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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Northacre | LSE:NTA | London | Ordinary Share | GB0006877939 | ORD 2.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 95.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Consolidated Interim Statement of Changes in Equity (Unaudited)
Called Up Share Merger Retained Total Share Premium Reserve Earnings Capital Account GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 As at 1(st) March 2013 668 18,552 - 20,895 40,115 Total comprehensive loss for the period - - - (1,855) (1,855) Transactions with owners of the Company: Dividends paid - - - (10,691) (10,691) -------- -------- -------- --------- --------- As at 31(st) August 2013 668 18,552 - 8,349 27,569 Total comprehensive loss for the period - - - (943) (943) Transactions with owners of the Company: Issue of Ordinary shares 390 4,013 8,086 - 12,489 As at 28(th) February 2014 1,058 22,565 8,086 7,406 39,115 Total comprehensive profit for the period - - - 867 867 Transactions with owners of the Company: Dividends declared - - (8,086) (6,913) (14,999) -------- -------- -------- --------- --------- As at 31(st) August 2014 1,058 22,565 - 1,360 24,983 ======== ======== ======== ========= =========
Northacre PLC
Notes to the Unaudited Interim Financial Statements
For the Six Months ended 31(st) August 2014
1. Basis of Preparation and Accounting Policies
Basis of Preparation
The interim financial information for the six months ended 31(st) August 2014 and 31(st) August 2013 is unaudited. The interim financial information was approved by the Board of Directors on 11(th) November 2014.
The statutory financial statements for the year ended 28(th) February 2014, prepared under International Financial Reporting Standards (IFRS), have been reported on by the Group auditors and delivered to the Registrar of Companies. The audit report was unqualified and did not contain a statement under s498 of the Companies Act 2006.
These accounts have been prepared in accordance with International Accounting (IAS) 34 'Interim Financial Reporting'.
The interim financial information does not constitute statutory financial statements within the meaning of the Companies Act 2006.
Accounting Policies
The accounting policies adopted are consistent with those applied as at 28(th) February 2014 and those that the Directors expect to be adopted as at 31(st) December 2014. They are set out in full in the financial statements for the year ended 28(th) February 2014.
Going Concern
The Company and Group currently meet their day-to-day working capital requirements through monies received from The Lancasters Development and 33 Thurloe Square dividends and through fees receivable from its projects: Vicarage Gate House, 13-14 Vicarage Gate, 33 Thurloe Square, Chester Square and 1 Palace Street.
The Directors have prepared detailed cash flow projections for the period ending 31(st) December 2018 making reasonable assumptions about the levels and timings of income and expenditure, and in particular the timing of receipt of certain fees due from major developments. These projections show that the Group can meet its on-going working capital requirements. On this basis the Directors consider it appropriate to prepare the financial statements on a going concern basis.
Significant Judgements and Estimates of Areas of Uncertainty
In preparing these financial statements the Directors are required to make judgements and best estimates of the outcome of and in particular, the timing of revenues, expenses, assets and liabilities based on assumptions. These assumptions are based on historical experience and various other factors that are considered reasonable under the various circumstances. The estimates and assumptions are reviewed on a regular basis with any revisions being applied in the relevant period. The material areas where estimates and assumptions are made are:
- The valuation of goodwill; - The valuation of available for sale financial assets; and - The status and progress of the developments and projects.
Basis of Consolidation
The Group financial statements include the financial statements of the Company and its subsidiary undertakings. Subsidiary undertakings are all entities over which the Group has the power to govern the financial and operating policies of the subsidiary and therefore exercises control. The existence and effect of both current voting rights and potential voting rights that are currently exercisable or convertible are considered when assessing whether control of an entity is exercised. Subsidiaries are consolidated from the date at which the Group obtains the relevant level of control and are de-consolidated from the date at which control ceases.
Revenue
Revenue represents amounts earned by the Group in respect of services rendered during the period net of value added tax. Shares in development profits and performance fees are recognised when the amounts involved have been finally determined and agreed criteria for recognition have been fulfilled. Fees in respect of project management and interior and architectural design are recognised in accordance with the stage of completion of the contract.
Investments
Investments in subsidiaries, associates and joint ventures, and other investments are presented in the Group and Parent financial statements at cost, less any necessary provision or impairment.
Associates
Associates are entities over which the Group exercise significant influence but does not exercise control. Investments in associates are accounted for using the equity method of accounting and are initially recognised at cost, which includes goodwill identified on acquisition, net of any accumulated impairment loss. The Group's share of its associate's profits or losses after acquisition of its interest is recognised in profit or loss and cumulative post-acquisition movements are adjusted against the carrying amount of the investment. Where the Group's share of losses of an associate equals or exceeds the carrying amount of the investment, the Group only recognises further losses where it has incurred obligations or made payments on behalf of the associate.
Financial Assets
Available for sale financial assets consist of equity investments in other entities where the Group does not exercise either control or significant influence. The investments reflect capital contributions made in respect of projects undertaken with other partners in which the Group will be entitled to an eventual profit share.
Available for sale financial assets are shown at fair value at each reporting date with changes in fair value being shown in Other Comprehensive Income, or at cost less any necessary provision for impairment where a reliable estimate of fair value is not able to be determined.
Impairment of Assets
Assets that have an indefinite useful life are not subject to amortisation but are instead tested annually for impairment and are subject to additional impairment testing if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
Assets that are subject to depreciation and amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Indicators of impairment are reviewed annually.
An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. Any impairment charge is recognised in profit or loss in the year in which it occurs. When an impairment loss, other than an impairment loss on goodwill, subsequently reverses due to a change in the original estimate, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, up to the carrying amount that would have resulted, net of depreciation, had no impairment loss been recognised for the asset in prior years.
Business Combinations and Goodwill
Goodwill relating to acquisitions prior to 1(st) March 2006 is carried at the net book value on that date and is no longer amortised but is subject to annual impairment review. On acquisition, the assets, 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 or loss in the period of acquisition. Goodwill is tested annually for impairment.
Capital and Financial Risk Management
The Group manages its capital to ensure that the Group will be able to continue as a going concern, while maximising the return to shareholders through the optimisation of its debt and equity balance.
The capital structure of the Group consists of cash and cash equivalents and equity attributable to equity holders of the Parent Company, comprising issued capital, share premium account and retained profits.
The Group manages the capital structure and makes adjustments to it in the light of changes in economic conditions. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends payable to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt or increase capital.
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