GBP GBP
Stock 9,099 1,316
Work in progress 159,460 62
----------------- -------------
168,559 1,378
================= =============
The Company had no stock or work in progress in either the prior or
current reporting period.
18. Trade and other receivables Group Company
2014 2013 2014 2013
GBP GBP GBP GBP
Trade receivables 3,763,209 701,485 - -
Amounts owed by group
undertakings - - 7,096,422 339,408
Other receivables 2,734,177 3,818,280 2,891,453 2,853,322
Prepayments and accrued
income 170,325 65,318 122,218 26,203
----------- ----------- ----------- ----------
6,667,711 4,585,083 10,110,093 3,218,933
=========== =========== =========== ==========
At the year end there was no provision for doubtful debts (2013: GBPnil).
Included within other receivables is a total of GBP1,459,774 (2013:
GBPnil) which represents amounts paid on behalf of Bassamey Property
Holdings Limited, a vehicle which will deliver the development of the
33 Thurloe Square project. The project is being financed from existing
cash resources of Northacre PLC and other investors and amounts paid
by Northacre PLC represent a shareholder loan.
A deferred tax asset of GBP208,305 (2013: GBPnil) has been recognised
on losses carried forward and is included in other receivables.
19. Trade and other payables Group Company
2014 2013 2014 2013
GBP GBP GBP GBP
Trade payables 297,211 89,194 54,223 39,122
Amounts owed to group
undertakings - - 8,411,065 28,847,596
Social security and
other taxes 534,829 81,607 16,092 40,753
Other payables 5,055 16,290 2,270 9,522
Accruals and deferred
income 5,778,440 4,553,984 1,297,011 1,957,015
---------- ---------- ---------- -----------
6,615,535 4,741,075 9,780,661 30,894,008
========== ========== ========== ===========
20. Corporation tax Group Company
2014 2013 2014 2013
GBP GBP GBP GBP
Corporation Tax - - - -
----- ----- ----- -----
- - - -
===== ===== ===== =====
21. Future financial commitments
Operating leases Group Company
2014 2013 2014 2013
GBP GBP GBP GBP
Land & Land & Land & Land &
Buildings Buildings Buildings Buildings
Net amount payable on operating
leases which expire:
Within one year 147,975 147,975 147,975 147,975
In two to five years 591,900 591,900 591,900 591,900
In over five years 330,815 478,790 330,815 478,790
----------- ----------- ----------- -----------
1,070,690 1,218,665 1,070,690 1,218,665
=========== =========== =========== ===========
Group Company
Operating leases 2014 2013 2014 2013
GBP GBP GBP GBP
Other Other Other Other
Net amount payable on operating
leases which expire:
Within one year 31,804 34,077 12,920 12,920
In two to five years 33,465 58,588 19,380 32,300
In over five years - - - -
65,269 92,665 32,300 45,220
======= ======= ======= =======
22. Capital commitments
As per the announcement dated 18(th) September 2013, the Company
is committed to invest GBP10m in Palace Revive Limited, a special
purpose company financed by a variety of institutional investors,
established to acquire a property at 1 Palace Street. The Company
paid GBP8,824,640 in the period to 28(th) February 2014 with a further
GBP1,175,360 equity contribution to be paid post year-end.
Earnings per
23. share
Profit per share of 39.51p (2013: 80.96p) is calculated on the profit
attributable to Ordinary shares of GBP12,200,282 (2013: GBP21,634,726)
divided by the weighted number of Ordinary shares in issue during
the period.
Computation of basic
earnings per share: 2014 2013
Net profit GBP12,200,282 GBP21,634,726
Weighted average number of shares
outstanding 30,879,049 26,723,643
Basic profit per share 39.51p 80.96p
Diluted profit per share 39.51p 80.96p
There were no potentially dilutive instruments in issue during the
current or preceding year. All amounts shown relate to continuing
operations.
24. Equity
Share capital 2014 2013
GBP GBP
Called up, allotted and
fully paid:
42,335,538 (2013: 26,723,643)
Ordinary shares of 2.5p each 1,058,388 668,091
--------------- -------------
1,058,388 668,091
=============== =============
On 5(th) December 2013, Northacre PLC announced a proposal to raise
a total of approximately GBP12.5m (before expenses) by way of an
Open Offer for 5,177,968 Ordinary Shares and the acquisition of
NTA CB Limited (Cash Box Acquisition) whose sole asset was cash
of approximately GBP8.4 million, in consideration for the issue
to Spadille Limited of 10,433,927 consideration shares. The total
number of new shares issued was 15,611,895 at GBP0.80 pence per
share.
Share premium account Share Merger
and reserves premium reserve
GBP GBP
At 1(st) March 2013 18,552,361 -
Cash box acquisition - 8,086,293
Premium on shares
issued 4,012,926 -
--------------- -------------
At 28(th) February
2014 22,565,287 8,086,293
=============== =============
The share premium account represents the incremental paid up capital
above the nominal value of the Ordinary shares of 2.5p issued.
The merger reserve was created on the issue of 10,433,927 shares
to Spadille Limited in consideration for the acquisition of NTA
CB Limited (Cash Box Acquisition) with sole assets of GBP8,347,142.
NTA CB Limited has been dissolved following the completion of the
transaction.
25. Dividends
2014 2013
GBP GBP
A special dividend paid
during the year of 40p 10,689,457 -
-------------------- --------
10,689,457 -
==================== ========
No final dividend has been declared prior to the approval of these
financial statements and the Board will continue to actively consider
the payment of dividends.
26. Contingent liabilities
Northacre (LSE:NTA)
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