The Group has improved its cash position further and as at 28th
February 2014 had cash and cash equivalents of GBP21.2m (2013:
GBP9.2m). The principal source of cash (GBP22.3m) was the further
dividends received from The Lancasters Development. In December
2013 the Group raised an additional GBP12.5m cash by issuing new
shares and through a cashbox acquisition. This improved cash
position enabled the Group to invest in two new projects, 1 Palace
Street and 33 Thurloe Square. As at 28th February 2014, Northacre
PLC had provided a total of GBP10.3m in cash for these two
projects, representing an equity investment of GBP8.8m in respect
of 1 Palace Street and GBP1.5m through a combination of equity
investment and shareholder loan in respect of 33 Thurloe
Square.
In addition it permitted the Group to pay a special dividend to
shareholders of 40p per share in July 2013.
Looking forward, the Group will focus on securing new projects
and will increase both its development income and investment
income. Our strengthened financial position means we are better
placed than in recent years to take advantage of investment
opportunities.
Kasia Maciborska-Singh
Group Financial Controller
Consolidated Income Statement
For the year ended 28(th) February 2014
Note 2014 2013
GBP GBP
Group
Group revenue 3 2,955,797 3,521,402
Cost of sales (1,294,225) (2,235,379)
------------ ------------
Gross profit 1,661,572 1,286,023
Administrative expenses (4,868,726) (8,943,929)
Group loss from operations (3,207,154) (7,657,906)
Investment revenue 4 15,063,052 26,577,553
Profit on disposal of available
for sale financial asset 5 111,213 -
Other gains 6 336,264 -
Finance costs 7 (100) (2,117,427)
Profit for the year before taxation 8 12,303,275 16,802,220
Taxation 11 (102,993) 4,832,506
------------ ------------
Profit for the year attributable
to equity holders of the Company 12,200,282 21,634,726
============ ============
Profit per ordinary share
Basic - Continuing and total operations 23 39.51p 80.96p
Diluted - Continuing and total
operations 23 39.51p 80.96p
Company
Profit/(loss) for the year attributable
to equity holders of the Company 44,703,358 (5,074,317)
=========== ============
Consolidated Statement of Comprehensive Income
For the year ended 28(th) February 2014
Note 2014 2013
GBP GBP
Group
Profit for the period attributable
to equity holders of the Company 12,200,282 21,634,726
------------- -------------
Other comprehensive loss:
Changes in fair value of available
for sale financial assets 15(a) (15,000,000) (18,662,028)
------------- -------------
Total comprehensive (loss)/income
for the period (2,799,718) 2,972,698
============= =============
Company
Profit/(loss) for the period attributable
to equity holders of the Company 44,703,358 (5,074,317)
----------- ------------
Other comprehensive income - -
----------- ------------
Total comprehensive profit/(loss)
for the period 12 44,703,358 (5,074,317)
=========== ============
Consolidated Statement of Financial Position
As at 28(th) February 2014
Note 2014 2013
GBP GBP
Non-current assets
Goodwill 13 8,007,417 8,007,417
Property, plant and equipment 14 822,739 919,229
Available for sale financial
assets 15(a) 8,824,659 22,148,579
----------- -----------
17,654,815 31,075,225
----------- -----------
Current assets
Inventories 17 168,559 1,378
Trade and other receivables 18 6,667,711 4,585,083
Cash and cash equivalents 21,239,909 9,194,508
----------- -----------
28,076,179 13,780,969
----------- -----------
Total assets 45,730,994 44,856,194
Current liabilities
Trade and other payables 19 6,615,535 4,741,075
Borrowings, including
lease finance - -
----------- -----------
6,615,535 4,741,075
----------- -----------
Non-current liabilities
Borrowings, including
lease finance - -
- -
----------- -----------
Total liabilities 6,615,535 4,741,075
----------- -----------
Equity
Share capital 24 1,058,388 668,091
Share premium account 24 22,565,286 18,552,361
Merger reserve 24 8,086,293 -
Retained earnings 7,405,492 20,894,667
----------- -----------
Total equity 39,115,459 40,115,119
----------- -----------
Total equity and liabilities 45,730,994 44,856,194
Approved by the Board
on 14(th) July 2014
N. Barattieri di San Pietro
Director
Company registration no. 03442280
Company Statement of Financial Position
As at 28(th) February 2014
Note 2014 2013
GBP GBP
Non-current assets
Property, plant and equipment 14 823,633 937,237
Investments 15(c) 16,830,968 8,007,421
--------------- ----------------
17,654,601 8,944,658
--------------- ----------------
Current assets
Trade and other receivables 18 10,110,093 3,218,933
Cash and cash equivalents 18,808,382 9,019,416
--------------- ----------------
28,918,475 12,238,349
--------------- ----------------
Total assets 46,573,076 21,183,007
Current liabilities
Trade and other payables 19 9,780,661 30,894,008
Borrowings, including
lease finance - -
--------------- ----------------
9,780,661 30,894,008
--------------- ----------------
Non-current liabilities
Borrowings, including
lease finance - -
- -
--------------- ----------------
Total liabilities 9,780,661 30,894,008
--------------- ----------------
Equity
Share capital 24 1,058,388 668,091
Share premium account 24 22,565,286 18,552,361
Merger reserve 24 8,086,293 -
Retained earnings 5,082,448 (28,931,453)
--------------- ----------------
Total equity 36,792,415 (9,711,001)
--------------- ----------------
Total equity and liabilities 46,573,076 21,183,007
Approved by the Board
on 14(th) July 2014
N. Barattieri di San Pietro
Director
Company registration no. 03442280
Consolidated and Company Statements of Cash Flows
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