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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Palmaris Cap. | LSE:PMS | London | Ordinary Share | GB0009443358 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.625 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 7287I Palmaris Capital PLC 24 November 2008 24 November 2008 Palmaris Capital Plc ("Palmaris" or the "Company") Results for the 12 months to 30 June 2008 The Board of Palmaris, the investment company with interests in coal mining, is pleased to present its audited results for the 12 month period ended 30 June 2008. Key points include: * Palmaris' assets now focussed wholly on Scottish Resources Group Limited ("SRG"); * The outlook for SRG remains reasonably optimistic and demand for its coal has remained strong. For further information contact: Greg Melgaard, Managing Director 07799 657 553 John Llewellyn-Lloyd, Noble & Company Limited 020 7763 2200 Sunil Sanikop, Noble & Company Limited 020 7763 2200 CHAIRMAN'S STATEMENT Results Our sole remaining substantial asset is our shareholding in SRG, previously called Mining Scotland. We have kept the value of this shareholding at the same level as at the previous year end and our results therefore merely reflect the net costs of running the company for the year. These were £123,000, which reflects our tight control of overheads and is a very low figure for a public company. Our net assets in the balance sheet fell by only £118,000 to 8.56p per share (2007: 8.64p). Scottish Resources Group SRG's final audited results for the year to end March 2008 have not yet been published. After a return to profitability the previous year, it is likely that these results will show an increased profit, helped by the sale of property assets and of the biomass fuel subsidiary during the year. It is too early to be able to determine the trading of SRG in the current year, but several circumstances have impaired performance. These have included delays in bringing some new sites into operation, much higher fuel costs, wetter than normal weather conditions during the summer and autumn and geological problems at two sites. However, there has been a marked improvement in international coal prices which has provided some modest improvement to the average selling price achieved during the year. Looking to the future, SRG is likely to benefit to an increasing extent from improved coal prices, as older legacy contracts are fulfilled. The outlook for coal prices remains reasonably optimistic and demand for the company's coal has remained strong. The Group is planning to increase production in 2009 and has implemented a substantial capital investment programme. The impact of the international credit crisis on SRG's future sales contracts and on its banking relationships is uncertain but the whole of the UK economy faces the same difficulties. SRG's extensive property interests were also actively managed during the year. The Group has a large land ownership across Scotland and is working to develop a significant number of projects. Whilst the property market has suffered in the current downturn, SRG Estates continues to invest to move projects forward through the planning processes in order to be in a position to benefit when there is an improvement in the market. The Group's flagship development is a large scale new township development at Blindwells in the East of Scotland. Detailed planning permission for this is being sought, and it is thought likely that this will be granted in due course. Conclusion Our assets are entirely focused on SRG. We remain optimistic about the potential for realising this investment in the future at a favourable price when normal market conditions return. Timothy Noble Chairman 21 November 2008 PROFIT AND LOSS ACCOUNT for the year ended 30 June 2008 2008 2007 NOTES £ £ Turnover - - Cost of Sales - - Gross Profit - - Administrative expenses (169,724) (177,003) Exceptional Item 4 - (133,171) Operating loss 5 (169,724) (310,174) Investment and other income 3 46,403 81,790 (Loss) on ordinary activities before interest payable (123,321) (228,384) Interest payable - - (Loss) on ordinary activities before taxation 2 (123,321) (228,384) Taxation on (loss) on ordinary activities 7 - - (Loss) on ordinary activities after taxation (123,321) (228,384) (Loss) for the financial year 13 (123,321) (228,384) The reported (loss) on ordinary activities before taxation equates to the historical cost (loss) on ordinary activities before taxation. None of the company's activities were acquired or discontinued during the above two financial years. Earnings per ordinary share (Loss) per ordinary share (0.08)p (0.16)p Net assets per share Net assets per ordinary share 8.56p 8.64p BALANCE SHEET As at 30 June 2008 2008 2007 NOTES £ £ Fixed assets Investments 9 12,880,000 12,880,000 12,880,000 12,880,000 Current assets Debtors 10 17,276 22,415 Cash 472,609 599,506 489,885 621,921 Creditors Amounts falling due within one year Other 11 (21,497) (35,093) (21,497) (35,093) Net current assets 468,388 586,828 Net Assets 13,348,388 13,466,828 Capital and reserves Called up equity share capital 12 7,796,665 7,796,665 Unrealised appreciation reserve 13 6,440,000 5,217,763 Capital reserve 13 (1,217,356) - Share Premium 13 351,500 351,500 Profit and loss account 13 (22,421) 100,900 Shareholders' funds 14 13,348,388 13,466,828 The notes to the accounts form part of these financial statements. T. P. Noble (Director) Authorised for issue by the board on 21 November 2008 STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES for the year ended 30 June 2008 2008 2007 £ £ (Loss) for the financial year (123,321) (228,384) Realised (losses)/gains on investments (1,217,356) 6,456,502 Total recognised (losses)/gains for the year (1,340,677) 6,228,118 CASH FLOW STATEMENT for the year ended 30 June 2008 2008 2007 NOTES £ £ Net cash (outflow) from operating activities A (178,181) (313,274) Returns on investments and servicing of finance B 46,403 81,790 Cash (outflow) before financing (131,778) (231,484) Capital expenditure and financial investment B 4,881 - (Decrease) in cash in the year (126,897) (231,484) NOTES TO THE CASH FLOW STATEMENT for the year ended 30 June 2008 A. Reconciliation of operating loss to operating cash flows 2008 2007 £ £ Operating loss (169,724) (310,174) Decrease in debtors 5,139 3,635 (Decrease) in creditors (13,596) (6,735) Net cash (outflow) from operating activities (178,181) (313,274) B. Analysis of cash flows 2008 2007 £ £ Returns on investments and servicing of finance Interest received 31,250 37,931 Fees and commissions received 15,153 43,859 Net cash inflow 46,403 81,790 Capital Expenditure and Financial Investment Proceeds of sale of equity holdings 4,881 - C. Analysis and reconciliation of net funds 1 July 30 June 2007 Cash flow 2008 £ £ £ Cash 599,506 (126,897) 472,609 Net Funds 599,506 (126,897) 472,609 2008 2007 £ £ (Decrease) in cash in the year (126,897) (231,484) Net funds at beginning of year 599,506 830,990 Net funds at end of year 472,609 599,506 NOTES TO THE ACCOUNTS 1. Accounting policies A summary of the principal accounting policies, all of which have been applied consistently throughout the year and the preceding year, are as follows: Basis of accounting: The accounts have been prepared in accordance with applicable accounting standards. At 30 June, 2008, the company had no subsidiaries and therefore its results are not consolidated. In accordance with Rule 19 of the AIM rules the company's accounts are prepared under UK GAAP rather than IFRS. Turnover: Turnover represented amounts receivable for goods and services provided in the normal course of business, net of trade discounts and VAT. Income and expenses from investments: Income from securities is credited to the profit and loss account when the securities are listed ex-dividend. Interest receivable, interest payable and other expenses of management are dealt with on an accruals basis. Foreign currency transactions: Overseas income is converted to sterling at the rates of exchange ruling on the date of the transaction. Assets and liabilities denominated in foreign currencies are translated to sterling at the rates of exchange ruling at the balance sheet date. Investments: Fixed Assets: Listed investments are stated at values based on market prices at the balance sheet date. Unlisted investments are valued by the directors at cost less amounts written-off or on an earnings multiple basis. Provisions are made for permanent diminutions in value. Unrealised appreciation reserve: The unrealised appreciation reserve represents the difference between the book cost and the market value of fixed asset investments, held at the balance sheet date. This reserve is non-distributable. Realised gains and losses on investment transactions: Gains and losses on realisation of fixed asset investments and realised exchange differences thereon are transferred from the unrealised appreciation reserve to the capital reserve at the time of the realisation of the investment. The capital reserve is a distributable reserve. Taxation: The charge for taxation is based on the profit or loss for the year and takes into account deferred taxation arising on short term timing differences between the treatment of certain income for taxation and accounting purposes. Deferred taxation is provided for at anticipated tax rates on differences arising from the inclusion of items of income and expenditure in taxation computations in periods that differ from those in which they are included in the financial statements. Deferred tax assets and liabilities are recorded only where it is expected that an asset or liability will crystallise in the foreseeable future. 2. Segmental analysis 2008 2007 £ £ (Loss) on ordinary activities before taxation United Kingdom (123,321) (228,384) Investments United Kingdom 12,880,000 12,880,000 Net current assets 468,388 586,828 Net assets 13,348,388 13,466,828 3. Investment and other income 2008 2007 £ £ Fees and commission receivable 15,153 43,859 Interest receivable 31,250 37,931 46,403 81,790 4. Exceptional item Legal and professional costs incurred in distributing the dividend in specie to shareholders in February 2007. 5. Operating loss 2008 2007 £ £ Operating loss is stated after charging (crediting): Auditors' remuneration: Audit of these financial statements 6,500 7,000 Consultation and taxation services 8,920 14,630 6. Staff costs 2008 2007 £ £ Wages and salaries 88,000 88,000 Social security costs 1,846 4,842 89,846 92,842 2008 2007 Number Number The average monthly number of employees (including executive directors) was: Administration staff 2 2 Directors' remuneration 2008 2007 £ £ Directors' emoluments Name of director Executive R. G. Melgaard 36,000 36,000 J. Richardson 12,000 12,000 Non-executive T. P. Noble 16,000 16,000 P. M. B. Bucher 12,000 12,000 W. Paterson 12,000 12,000 Aggregate emoluments 88,000 88,000 The fees due to T. P. Noble were paid to Noble House and the fees due to W. Paterson and J. Richardson were paid to Patersons Quarries Ltd under arrangements in which the services of these directors were provided by the businesses concerned. From 1 October 2007 the fees and remuneration due to R.G. Melgaard were paid to Semper Holdings Ltd. on the same basis. No directors had accrued entitlements under defined benefit schemes. Directors' share options No director holds options to acquire shares in the company. 7. Taxation on (loss) on ordinary activities No taxation charge arises as a result of the tax losses incurred and brought forward (2007 - nil). The difference between this nil charge and that which would arise from applying the relevant standard rate of tax to the loss on ordinary activities before tax is as follows: 2008 2007 £ £ (Loss) on ordinary activities before tax (123,321) (228,384) Standard rate of corporate tax at 30% (2007 - 30%) 36,996 68,515 Adjustments - (losses) for which no relief (36,996) (68,515) currently available Tax charge for the year - - 8. (Loss) per ordinary share 2008 2007 £ £ (Loss) attributable to ordinary shareholders (123,321) (228,384) (Loss) per ordinary 5p share based on the weighted average number of shares in issue in the year to 30 June 2008 which totalled 155,933,304 (2007 - 139,528,430) (0.08)p (0.16)p 9. Fixed asset investments 2008 2007 £ £ Equity Holdings Unlisted at directors' valuation 12,880,000 12,880,000 The unlisted shares were valued at the year end by the directors. 2008 2007 £ £ Market value of investments held at beginning of year 12,880,000 21,390,081 Unrealised appreciation at beginning of year 5,217,763 11,674,266 Cost of investments held at beginning of year 7,662,237 9,715,815 Disposals at cost (1,222,237) (2,053,578) Cost of investments held at end of year 6,440,000 7,662,237 Unrealised appreciation at end of year 6,440,000 5,217,763 Market value of investments held at end of year 12,880,000 12,880,000 Listed investments The company held no listed investments at 30 June 2008. Dormant subsidiaries removed from Register of Companies During the year the two dormant subsidiaries of Palmaris Capital plc, Waverley Asset Management Ltd and Waverley Investment Management Ltd ,were removed from the Register of Companies. At 30 June, 2008 the company had no subsidiaries and therefore its results are not consolidated. Investments Details of the significant investments of the Company at 30 June, 2008 are as follows: Class of shares Year Principal held end activities Operating mainly in the UK - unlisted Scottish Resources Group Limited (formerly Mining (Scotland) Ltd) 16.1% Ordinary 24 March Coal mining Information on significant investments Scottish Resources Group Limited 24 March 2007 Year end £000 Turnover 110,762 Profit before tax 3,085 Taxation charge (1,225) Profit after tax 1,860 Fixed assets 51,692 Current assets 95,906 Liabilities due within one year (51,066) Liabilities due after one year (86,883) Net assets 9,649 Audited accounts of Scottish Resources Group Limited to 29 March, 2008 are not yet available. In these circumstances the information from the Accounts to 24 March, 2007 has been shown. 10. Debtors Amounts falling due within one year 2008 2007 £ £ Trade debtors 2,937 7,344 Prepayments and accrued income 9,660 10,290 VAT 4,679 4,781 17,276 22,415 11. Creditors Amounts falling due within one year 2008 2007 £ £ VAT, payroll taxes and social security 990 4,251 Accruals and deferred income 16,000 17,500 Trade and sundry creditors 4,507 13,342 21,497 35,093 12. Called up equity share capital 2008 2007 £ £ Authorised 190,000,000 (2007 - 190,000,000) Ordinary shares of 5p each 9,500,000 9,500,000 Issued and fully paid 155,933,304 (2007 - 155,933,304) Ordinary shares of 5p each 7,796,665 7,796,665 The Directors have the power to allot up to a further 16,500,000 Ordinary Shares on a non pre-emptive basis without reverting to shareholders. 13. Reserves The movements on reserves are as follows: Unrealised Profit and appreciation Capital Share loss reserve reserve premium account £ £ £ £ Beginning of year 5,217,763 - 351,500 100,900 Realised losses on investments 1,222,237 - - - Loss on investments - (1,217,356) - - Loss for the financial year - - - (123,321) End of year 6,440,000 (1,217,356) 351,500 (22,421) 2008 2007 £ £ Total distributable reserves are as follows: Profit and loss account (Deficit)/surplus (22,421) 100,900 Capital reserve (1,217,356) - (1,239,777) 100,900 Total non distributable reserves are as follows: Unrealised appreciation reserve 6,440,000 5,217,764 Share premium 351,500 351,500 6,791,500 5,569,264 14. Reconciliation of movements in shareholders' funds 2008 2007 £ £ (Loss) for the financial year (123,321) (228,384) Unrealised (losses) on investments - (8,510,081) Movement in unrealised appreciation reserve 1,222,237 - Movement in capital reserve (1,217,356) - Net reduction to shareholders' funds (118,440) (8,738,465) Opening shareholders' funds 13,466,828 22,205,293 Closing shareholders' funds 13,348,388 13,466,828 15. Related party transactions During the year there were a number of transactions with related parties, all of which arose in the normal course of business. These transactions and the related balances outstanding as at 30 June are summarised below: Value of transactions Outstanding balance in the year As at 30 June 2008 2007 2008 2007 £ £ £ £ Services rendered: Scottish Resources Group Ltd 15,000 15,000 2,937 7,344 Purchase of goods and services: Patersons Quarries Ltd 24,000 24,000 - - Noble & Company Ltd 20,711 102,963 - - Noble House 16,000 16,000 - - Semper Holdings Ltd. 27,000 - - - Scottish Resources Group Ltd is an associated company. Patersons Quarries Ltd hold 33.90% of the share capital of Palmaris Capital Plc and T.P Noble, chairman of Palmaris Capital plc, was a director of Noble Group Ltd, the parent company of Noble & Company Ltd, and is a partner in Noble House. R.G. Melgaard is a director of Semper Holdings Ltd. 16. The above results have been extracted from the audited accounts of Palmaris Capital Plc for the year ended 30 June 2008 which received an unqualified auditor's report and will be filed with the Registrars of Companies. The above extract does not represent statutory accounts as defined by section 240 of the Companies Act. The statutory accounts were adopted by the Board of Directors on 21 November 2008. 17. A copy of the audited Report and Accounts will be sent to the Shareholders on or about 25 November 2008 and additional copies will be available free of charge for a period of one month from the offices of the Company's nominated adviser, Noble & Company Limited, 120 Old Broad Street, London, EC2N 1AR. CORPORATE DIRECTORY Directors: T. P. Noble (Chairman) R. G. Melgaard (Managing Director) J. Richardson (Finance Director) P. M. B. Bucher W. Paterson Secretary: J. Richardson Paterson Building Gartsherrie Road Coatbridge ML5 2EU Registered Office: Paterson Building Gartsherrie Road Coatbridge ML5 2EU Company number: SC108429 Registered in Scotland Bankers: The Royal Bank of Scotland plc 62 Hamilton Road Motherwell ML1 3DA Financial Advisers: Noble & Company Ltd 76 George Street Edinburgh EH2 3BU Auditors: Scott-Moncrieff 17 Melville Street Edinburgh EH3 7PH Legal Advisers: Shepherd & Wedderburn WS Saltire Court 20 Castle Terrace Edinburgh EH1 2ET Registrars: Capita IRG plc Bourne House Beckenham Road Beckenham Kent BR3 This information is provided by RNS The company news service from the London Stock Exchange END FR EAXFFADNPFFE
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