REG - KCR Residential REIT - Interim Results and Board Changes
22/03/2024 10:45
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RNS Number : 9798H KCR Residential REIT PLC 22 March 2024
22 March 2024
KCR Residential REIT plc
("KCR" or the "Company")
Interim Results and Board Changes
KCR Residential REIT plc, the residential REIT group, is pleased to announce
its unaudited consolidated results for the six months to 31 December 2023.
The half year to 31 December 2023 has seen continued growth in the business in
an operating environment that has been challenging with higher interest rates
and continuing cost of living pressure.
Progress continues to be made to transition the business. The strategy, as
outlined in last year's annual report, remains unchanged, to:
· improve the rental revenue from the existing properties;
· upgrade the overall portfolio quality;
· explore the development opportunity within the portfolio; and
· focus on reducing costs.
Revenue growth for the half year has been driven by the work completed over
recent years to modernise and improve the standard of the property portfolio
and the conversion of the Deanery Court property to the Cristal Apartments
operating model which commenced during the June 2022 quarter.
Operational highlights
· revenue for the half year increased approximately 20% to £946k
(2022: £789k), with revenue growth driven predominantly by the conversion of
Deanery Court to the Cristal Apartments operating model;
· a positive operational profit (before separately disclosed items) was
generated for the first time in the Group's history without reliance on a
positive revaluation movement; and
· portfolio level occupancy has remained strong over the half year with
rental increases continuing to be achieved at renewals / re-letting. As the
Cristal Apartments operating model continues to be rolled out, there is now
more volatility in occupancy levels within the properties operated on this
basis, however notwithstanding this, higher overall rental revenue and gross
profit is being generated.
We continue to make progress to create a stable platform that can be
successfully scaled up.
Board changes
KCR also announces the appointment of Mr Gordon David Robinson as an
independent Non-Executive Director of the Company, effective 1 April 2024. Mr
Robinson over the last 35 years has acquired wide ranging exposure across the
UK real estate sector and will complement the existing skill set of the Board.
Mr Robinson will replace Mr Dominic White, who will be stepping down from his
position, on that date, as Non-Executive Director to pursue other business
interests.
We welcome Mr Robinson to the Board and look forward to his contributions in
assisting the Group to continue on its journey.
We thank Mr White for his efforts over his time at KCR as both Chief Executive
and in more recent times as a Non-Executive Director, and wish him well in his
future endeavours.
Regulatory Disclosures
The following information is disclosed pursuant to Rule 17 and Schedule Two
paragraph (g) of the AIM Rules for Companies in relation to Mr Robinson aged
57
Current directorships and/or partnerships: Former directorships and/or partnerships (within the last five years):
Vector Capital PLC G R Management Consultancy Limited
Operational Resource Solutions Ltd
Sterling BAPC Ltd
Mr Robinson does not hold any shares in KCR.
This announcement contains inside information for the purposes of the UK
Market Abuse Regulation and the Directors of the Company are responsible for
the release of this announcement.
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed to be, forward
looking statements. Forward looking statements are identified by their use of
terms and phrases such as ''believe'', ''could'', "should" ''envisage'',
''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect",
''will'' or the negative of those, variations or comparable expressions,
including references to assumptions. These forward-looking statements are not
based on historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of operations,
performance, future capital and other expenditures (including the amount,
nature and sources of funding thereof), competitive advantages, business
prospects and opportunities. Such forward looking statements reflect the
Directors' current beliefs and assumptions and are based on information
currently available to the Directors.
For further information please contact:
KCR Residential REIT plc info@kcrreit.com (mailto:info@kcrreit.com)
Russell Naylor, Executive Director Tel: +44 (0)20 7628 5582
Cairn Financial Advisers LLP (Nomad) Tel: +44 (0)20 7213 0880
James Caithie / Emily Staples / Louise O'Driscoll
Zeus Capital Limited (Broker) Tel: +44 (0)20 7614 5000
Louisa Waddell
CHAIRMAN'S STATEMENT
KCR Residential REIT Plc ("KCR" or the "Company") and its subsidiaries
(together the "Group") operate in the private rented residential investment
market. The Company acquires properties that are rented to private tenants and
also owns and operates a freehold portfolio of retirement living accommodation
where most of the properties have been sold on long leases.
The half year to 31 December 2023 has seen continued growth in the business in
an operating environment that has been challenging with higher interest rates
and continuing cost of living pressure. Ongoing inflationary pressure has
continued to make cost reductions within the business difficult to achieve,
however costs continue to be tightly controlled. Pleasingly we were able to
hold costs for the half year broadly in line with the same period last year.
Fundamentals for UK residential property remain sound notwithstanding the
prevailing higher interest rate environment. The Group continues to look for
acquisitions on a disciplined basis and, whilst asset prices are attractive,
higher debt costs have made it challenging to support both the investment and
capital raising that would be required to undertake a transaction. The Group's
primary short-term focus is therefore to optimise the performance from the
existing assets whilst controlling costs to achieve a cash neutral position.
Progress continues to be made to transition the business. The strategy, as
outlined in last year's Annual Report, remains unchanged, to:
· improve the rental revenue from the existing properties;
· upgrade the overall portfolio quality;
· explore the development opportunity within the portfolio; and
· focus on reducing costs.
Revenue growth for the half year has been driven by the work completed over
recent years to modernise and improve the standard of the property portfolio
and the conversion of the Deanery Court property to the Cristal Apartments
operating model which commenced during the June 2022 quarter.
This has been a key driver of revenue growth in the half year, with lease
expiries and tenant churn actively managed to optimise rentals achieved. We
are continuing to focus on optimising revenue levels from this property and
expect to achieve further growth over the rest of this financial year.
Administration expenses during the half year decreased compared to the same
period last year, which is considered a good outcome, given underlying
increases across most of the cost base. Increases during the half year have
been offset by the ongoing focus on cost control over the last twelve months,
which has resulted in sufficient reductions in the fixed cost base being
achieved.
Inflationary pressure continues to result in higher ongoing costs and we
remain actively focussed on managing the cost base to limit the impact on the
business. Where possible we will continue to explore avenues to achieve
savings by streamlining processes within the day-to-day operation of the
business.
Increases to cost of sales reflects the shift to operating under the Cristal
Apartments model. Revenue growth has adequately compensated for the direct
cost increases associated with more active management of the properties. Once
we have achieved a stabilised revenue level, we will seek to achieve
reductions in the direct cost base to deliver an improved gross margin.
Whilst the majority of the Group debt remains on fixed rates, the Secure Trust
facility is floating rate and consequently the comparatively higher finance
costs incurred in the period reflect the effect of interest rate rises. We are
exploring avenues to refinance this facility to both reduce the cost of
funding and provide some additional capital to support further acquisitions
within Heathside.
Within the retirement portfolio, the works program outlined in the 2023 Annual
Report, to substantially upgrade the internal and external common parts of a
number of the freehold properties, is well advanced with planned works
expected to be completed in full this financial year.
For those properties where works have been completed, feedback from residents
has been overwhelmingly positive. We reasonably expect the improved aesthetics
and upgraded facilities will drive value for the long leaseholders, which
benefits the Group via the generation of higher sales commissions if, as
expected, capital values are improved.
Within Heathside, where we own 10 of the 37 apartments, we will also directly
benefit from improved capital values.
Overall, the work that has been completed over the last couple of years to
improve the quality of the portfolio is being reflected via the improved
rental income now being generated. This, along with the control of costs,
continues to take KCR towards its short term goal of achieving a cash neutral
position.
DIRECTOR'S REPORT
We are pleased to report on the progress of the Group in the six-month period
to 31 December 2023.
Revenue growth continues to be driven by the work done over the last couple of
years to reposition the portfolio via completion of a holistic refurbishment
programme to materially lift the standard of the rental product we are
offering, and from implementation of the Cristal Apartments operating model.
Operational highlights
· revenue for the half year increased approximately 20% to £946k (2022:
£789k), with revenue growth driven predominantly by the conversion of Deanery
Court to the Cristal Apartments operating model;
· a positive operational profit (before separately disclosed items) was
generated for the first time in the Group's history without reliance on a
positive revaluation movement; and
· portfolio level occupancy has remained strong over the half year with
rental increases continuing to be achieved at renewals / re-letting. As the
Cristal Apartments operating model continues to be rolled out, there is now
more volatility in occupancy levels within the properties operated on this
basis, however notwithstanding this, higher overall rental revenue and gross
profit is being generated.
The ongoing focus on improving operational performance and controlling costs
continues to minimise Group cash burn and is expected to result in further
reductions in future cash burn.
We continue to make progress to create a stable platform that can be
successfully scaled up.
Property Portfolio
No acquisitions or disposals were completed during the half year.
Planning works for Ladbroke Grove continue to be progressed, with a preferred
plan for submission now agreed. As outlined previously, the tired condition
of this property is resulting in increasing repairs and maintenance
expenditure which is expected to continue, pending a more holistic
refurbishment works programme. Repositioning of the rental product on offer by
materially enhancing the quality and presentation of the flats, is considered
to drive a material uplift in achievable rentals and capital values.
KCR is continuing to progress development of two operating lines, clearly
identifiable by brand, property quality and letting strategy.
1. Cristal Apartments. Residential apartments, finished to a high modern
specification, fully furnished and let on a Walk in Walk Out (WIWO) basis for
a frictionless and flexible letting experience. Rental contracts offer
flexible terms; and
2. Osprey Retirement Living. 4* retirement living property rented on
flexible letting packages customised to suit tenant needs. All rentals are on
assured shorthold tenancies for a minimum period of six months.
1. Cristal Apartments (WIWO letting strategy)
The repositioning of the Coleherne Road property into a modern, high quality,
well presented product reflects the standard the Cristal brand represents.
This product has been well received by the market and has been a core driver
of revenue growth since refurbishment works were completed.
Successful completion of the conversion of the Deanery Court property in
Southampton to the Cristal Apartments model has been the primary driver of
rental growth during the half year.
The intention is also to reposition the Ladbroke Grove portfolio as a Cristal
branded product once planning outcomes have been finalised. This is expected
to result in both improved revenue and a substantive reduction in ongoing
repairs and maintenance.
Coleherne Road - this property comprises ten studio and one-bedroom flats. The
property has been repositioned to a materially higher standard and a full
refurbishment programme has been completed.
Ladbroke Grove - this portfolio comprises 16 one and two bedroom flats in
three buildings which remain 100% occupied. The flats have been lightly
refurbished as tenants vacate and then re-let in the private rental market.
The overall tired condition of the property is reflected in ongoing and
increasing repairs and maintenance expenditure. Planning works are being
progressed and our intention is to complete a holistic refurbishment programme
to reposition this product to the Cristal Apartments operating model.
Deanery Court (Southampton) - this property comprises 27 two bedroom
residential apartments and has been converted to the Cristal Apartments
operating model. A light refurbishment programme was completed as part of the
conversion process. We expect rental growth from this property to continue to
be a key driver of revenue growth for the Group over the balance of the 2024
financial year.
2. Osprey retirement living (4* retirement apartments)
The Osprey portfolio consists of 153 flats and 13 houses let on long leases in
six locations, together with an estate consisting of 30 freehold cottages in
Marlborough, where Osprey delivers estate management and sales services.
The key asset in the portfolio is the freehold block at Heathside, Golders
Green comprising 37 one and two bedroom apartments with 10 (nine as at 31
December 2022) of the apartments owned by the Group and 27 held on a long
leasehold basis. The strategy to selectively acquire long leasehold apartments
within the block, refurbish them to a high standard and let them on an assured
tenancy basis has been successful and has delivered strong rental returns for
the Group.
Financial Performance
The half year to 31 December 2023 reflects the outcome of strong revenue
growth driven by the works programme that has been completed over the last
couple of years and conversion of the Deanery Court property to the Cristal
Apartment operating model.
Cost of sales increased during the half primarily due to higher costs
associated with operating Deanery Court under the Cristal Apartment model.
Administrative expenses were lower against the prior half noting that higher
depreciation charges associated with the investment in plant, equipment,
fixtures and fittings are being incurred.
· Revenue for the half year increased by approximately 20% to £946k (2022:
£789k)
· Gross profit as a percentage of revenue reduced to 80.44% (2022: 84.58%)
reflecting the higher costs associated with the Cristal Apartments operating
model. In absolute terms overall gross profit increased by 14.08% to £761k
(2021: £667k).
· An Operating profit before separately disclosed items of £97k (2022:
Loss £31k). Notably this is the first time in the Group's history where an
Operating profit before separately disclosed items has been generated without
a contribution from revaluations.
· Operating loss £3k (2022: Loss £184k) after refurbishment costs of
£99k primarily relating to the Coleherne Road and Heathside properties.
· Loss for the period was £291k (2022: £451k) and loss per share was
0.70p (2022: 1.08p).
The value of KCR's property portfolio was up on the comparative period at
£25.84m (2022: £24.61m), reflecting an additional acquisition completed
during the June 2023 half year and revaluation movements at last balance sheet
date. The Group's current assets reduced to £0.73m (2022: £2.16m) reflecting
a reduction in cash as a result of funding the acquisition of an additional
flat, operating losses and support of ongoing refurbishment work programmes.
Secured bank borrowings remained unchanged at £13.28m (2022: £13.28m).
Total assets reduced marginally to £26.93m (2022: £26.98m) with the
reduction in current assets offset by a positive movement in the property
portfolio. Net assets per share reduced slightly to 31.72p (2022: 31.74p).
The Group continues to be cashflow negative, however it is continuing to work
towards achieving a cash neutral position from improving operating performance
from the existing portfolio. Costs continue to be actively managed as we work
towards building a stable platform that can be scaled up. At 31 December 2023,
the Group had cash balances totalling £0.53m (2022: £1.89m).
Through the period the Company remained a REIT and has complied with REIT
rules.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31 DECEMBER 2023 (unaudited)
Six months ended 31 December 2023 Six months ended 31 December 2022 Year ended 30 June 2023 (audited)
Notes £ £ £
Revenue 2 946,004 788,740 1,575,482
Cost of sales (185,001) (121,658) (255,980)
Gross profit 761,003 667,082 1,319,502
Administrative expenses (668,350) (702,371) (1,432,756)
Other operating income 3,880 3,920 -
Fair value through profit and loss - revaluation of investment properties
- - 831,800
Operating profit/(loss) before separately disclosed items 96,533 (31,369) 718,546
Costs associated with 3 - - (23,068)
refinancing
Costs associated with refurbishment of investment properties
3 (99,371) (152,925) (319,506)
Operating (loss)/profit (2,838) (184,294) 375,972
Finance costs (293,119) (268,383) (547,851)
Finance income 4,869 1,354 5,743
Loss before taxation (291,088) (451,323) (166,136)
Taxation - - -
Loss for the period/year (291,088) (451,323) (166,136)
Total comprehensive expense for the period/year (291,088) (451,323) (166,136)
Loss per share expressed in pence per share 4 (0.70) (1.08) (0.40)
Basic (0.70) (0.92) (0.37)
Diluted
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AT 31 DECEMBER 2023 (unaudited)
31 December 2023 31 30 June 2023 (audited)
December 2022
Notes £ £ £
Non-current assets
Property, plant and equipment 205,864 210,896 203,219
Investment properties 5 25,835,300 24,605,300 25,835,300
Other long-term financial assets 6 155,000 - -
26,196,164 24,816,196 26,038,519
Current assets
Trade and other receivables 199,374 277,746 220,570
Cash and cash equivalents 532,332 1,886,225 980,848
731,706 2,163,971 1,201,418
Total assets 26,927,870 26,980,167 27,239,937
Equity
Shareholders' equity
Share capital 7 4,166,963 4,166,963 4,166,963
Share premium 14,941,898 14,941,898 14,941,898
Capital redemption reserve 344,424 344,424 344,424
Retained earnings (6,235,172) (6,229,271) (5,944,084)
Total equity 13,218,113 13,224,014 13,509,201
Non-current liabilities
Interest bearing loans and borrowings 13,274,574 13,274,574 13,274,574
Current liabilities
Trade and other payables 435,183 481,579 456,162
Interest bearing loans and borrowings - - -
435,183 481,579 456,162
Total liabilities 13,709,757 13,756,153 13,730,736
Total equity and liabilities 26,927,870 26,980,167 27,239,937
Net asset value per share (pence) 31.72 31.74 32.42
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 DECEMBER 2023 (unaudited)
Share capital Share premium Capital redemption reserve Retained earnings Total equity
£ £ £ £ £
Balance at 1 July 2022 4,166,963 14,941,898 344,424 (5,777,948) 13,675,337
Changes in equity
Total comprehensive expense - - - (451,323) (451,323)
Balance at 31 December 2022 4,166,963 14,941,898 344,424 (6,229,271) 13,224,014
Changes in equity
Total comprehensive expense - - - 285,187 285,187
Balance at 30 June 2023 4,166,963 14,941,898 344,424 (5,944,084) 13,509,201
Changes in equity
Total comprehensive expense
- - - (291,088) (291,088)
Balance at 31 December 2023 4,166,963 14,941,898 344,424 (6,235,172) 13,218,113
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2023 (unaudited)
Six months Six months Year
ended ended ended
31 December 2023 31 December 30 June 2023
2022 (audited)
£ £ £
Cash flows from operating activities
Loss for the period/year from continuing operations (291,088) (451,323) (166,136)
Adjustments for
Depreciation charges 38,247 31,114 63,326
Revaluation of investment properties - - (831,800)
Finance costs 293,119 268,383 547,851
Finance income (4,869) (1,354) (5,743)
Increase in trade and other receivables (133,804) (92,214) (35,038)
(Decrease)/increase in trade and other payables (20,979) 66,358 40,941
Cash used in operations (119,374) (179,036) (386,599)
Interest paid (293,119) (268,383) (547,851)
Net cash used in operating activities (412,493) (447,419) (934,450)
Cash flows from investing activities
Purchase of property, plant & equipment (40,892) (187,056) (211,591)
Purchase of investment properties (including capital expenditure on current
properties)
- - (398,200)
Interest received 4,869 1,354 5,743
Net cash used in investing activities (36,023) (185,702) (604,048)
Decrease in cash and cash equivalents (448,516) (633,121) (1,538,498)
Cash and cash equivalents at beginning of period/year 980,848 2,519,346 2,519,346
Cash and cash equivalents at end of period/year 532,332 1,886,225 980,848
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2023 (unaudited)
1. Basis of preparation
The Company is registered in England and Wales. The consolidated interim
financial statements for the six months ended 31 December 2023 comprise those
of the Company and subsidiaries. The Group is primarily involved in UK
property ownership and letting.
Statement of compliance
This consolidated interim financial report has been prepared in accordance
with the recognition and measurement principles of UK adopted International
Accounting Standards. AIM-quoted companies are not required to comply with IAS
34 Interim Financial Reporting and the Group has taken advantage of this
exemption. Selected explanatory notes are included to explain events and
transactions that are significant to an understanding of the changes in
financial performance and position of the Group since the last annual
consolidated financial statements for the year ended 30 June 2023. This
consolidated interim financial report does not include all the information
required for full annual financial statements prepared in accordance with
International Financial Reporting Standards. The financial statements are
unaudited and do not constitute statutory accounts as defined in section
434(3) of the Companies Act 2006.
A copy of the audited annual report for the year ended 30 June 2023 has been
delivered to the Registrar of Companies. The auditor's report on these
accounts was unqualified and did not contain statements under s498(2) or
s498(3) of the Companies Act 2006.
This consolidated interim financial report was approved by the Board of
Directors on 21 March 2024.
Significant accounting policies
The accounting policies applied by the Group in this consolidated interim
financial report are the same as those applied by the Group in its
consolidated financial statements for the year ended 30 June 2023.
Basis of consolidation
The interim financial statements include the financial statements of the
Company and its subsidiary undertakings. The subsidiaries included within
the consolidated financial statements, from their effective date of
acquisition, are K&C (Newbury) Limited, K&C (Coleherne) Limited,
K&C (Osprey) Limited, KCR (Kite) Limited and KCR (Southampton) Limited.
Going Concern
The Directors have adopted the going-concern basis in preparing the interim
financial statements.
The Directors have concluded that it remains appropriate to prepare these
interim financial statements on a going concern basis.
2. Operating segments
The Group is involved in UK property ownership and letting and is considered
to operate in a single geographical and business segment.
Revenue analysed by class of business:
Six months ended Six months ended Year ended 30 June
31 December 2023 31 December 2022 2023 (audited)
£ £ £
Rental income 816,009 590,503 1,248,190
Management fees 56,550 53,434 109,105
Resale commission 32,100 61,778 93,253
Ground rents 10,345 10,405 12,974
Leasehold extension income 31,000 72,620 102,710
Other income - - 9,250
946,004 788,740 1,575,482
3. Operating loss
The operating loss is stated after charging:
Six months ended Six months ended Year ended 30 June
31 December 2023 31 December 2022 2023 (audited)
£ £ £
Costs associated with refinancing - - 23,068
Costs of refurbishment of investment properties 99,371 152,925 319,506
Depreciation of property, plant and equipment 38,247 31,114 63,326
Directors' remuneration 66,500 76,500 193,000
During the six months ended 31 December 2023, the Group incurred costs of
£99,371 (£152,925 - December 2022) (£319,506 - June 2023) relating to major
refurbishment of properties at Coleherne Road, London, Ladbroke Grove, London
and Heathside, London.
During the six month period, the Company paid Naylor Partners, a business
owned by Russell Naylor, fees of £24,000 (December 2022 - £24,000).
The directors are considered to be key management personnel.
4. Basic and diluted loss per share
Basic
The calculation of loss per share for the six months to 31 December 2023 is
based on the loss for the period attributable to ordinary shareholders of
£291,088 divided by a weighted average number of ordinary shares in issue.
The weighted average number of shares used for the six months ended 31
December 2023 was 41,669,631 (June 2023 - 41,669,631) (December 2022 -
41,669,631).
Diluted
The calculation of loss per share for the six months to 31 December 2023 is
based on the loss for the period attributable to ordinary shareholders of
£291,088 divided by a weighted average number of ordinary shares in issue,
adjusted for dilutive share options. As no share options existed in the 6
months ended 31 December 2023, there is no dilution to the loss per share. In
the period ended 31 December 2022, share options were held by Torchlight.
These options lapsed in August 2022.
The weighted average number of shares used for the six months ended 31
December 2023 was 41,669,631 (June 2023 - 45,308,809) (December 2022 -
48,888,653).
5. Investment properties
Six months ended 31 December 2023 Six months ended 31 December 2022 Year ended 30 June
2023 (audited)
£ £ £
At start of period/year 25,835,300 24,605,300 24,605,300
Additions - - 398,200
Disposals - - -
Revaluations - - 831,800
At end of period/year 25,835,300 24,605,300 25,835,300
Investment properties were valued by professionally qualified independent
external valuers at the date of acquisition and were recorded at the values
that were attributed to the properties at acquisition date. The investment
properties were independently valued in August 2023. All properties were
subject to desktop valuations with the exception of the properties at
Coleherne Road and Heathside which were subject to a full valuation. A number
of low value properties (less than 3% of the total investment property value)
within the Osprey portfolio were valued by the Directors with reference to
independent valuations completed in prior periods and the market commentary
contained within the independent external valuations performed in August 2023.
The Directors have considered the values as at 31 December 2023 and concluded
that they remain appropriate.
Fair value is based on current prices in an active market for similar
properties in the same location and condition. The current price is the
estimated amount for which a property could be exchanged between a willing
buyer and willing seller in an arm's length transaction after proper marketing
wherein the parties had each acted knowledgeably, prudently and without
compulsion.
Valuations are based on a market approach which provides an indicative value
by comparing the property with other similar properties for which price
information is available. Comparisons have been adjusted to reflect
differences in age, size, condition, location and any other relevant factors.
The fair value for investment properties has been categorised as a Level 3
inputs under IFRS 13.
The valuation technique used in measuring the fair value, as well as the
significant inputs and significant unobservable inputs are summarised in the
following table -
Fair Value Hierarchy Valuation Technique Significant Inputs Used Significant Unobservable Inputs
Level 3 Income capitalisation and or capital value on a per square foot basis Adopted gross yield 4.40% - 7.37%
Adopted rate per square foot
£319-1,313
6. Other long-term financial assets
During the period, the company provided a loan
of £155,000 to K & C (Osprey) Ltd in its capacity as the management
company of Heathside. The loan is repayable by 1 November 2026 and has an
interest rate of 9.5% per annum.
7. Share capital
Allotted, issued and fully paid: 31 December 2023 31 30 June
December 2022 2023 (audited)
Number: Class: Nominal value: £ £ £
41,669,631 Ordinary £0.10 4,166,963 4,166,963 4,166,963
4,166,963 4,166,963 4,166,963
At 1 July 2023, the Company had 41,669,631 Ordinary shares of £0.10 each in
issue. The Ordinary shares carry no rights to fixed income.
8. Related Party Transactions
Details of remuneration and fees paid to directors are disclosed at note 3 of
these interim financial statements.
9. Post Balance Sheet Events
There are no post balance sheet events to disclose.
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