St Mark Homes Plc
Interim Report (unaudited) 6 Months Ended
30 June 2014
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
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
Review of operations for the six month period ended 30 June 2014
The Directors announce interim results for six months ended 30 June 2014. The
company continues to trade as a residential contractor and developer.
The Company continues to target projects based in London, the South East and
South Western regions of the United Kingdom. The Company typically undertakes
its business within special purpose vehicles and on a joint venture /profit
sharing basis with other house builders. The company built on its positive 2013
results in the first half of 2014. A pre-tax profit of £53,629 (2013- £251,621)
arose during the period with completing sales at The Pond House, Pittville
Crescent,Cheltenham contributing £102,383 to group profitability.
Looking forward the board anticipate our current projects will meet and
actually outperform initial expectations. Sales have now been agreed on all
residential units at the The Pond House, Pittville Crescent, Cheltenham and
Bulvinos House, Ealing projects. The Vertex Apartments, Palmerston Road,
Wimbledon project has also sold well off-plan with contracts exchanged on 80%
of the private sale units. As previously advised it is expected that the above
three projects will generate over £1m of profit for the company.
The Hatherley Road, Cheltenham development is also proceeding in accordance
with program and should complete in the first half of 2015.
A 2014 interim dividend of 3.3 pence per share was declared in June 2014 and
will be paid to shareholders in August. This represents an increase on 10% on
the 2013 dividend and has been accrued for within these interim accounts.
The net assets per share were 107 pence at the end of the reporting period.
The special resolutions presented to the 2014 AGM were all passed. This
facilitated a change of name from St Mark Homes II Plc, removed certain
borrowing restrictions and authorised the allotment of a small amount of new
share capital. Any shareholder wishing to purchase new shares is invited to
register their interest with Barry Tansey before 30 September 2014.
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 2014
30-Jun-14 30-Jun-13
£ £
Turnover: group and share of joint venture 1,084,070 1,282,000
Less: share of joint venture turnover (1,016,570) (1,270,000)
Group turnover 67,500 12,000
Cost of sales (49,000) (19,474)
Gross Profit 18,500 (7,474)
Administrative expenses (67,220) (73,876)
Operating Profit (loss) (48,720) (81,350)
Share of operating profit in joint venture 102,383 313,628
Interest receivable and similar income 68 19,477
Interest payable and similar charges (102) (134)
Profit/(Loss) on ordinary activities before 53,629 251,621
taxation
Taxation on ordinary activities - (28,193)
Profit /(Loss) on ordinary activities after 53,629 223,428
taxation
Profit per share 1.8p 7.6p
All amounts relate to continuing activities.
All recognised gains and losses in the current and prior year are included in
the profit and loss account.
St Mark Homes Plc
Unaudited Consolidated Balance sheet at 30 June 2014
June 2014 June 2014 June 2013 June 2013
£ £ £ £
Non Current assets
Tangible assets 2,277 2,033
Current assets
Debtors 4,464,718 1,094,213
Cash at bank and in hand 88,071 2,111,583
4,552,789 3,205,796
Creditors: amounts falling
due within one year (1,397,841) (39,754)
Net current assets 3,154,948 3,166,042
Net Assets 3,157,225 3,168,075
Capital and reserves
Called up share capital 1,478,748 1,478,748
Capital redemption reserve 1,009,560 1,009,518
Other reserve 211,822 211,822
Profit and loss account 457,095 467,987
Shareholders' funds 3,157,225 3,168,075
Company Registration No 03822978
St Mark Homes Plc
Notes forming part of the unaudited interim report for the six months ended 30
June 2014
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
II PLC audited financial statements for the year ended 31 December 2013, which
have been applied consistently. The financial statements for the year ended 31
December 2013 have been filed at Companies House. The company's auditors
Kingston Smith LLP have not reviewed these accounts.
2. Taxation on loss 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 after relief of losses
carried forward.
3. Earnings per share
Earnings per share has been calculated by dividing the profit for the period of
£ 53,629 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.