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DJ St Mark Homes Plc Half-year Report

 
TIDMSMAP 
 
19 September 2018 
 
                               St Mark Homes Plc 
 
                          ("SMH" or "the Company") 
 
     Unaudited Interim Report for the six-month period ended 30 June 2018 
 
Review of operations for the six-month period ended 30 June 2018 
 
The Directors are pleased to announce the interim results for six months ended 
30 June 2018. The company continues to trade profitably as a residential and 
mixed-use property developer. 
 
The Directors are pleased to report a pre-tax profit of GBP18,272 (2017 - GBP 
210,976) for the period. 
 
The Company paid an interim Ordinary share dividend of 5.5p per share on 20 
July 2018 (2017 - 5.5p). This dividend was not accrued in the accounts at 30 
June 2018. The net assets per share stands at 134 pence (2017 - 136p) at the 
end of this interim reporting period. 
 
A summary of the progress on our current projects is set out below: 
 
Sutton High Street, Sutton 
 
The Company has invested in a regeneration property development venture at 
Sutton High Street.   Phase I of the development project (consisting of 41 
residential units over ground floor retail space) was completed in October 
2016).   All residential units have been sold on this first phase.   The 
Company retains an interest in the commercial space and the neighbouring 
derelict old Prince Regent public house site.   The Company is currently 
engaged in the planning process for regeneration and in association with our 
development partner are appealing the local authority's refusal to grant 
planning permission for a new build development of 35 residential units over 
ground floor commercial / retail space. 
 
Gwynne Road, London, SW11 
 
St Mark has taken a 40% joint venture interest in the redevelopment of the site 
at 55- 66 Gwynne Road.   Construction of this mixed-use scheme (33 residential 
flats over ground and first floor commercial/retail space) is progressing well 
and is forecast for completion in early 2019. Contracts have been exchanged 11 
of the 33 residential units (representing the affordable / social housing 
element of the scheme). Marketing of the private element of the scheme will 
commence in the Autumn of 2018. 
 
London Road, Hounslow, TW3 
 
St Mark has taken a joint venture interest of up to 40% in this development of 
34 all private flats in Hounslow, West London. Construction is now practically 
complete. Sales on 7 No units have been secured off plan and these are expected 
to complete in late September 2018.   A show-home to coincide with the 
commencement of a marketing campaign was launched in mid-July and to date a 
total of 9 No further sales have since been agreed. 
 
Heron House, Wembley, HA9 
 
St Mark has taken a joint venture interest of up to 40% in this development of 
40 flats (over new ground floor commercial offices) in Wembley, Middlesex. 
Construction is set to commence in Spring 2019 and is scheduled to be complete 
in the latter part of 2020. 
 
Signed on behalf of the board 
 
S Ryan 
 
Director 
 
Unaudited Consolidated Profit and loss account and statement of comprehensive 
income for the six months ended 30 June 2018 
 
                                                       2018       2017 
 
                                                                   GBP 
 
Group turnover                                        139,200    71,325 
 
Cost of sales                                        (13,200)   (10,806) 
 
Gross Profit                                          126,000    60,519 
 
Administrative expenses                              (188,882) (117,847) 
 
Operating Profit/(Loss)                              (62,882)   (57,328) 
 
Negative Goodwill Released                            37,993    104,789 
 
Share of operating profit in joint venture            17,629     30,220 
 
Profit before interest and taxation                   (7,260)    77,681 
 
Interest receivable and similar income                124,108   133,409 
 
Interest payable and similar charges                 (99,258)    (114) 
 
Profit/(Loss) on ordinary activities before           18,272    210,976 
taxation 
 
Taxation on ordinary activities                        3,747    (20,441) 
 
                                                     ________  _________ 
 
Profit /(Loss) on ordinary activities after           22,019    190,535 
taxation 
 
                                                     ________  _________ 
 
Profit/ (Loss) per share - basic and diluted 
 
Ordinary shares                                        0.5p       4.3p 
 
All amounts relate to continuing activities. 
 
All recognised gains and losses in the current and prior period are included in 
the profit and loss account. 
 
Unaudited Consolidated Balance sheet 
 
at 30 June 2018 
 
                                        Jun-18     Jun-18     Jun-17     Jun-17 
 
                                                                 GBP         GBP 
 
Non-Current assets 
 
Tangible assets                                          920                1,227 
 
Current assets 
 
Debtors                                8,765,671             5,219,842 
 
Cash at bank and in hand                 753,749               955,349 
 
                                        ________              ________ 
 
                                       9,519,420             6,171,191 
 
Creditors: amounts falling 
 
due within one year                    (153,315)             (186,492) 
 
                                        ________             _________ 
 
Net current assets                                 9,366,105            5,988,699 
 
                                                   _________            _________ 
 
Creditors: amounts falling 
 
due in more than one year                        (3,465,156)                    - 
 
                                                   _________            _________ 
 
Net Assets                                         5,901,869            5,989,926 
 
                                                   _________            _________ 
 
Capital and reserves 
 
Called up share capital                            2,206,501            2,206,501 
 
Capital redemption reserve                         1,009,560            1,009,560 
 
Other reserve                                        211,822              211,822 
 
Share Premium                                        375,426              375,246 
 
Merger Reserve                                       327,060              327,060 
 
Profit and loss account                            1,771,680            1,859,737 
 
                                                    ________            _________ 
 
Shareholders' funds                                5,901,869            5,989,926 
 
                                                    ________            _________ 
 
Notes forming part of the unaudited interim report 
 
for the six months ended 30 June 2018 
 
1.         Accounting Policies 
 
The financial information contained in this unaudited interim report has been 
prepared on the basis of the accounting policies set out in the St Mark Homes 
PLC audited financial statements for the year ended 31 December 2017, which 
have been applied consistently. The financial statements for the year ended 31 
December 2017 have been filed at Companies House. The company's auditors 
Kingston Smith LLP have not reviewed these interim accounts. 
 
2.         Taxation on Profit on ordinary activities 
 
 
For the purpose of this unaudited interim report, the tax charge is calculated 
at 19% (2017- 19.25%) of the taxable (loss)/profit for the period. 
 
3.         Earnings per share 
 
Earnings per share has been calculated by dividing the profit after tax for the 
period of GBP16,585 by the weighted average number of ordinary shares in issue of 
4,413,003. 
 
4.         Non-Statutory Financial Statements 
 
The financial information contained in this unaudited interim report does not 
constitute full statutory financial statements as defined by section 240 of the 
Companies Act 1985. 
 
The Directors of St Mark Homes PLC accept responsibility for this announcement. 
 
- Ends - 
 
 For further information, please contact: 
 
St Mark Homes Plc 
 
Sean Ryan, Finance Director                           Tel: +44 (0) 20 7903 6777 
 
                                                       seanryan@stmarkhomes.com 
 
Alfred Henry Corporate Finance Ltd, NEX 
Exchange Corporate Adviser 
 
Jon Isaacs / Nick Michaels                            Tel: +44 (0) 20 7251 3762 
 
                                                            www.alfredhenry.com 
 
 
 
END 
 

(END) Dow Jones Newswires

September 19, 2018 02:00 ET (06:00 GMT)