Smart (J) & Co Regulatory News (SMJ)

31 Oct 2005 09:32

Smart(J.)&Co(Contractors) PLC31 October 2005 J SMART & CO (CONTRACTORS) PLC AND SUBSIDIARY COMPANIESACCOUNTS FOR THE YEAR ENDED 31st JULY 2005PRELIMINARY STATEMENT The results of J Smart & Co (Contractors) PLC and its subsidiary companies forthe year ended 31st July 2005 are as follows: PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31st JULY 2005 2005 2004 £'000 £'000Turnover, as adjusted for the change in stocksof finished goods and work in progress 22,180 17,644Own work capitalised 20 1,770 ------- ------- 22,200 19,414Other operating income 6,065 5,766 ------- ------- 28,265 25,180 ------- ------- Operating Profit 4,968 4,540Share of Operating Profit in Joint Ventures 407 375 ------- ------- 5,375 4,915Interest Payable/Receivable and Net Investment Income 83 (34) ------- -------Operating Profit before Exceptional Item 5,458 4,881 Exceptional Item (Note (a)) - 405 ------- -------Profit on ordinary activities before taxation 5,458 5,286 Tax on Profit on ordinary activities 1,449 1,412 ------- -------Group Profit on ordinary activities after taxation 4,009 3,874Dividends (Note (b)) Interim paid 2.90p Nett (2004 - 2.90p) 143 143 --- ---Proposed Final 9.50p Nett (2004 - 9.15p) 468 450 ------- -------Retained Profit for the Year 3,398 3,281 ------- -------Earnings per share (Note (c)) 39.77p 38.42p Notes: (a) The exceptional item relates to profit on sale of land held for development.(b) Certain shareholders have waived their rights to the interim dividend and the proposed final dividend for 2005 aggregating £639,000.(c) There is no difference between the rate of earnings per share when calculated on the fully diluted or undiluted basis. BALANCE SHEET AS AT 31st JULY 2005 2005 2004 £'000 £'000FIXED ASSETSIntangible assets 1 1Tangible assets 77,413 67,399 ------- ------- 77,414 67,400Investment in Joint Ventures:Share of gross assets 6,877 6,087Share of gross liabilities (3,705) (3,609) ------- ------- 80,586 69,878 ------- -------CURRENT ASSETSStocks and work in progress 4,924 4,565Debtors: Amounts falling due within one year 2,765 2,075Debtors: Amounts falling due after one year 1,656 1,480Investments 1,038 840Cash at bank and in hand 2,014 50 ------- ------- 12,397 9,010 CREDITORS: Amounts falling due within one year 5,058 4,831 ------- ------- NET CURRENT ASSETS 7,339 4,179 ------- ------- TOTAL ASSETS LESS CURRENT LIABILITIES 87,925 74,057 PROVISIONS FOR LIABILITIES AND CHARGES 141 148 ------- ------- 87,784 73,909 ------- ------- CAPITAL AND RESERVESCalled up share capital 1,008 1,008Revaluation reserve 37,157 26,751Profit and Loss account 49,619 46,150 ------- -------SHAREHOLDERS' FUNDS 87,784 73,909 ------- ------- CASH FLOW STATEMENT FOR THE YEAR ENDED 31st JULY 2005 2005 2004 £'000 £'000OPERATING ACTIVITIESOperating profit 4,968 4,540Exceptional item - 405Depreciation 434 460Gain on sale of tangible fixed assets (154) (18)Interest received on investments 101 60Dividends received 49 44Proceeds of sale of investments 114 37Purchase of investments (250) (184)(Increase)/Decrease in stocks and work in progress (359) 635(Increase)/Decrease in debtors (866) 18Increase in creditors 110 1,422 ------- -------NET CASH INFLOW FROM OPERATING ACTIVITIES 4,147 7,419 Interest received 5 11Interest paid (38) (85) Corporation tax paid (1,299) (1,738) Purchase of tangible fixed assets (661) (475)Sales of tangible fixed assets 455 55Expenditure on own work capitalised (20) (1,770)Capitalisation of legal fees (32) (14) Dividends paid (593) (576) ------- -------MOVEMENTS IN NET FUNDS IN THE PERIOD 1,964 2,827 MANAGEMENT OF LIQUID RESOURCES AND FINANCINGTerm loan repaid - (3,000)Hire purchase creditor repaid - (2) ------- -------INCREASE/(DECREASE) IN CASH IN THE PERIOD 1,964 (175) ------- ------- BY ORDER OF THE BOARDSecretary31st October 2005 Notes: 1. The foregoing financial statements are an abridged version of the Company's full consolidated accounts which have not yet been filed with the Registrar of Companies and which have not yet been reported on by the Company's auditors. 2. The Annual General Meeting will be held in Edinburgh on 15th December 2005 and it is intended to pay the proposed final dividend, if approved, on 19th December 2005 to members on the register at close of business on 2nd December 2005. This information is provided by RNS The company news service from the London Stock Exchange