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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:7544E
Simons & Co Limited
28 September 2007
Simons & Co Limited
Preliminary Statement
Year ended 31 December 2006
DIRECTORS' STATEMENT
During the 12 months ended 31 December 2006, the group delivered a strong
increase in operating income following the increased dividend contribution from
Wellington Market Company plc, and as a result of strong growth in profitability
in its associates. This was offset by the increased costs of financing relating
to the higher average levels of borrowing as well as rising bank rates. Given
the strong asset base of the company we remain comfortable with these levels of
borrowings, indeed we note the continued strong share price performance of
Wellington Market Company plc.
Key performance indicators
Key performance indicator 2006 2005
Net debt/equity1 51% 75%
Return on assets(2) 0.8% 4%
Notes to KPIs
1 As at 31 December 2006, net debt to equity stood at 51% versus 75% at 31
December 2005. This reflects the growth in shareholders' equity relating to the
increase in value of the group's investments. Net debt is calculated as
borrowings less cash and cash equivalents as reported in the financial
statements.
(2) Return on assets for the year ended 31 December 2006 was 0.8%, down from
4.0% in the previous year. This reflects a reduced level of profits on disposal
of assets, higher finance costs (noted above) as well as the increase in the
denominator relating to the increase in the group's shareholding in Wellington
Market Company plc. Return on assets is calculated as profit before tax as a
percentage of net assets, as reported in the financial statements.
Dividends
The dividend of 3.75% net per share due to Preference shareholders for the
period to 30 June 2006 was paid on 1 July 2006 and the dividend of 3.75% net per
share due to Preference shareholders for the period to 31 December 2006 was paid
on 1 January 2007. No additional dividend was declared.
No dividend was declared in respect of the Company's ordinary shares.
J SIMON
Director
Consolidated income statement
for the year ended 31 December 2006
Note 2006 2005
# #
Continuing operations
Investment income 38,295 20,857
Other operating income 8,124 11,425
Total income 2 46,419 32,282
Share of results of associates 39,893 30,091
Gains and losses on investments
-Gains/(losses) on fair value through profit or 124 (316)
loss assets
-Profit on disposal of available for sale assets 11,252 44,979
11,376 44,663
97,688 107,036
Administration expenses (37,141) (19,305)
Finance costs 3 (42,739) (14,400)
Profit before taxation 17,808 73,331
Taxation 4 - (5,053)
Profit attributable to equity holders of the
parent 17,808 68,278
Consolidated statement of changes in equity
for the year ended 31 December 2006
Note Share Share Other Available for Retained Total
capital premium reserves sale reserve earnings
# # # # # #
At 1 January 2005 200,000 140 35,000 251,929 145,571 632,640
Changes in equity for 2005
Available for sale assets
-gains on revaluation taken to
equity 5 - - - 128,076 - 128,076
-transferred to income
statement on sale - - - (28,286) - (28,286)
Tax on items taken directly to
equity 4 - - - (18,960) - (18,960)
Net income recognised directly
in equity - - - 80,830 - 80,830
Profit for the period - - - - 68,278 68,278
Total recognised income and
expense - - - 80,830 68,278 149,108
At 31 December 2005 and 1
January 2006 200,000 140 35,000 332,759 213,849 781,748
Changes in equity for 2006
Available for sale assets
-gains on revaluation taken to
equity 5 - - - 518,754 - 518,754
-transferred to income
statement on sale - - - (10,652) - (10,652)
Tax on items taken directly to
equity 4 - - - (96,539) - (96,539)
Net income recognised directly
in equity - - - 411,563 - 411,563
Profit for the period - - - - 17,808 17,808
Total recognised income and
expense - - - 411,563 17,808 429,371
At 31 December 2006 200,000 140 35,000 744,322 231,657 1,211,119
Consolidated balance sheet
at 31 December 2006
Note 2006 2005
# #
Non-current assets
Interests in associates 279,951 240,058
Available for sale investments 5 1,819,039 1,280,746
2,098,990 1,520,804
Current assets
Fair value through profit or loss investments - 332
Other receivables 2,507 28,038
Cash and cash equivalents 224,418 268,167
226,925 296,537
Total assets 2,325,915 1,817,341
Current liabilities
Other payables (16,743) (7,246)
Tax liabilities - (5,053)
Borrowings 6 (671,000) (190,273)
Preference dividends (6,150) (6,150)
(693,893) (208,722)
Net current (liabilities)/assets (466,968) 87,815
Non-current liabilities
Other payables (82,309) (84,816)
Borrowings 6 (164,000) (664,000)
Deferred tax liabilities 4 (174,594) (78,055)
(420,903) (826,871)
Total liabilities (1,114,796) (1,035,593)
Net assets 1,211,119 781,748
Consolidated balance sheet (continued)
at 31 December 2006
2006 2005
# #
Equity attributable to equity holders
Share capital 200,000 200,000
Share premium 140 140
Other reserves 35,000 35,000
Available for sale reserve 744,322 332,759
Retained earnings 231,657 213,849
Total equity attributable to equity holders 1,211,119 781,748
Consolidated cash flow statement
for the year ended 31 December 2006
2006 2005
# #
Cash flows from operating activities
Profit before tax 17,808 73,331
Adjustments for gains and losses on investments (11,376) (44,663)
Finance costs 42,739 14,400
Share of results of associates (39,893) (30,091)
Proceeds on disposal of fair value through profit or 456 (408)
loss investments
Proceeds on disposal of available for sale 22,875 160,694
investments
Purchase of available for sale investments (41,814) (620,229)
Operating cash flows before movements in working
capital (9,205) (446,966)
Decrease/(increase) in receivables 25,531 (24,991)
Increase/(decrease) in payables 6,990 (174,049)
Net cash from/(used in) operating activities before
income taxes 23,316 (646,006)
Income taxes paid (5,053) -
Net cash from/(used in) operating activities 18,263 (646,006)
Cash flows from financing activities
Dividends paid (12,300) (12,300)
Interest on bank loans (30,439) (2,100)
New bank loans raised - 500,000
Net cash (used in)/from financing activities (42,739) 485,600
Net decrease in cash and cash equivalents (24,476) (160,406)
Cash and cash equivalents at beginning of year 248,894 409,300
Cash and cash equivalents at end of year 224,418 248,894
1. SIGNIFICANT ACCOUNTING POLICIES
Basis of accounting
The financial statements have been prepared in accordance with EU endorsed
International Financial Reporting Standards (IFRS), International Financial
Reporting Interpretations Committee (IFRIC) interpretations and with those parts
of the Companies Act 1985 applicable to companies reporting under IFRS. All
accounting standards and interpretations issued by the International Accounting
Standards Board and the International Financial Reporting Interpretations
Committee effective at the time of preparing these financial statements have
been applied.
The financial statements have been prepared under the historical cost convention
with the exception of certain financial instruments, which are measured at fair
value. A summary of the significant accounting policies adopted in the
preparation of the financial statements is set out below. These policies have
been consistently applied to all the years presented, unless otherwise stated.
Basis of consolidation
The consolidated financial statements incorporate the financial statements of
the company and entities controlled by the company (its subsidiaries) made up to
31 December each year. Control is achieved where the company has the power to
govern the financial and operating policies of an investee entity so as to
obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year
are included in the consolidated income statement from the effective date of
acquisition or up to the effective date of disposal, as appropriate.
Where necessary, adjustments are made to the financial statements for
subsidiaries to bring the accounting policies used into line with those used by
the group.
All intra-group transactions, balances, income and expenses are
eliminated on consolidation.
Business combinations
The purchase method is used to account for all acquisitions. The cost of an
acquisition is measured at the fair values, on the date of exchange, of assets
given, liabilities incurred or assumed, and equity instruments issued, plus any
costs directly attributable to the acquisition.
On acquisition, the assets and liabilities and contingent liabilities of a
subsidiary are measured at their fair values at the date of acquisition. Any
excess of the cost of acquisition over the fair values of the identifiable net
assets acquired is recognised as goodwill. Any deficiency of the cost of
acquisition below the fair values of the identifiable net assets acquired (i.e
discount on acquisition) is credited to profit and loss in the period of
acquisition.
Investments in subsidiaries
In the company's separate financial statements, investments in
subsidiaries are carried at cost less any impairment losses.
1. SIGNIFICANT ACCOUNTING POLICIES (continued)
Investments in associates
An associate is an entity over which the group is in a position to
exercise significant influence, but not control or joint control, through
participation in the financial and operating decisions of the investee.
The results and assets and liabilities of associates are
incorporated in these financial statements using the equity method of
accounting, except when classified as held for sale. Investments in associates
are carried in the balance sheet at cost as adjusted by post-acquisition changes
in the group's share of the net assets of the associate, less any impairment in
the value of individual investments. Losses of the associates in excess of the
group's interest in those associates are not recognised.
Any excess of the cost of acquisition over the group's share of the
fair values of the identifiable net assets of the associate at the date of
acquisition is recognised as goodwill. Any deficiency of the cost of
acquisition below the group's share of the fair values of the identifiable net
assets of the associate at the date of acquisition (i.e discount on acquisition)
is credited to profit or loss in the period of acquisition.
Where a group company transacts with an associate of the group,
profits and losses are eliminated to the extent of the group's interest in the
relevant associate. Losses may provide evidence of an impairment of the asset
transferred in which case appropriate provision is made for impairment.
Income
Dividend income from investments is recognised when the shareholders' rights to
receive payment has been established.
Interest income is accrued on a time basis, by reference to the
principal amount outstanding at the effective interest rate applicable, which is
the rate that exactly discounts estimated future cash receipts through the
expected life of the financial asset to that asset's net carrying amount.
Taxation
The tax expense represents the sum of the tax payable and deferred tax.
The tax currently payable is based on taxable profit for the year.
Taxable profit differs from net profit as reported in the income statement
because it excludes items of income or expenses that are taxable or deductible
in other years and it further excludes items that are never taxable or
deductible. The group's liability for current tax is calculated using tax rates
that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is the tax expected to be payable or recoverable on
differences between the carrying amounts of assets and liabilities in the
financial statements and the corresponding tax bases used in the computation of
taxable profit, and is accounted for using the balance sheet liability method.
Deferred tax liabilities are recognised for taxable temporary differences
arising on investments in subsidiaries and associates except where the group is
able to control the reversal of the temporary difference and it is probable that
the temporary difference will not reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each
balance sheet date and reduced to the extent that it is no longer probable that
sufficient taxable profits will be available to allow all or part of the asset
to be recovered.
1. SIGNIFICANT ACCOUNTING POLICIES (continued)
Taxation (continued)
Deferred tax is calculated at rates that are expected to apply in the period
when the liability is settled or the asset is realised. Deferred tax is charged
or credited in the income statement, except when it relates to items charged or
credited directly to equity, in which case the deferred tax is also dealt with
in equity.
Financial instruments
The group classifies financial instruments, or their component
parts, on initial recognition as a financial asset, a financial liability or an
equity instrument in accordance with the substance of the contractual
arrangement.
Financial assets and financial liabilities are recognised on the
group's balance sheet when the group becomes a party to the contractual
provisions of the instrument.
The particular recognition and measurement methods adopted for the group's
financial instruments are disclosed below:
Investments
Investments are recognised and derecognised on the trade date, the
date on which the group commits to purchase or sell the asset. Investments are
initially recognised at fair value.
Investments are classified as either fair value through profit or
loss or available for sale and are measured at subsequent reporting dates at
fair value, which is either the bid price or the last traded price, depending on
the convention of the exchange on which the investment is quoted.
Where the group invests in financial assets with a view to profiting
from their total return in the form of interest, dividends or increases in fair
value, listed equities and fixed income securities are designated as fair value
through profit or loss on initial recognition.
Where securities are designated upon initial recognition as fair
value through profit or loss, gains and losses arising from changes in fair
value are included in net profit or loss for the period and transaction costs on
acquisition or disposal of the security are expensed. For available for sale
investments, gains and losses arising from changes in fair value are recognised
directly in equity, until the security is disposed of or determined to be
impaired, at which time the cumulative gain or loss previously recognised in
equity is included in the net profit or loss for the period. For available for
sale equity securities, transaction costs on acquisition are capitalised, and
the profit or loss on disposal is calculated net of transaction costs on
disposal.
Other receivables
Other receivables do not carry any interest and are short term in
nature and are accordingly stated at their nominal value as reduced by
appropriate allowances for estimated irrecoverable amounts.
Cash and cash equivalents
Cash and cash equivalents comprise short-term bank deposits with an
original maturity of three months or less. The carrying amount of these assets
approximates their fair value.
Financial liabilities and equity
Financial liabilities and equity instruments are classified
according to the substance of the contractual arrangements entered into. An
equity instrument is any contract that evidences a residual interest in the
assets of the group after deducting all of its liabilities. Financial
liabilities and equity instruments are recorded at the proceeds received net of
issue costs.
1. SIGNIFICANT ACCOUNTING POLICIES (continued)
Bank borrowings
Interest-bearing bank loans and overdrafts are recorded at the proceeds
received, net of direct issue costs. Bank loans are carried at amortised cost.
Finance charges, including premiums payable on settlement or redemption and
direct issue costs, are accounted for on an accruals basis in the income
statement using the effective interest method and are added to the carrying
amount of the instrument to the extent that they are not settled in the period
in which they arise.
Cumulative preference shares
The cumulative preference shares have been classified as liabilities, as they
represent a contractual obligation on behalf of the group to deliver to their
holders a fixed annual income and a fixed and determinable amount at redemption
and therefore meet the IAS32 "Financial Instruments: Disclosure and
Presentation" definition of liabilities. They are accordingly accounted for at
amortised cost, using the effective interest rate method.
Other payables
Other payables are not interest bearing and are stated at their nominal value.
2. 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:
2006 2005
# #
Investment income
-Listed dividends-UK 38,295 20,857
Other operating income
-Bank deposit interest 8,124 11,425
46,419 32,282
3. FINANCE COSTS
2006 2005
# #
Interest on bank loans and overdrafts
30,439 2,100
Preference dividends 12,300 12,300
42,739 14,400
4. TAXATION
2006 2005
# #
Current tax
UK Corporation tax
-current year - 5,053
Deferred tax - -
Total tax charge - 5,053
The charge for the year can be reconciled to the profit per income
statement as follows:
2006 2005
# #
Profit before taxation 17,808 73,331
Tax at UK corporation tax rate 19% (2005: 19%) 3,384 13,933
Tax effect of share of results of associates (7,580) (5,717)
Expenditure that is not tax deductible 3,235 2,337
Non-taxable income (7,276) (3,980)
Tax losses carried forward/(utilised) 8,237 (1,520)
Tax expense - 5,053
Deferred tax relating to the revaluation of available for sale investments has
been charged directly to equity:
Revaluation of available
for sale investments
#
At 1 January 2005 59,095
Charge to equity 18,960
At 31 December 2005 and 1 January 2006 78,055
Charge to equity 96,539
At 31 December 2006 174,594
5. AVAILABLE FOR SALE INVESTMENTS
2006 2005
# #
Listed investments
1 January 1,280,746 676,441
Additions 41,814 620,229
Disposals (22,275) (144,000)
Revaluation surplus transfer to equity 518,754 128,076
31 December 1,819,039 1,280,746
6. BORROWINGS
2006 2005
# #
Current
Bank overdraft - 19,273
Loan note 171,000 171,000
Bank loans 500,000 -
671,000 190,273
Non-current
Bank loans - 500,000
Preference shares 164,000 164,000
164,000 664,000
The borrowings are repayable as follows:
2006 2005
# #
On demand or within one year 671,000 190,273
In the second year - 500,000
In the third to fifth years inclusive - -
After 5 years 164,000 164,000
835,000 854,273
Less amounts due for settlement within 12 months
(shown under current liabilities) (671,000) (190,273)
Amount due for settlement after 12 months 164,000 664,000
7. PRELIMINARY STATEMENT
This preliminary statement, which has been agreed with the auditors,
was approved by the Board on 26 September 2007. It is not the company's
statutory accounts. The statutory accounts for the year ended 31 December 2005
have been delivered to the Registrar of Companies and received an audit report
which was unqualified and did not contain statements under s237 (2) or (3) of
the Companies Act 1985. The statutory accounts for the year ended 31 December
2006 have not yet been approved, audited or filed.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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