TIDMHCFT
RNS Number : 8816X
Highcroft Investments PLC
03 September 2020
3 September 2020
Highcroft Investments PLC
Interim Report for the six months ended 30 June 2020
Key Highlights:
*Gross rental income increased 11.74% to GBP3,044,000 (2019
GBP2,726,000)
*Net rental income increased 3.7% to GBP2,777,000 (2019
GBP2,678,000)
*99% occupancy in the property portfolio (2019 100%)
*100% of Q1 rent, 77% of Q2 rent and 81% of Q3 rent, due to
date, collected
*Adjusted earnings per share reduced 3.5% to 35.9p (2019
37.2p)
*Total earnings per share reduced to 51.4p loss (2019 21.9p
profit)
*Net investment into property GBPnil (2019 net investment
GBP11,897,000)
*Property valuation decreased by 5.2% to GBP82,195,000 (December
2019 GBP86,710,000)
*Net assets per share decreased 6.8% to 1095p (December 2019
1175p, June 2019 1195p)
*Loan to value 31.9% (December 2019 30.2%, June 2019 29.5%)
Dear Shareholder
I am writing to report our half year 2020 results. It has been
an extremely difficult period which has been unduly impacted by the
COVID-19 pandemic. Whilst the business has demonstrated resilience
under the circumstances in the 6 months to 30 June 2020, the Board
is mindful that there remains a significant amount of risk and
uncertainty surrounding the outlook for the remainder of the
financial year. Taking all of this into account, and given our
focus on active asset management, I feel we have performed well in
the first half and, having collected 100% of our Q1 rent, we
collected a respectable 77% of Q2 rent and 81% of Q3 rent (due to
date) so far. We continue to have a conservative view on debt which
stood at 31.9% loan to value at the half year with cash on the
balance sheet of GBP1.8m. In addition, all bank loans due for
repayment in 2020 have been refinanced with no further debt
maturing until 2022, and we have agreed to draw an additional GBP1m
of our agreed facility later this year as additional working
capital.
The group has not made any new property acquisitions during the
period although gross rent has increased by 11.4% as a result of
our 2019 acquisitions and rent reviews carried out in the last 12
months. As a result of the COVID-19 pandemic, we have provided for
GBP195,000 of bad debts primarily arising from the effect of a
small number of CVAs and new lease arrangements. Our external
independent property valuation fell by 5.2% during the period with
some softening pre COVID which was then further accelerated by the
onset of the pandemic. This compares favourably to the All Property
index decrease of 6.1% in the same period.
More specifically, our high street retail and leisure asset
values, which represent only 20.4% of our overall portfolio, have
fallen by 10.9% and 8.5% respectively; however, in-line with our
strategy to diversify our exposure and buy quality assets, our
office and industrial properties have held up better with both
falling by just 2.7%.
Dividend
Whilst the business has performed robustly during the first half
of 2020 against a difficult backdrop, we remain mindful of the
increased risk brought about by the COVID-19 pandemic and the
potential knock-on effect to our tenants. Highcroft has been a
public company for several decades and has always prided itself on
paying an increased dividend each year. The group is, however,
operating in very unusual and unpredictable times and is, as a
result, taking a cautious approach to working capital management to
ensure that it is able to continue to deliver long term shareholder
value post COVID-19. We have therefore decided to defer our
decision in relation to the interim dividend until October when we
will have the initial indications of our Q4 rent collection and
more information as to the anticipated impact of the pandemic
during the remainder of this financial year and in to 2021.
Outlook
The group has always taken a prudent approach to its operating
model to ensure long term value creation for all stakeholders. I
would like to thank my colleagues and our business partners for
their pro-active approach which has resulted in a robust
performance in the period and we continue to monitor the evolving
situation closely. The outlook for the group is likely to be
overshadowed by the effects of COVID-19 for some time; however, we
continue to work closely with our tenants and all other
stakeholders to ensure we protect occupancy levels and limit the
short-term impact.
We have a well-balanced portfolio with low gearing, a healthy
positive cash position, and strong balance sheet which should
position us well to withstand a potentially protracted period of
economic weakness.
Charles Butler
Chairman
2 September 2020
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
For further information, contact:
Highcroft Investments PLC
Charles Butler/Roberta Miles +44 (0)1865 840023
N+1 Singer
Peter Steel / Amanda Gray - Corporate Finance
Tom Salvesen - Corporate Broking
+44 (0)20 7496 3000
Condensed consolidated interim statement of comprehensive income
(unaudited)
for the six months ended 30 June 2020
Unaudited Unaudited Audited
First half 2020 First half 2019 Full year 2019
---- ---------------------------- ---------------------------- ----------------------------
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Continuing operations
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Gross rental income 3,044 - 3,044 2,726 - 2,726 5,840 - 5,840
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Bad debt provision (195) - (195) - - - - - -
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Property operating
expenses (72) - (72) (48) - (48) (184) - (184)
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Net rental income 2,777 - 2,777 2,678 - 2,678 5,656 - 5,656
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Valuation gains on
investment property - 600 600 - - - - 739 739
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Valuation losses on
investment property - (5,115) (5,115) - (792) (792) - (3,627) (3,627)
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Net valuation
(losses)/gains
on investment
property - (4,515) (4,515) - (792) (792) - (2,888) (2,888)
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Dividend income - - - 3 - 3 3 - 3
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Gains on investments - - - 53 - 53 - 53 53
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Losses on investments - - - - - - - - -
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Net investment income - - - 56 - 56 3 53 56
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Administrative
expenses (471) - (471) (411) - (411) (826) - (826)
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Operating profit
before
net financing costs 2,306 (4,515) (2,209) 2,323 (792) 1,531 4,833 (2,835) 1,998
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Finance income 2 - 2 5 - 5 6 - 6
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Finance expenses (458) - (458) (396) - (396) (856) - (856)
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Net finance costs (456) - (456) (391) - (391) (850) - (850)
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Profit before tax 1,850 (4,515) (2,665) 1,932 (792) 1,140 3,983 (2,835) 1,148
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Income tax
(charge)/credit 4 8 - 8 (11) - (11) 72 (66) 6
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Total profit and
comprehensive
income for the
financial
period 1,858 (4,515) (2,657) 1,921 (792) 1,129 4,055 (2,901) 1,154
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Basic and diluted
earnings
per share 6 (51.4p) 21.9p 22.3p
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Condensed consolidated interim statement of financial position
(unaudited)
as at 30 June 2020
Unaudited Unaudited Audited
30 June 30 June 31 December
2020 2019 2019
Note GBP'000 GBP'000 GBP'000
Assets
---- --------- --------- ------------
Investment property 7 82,195 88,805 86,710
---- --------- --------- ------------
Equity investments 8 - 9 -
---- --------- --------- ------------
Total non-current assets 82,195 88,814 86,710
---- --------- --------- ------------
Current assets
---- --------- --------- ------------
Trade and other receivables 1,526 668 1,147
---- --------- --------- ------------
Cash at bank and in hand 1,779 610 1,559
---- --------- --------- ------------
Total current assets 3,305 1,278 2,706
---- --------- --------- ------------
Total assets 85,500 90,092 89,416
---- --------- --------- ------------
Liabilities
---- --------- --------- ------------
Current liabilities
---- --------- --------- ------------
Interest bearing loan 4,000 - 4,000
---- --------- --------- ------------
Trade and other payables 2,626 2,123 2,495
---- --------- --------- ------------
Total current liabilities 6,626 2,123 6,495
---- --------- --------- ------------
Non-current liabilities
---- --------- --------- ------------
Interest-bearing loans and borrowings 9 22,200 26,200 22,200
---- --------- --------- ------------
Total non-current liabilities 22,200 26,200 22,200
---- --------- --------- ------------
Total liabilities 28,826 28,323 28,695
---- --------- --------- ------------
Net assets 56,674 61,769 60,721
---- --------- --------- ------------
Equity
---- --------- --------- ------------
Issued share capital 1,294 1,292 1,292
---- --------- --------- ------------
Share premium 51 - -
---- --------- --------- ------------
Share based payment 19 - 12
---- --------- --------- ------------
Other equity reserve (53) - -
---- --------- --------- ------------
Revaluation reserve - property 9,514 17,456 12,931
---- --------- --------- ------------
Revaluation reserve - other 0 5 -
---- --------- --------- ------------
Capital redemption reserve 95 95 95
---- --------- --------- ------------
Realised capital reserve 28,995 28,990 28,995
---- --------- --------- ------------
Retained earnings 16,759 13,931 17,396
---- --------- --------- ------------
Total equity 56,674 61,769 60,721
---- --------- --------- ------------
Condensed consolidated interim statement of changes in
equity
for the six months ended 30 June 2020
Issued Share Share Other Capital Realised Retained Total
share premium based equity redemption Capital earnings
capital payment reserve Revaluation
(note reserve
10) property
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------- -------- -------- -------- ----------- ----------- -------- --------- -------
At 1 January 2020 1,292 - 12 - 12,931 95 28,995 17,396 60,721
-------- -------- -------- -------- ----------- ----------- -------- --------- -------
Transactions with
owners:
-------- -------- -------- -------- ----------- ----------- -------- --------- -------
Dividends - - - - - - (1,397) (1,397)
-------- -------- -------- -------- ----------- ----------- -------- --------- -------
Issue of shares 2 51 - (53) - - - - -
-------- -------- -------- -------- ----------- ----------- -------- --------- -------
2 51 - (53) - - - (1,397) (1,397)
-------- -------- -------- -------- ----------- ----------- -------- --------- -------
Reserve transfers:
-------- -------- -------- -------- ----------- ----------- -------- --------- -------
Non-distributable
items recognised
in income statement:
-------- -------- -------- -------- ----------- ----------- -------- --------- -------
Revaluation losses - - - (4,515) - - 4,515 -
-------- -------- -------- -------- ----------- ----------- -------- --------- -------
Realised gains - - - - - - - -
-------- -------- -------- -------- ----------- ----------- -------- --------- -------
Excess of cost over
revalued amount
taken to retained
earnings - - - - 1,098 - - (1,098) -
-------- -------- -------- -------- ----------- ----------- -------- --------- -------
- - - - (3,417) - - 3,417 -
-------- -------- -------- -------- ----------- ----------- -------- --------- -------
Share award expensed - - 7 - - - - - 7
-------- -------- -------- -------- ----------- ----------- -------- --------- -------
Loss and total
comprehensive
income for the
period - - - - - - - (2,657) (2,657)
-------- -------- -------- -------- ----------- ----------- -------- --------- -------
At 30 June 2020 1,294 51 19 (53) 9,514 95 28,995 16,759 56,674
-------- -------- -------- -------- ----------- ----------- -------- --------- -------
First half 2019 Revaluation
Unaudited reserves
Issued
share Capital Realised Retained
capital Property Other redemption capital earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------- --------
At 1 January 2019 1,292 18,770 574 95 28,378 13,275 62,384
-------- -------- -------- ----------- -------- --------- --------
Transactions with owners:
Dividends - - - - - (1,744) (1,744)
-------- -------- -------- ----------- -------- --------- --------
Reserve transfers:
-------- -------- -------- ----------- -------- --------- --------
Non-distributable items
recognised in income
statement:
-------- -------- -------- ----------- -------- --------- --------
Revaluation losses - (792) - - - 792 -
-------- -------- -------- ----------- -------- --------- --------
Movement in deferred
tax on realisation of
equities - - 34 - (34) - -
-------- -------- -------- ----------- -------- --------- --------
Realised gains - - - - 43 (43) -
-------- -------- -------- ----------- -------- --------- --------
Surplus attributable
to assets sold - - (603) - 603 - -
-------- -------- -------- ----------- -------- --------- --------
Excess of cost over
revalued amount taken
to retained earnings - (522) - - - 522 -
-------- -------- -------- ----------- -------- --------- --------
- (1,314) (569) - 612 1,271 -
-------- -------- -------- ----------- -------- --------- --------
Profit and total comprehensive
income for the period - - - - - 1,129 1,129
-------- -------- -------- ----------- -------- --------- --------
At 30 June 2019 1,292 17,456 5 95 28,990 13,931 61,769
-------- -------- -------- ----------- -------- --------- --------
Condensed consolidated interim statement of changes in equity
(continued)
for the six months ended 30 June 2020
Full year 2019 Share
Audited Based
payment
reserve Revaluation
GBP'000 reserves
Issued
share Capital Realised Retained
capital Property Other redemption capital earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------- ---------
At 1 January 2019 1,292 - 18,770 574 95 28,378 13,275 62,384
-------- -------- ---------- --------- ----------- -------- --------- --------
Transactions with
owners:
Dividends - - - - - - (2,829) (2,829)
-------- -------- ---------- --------- ----------- -------- --------- --------
Reserve transfers:
-------- -------- ---------- --------- ----------- -------- --------- --------
Non-distributable
items recognised
in income statement:
-------- -------- ---------- --------- ----------- -------- --------- --------
Revaluation (losses) - - (2,888) - - - 2,888 -
-------- -------- ---------- --------- ----------- -------- --------- --------
Realised gains/(losses) - - - - - 43 (43) -
-------- -------- ---------- --------- ----------- -------- --------- --------
Movement in deferred
tax on realisation
of equities - - - 29 - (29) - -
-------- -------- ---------- --------- ----------- -------- --------- --------
Surplus attributable
to assets sold
in the year - - - (603) - 603 - -
-------- -------- ---------- --------- ----------- -------- --------- --------
Reassessment of
carrying value
of reserves - - (4,168) 4,168
-------- -------- ---------- --------- ----------- -------- --------- --------
Excess of cost
over revalued amount
taken to retained
earnings - - 1,217 - - - (1,217) -
-------- -------- ---------- --------- ----------- -------- --------- --------
- - (5,839) (574) - 617 5,796 -
-------- -------- ---------- --------- ----------- -------- --------- --------
Share award expenses 12 12
-------- -------- ---------- --------- ----------- -------- --------- --------
Profit and total
comprehensive income
for the period - - - - - - 1,154 1,154
-------- -------- ---------- --------- ----------- -------- --------- --------
At 31 December
2019 1,292 12 12,931 - 95 28,995 17,396 60,721
-------- -------- ---------- --------- ----------- -------- --------- --------
Condensed consolidated interim statement of cashflows
for the six months ended 30 June 2020
Unaudited Unaudited
First First Audited
half half Full year
2020 2019 2019
GBP'000 GBP'000 GBP'000
Operating activities
--------- --------- ----------
Profit before tax for the period (2,665) 1,140 1,148
--------- --------- ----------
Adjustments for:
--------- --------- ----------
Net valuation losses on investment property 4,515 792 2,888
--------- --------- ----------
Net gains on investments - (53) (53)
--------- --------- ----------
Share based payment expense 7 - 12
--------- --------- ----------
Finance income (2) (5) (6)
--------- --------- ----------
Finance expense 458 396 856
--------- --------- ----------
Operating cash flow before changes in working
capital and provisions 2,313 2,270 4,845
--------- --------- ----------
(Increase)/decrease in trade and other receivables (393) (197) (667)
--------- --------- ----------
Increase/(decrease) in trade and other payables 131 (156) 325
--------- --------- ----------
Cash generated from operations 2,051 1,917 4,503
--------- --------- ----------
Finance income 2 5 6
--------- --------- ----------
Finance expense (458) (396) (856)
--------- --------- ----------
Income tax received/(paid) 22 - (93)
--------- --------- ----------
Net cash flows from operating activities 1,617 1,526 3,560
--------- --------- ----------
Investing activities
--------- --------- ----------
Purchase of fixed assets - investment property - (11,897) (11,898)
--------- --------- ----------
Sale of fixed assets - equity investments - 723 724
--------- --------- ----------
Net cash flows from investing activities - (11,174) (11,174)
--------- --------- ----------
Financing activities
--------- --------- ----------
Dividends paid (1,397) (1,744) (2,829)
--------- --------- ----------
New bank borrowings - 6,800 6,800
--------- --------- ----------
Net cash flows from financing activities (1,397) 5,056 3,971
--------- --------- ----------
Net (decrease)/increase in cash and cash equivalents 220 (4,592) (3,643)
--------- --------- ----------
Cash and cash equivalents at 1 January 1,559 5,202 5,202
--------- --------- ----------
Cash and cash equivalents at period end 1,779 610 1,559
--------- --------- ----------
Notes (Unaudited)
for the six months ended 30 June 2020
1. Nature of operations and general information
Highcroft Investments PLC ('Highcroft' or 'company') and its
subsidiaries' (together 'the group') principal activity is
investment in property. It is incorporated and domiciled in Great
Britain. The address of Highcroft's registered office, which is
also its principal place of business, is Thomas House, Langford
Locks, Kidlington, OX5 1HR. Highcroft's condensed consolidated
interim financial statements are presented in Pounds Sterling
(GBP), which is also the functional currency of the group. These
condensed consolidated interim financial statements have been
approved for issue by the directors on 2 September 2020. The
financial information for the period ended 30 June 2020 set out in
this interim report does not constitute statutory accounts as
defined in Section 404 of the Companies Act 2006. The group's
statutory financial statements for the year ended 31 December 2019
have been filed with the Registrar of Companies. The auditor's
report on those financial statements was unqualified and did not
contain statements under Section 498(2) or Section 498(5) of the
Companies Act 2006.
2. Basis of preparation
These condensed consolidated interim financial statements are
for the six months ended 30 June 2020. They have been prepared in
accordance with IAS 34, Interim Financial Reporting. They do not
include all of the information required for full annual financial
statements and should be read in conjunction with the consolidated
financial statements of the group for the year ended 31 December
2019.
These condensed consolidated interim financial statements have
been prepared under the historical cost convention, as modified by
the revaluation of investment properties and the measurement of
equity investments at fair value. These condensed consolidated
interim financial statements have been prepared in accordance with
the accounting policies adopted in the last annual financial
statements for the year to 31 December 2019.
The accounting policies have been applied consistently
throughout the group for the purposes of preparation of these
condensed consolidated interim financial statements.
The financial statements are drawn up on a going concern basis.
The directors have a reasonable expectation that the group has
adequate resources to continue in operational existence for the
foreseeable future and consider that there are no material
uncertainties that lead to significant doubt upon the group's
ability to continue as a going concern. Cash flow forecasts are
prepared annually as part of the planning and budgeting process and
are monitored and reworked regularly. The group has fixed-term
non-amortising borrowing and has additional headroom available.
3. Segment reporting
The group has one main business segment - property.
In 2020 the largest tenant represented 11% (2019 9%) and the
second largest tenant represented 7% (2019 7%) of gross commercial
property income for the period.
4. Income tax credit/(charge)
First First
half half Full year
2020 2019 2019
GBP'000 GBP'000 GBP'000
Current tax:
-------- -------- ---------
On revenue profits 8 - 72
-------- -------- ---------
On capital profits - (11) (99)
-------- -------- ---------
8 (11) (27)
-------- -------- ---------
Deferred tax - - 33
-------- -------- ---------
Total tax 8 (11) 6
-------- -------- ---------
The taxation charge has been based on the estimated effective
tax rate for the full year. As a Real Estate Investment Trust the
group does not pay corporation tax on its profits and gains from
its property activities.
Notes (Unaudited) (continued)
for the six months ended 30 June 2020
5. Dividends
The following property income distributions have been paid by
the company:
First First
half half Full year
2020 2019 2019
GBP'000 GBP'000 GBP'000
2019 final: 27.00p per ordinary share (2018
final 33.75p) 1,397 1,744 1,744
-------- -------- ---------
2019 interim: 21.00p per ordinary share - - 1,085
-------- -------- ---------
1,397 1,744 2,829
-------- -------- ---------
6. Earnings per share
The calculation of earnings per share is based on the loss for
the period of GBP2,657,000 (2019 profit GBP1,129,000) and on
5,169,695 shares which is the weighted average number of shares in
issue during the period ended 30 June 2020, (2019 5,167,240) .
In order to draw attention to the impact of valuation gains and
losses which are included in the income statement but not available
for distribution under the company's articles of association, an
adjusted earnings per share based on the profit available for
distribution of GBP1,858,000 (2019 GBP1,921,000) has been
calculated.
First First
half half Full year
2020 2019 2019
GBP'000 GBP'000 GBP'000
Earnings:
-------- -------- ---------
Basic earnings (2,657) 1,129 1,154
-------- -------- ---------
Adjustments for:
-------- -------- ---------
Net valuation losses on investment property 4,515 792 2,888
-------- -------- ---------
Gains/(losses) on investments - - (53)
-------- -------- ---------
Income tax on profits - - 66
-------- -------- ---------
Adjusted earnings 1,858 1,921 4,055
-------- -------- ---------
Per share amount:
-------- -------- ---------
Earnings per share (unadjusted) (51.4p) 21.9p 22.3p
-------- -------- ---------
Adjustments for:
-------- -------- ---------
Net valuation losses on investment property 87.3p 15.3p 55.9p
-------- -------- ---------
(Gains) / losses on investments - - (1.0p)
-------- -------- ---------
Income tax on profits - - 1.3p
-------- -------- ---------
Adjusted earnings per share 35.9p 37.2p 78.5p
-------- -------- ---------
Notes (Unaudited) (continued)
for the six months ended 30 June 2020
7. Investment property
First First
half half Full year
2020 2019 2019
GBP'000 GBP'000 GBP'000
Valuation at 1 January 86,710 77,700 77,700
-------- -------- ---------
Additions - 11,897 11,898
-------- -------- ---------
Disposals - - -
-------- -------- ---------
(Loss)/gain on revaluation (4,515) (792) (2,888)
-------- -------- ---------
Valuation at period end 82,195 88,805 86,710
-------- -------- ---------
The directors have used an external independent valuation of
properties at 30 June 2020 which has been carried out consistently
with the annual valuation. The independent valuer, Knight Frank
LLP, included a material uncertainty clause in their valuation
reports relating to assets valued at GBP52,820,000, 64%, of the
total valuation. This clause indicates that, due to the impact of
COVID-19, less certainty, and a higher degree of caution, should be
attached to the valuations of those assets to which the clause
applies than would otherwise be the case.
8. Equity investments
First First
half half Full year
2020 2019 2019
GBP'000 GBP'000 GBP'000
Valuation at 1 January - 679 679
-------- -------- ---------
Additions - - -
-------- -------- ---------
Disposals - (670) (670)
-------- -------- ---------
- - 9
-------- -------- ---------
Unlisted investments transferred to other
receivables - - (9)
-------- -------- ---------
Valuation at period end - 9 0
-------- -------- ---------
9. Interest bearing loans
First First
half half Full year
2020 2019 2019
GBP'000 GBP'000 GBP'000
Short-term bank loans due within one year 4,000 - 4,000
-------- -------- ---------
Medium-term loans 22,200 26,200 22,200
-------- -------- ---------
The medium-term bank loans comprise amounts
falling due as follows:
-------- -------- ---------
Between one and two years 7,500 4,000 -
-------- -------- ---------
Between two and five years - 7,500 7,500
-------- -------- ---------
Over five years 14,700 14,700 14,700
-------- -------- ---------
The debt is secured on certain assets within the group's
property portfolio. GBP2,500,000 of the amounts falling due within
one year were re-financed on 3 July 2020 and a facility letter is
in place to re-finance the remaining GBP1,500,000 on the maturity
date in November 2020.
Notes (Unaudited) (continued)
for the six months ended 30 June 2020
10. Share capital
First First
half half Full year
2020 2019 2019
Allotted, called up and fully paid ordinary
shares of 25p each
--------- --------- ---------
At I January 5,167,240 5,167,240 5,167,240
--------- --------- ---------
Issued in the year in connection with Highcroft
incentive plan 7,935 - -
--------- --------- ---------
At period end 5,175,175 5,167,240 5,167,240
--------- --------- ---------
11. Related party transactions
Kingerlee Holdings Limited owns, through its wholly owned
subsidiaries, 27.2% (2019 27.2%) of the company's shares and D H
Kingerlee is a director of both the company and Kingerlee Holdings
Limited.
During the period, the group made purchases from Kingerlee
Limited, a subsidiary of Kingerlee Holdings Limited, being a
service charge in relation to services at Thomas House, Kidlington
of GBP7,000 (2019 GBP7,000) and a recharge of computer and courier
costs totalling GBPnil (2019 GBP530). The amount owed at 30 June
2020 was GBPnil (2019 GBPnil). All transactions were undertaken on
an arm's length basis.
12. Net assets per share
First First
half half Full year
2020 2019 2019
Net assets GBP56,674,000 GBP61,769,000 GBP60,721,000
------------- ------------- -------------
Ordinary shares in issue 5,175,175 5,167,240 5,167,240
------------- ------------- -------------
Basic net assets per share 1095p 1195p 1175p
------------- ------------- -------------
Statement of directors' responsibilities
The directors confirm that, to the best of their knowledge, this
condensed consolidated set of half-year financial statements has
been prepared in accordance with IAS 34. The half-year management
report includes a fair review of the information required by 4.2.7
and 4.2.8 of the Disclosure and Transparency Rules of the United
Kingdom's Financial Conduct Authority, namely:
-- an indication of the important events that have occurred
during the first six months of the financial year ending 31
December 2020 and their impact on the condensed consolidated set of
half-year financial statements, and a description of the principal
risks and uncertainties for the remaining six months of the
financial year; and
-- disclosure of material related party transactions in the
first six months of the financial year, and any material changes in
the related party transactions described in the last annual
report.
A list of current directors is maintained on the Highcroft
Investments PLC website: www.highcroftplc.com.
By order of the board.
Charles Butler
Chairman
2 September 2020
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