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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 |
From May 2019 to May 2024
TIDMPMS
RNS Number : 5711R
Palmaris Capital PLC
07 November 2011
7 November 2011
Palmaris Capital Plc
("Palmaris" or the "Company")
Results for year ended 30 June 2011
and Notice of AGM
The Board of Palmaris, the investment company with a 16.1% holding in Scottish Resources Group Limited ("SRG"), which is the largest surface mining coal producer in the UK and is the Company's sole remaining investment, is pleased to present its audited results for the year ended 30 June 2011.
Key points include:
-- A loss on ordinary activities before tax of approximately GBP115,000 (2010: GBP167,000). -- Net assets at 9.9p per share (2010: 10p).
-- Directors' valuation of Palmaris's 16.1% holding in Scottish Resources Group held at 96p per SRG share.
-- SRG reported lower revenues and profitability for the year to March 2011, but as indicated in our interim results, sales prices for the current year are benefiting from new coal contracts that are already delivering a significant rise in per gigajoule average prices in the current year. SRG's performance is expected to be significantly better than the results for the year to March 2011.
For further information contact: Palmaris Capital plc Greg Melgaard (Managing Director) +44 7799 657 553 Execution Noble & Company Limited Harry Stockdale John Llewellyn-Lloyd +44 207 456 9191
Chairman's Statement
Results
The loss for the year, represented by the net cost of running the company, was GBP115,000, as compared with GBP167,000 the previous year. This reduction in the loss arose as the directors agreed to take no further fees or remuneration with effect from 1 January 2011 in order to help maintain the cash resources of the company. This resulted in a saving of some GBP45,000 in the year.
Our remaining investment is a 16.1% holding in Scottish Resources Group Limited (SRG), the main Scottish opencast coal operator with significant development land potential and a portfolio of renewable energy project opportunities. The valuation of this investment is difficult to assess due to the fluctuation of SRG's earnings and the fluctuations in stock market values of similar companies. The directors still believe that the price of 96p per SRG share, which values SRG at GBP96m, represents a fair assessment. This maintains the value of our holding at GBP15.45m and our net assets therefore come out at GBP15.5m (9.9p per Palmaris share).
Scottish Resources Group
After an excellent year to March 2010, in which SRG reported turnover of GBP229.9m, operating profits of GBP33.1m, and profits after tax of GBP21.2m, the year to March 2011 was always expected to be much less profitable, as indicated in our interim statement earlier this year. The turnover was GBP209.2m, operating profits down to GBP13.1m, and profit after tax down to GBP0.3m. The last of these figures was affected by a one-off cost of GBP4.2m for the costs of the aborted IPO attempt during the summer of 2010.
Although coal sales remained at the same level of 4.0m tonnes as in 2010, the sales price achieved per gigajoule was GBP2.15 as compared with GBP2.35 the previous year and this reduction fed straight through to the bottom line. The sales price was affected by long-term contracts set in earlier years. Fortunately, also as indicated in our interim statement, the sales prices for the current year are benefiting from new coal contracts that are already delivering a significant rise in per gigajoule average prices in the current year. SRG's performance will as a result be much improved.
During the last two years SRG has invested heavily in new opencast sites, spending GBP22m on them and also GBP32m on new plant and equipment. This level of investment will allow production and sales to increase and will help operational efficiency in the coming years.
In the current year to March 2012 we are therefore hoping that SRG's performance is expected to be significantly better than the results for the year to March 2011.
Conclusion
The SRG results to March 2011 were disappointing but new coal contracts appear to have largely redressed the position in the current year. If there is a sale of SRG, we would hope to realise significantly more than the value at which we are carrying it in the books.
Sir Timothy Noble
Chairman
4 November 2011
PROFIT AND LOSS ACCOUNT
for the year ended 30 June 2011
Hot Features
Premium
NOTES 2011 2010
GBP GBP
------------------------------------------- ------ ---------- ----------
Turnover - -
------------------------------------------- ------ ---------- ----------
Cost of Sales - -
------------------------------------------- ------ ---------- ----------
Gross Profit - -
------------------------------------------- ------ ---------- ----------
Administrative expenses (130,626) (183,961)
------------------------------------------- ------ ---------- ----------
Operating loss 4 (130,626) (183,961)
------------------------------------------- ------ ---------- ----------
Investment and other income 3 15,381 16,503
------------------------------------------- ------ ---------- ----------
(Loss) on ordinary activities before
interest payable (115,245) (167,458)
------------------------------------------- ------ ---------- ----------
Interest payable - -
------------------------------------------- ------ ---------- ----------
(Loss) on ordinary activities before
taxation 2 (115,245) (167,458)
------------------------------------------- ------ ---------- ----------
Taxation on (loss) on ordinary activities 6 - -
------------------------------------------- ------ ---------- ----------
(Loss) on ordinary activities after
taxation (115,245) (167,458)
------------------------------------------- ------ ---------- ----------
(Loss) for the financial year 12 (115,245) (167,458)
------------------------------------------- ------ ---------- ----------
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 7 (0.07)p (0.11)p ------------------------------- -------- ------------- Net assets per share ------------------------------- -------- ------------- Net assets per ordinary share 9.9p 10.0p ------------------------------- -------- -------------
BALANCE SHEET
As at 30 June 2011
NOTES 2011 2010
GBP GBP
--------------------------------- ------ ------------ ------------
Fixed assets
--------------------------------- ------ ------------ ------------
Investments 8 15,456,000 15,456,000
--------------------------------- ------ ------------ ------------
15,456,000 15,456,000
--------------------------------- ------ ------------ ------------
Current assets
--------------------------------- ------ ------------ ------------
Debtors 9 17,809 19,578
--------------------------------- ------ ------------ ------------
Cash 50,822 179,137
--------------------------------- ------ ------------ ------------
68,631 198,715
--------------------------------- ------ ------------ ------------
Creditors
--------------------------------- ------ ------------ ------------
Amounts falling due within one
year
--------------------------------- ------ ------------ ------------
Other 10 (19,109) (33,948)
--------------------------------- ------ ------------ ------------
(19,109) (33,948)
--------------------------------- ------ ------------ ------------
Net current assets 49,522 164,767
--------------------------------- ------ ------------ ------------
Net Assets 15,505,522 15,620,767
--------------------------------- ------ ------------ ------------
Capital and reserves
--------------------------------- ------ ------------ ------------
Called up equity share capital 11 7,796,665 7,796,665
--------------------------------- ------ ------------ ------------
Unrealised appreciation reserve 12 9,016,000 9,016,000
--------------------------------- ------ ------------ ------------
Capital reserve 12 (1,217,356) (1,217,356)
--------------------------------- ------ ------------ ------------
Share Premium 12 351,500 351,500
--------------------------------- ------ ------------ ------------
Profit and loss account 12 (441,287) (326,042)
--------------------------------- ------ ------------ ------------
Shareholders' funds 13 15,505,522 15,620,767
--------------------------------- ------ ------------ ------------
Sir Timothy Noble (Director)
Authorised for issue by the board on 4 November 2011.
Registered Company Number: SC108429
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
for the year ended 30 June 2011
2011 2010
GBP GBP
-------------------------------------- ---------- ----------
(Loss) for the financial year (115,245) (167,458)
-------------------------------------- ---------- ----------
Unrealised gains on investments - 1,288,000
-------------------------------------- ---------- ----------
Total recognised (losses)/ gains for
the year (115,245) 1,120,542
-------------------------------------- ---------- ----------
NOTE OF HISTORICAL COST PROFITS AND LOSSES
2011 2010
GBP GBP
---------------------------------------- ---------- ----------
Reported (loss) on ordinary activities
before taxation (115,245) (167,458)
---------------------------------------- ---------- ----------
Historical cost (loss) on ordinary
activities before taxation (115,245) (167,458)
---------------------------------------- ---------- ----------
Historical cost (loss) for the
year after taxation (115,245) (167,458)
---------------------------------------- ---------- ----------
CASH FLOW STATEMENT
for the year ended 30 June 2011
NOTES 2011 2010
GBP GBP
-------------------------------------- ------- ---------- ----------
Net cash (outflow) from operating
activities A (143,696) (176,917)
-------------------------------------- ------- ---------- ----------
Returns on investments and servicing
of finance B 15,381 16,503
-------------------------------------- ------- ---------- ----------
Cash (outflow) before financing (128,315) (160,414)
----------------------------------------------- ---------- ----------
(Decrease) in cash in the year (128,315) (160,414)
----------------------------------------------- ---------- ----------
NOTES TO THE CASH FLOW STATEMENT
for the year ended 30 June 2011
A. Reconciliation of operating loss to operating cash flows
2011 2010
GBP GBP
---------------------------------------------- ---------- ----------
Operating loss (130,626) (183,961)
---------------------------------------------- ---------- ----------
Decrease/(Increase) in debtors 1,769 (3,294)
---------------------------------------------- ---------- ----------
(Decrease)/Increase in creditors (14,839) 10,338
---------------------------------------------- ---------- ----------
Net cash (outflow) from operating activities (143,696) (176,917)
---------------------------------------------- ---------- ----------
B. Analysis of cash flows
2011 2010
GBP GBP
-------------------------------------- ------- -------
Returns on investments and servicing
of finance
-------------------------------------- ------- -------
Interest received 381 1,503
-------------------------------------- ------- -------
Fees and commissions received 15,000 15,000
-------------------------------------- ------- -------
Net cash inflow 15,381 16,503
-------------------------------------- ------- -------
C. Analysis and reconciliation of net funds
1 JULY 2010 CASH FLOW 30 JUNE
GBP GBP 2011
GBP
-------------------------- ------------ ---------- ----------
Cash 179,137 (128,315) 50,822
-------------------------- ------------ ---------- ----------
Net Funds 179,137 (128,315) 50,822
-------------------------- ------------ ---------- ----------
2011 2010
GBP GBP
---------------------------------------- ---------- ----------
(Decrease) in cash in
the year (128,315) (160,414)
-------------------------- ------------ ---------- ----------
Net funds at beginning
of year 179,137 339,551
-------------------------- ------------ ---------- ----------
Net funds at end of year 50,822 179,137
-------------------------- ------------ ---------- ----------
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 financial statements have been prepared in accordance with applicable accounting standards and the Companies Act 2006.
Going concern
The board of directors are satisfied that the company has adequate reserves and availability of funding in order for the company to continue as a going concern. Therefore, the company continues to adopt the going concern basis in preparing these financial statements.
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. Any resulting exchange gain or loss is dealt with in profit and loss.
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.
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 on an earnings multiple basis, after considering underlying earnings, based on all of the information available to the directors. The directors also consider other, non-earnings based information available which may affect the valuation.
Significant judgements and sources of estimation uncertainty
In applying the company's accounting policies, which are described above, the directors are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities at the reporting date and the amounts of turnover and costs incurred during the year. Actual results may differ from these estimates. The significant estimates and assumptions are:
Unlisted investments
The company's policy for valuation of unlisted investments is set out above.
The directors consider that the earnings basis of valuation is most appropriate for the type of mature company in which it holds investments. Where a company's earnings fluctuate due to the market factors such as commodity prices, it is considered appropriate to make an assessment of past and expected future average earnings in determining the valuation of the shares held.
In assessing underlying earnings the directors consider information including historic financial statements, available budgets and projections, past performance compared to original forecasts and market information such as movements in commodity prices.
The earnings multiple used is determined by consideration of the multiples for listed companies operating in a similar sector, adjusted to reflect the unlisted status of the investment.
The directors also consider other non-earnings based information available about the company's investments and use this information to validate the earnings based valuation. This includes property values and coal reserves.
2. Segmental analysis
2011 2010
GBP GBP
-------------------------------------- ----------- -----------
(Loss) on ordinary activities before
taxation
-------------------------------------- ----------- -----------
United Kingdom (115,245) (167,458)
-------------------------------------- ----------- -----------
Investments
-------------------------------------- ----------- -----------
United Kingdom 15,456,000 15,456,000
-------------------------------------- ----------- -----------
Net current assets 49,522 164,767
-------------------------------------- ----------- -----------
Net assets 15,505,522 15,620,767
-------------------------------------- ----------- -----------
3. Investment and other income
2011 2010
GBP GBP
-------------------------------- ------- -------
Fees and commission receivable 15,000 15,000
-------------------------------- ------- -------
Interest receivable 381 1,503
-------------------------------- ------- -------
15,381 16,503
-------------------------------- ------- -------
4. Operating loss
2011 2010
GBP GBP
------------------------------------------ ------ ------
Operating loss is stated after charging:
------------------------------------------ ------ ------
Auditors' remuneration:
------------------------------------------ ------ ------
Audit of these financial statements 6,000 6,000
------------------------------------------ ------ ------
Consultation and taxation services 6,150 7,410
------------------------------------------ ------ ------
5. Staff costs
2011 2010
GBP GBP
----------------------------------------- -------- --------
Wages and salaries 44,000 88,000
----------------------------------------- -------- --------
Social security costs 2,341 4,682
----------------------------------------- -------- --------
46,341 92,682
----------------------------------------- -------- --------
2011 2010
Number Number
----------------------------------------- -------- --------
The average monthly number of employees
(including executive directors) was:
----------------------------------------- -------- --------
Administration staff 2 2
----------------------------------------- -------- --------
Directors' remuneration
-------------------------------------------------------------
2011 2010
GBP GBP
----------------------------------------- -------- --------
Directors' emoluments
----------------------------------------- -------- --------
Name of director
----------------------------------------- -------- --------
Executive
----------------------------------------- -------- --------
R. G. Melgaard 18,000 36,000
----------------------------------------- -------- --------
J. Richardson 6,000 12,000
----------------------------------------- -------- --------
Non-executive
----------------------------------------- -------- --------
Sir Timothy Noble 8,000 16,000
----------------------------------------- -------- --------
P. M. B. Bucher 6,000 12,000
----------------------------------------- -------- --------
W. Paterson 6,000 12,000
----------------------------------------- -------- --------
Aggregate emoluments 44,000 88,000
----------------------------------------- -------- --------
The fees due to Sir Timothy 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.
No directors had accrued entitlements under defined benefit schemes.
The directors have ceased taking fees from 1 January 2011 in order to protect the company's cash position. The remuneration of the directors will be reconsidered when the cash position is improved by a sale of the company's main asset or in other ways.
Directors' share options
No director holds options to acquire shares in the company.
6. Taxation on (loss) on ordinary activities
No taxation charge arises as a result of the tax losses incurred and brought forward (2010 - nil). As at 30 June 2011 the company has trading losses to carry forward of approximately GBP3.3m and capital losses to carry forward of approximately GBP17m.
The difference between this nil charge and that which would arise from applying the relevant standard rate of corporation tax in the UK of 28% to the loss on ordinary activities before tax is as follows:
2011 2010
GBP GBP
-------------------------------------- ---------- ----------
(Loss) on ordinary activities before
tax (115,245) (167,458)
-------------------------------------- ---------- ----------
Standard rate of UK corporate tax at
28% 32,269 46,888
-------------------------------------- ---------- ----------
Adjustments - (losses) for which no
relief currently available (32,269) (46,888)
-------------------------------------- ---------- ----------
Tax charge for the year - -
-------------------------------------- ---------- ----------
No deferred tax asset has been recognised in relation to the capital losses of GBP17m carried forward at 30 June 2011 as the directors do not consider that there is any certainty that capital gains will be achieved which can be relieved against these losses.
No tax would be payable if the unlisted investment was sold at the carrying value in the Balance Sheet at 30 June 2011 due to the availability of the capital losses as detailed above. The taxable gain that would be relieved is approximately GBP9m. The company has no other fixed asset investments. On this basis, neither a deferred tax asset nor liability has been provided in the financial statements.
No deferred tax asset has been recognised in the financial statements on the trading losses of GBP3.3m carried forward at 30 June 2011 as the directors do not expect the company to make any trading profits in future accounting periods. The company will continue to incur management expenses until such time as it can realise its sole investment, in Scottish Resources Group Limited.
7. (Loss) per ordinary share
2011 2010
GBP GBP
------------------------------------ ---------- ----------
(Loss) attributable to ordinary
shareholders (115,245) (167,458)
------------------------------------ ---------- ----------
(Loss) per ordinary 5p share based
on the weighted
------------------------------------ ---------- ----------
average number of shares in issue
in the year to 30 June 2011
------------------------------------ ---------- ----------
which totalled 155,933,304 (2010
- 155,933,304) (0.07)p (0.11)p
------------------------------------ ---------- ----------
8. Fixed asset investments
2011 2010
GBP GBP
---------------------------------- ----------- -----------
Equity Holdings
---------------------------------- ----------- -----------
Unlisted at directors' valuation 15,456,000 15,456,000
---------------------------------- ----------- -----------
The unlisted shares were valued at the year end by the directors in line with the accounting policy of using an earnings multiple to assess the valuation.
2011 2010
GBP GBP
---------------------------------------- ----------- -----------
Market value of investments held at
beginning of year 15,456,000 14,168,000
---------------------------------------- ----------- -----------
Unrealised appreciation at beginning
of year 9,016,000 7,728,000
---------------------------------------- ----------- -----------
Cost of investments held at beginning
of year 6,440,000 6,440,000
---------------------------------------- ----------- -----------
Disposals at cost - -
---------------------------------------- ----------- -----------
Cost of investments held at end of
year 6,440,000 6,440,000
---------------------------------------- ----------- -----------
Unrealised appreciation at end of year 9,016,000 9,016,000
---------------------------------------- ----------- -----------
Market value of investments held at
end of year 15,456,000 15,456,000
---------------------------------------- ----------- -----------
As stated in the Chairman's Statement, the directors still believe that the valuation of 96p per SRG share, which values SRG at GBP96m, represents a fair assessment. This maintains the value of our holding at GBP15.45m and our net assets therefore come out at GBP15.5m (9.9p per Palmaris share).
Listed investments
The company held no listed investments at 30 June 2011.
Investments
Details of the significant investments of the company at 30 June 2011 are as follows:
CLASS YEAR PRINCIPAL
OF SHARES END ACTIVITIES
HELD
--------------------------------- ----------- ---------- ------------
Operating mainly in the
UK - unlisted
------------------------- ------ ----------- ---------- ------------
Scottish Resources Group 16.1% Ordinary 26 March Coal mining
Limited
------------------------- ------ ----------- ---------- ------------
Information on significant investments
SCOTTISH SCOTTISH
RESOURCES RESOURCES
GROUP LIMITED GROUP LIMITED
26 MARCH 27 MARCH
2011 2010
YEAR END YEAR END
GBP000 GBP000
------------------------------------- --------------- ---------------
Turnover 209,229 229,891
------------------------------------- --------------- ---------------
Operating profit before exceptional
items 13,148 33,198
------------------------------------- --------------- ---------------
Exceptional items (4,239) (101)
------------------------------------- --------------- ---------------
Operating profit 8,909 33,097
------------------------------------- --------------- ---------------
Total finance expenses (6,269) (4,608)
------------------------------------- --------------- ---------------
Profit before tax 2,640 28,489
------------------------------------- --------------- ---------------
Tax charge (2,378) (7,252)
------------------------------------- --------------- ---------------
Profit after tax 262 21,237
------------------------------------- --------------- ---------------
EBITDA before revaluations and
exceptional items* 33,556 47,547
------------------------------------- --------------- ---------------
Fixed assets 205,764 183,694
------------------------------------- --------------- ---------------
Current assets 25,759 27,936
------------------------------------- --------------- ---------------
Liabilities due within one year (42,196) (50,019)
------------------------------------- --------------- ---------------
Liabilities due after one year (159,370) (134,252)
------------------------------------- --------------- ---------------
Net assets 29,957 27,359
------------------------------------- --------------- ---------------
* EBITDA before revaluations is defined as operating profit before revaluation movements, exceptional items, depreciation and amortisation.
9. Debtors
Amounts falling due within one year 2011 2010
GBP GBP
------------------------------------- ------- -------
Trade debtors 4,500 4,406
------------------------------------- ------- -------
Prepayments and accrued income 10,504 10,523
------------------------------------- ------- -------
VAT 2,805 4,649
------------------------------------- ------- -------
17,809 19,578
------------------------------------- ------- -------
10. Creditors
Amounts falling due within one year 2011 2010
GBP GBP
---------------------------------------- ------- -------
Other
---------------------------------------- ------- -------
VAT, payroll taxes and social security - 6,376
---------------------------------------- ------- -------
Accruals and deferred income 16,710 24,500
---------------------------------------- ------- -------
Trade and sundry creditors 2,399 3,072
---------------------------------------- ------- -------
19,109 33,948
---------------------------------------- ------- -------
11. Called up equity share capital
2011 2010
GBP GBP
--------------------------------- ---------- ----------
Authorised
--------------------------------- ---------- ----------
190,000,000 (2010 - 190,000,000)
--------------------------------- ---------- ----------
Ordinary shares of 5p each 9,500,000 9,500,000
--------------------------------- ---------- ----------
Issued and fully paid
--------------------------------- ---------- ----------
155,933,304 (2010 - 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.
12. Reserves
The movements on reserves are as follows:
UNREALISED CAPITAL SHARE PROFIT AND
APPRECIATION RESERVE PREMIUM LOSS
RESERVE GBP GBP ACCOUNT
GBP GBP
------------------------ -------------- ------------ --------- -----------
Beginning of year 9,016,000 (1,217,356) 351,500 (326,042)
------------------------ -------------- ------------ --------- -----------
Unrealised gains
on investments
------------------------ -------------- ------------ --------- -----------
Loss for the financial
year (115,245)
------------------------ -------------- ------------ --------- -----------
End of year 9,016,000 (1,217,356) 351,500 (441,287)
------------------------ -------------- ------------ --------- -----------
2011 2010
GBP GBP
---------------------------------- ------------ ------------
Total distributable reserves are
as follows:
---------------------------------- ------------ ------------
Profit and loss account
---------------------------------- ------------ ------------
(Deficit) (441,287) (326,042)
---------------------------------- ------------ ------------
Capital reserve (1,217,356) (1,217,356)
---------------------------------- ------------ ------------
(1,658,643) (1,543,398)
---------------------------------- ------------ ------------
Total non distributable reserves
are as follows:
---------------------------------- ------------ ------------
Unrealised appreciation reserve 9,016,000 9,016,000
---------------------------------- ------------ ------------
Share premium 351,500 351,500
---------------------------------- ------------ ------------
9,367,500 9,367,500
---------------------------------- ------------ ------------
13. Reconciliation of movements in shareholders' funds
2011 2010
GBP GBP
------------------------------------------- ----------- -----------
(Loss) for the financial year (115,245) (167,458)
------------------------------------------- ----------- -----------
Movement in unrealised appreciation
reserve - 1,288,000
------------------------------------------- ----------- -----------
Movement in capital reserve - -
------------------------------------------- ----------- -----------
Net (reduction)/addition to shareholders'
funds (115,245) 1,120,542
------------------------------------------- ----------- -----------
Opening shareholders' funds 15,620,767 14,500,225
------------------------------------------- ----------- -----------
Closing shareholders' funds 15,505,522 15,620,767
------------------------------------------- ----------- -----------
14. 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
-------------------------- ------------------------ ----------------------
2011 2010 2011 2010
GBP GBP GBP GBP
-------------------------- ----------- ----------- ---------- ----------
Services rendered:
-------------------------- ----------- ----------- ---------- ----------
Scottish Resources Group
Ltd 15,000 15,000 4,500 4,406
-------------------------- ----------- ----------- ---------- ----------
Purchase of goods and
services:
-------------------------- ----------- ----------- ---------- ----------
Patersons Quarries Ltd 12,000 24,000 - -
-------------------------- ----------- ----------- ---------- ----------
Noble House 8,000 16,000 - -
-------------------------- ----------- ----------- ---------- ----------
Palmaris Capital plc owns 16.1% of the share capital of Scottish Resources Group Ltd.
Patersons Quarries Ltd hold 33.90% of the share capital of Palmaris Capital Plc and Sir Timothy Noble, chairman of Palmaris Capital plc, is a partner in Noble House.
Extraction
The above results have been extracted from the audited accounts of Palmaris Capital Plc for the year ended 30 June 2011 which received an unqualified auditor's report and will be filed with the Registrar of Companies. The above extract does not represent statutory accounts as defined by section 396 of the Companies Act. The statutory accounts were adopted by the Board of Directors on 4 November 2011.
Annual Report
A copy of the audited Report and Accounts will be sent to the Shareholders on or about 14 November 2011 and additional copies will be available free of charge for a period of one month from the offices of the Company's nominated adviser, Execution Noble & Company Limited, 10 Paternoster Square, London, EC4M 7AL.
AGM
The Annual General Meeting of Palmaris Capital plc is to be held at 76 George Street, Edinburgh, on 16 December 2011 at 11am. A notice convening this meeting will be sent to shareholders on or about 14 November 2011.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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