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Circle Property PLC - Interim Results

RNS Number : 1207W
Circle Property PLC
09 December 2019
 

9 December 2019

 

 

Circle Property Plc

Interim results for the six months ended 30 September 2019

 

Well positioned to deliver FY expectations of strong NAV growth

 

Circle Property Plc (AIM: CRC) ("Circle" or the "Company"), which invests in, develops and actively manages well-located regional office assets today announces its results for the six months to 30 September 2019. In the period, the Company has been actively building momentum into the business. Circle has established a strong pipeline of well located, income generating assets which, with our active asset management expertise, are expected to deliver strong returns in the second half. 

Circle's current portfolio, which has been independently valued at £135.6 million as at 30 September 2019, is 99% focused in the office sector and has no exposure to the retail sector.  All of our properties are geographically located in favourable regions with 89% in Birmingham, Milton Keynes, Maidenhead and Bristol.

These results demonstrate the consistent underlying strength of the regional office market which is underpinned by Permitted Development Rights and Circle's ability to identify sites which offer sustainably strong rental returns and value enhancement.

Financial highlights: Strong rental income; investment in property portfolio

·      Unaudited estimated NAV per share of £2.78 (30 September 2018: £2.75, 31 March 2019: £2.77), representing an 87% increase since IPO in February 2016

 

·      7.2% increase in annualised contracted rental income to £8.2 million (31 March 2019: £7.6 million), with a further £598,478 of contracted rent since period end

 

·      Interim dividend up 10% to 3.3p (30 September 2018: 3.0p), maintaining the Company's progressive dividend policy

 

 

·      Since IPO, Circle has delivered a NAV compound average growth rate of 23% and a total return compound average growth rate of 26%, making Circle one of the top-performing public real estate companies

 

Operational highlights: largest acquisition since IPO driving uplift in contracted rental income

·      K2, Milton Keynes - letting of 20,482 sq ft to Grand Union Housing, contractual rent of £352,625 pax on a 10-year lease with a CPI rent review in the fifth year

 

·      Concorde Park, Maidenhead - acquisition of 71,500 sq ft business park for £14.6 million. Contracted passing rent (excluding rent free) £627,372 pax with a reversion to £1.55 million

 

 

Post HY 2020 highlights: Continued momentum

·      Victory House, Northampton - re-geared lease with Regus for a further 12 years, increase in contracted rental income to £360,000 per annum of which 30% will be based upon turnover

 

·      Concorde Park, Maidenhead - completed two lettings totalling approximately 21,000 sq ft increasing the contracted passing rent (excluding rent free) by a further £485,234 pax.  Total gross contracted rental income at the site has increased by 76% since acquisition by the Company to over £1.1 million per annum with a gross rental income target of over £1.55 million per annum. The speed of these lettings since acquisition has been achieved by the Company's asset management expertise

 

·      141 Moorgate, London EC2 - letting of the third floor to Suede Labs Ltd at £60,264 per annum

 

·      Elizabeth House, 56-60 London Road, Staines - letting of the ground floor to Accent Catering Ltd at £52,980 per annum

 

·      K3, Milton Keynes - refurbishment on track to commence in December 2019. Once completed the 13,500 sq ft office building will be offered to let at an ERV of approximately £270,000 pax

 

·      135 Aztec West, Bristol - refurbishment on track to commence in January 2020. Once completed the 13,258 sq ft self-contained office will be offered to let at an ERV of approximately £245,300 pax

 

John Arnold, CEO of Circle Property Plc, commented:

"Circle's portfolio now comprises 99% (by value) regional offices, which is highly reversionary, and has no exposure to retail property. Our focus on "added value" rather than initial yield continues to reap rewards with income generation arising from judicious capital expenditure. 

"In the six months ended 30 September and post period end, we have been investing in the pipeline, increasing our rental growth and we are on track to deliver expectations for the full year. In the first half, the pace of lettings has increased, with over £950,000 of newly-contracted rents being completed to date since the start of the year. This bodes well for an uplift in valuation at the year end and we look forward to continuing our positive momentum."

Contacts:

Circle Property Plc              

 +44 (0)207 930 8503

John Arnold, CEO

Edward Olins, COO

 

 

 

Cenkos Securities

+44 (0)207 397 8900

Azhic Basirov

Katy Birkin 

  

 

 

Radnor Capital

+44 (0)203 897 1830

Joshua Cryer

Iain Daly

 

 

 

Camarco

+44 (0)203 757 4980

Ginny Pulbrook

Tom Huddart

 

 

About Circle Property Plc

Circle is amongst the best performing quoted UK real estate companies by NAV total return (NAV growth and dividend) having delivered consistent returns with 87% NAV growth since IPO in 2016 in absolute terms.

Circle focusses on acquiring assets in regional cities, many of which have significant office supply constraints, and on office assets with active management potential (refurbishment opportunities, under-rented or vacant properties or short leases), rather than just maximising initial rental yields.

Circle is not a Real Estate Investment Trust (REIT) and can actively recycle proceeds from asset sales into its refurbishment and redevelopment pipeline, as well as future investment opportunities, therefore targeting a broader range of returns for shareholders, which are primarily driven by NAV growth.

As well as already delivering substantial increases in NAV, the Company's portfolio has significant reversionary potential with current total estimated rental values of approximately £10.9 million per annum, compared to contracted rent of £8.2 million at 30 September 2019. The Company has a portfolio of 15 regional commercial property investment and development assets in the UK valued at £135.6 million as at 30 September 2019.

Chief Executive's Statement

In the six months ended 30 September 2019 and post period end, we have been highly active in sourcing, developing and managing an increased property portfolio, which is now valued at £135.6 million (30 September 2018: £124.8 million) and were successful in acquiring Concorde Park, Maidenhead, a south east office park for £14.6 million. With our management expertise we have identified that this acquisition has a potential reversionary yield of 9.8% when fully let.

Circle's strategic focus on regional commercial property resulted in strong rental income being achieved in the period. We achieved a 7.2% uplift in annualised contracted rental income to £8.2 million with a further £598,478 of contracted rent since the period end. The weighted average unexpired lease term (WAULT) is 8.41 years to break (31 September 2018: 10.15 years).

The occupancy levels of our property portfolio have been strong at 87.70% as at 30 September 2019 and since the period end, this has improved to 91.25% even when including the additional vacant accommodation at our recent acquisition, Concorde Park.

The Company's estimated unaudited NAV per share is up to £2.78 (30 September 2018: £2.75) representing an 87% increase since IPO, with a NAV compound average growth rate of 23% and a total return compound average growth rate of 26%, making the Company one of the top-performing publicly listed real estate companies.

Portfolio Overview

During the six-month period, Circle has been highly active in expanding its portfolio and negotiating lease renewals across the UK's regional office market.

Concorde Park: Maidenhead

In August 2019, the Company acquired Concorde Park, Maidenhead, a south east office park for £14.6 million. At the time of acquisition, the 71,500 sq ft park was 36.6% let to three tenants producing a combined rental income of £627,372 per annum. The vacant area totalled 45,328 sq ft of which 21,346 sq ft was under offer or in negotiation. The property benefited from being rebuilt in 2007 by LaSalle UK Ventures Property to a high specification including four new lifts, air conditioning and full height glazed atriums at a cost of around £7.4 million. Once fully let, Concorde Park has a potential reversionary yield of 9.8%.

Kents Hill Business Park, Milton Keynes

In June 2019, Grand Union Housing leased 20,462 sq ft in K2, Kents Hill Business Park, Milton Keynes at a rent of £352,625 per annum (£17.23 psf) for a 10-year term subject to a CPI rental increase in the fifth year of the term.

Great Charles Street, Birmingham

In September 2019, the Company completed a lease renewal at 36 Great Charles Street, Birmingham to the National Governors' Association on 4,708 sq ft for a term of 5 years at an annual headline rent of £75,617 pax before incentives.

Following on from the successful redevelopment and refurbishment of 36 Great Charles Street and Somerset House, Temple Street, both in Birmingham and K2, Kents Hill Business Park, totalling 116,062 sq ft, two new refurbishment projects are scheduled to commence in early 2020 at 135 Aztec West Bristol and K3 Kents Hill Business Park, with a combined total floor area of 26,758 sq ft.

Post the period end, leasing momentum was sustained and on competitive terms:

Victory House, Northampton - re-geared lease with Regus for a further 12 years, increase in contracted rental income to £360,000 per annum of which 30% will be based upon turnover.

Concorde Park, Maidenhead - completed two lettings totalling approximately 21,000 sq ft increasing the contracted passing rent (excluding rent free) by a further £485,234 pax. Total gross contracted rental income at the site has increased by 76% since acquisition by the Company to over £1.1 million per annum with a gross rental income target of over £1.55 million per annum. The speed of these lettings since acquisition has been achieved by the Company's asset management expertise.

141 Moorgate, EC2 - Letting to Suede Labs Limited in October 2019 for a term of 5 years at a headline rent of £60,264 pax, whilst the last remaining vacant fourth floor office is under offer.

Elizabeth House, Staines - In October 2019, the ground floor offices of 2,636 sq ft were let on a five-year lease to Accent Catering Services Limited at an annual headline rent of £52,750 pax, before incentives.

36 Great Charles Street, Birmingham - A five-year lease completed in November 2019 to Utility Aid Limited at an annual headline rent of £23,180.50, before incentives.

Dividend

The Board declares an interim dividend of 3.3p, an increase of 10% from HY 2018 (30 September 2018: 3.0p), in line with the Company's progressive dividend policy. The interim dividend will be paid on 15 January 2020 to shareholders on the register on 20 December 2019 with an ex-dividend date of 19 December 2019.

Outlook

During the past six months, the Circle Property team have been investing in the pipeline, increasing rental growth and we are on track to deliver expectations for the full year. In the first half, the pace of lettings has quickened, with over £950,000 of newly-contracted rents being completed to date since the start of the year. This bodes well for a positive uplift in valuation at the year end and we look forward to continuing our momentum.



 

Circle Property Plc

 

Condensed consolidated statement of comprehensive income

for the 6 months ended 30 September 2019

 




6 months to 30 September 2019


6 months to 30 September 2018


12 months to 31 March 2019


Note


(unaudited)


(unaudited)


(audited)




£


£


£









Rental income

4


3,563,322


3,644,353


6,878,912

Other income

4


105,286


157,473


224,323




3,668,608


3,801,826


7,103,235









Property expenses

5


(289,086)


(277,512)


(639,440)









Net rental income



3,379,522


3,524,314


6,463,795









Administrative expenses

6


(982,058)


(1,250,374)


(2,794,124)









Operating profit before gains on investment properties



2,397,464


2,273,940


3,669,671









(Loss)/Gain on disposal of investment properties



(44,331)


494,933


471,177

(Loss)/Gains on revaluation of investment properties

11


(390,279)


11,733,347


12,609,968









Operating profit



1,962,854


14,502,220


16,750,816









Finance income

7


1,679


2,056


2,717

Finance costs

8


(858,920)


(738,061)


(1,507,471)









Net finance costs



(857,241)


(736,005)


(1,504,754)









Profit for the period before taxation



1,105,613


13,766,215


15,246,062









Taxation

9


145,074


(227,372)


(291,142)









Profit after taxation



1,250,687


13,538,843


14,954,920









Earnings per share

10


0.04


0.48


0.53









NAV per share



2.78


2.75


2.77

There is no comprehensive income other than that included in the profit for the period. All of the profit for the period is attributable to the owners of the Company.

All items in the above statement derive from continuing operations.


 

Condensed consolidated statement of financial position

as at 30 September 2019

 


Note


30 September 2019


30 September 2018


31 March 2019




(unaudited)


(unaudited)


(audited)




£


£


£

Non-current assets








Investment properties

11


126,146,508


115,750,716


115,320,178

Property plant and equipment



55,035


49,883


59,865

Trade and other receivables

12


8,546,628


8,516,589


8,310,903

Deferred tax



1,941,676


1,647,443


1,603,918




136,689,847


125,964,631


125,294,864









Current assets








Trade and other receivables

12


1,811,350


1,242,391


1,553,699

Cash and cash equivalents



2,359,771


3,014,269


3,650,372




4,171,121


4,256,660


5,204,071









Total assets



140,860,968


130,221,291


130,498,935









Equity








Stated capital



42,542,179


42,542,179


42,542,179

Treasury share reserve



(79,344)


(77,486)


(79,344)

Retained earnings



36,288,100


35,404,032


35,971,206

Total equity



78,750,935


77,868,725


78,434,041









Non-current liabilities








Borrowings

13


59,391,252


50,100,845


49,039,681




59,391,252


50,100,845


49,039,681









Current liabilities








Trade and other payables

14


2,718,781


2,251,721


3,025,213




2,718,781


2,251,721


3,025,213









Total liabilities



62,110,033


52,352,566


52,064,894

















Total liabilities and equity



140,860,968


130,221,291


130,498,935

 

The condensed consolidated interim financial statements were approved by the Board of Directors on 6 December 2019.


 

Condensed consolidated statement of cash flows

for the 6 months ended 30 September 2019

 





6 months to 30 September 2019


6 months to 30 September 2018


12 months to 31 March 2019





(unaudited)


(unaudited)


(audited)





£


£


£










Cash flows from operating activities








Profit for the period before taxation



1,105,613


13,766,215


15,246,062

Adjustments for:








Finance income



(1,679)


(2,056)


(2,717)

Finance expense



858,920


738,061


1,507,471

Depreciation



5,443


6,404


13,296

Gains on revaluation of investment properties



390,279


(11,733,347)


(12,609,968)

Gains on disposal of investment properties



44,331


(494,933)


(471,177)

Share based payments



-


180,001


178,143

(Increase) in trade and other receivables



(493,376)


(1,415,944)


(1,521,566)

(Decrease)/increase in trade and other payables



(653,810)


(155,751)


961,902










Cash generated from operating activities



1,255,721


888,650


3,301,446










Interest and other finance costs paid



(613,803)


(660,129)


(1,459,030)

Interest received



1,679


2,056


2,717










Net cash from operating activities



643,597


230,577


1,845,133










Cash flows from investing activities








Cost of refurbishment of investment properties



(404,189)


(702,121)


(1,006,634)

Cost of acquisition of investment property



(15,412,420)


-


-

Proceeds from disposal of investment properties



4,555,671


3,444,933


2,228,749

Cost of additions of property plant and equipment



(615)


-


(16,874)










Net cash from investing activities



(11,261,553)


2,742,812


1,205,241










Cash flows from financing activities








Repayment of borrowings



-


(1,750,000)


(49,358,932)

Drawdown of borrowings



10,261,148


-


49,016,953

Dividends paid



(933,793)


(848,903)


(1,697,806)










Net cash used in financing activities



9,327,355


(2,598,903)


(2,039,785)










Net (decrease)/increase in cash and cash equivalents



(1,290,601)


374,486


1,010,589

Cash and cash equivalents at the beginning of the period



3,650,372


2,639,783


2,639,783

Cash and cash equivalents at the end of the period



2,359,771


3,014,269


3,650,372


 

Condensed consolidated statement of changes in equity

for the 6 months ended 30 September 2019

 



Share
capital


Treasury shares reserve


Retained earnings


Total



£


£


£


£

As at 1 April 2018


42,542,179


(257,487)


22,714,092


64,998,784










Profit for the period


-


-


13,538,843


13,538,843










Share-based payments


-


180,001


-


180,001










Dividends


-


-


(848,903)


(848,903)










As at 30 September 2018


42,542,179


(77,486)


35,404,032


77,868,725










Profit for the period


-


-


1,416,077


1,416,077










Share-based payments




(1,858)


-


(1,858)










Dividends


-


-


(848,903)


(848,903)










As at 31 March 2019


42,542,179


(79,344)


35,971,206


78,434,041










Profit for the period


-


-


1,250,687


1,250,687










Share-based payments


-


-


-


-










Dividends


-


-


(933,793)


(933,793)










As at 30 September 2019


42,542,179


(79,344)


36,288,100


78,750,935

 

 

 

 


 

Notes to the condensed consolidated interim financial statements

for the 6 months ended 30 September 2019

 

1 General information

These condensed consolidated interim financial statements are for Circle Property Plc ("the Company") and its subsidiary undertakings (together referred to as the "Group").

The Company's shares are admitted to trading on AIM, a market operated by the London Stock Exchange plc. The Company is domiciled and registered in Jersey, Channel Islands. The address of its registered office is 3rd Floor, Standard Bank House, 47-49 La Motte Street, St Helier, Jersey, JE2 4SZ.

The nature of the Company's operations and its principal activities are that of property investment in the UK.

 

2 Principal accounting policies   

Basis of accounting

The condensed consolidated interim financial statements have been prepared in accordance with the IAS 34 "Interim Financial Reporting" and should be read in conjunction with the Group's last consolidated financial statements as at and for the year ended 31 March 2019. They do not include all of the information required for a complete set of IFRS financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since the last financial statements.

Going concern

The Group's business activities, together with the factors likely to affect its future development, performance and position are set out in the Chief Executive's statement. The financial position of the Group, its cash flows, liquidity position and borrowing facilities are described in these financial statements.

The Group has adequate financial resources together with long term rental contracts with a wide range of tenants. As a consequence, the Directors believe that the Group is well placed to manage its business risk successfully.

The Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they have adopted the going concern basis in preparing the interim financial statements.

Estimates and judgements

In preparing these condensed consolidated interim financial statements, management has made judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.

The significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 31 March 2019.

3 Operating segments

During the period the Group operated in one geographical segment, which is the United Kingdom, and one reporting segment, which is investment in commercial property. Therefore, no segmental reporting is required.

 

4 Revenue



6 months to 30 September 2019


6 months to 30 September 2018


12 months to 31 March 2019




(unaudited)


(unaudited)


(audited)




£


£


£









Rental income



3,339,652


3,122,433


6,390,514

SIC 15 adjustment (spreading of lease incentives)



223,670


521,920


488,398




3,563,322


3,644,353


6,878,912









Insurance recovery



72,286


63,473


130,323

Dilapidation monies



33,000


94,000


94,000




105,286


157,473


224,323












3,668,608


3,801,826


7,103,235

















5 Property expenses



6 months to 30 September 2019


6 months to 30 September 2018


12 months to 31 March 2019




(unaudited)


(unaudited)


(audited)




£


£


£









Property expenses



11,504


41,149


76,229

Property service charges



83,437


88,343


271,493

Property repairs and maintenance costs



8,753


-


24,788

Property insurance



76,483


74,967


148,893

Property rates



108,909


73,053


118,037












289,086


277,512


639,440

















6 Administrative expenses



6 months to
30 September
2019


6 months to
30 September
2018


12 months to
31 March
2019




(unaudited)


(unaudited)


(audited)




£


£


£









Staff costs



384,712


559,987


1,403,844

Administration fees



153,189


127,307


321,013

Legal and professional fees



344,413


468,441


788,994

Audit fees



1,928


2,004


57,084

Accountancy fees



2,105


2,593


7,164

Rent, rates and other office costs



49,981


32,281


68,521

Other overheads



40,287


51,357


134,208

Depreciation of tangible fixed assets



5,443


6,404


13,296












982,058


1,250,374


2,794,124

 

 

7 Finance income



6 months to
30 September
2019


6 months to
30 September
2018


12 months to
31 March
2019




(unaudited)


(unaudited)


(audited)




£


£


£









Bank interest



1,679


2,056


2,717












1,679


2,056


2,717

















8 Finance costs



6 months to
30 September
2019


6 months to
30 September
2018


12 months to
31 March
2019




(unaudited)


(unaudited)


(audited)




£


£


£









Loan interest



732,280


682,116


1,347,779

Loan commitment fees



36,217


20,716


51,219

Loan arrangement fees



90,423


35,229


108,473












858,920


738,061


1,507,471

















9 Taxation



6 months to
30 September
2019


6 months to
30 September
2018


12 months to
31 March
2019




(unaudited)


(unaudited)


(audited)




£


£


£









Current tax



192,684


146,856


167,101

Deferred tax charge



(337,758)


80,516


124,041












(145,074)


227,372


291,142

 

10 Earnings per share

Basic earnings per share has been calculated on profit after tax attributable to ordinary shareholders for the period (as shown on the condensed consolidated statement of comprehensive income) and the weighted average number of ordinary shares in issue during the period.




6 months to
30 September
2019


6 months to
30 September
2018


12 months to
31 March
2019




(unaudited)


(unaudited)


(audited)




£


£


£









Profit for the period



1,250,687


13,538,843


14,954,920









Weighted average number of shares



28,296,762


28,296,762


28,296,792









Earnings per ordinary share:



0.04


0.48


0.53









 

In the opinion of the Board, treasury shares held to satisfy share awards to management currently do not have any material value and hence do not have any dilutive effect. Therefore, no diluted earnings per share has been presented.

 

11 Investment properties



30 September 2019


30 September 2018


 31 March 2019




(unaudited)


(unaudited)


(audited)




£


£


£









Balance brought forward



124,600,000


114,075,000


114,075,000

Cost of refurbishment of investment properties



404,189


594,733


826,634

Cost of acquisition of investment property



15,412,420


-


-

Disposal of investment properties



(4,600,000)


(2,950,000)


(4,300,000)

(Loss)/Gain on revaluation of investment properties



(390,279)


11,733,347


12,609,968

Lease incentive amortisation



223,670


1,421,920


1,388,398









Fair value of investment properties per valuation report


135,650,000


124,875,000


124,600,000









Unamortised lease incentives



(9,503,492)


(9,124,284)


(9,279,822)









Closing fair value



126,146,508


115,750,716


115,320,178

 

The fair value of the Group's investment properties at 30 September 2019 has been arrived at on the basis of valuation carried out by Savills (UK) Limited. The valuation was carried out in accordance with the Practice Statements contained in the Appraisal and Valuation Standards as published by the RICS. In forming their opinion of the fair value, the independent valuer's had regard to the current best use of the property, its investment attributes and recent comparable transactions. The valuation was carried out using the "All Risks Yield" method taking into consideration both sales and rental evidence and formulating the opinion of market value taking into account the properties' locations, specifications and specific characteristics.

 

At 30 September 2019, the fair value of the Group's investment properties per the valuation report amounted to £135,650,000. The difference between the fair value of the investment properties per the valuation report and the fair value per the balance sheet of £9,503,942 relates to unamortised lease incentives which are recorded in the financial statements within non-current and current assets.

The Group has pledged all of its investment properties to secure banking facilities granted to the Group as detailed in note 13.

During the period the Group purchased the property at Concorde Business Park, Maidenhead for a consideration of £14,600,000.

During the period the Group disposed of the property at Baildon Bridge, Shipley for a consideration of £4,600,000.

 

12 Trade and other receivables



30 September 2019


30 September 2018


 31 March 2019




(unaudited)


(unaudited)


(audited)




£


£


£









Non-current








Lease incentives



8,546,628


8,516,589


8,310,903









Current








Lease incentives



956,864


607,695


968,919

Amounts due from property agents



15,391


104,822


20,034

Amounts due from tenants



602,316


384,760


275,540

Other receivables



236,779


145,114


289,206












1,811,350


1,242,391


1,553,699

















13 Borrowings



30 September 2019


30 September 2018


 31 March 2019




(unaudited)


(unaudited)


(audited)




£


£


£









Brought forward



49,738,852


51,901,360


51,815,616

Loan repayments



-


(1,750,000)


(51,901,360)

Loan drawdowns



10,261,148


-


49,738,852

Lending costs



(721,900)


-


(721,900)

Amortisation of lending costs



113,152


(50,515)


108,473









Total borrowings



59,391,252


50,100,845


49,039,681

 

The Group is party to a revolving facility, with NatWest and HSBC. The facility is a £60,000,000 revolving facility with accordion option of up to £40,000,000 and has a four year term. The rate of interest is the aggregate of the margin 2.05% and LIBOR and is payable quarterly. There is also a commitment fee payable at 0.82% on the undrawn facility and in relation to the accordion facility.

The facility is secured by a first and only legal charge over the Group's investment properties, an assignment of rental income, charges over specified bank accounts of the Group and a floating charge granted over all assets of the Group.

The facility's financial covenants are 60% loan to value, 2.00:1 interest cover looking both forward and backward, the Group shall ensure that the total market value of the charged properties does not fall below £50,000,000 at any time and that no single tenant represents more than 25% of the total contracted rents.

The Group has negotiated a facility of £5,000,000 under the accordion and drew down £1,300,000 on 4 November 2019 to cover working capital needs.

 

14 Trade and other payables



30 September 2019


30 September 2018


 31 March 2019




(unaudited)


(unaudited)


(audited)




£


£


£









Trade payables



39,698


103,554


65,997

Property improvement costs



-


72,612


-

Wages and salaries



-


-


454,333

Deferred income



1,611,306


1,511,160


1,638,217

Rental deposit accounts



92,546


85,586


92,545

Loan interest payable



343,033


291,074


188,339

VAT



257,413


22,379


267,442

Valuation fee



15,000


15,000


30,000

Legal and professional fees



-


3,500


-

Audit fee



-


-


55,080

Administration fees



-


-


66,159

Current taxation



359,785


146,856


167,101












2,718,781


2,251,721


3,025,213

 

15 Post balance sheet event

 

The Group has negotiated a facility of £5,000,000 under the accordion and drew down £1,300,000 on 4 November 2019 to cover working capital needs.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
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Quick facts: Circle Property PLC

Price: 229

Market: LSE
Market Cap: £65.38 m
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