REG - Sutton Harbour Grp - Interim Results and Related Party Transaction
16/12/2022 07:00
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RNS Number : 9120J Sutton Harbour Group PLC 16 December 2022
16 December 2022
Sutton Harbour Group plc
("Sutton Harbour" or "the Company")
Sutton Harbour Group plc, the AIM-listed marine and waterfront regeneration
specialist, announces its interim results for the six-month period to 30
September 2022.
Financial Highlights
· Profit before taxation £0.223m (6 months to 30 September 2021:
£0.327m)
· Gross assets £91.615m (31 March 2022: £89.332m) following
investment of £2.524m into property projects
· Net assets £56.434m (31 March 2022: £56.211m)
· Net assets per share 43.42p (31 March 2022: 43.26p)
· Net debt £26.972m (31 March 2022: £24.408m)
· Gearing 47.8% (31 March 2022: 43.4%)
Company Highlights
· Record summer marinas season and strong parking results
· Significant investment into two strategic projects at Sutton
Harbour during first half year
· Old Barbican (fish) Market refurbishment and two new lettings
completed
· Harbour Arch Quay on target for Spring 2023 completion with
exchanges on four apartments
· Strategic vision for delivery of new developments to realise
growth and longer-term sustainability of the core Harbour asset
Philip Beinhaker, Executive Chairman, commented:
"The Company's vision for the future sustainability and value growth from the
Sutton Harbour and Barbican area is taking shape and good progress has been
made on delivery of our strategy in the current financial year to date.
Reinvigorating the Barbican side of the Harbour, which is most popular with
visitors, has been the visually remarkable refurbishment of the Victorian
landmark Old Barbican Market building, adding to the appeal of the area with
two new national covenant tenants and a third to complete shortly; the
Company has plans to deliver a new Fisheries Complex in collaboration with the
Local Authority to assure the vibrancy of the commercial fishing port
activity; the Company is nearing completion of the first new building (Harbour
Arch Quay) since 2009; and, this re-initiated development activity will
continue with a programme to develop new property on the eastern side of the
Harbour, which includes the consented Sugar Quay building. This is a wholistic
plan to support value creation for shareholders from the existing
Company-owned harbour assets and to assure prosperity of the harbour environ,
strengthen the linkages to the City Centre to the North and the Ocean to the
South, and to benefit our trading activities (marinas, fisheries, rental
properties and car parks) for the medium to long term. The Company has
committed significant investment to its plans during this reporting period.
The pace of future investment will be harmonised with economic conditions as
they take shape."
For further information, please contact:
Sutton Harbour Group plc +44 (0) 1752 20 4186 Philip Beinhaker, Executive Chairman
Corey Beinhaker, Chief Operating Officer
Natasha Gadsdon, Finance Director
Strand Hanson Limited +44 (0) 20 7409 3494 James Dance
(Nominated and Financial Adviser and Broker) Richard Johnson
Related Party Transaction
On 15 December 2022 the Company extended the existing related party loan
finance, announced on 27 April 2022, by £280,000 to provide additional
headroom in the Company's facilities, bringing the total shareholder loan
facilities to £2.580m. The unsecured loan facilities are with Beinhaker
Design Services Ltd ("BDSL") (assigned from FB Investors LLP), who provided
the additional funding, and Rotolok (Holdings) Limited (together the "Loans"
or the "Facilities"). The Loans carry a fixed 8% gross annual interest rate
with the option, included as a variation at the same time as the above
extension, at the discretion of the Company, to capitalise some or all of the
interest at a fixed 10% annual interest rate, and are repayable by 31 May
2024. There are no other fees payable to FB Investors LLP and Rotolok
(Holdings) Limited under the Facilities.
The Loans extension and variation constitutes a related party transaction for
the purposes of the AIM Rules, as Beinhaker Design Services Ltd is controlled
by the Beinhaker family and Rotolok (Holdings) Limited is connected to
non-executive director Sean Swales. The directors, other than Philip
Beinhaker, Corey Beinhaker and Sean Swales, having consulted with the
Company's nominated adviser, Strand Hanson, consider that the terms of the
Loans extension and variation are fair and reasonable insofar as shareholders
are concerned.
INTERIMS RESULTS
Executive Chairman's Statement
For the six-month period to 30 September 2022
Results and Financial position
Profit before taxation for the six-month period to 30 September 2022 was
£0.223m compared to £0.327m for the comparative period to 30 September 2021.
Trading through the first half year was strong, with yet another record
marinas season, good seasonal car parks trading, and occupancy of the rented
properties upheld. Against these positive results, cost inflation and
increases in the interest rates on the corporate debt have resulted in the
modest decline in profitability. Energy cost increases did not impact the
results until after the end of this reporting period.
As at 30 September 2022, net assets were £56.434m (c.43.43 pence per share),
up from £56.211m (c.43.26 pence per share) at 31 March 2022. Net Debt has
increased to £26.972m, £2.564m more than the position at 31 March 2022 of
£24.408m net debt. This increase was fully anticipated as the Company drew
down for financing its portion of development finance for construction of
Harbour Arch Quay and financed wholly the major refurbishment of the Old
Barbican (fish) Market. These investments increase the value of the Company's
assets and prospects for debt reduction once construction is completed. As is
normal within the Company's annual cash cycle, the cash position typically
peaks in late March as marina fees are collected and rents are received and
falls to an annual low point by mid-autumn. As at 30 September 2022 gearing
stood at 47.8% up from 43.4% as at 31 March 2022.
Trading Report
During the first half year, the marinas were mostly occupied to capacity with
the occupancy rate as at 30 September 2022 at 98%. The Company sets its prices
6 months in advance of the season and whilst the tariff had been increased
after a two year freeze, the increase was below the inflation rate that
transpired, and this did result in a lower profit from this business activity
than the previous year. Fishing results were on par with last year, albeit to
remain competitive in the local market, and to encourage growth in the fishing
business, margins on fuel sales have been reduced. Overall, contribution from
the Marine trading segment was £0.681m in the six month period to 30
September 2022 (30 Sept 2021: £0.726m).
Since the half year end, the Company has started to sell marina berths for the
next season starting 1 April 2023. To date sales are on par with the same time
last year. It is very encouraging that over half of the berths for the next
season have now been paid for in full, with deposits now being received to
secure the remaining berths. Prices for the King Point Marina have been raised
in line with inflation. Berthing fees at Sutton Harbour are being held to
reflect the upcoming disruption that will result from the replacement of the
lock gate cills. These works are now planned to take place in two periods:
Autumn 2023 and early Spring 2024. The works will necessitate periods of
restricted access to the harbour which will impact the normal access and
egress for both leisure and commercial harbour users. Preparing for the works
has been subject to stakeholder consultation to explore all practical
possibilities to mitigate the impact on users and the degree of the
disruption. Sutton Lock is a national defence for flood protection and the
works are being undertaken and paid for by the Environment Agency.
During the period, occupancy of tenanted properties and payment of rents
remained consistent. In the second half of the year tenants will decant from
North Quay House which after 27 years of continuous occupation requires
updating. The Company currently has various interests for new lettings of the
building.
As expected, power costs from 1 October 2022 rose some 3.5 fold even after
allowing for the government subsidy and this will impact the results for the
second half year. The Company is working on any savings that can be made,
whilst ensuring that normal operations are maintained. The Company recharges a
significant proportion of its power consumption to tenants and other facility
users and prices have been increased to reflect the higher costs. Debt
servicing costs have also risen as bank base rates have increased throughout
the period. The Company has no interest rate fixes in place.
Development / Regeneration
Harbour Arch Quay
The full height concrete structure of the 14 apartment building, Harbour Arch
Quay, is now in place. External and internal fitting out works are now
starting, and the building is on target for completion in March/April 2023.
Four exchanges for apartments have now taken place with three further
reservations, including the penthouse, progressing to exchange. Development
financing for the completion of the building is being drawn down from a £5m
facility now that the Company has made its agreed contributions from its
general banking facilities.
Former Fish Market
The recently refurbished Old Barbican (fish) Market is now occupied by one
tenant, The Cornish Bakery, with Pavers (shoes) due to open shortly and the
tenancy for the third unit is pending completion. The refurbishment of this
listed property provides a resplendent centre piece to the historic Barbican
area and presents as a 'floating glass box' whilst retaining the original
elegant Victorian structure. Total rents for the building will be more than
50% higher than with the previous tenancy.
Development Lands
The Former Airport Site is a major land resource and strategic asset of the
Company within the City of Plymouth. The Company had invested heavily in the
site during the time that the airport was operational along with investments
in the owned airline company. Financial failure of the aviation operations led
to closure of the airport in 2011, a decision ratified by the Local Authority,
and revocation of aviation operations licences by the Civil Aviation
Authority. The Company has financed the debt resulting from the aviation
operations for over a decade and, in addition, the Company faithfully expended
funds for the maintenance and protection of the site and the material assets,
including the land management, environmental control, security, etc. The
approved Joint Local Plan of 2019 provided for the safeguarding of the site
for potential aviation uses for a maximum five years, owing to the
determination of the strategic importance of the site. Accordingly, the
Company is preparing for submission of a masterplan for the re-development of
the site with a range of appropriate uses within the timeframe of the
safeguard which expires in early 2024. The redevelopment of the site will
enable needed land for expansion of:
· the Derriford Hospital (major health centre in the South West and
largest employer in Plymouth).
· Marjon University.
· Sites for businesses and commercial operations, unable to find
lands within the city, and the bases for economic growth.
· Senior housing, near to the hospital.
· Student housing near to the University.
· Market Housing.
Financial Structure
The Company has a plan to manage the current debt and to achieve debt
reduction. This plan is based on the following sets of actions:
1. The Company is working with its bankers to extend the current
banking facilities by one year and will then prepare to secure a longer term
agreement to meet medium term financing needs.
2. Development / Regeneration - The Harbour Arch Quay development at
Sutton Harbour is scheduled to be completed in the first half of 2023 and is
expected to yield some £3m net of all extended financing and building costs.
3. To provide additional headroom in the Company's facilities, the
Company has extended the Related Party Loan finance by £280,000, bringing the
total shareholder loan creditor to £2.580m. The additional loan was advanced
by Beinhaker Design Services Limited, a 50% shareholder in FB Investors LLP
who own 72.91% share capital of the Company. Philip Beinhaker and Corey
Beinhaker, who are both Directors of the Company, are Directors of Beinhaker
Design Services Limited. The Directors of the Company regarded as independent
from the Related Party Loans, agreed this loan extension was in the best
interests of shareholders and the Company due to funding flexibility and being
terms competitive to market rates for similar short term flexible finance.
4. Realisation of the value of the Former Airport Site through
development and sales of lands.
5. Further redevelopment of lands on the east side of Sutton Harbour.
The Company has recently secured lands currently used for a wide range of
construction related supplies and other storage and land extensively used with
limited employment. These lands have been identified by the Plymouth City
Council as a regeneration area for a mixture of uses including housing,
commercial, business activity and other societal activities. Following the
completion of the Harbour Arch Quay, the Company will proceed with development
of these industrial lands, including the development of the approved Sugar
Quay site, along with lands east of Sutton Road.
6. Fish Quay - The Company has worked with the PCC, the Fishing
Industry and other interested parties for the redevelopment of the Fish Quay.
This redevelopment will provide an enhancement to the Fishing industry with
renewed and more efficient operations facilities. Also included will be a new
retail fish market open to the general public. Enhanced circulation in this
south-east sector of the Sutton Harbour area will become a major destination
and attraction for residents and visitors to Plymouth. This project will be
part of the vision of Plymouth as "Port City" and enhance the connection
between the water and the City Centre in Britain's Ocean City.
Summary
The Company's vision for the future sustainability and value growth from the
Sutton Harbour and Barbican area is taking shape and good progress has been
made on delivery of our strategy in the current financial year to date.
Reinvigorating the Barbican side of the Harbour, which is most popular with
visitors, has been the visually remarkable refurbishment of the Victorian
landmark Old Barbican Market building, adding to the appeal of the area with
two new national covenant tenants and a third to complete shortly; the Company
has plans to deliver a new Fisheries Complex in collaboration with the Local
Authority to assure the vibrancy of the commercial fishing port activity; the
Company is nearing completion of the first new building (Harbour Arch Quay)
since 2009; and, this re-initiated development activity will continue with a
programme to develop new property on the eastern side of the Harbour, which
includes the consented Sugar Quay building. This is a wholistic plan to
support value creation for shareholders from the existing Company-owned
harbour assets and to assure prosperity of the harbour environ, strengthen the
linkages to the City Centre to the North and the Ocean to the South, and to
benefit our trading activities (marinas, fisheries, rental properties and car
parks) for the medium to long term. The Company has committed significant
investment to its plans during this reporting period. The pace of future
investment will be harmonised with economic conditions as they take shape.
Philip Beinhaker
EXECUTIVE CHAIRMAN
Consolidated Statement of Comprehensive Income
6 months to 6 months to Year Ended
30 September 30 September 31 March
2022 2021 2022
(unaudited) (unaudited) (audited)
£000 £000 £000
Revenue 4,420 3,845 7,194
Cost of Sales (3,005) (2,436) (4,846)
Gross Profit 1,415 1,409 2,348
Fair value adjustment on fixed assets and investment property - - 195
Administrative expenses (729) (731) (1,193)
Operating profit from continuing operations 686 678 1,350
Financial income
Financial expense (463) (351) (789)
Net financing costs (463) (351) (789)
Profit before tax from continuing operations 223 327 561
Taxation credit on profit from continuing operations - (62) (820)
Profit from continuing operations 223 265 (259)
Basic profit/earnings per share 0.17p 0.22p (0.20p)
Diluted profit/earnings per share 0.17p 0.22p (0.20p)
6 months to 6 months to Year Ended
30 September 30 September 31 March
2021 2020 2021
(unaudited) (unaudited) (audited)
£000 £000 £000
Profit from continuing operations 223 265 (259)
Other comprehensive income/(expenses)
Continuing operations:
Revaluation of property, plant and equipment - - 7,016
Deferred taxation on income and expenses recognised directly (1,116)
in the consolidated statement of comprehensive income
Effective portion of changes in fair value of cash flow hedges - - -
Total other comprehensive income - - 5,900
Total comprehensive income for the period attributable to equity shareholders
223 265 5,641
Consolidated Balance Sheet
As at As at As at
30 September 30 September 31 March
2022 2021 2022
(unaudited) (unaudited) (audited)
£000 £000 £000
Non-current assets
Property, plant and equipment 36,224 29,680 36,398
Investment property 18,857 17,622 18,195
Inventories 13,249 13,151 13,216
68,330 60,453 67,809
Current assets
Inventories 20,779 17,372 18,734
Trade and other receivables 1,515 1,846 1,810
Cash and cash equivalents 991 528 970
Tax recoverable - - 9
23,285 19,746 21,523
Total assets 91,615 80,199 89,332
Current liabilities
Other Loans 3,355 - 2,275
Trade and other payables 2,361 1,118 1,880
Finance lease liabilities 40 48 165
Deferred income 1,219 1,111 2,225
Provisions - - -
6,975 2,277 6,545
Non-current liabilities
Other interest-bearing loans and borrowings 24,450 25,175 22,863
Finance lease liabilities 118 210 75
Deferred government grants 646 646 646
Deferred tax liabilities 2,992 1,056 2,992
Provisions - - -
28,206 27,087 26,576
Total liabilities 35,181 29,364 33,121
Net assets 56,434 50,835 56,211
Issued capital and reserves attributable to owners of the parent
Share capital 16,406 16,406 16,406
Share premium 13,972 13,972 13,972
Other reserves 22,180 16,280 22,180
Retained earnings 3,876 4,177 3,653
Total equity 56,434 50,835 56,211
Consolidated Statement of Changes in Equity
Share capital Share premium Revaluation reserve Merger reserve Hedging reserve Retained earnings TOTAL
----------Other Reserves----------
£000 £000 £000 £000 £000 £000 £000
Balance at 1 April 2022 16,406 13,972 18,309 3,871 - 3,653 56,211
Comprehensive income/(expense)
Issue of Shares - - - - - 223 223
Profit for the period
Total comprehensive income/(expense)
6 month period ended 30 September 2022 - - - - - 223 223
Balance at 30 September 2022 16,406 13,972 18,309 3,871 - 3,876 56,434
Balance at 1 April 2021 16,266 10,695 12,409 3,871 - 3,912 47,153
Comprehensive income/(expense)
Issue of Shares 140 3,277 3,417
Profit for the period - - - - - 265 265
Total comprehensive income/(expense)
6 month period ended 30 September 2021 140 3,277 - - - 265 3,682
Balance at 30 September 2021 16,406 13,972 12,409 3,871 - 4,177 50,835
Balance at 1 October 2021 16,406 13,972 12,409 3,871 - 4,177 50,835
Comprehensive income/(expense)
Profit for the period - - - - - (524) (524)
Other comprehensive income/(expense)
Revaluation of property, plant and equipment - - 5,900 - - - 5,900
Total comprehensive income/(expense)
6 month period ended 31 March 2022 - - 5,900 - - (524) 5,376
Balance at 31 March 2022 16,406 13,972 18,309 3,871 - 3,653 56,211
Consolidated Cash Flow Statement
6 months to 6 months to Year Ended
30 September 30 September 31 March
2022 2021 2022
(unaudited) (unaudited) (audited)
£000 £000 £000
Cash generated from total operating activities (1,321) (1,236) 59
Cash flows from investing activities
Net expenditure on investment property (662) (12) (52)
Expenditure on property, plant and equipment (24) (109) (196)
Proceeds from sale of plant and equipment - 260 262
Net cash used in investing activities
(686) 139 14
Cash flows from financing activities
Proceeds from sale of shares - 3,500 3,500
Expenses of share issuance - (83) (83)
Interest paid (557) (351) (1,033)
Loan drawdowns/(repayment of borrowings) 2,667 (2,300) (2,337)
Net finance lease (payments)/receipts (82) (69) (78)
Net cash generated from financing activities
2,028 697 (31)
Net increase/(decrease) in cash and cash equivalents 21 (400) 42
Cash and cash equivalents at beginning of period 970 928 928
Cash and cash equivalents at end of period 991 528 970
Notes to Interim Report
General information
This consolidated interim financial information does not comprise statutory
accounts within the meaning of section 434 of the Companies Act 2006.
Statutory accounts for the year ended 31 March 2022 were approved by the Board
of Directors on 19 July 2022 and delivered to the Registrar of Companies. The
report of the auditors on those accounts was unqualified and did not contain
any statement under section 498 of the Companies Act 2006.
Copies of the Group's financial statements are available from the Company's
registered office, Sutton Harbour Office, Guy's Quay, Sutton Harbour,
Plymouth, PL4 0ES and on the Company's website www.sutton-harbour.co.uk.
This consolidated interim financial information has not been audited.
Basis of preparation
The consolidated interim financial information should be read in conjunction
with the annual financial statements for the year ended 31 March 2022, which
have been prepared in accordance with International Financial Reporting
Standards (IFRS) and International Financial Reporting Interpretation
Committee (IFRIC) interpretations as endorsed by the European Union, and those
parts of the Companies Acts 2006 as applicable to companies reporting under
IFRS.
Accounting policies
Except as described below, the accounting policies applied are consistent with
those of the annual financial statements for the year ended 31 March 2022, as
described in those annual financial statements.
Accounting estimates and judgements
The preparation of financial statements in conformity with IFRS requires
management to make judgements, estimates and assumptions that affect the
application of policies and reported amounts of assets and liabilities, income
and expenses. The estimates and associated assumptions are based on historical
experience and various other factors that are believed to be reasonable under
the circumstances, the results of which form the basis of making judgements
that are not readily apparent from other sources. Actual results may differ
from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in which the
estimate is revised, if the revision affects only that period, or in the
period of the revision and future periods, if the revision affects both
current and future periods.
Segment information
Management has determined the operating segments based on the reports reviewed
by the Board of Directors that are used to make strategic decisions.
The Board of Directors considers the business from an operational perspective
as having only one geographical segment, with all operations being carried out
in the United Kingdom.
The Board of Directors considers the performance of the operating segments
using operating profit. The segment information provided to the Board of
Directors for the reportable segments for the period ended 30 September 2022
is as follows:
6 months to 30 September 2022 Marine Real Estate Car Parking Regeneration Total
£000 £000 £000 £000 £000
Revenue 3,358 644 418 - 4,420
Gross profit prior to non-recurring items 681 480 254 - 1,415
Segmental Operating Profit before Fair value adjustment and unallocated - - - - -
expenses
Fair value adjustment on fixed assets and investment property assets
Unallocated:
Administrative expenses (729)
Operating profit from continuing operations 686
Financial income
Financial expense (463)
Profit before tax from continuing operations
Taxation -
Profit for the year from continuing operations 223
Depreciation charge
Marine 172
Car Parking 10
Administration 16
198
Segment Information (continued)
6 months to 30 September 2021 Marine Real Estate Car Parking Regeneration Total
£000 £000 £000 £000 £000
Revenue 2,648 776 421 - 3,845
Gross profit prior to non-recurring items 726 559 235 (111) 1,409
Segmental Operating Profit before Fair value adjustment and unallocated 726 559 235 (111) 1,409
expenses
Fair value adjustment on fixed assets and investment property assets - - - - -
Unallocated:
Administrative expenses (731)
Operating profit from continuing operations 678
Financial income
Financial expense (351)
Loss before tax from continuing operations 327
Taxation (62)
Loss for the year from continuing operations 265
Depreciation charge
Marine 171
Car Parking 9
Administration 13
193
Segment Information (continued)
Marine Real Estate Car Parking Regeneration Total
Year ended 31 March 2022
£000 £000 £000 £000 £000
Revenue 4,771 1,427 736 260 7,194
Segmental Operating Profit before Fair value adjustment and unallocated 1,199 922 389 (162) 2,348
expenses
Fair value adjustment on fixed assets and investment property assets (185) 380 - - 195
Unallocated:
Administrative expenses (1,193)
Operating profit from continuing operations 1,350
Financial income
Financial expense (789)
Profit before tax from continuing operations 561
Taxation (820)
Profit for the year from continuing operations (259)
Depreciation charge
Marine 335
Car Parking 40
Administration 17
392
30 September 2022 30 September 2021 31 March 2022
£000 £000 £000
Segment assets:
Marine 30,747 25,565 31,068
Real estate 19,243 18,740 18,628
Car Parking 6,382 4,954 6,428
Regeneration 33,998 30,029 31,936
Total segment assets 90,370 79,288 88,060
Unallocated assets:
Property, plant and equipment 44 77 61
Trade & other receivables 211 306 241
Cash & cash equivalents 991 528 970
Total assets 91,616 80,199 89,332
Segment Information (continued)
30 September 2022 30 September 2021 31 March 2022
£000 £000 £000
Segment liabilities:
Marine 1,710 1,312 2,622
Real estate 724 429 464
Car Parking 92 93 132
Regeneration 1,284 823 1,234
Total segment liabilities 3,810 2,657 4,452
Unallocated liabilities:
Bank overdraft & borrowings 27,963 25,433 25,378
Trade & other payables 415 154 296
Financial Derivatives - - -
Tax payable 1 62 1
Deferred tax liabilities 2,992 1,058 2,994
Total liabilities 35,181 29,364 33,121
Unallocated assets included in total assets and unallocated liabilities
included in total liabilities are not split between segments as these items
are centrally managed.
Taxation
The Company has applied an effective tax rate of 25% (2021: 19%) based on
management's best estimate of the tax rate expected for the full financial
year and is reflected in a movement in deferred tax.
Dividends
The Board of Directors do not propose an interim dividend (2021: nil).
Earnings per share
6 months to 6 months to Year Ended
30 September 30 September 31 March
2022 2021 2022
(unaudited) (unaudited) (audited)
pence pence pence
Continuing operations
Basic earnings per share 0.17p 0.22p (0.20p)
Diluted earnings per share* 0.17p 0.22p (0.20p)
Basic Earnings per Share:
Basic earnings per share have been calculated using the profit for the period
of £223,000 (2021: profit £265,000, year ended 31 March 2022 loss
£259,000). The average number of ordinary shares in issue, excluding those
options granted under the SAYE scheme, of 129,944,071 (2021: 120,534,234; year
ended 31 March 2022: 120,534,234) has been used in our calculation.
Diluted Earnings per Share:
Diluted earnings per share uses a weighted average number of 130,182,043
(2021: 120,765,411; year ended 31 March 2022 120,765,411) ordinary shares
after adjusting for the effects of share options in issue: 237,972 ordinary
shares (2021: 242,063; 31 March 2022: 242,063)
Property valuation
Freehold land and buildings and investment property have been independently
valued by Jones Lang LaSalle as at 31 March 2022, in accordance with the
Practice Statements in the Valuations Standards (The Red Book) published by
the Royal Institution of Chartered Surveyors.
A further valuation will be commissioned for the year ending 31 March 2023, as
in previous years.
Cash and cash equivalents
As at As at As at
30 September 2022 30 September 2021 31 March 2022
(unaudited) (unaudited) (audited)
£000 £000 £000
Cash and cash equivalents per balance sheet and cash flow statement 991 528 970
Cash flow statements
6 months to 6 months to Year Ended
30 September 2022 30 September 2021 31 March 2022
(unaudited) (unaudited) (audited)
£000 £000 £000
Cash flows from operating activities
Profit/(loss) for the period 223 265 (259)
Adjustments for:
Taxation - - 820
Financial income - - -
Financial expense 463 351 789
Fair value adjustment on fixed assets and investment property - - (195)
Depreciation 198 193 392
Amortisation of grants - - (9)
Profit/loss on sale of property, plant and equipment - (24) (29)
Cash generated from operations before changes in working capital and
provisions
884 785 1,509
Increase in inventories (1,862) (1,202) (2,629)
Transfer from Inventories to Investment property - - 93
Decrease/(increase) in trade and other receivables 304 556 586
(Decrease)/increase in trade and other payables 359 (612) 150
Decrease in deferred income (1,006) (708) 406
(Decrease)/increase in provisions (56) (56)
Cash generated from operations (1,321) (1,237) 59
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. END IR FFUFWIEESELERecent news on Sutton Harbour
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