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| Name | Symbol | Market | Type |
|---|---|---|---|
| Cred Ag Co 24 | LSE:64IG | London | Medium Term Loan |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0 | - |
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RNS Number:9128R
Simons & Co Limited
28 September 2005
Simons & Co Limited
Interim Report Statement
Six months ended 30 June 2005
CHAIRMAN'S STATEMENT
The accounts for the six months ended 30th June 2005 have been prepared under
International Financial Reporting Standards. Among other consequences, these
standards treat preference share capital as debt.
For practical purposes, during the 6 months ended 30 June 2005 the Company's
investments continued to grow in value and generated a satisfactory return. The
directors expect that performance to continue for the next accounting period so
as to maintain a reasonable level of performance.
An interim preference share dividend of 3.75% per share was paid on 1st July
2005.
No dividend has been or will be paid in respect of the Company's ordinary
shares.
GM SIMON
Chairman
Summarised Consolidated Profit and Loss Account
Note Year ended
6 months to 30 6 months to 30 31 December
June 2005 June 2004 2004
Restated Restated
# # #
Administrative expenses (6,409) (4,324) (9,557)
Other operating income - - 2,750
Other operating expenses (270) (45) (5,388)
Increase in fair value of investments 180,384 124,110 167,557
Group operating profit - continuing operations 173,705 119,741 155,362
Share of associate's operating (loss)/profit (4,805) 4,021 8,042
168,900 123,762 163,404
Loss on sale of fixed asset investments - (533) (533)
Profit on ordinary activities before interest
and investment income 168,900 123,229 162,871
Dividend income 12,401 9,374 17,729
Net interest receivable 5,968 3,564 9,037
Profit on ordinary activities before taxation 187,269 136,167 189,637
Tax (charge)/credit on profit on ordinary 2
activities - (3,727) (831)
Profit on ordinary activities after taxation 187,269 132,440 188,806
Dividends on non-equity shares 3 (6,150) (6,150) (12,300)
Retained profit for the year 181,119 126,290 176,506
Summarised Consolidated Cash Flow Statement
Year ended
6 months to 30 6 months to 30 31 December
June 2005 June 2004 2004
Restated Restated
# # #
Net cash (used in)/from operating activities (99,394) (17,078) 74,333
Net cash from/(used in) investing activities 13,118 61,270 (25,409)
Taxation (paid)/received - - -
Net cash (used in)/from financing (582) (6,150) 92,700
Net (decrease)/increase in cash and cash (86,858) 38,042 141,624
equivalents
Cash and cash equivalents at the beginning of
the period 409,300 267,676 267,676
Cash and cash equivalents at the end of the
period 322,442 305,718 409,300
Summarised Consolidated Balance Sheet
At 30 June 2005 At 30 June 2004 At 31 December
2004
Restated Restated
# # #
Non-current assets
Interests in associates 205,049 206,476 209,967
Available for sale investments 856,824 527,467 676,440
1,061,873 733,943 886,407
Current assets
Trading investments 5,334 7,735 240
Trade and other receivables 3,047 23,647 3,047
Cash and cash equivalents 322,442 305,718 409,300
330,823 337,100 412,587
Total assets 1,392,696 1,071,043 1,298,994
Current liabilities
Trade and other payables 19,083 17,932 16,752
Tax liabilities - 3,311 -
Bank overdraft 5,568 - -
24,651 21,243 16,752
Non-current liabilities
Trade and other payables 160,192 178,283 255,508
Loan notes 171,000 66,000 171,000
Preference shares 164,000 164,000 164,000
495,192 408,283 590,508
Total liabilities 519,843 429,526 607,260
Net assets 872,853 641,517 691,734
Equity
Share capital 200,000 200,000 200,000
Share premium 140 140 140
Other reserves 35,000 35,000 35,000
Retained earnings 637,713 406,377 456,594
Total Equity 872,853 641,517 691,734
Notes to the Interim Report
1. CHANGES TO ACCOUNTING POLICIES
The group is required to prepare its financial statements in
accordance with International Financial Reporting Standards (IFRS) from 1
January 2005. It has therefore been necessary to revise some of the existing
accounting policies adopted by the group in order to comply with IFRS. A
reconciliation to show the effect of these changes in accounting policy is shown
below:
At 30 June 2005 At 30 June 2004 At 31 December
2004
# # #
Balance sheet
Net assets under existing accounting policies (UK
GAAP)
545,446 544,164 544,711
Fixed asset trade investments(1) 491,407 261,353 311,023
Preference shares(2) (164,000) (164,000) (164,000)
Net assets under IFRS 872,853 641,517 691,734
Profit and loss account
Retained profit for the period under existing
accounting policies (UK GAAP) 735 22,790 23,337
Increase in market value of investments(1) 180,384 124,110 167,557
Decrease in profit on sale of investments(1) - (20,610) (14,388)
Retained profit for the period under IFRS 181,119 126,290 176,506
(1) Fixed asset trade investments were previously held at cost. The group has
adopted IAS 39 from 1 January 2005, which states that investments should be held
at fair value, which is equivalent to their market value at the balance sheet
date. Comparative figures have been restated to be consistent with the new
accounting policy.
The decrease in profit on sale of investments is shown below:
At 30 June 2005 At 30 June 2004 At 31 December 2004
# # #
Profit on sale of investments
Disposal proceeds - 48,750 48,750
Cost - (34,363) (28,140)
Profit on disposal under existing - 14,387 20,610
accounting policies (UK GAAP)
Restate cost of investments sold to fair
value at 1 January 2004 (14,919) (21,142)
Loss on sale of investments - (532) (532)
Notes to the Interim Report
(Continued)
1. CHANGES TO ACCOUNTING POLICIES (continued)
(2) Preference shares were previously held in Equity. The group has adopted IAS
32 from 1 January 2005 and consequently reclassified preference shares to
non-current liabilities. Comparative figures have been restated to be
consistent with the new accounting policy.
2. TAXATION
6 months to 30 6 months to 30 Year ended 31
June 2005 June 2004 December 2004
# # #
United Kingdom
Group current taxation - (3,311) -
Share of associated undertaking's current tax - (416) (831)
- (3,727) (831)
Tax losses available to carry forward 17,493 5,851 11,084
A deferred tax asset has not been recognised in respect of tax losses.
3. DIVIDENDS
6 months to 30 6 months to 30 Year ended 31
June 2005 June 2004 December 2004
# # #
Dividend on non-equity shares
Preference shares - interim paid (3.75p per share) 6,150 6,150 12,300
No ordinary share dividend has been paid.
4. INTERIM REPORT
This interim report was neither audited nor reviewed by the
auditors. It was approved by the Board on 28 September 2005. It has been
prepared using accounting policies that conform to the requirements of
International Financial Reporting Standards, which have been adopted from 1
January 2005.
5. NON-STATUTORY ACCOUNTS
The information for the year ended 31 December 2004 does not
constitute statutory accounts as defined by s240 of the Companies Act 1985. A
copy of the statutory accounts for that year has been delivered to the Registrar
of Companies. The auditors' report was not qualified.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR EAXNPADASEFE
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