Back to all announcements

DJ Walls & Futures REIT PLC Half-year Report

TIDMWAFR

RNS Number : 1246T

Walls & Futures REIT PLC

03 January 2017

Walls & Futures REIT plc

   (Epic:    WAFR) 

Half Year Results

for the period to 30(th) September 2016

The Board of Walls & Futures REIT plc (the Company) is pleased to announce its Interim results for the six months to 30(th) September 2016.

The accounts of the Company set out below are for the first trading period of the Company. The Company acquired the assets and liabilities of Walls and Futures London Growth Fund LP (the "Fund") with effect from 1st April 2016. This transaction was completed on 1st December 2016, having been conditional on the Company's Admission which occurred on 29th November 2016.

The trading figures below reflect the trading performance of the Fund from 1st April 2016 to 30th September 2016. The balance sheet is the Company's consolidated balance sheet as adjusted for the acquisition of the Fund. The loss for the period is entirely caused by professional fees relating to the re-structuring of the Fund and Admission.

During the period under review, the Company and its management were involved in the reconstruction of the Fund into the Company, raising additional capital and admitting the Company to trading on ISDX.

Joe McTaggart commented "It has been a time-consuming exercise but we are pleased to have achieved our status as a REIT. We are now poised for expansion and are actively looking to invest our available resources in additional properties".

Post balance sheet events:

The Company was admitted to trading on ISDX Growth Market on 29th November 2016.

Immediately prior to Admission, the Company completed the subscription of GBP1,025,000 for 1,025,000 of new Ordinary Shares at GBP1.00 each.

Following Admission, the acquisition of the assets of the Fund was legally completed.

The Company has received confirmation that it entered the REIT regime as at 6th December and has been entered in the register of small registered UK AIFMs with effect from 12th December 2016.

Consolidated Income Statement

For The Period 18(th) March 2016 to 30(th) September 2016

 
                                       18(th) March 
                                                 to 
                                     30th September 
                                               2016 
                                          GBP 
 RENT RECEIVED                               22,713 
 Administrative Expenses                     51,894 
                                       ____________ 
                                           (29,181) 
 Other Operating Income                           - 
                                       ____________ 
 OPERATING LOSS                            (29,181) 
 Interest receivable and similar 
  income                                         19 
                                       ____________ 
 LOSS BEFORE TAXATION                      (29,162) 
 Tax on Loss                                      - 
                                       ____________ 
 LOSS FOR THE FINANCIAL PERIOD             (29,162) 
 

Consolidated Balance Sheet

30(th) September 2016

 
                                           30th September 
                                                     2016 
                                  GBP           GBP 
 FIXED ASSETS 
 Investment Property                            2,180,000 
                                             ____________ 
                                                2,180,000 
                                             ____________ 
 CURRENT ASSETS 
 Cash at Bank                     56,078 
                               _________ 
                                  56,078 
 CREDITORS 
 Amounts falling due within 
  one year                         1,609 
                               _________ 
 NET CURRENT ASSETS                                54,469 
                                             ____________ 
 TOTAL ASSETS LESS CURRENT 
  LIABILITIES                                   2,234,469 
 PROVISION FOR LIABILITIES                              - 
                                             ____________ 
 NET ASSETS                                     2,234,469 
                                             ============ 
 
 CAPITAL AND RESERVES 
 Called up share capital                          113,261 
 Share Premium                                  2,151,964 
 Retained Earnings                               (30,756) 
                                             ____________ 
                                                2,234,469 
                                             ============ 
 
 

The above figures have not been reviewed by the Company's auditors.

The directors of the issuer accept responsibility for the contents of this announcement

For further information please contact:

WALLS & FUTURES REIT plc

 
 Joe McTaggart                          0207 340 8677 
                              joe@wallsandfutures.com 
 Walls & Futures REIT 
  plc 
  3(rd) Floor 
  111 Buckingham Palace 
  Road 
  London 
  SW1W 0SR 
 
   www.wallsandfutures.com 
 
 

CITY & MERCHANT

 
 David Papworth                     0207 101 7676 
                         info@cityandmerchant.com 
 City & Merchant 
  55 Old Broad Street 
  London 
  EC2M 1RX 
 

Note to Editors:

Walls & Futures REIT plc is a Real Estate Investment Trust committed to delivering long-term income and capital growth by investing in residential property across the UK.

The company intends to acquire, develop and manage residential property, with a particular focus on London and the South East for the private rental sector and countrywide for the supported housing sector.

This information is provided by RNS

The company news service from the London Stock Exchange

END

IR BUGDBISGBGRD

(END) Dow Jones Newswires

January 03, 2017 02:00 ET (07:00 GMT)