(''SMH'' or “the Company'')
Unaudited Interim Report for the six month period ended
Review of operations for the six month period ended
The Directors are pleased to announce the interim results for six months ended
The Directors are pleased to report a pre-tax profit of £210,976 (2016 - £315,493) for the period.
The Company paid an interim Ordinary share dividend of 5.5p per share on
The Company is also pleased to announce plans to initially raise up to £2m through the issue of 2 1?2 year corporate bonds through the Crowdstacker platform in the coming months. The bonds will carry an annual coupon of 6% and will be ISA eligible. The Directors believe that this additional capital will enable the Company to make a number of new project investments and should lead to a stronger and more profitable business going forward.
A summary of the progress on our current projects is set out below:
The Company has invested in a regeneration property development venture at
St Mark has taken a 40% joint venture interest in the redevelopment of the site at
St Mark has taken a joint venture interest of up to 40% in this development of 34 all private flats in Hounslow,
Signed on behalf of the board
S Ryan
Director
Unaudited Consolidated Profit and loss account and statement of comprehensive income for the six months ended
2017 2016
£ £
Group turnover 71,325 1,423,749
Cost of sales (10,806) (1,153,400)
Gross Profit 60,519 270,349
Administrative expenses (117,847) (181,110)
Operating Profit/(Loss) (57,328) 89,239
Negative Goodwill Released 104,789
Joint developers share of profit - (100,062)
Share of operating profit in joint venture 30,220 223,387
Profit before interest and taxation 77,681 212,564
Interest receivable and similar income 133,409 103,020
Interest payable and similar charges (114) (91)
Profit/(Loss) on ordinary activities before taxation 210,976 315,493
Taxation on ordinary activities (20,441) (63,099)
_________ __________
Profit /(Loss) on ordinary activities after taxation 190,535 252,394
_________ __________
Profit/ (Loss) per share – basic and diluted
Ordinary shares 4.3p 8.6p
All amounts relate to continuing activities.
All recognised gains and losses in the current and prior period are included in the profit and loss account.
Unaudited Consolidated Balance sheet
at
Jun-17 Jun-17 Jun-16 Jun-16
£ £ £ £
Non Current assets
Tangible assets 1,227 1,636
Current assets
Debtors 5,219,842 4,739,511
Cash at bank and in hand 955,349 31,662
________ ________
6,171,191 4,771,173
Creditors: amounts falling
due within one year (186,492) (721,448)
_________ ________
Net current assets 5,988,699 4,049,725
_________ ________
Net Assets 5,989,926 4,051,361
_________ ________
Capital and reserves
Called up share capital 2,206,501 1,478,478
Capital redemption reserve 1,009,560 1,009,560
Other reserve 211,822 211,822
Share Premium 375,246 -
Merger Reserve 327,060 -
Profit and loss account 1,859,737 1,351,501
_________ ________
Shareholders’ funds 5,989,926 4,051,361
_________ ________
Notes forming part of the unaudited interim report
for the six months ended
1. Accounting Policies
The financial information contained in this unaudited interim report has been prepared on the basis of the accounting policies set out in the
2. Taxation on Profit on ordinary activities
For the purpose of this unaudited interim report, the tax charge is calculated at 19.25% of the taxable (loss)/profit for the period.
3. Earnings per share
Earnings per share has been calculated by dividing the profit after tax for the period of £190,535 by the weighted average number of ordinary shares in issue of 4,413,003 .
4. Non Statutory Financial Statements
The financial information contained in this unaudited interim report does not constitute full statutory financial statements as defined by section 240 of the Companies Act 1985.
