Last checked at 24 Nov 2011 12:25
R.E.A. Holdings plc ("REA")
Parent company financial statements
REA announces that the following parent company financial statements for the nine months ended 30 September 2011, which relate only to REA itself and not to the REA group, are being submitted today for filing with the Registrar of Companies as required by section 838 (6) of the Companies Act 2006. The statements have been prepared so that dividends which are expected to become payable between now and the publication of the REA annual report in respect of 2011 may be paid in compliance with section 836 (2) (a) of the Companies Act 2006.
Interim financial statements for the nine months ended 30 September 2011
(prepared in compliance with S 836 (2) (a) Companies Act 2006)
Profit and loss account for the nine months ended 30 September 2011
| Notes |
| £'000 |
|
|
|
|
Revenue | 1 |
|
|
Investment income |
|
| 6,016 |
Other income |
|
| 356 |
-------------------- | |||
|
|
| 6,372 |
-------------------- | |||
|
|
|
|
Expenses |
|
|
|
Administrative expenses |
|
| (286) |
Exchange losses on currency balances |
|
| (260) |
-------------------- | |||
|
|
| (546) |
-------------------- | |||
|
|
|
|
Profit before finance costs and taxation |
|
| 5,826 |
Finance costs | 2 |
| (4,591) |
-------------------- | |||
|
|
|
|
Profit before taxation |
|
| 1,235 |
Taxation | 3 |
| 152 |
|
|
|
|
-------------------- | |||
Profit for the period |
|
| 1,387 |
-------------------- | |||
|
|
|
|
Total recognised gains and losses for the period comprise only the profit for the period |
|
|
|
Movement in total shareholders' funds for the nine months ended 30 September 2011
£'000 | |
Total recognised gains for the period | 1,387 |
Dividends to preference shareholders | (2,209) |
Dividends to ordinary shareholders | (1,838) |
Issue of new preference shares by way of placing | 15,102 |
Issue costs of preference shares | (81) |
-------------------- | |
12,361 | |
Shareholders' funds at beginning of period | 53,281 |
-------------------- | |
Shareholders' funds at end of period | 65,642 |
-------------------- |
Balance sheet as at 30 September 2011
| Notes |
| £'000 |
Fixed and non-current assets |
|
|
|
Investments |
|
| 129,593 |
Deferred tax asset |
|
| 297 |
-------------------- | |||
|
|
| 129,890 |
-------------------- | |||
|
|
|
|
Current assets |
|
|
|
Debtors |
|
| 1,489 |
Cash and cash equivalents |
|
| 7,537 |
-------------------- | |||
|
|
| 9,026 |
|
|
|
|
Creditors: amounts falling due within one year |
|
| (13,953) |
-------------------- | |||
|
|
|
|
Net current liabilities |
|
| (4,927) |
-------------------- | |||
|
|
|
|
Total assets less current liabilities |
|
| 124,963 |
|
|
|
|
Creditors: amounts falling due after more than one year |
|
|
|
Borrowings | 4 |
| (59,321) |
Provision for liabilities and charges |
|
| - |
|
|
|
|
-------------------- | |||
Net assets |
|
| 65,642 |
-------------------- | |||
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
Share capital - ordinary |
|
| 8,353 |
Share capital - preference |
|
| 44,069 |
Share premium | 5 |
| 11,162 |
Profit and loss account | 5 |
| 2,058 |
|
|
| |
-------------------- | |||
Total shareholders' funds |
|
| 65,642 |
-------------------- | |||
|
|
| |
Approved by the board on 24 November 2011 and signed on behalf of the board |
|
|
|
Richard M Robinow |
|
|
|
Chairman |
|
|
|
Notes to the interim financial statements
1 | Revenue |
| £'000 |
| Investment income: |
|
|
| Dividends from subsidiary companies |
| 4,494 |
| Interest received from subsidiary companies |
| 1,509 |
| Other interest received |
| 13 |
-------------------- | |||
|
|
| 6,016 |
-------------------- | |||
| Other income: |
|
|
| Fees received from subsidiary companies |
| 347 |
| Other |
| 9 |
-------------------- | |||
|
|
| 356 |
-------------------- | |||
|
|
|
|
| Total income |
| 6,372 |
-------------------- | |||
|
|
|
|
|
|
|
|
2 | Finance costs |
| £'000 |
| Interest on US dollar notes |
| 1,744 |
| Interest paid to subsidiary companies |
| 2,847 |
-------------------- | |||
|
|
| 4,591 |
-------------------- | |||
|
|
|
|
|
|
|
|
3 | Taxation |
| £'000 |
| Withholding tax |
| 145 |
| Deferred tax |
| (297) |
-------------------- | |||
|
|
| (152) |
-------------------- | |||
|
|
|
|
|
|
|
|
4 | Borrowings |
| £'000 |
| Amount owing to group undertaking |
| 37,475 |
| US dollar notes |
| 21,846 |
-------------------- | |||
|
|
| 59,321 |
-------------------- | |||
|
|
|
|
|
|
|
|
5
| Movement in reserves | Share premium account | Profit and loss account |
|
| £'000 | £'000 |
| Beginning of the period | 13,146 | 4,718 |
| Recognised gains for the year | - | 1,387 |
| Dividends to preference share holders | - | (2,209) |
| Dividends to ordinary shareholders | - | (1,838) |
| Issue of new preference shares by way of placing | 102 | - |
| Issue costs of preference shares | (81) | - |
| Capitalisation of preference shares | (2,005) | - |
|
|
| |
-------------------- | -------------------- | ||
| 11,162 | 2,058 | |
-------------------- | -------------------- |