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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Circle Property Plc | LSE:CRC | London | Ordinary Share | JE00BYP0CK63 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.50 | 3.00 | 4.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMCRC
RNS Number : 3923G
Circle Property PLC
25 November 2020
25 November 2020
Circle Property Plc
Interim Results for the six months ended 30 September 2020
Strong average rent collection of 92.5% during period
Circle Property Plc (AIM:CRC) ("Circle", the "Company" or the "Group"), which invests in, develops and actively manages well-located regional office assets, announces its interim results for the six months ended 30 September 2020.
John Arnold, Chief Executive of Circle Property Plc, said:
"During the period, we have continued to benefit from our innovative approach and close relationships with our tenants, which has resulted in very strong rent collection rates of over 90% and a 10% increase in total rental income.
"We believe that demand, particularly in good locations in the regions, will rebound after a short-term contraction as a result of Covid-19. The established position we have in our chosen markets, with a portfolio of assets selected on the strength of location and letting prospects, leaves us well-placed to generate income and value over the medium term."
Financial highlights:
-- Strong rental receipts throughout the year and since lockdown in March, running at an average of 92.5% of rents due for March and June quarters
-- 10% increase in total rental income to GBP3.9m (30 September 2019: GBP3.6m)
-- 12% increase in operating profit before property revaluations to GBP2.7m (30 September 2019: GBP2.4m)
-- Unaudited estimated NAV per share of GBP2.83 (30 September 2019: GBP2.78; 31 March 2020: GBP2.85 per share), representing a 90% increase since admission to AIM in February 2016
-- Proposed interim dividend of 2.5p per share for the six months ended 30 September 2020 (30 September 2019: 3.3p)
Chief Executive Statement
Despite the recent impact of the second lockdown, which saw a further decrease in demand within the wider commercial office market, we have seen the benefits of the quality of our assets and our long-term experience in actively managing them, evidenced through our strong rental collection. We work hard to identify high calibre tenants unlikely to default prior to leasing with them, meaning that our rental income is robust even in the current climate.
During the period to 30 September 2020, it has been pleasing that we have continued to let space, in this case to two new tenants, demonstrating that we remain able to build value and generate additional income. At Elizabeth House, London Road, Staines, DES Group have taken a 5-year lease with a break at the third year on the first floor at GBP32,500 p.a (GBP20.95 psf) and at Park House, Pavilion Drive, Northampton, NAK Consulting have taken a 10-year lease (with a 5-year break clause) at GBP34,000 p.a. on 2,373 sq ft (GBP14.33 psf).
It is the Board's view that further implemented lockdowns and the requirement to work from home, will lead to a rising number of commercial property tenants exercising break options across the market. Some businesses are downsizing as a result of more staff working from home on a permanent or part time basis. We have seen evidence of this in two small lettings within our portfolio but have worked with them to secure smaller suites, demonstrating our ability to actively manage the asset base.
As reported previously, we are of the view that working from home will, in the medium term, prove to be unpopular and more unproductive, and that offices will prove their worth when there is a return to something like normality. In the meantime, the recent news about the roll-out of Covid-19 vaccines is encouraging, yet it remains difficult to call when we may see a significant improvement in occupational demand.
Whilst the general market backdrop is challenging, we are seeing the predominant take-up of vacant offices being for those that are fully-fitted, either by virtue of the previous tenant having vacated, or because the landlord has undertaken a category B fit-out, specifically to encourage tenants that do not want to commit to that capital expense.
In order to respond to this shifting demand for 'plug and play' offices that are ready to move into, with telephony and broadband already connected, we are undertaking fit-outs of our vacant offices in Bristol (One Castlepark - 7,000 sq ft), Birmingham (36 Great Charles Street - 2,341 sq ft) and Maidenhead (6,400 sq ft). It is anticipated that these projects, together with the redevelopment of 135 Aztec West, Bristol when pre-let, will account for approximately GBP2 million of our working capital. Again, our ability to adapt and flex around tenant requirements continues to serve us well.
As reported in our Final Results in September 2020, we remain committed to reduce gearing from the current level by opportunistic sales. We have a number of assets that have benefited from our active management approach and added value following redevelopment, lease restructures or renewals which we expect to be highly sought after.
The Board declares an interim dividend of 2.5p, which will be paid on 8 January 2021 to shareholders on the register on 4 December 2020, with an ex-dividend date of 3 December 2020.
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Enquiries:
+44 (0)20 7930 Circle Property Plc 8503 John Arnold, CEO Edward Olins, COO +44 (0)20 7397 Cenkos Securities plc 8900 Katy Birkin Mark Connelly Radnor Capital Joshua Cryer +44 (0)20 3897 Iain Daly 1830 +44 (0)20 3757 Camarco 4992 Ginny Pulbrook Oliver Head
About Circle Property Plc
Circle is amongst the best performing quoted UK real estate companies by NAV total return (NAV growth and dividend) having delivered consistent returns with 101% NAV growth since IPO in 2016 in absolute terms.
Circle focusses on acquiring assets in regional cities, many of which have significant office supply constraints, and on office assets with active management potential (refurbishment opportunities, under-rented or vacant properties or short leases), rather than just maximising initial rental yields.
Circle is not a Real Estate Investment Trust (REIT) and can actively recycle proceeds from asset sales into its refurbishment and redevelopment pipeline, as well as future investment opportunities, therefore targeting a broader range of returns for shareholders, which are primarily driven by NAV growth.
Condensed consolidated statement of comprehensive income for the 6 months ended 30 September 2020 6 months 6 months 12 months to to to 30 September 30 September 31 March 2020 2019 2020 Note (unaudited) (unaudited) (audited) GBP GBP GBP --------------------------------------- ----- --- -------------- --- -------------- --- ------------ Rental income 4 3,919,307 3,563,322 7,497,212 Other income 4 1,010,022 786,923 2,116,400 --------------------------------------- ----- --- -------------- --- -------------- --- ------------ 4,929,329 4,350,245 9,613,612 Property expenses 5 (1,269,188) (970,723) (2,374,556) Net rental income 3,660,141 3,379,522 7,239,056 Administrative expenses 6 (978,840) (982,058) (2,944,109) Operating profit before gain/(loss) on investment properties 2,681,301 2,397,464 4,294,947 (Loss)/Gain on disposal of investment properties - (44,331) 235,729 (Loss)/Gain on revaluation of investment properties 11 (2,534,903) (390,279) 2,514,049 Operating profit 146,398 1,962,854 7,044,725 Finance income 7 2,083 1,679 1,531 Finance costs 8 (884,516) (858,920) (1,885,340) Net finance costs (882,433) (857,241) (1,883,809) Profit for the period before taxation (736,035) 1,105,613 5,160,916 Taxation 9 113,714 145,074 (1,641,410) Profit after taxation (622,321) 1,250,687 3,519,506 --------------------------------------- ----- --- -------------- --- -------------- --- ------------ Earnings per share 10 (0.02) 0.04 0.12 --------------------------------------- ----- --- -------------- --- -------------- --- ------------ NAV per share 2.83 2.78 2.85 --------------------------------------- ----- --- -------------- --- -------------- --- ------------
There is no comprehensive income other than that included in the profit for the period. All of the profit for the period is attributable to the owners of the Company. All items in the above statement derive from continuing operations. Condensed consolidated statement of financial position as at 30 September 2020 Note 30 September 30 September 31 March 2020 2019 2020 (unaudited) (unaudited) (audited) GBP GBP GBP -------------------------------- ----- ------------- ------------- ------------ Non-current assets Investment properties 11 127,111,883 126,146,508 129,340,408 Right of use assets 84,540 - 108,043 Property plant and equipment 55,118 55,035 62,263 Lease incentives 12 10,128,672 8,546,628 9,562,066 Deferred tax asset 1,298,659 1,941,676 1,078,007 -------------------------------- ----- ------------- ------------- ------------ 138,678,872 136,689,847 140,150,787 Current assets Trade and other receivables 12 2,683,828 1,811,350 2,398,119 Cash and cash equivalents 4,543,692 2,359,771 2,980,329 -------------------------------- ----- ------------- ------------- ------------ 7,227,520 4,171,121 5,378,448 Total assets 145,906,392 140,860,968 145,529,235 -------------------------------- ----- ------------- ------------- ------------ Equity Stated capital 42,542,179 42,542,179 42,542,179 Treasury share reserve 668,456 (79,344) 516,048 Retained earnings 37,000,805 36,288,100 37,623,126 -------------------------------- ----- ------------- ------------- ------------ Total equity 80,211,440 78,750,935 80,681,353 Non-current liabilities Borrowings 13 61,822,537 59,391,252 60,721,840 Lease liabilities for right of use assets 47,504 - 69,327 Deferred tax liability 768,913 - 877,401 -------------------------------- ----- ------------- ------------- ------------ 62,638,954 59,391,252 61,668,568 Current liabilities Trade and other payables 14 3,011,500 2,718,781 3,134,816 Lease liabilities for right of use assets 44,498 - 44,498 -------------------------------- ----- ------------- ------------- ------------ 3,055,998 2,718,781 3,179,314 Total liabilities 65,694,952 62,110,033 64,847,882 -------------------------------- ----- ------------- ------------- ------------ Total liabilities and equity 145,906,392 140,860,968 145,529,235 -------------------------------- ----- ------------- ------------- ------------ The condensed consolidated interim financial statements were approved by the Board of Directors on 24 November 2020. Condensed consolidated statement of changes in equity for the 6 months ended 30 September 2020 Share Treasury Retained Total capital shares earnings reserve GBP GBP GBP GBP --------------------------- ----------- --------- ----------- ----------- As at 1 April 2019 42,542,179 (79,344) 35,971,206 78,434,041 Profit for the period - - 1,250,687 1,250,687 Dividends - - (933,793) (933,793) As at 30 September 2019 42,542,179 (79,344) 36,288,100 78,750,935 Profit for the period - - 2,268,819 2,268,819 Share-based payments 595,392 - 595,392 Dividends - - (933,793) (933,793) As at 31 March 2020 42,542,179 516,048 37,623,126 80,681,353 Profit for the period - - (622,321) (622,321) Share-based payments - 152,408 - 152,408 As at 30 September 2020 42,542,179 668,456 37,000,805 80,211,440 ---------------------------- ----------- --------- ----------- ----------- Condensed consolidated statement of cash flows for the 6 months ended 30 September 2020 6 months 6 months 12 months to to to 30 September 30 September 31 March 2020 2019 2020 (unaudited) (unaudited) (audited) GBP GBP GBP ----------------------------------- ---- ---- -------------- --- -------------- --- ------------- Cash flows from operating activities (Loss)/profit for the period before taxation (736,035) 1,105,613 5,160,916 Adjustments for: Finance income (2,083) (1,679) (1,531) Finance expense 884,516 858,920 1,885,340 Depreciation 7,145 5,443 11,744 Amortisation of right of use assets 23,502 - 47,005 Loss/(gain) on revaluation of investment properties 2,534,903 390,279 (2,466,035) Loss/(gain) on disposal of investment properties - 44,331 (235,729) Share based payments 152,408 - 595,392 Increase in trade and other receivables (852,315) (493,376) (2,095,583) Decrease in trade and other payables (138,347) (653,810) (179,700) Cash generated from operating activities 1,873,694 1,255,721 2,721,819 Interest and other finance costs paid (858,649) (613,803) (1,510,806) Interest received 2,083 1,679 1,531 Taxation paid (116,773) - (189,154) Net cash from operating activities 900,355 643,597 1,023,390 ------------------------------------ ---- ---- -------------- --- -------------- --- ------------- Cash flows from investing activities Cost of refurbishment of investment properties (311,312) (404,189) (1,977,597) Cost of acquisition of investment property - (15,412,420) (15,412,420) Proceeds from disposal of investment properties - 4,555,671 6,135,729 Cost of additions of property plant and equipment - (615) (14,143) Net cash from investing activities (311,312) (11,261,553) (11,268,431) ------------------------------------ ---- ---- -------------- --- -------------- --- ------------- Cash flows from financing activities Repayment of borrowings - - (2,530,000) Payment of lease liabilities (25,680) - (51,360) Drawdown of borrowings 1,000,000 10,261,148 14,023,944 Dividends paid - (933,793) (1,867,586) Net cash used in financing activities 974,320 9,327,355 9,574,998 ------------------------------------ ---- ---- -------------- --- -------------- --- ------------- Net increase/(decrease) in cash and cash equivalents 1,563,363 (1,290,601) (670,043) Cash and cash equivalents at the beginning of the period 2,980,329 3,650,372 3,650,372 ------------------------------------ ---- ---- -------------- --- -------------- --- ------------- Cash and cash equivalents at the end of the period 4,543,692 2,359,771 2,980,329
------------------------------------ ---- ---- -------------- --- -------------- --- ------------- Notes to the condensed consolidated interim financial statements for the 6 months ended 30 September 2020 1 General information These condensed consolidated interim financial statements are for Circle Property Plc ("the Company") and its subsidiary undertakings (together referred to as the "Group"). The Company's shares are admitted to trading on AIM, a market operated by the London Stock Exchange plc. The Company is domiciled and registered in Jersey, Channel Islands. The address of its registered office is 3rd Floor, Standard Bank House, 47-49 La Motte Street, St Helier, Jersey, JE2 4SZ. The nature of the Company's operations and its principal activities are that of property investment in the UK. 2 Principal accounting policies Basis of accounting The condensed consolidated interim financial statements have been prepared in accordance with the IAS 34 "Interim Financial Reporting" and should be read in conjunction with the Group's last consolidated financial statements as at and for the year ended 31 March 2020. They do not include all of the information required for a complete set of IFRS financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since the last financial statements. Going concern The Group's business activities, together with the factors likely to affect its future development, performance and position are set out in the Chief Executive's statement. The financial position of the Group, its cash flows, liquidity position and borrowing facilities are described in these financial statements. The Directors have assessed the Group's ability to continue as a going concern, including an assessment of the impact of Covid-19. In making their assessment the Directors have modelled the Group's cash forecasts based on the circumstances of each tenant on an individual basis. Rental collections have been monitored on a weekly basis with ongoing communication with tenants in respect of the collection of rental arrears. Loan covenants have been stress tested taking into consideration a potential reduction in the valuation of the Group's property portfolio. Based on these considerations 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 have adopted the going concern basis in preparing the financial statements. Estimates and judgements In preparing these condensed consolidated interim financial statements, management has made judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. The significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 31 March 2020. 3 Operating segments During the period the Group operated in one geographical segment, which is the United Kingdom, and one reporting segment, which is investment in commercial property. Therefore, no segmental reporting is required. 4 Revenue 6 months 6 months 12 months to to to 30 September 30 September 31 March 2020 2019 2020 (unaudited) (unaudited) (audited) GBP GBP GBP ------------------------------------- ---- -------------- --- -------------- --- ------------- Rental income 3,290,782 3,339,652 6,715,456 Lease incentive adjustment 628,525 223,670 781,756 -------------------------------------------- -------------- --- -------------- --- ------------- 3,919,307 3,563,322 7,497,212 Insurance recovery 71,130 72,286 144,874 Service charge income 856,174 681,637 1,697,533 Dilapidation monies 82,718 33,000 273,993 -------------------------------------------- -------------- --- -------------- --- ------------- 1,010,022 786,923 2,116,400 4,929,329 4,350,245 9,613,612 ------------------------------------------ -------------- --- -------------- --- ------------- 5 Property expenses 6 months 6 months 12 months to to to 30 September 30 September 31 March 2020 2019 2020 (unaudited) (unaudited) (audited) GBP GBP GBP ------------------------------------- ---- -------------- --- -------------- --- ------------- Property expenses 6,729 11,504 28,331 Property service charges 158,495 83,437 246,737 Property repairs and maintenance costs 89,832 8,753 59,260 Property insurance 79,630 76,483 166,995 Property rates 78,328 108,909 175,700 Recoverable service charge costs 856,174 681,637 1,697,533 1,269,188 970,723 2,374,556 ------------------------------------------ -------------- --- -------------- --- ------------- 6 Administrative expenses 6 months 6 months 12 months to to to 30 September 30 September 31 March 2020 2019 2020 (unaudited) (unaudited) (audited) GBP GBP GBP ------------------------------------- ---- -------------- --- -------------- --- ------------- Staff costs 536,032 384,712 1,593,790 Administration fees 152,311 153,189 305,250 Legal and professional fees 214,488 344,413 749,233 Audit fees - 1,928 62,673 Accountancy fees 3,484 2,105 7,778 Rent, rates and other office costs 24,891 49,981 26,334 Other overheads 16,987 40,287 140,303 Depreciation of tangible fixed assets 7,145 5,443 11,744 Amortisation of right of use assets 23,502 - 47,004 978,840 982,058 2,944,109 ------------------------------------------ -------------- --- -------------- --- ------------- 7 Finance income 6 months 6 months 12 months to to to 30 September 30 September 31 March 2020 2019 2020 (unaudited) (unaudited) (audited) GBP GBP GBP ------------------------------------- ---- -------------- --- -------------- --- ------------- Bank interest 2,083 1,679 1,531 2,083 1,679 1,531 ------------------------------------------ -------------- --- -------------- --- -------------
8 Finance costs 6 months 6 months 12 months to to to 30 September 30 September 31 March 2020 2019 2020 (unaudited) (unaudited) (audited) GBP GBP GBP ------------------------------------- ---- -------------- --- -------------- --- ------------- Loan interest 767,484 732,280 1,592,948 Loan commitment fees 12,479 36,217 49,039 Amortisation of lending costs 100,697 90,423 188,215 Annual agency fee - - 45,000 Interest on lease liabilities 3,856 - 10,138 884,516 858,920 1,885,340 ------------------------------------------ -------------- --- -------------- --- ------------- 9 Taxation 6 months 6 months 12 months to to to 30 September 30 September 31 March 2020 2019 2020 (unaudited) (unaudited) (audited) GBP GBP GBP ------------------------------------- ---- -------------- --- -------------- --- ------------- Current tax 215,426 192,684 238,098 Deferred tax (credit) / charge (329,140) (337,758) 1,403,312 (113,714) (145,074) 1,641,410 ------------------------------------------ -------------- --- -------------- --- ------------- 10 Earnings/loss per share Basic earnings/loss per share has been calculated on profit/loss after tax attributable to ordinary shareholders for the period (as shown on the condensed consolidated statement of comprehensive income) and the weighted average number of ordinary shares in issue during the period. 6 months 6 months 12 months to to to 30 September 30 September 31 March 2020 2019 2020 (unaudited) (unaudited) (audited) GBP GBP GBP ------------------------------------- ---- -------------- --- -------------- --- ------------- Profit/(loss) for the period (622,321) 1,250,687 3,519,506 -------------------------------------------- -------------- --- -------------- --- ------------- Weighted average number of shares 28,296,762 28,296,762 28,296,792 -------------------------------------------- -------------- --- -------------- --- ------------- Earnings/(loss) per ordinary share: (0.02) 0.04 0.12 -------------------------------------------- -------------- --- -------------- --- ------------- In the opinion of the Board, treasury shares held to satisfy share awards to management currently do not have any material value and hence do not have any dilutive effect. Therefore no diluted earnings/(loss) per share has been presented. 11 Investment properties 30 September 30 September 31 March 2020 2019 2020 (unaudited) (unaudited) (audited) GBP GBP GBP ------------------------------------- ---- -------------- --- -------------- --- ------------- Balance brought forward 139,450,000 124,600,000 124,600,000 Cost of refurbishment of investment properties 306,378 404,189 2,041,775 Cost of acquisition of investment property - 15,412,420 15,412,420 Disposal of investment properties - (4,600,000) (5,900,000) (Loss)/Gain on revaluation of investment properties (2,534,903) (390,279) 2,514,049 Lease incentive amortisation 628,525 223,670 781,756 Fair value of investment properties per valuation report 137,850,000 135,650,000 139,450,000 -------------------------------------- ---- -------------- --- -------------- --- ------------- Unamortised lease incentives (10,738,117) (9,503,492) (10,109,592) Closing fair value 127,111,883 126,146,508 129,340,408 -------------------------------------------- -------------- --- -------------- --- ------------- The fair value of the Group's investment properties at 30 September 2020 has been arrived at on the basis of valuation carried out by Savills (UK) Limited. The valuation was carried out in accordance with the Practice Statements contained in the Appraisal and Valuation Standards as published by the RICS. In forming their opinion of the fair value, the independent valuers had regard to the current best use of the property, its investment attributes and recent comparable transactions. The valuation was carried out using the "All Risks Yield" method taking into consideration both sales and rental evidence and formulating the opinion of market value taking into account the properties' locations, specifications and specific characteristics. At 30 September 2020, the fair value of the Group's investment properties per the valuation report amounted to GBP137,850,000. This valuation takes into account the impact of Covid-19 and the Company's valuers' inclusion of a 'material uncertainty clause' on the independent valuations (in accordance with VPS3 and VPGA 10 of the RICS valuation - Global Standards). The difference between the fair value of the investment properties per the valuation report and the fair value per the balance sheet of GBP10,738,117 relates to unamortised lease incentives which are recorded in the financial statements within non-current and current assets. The Group has pledged all of its investment properties to secure banking facilities granted to the Group as detailed in note 13. 12 Trade and other receivables 30 September 30 September 31 March 2020 2019 2020 (unaudited) (unaudited) (audited) GBP GBP GBP ------------------------------------- ---- -------------- --- -------------- --- ------------- Non-current Lease incentives 10,128,672 8,546,628 9,562,066 -------------------------------------------- -------------- --- -------------- --- ------------- Current Lease incentives 609,445 956,864 547,526 Amounts due from property agents 532,692 15,391 405,794 Amounts due from tenants 1,124,020 602,316 888,529 Tenant deposits 271,017 88,152 293,334 Other receivables 146,654 148,627 262,936 2,683,828 1,811,350 2,398,119 ------------------------------------------ -------------- --- -------------- --- ------------- 13 Borrowings 30 September 30 September 31 March 2020 2019 2020 (unaudited) (unaudited) (audited) GBP GBP GBP ------------------------------------- ---- -------------- --- -------------- --- ------------- Brought forward 60,721,840 49,738,852 49,039,681
Loan repayments - - (2,530,000) Loan drawdowns 1,000,000 10,261,148 14,091,148 Lending costs - (721,900) (67,204) Amortisation of lending costs 100,697 113,152 188,215 Total borrowings 61,822,537 59,391,252 60,721,840 -------------------------------------------- -------------- --- -------------- --- ------------- The Group is party to a revolving facility, with NatWest and HSBC. The facility is a GBP60,000,000 revolving facility with an accordion option of up to GBP40,000,000, of which GBP5,000,000 had been committed at the period end. The facility has a four-year term, repayable on 13 February 2023. The rate of interest is the aggregate of the margin 2.05% and LIBOR and is payable quarterly. A commitment fee is payable at a rate of 0.82% on the undrawn facility and in relation to the accordion facility. The Group paid an arrangement fee of 0.875% for the facility, which along with other costs of arranging the facility including legal costs have been amortised and will be written off over the 4-year term. The facility is secured by a first and only legal charge over the Group's investment properties, an assignment of rental income, charges over specified bank accounts of the Group and a floating charge granted over all assets of the Group. The facility's financial covenants are 60% loan to value, 2.00:1 interest cover looking both forward and backward, the Group shall ensure that the total market value of the charged properties does not fall below GBP50,000,000 at any time and that no single tenant represents more than 25% of the total contracted rents. At 30 September 2020, GBP62,300,000 of the total facility had been drawn down. The undrawn facility was GBP2,700,000. 14 Trade and other payables 30 September 30 September 31 March 2020 2019 2020 (unaudited) (unaudited) (audited) GBP GBP GBP ------------------------------------- ---- -------------- --- -------------- --- ------------- Trade payables 26,782 39,698 79,009 Property improvement costs 59,242 - 64,178 Wages and salaries 27,902 - 235,408 Deferred income 1,749,920 1,611,306 1,603,989 Rental deposit accounts 271,017 92,546 295,787 Finance costs 285,834 343,033 364,520 VAT 257,742 257,413 186,444 Valuation fee 18,000 15,000 28,000 Audit fee - - 60,745 Administration fees 363 - 691 Current taxation 314,698 359,785 216,045 3,011,500 2,718,781 3,134,816 ------------------------------------------ -------------- --- -------------- --- ------------- 15 Subsequent events There are no material subsequent events requiring adjustment or disclosure in the financial statements.
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