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Name | Symbol | Market | Type |
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Cred Ag Co 24 | LSE:64IG | London | Medium Term Loan |
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RNS Number : 2303I Simons & Co Limited 14 November 2008 Simons & Co Limited Condensed consolidated interim financial information Six months ended 30 June 2008 DIRECTORS' STATEMENT An interim preference share dividend of 3.75% per share was paid on 28 June 2008. No dividend has been or will be paid in respect of the company's ordinary shares. J Simon Director Condensed consolidated interim income statement 6 months to 6 months to Year ended 30 June 30 June 31 December 2007 2008 2007 £ £ £ Note Continuing operations Investment income 23,936 23,935 38,296 Other operating income 2,713 3,696 7,412 Total income 3 26,649 27,631 45,708 Share of results of associates 31,464 19,388 2,246 58,113 47,019 47,954 Administrative expenses (22,700) (19,349) (57,735) Operating profit/(loss) 35,413 27,670 (9,781) Finance costs 4 (23,151) (22,971) (47,270) Profit/(loss) before taxation 12,262 4,699 (57,051) Tax 5 - - - Profit/(loss) attributable to equity holders of the parent 12,262 4,699 (57,051) Condensed consolidated interim statement of changes in equity Share capital Share premium Other reserves Available for sale Retained earnings Total reserve equity £ £ £ £ £ £ At 1 January 2007 200,000 140 35,000 744,322 231,657 1,211,119 Available for sale assets -gains on revaluation taken to equity - - - 71,804 - 71,804 Tax on items taken directly to equity - - - (13,643) - (13,643) Net income recognised directly in equity - - - 58,161 - 58,161 Profit for the period - - - - 4,699 4,699 Total recognised income and expense - - - 58,161 4,699 62,860 At 30 June 2007 and 1 July 2007 200,000 140 35,000 802,483 236,356 1,273,979 Available for sale assets - losses on revaluation taken to equity - - - (440,399) - (440,399) Tax on items taken directly to equity - - - 78,173 - 78,173 Net income recognised directly in equity - - - (362,226) - (362,226) Loss for the period - - - - (61,750) (61,750) Total recognised income and expense - - - (362,226) (61,750) (423,976) At 31 December 2007 and 1 January 2008 200,000 140 35,000 440,257 174,606 850,003 Available for sale assets - losses on revaluation taken to equity - - - (378,169) - (378,169) Tax on items taken directly to equity - - - 73,912 - 73,912 Net losses recognised directly in equity - - - (304,257) - (304,257) Profit for the period - - - - 12,262 12,262 Total recognised income and expense - - - (304,257) 12,262 (291,995) At 30 June 2008 200,000 140 35,000 136,000 186,868 558,008 Condensed consolidated interim balance sheet At 31 December 2007 £ At 30 June 2008 At 30 June 2007 £ £ Note Non-current assets Interests in associates 313,661 299,339 282,197 Available for sale investments 6 1,072,275 1,890,843 1,450,444 1,385,936 2,190,182 1,732,641 Current assets Other receivables 1,539 1,847 1,537 Cash and cash equivalents 142,217 198,320 151,316 143,756 200,167 152,853 Total assets 1,529,692 2,390,349 1,885,494 Current liabilities Other payables (18,083) (15,835) (17,427) Borrowings (671,000) (682,558) (681,233) (689,083) (698,393) (698,660) Net current liabilities (545,327) (498,226) (545,807) Non-current liabilities Other payables (82,449) (65,740) (62,767) Borrowings (164,000) (164,000) (164,000) Deferred tax liabilities 5 (36,152) (188,237) (110,064) (282,601) (417,977) (336,831) Total liabilities (971,684) (1,116,370) (1,035,491) Net assets 558,008 1,273,979 850,003 Equity attributable to equity holders Share capital 200,000 200,000 200,000 Share premium 140 140 140 Other reserves 35,000 35,000 35,000 Available for sale reserve 136,000 802,483 440,257 Retained earnings 186,868 236,356 174,606 Total equity attributable to 558,008 1,273,979 850,003 equity holders Condensed consolidated interim cash flow statement 6 months to 6 months to Year ended 30 June 30 June 31 December 2007 2008 2007 £ £ £ Cash flows from operating activities Profit /(loss) for the period 12,262 4,699 (57,051) Finance costs 23,151 22,971 47,270 Share of results of associates (31,464) (19,388) (2,246) Operating cash flows before movements in working capital 3,949 8,282 (12,027) (Increase)/decrease in (2) 660 970 receivables Increase/(decrease) in 20,338 (17,477) (18,858) payables Net cash from/(used in) operating activities before 24,285 (8,535) (29,915) income taxes Income taxes paid - - - Net cash from/(used in) operating activities 24,285 (8,535) (29,915) Cash out flows from financing activities Preference dividends paid (6,150) (12,300) (18,450) Interest on bank loans (17,001) (16,821) (34,970) Net cash used in financing (23,151) (29,121) (53,420) activities Net increase/(decrease) in cash and cash equivalents 1,134 (37,656) (83,335) Cash and cash equivalents at the beginning of the period 141,083 224,418 224,418 Cash and cash equivalents at the end of the period 142,217 186,762 141,083 Analysed as: Bank and cash in hand 142,217 198,320 151,316 Bank overdraft - (11,558) (10,233) Cash and cash equivalents 142,217 186,762 141,083 Notes to the condensed consolidated interim financial information 1. NATURE OF OPERATIONS AND GENERAL INFORMATION Simons and Co Limited is a company incorporated in the United Kingdom under the Companies Act 1985. The address of the registered office is Quartermile One, 15 Lauriston Place, Edinburgh, Scotland, EH3 9EP. The principal activities of the group consist of holding investments in a number of publicly listed and unquoted companies to provide income. The principal activity of the associate is that of manufacturing instruments for measuring and monitoring the environment. The company's preference shares are listed on the London Stock Exchange. This condensed consolidated interim financial information has been approved for issue by the Board of Directors on 30 October 2008. It has been neither audited or reviewed by the auditors. The financial information set out in this interim report does not constitute statutory accounts as defined by s240 of the Companies Act 1985. A copy of the group's statutory financial statements for the year ended 31 December 2007, prepared in accordance with International Financial Reporting Standards (IFRS) adopted by the European Union and International Financial Reporting Interpretations Committee (IFRIC) interpretations, have been delivered to the Registrar of Companies. The auditors' report was not qualified. 2. BASIS OF PREPARATION These interim consolidated condensed financial statements are for the six months ended 30 June 2008. They have been prepared in accordance with IAS 34 "Interim Financial Reporting". They do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the group for the year ended 31 December 2007. 3. SEGMENT REPORTING The group's business consists of a single segment and operates in a single geographical location. An analysis of the group's income is as follows: Year ended 6 months to 6 months to 31 December 2007 30 June2008 30 June 2007 £ £ £ Investment income -Listed dividends-UK 23,936 23,935 38,296 Other operating income -Bank deposit interest 2,713 3,696 7,412 26,649 27,631 45,708 4. FINANCE COSTS Year ended 6 months to 6 months to 31 December 2007 30 June 2008 30 June 2007 £ £ £ Dividend on preference shares -Interim paid (3.75p per 6,150 6,150 6,150 share) -Final paid (3.75p per share) - - 6,150 Interest on bank loans and 17,001 16,821 34,970 overdrafts 23,151 22,971 47,270 No ordinary share dividend has been paid. 5. TAXATION Year ended 6 months to 6 months to 31 December 2007 30 June 2008 30 June 2007 £ £ £ United Kingdom Group current taxation - - - Deferred tax £ At 1 January 2007 174,594 Charge to equity 13,643 At 30 June 2007 and 1 July 2007 188,237 Credit to equity (78,173) At 31 December 2007 and 1 January 2008 110,064 Credit to equity (73,912) At 30 June 2008 36,152 6. INVESTMENTS Available for sale Investments £ Listed investments 1 January 2007 1,819,039 Revaluation surplus transfer to equity 71,804 At 30 June 2007 and 1 July 2007 1,890,843 Revaluation deficit transfer to equity (440,399) At 31 December 2007 and 1 January 2008 1,450,444 Revaluation deficit transfer to equity (378,169) At 30 June 2008 1,072,275 This information is provided by RNS The company news service from the London Stock Exchange END IR EAKFLFFEPFFE
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