TIDMSWJ
RNS Number : 4979U
Swan(John) & Sons PLC
30 July 2015
PRELIMINARY RESULTS FOR THE YEAR ENDED 30 APRIL 2015
STATEMENT BY THE CHAIRMAN John Swan & Sons PLC
The outcome for the year can be summarised as
follows: 2015 2014
GBP GBP
Profit/(loss) before tax
John Swan Limited - profit 64,729 13,657
John Swan & Sons PLC - profit/(loss) 91,382 (346,794)
IAS 19 pension adjustment (33,000) (36,000)
--------- ----------
Profit/(loss) before tax 123,111 (369,137)
========= ==========
In my statement at the half year, I reported both
on the results for the period and the emergence
of a possible offer for our company. The second
half trading was more or less as anticipated,
but the period has been dominated by our focus
on this possible offer and I'm very pleased to
confirm that the terms of a formal offer from
H&H Group plc (to be implemented by means of a
Court-sanctioned scheme of arrangement) have been
announced today, simultaneous with the publication
of these results.
For that reason, I do not propose to expand here
on the terms of the offer, but I will take the
opportunity to commend it to shareholders. At
the same time I want to thank everyone involved
for their hard work, patience and understanding
during what has been a long and difficult process.
Shareholders will understand that, as is common
in these circumstances, there will be no final
dividend this year.
Finally, on a personal note, since on the assumption
that the acquisition by H&H is completed this
is likely to be my last results statement to shareholders,
I would like to record my appreciation of the
help, advice and encouragement I have received
over the last ten years from my board and our
professional advisers, whose work behind the scenes
is not always understood nor appreciated.
Alastair J Ritchie
Chairman
STATEMENT BY THE CHAIRMAN John Swan Limited
I am pleased to report an increase in profit
for the year to GBP64,729 compared with GBP13,657
last year. The profit would have been higher
but for the provision for an old ongoing dispute
and doubtful debt. Turnover was up GBP26,373
on the year most of which came from Wooler. Stock
numbers were marginally down on the year reflecting
the drop in national breeding herds.
Markets are still the best place to sell stock,
as the whole industry works on market averages.
It is important to make the major players in
the industry compete for stock.
With the CAP reform here, there could be big
changes by reducing costs and running the markets
as efficiently as possible.
Swan & Turner has established itself as a leading
auction house in the Borders for antiques and
collectables with over 700 lots in most of the
sales.
Finally, I would like to thank all of the staff
for their hard work and enthusiasm during the
past year, support of my fellow directors and
to thank all customers for their continued support.
James D Allen
Chairman
Consolidated income statement
For the year ended 30 April 2015
2015 2014
GBP GBP GBP
Revenue 1,904,743 1,833,587
------------ --------------
Staff costs 942,794 921,380
Depreciation 104,729 96,845
Other operating expenses 1,226,914 1,184,359
Profit on sale of land (492,901) -
------------ --------------
1,781,536 2,202,584
------------ --------------
Operating profit/(loss) 123,207 (368,997)
Investment revenues 490 587
Finance costs (586) (727)
Profit/(loss) before
tax 123,111 (369,137)
Tax (1,045) 7,220
Profit/(loss) for the
year attributable to
owners of the Company 122,066 (361,917)
============ ==============
Basic and diluted earnings
per share 20.04p (59.43p)
============ ==============
Consolidated statement of comprehensive income
For the year ended 30 April 2015
2015 2014
GBP GBP
Profit/(loss) for the
year 122,066 (361,917)
------------ ------------
Actuarial loss on defined
benefit
pension scheme (678,000) (24,000)
Deferred tax on pension 129,000 -
scheme
Other comprehensive expense
for the year (549,000) (24,000)
------------ ------------
Total comprehensive expense
attributable
to owners of the Company (426,934) (385,917)
============ ============
Consolidated balance sheet
At 30 April 2015
2015 2014
GBP GBP
Non-current assets
Property, plant and motor
vehicles 3,509,800 3,576,513
Deferred tax asset 129,000 -
------------ ------------
3,638,800 3,576,513
------------ ------------
Current assets
Trade and other receivables 2,557,672 2,328,050
Cash and cash equivalents 137,253 114,968
------------ ------------
2,694,925 2,443,018
------------ ------------
Total assets 6,333,725 6,019,531
============ ============
Current liabilities
Trade and other payables 333,497 209,943
------------ ------------
Net current assets 2,361,428 2,233,075
------------ ------------
Non-current liabilities
Retirement benefit obligation 645,000 -
Deferred tax liabilities 16,980 15,935
Deferred income 11,200 12,000
673,180 27,935
------------ ------------
Total liabilities 1,006,677 237,878
============ ============
Net assets 5,327,048 5,781,653
============ ============
Equity
Share capital 153,000 153,000
Revenue reserve 70,000 70,000
Employee Benefit Trust
reserve (107,245) (57,224)
Revaluation reserve 1,510,063 1,531,039
Capital redemption reserve 15,000 15,000
Retained earnings 3,686,230 4,069,838
------------ ------------
Total equity - attributable
to owners of the Company 5,327,048 5,781,653
============ ============
Consolidated statement of changes in equity
For the year ended 30 April 2015
Equity attributable to equity
holders of the Company
Employee
Benefit Capital
Share Revenue Trust Revaluation redemption Retained Total
capital reserve reserve reserve reserve earnings equity
GBP GBP GBP GBP GBP GBP GBP
Balance at
1 May 2013 168,000 70,000 (39,815) 1,544,885 - 4,525,155 6,268,225
Loss for the
year - - - - - (361,917) (361,917)
Other
comprehensive
expense for
the year - - - - - (24,000) (24,000)
Total
comprehensive
expense for
the year - - - - - (385,917) (385,917)
Purchase and
cancellation
of deferred
shares (15,000) - 39,815 - 15,000 (52,796) (12,981)
Purchase of
ordinary
shares in
Employee
Benefit Trust - - (26,574) - - - (26,574)
Purchase of
ordinary
shares in
Employee
Benefit Trust - - (30,650) - - - (30,650)
Transfer to
retained
earnings - - - (13,846) - 13,846 -
Dividends
paid - - - - - (30,450) (30,450)
Balance at
30 April 2014 153,000 70,000 (57,224) 1,531,039 15,000 4,069,838 5,781,653
----------- ---------- ----------- ------------- ----------------- ------------ ------------
Profit for
the year - - - - - 122,066 122,066
Other
comprehensive
expense for
the year - - - - - (549,000) (549,000)
Total
comprehensive
expense for
the year - - - - - (426,934) (426,934)
Movement in
year - - (50,021) - - 52,800 2,779
Transfer to
retained
earnings - - - (20,976) - 20,976 -
Dividends
paid - - - - - (30,450) (30,450)
Balance at
30 April 2015 153,000 70,000 (107,245) 1,510,063 15,000 3,686,230 5,327,048
=========== ========== =========== ============= ================= ============ ============
Consolidated cash flow statement
For the year ended 30 April 2015
Notes 2015 2014
GBP GBP
Net cash used in operating
activities 1 (407,567) (356,106)
---------- --------------
Investing activities
Interest received 490 587
Proceeds from disposal 542,901 -
of land
Proceeds from disposals
of plant and motor vehicles 12,190 10,500
Purchases of plant and
motor vehicles (98,058) (32,615)
Net cash from/(used in)
investing activities 457,523 (21,528)
---------- --------------
Financing activities
Dividends paid (30,450) (30,450)
Fees and tax in respect
of deferred shares purchased
from the Employee Benefit
Trust 2,779 (12,981)
Purchase of ordinary shares
within the Employee
Benefit Trust - (57,224)
Net cash used in financing
activities (27,671) (100,655)
---------- --------------
Net increase/(decrease) in
cash and cash
equivalents 22,285 (478,289)
Cash and cash equivalents
at beginning of year 114,968 593,257
Cash and cash equivalents
at end of year 2 137,253 114,968
========== ==============
Notes
1 Notes to the cash flow statement
2015 2014
GBP GBP
Profit/(loss) before tax 123,111 (369,137)
Adjustments for:
Investment revenues (490) (587)
Finance costs 586 727
Pension scheme employee expense 33,000 36,000
Pension scheme contribution
paid (66,000) (60,000)
Depreciation of property, plant
and motor vehicles 104,729 96,845
Profit on sale of land (492,901) -
Profit on sale of plant and
motor vehicles (2,148) (4,820)
Deferred income released in
the year (800) (800)
---------- ----------
Operating cash flows before
movement in working capital (300,913) (301,772)
(Increase)/decrease in receivables (229,622) 6,077
Increase/(decrease) in payables 123,554 (59,684)
---------- ----------
Cash used in operations (406,981) (355,379)
Interest paid (586) (727)
Net cash used in operating activities (407,567) (356,106)
========== ==========
2 Cash and cash equivalents
2015 2014
GBP GBP
Bank and cash balances 137,253 114,968
-------- --------
Cash and cash equivalents in
the cash flow statement 137,253 114,968
======== ========
The Royal Bank of Scotland plc holds a bond
and floating charge over the assets of the
subsidiary company, John Swan Limited, for
the provision of overdraft facilities during
peak trading periods.
Following the closure of the John Swan Limited
Retirement Benefits Scheme to future accrual
on 30 April 2012, the subsidiary company,
John Swan Limited, granted a floating charge
over its assets in favour of the Trustees
of the Scheme.
3 Note to the preliminary announcement
The abridged financial information set out
above has been extracted without material adjustment
from financial statements approved by the Directors
of John Swan & Sons PLC on 29 July 2015, which
received an unqualified audit report by the
independent auditor and which will be delivered
to the Registrar of Companies.
The financial statements for the year ended
30 April 2014 have been filed with the Registrar
of Companies.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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