Walls & Futures REIT - Half-year Report London Stock Exchange
RNS Number : 1246T
Walls & Futures REIT PLC
03 January 2017
 

Walls & Futures REIT plc

 

(Epic:    WAFR)

 

Half Year Results

for the period to 30th September 2016

 

 

 

The Board of Walls & Futures REIT plc (the Company) is pleased to announce its Interim results for the six months to 30th September 2016.

The accounts of the Company set out below are for the first trading period of the Company.  The Company acquired the assets and liabilities of Walls and Futures London Growth Fund LP (the "Fund") with effect from 1st April 2016. This transaction was completed on 1st December 2016, having been conditional on the Company's Admission which occurred on 29th November 2016. 

The trading figures below reflect the trading performance of the Fund from 1st April 2016 to 30th September 2016.  The balance sheet is the Company's consolidated balance sheet as adjusted for the acquisition of the Fund. The loss for the period is entirely caused by professional fees relating to the re-structuring of the Fund and Admission.

During the period under review, the Company and its management were involved in the reconstruction of the Fund into the Company, raising additional capital and admitting the Company to trading on ISDX. 

Joe McTaggart commented "It has been a time-consuming exercise but we are pleased to have achieved our status as a REIT.  We are now poised for expansion and are actively looking to invest our available resources in additional properties".  

Post balance sheet events:

The Company was admitted to trading on ISDX Growth Market on 29th November 2016.

Immediately prior to Admission, the Company completed the subscription of £1,025,000 for 1,025,000 of new Ordinary Shares at £1.00 each.

Following Admission, the acquisition of the assets of the Fund was legally completed.

The Company has received confirmation that it entered the REIT regime as at 6th December and has been entered in the register of small registered UK AIFMs with effect from 12th December 2016.

 

 

Consolidated Income Statement 

For The Period 18th March 2016 to 30th September 2016

 

 

18th March to

30th September 2016

 

 

£

RENT RECEIVED

22,713

Administrative Expenses

51,894


____________

 

(29,181)

Other Operating Income

-


____________

OPERATING LOSS

(29,181)

Interest receivable and similar income

19


____________

LOSS BEFORE TAXATION

(29,162)

Tax on Loss

-


____________

LOSS FOR THE FINANCIAL PERIOD

(29,162)

 

 

Consolidated Balance Sheet

30th September 2016

 

 

30th September 2016

 

 

£

 

£

FIXED ASSETS

 

 

Investment Property

 

2,180,000



____________

 

 

2,180,000



____________

CURRENT ASSETS

 


Cash at Bank

56,078



_________


 

56,078


CREDITORS

 


Amounts falling due within one year

1,609



_________


NET CURRENT ASSETS

 

54,469



____________

TOTAL ASSETS LESS CURRENT LIABILITIES

 

2,234,469

PROVISION FOR LIABILITIES

 

-



____________

NET ASSETS

 

2,234,469



============

 

 


CAPITAL AND RESERVES

 


Called up share capital

 

113,261

Share Premium

 

2,151,964

Retained Earnings

 

(30,756)



____________

 

 

2,234,469



============

 

The above figures have not been reviewed by the Company's auditors.

The directors of the issuer accept responsibility for the contents of this announcement

 

 

For further information please contact:

WALLS & FUTURES REIT plc

 

Joe McTaggart

0207 340 8677

joe@wallsandfutures.com

Walls & Futures REIT plc

3rd Floor

111 Buckingham Palace Road

London

SW1W 0SR


 

www.wallsandfutures.com




 

CITY & MERCHANT

 

David Papworth

0207 101 7676

info@cityandmerchant.com

City & Merchant

55 Old Broad Street

London

EC2M 1RX


 

Note to Editors:

Walls & Futures REIT plc is a Real Estate Investment Trust committed to delivering long-term income and capital growth by investing in residential property across the UK.

The company intends to acquire, develop and manage residential property, with a particular focus on London and the South East for the private rental sector and countrywide for the supported housing sector.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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