Walls & Futures REIT - Half-year Report & Property Sale
RNS Number : 9758K
Walls & Futures REIT PLC
08 January 2021
 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR")

 

8 January 2021

WALLS & FUTURES REIT PLC

 

 ("Walls & Futures" or the "Company")

 

Half Year Results for the period to 30 September 2020 & Southfields disposal

 

Walls & Futures REIT plc ("WAFR") the Ethical Housing Investor and developer, is pleased to announce its interim results for the six months to 30 September 2020.

 

We are also happy to announce the sale of its leasehold property in Southfields for £660,000 before costs which reflects a 5.7 per cent discount to its valuation dated as 31 March 2020.   

 

Joe McTaggart, CEO of Walls & Futures REIT plc said:

 

"We are pleased to have completed the transaction despite the ongoing economic uncertainty.

 

We will seek to dispose of our last residential property asset in London in the coming months and recycle the capital to make further investments and develop Specialist Supported Housing, where we have successfully delivered raised the bar and delivered innovative housing.

 

This development strategy has enabled us to increase our Net Asset Value (during the previous 6 months) and revenues in a sector which, unlike commercial property, has largely been unaffected by the economic fallout of Covid-19."

 

Consolidated Income Statement

For the Six-Month Period to 30 September 2020

 

 

6 Months to

30 September 2020

6 Months to

30 September 2019

 

 

£

 

£

 

Rent received

                                79,023

                                67,650

Cost of sales

(31,409)

-

Increase in property values

-

-

Other Income

27,617

-

Gross Profit

75,231

67,650

 

 

 

Administrative Expenses

(121,630)

(151,526)

Depreciation

(316)

-

 

____________

____________

OPERATING PROFIT/(LOSS)

(46,715)

(83,876)

Interest receivable and similar income

-

218

Interest payable

(5,578)

(8,542)

 

____________

____________

PROFIT/(LOSS) BEFORE TAXATION

(52,293)

(92,200)

Taxation

-

-

 

 

 

Loss on disposal of fixed assets & depreciation

(19,000)

-

 

____________

____________

PROFIT/(LOSS) FOR THE FINANCIAL PERIOD

(71,293)

(92,200)

 

 

 

Other comprehensive income

176,118

-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

104,825

(92,200)

         

 

 

Consolidated Balance Sheet

30 September 2019

 

 

 

30 September 2020

30 September 2019

 

 

£

 

£ 

£

 

£

FIXED ASSETS

 

 

 

 

Investment Property

 

3,950,316

 

3,730,010

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

Cash at Bank

40,313

 

169,036

 

Debtors and Prepayments

6,934

 

6,645

 

 

47,247

 

175,681

 

CREDITORS

 

 

 

 

Amounts falling due within one year

(5,189)

 

(6,176)

 

 

 

 

 

 

NET CURRENT ASSETS

 

42,058

 

169,505

TOTAL ASSETS LESS CURRENT LIABILITIES

 

3,992,404

 

3,899,515

 

Provision for Liabilities

 

            

     -

 

                

 -

 

 

 

 

 

Amounts falling due over one year

 

(30,000)

 

(600,000)

 

NET ASSETS

 

 

3,962,374

 

 

3,299,515

 

 

 

 

 

CAPITAL AND RESERVES

 

 

 

 

Called up share capital

 

187,754

 

187,754

Share Premium

 

3,505,154

 

3,505,154

Fair Value Reserve

 

934,900

 

297,150

Retained Earnings

 

 (665,434)

 

 (690,543)

 

 

3,962,374

 

3,299,515

 

 

 

 

 

 

 

                                 

 

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, contact:

Walls & Futures REIT PLC                                                                             0333 700 7171     

Joe McTaggart, Chief Executive

Website www.wallsandfutures.com

 

 

Allenby Capital Limited (Corporate Adviser)                               

Nick Harriss/James Reeve                                                                            020 3328 5656

 

 

 

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