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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 |
From Jul 2019 to Jul 2024
TIDMNTA
RNS Number : 3436T
Northacre PLC
19 November 2013
NORTHACRE PLC
(the "Company" or "Group")
Results for the six months ended 31(st) August 2013
19(th) November 2013
Northacre PLC is pleased to announce its interim financial results for the six months ended 31(st) August 2013. The Interim Report and Accounts for the period then ended will be available shortly on the Company's website www.northacre.com.
Extracts from the Company's Interim Report and Accounts are shown below.
Enquiries:
Northacre PLC
Niccolò Barattieri di San Pietro (Chief Executive Officer)
020 7349 8000
finnCap Limited (Nominated Adviser and Broker)
Stuart Andrews
Henrik Persson
020 7220 0500
Chairman's Statement
Once again, after a period of downturn and abysmal economic data, the market has become more lively as the government is publishing more positive news and the UK economy is on the way up.
We are very excited about the new prime residential development opportunities we have identified over the last few months. Northacre will refurbish and deliver a highly desirable, exquisite single residence overlooking Thurloe Square in South Kensington. In addition, the Company is committed to invest GBP10m in No 1 Palace Street, and deliver a stunning, high value development in this partially listed group of buildings adjacent to Buckingham Palace.
Our new CEO, Niccolò Barattieri di San Pietro's presence in the Company is making itself felt and other development opportunities are being actively pursued.
In the last twelve months the Group has benefited from its long term investment in The Lancasters Development enjoying strengthened results and cash position. The improved financial position has allowed the Group to repay all of its debt, pay a dividend and secure new investments. The team is now looking forward to delivering its next great London development.
Klas Nilsson
Non-Executive Chairman
Chief Executive's Statement
Highlights
I am pleased to report that the first six months of this financial year have been very successful. Northacre expects shortly to be appointed as the development manager for the ex Kazakhstani embassy at Thurloe Square, SW7. This is the first new project that Northacre has secured since 2005. It is really exciting for Northacre that the success of The Lancasters has provided and will continue to provide the Group with the financial capability to participate in this opportunity.
Furthermore, the Group has committed to invest GBP10m in No 1 Palace Street property, a 152,000 square foot former government headquarters building.
Building on these recent successes, the coming quarters will focus on:
-- Progressing our current developments;
-- Analysing the most interesting development opportunities in central London with a view to acquiring another site; and
-- Starting Northacre International which will export our design know-how to other major cities. We hope to be working on our first international project in the coming months.
Developments
33 Thurloe Square
The Northacre Group is aiming to deliver a highly desirable, exquisite single residence of 6,700 square feet overlooking Thurloe Square and the Museum district of South Kensington. The property has been acquired for a total consideration of GBP8.6 million, of which GBP1.3 million has been provided from the existing cash resources of Northacre. Northacre expects shortly to be appointed as development manager, and under that agreement, Northacre will receive development management fees during the course of the project and will have a carried interest in profits arising from the completion and sale of the property.
The Lancasters
It is wonderful to announce that the last apartment at The Lancasters was sold in June 2013. The on-going snagging process at the development is progressing well and we expect this process to be completed by April 2014. Further dividends of GBP15m were received in the period under review allowing the Group to participate in exciting new investments like 1 Palace Street and Thurloe Square.
Vicarage Gate
Vicarage Gate is progressing according to the development plan with the substructure and basement being completed in September 2013, whilst the superstructure is due to be completed towards the end of November 2013. Sales agents have been appointed and the marketing on the apartments will commence in the coming weeks.
Niccolò Barattieri di San Pietro
Chief Executive Officer
Financial Review
For the second successive period, we are benefiting from distributed profit shares substantially in excess of our overheads. During the period under review, we received further dividends of GBP15m (2012: GBP3m) from The Lancasters Development and consequently now have a good net cash position, which will improve further as GBP7.1m dividends are still expected to be received by the end of the year.
Consolidated Interim Statement of Comprehensive Income (Unaudited)
The Group's revenue for the six month period decreased by GBP0.6m to GBP0.9m (2012: GBP1.5m) which reflected a reduced level of activity in Intarya, the Group's interior design business. Development management fee income remained at a similar level of GBP0.2m (2012: GBP0.2m) and represents fees from the Vicarage Development. The Group reported a profit before taxation of GBP13m (2012: loss GBP0.006m). This improved performance is due to the profit share stream from The Lancasters Development. Following a receipt of further dividends of GBP15m mentioned above, the total dividends received to date are GBP42.7m.
Administrative expenses were largely comparable to the comparative period at GBP2.4m (2012: GBP2.3m), including fees incurred from the Company's consultancy agreement with ADCM Ltd, amounting to GBP0.5m in this period (2012: GBPnil), and highlighting how the Group has benefited from the prior year reduction in the costs base.
The receipt of dividends from The Lancasters Development allowed the Group to repay all of its debt in the prior year and, as a result, finance costs were reduced to GBPnil (2012: GBP1.4m). Finance costs are forecasted to be nil in the next year as the Group's positive cash position allows it to meet its day-to-day working capital requirements.
Consolidated Interim Statement of Financial Position (Unaudited)
The Group has improved its cash position further and as at 31(st) August 2013 had cash and cash equivalents of GBP7.4m (2012: GBP5.2m). Following receipt of the dividends from The Lancasters Development, the Group repaid all its external loans in the prior period which reduced its debt to GBPnil (2012: GBP14.3m).
In accordance with International Accounting Standards, the investments in development projects that have been classified as available for sale financial assets in the Consolidated Interim Statement of Financial Position (Unaudited) represent, where appropriate, the equity value in each of the development schemes and any fair value adjustments. We have calculated the fair value of our investment at The Lancasters Development and the available for sale financial assets amounted to GBP7.1m (2012: GBP45.2m) which represents the remaining dividends due to the Group from The Lancasters Development. These are expected to be received by the end of this financial year.
Capital and Reserves
Following the payment of a 40p dividend in July 2013, the Directors do not recommend the payment of a further dividend as the funds of the Company are fully employed.
Kasia Maciborska-Singh
Group Financial Controller
Northacre PLC
Consolidated Interim Statement of Comprehensive Income (Unaudited)
Hot Features
Premium
6 Months 6 Months Year
ended ended ended
Note 31.8.2013 31.8.2012 28.2.2013
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Continuing operations
Group revenue 2 873 1,538 3,521
Cost of sales (457) (877) (2,235)
--------------- -------------- -------------
Gross profit 416 661 1,286
Administrative expenses (2,429) (2,262) (8,944)
--------------- -------------- -------------
Group loss from operations (2,013) (1,601) (7,658)
Investment revenue 15,046 3,012 26,577
Finance costs - (1,417) (2,117)
Profit/(loss) before
taxation 13,033 (6) 16,802
Taxation 112 - 4,833
--------------- -------------- -------------
Profit/(loss) for
the period attributable
to equity holders
of the Company 13,145 (6) 21,635
=============== ============== =============
Other comprehensive
(loss)/income:
Changes in fair value
of available for sale
financial assets 5 (15,000) 4,433 (18,662)
--------------- -------------- -------------
Total comprehensive (loss)/income
for the period (1,855) 4,427 2,973
=============== ============== =============
Profit/(loss) per
ordinary share 3
Basic 49.18p (0.02)p 80.96p
Diluted 49.18p (0.02)p 80.96p
Northacre PLC
Consolidated Interim Statement of Financial Position (Unaudited)
31.8.2013 31.8.2012 28.2.2013
Unaudited Unaudited Audited
Note GBP'000 GBP'000 GBP'000
Non-current
assets
Goodwill 8,007 8,007 8,007
Property, plant
and equipment 886 992 919
Available for sale
financial assets 5 7,149 45,244 22,149
Investments 6 2,154 - -
---------- ---------- ----------
18,196 54,243 31,075
---------- ---------- ----------
Current assets
Inventories 32 32 1
Trade and other
receivables 4,514 566 4,585
Cash and cash
equivalents 7,388 5,236 9,195
---------- ---------- ----------
11,934 5,834 13,781
---------- ---------- ----------
Total assets 30,130 60,077 44,856
========== ========== ==========
Current liabilities
Trade and other
payables 7 2,561 4,203 4,741
Borrowings, including
lease finance 8 - 14,305 -
---------- ---------- ----------
2,561 18,508 4,741
---------- ---------- ----------
Total liabilities 2,561 18,508 4,741
========== ========== ==========
Equity
Share capital 668 668 668
Share premium
account 18,552 18,552 18,552
Retained earnings 8,349 22,349 20,895
---------- ---------- ----------
Total equity 27,569 41,569 40,115
---------- ---------- ----------
Total equity
and liabilities 30,130 60,077 44,856
========== ========== ==========
Northacre PLC
Consolidated Interim Statement of Cash Flows (Unaudited)
6 Months 6 Months Year
ended ended ended
31.8.2013 31.8.2012 28.2.2013
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Cash flows from operating
activities
Profit/(loss) for the period
before tax 13,033 (6) 16,802
Adjustments for:
Investment revenue (15,046) (3,012) (26,577)
Finance costs - 1,417 2,117
Depreciation and amortisation 73 79 150
(Increase)/decrease in
working capital (2,792) 1,161 248
----------------- ---------- ----------
Cash used in operations (4,732) (361) (7,260)
Interest paid - (1,417) (2,117)
Corporation tax - consortium
relief refunded 764 - 2,297
----------------- ---------- ----------
Net cash used in operating
activities (3,968) (1,778) (7,080)
----------------- ---------- ----------
Cash flows from investing
activities
Purchase of property, plant
and equipment (40) (7) (7)
Increase in investments (2,154) - -
Interest received 46 14 20
Dividends received 15,000 2,998 26,558
Dividends paid (10,691) - -
----------------- ---------- ----------
Net cash generated from
investing activities 2,161 3,005 26,571
----------------- ---------- ----------
Cash flows from financing
activities
Proceeds from borrowings - 13,605 13,000
Repayment of borrowings - (10,490) (24,190)
Repayment of finance leases - (23) (23)
----------------- ---------- ----------
Net cash inflow from financing
activities - 3,092 (11,213)
----------------- ---------- ----------
(Decrease)/increase in
cash and cash equivalents (1,807) 4,319 8,278
Cash and cash equivalents
at beginning of period 9,195 917 917
----------------- ---------- ----------
Cash and cash equivalents
at end of the period 7,388 5,236 9,195
================= ========== ==========
Cash and cash equivalents at 31(st) August 2013 and
31(st) August 2012 represent bank deposits held by
the Group.
Northacre PLC
Consolidated Interim Statement of Changes in Equity (Unaudited)
Called
Up Share Retained Total
Share Premium Earnings
Capital Account
GBP'000 GBP'000 GBP'000 GBP'000
As at 1(st) March 2012 668 18,552 17,922 37,142
Total Comprehensive
Income for the period - - 4,427 4,427
-------- -------- --------- ---------
As at 31(st) August
2012 668 18,552 22,349 41,569
Total Comprehensive
Loss for the period - - (1,454) (1,454)
-------- -------- --------- ---------
As at 28(th) February
2013 668 18,552 20,895 40,115
Total Comprehensive
Loss for the period - - (1,855) (1,855)
Dividends paid - - (10,691) (10,691)
-------- -------- --------- ---------
As at 31(st) August
2013 668 18,552 8,349 27,569
======== ======== ========= =========
Northacre PLC
Notes to the Unaudited Interim Financial Statements
For the Six Months ended 31(st) August 2013
1. Basis of Preparation and Accounting Policies
Basis of Preparation
The interim financial information for the six months ended 31(st) August 2013 and 31(st) August 2012 is unaudited. The interim financial information was approved by the Board of Directors on 18(th) November 2013.
The statutory financial statements for the year ended 28(th) February 2013, 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 2013 and those that the Directors expect to be adopted as at 28(th) February 2014. They are set out in full in the financial statements for the year ended 28(th) February 2013.
Going Concern
The Company and Group currently meet their day-to-day working capital requirements through monies received from The Lancasters Development dividends. All of the Groups' loan facilities have been repaid during the prior year.
The Directors have prepared detailed cash flow projections for the period ended 28(th) February 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 operate within the current available facilities. 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. The Group's proportion of the voting rights of Lancaster Gate (Hyde Park) Limited increased from to 5% to 25.1% on 30(th) June 2010. Lancaster Gate (Hyde Park) Limited continues to be treated as an available for sale financial asset. The Directors do not regard Lancaster Gate (Hyde Park) Limited as an associate because the Directors consider that the Group does not exercise significant influence over its operating and financial activities, despite the fact that the Group holds in excess of 20% of the voting rights in Lancaster Gate (Hyde Park) Limited, because the control of the board by Minerva PLC, the controlling shareholding they hold and their power to exercise, and actual exercise of, the commercial decision making for Lancaster Gate (Hyde Park) Limited preclude the Group from exercising such influence.
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 bonus fees are recognised when the amounts involved have been reliably determined. Fees in respect of project management and interior and architectural design are recognised in accordance with the stage of completion of the contract.
Investments
Fixed asset investments are stated at cost less amounts written off.
Associates
Associates are all 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 companies where the Group does not exercise either control or significant influence. The investments reflect loans and 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 balances.
The capital structure of the Group, following the repayment of all loan facilities, consists of cash and cash equivalents and equity attributable to equity holders of the Parent Company, comprising issued capital, share premium account and retained earnings.
The Group manages the capital structure and makes adjustments to it in light of changing 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.
The Board regularly reviews the capital structure, with an objective to reduce net debt over time whilst investing in the business.
The Group's activities expose it to a variety of financial risks and those activities involve the analysis, evaluation, acceptance and management of some degree of risk or combination of risks. Taking risk is core to the property business and the operational risks are an inevitable consequence of being in business. The Group's aim is to achieve an appropriate balance between risk and return and minimise potential adverse effects on the Group's performance.
The Group's risk management policies are designed to identify and analyse these risks, to set appropriate risk limits and controls, and to monitor the risks by means of a reliable up-to-date information system. The Group regularly reviews its risk management policies and systems to reflect changes in markets, products and emerging best practice.
Risk management is carried out by the Board of Directors. In addition, the internal financial control board is responsible for the identification of the major business risks faced by the Group and for determining the appropriate course of action to manage those risks. The most important types of risk are credit risk, liquidity and market risk. Market risk includes currency, interest rate and other price risks.
2. Segmental Information
Segmental information is presented in respect of the Group's business segments. The business segments are based on the Group's corporate and internal reporting structure. Segment results and assets include items directly attributable to a segment as well as those that can be allocated to a segment on a reasonable basis. The segmental analysis of the Group's business as reported internally to management is as follows:
Revenue 6 Months 6 Months Year
ended ended ended
31.8.2013 31.8.2012 28.2.2013
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Development management 150 150 300
Interior design 723 1,340 3,172
Architectural design - 48 49
---------- ---------- ----------
873 1,538 3,521
========== ========== ==========
Profit/(loss) before taxation 6 Months 6 Months Year
ended ended ended
31.8.2013 31.8.2012 28.2.2013
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Development management 13,212 163 17,093
Interior design (171) 25 3
Architectural design (8) (194) (294)
---------- ---------- ----------
13,033 (6) 16,802
========== ========== ==========
Assets 31.8.2013 31.8.2012 28.2.2013
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Development management 29,487 58,804 43,762
Interior design 560 1,241 929
Architectural
design 83 32 165
---------- ---------- ----------
30,130 60,077 44,856
========== ========== ==========
Liabilities 31.8.2013 31.8.2012 28.2.2013
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Development management 1,035 16,139 2,942
Interior design 722 1,425 920
Architectural
design 804 944 879
---------- ---------- ----------
2,561 18,508 4,741
========== ========== ==========
3. Profit/(loss)
per share 6 Months 6 Months Year
ended ended ended
31.8.2013 31.8.2012 28.2.2013
Unaudited Unaudited Audited
Weighted average number
of shares in issue 26,723,643 26,723,643 26,723,643
Profit/(loss) for the period
attributable to equity holders
of the Company (GBP'000) 13,145 (6) 21,635
=========== =========== ===========
Basic profit/(loss) per
share (pence) 49.18 (0.02) 80.96
=========== =========== ===========
Diluted profit/(loss) per
share (pence) 49.18 (0.02) 80.96
=========== =========== ===========
There were no potentially dilutive instruments in issue during the current or preceding periods. All amounts shown relate to continuing and total operations.
4. Dividends
Interim dividends of 40p per share were paid in
July 2013 (2012: nil). The number of shares in issue
was 26,723,643 and the total payment amounted to
GBP10.69m (2012: nil).
5. Available for Sale Financial Assets
Unaudited
GBP'000
At 1(st) March 2012 40,811
Increase in fair value
transferred to equity 7,433
Dividend received (3,000)
------------------
At 31(st) August
2012 45,244
Increase in fair
value transferred
to equity 465
Dividend received (23,560)
------------------
At 28(th) February
2013 22,149
Dividend received (15,000)
------------------
At 31(st) August
2013 7,149
==================
The fair valuation exercise undertaken at 28(th) February 2013, which was based on the Group's expected profit from secured sales on The Lancasters Development, remains unchanged as at 31(st) August 2013 as all the apartments were under contract and have now completed in the period. As at 31(st) August 2013 the Group had received GBP42,707,059 of the expected profits from The Lancasters Development.
6. Investments
31.8.2013 31.8.2012 28.2.2013
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
33 Thurloe Square 1,404 - -
1 Palace Street 750 - -
2,154 - -
========== ========== ==========
As announced on 22(nd) August 2013, the Group will participate with 15% capital towards 33 Thurloe Square project which will amount to a total of circa GBP2.2m. The Group's commitment towards 1 Palace Street project will be GBP10m which represents 8.83% of the total capital required.
7. Trade and Other Payables
31.8.2013 31.8.2012 28.2.2013
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Trade payables 255 274 89
Social security
and other taxes 44 173 82
Other payables 8 21 16
Accruals and
deferred income 2,254 2,535 4,554
Loan settlement costs and profit
share payable - 1,200 -
---------- ---------- ----------
2,561 4,203 4,741
========== ========== ==========
A provision of GBPnil (2012: GBP1,200,000) included within loan settlement costs and profit share payable, represented the profit share payable to the Northacre PLC Directors Retirement and Death Benefit Scheme in relation to sale of the Group's interest in The Abingdons Partnership. The amount represented the maximum possible profit share and was paid on 30(th) November 2012 from dividends received from The Lancasters Development.
8. Borrowings, including Lease Finance
31.8.2013 31.8.2012 28.2.2013
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Other loans - 13,605 -
Loan from pension scheme - 700 -
---------- ---------- ----------
- 14,305 -
========== ========== ==========
As at 31(st) August 2013 the Group had no obligations under finance leases that were secured on related assets.
Other loans of GBPnil (2012: GBP13,605,472) represented the Auster Real Estate Opportunities S.a.r.l. loan facility repaid in full on 29(th) November 2012.
The loan from the pension scheme of GBPnil (2012: GBP699,602) was in respect of the Northacre PLC Directors Retirement and Death Benefit Scheme. The loan was repaid on 17(th) December 2012.
9. Related Party Transactions
Nature
of 31.8.2013 31.8.2012 28.2.2013 Nature of
Relationship Unaudited Unaudited Audited Transactions
GBP'000 GBP'000 GBP'000
------------------ ------------- ---------- ---------- ---------- ----------------------
Northacre Loan repayable
PLC Directors to the Scheme
Retirement by Northacre
and Death PLC. Loan was
Benefit repaid on 27(th)
Scheme 1 - (700) - December 2012
------------------ ------------- ---------- ---------- ---------- ----------------------
Interest payable
to the Scheme
Northacre on the loan
PLC Directors to Northacre
Retirement PLC. All interest
and Death was paid on
Benefit 27(th) December
Scheme 1 - (16) (25) 2012
------------------ ------------- ---------- ---------- ---------- ----------------------
Profit share
payable to
the Scheme
in relation
to the sale
of Group's
interests in
Northacre The Abingdons
PLC Directors Partnership.
Retirement The profit
and Death share was paid
Benefit on 30(th) November
Scheme 1 - (1,200) - 2012
------------------ ------------- ---------- ---------- ---------- ----------------------
Non-executive
Directors Fees
representing
a balance at
the end of
E.B. Harris 2 (15) (45) (30) the period
------------------ ------------- ---------- ---------- ---------- ----------------------
Non-executive
Directors Fees
representing
amounts accrued
and paid during
E.B. Harris 2 (15) (15) (66) the period
------------------ ------------- ---------- ---------- ---------- ----------------------
Non-executive
Directors Fees
representing
amounts paid
during the
M. Williams 3 (15) (15) (66) period
------------------ ------------- ---------- ---------- ---------- ----------------------
Non-executive
Directors Fees
representing
a balance at
the end of
M. Williams 3 - - (5) the period
------------------ ------------- ---------- ---------- ---------- ----------------------
Non-executive
Directors Fees
representing
amounts accrued
but not paid
during the
A. de Rothschild 4 (5) - - period
------------------ ------------- ---------- ---------- ---------- ----------------------
Executive Directors
fees
representing
amounts paid
during
M.A. AlRafi 5 (10) (60) (120) the period
------------------ ------------- ---------- ---------- ---------- ----------------------
Bonus of GBP1,000,000
of which GBP25,000
was paid on
28th November
2012. GBP975,000
represents
a balance due
to M.A. AlRafi
at the end
M.A. AlRafi 5 (975) - (975) of the period
------------------ ------------- ---------- ---------- ---------- ----------------------
Consultancy
fees charged
during the
period; GBP1,200,000
paid in the
ADCM 6 (500) - - period
------------------ ------------- ---------- ---------- ---------- ----------------------
Nature of Relationship
1. K.B. Nilsson is a trustee and beneficiary of the Northacre PLC Directors Retirement and Death Benefit Scheme.
2. E.B. Harris is a Director of the Company, and a member of E.C. Harris LLP.
3. M. Williams was a Director of the Company (resigned on 27(th) March 2013).
4. A. de Rothschild is a Director of the Company (appointed 3(rd) July 2013).
5. M.A. AlRafi was a Director of the Company (resigned on 25(th) June 2013).
6. ADCM Ltd is a fully owned subsidiary of ADCM LLC, Group's ultimate parent company.
10. Other Information
The interim statement was approved by the Directors on 18(th) November 2013.
A copy of the announcement will be made available on our website:
www.northacre.com
Independent Review Report to
Northacre PLC
Introduction
We have been engaged by the Company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 31(st) August 2013 which comprises the consolidated statement of comprehensive income, the consolidated statement of financial position, the consolidated statement of cash flows, the consolidated statement of changes in equity and the related notes. We have read other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information contained in the condensed set of financial statements.
This report is made solely to the Company in accordance with International Standard on Review Engagements (UK and Ireland) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board for use in the United Kingdom. Our work is undertaken so that we might state to the Company those matters we are required to state to them in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company, for our review work, for this report, or for the conclusions we have formed.
Directors' Responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the Directors. The Directors are responsible for preparing the half-yearly financial report in accordance with the Rules of the Alternative Investment Market.
As disclosed in note 1, the annual financial statements of the Group are prepared in accordance with IFRS as adopted by the European Union. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting' as adopted by the European Union.
Our Responsibility
Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly report based on our review.
Scope of Review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months to 31(st) August 2013 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Rules of the Alternative Investment Market.
Kingston Smith LLP
Chartered Accountants
Devonshire House
60 Goswell Road
London EC1M 7AD
18(th) November 2013
This information is provided by RNS
The company news service from the London Stock Exchange
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