey and Berkshire. Further details are set out in the strategic report.

Despite the difficult circumstances experienced by the UK property market the Group's portfolio continues to be primarily let with a number of new leases being completed during the current quarter.

The majority of rents due for the last two quarters to September this year have been received which reflects our policy of early liaising with tenants and assisting where sensible with a deferment of rent, primarily agreeing to monthly payments in arrears rather than quarterly in advance. Inevitably government measures to help small businesses has assisted tenants to meet their lease commitments., At the time of writing this report, new lettings have been completed where units have become available.

During the year we secured planning for our property in Windsor and plans are being updated for our property in Cardiff. Campmoss, our Joint Venture Company, successfully let a number of retail units at Alston House, Bracknell with the majority of the new apartments on the 2nd and 3rd floors let on Assured Tenancy Agreements. Following the planning permissions granted at Britannia Wharf, Woking and Clivemont House, Maidenhead a Joint Venture to develop the residential project at Britannia Wharf, Woking was entered into with the site at Clivemont House, Maidenhead sold to a National House Builder. The contract for sale of Clivemont House was exchanged prior to the year end and completed post the year end with the proceeds of sale being recognised in October 2020.

QUOTED INVESTMENTS

The Company retains a small portfolio of quoted retail bonds and equity investments the former providing an attractive medium-term income stream. The value of the portfolio has marginally decreased over the year but remains in excess of original cost. The equity investments include Aquila Services Group plc and Galileo Resources plc both of which I remain as a Non-Executive Director.

RELATIONSHIP AGREEMENT

The Company has entered into a written and legally binding relationship agreement with myself, its controlling shareholder, to address the requirements of LR9.2.2AD of the Listing Rules.

MANAGEMENT AND TEAM

The unprecedented circumstances surrounding the property market and the Group's continued success indicates the strength and professionalism of our small management team. In the current environment, day to day management of the Group's portfolio places immense pressure on the team and I wish to take this opportunity of thanking them and our Joint Venture partner for their support and achievements over the year.

OUTLOOK

Continuing government measures to mitigate the physical and economic consequences of Covid-19 will impact the property market. It is encouraging to read that potential vaccines may become available next year and predicting the next few months will be extremely difficult. It will be essential for investors and businesses to retain confidence for the future.

The anticipated further government support for the residential market will be important to the Group and with interest rates having moved even lower yields available in the commercial property market remain attractive.

Activity in both the residential and commercial market has seen an increase over the last few weeks and I look forward to reporting to you further at the half year.

J. Richard Wollenberg

Chairman

23 November 2020

Consolidated Income Statement

FOR THE YEARED 30 SEPTEMBER 2020

 
                                           2020      2019 
                                        GBP'000   GBP'000 
 
 Revenue                                    650       647 
 Cost of sales                            (115)      (70) 
 
 Gross profit                               535       577 
 Administrative expenses                  (497)     (488) 
 Other operating income                     579       577 
 
 Operating profit before fair 
  value movement on investment 
  properties and other properties           617       666 
 Fair value movement on investment 
  properties                              (148)        22 
 
  Operating profit                          469       688 
 Financial income                            54        61 
 Profit on sale of investment                74         - 
 Share of profit of joint 
  venture                                 1,362       904 
 
 Profit before taxation                   1,959     1,653 
 Taxation                                 (148)     (117) 
 
 Profit for the financial 
  year attributable to equity 
  holders                                 1,811     1,536 
 
 
 
 Earnings per share on profit 
  for the 
   financial year - pence 
 Basic and diluted                 148.2   123.1 
 
 
 
 Dividends 
 Final 2019 paid 12.5p (2018: 
  12.2p)                            155   153 
 Interim 2020 paid 4.8p (2019: 
  4.6p)                              58    57 
 
                                    213   210 
 
 Final 2020 proposed 12.8p 
  (2019: 12.5p)                     153   155 
 
 

These results relate entirely to continuing operations. There were no acquisitions or disposals in either year.

Consolidated statement of comprehensive income and expense

FOR THE YEARED 30 SEPTEMBER 2020

 
 
                                                     2020      2019 
                                                  GBP'000   GBP'000 
 
 Profit for the financial year                      1,811     1,536 
 
 Items that may be reclassified subsequently 
 to profit or loss 
 Net change in fair value of other 
  properties                                         (55)      (10) 
 Net change in fair value of available 
  for sale financial assets                          (14)      (43) 
 
 Total comprehensive income and expense 
  for the year 
  attributable to the equity holders 
  of the parent company                             1,742     1,483 
 
 
 
 

Consolidated Balance Sheet

AT 30 SEPTEMBER 2020

 
                                                  2020                   2019 
                                    GBP'000    GBP'000    GBP'000     GBP'000 
Non-current assets 
Freehold investment properties                   5,857                  5,995 
Property, plant and equipment                      228                    284 
Investment in joint venture                     16,323                 15,604 
Other financial assets                             925                    843 
 
                                                23,333                 22,726 
 
Current assets 
Inventory and work in 
 progress                               688                   674 
Trade and other receivables             238                   139 
Term deposits                         1,748                 3,084 
Cash and cash equivalents             3,773                 2,473 
 
                                                 6,447                  6,370 
 
Total assets                                    29,780                 29,096 
 
Current liabilities 
Trade and other payables              (529)                 (498) 
Corporation tax                        (50)                 (147) 
 
                                                 (579)                  (659) 
Non-current liabilities 
Deferred tax liability                           (102)                   (94) 
 
Total liabilities                                (681)                  (753) 
 
Net assets                                      29,099                 28,343 
 
Equity 
Called up share capital                            239                    248 
Share premium account                            5,076                  5,076 
Other reserves                                   2,475                  2,535 
Investment property revaluation 
 reserve                                         3,139                  1,814 
Retained earnings                               18,170                 18,670 
 
 
Total equity                                    29,099                 28,343 
 
 
Net assets per share                          GBP24.36               GBP22.85 
 
 
 

Consolidated Cash Flow Statement

FOR THE YEARED 30 SEPTEMBER 2020

 
                                                  2020       2019 
                                               GBP'000    GBP'000 
 Cash flows from operating activities 
   Profit for the year                           1,811      1,536 
    Adjustments for: 
      Depreciation                                   3          5 
      Financial income                            (54)       (61) 
   Profit on sale of investment                   (74)          - 
      Share of profit of joint venture         (1,362)      (904) 
     Fair value movement on revaluation 
      of investment properties                     148       (22) 
      Taxation                                     148        117 
 
 Cash flows from operations before 
  changes in working capital                       630        671 
 Acquisition of inventory and work 
  in progress                                     (14)        (2) 
  (Increase)/decrease in trade and other 
   receivables                                    (98)          4 
  Increase/(decrease) in trade and other 
   payables                                          1         30 
 
 Cash generated from operations                    509        703 
   Tax paid                                      (228)      (147) 
 
 Net cash flows from operating activities          281        556 
 
 
 Cash flows from investing activities 
   Interest received                                61         62 
  Dividend from joint venture                      643        500 
   Acquisition of investment property, 
    and plant and equipment                       (13)       (49) 
    Acquisition of investments                   (100)          - 
   Decrease/(increase) in term deposits          1,336    (2,884) 
 
 Net cash flows from investing activities        2,005    (2,371) 
 
 
 Cash flows from financing activities 
   Purchase of own shares                        (773)      (220) 
   Dividends paid                                (213)      (210) 
 
 Net cash flows (used in)/from financing 
  activities                                     (986)      (430) 
 
 
 Net increase/(decrease) in cash and 
  cash equivalents                               1,300    (2,245) 
   Cash and cash equivalents at beginning 
    of year                                      2,473      4,718 
 
 Cash and cash equivalents at end of 
  year                                           3,773      2,473 
 
 

Consolidated statement of changes in equity

FOR THE YEARED 30 SEPTEMBER 2020

Consolidated statement of changes in equity

 
                                   Share      Share       Other     Investment    Retained      Total 
                                 capital    premium    reserves       property    earnings     equity 
                                            account                revaluation 
                                                                       reserve 
                                 GBP'000    GBP'000     GBP'000        GBP'000     GBP'000    GBP'000 
 At 1 October 2018                   251      5,076       2,585            827      18,551     27,290 
 Profit for the year                   -          -           -              -       1,536      1,536 
 Other comprehensive 
  income - Revaluation 
  of investments 
   Net change in fair 
   value of own use freehold 
   property                            -          -        (43)              -           -       (43) 
                                       -          -        (10)              -           -       (10) 
 
   Transactions with 
   equity holders 
 Dividends                             -          -           -              -       (210)      (210) 
 Purchase of own shares              (3)          -           3              -       (220)      (220) 
 
 Total transactions 
  with equity holders                (3)          -           3              -       (430)      (430) 
 
 Fair value movements 
  on investment properties 
  - Cardiff                        -              -           -             22        (22)          - 
 Fair value movements 
  on investment properties 
  - Campmoss                           -          -           -            965       (965)          - 
 
 At 30 September 2019 
  and 
  1 October 2019                     248      5,076       2,535          1,814      18,670     28,343 
 Profit for the year                   -          -       -                  -       1,811      1,811 
 Other comprehensive 
  income - Revaluation 
  of investments 
  Net change in fair 
   value of own use freehold 
   property                            -          -        (14)              -           -       (14) 
                                       -          -        (55)              -           -       (55) 
 
 
   Transactions with 
   equity holders 
 Dividends                             -          -           -              -       (213)      (213) 
 Purchase of own shares              (9)          -           9              -       (773)      (773) 
 
 Total transactions 
  with equity holders                (9)          -           9              -       (986)      (986) 
 
 
 Fair value movements 
  on investment properties 
  - Cardiff                            -          -           -          (148)         148          - 
 Fair value movements 
  on investment properties 
  - Campmoss                           -          -           -          1,473       1,473          - 
 
 At 30 September 2020                239      5,076       2,475          3,139      18,170     29,099 
 
                                  ______     ______      ______         ______      ______    ___ ___ 
 

Notes to the Financial Statements

FOR THE YEARED 30 SEPTEMBER 2020

   1.     Basis of preparation 

The consolidated results for the year ended 30 September 2020 and 2019 are prepared by the group under applicable International Financial Reporting Standards adopted by the EU ("adopted IFRS") and applicable law.

The financial information set out above does not constitute the company's statutory financial statements for the years ended 30 September 2020 or 30 September 2019 but is derived from those financial statements. Statutory financial statements for 2019 have been delivered to the Registrar of Companies and those for 2020 will be delivered in due course. The auditor has reported on those financial statements; their reports were (i) unqualified, (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006 in respect of the financial statements for 2019 nor 2020.

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the Group will continue to meet its liabilities as they fall due. The Group's activities, together with the factors likely to affect its future development, performance and position are set out in the Chairman's Statement and Strategic Report.

The Group has sufficient financial resources to enable it to continue to trade and to complete the current maintenance and development programme. The Group is ungeared, and the cash flow forecasts do not assume any debt being required. As a consequence, the Directors believe that the Group is well placed to manage its business risks successfully despite the current uncertain economic uncertainty linked to Brexit and the uncertain impact of the Covid-19 pandemic and the impact on the Group's tenants.

The Group is in the enviable position of having significant cash balances at 30 September 2020, the Cardiff Group had cash balances of GBP3.8m and a further GBP1.7m term deposits (generally with maturity dates of 90-180 days), in addition the Company has investments of GBP0.9m of which GBP0.8m are readily marketable. The Group has an operating cost base including tax and dividends of under GBP1m per annum so even with no income for a number of years the Group would remain solvent.

The Cardiff Group receives a management fee from Campmoss of around GBP0.5m per annum, there is no reason to assume this income would not be received as the Campmoss Group had cash balances at 30 September 2020, of GBP2.4m and a further GBP4.6m term deposits (generally with maturity dates of 90-180 days) and in addition Campmoss received a further cash receipt of GBP6.95m in October 2020 from property sales. Campmoss have a capital commitment of GBP6.1m to complete its development programme over the next 18 months and including the Cardiff management fee an annual operating cost base excluding development of under GBP1.5m, so Campmoss similarly has a strong balance sheet.

After making enquiries, the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.

New, revised or changes to existing financial reporting standards

Subject to the adoption of the IFRS's available for application noted below, this announcement is prepared on the basis of the accounting policies as set out in the most recently published set of annual financial statements.

IFRS

The Group has adopted IFRS 16 - Leases for the year ended 30 September 2020. IFRS 16 removes the distinction between operating and financial leases, which for lessees will result in almost all operating leases being brought on balance sheet. The accounting for lessors, which is applicable to the Group, did not significantly change and the impact of the consolidated results was immaterial. As a lessor the main impact was additional qualitative disclosures about the Group's leasing arrangements.

A number of new standards and amendments to standards and interpretations have been issued but are not yet effective for the current accounting period. None are expected to have a material impact on the consolidated financial statements of the Group.

Notes to the Financial Statements

FOR THE YEARED 30 SEPTEMBER 2020 (continued)

   2.     Segmental analysis 

The Group manages its operations in two segments, being property and other investment and property development. Property and other investment relates to the results for The Cardiff Property Company Limited where properties are held as investment property with Property Development relating to the results of First Choice Estates Plc and Thames Valley Retirement Homes Limited. The results of these segments are regularly reviewed by the Board as a basis for the allocation of resources, in conjunction with individual site investment appraisals, and to assess their performance. Information regarding the results and net operating assets for each reportable segment are set out below:

 
                              Property       Property   Eliminations             2020 
                             and other    Development                           Total 
                            investment 
                                                                                   2020 
                               GBP'000        GBP'000        GBP'000            GBP'000 
 
 Rental income (wholly 
  in the UK)                       468            182              -                650 
 Property sales                      -              -              -                  - 
 
 Profit before taxation          1,686            273              -              1,959 
 
 Net operating assets 
 Assets                         26,974          4,718        (1,912)             29,780 
 Liabilities                   (2,329)          (264)          1,912              (681) 
 
 Net assets                     24,645          4,454              -             29,099 
 
 
 
                              Property       Property   Eliminations             2019 
                             and other    Development                           Total 
                            investment 
                                                                                   2020 
                               GBP'000        GBP'000        GBP'000            GBP'000 
 
 Revenue (wholly 
  in the UK)                       463            184              -                647 
 
 Profit before taxation          1,462            191              -              1,653 
 
 Net operating assets 
 Assets                         26,600          4,486        (1,900)             29,096 
 Liabilities                   (2,498)          (245)          1,900              (753) 
 
 Net assets                     24,102          4,241              -             28,343 
 
 

"Eliminations" relate to inter segment transactions and balances which cannot be specifically allocated but are eliminated on consolidation.

3. Earnings per share

Earnings per share has been calculated in accordance with IAS 33 - Earnings Per Share using the profit after tax for the financial year of GBP1,811,000 (2019: GBP1,536,000) and the weighted average number of shares as follows:

 
                                      Weighted average 
                                      number of shares 
                                   2020                    2019 
 
 Basic and diluted basis            1,221,929        1,247,277 
 
 
 

Financial Calendar

 
 2020   24 November    Final results for 2020 announced 
 2021   14 January     Annual General Meeting/General Meeting 
        14 January     Ex-dividend date for the final dividend 
        15 January     Record date for the final dividend 
        29 January     Final dividend to be paid 
        May            Interim results for 2021 to be announced 
        July           Interim dividend for 2021 to be paid 
        30 September   Year end 
 

Directors and Advisers

 
 Directors                                 Auditor 
 J Richard Wollenberg                      Crowe U.K. LLP 
 Chairman and chief executive 
 
 Karen L Chandler FCA 
 Finance director                          Stockbrokers and financial adviser 
                                           Shore Capital 
 Nigel D Jamieson BSc, FCSI 
 Independent non-executive director 
 
 Secretary                                 Bankers 
 Karen L Chandler FCA                      HSBC Bank Plc 
 
 
 Non-executive director of wholly owned    Solicitors 
  subsidiary 
 First Choice Estates plc                  Blake Morgan LLP 
  Derek M Joseph BCom, FCIS                 Charsley Harrison LLP 
 Head office                               Registrar and transfer office 
 56 Station Road                           Neville Registrars Ltd 
 Egham                                     Neville House 
 Surrey TW20 9LF                           Steelpark Road 
 Telephone: 01784 437444                   Halesowen 
 Fax: 01784 439157                         B62 8HD 
 E-mail: webmaster@cardiff-property.com    Telephone: 0121 585 1131 
 Web: www.cardiff-property.com 
 
 
 Registered office                         Registered number 
 56 Station Road                           00022705 
 Egham 
 Surrey TW20 9LF 
 

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