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Half year report

^{Published on 2011-01-28 03:21:10 - Market Wire}
 

 STAVERT ZIGOMALA PLC INTERIM MANAGEMENT REPORT FOR THE HALF YEAR ENDING 30TH NOVEMBER 2010 The Directors confirm there has been an increase in Shareholders funds during the period under review of £358,606 equivalent to an increase of 7.21%. This compares with increases in the FTSE 100 Index of 6.55% and the FTSE All Share Index of 7.05% during the same period. However the Directors consider that there is no directly comparable Index. Dividend income was broadly similar to the comparable period in the previous year and remains flat due to the continued reduction in dividends from the UK banking sector. The Directors do not consider that this situation is likely to improve in the near future. Your Directors have decided to declare an interim dividend for the ordinary stock units of 25p, the same rate as for commensurate period last year. The deferred stock accordingly will also receive the same dividend as last year. Although not covered by profit for the relevant period, the Company has considerable reserves of Retained Earnings available for payment of dividends. Risks and Uncertainties The principal risks and uncertainties facing the Company relate to the general performance of the UK stock market and our inability to dispose of securities in order to comply with the Listing Rules. Management There has been no changes in the Directors of the Company. Income Statement (Unaudited) 6 months ended 6 months ended Year ended 30th November 2010 30th November 31st May 2010 2009 £ £ £ Income from Fixed Assets Investments 85,186 84,712 153,917 Administrative Expenses 22,641 21,230 41,166 OPERATAING PROFIT 62,545 63,482 112,751 Profit on Disposal of Investments 37,792 ----- 25,540 Finance Income 3,537 2,877 6,765 Finance Costs (175) (354) Profit before taxation 103,699 66,359 144,702 Taxation 7,586 ----- 488 Profit for the Financial Period 96,113 66,359 144,214 attributable to the Shareholders Earnings per Ordinary Stock Unit 32.2p 22.3p 48.3p Earnings per Deferred Stock Unit 26.4p 18.1p 39.7p Statement of Financial Position (Unaudited) NON-CURRENT ASSETS £ £ £ Investments 4,794,166 4,325,687 4,430,375 CURRENT ASSETS Trade and Other Receivables 26,080 3,899 15,103 Cash and Cash Equivalents 536,593 710,158 553,917 562,673 713,057 569,020 LIABILITIES: Trade and other payables 24,521 24,329 25,683 NET CURRENT ASSETS 538,152 688,728 543,337 NET ASSETS 5,332,318 5,015,415 4,973,712 CAPITAL AND RESERVES Called-up share capital 46,000 46,000 46,000 Revaluation reserve 3,262,036 2,837,728 2,900,581 Other reserves 1,615,467 1,552,134 1,577,675 Retained Earnings 400,806 579,553 449,456 SHAREHOLDERS' FUNDS 5,332,318 5,015,415 4,973,712 Statement of Cash Flows (Unaudited) £ £ £ Cash flows from operating activities Operating profit for the year 62,545 62,545 112,751 (Increase)/decrease in debtors (10,977) (18,768) 9,816 (Decrease)/increase in creditors (1,062) (10,659) (50,206) Net cash from operating activities 50,506 33,118 72,361 Taxation ------ ------ (488) Cash flows from investing activities Finance income 3,537 2,887 6,675 Acquisition of investments (16,000) (102,097) (146,744) Proceeds of disposal of Investments 52,633 ----- (28,539) Net cash used in investing activities 40,170 (99,210) (111,440) Cash flows from financing activities Finance costs ----- ----- (354) Equity dividends paid (108,000) ----- (182,412) Net decrease in cash and cash equivalents (17,324) (66,092) (222,333) Cash and cash equivalents at 1 June 2010 553,197 776,250 776,250 Cash and cash equivalents at 536,593 710,158 553,917 Notes to the Accounts For the half year ended 30th November 2010 1 Stavert Zigomala plc is a company domiciled in the United Kingdom. The interim financial statements of the Company as at 30th September 2010 comprise the Company. The financial statements of the Company as at 31st May 2010 are available on request from the Company's registered off at Artillery House, 15 Byrom Street, Manchester M3 4PF. 2. These interim financial statements have been prepared in accordance with the Disclosure and Transparency Rules of the UK Financial Services Authority and in accordance with International Financial Reporting Standard IAS 34 as adopted by the EU. The accounting policies applied are consistent with those adopted in the 2010 Annual Report. These financial statements have not been audited nor reviewed by the auditors, and do not include all the information required for full annual financial statements. Those accounts have been reported on by the Company's auditors and delivered to the Registrar of Companies. The report of the auditors was (i) unqualified, (ii) did not include reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 498(2) or (3) of the Companies Act 2006. The preparation of interim financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amount of assets and liabilities, income and expenses. Actual results may differ from these estimates. In preparing these interim financial statements, the significant judgments made by management in applying the Company's accounting policies were the same as those that applied to the financial statements for the year ended 31 May 2010. These interim financial statements are the responsibility of the Directors and were approved by the Board on 26th January 2011. 3. The Directors named below confirm, to the best of their knowledge, that this set of interim financial statements has been prepared in accordance with IAS 34 as adopted by the European Union and that the Interim Management Report includes a fair review of the information required by Sections 4.2.7 and 4.2.8 of the Disclosure and Transparency Rules of the United Kingdom Financial Services Authority. Directors E. N. Cooper - Chairman A. C Sullivan - Non-Executive Director 4. The earnings per Stock Unit have been based on the profits attributable to shareholders of £96,113 apportioned between the 200,000 Ordinary Stock Units and the 120,000 Deferred Stock Units in issue, in accordance with the provisions of the Company's Articles relating to the division of profits between the two classes of Stock. 5. The Directors estimate that if all the Company's investments were to be realised at their bid values at 30th November 2010 the taxation liability which would arise would not exceed£630,903, and for which no provision has been made. By Order of the Board Shareholder Information 1. The dividend of 8.75p per share on £1 8 3/4% Cumulative Redeemable Preference Shares, and interim dividends of 25p per Ordinary Stock Unit and 20.34p per Deferred Stock Unit will be paid on 7th March 2011 to the relevant holders registered on 18th February 2011 (record date). The ex dividend date is 16th February 2011. 2. This interim report is being to posted to shareholders and copies are available from the Registrars Stavert Zigomala Plc - Registered in England No. 194028 Registered Office - PO Box 233 Manchester M60 1QP Registrars - Hague Lambert Artillery House, 15 Byrom Street, Manchester M3 4PF