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DJ St Mark Homes Plc Half-year Report

 
TIDMSMAP 
 
26 September 2019 
 
                               St Mark Homes Plc 
 
                          ("SMH" or "the Company") 
 
     Unaudited Interim Report for the six-month period ended 30 June 2019 
 
 
Review of operations for the six month period ended 30 June 2019 
 
The Directors are pleased to announce the interim results for six months ended 
30 June 2019. The company continues to trade profitably as a residential and 
mixed use property developer. The trading environment remains challenging and 
the Directors are pleased to report a pre-tax profit of GBP84,407 (2018 - GBP 
18,272) for the period. 
 
The Company paid an interim Ordinary share dividend of 5.5p per share in June 
2019. The Company also paid an interim dividend of 5.5p July 2018. The net 
assets per share stands currently stand at 126p (June 2018 - 134p) at the end 
of this interim reporting period having accounted for the payment of both the 
July 2018 and June 2019 interim dividend payments. 
 
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 remaining ground floor commercial space of phase I, 
as well as phase II of the project ( currently a disused and derelict public 
house site ) where we hope to secure planning permission for redevelopment in 
association with our development partner.   Planning on phase II has been 
challenging but following the clarification as to what will be acceptable to 
the Planning Inspectorate in July 2019 we plan to submit an acceptable ( and 
compliant ) planning application for a new build development of 30 residential 
units over ground floor commercial / retail space on phase II in Autumn 2019. 
 
Gwynne Road, London, SW11 
 
St Mark has a 40% joint venture interest in the redevelopment of the site at 
55- 66 Gwynne Road, Battersea.   Construction of this mixed use scheme (33 
residential flats over ground and first floor commercial/retail space) is 
completed and all residential units are now sold. The commercial sector is 
under offer with solicitors now instructed. 
 
London Road, Hounslow, TW3 
 
St Mark has taken a joint venture interest of up to 40% in this development of 
34 all private flats located in Hounslow, West London.   At the 30 June 2019 4 
flats remain unsold and 2 of which have been sold since the period end in July 
2019 leaving just 2 flats remaining for sale. 
 
Heron House, Wembley, HA9 
 
St Mark has a joint venture interest of 40% in this development of 40 flats ( 
over new ground floor commercial offices ) in Wembley, Middlesex. Construction 
is set to commence later in 2019 and is scheduled to be complete in the latter 
part of 2021. 
 
Uxbridge Road, Hanwell, W5 
 
St Mark has taken a joint venture interest of 50% in this development of 36 
apartments ( over new ground floor retail space ) and seven houses in Hanwell, 
London  Construction is set to commence in the latter part of 2019 and is 
scheduled to be completed in the early part of 2021. 
 
Signed on behalf of the board on 26 September 2019 
 
 
S Ryan 
Director 
 
 
 
Unaudited Consolidated Profit and loss account and statement of comprehensive 
income for the six months ended 30 June 2019 
 
                                                                2019       2018 
 
Group turnover                                               126,000    139,200 
 
Cost of sales                                               (14,000)   (13,200) 
 
Gross Profit                                                 112,000    126,000 
 
Administrative expenses                                    (222.256)  (188,882) 
 
Operating Profit/(Loss)                                    (110,256)   (62,882) 
 
Negative Goodwill Released                                         -     37,993 
 
Share of operating profit in joint venture                   135,734     17,629 
 
Profit before interest and taxation                           25,478    (7,260) 
 
Interest receivable and similar income                       163,286    124,790 
 
Interest payable and similar charges                       (104,357)   (99,258) 
 
Profit/(Loss) on ordinary activities before                   84,407     18,272 
taxation 
 
Taxation on ordinary activities                             (16,038)      3,747 
 
                                                            ________   ________ 
 
Profit /(Loss) on ordinary activities after                   68,369     22,019 
taxation 
 
                                                            ________   ________ 
 
Profit/ (Loss) per share - basic and diluted 
 
Ordinary shares                                                 1.6p       0.5p 
 
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 2019 
 
                                          Jun-19       Jun-19     Jun-18      Jun-18 
 
Non Current assets 
 
Tangible assets                                              690                    921 
 
Current assets 
 
Debtors                                   7,940,030              8,765,671 
 
Cash at bank and in hand                  1,169,197                753,749 
 
                                           ________               ________ 
 
                                          9,119,227              9,519,420 
 
Creditors: amounts falling 
 
due within one year                     (2,432,379)              (153,315) 
 
                                           ________               ________ 
 
Net current assets                                     6,686,848              9,366,105 
 
                                                                              _________ 
 
Creditors: amounts falling 
 
due in more than one year                            (1,122,680)            (3,465,157) 
 
                                                        ________              _________ 
 
Net Assets                                             5,564,858              5,901,869 
 
                                                        ________              _________ 
 
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                                            375,246                375,246 
 
Merger Reserve                                           327,060                327,060 
 
Profit and loss account                                1,434,669              1,771,680 
 
                                                        ________               ________ 
 
Shareholders' funds                                    5,564,858              5,901,869 
 
                                                        ________               ________ 
 
 
 
 
Notes forming part of the unaudited interim report 
for the six months ended 30 June 2019 
 
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 2018, which 
have been applied consistently. The financial statements for the year ended 31 
December 2018 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% (2018- 19%) 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 GBP68,369 (2018 - GBP16,585) by the weighted average number of ordinary 
shares in issue of 4,413,003 (2018 - 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 3772 0021 
 
                                                            www.alfredhenry.com 
 
 
 
END 
 

(END) Dow Jones Newswires

September 26, 2019 07:35 ET (11:35 GMT)