ST MARK HOMES PLC - Half-yearly Report PR Newswire

St Mark Homes Plc

Interim Report (unaudited)

6 Months Ended

30 June 2015

 

Company Number 03822978



Contents

  1.  Review of Operations
  2.  Unaudited Profit & Loss Account
  3.  Unaudited Balance Sheet
  4.  Notes to the Unaudited Interim Report

Directors

Barry Tansey
Bernard J Tansey
Sean Ryan
John Connolly
William Gair

Secretary and registered office

Barry Tansey, Heron House, 109 Wembley Hill Road, Wembley, Middlesex, HA9 8DA

Company number

03822978

Auditors

Kingston Smith LLP
Middlesex House
800 Uxbridge Road
Hayes
Middlesex
UB4 0RS
 

St Mark Homes Plc

Unaudited Interim Report for the six month period ended 30 June 2015

Review of operations for the six month period ended 30 June 2015

The Directors announce interim results for six months ended 30 June 2015. The company continues to trade as a residential contractor and developer.  

A pre-tax profit of £144,348 (2014 - £53,629) arose during the period.

Distributions to shareholders have also been increased. A 2015 interim dividend of 4.5 pence per share (2014 - 3.3p) was declared on 29 June 2015 and will be paid to shareholders in September.

The net assets per share were 122.5 pence (2014 - 106.8p) at the end of the reporting period.

A summary of the progress on individual projects is detailed below: 

Palmerston Road, Wimbledon,SW19: All units on the project have now been sold. Profit has been recognised on the final two sales in the current period.

Bulvinos House, Ealing, W13:All units on the project have now been sold. Profit has been recognised on the sale of the commercial units within the development in the current period.

Hatherley Road, Cheltenham, GL51: Construction on this 8 unit project is expected to be complete in late July 2015. The profit on two units which exchanged prior to 30 June has been recognised during the period. Further details are available on the company website at http://www.stmarkhomes.co.uk/hatherley-road.html.

Forsyth House, Richmond, TW9: Construction of the 26 units is well underway on this project with a targeted completion of late 2015 into early 2016. Further details can be viewed on the company website at http://www.stmarkhomes.co.uk/forsyth-house.html.

Railshead Road, St Margarets, TW7: Construction of the 21 residential units and commercial space is advancing well with completion expected in late summer 2016. Further information can be viewed on the company website at http://www.stmarkhomes.co.uk/st-margarets-waterside.html.

Sutton High Street, Sutton, SM1: Construction on this 40 residential units and commercial space on this project and is now underway and completion is expected in the summer of 2016. Further sales details are available on the company website at http://www.stmarkhomes.co.uk/sutton-high-st.html.

Signed on behalf of the board

S Ryan
Director
 

St Mark Homes Plc

Unaudited Consolidated Profit and loss account

for the six months ended 30 June 2015


                                                         2015        2014

                                                           £           £

Turnover: group and share of joint venture              2,866,780   1,084,070

Less: share of joint venture turnover                 (1,641,780) (1,016,570)

Group turnover                                          1,225,000      67,500

Cost of sales                                         (1,050,000)    (49,000)

Gross Profit                                              175,000      18,500

Administrative expenses                                  (83,537)    (67,220)

Operating Profit/(Loss)                                    91,463    (48,720)

Joint developers share of profit                        (109,375)           -

Share of operating profit in joint venture                111,648     102,383

Profit before interest and taxation                        93,736      53,663

Interest receivable and similar income                     90,879          68

Interest payable and similar charges                     (40,267)       (102)

Profit/(Loss) on ordinary activities before taxation      144,348      53,629

Taxation on ordinary activities                          (28,870)           -

                                                       __________  __________

Profit /(Loss) on ordinary activities after taxation      115,478      53,629

                                                       __________  __________

Profit/ (Loss) per share – basic and diluted

Ordinary shares                                              3.9p        1.8p



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.
 

St Mark Homes Plc

Unaudited Consolidated Balance sheet

at 30 June 2015


                             Jun-15     Jun-15     Jun-14     Jun-14

                                £          £          £          £

Non Current assets

Tangible assets                            2,494                 2,277

Current assets

Debtors                      6,418,628             4,464,718

Cash at bank and in hand       238,345                88,071

                              ________              ________

                             6,565,973             4,552,789

Creditors: amounts falling

due within one year        (3,035,606)           (1,397,841)

                              ________              ________

Net current assets                     3,621,367             3,154,948

                                        ________              ________

Net Assets                             3,623,861             3,157,225

                                        ________              ________

Capital and reserves

Called up share capital                1,478,748             1,478,748

Capital redemption reserve             1,009,560             1,009,560

Other reserve                            211,822               211,822

Profit and loss account                  923,731               457,095

                                        ________              ________

Shareholders’ funds                    3,623,861             3,157,225

                                        ________              ________



Company Registration No 03822978

St Mark Homes Plc

Notes forming part of the unaudited interim report

for the six months ended 30 June 2015

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 St Mark Homes PLC audited financial statements for the year ended 31 December 2014, which have been applied consistently. The financial statements for the year ended 31 December 2014 have been filed at Companies House. The company’s auditors Kingston Smith LLP have not reviewed these interim accounts.

2.         Taxation on Profit on ordinary activities

           
For the purpose of this unaudited interim report, the tax charge is calculated at 20% of the taxable (loss)/profit for the period.

3.         Earnings per share

Earnings per share has been calculated by dividing the profit after tax or the period of £115,478  by the weighted average number of ordinary shares in issue of  2,957,495.

 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.