Stavert Zigomala Final Results
28 September 2012 - 10:14AM
UK Regulatory
TIDMSTZ
Final Results
STAVERT ZIGOMALA PLC
ANNUAL RESULTS FOR THE YEAR ENDING 31ST MAY 2012
Chairman's Statement
Shareholders Funds have decreased by GBP362,833 during the financial year ending 31st May 2012,
equivalent to a fall of 6.40%. This compares with decreases of 11.17% (FTSE100) 11.55% (FTSE All
Share) and 11.64% (FTSE Small Cap) though the Directors believe that there is no realistically
comparable index.
We are required to present the Accounts so as to show Shareholders Funds in a way which exceeds
the Directors perception of true net worth, because liability for deferred taxation (which would
apply on the realisation of all portfolio investments) is not taken into account. Had the
Accounts been prepared on a net worth basis then Shareholders Funds would have been shown as
GBP4,661,230 a decrease of 4.12%. This lower percentage reduction in shareholder value reflects the
reduction in post tax unrealised gains within the investment portfolio and also taking account of
the reduction in the current corporation tax rate.
The increase in dividend and other investment income is welcome and in line with our expectations.
The market as a whole and the larger FTSE 100 companies in particular have been increasing their
dividends though we are still some way short of investment received prior to the problems in the
banking sector in 2007/8 and dividends from this sector remain low and are likely to be so for
some years yet.
The Directors have decided to recommend an unchanged final dividend of 36p per Ordinary Share,
with total dividends for the year of 61p being at the same rate as last year. In consequence the
dividends on the Deferred Stock are also recommended at the same rate as last year. The retained
profit and loss account reserve brought forward from previous years is available for utilisation
for the payment of dividends, not covered out of current profits, and is being so utilised to
cover the shortfall in distributable profit.
Edward N. Cooper
Chairman
Income Statement Year Ended 31st May 2012
2012 2011
GBP GBP
Income from Fixed Asset Investments 179,218 158,193
Administrative Expenses 41,966 46,001
Operating Profit 137,252 112,192
Finance Income 6,812 6,701
Profit on Disposal of Investments 543 23,086
Finance Costs (350) (350)
Profit before taxation 144,257 141,629
Taxation 537 675
Profit for the Year Attributable to Shareholders 143,720 140,954
Basic and diluted earnings per share (pence)
Ordinary Units 48.1p 47.2p
Deferred Units 39.6p 38.9p
Statement of Comprehensive Income Year Ended 31st May 2012
2012 2011
GBP GBP
Profit for the financial year 143,720 140,954
Other comprehensive income for the year
Unrealised (loss)/profit on investments (324,141) 739,409
Total comprehensive income for the year attributable to (180,421) 880,363
the shareholders
Statement of Financial Position as at 31st May 2012
GBP GBP
NON-CURRENT ASSETS
Investments 4,742,596 5,135,618
CURRENT ASSETS
Debtors 1,651 1,629
Cash at Bank 599,592 565,157
601,243 566,786
CURRENT LIABILITIES
Trade and other payables 35,009 30,741
NET ASSETS 5,308,830 5,671,663
CAPITAL AND RESERVES
Called up share capital 46,000 46,000
Revaluation reserve 3,315,849 3,639,990
Other reserves 1,601,304 1,600,761
Retained earnings 345,677 384,912
SHAREHOLDERS FUNDS 5,308,830 5,671,663
Statement of Changes in Equity Year Ended 31st May 2012
Issued Revaluation Capital Investment Retained Total
Shared Reserve Redemption Reserve Earnings Equity
Capital Reserve
GBP GBP GBP GBP GBP GBP
Balance as at
1st June 2010 46,000 2,900,581 2,959 1,574,716 449,456 4,973,712
Changes in
Equity
Total
comprehensive
income for the
year 739,409 140,954 880,363
Dividends
recognised as
Distributions to
owners (182,412) (182,412)
Realised gains
transferred to
Investment
reserve 23,086 (23,086) ----
Balance as at
1st June 2011 46,000 3,639,990 2,959 1,597,802 384,912 5,671,663
Changes in
Equity
Total
comprehensive
income for the
year (324,141) 143,720 (180,421)
Dividends
recognised as
Distributions to
owners (182,412) (182,412)
Realised gains
transferred to
Investment
reserve 543 (543) ----
Balance as at
31st May 2012 46,000 3,315,849 2,959 1,598,345 345,677 5,308,830
Statement of Cash Flows
Year Ended 31st May 2012
2012 2011
GBP GBP
Cash flows from operating activities
Operating profit for the year 137,252 112,192
(Increase)/Decrease in debtors (22) 13,474
Increase in creditors 4,268 5,058
Net cash from operating activities 141,498 130,724
Taxation (537) (675)
Cash flows from investing activities
Financial income 6,812 6,701
Acquisition of investments ---- (16,000)
Proceeds of disposal of investments 69,424 73,252
Net cash used in investing activities 76,236 63,953
Cash flows from financing activities
Finance costs (350) (350)
Equity dividends paid (182,412) (182,412)
Net increase in cash and cash equivalents 34,435 11,240
Cash and cash equivalents at 1 June 565,157 553,917
Cash and cash equivalents at 31 May 599,592 565,157
The preliminary announcement for the year ended 31 May 2012 has been prepared in accordance with
the accounting policies as disclosed in Stavert Zigomala plc's Annual Report and Accounts 2011, as
updated to take effect of any new accounting standards applicable for the year.
The annual financial information presented in this preliminary announcement for the year ended 31
May 2012 is based on, and is consistent with, that in the audited financial statements for the
year ended 31 May 2012, and those financial statements will be delivered to the Registrar of
Companies following the Company's Annual General Meeting.
Information in this preliminary announcement does not constitute statutory accounts of the Company
within the meaning of section 434 of the Companies Act 2006. The full financial statements for
the Company for the year ended 31 May 2011 have been delivered to the Registrar of Companies. The
independent auditor's report on those financial statements was unqualified and did not contain a
statement under section 498 (2) or 498 (3) of the Companies Act 2006.
This preliminary announcement was approved by the Board of Directors on 27th September 2012.
Ex dividend date 17th October 2012
Record date 19th October 2012
Dividend payment date 5th November 2012
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
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