TIDMCRC
RNS Number : 3923G
Circle Property PLC
25 November 2020
25 November 2020
Circle Property Plc
Interim Results for the six months ended 30 September 2020
Strong average rent collection of 92.5% during period
Circle Property Plc (AIM:CRC) ("Circle", the "Company" or the
"Group"), which invests in, develops and actively manages
well-located regional office assets, announces its interim results
for the six months ended 30 September 2020.
John Arnold, Chief Executive of Circle Property Plc, said:
"During the period, we have continued to benefit from our
innovative approach and close relationships with our tenants, which
has resulted in very strong rent collection rates of over 90% and a
10% increase in total rental income.
"We believe that demand, particularly in good locations in the
regions, will rebound after a short-term contraction as a result of
Covid-19. The established position we have in our chosen markets,
with a portfolio of assets selected on the strength of location and
letting prospects, leaves us well-placed to generate income and
value over the medium term."
Financial highlights:
-- Strong rental receipts throughout the year and since lockdown
in March, running at an average of 92.5% of rents due for March and
June quarters
-- 10% increase in total rental income to GBP3.9m (30 September 2019: GBP3.6m)
-- 12% increase in operating profit before property revaluations
to GBP2.7m (30 September 2019: GBP2.4m)
-- Unaudited estimated NAV per share of GBP2.83 (30 September
2019: GBP2.78; 31 March 2020: GBP2.85 per share), representing a
90% increase since admission to AIM in February 2016
-- Proposed interim dividend of 2.5p per share for the six
months ended 30 September 2020 (30 September 2019: 3.3p)
Chief Executive Statement
Despite the recent impact of the second lockdown, which saw a
further decrease in demand within the wider commercial office
market, we have seen the benefits of the quality of our assets and
our long-term experience in actively managing them, evidenced
through our strong rental collection. We work hard to identify high
calibre tenants unlikely to default prior to leasing with them,
meaning that our rental income is robust even in the current
climate.
During the period to 30 September 2020, it has been pleasing
that we have continued to let space, in this case to two new
tenants, demonstrating that we remain able to build value and
generate additional income. At Elizabeth House, London Road,
Staines, DES Group have taken a 5-year lease with a break at the
third year on the first floor at GBP32,500 p.a (GBP20.95 psf) and
at Park House, Pavilion Drive, Northampton, NAK Consulting have
taken a 10-year lease (with a 5-year break clause) at GBP34,000
p.a. on 2,373 sq ft (GBP14.33 psf).
It is the Board's view that further implemented lockdowns and
the requirement to work from home, will lead to a rising number of
commercial property tenants exercising break options across the
market. Some businesses are downsizing as a result of more staff
working from home on a permanent or part time basis. We have seen
evidence of this in two small lettings within our portfolio but
have worked with them to secure smaller suites, demonstrating our
ability to actively manage the asset base.
As reported previously, we are of the view that working from
home will, in the medium term, prove to be unpopular and more
unproductive, and that offices will prove their worth when there is
a return to something like normality. In the meantime, the recent
news about the roll-out of Covid-19 vaccines is encouraging, yet it
remains difficult to call when we may see a significant improvement
in occupational demand.
Whilst the general market backdrop is challenging, we are seeing
the predominant take-up of vacant offices being for those that are
fully-fitted, either by virtue of the previous tenant having
vacated, or because the landlord has undertaken a category B
fit-out, specifically to encourage tenants that do not want to
commit to that capital expense.
In order to respond to this shifting demand for 'plug and play'
offices that are ready to move into, with telephony and broadband
already connected, we are undertaking fit-outs of our vacant
offices in Bristol (One Castlepark - 7,000 sq ft), Birmingham (36
Great Charles Street - 2,341 sq ft) and Maidenhead (6,400 sq ft).
It is anticipated that these projects, together with the
redevelopment of 135 Aztec West, Bristol when pre-let, will account
for approximately GBP2 million of our working capital. Again, our
ability to adapt and flex around tenant requirements continues to
serve us well.
As reported in our Final Results in September 2020, we remain
committed to reduce gearing from the current level by opportunistic
sales. We have a number of assets that have benefited from our
active management approach and added value following redevelopment,
lease restructures or renewals which we expect to be highly sought
after.
The Board declares an interim dividend of 2.5p, which will be
paid on 8 January 2021 to shareholders on the register on 4
December 2020, with an ex-dividend date of 3 December 2020.
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Enquiries:
+44 (0)20 7930
Circle Property Plc 8503
John Arnold, CEO
Edward Olins, COO
+44 (0)20 7397
Cenkos Securities plc 8900
Katy Birkin
Mark Connelly
Radnor Capital
Joshua Cryer +44 (0)20 3897
Iain Daly 1830
+44 (0)20 3757
Camarco 4992
Ginny Pulbrook
Oliver Head
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 101% 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.
Condensed consolidated statement of comprehensive
income
for the 6 months ended 30 September
2020
6 months 6 months 12 months
to to to
30 September 30 September 31 March
2020 2019 2020
Note (unaudited) (unaudited) (audited)
GBP GBP GBP
--------------------------------------- ----- --- -------------- --- -------------- --- ------------
Rental income 4 3,919,307 3,563,322 7,497,212
Other income 4 1,010,022 786,923 2,116,400
--------------------------------------- ----- --- -------------- --- -------------- --- ------------
4,929,329 4,350,245 9,613,612
Property expenses 5 (1,269,188) (970,723) (2,374,556)
Net rental income 3,660,141 3,379,522 7,239,056
Administrative expenses 6 (978,840) (982,058) (2,944,109)
Operating profit before gain/(loss)
on investment properties 2,681,301 2,397,464 4,294,947
(Loss)/Gain on disposal of investment
properties - (44,331) 235,729
(Loss)/Gain on revaluation of
investment properties 11 (2,534,903) (390,279) 2,514,049
Operating profit 146,398 1,962,854 7,044,725
Finance income 7 2,083 1,679 1,531
Finance costs 8 (884,516) (858,920) (1,885,340)
Net finance costs (882,433) (857,241) (1,883,809)
Profit for the period before
taxation (736,035) 1,105,613 5,160,916
Taxation 9 113,714 145,074 (1,641,410)
Profit after taxation (622,321) 1,250,687 3,519,506
--------------------------------------- ----- --- -------------- --- -------------- --- ------------
Earnings per share 10 (0.02) 0.04 0.12
--------------------------------------- ----- --- -------------- --- -------------- --- ------------
NAV per share 2.83 2.78 2.85
--------------------------------------- ----- --- -------------- --- -------------- --- ------------
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 2020
Note 30 September 30 September 31 March
2020 2019 2020
(unaudited) (unaudited) (audited)
GBP GBP GBP
-------------------------------- ----- ------------- ------------- ------------
Non-current assets
Investment properties 11 127,111,883 126,146,508 129,340,408
Right of use assets 84,540 - 108,043
Property plant and equipment 55,118 55,035 62,263
Lease incentives 12 10,128,672 8,546,628 9,562,066
Deferred tax asset 1,298,659 1,941,676 1,078,007
-------------------------------- ----- ------------- ------------- ------------
138,678,872 136,689,847 140,150,787
Current assets
Trade and other receivables 12 2,683,828 1,811,350 2,398,119
Cash and cash equivalents 4,543,692 2,359,771 2,980,329
-------------------------------- ----- ------------- ------------- ------------
7,227,520 4,171,121 5,378,448
Total assets 145,906,392 140,860,968 145,529,235
-------------------------------- ----- ------------- ------------- ------------
Equity
Stated capital 42,542,179 42,542,179 42,542,179
Treasury share reserve 668,456 (79,344) 516,048
Retained earnings 37,000,805 36,288,100 37,623,126
-------------------------------- ----- ------------- ------------- ------------
Total equity 80,211,440 78,750,935 80,681,353
Non-current liabilities
Borrowings 13 61,822,537 59,391,252 60,721,840
Lease liabilities for right of
use assets 47,504 - 69,327
Deferred tax liability 768,913 - 877,401
-------------------------------- ----- ------------- ------------- ------------
62,638,954 59,391,252 61,668,568
Current liabilities
Trade and other payables 14 3,011,500 2,718,781 3,134,816
Lease liabilities for right of
use assets 44,498 - 44,498
-------------------------------- ----- ------------- ------------- ------------
3,055,998 2,718,781 3,179,314
Total liabilities 65,694,952 62,110,033 64,847,882
-------------------------------- ----- ------------- ------------- ------------
Total liabilities and equity 145,906,392 140,860,968 145,529,235
-------------------------------- ----- ------------- ------------- ------------
The condensed consolidated interim financial statements were approved
by the Board of Directors on 24 November 2020.
Condensed consolidated statement of changes
in equity
for the 6 months ended 30
September 2020
Share Treasury Retained Total
capital shares earnings
reserve
GBP GBP GBP GBP
--------------------------- ----------- --------- ----------- -----------
As at 1 April 2019 42,542,179 (79,344) 35,971,206 78,434,041
Profit for the period - - 1,250,687 1,250,687
Dividends - - (933,793) (933,793)
As at 30 September 2019 42,542,179 (79,344) 36,288,100 78,750,935
Profit for the period - - 2,268,819 2,268,819
Share-based payments 595,392 - 595,392
Dividends - - (933,793) (933,793)
As at 31 March 2020 42,542,179 516,048 37,623,126 80,681,353
Profit for the period - - (622,321) (622,321)
Share-based payments - 152,408 - 152,408
As at 30 September 2020 42,542,179 668,456 37,000,805 80,211,440
---------------------------- ----------- --------- ----------- -----------
Condensed consolidated statement of
cash flows
for the 6 months ended 30
September 2020
6 months 6 months 12 months
to to to
30 September 30 September 31 March
2020 2019 2020
(unaudited) (unaudited) (audited)
GBP GBP GBP
----------------------------------- ---- ---- -------------- --- -------------- --- -------------
Cash flows from operating
activities
(Loss)/profit for the period
before taxation (736,035) 1,105,613 5,160,916
Adjustments for:
Finance income (2,083) (1,679) (1,531)
Finance expense 884,516 858,920 1,885,340
Depreciation 7,145 5,443 11,744
Amortisation of right of
use assets 23,502 - 47,005
Loss/(gain) on revaluation
of investment properties 2,534,903 390,279 (2,466,035)
Loss/(gain) on disposal
of investment properties - 44,331 (235,729)
Share based payments 152,408 - 595,392
Increase in trade and other
receivables (852,315) (493,376) (2,095,583)
Decrease in trade and other
payables (138,347) (653,810) (179,700)
Cash generated from operating
activities 1,873,694 1,255,721 2,721,819
Interest and other finance
costs paid (858,649) (613,803) (1,510,806)
Interest received 2,083 1,679 1,531
Taxation paid (116,773) - (189,154)
Net cash from operating
activities 900,355 643,597 1,023,390
------------------------------------ ---- ---- -------------- --- -------------- --- -------------
Cash flows from investing
activities
Cost of refurbishment of
investment properties (311,312) (404,189) (1,977,597)
Cost of acquisition of investment
property - (15,412,420) (15,412,420)
Proceeds from disposal of
investment properties - 4,555,671 6,135,729
Cost of additions of property
plant and equipment - (615) (14,143)
Net cash from investing
activities (311,312) (11,261,553) (11,268,431)
------------------------------------ ---- ---- -------------- --- -------------- --- -------------
Cash flows from financing
activities
Repayment of borrowings - - (2,530,000)
Payment of lease liabilities (25,680) - (51,360)
Drawdown of borrowings 1,000,000 10,261,148 14,023,944
Dividends paid - (933,793) (1,867,586)
Net cash used in financing
activities 974,320 9,327,355 9,574,998
------------------------------------ ---- ---- -------------- --- -------------- --- -------------
Net increase/(decrease)
in cash and cash equivalents 1,563,363 (1,290,601) (670,043)
Cash and cash equivalents
at the beginning of the
period 2,980,329 3,650,372 3,650,372
------------------------------------ ---- ---- -------------- --- -------------- --- -------------
Cash and cash equivalents
at the end of the period 4,543,692 2,359,771 2,980,329
------------------------------------ ---- ---- -------------- --- -------------- --- -------------
Notes to the condensed consolidated interim
financial statements
for the 6 months ended
30 September 2020
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 2020. 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 Directors have assessed the Group's ability to continue
as a going concern, including an assessment of the impact
of Covid-19. In making their assessment the Directors have
modelled the Group's cash forecasts based on the circumstances
of each tenant on an individual basis. Rental collections
have been monitored on a weekly basis with ongoing communication
with tenants in respect of the collection of rental arrears.
Loan covenants have been stress tested taking into consideration
a potential reduction in the valuation of the Group's property
portfolio.
Based on these considerations 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 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
2020.
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 6 months 12 months
to to to
30 September 30 September 31 March
2020 2019 2020
(unaudited) (unaudited) (audited)
GBP GBP GBP
------------------------------------- ---- -------------- --- -------------- --- -------------
Rental income 3,290,782 3,339,652 6,715,456
Lease incentive adjustment 628,525 223,670 781,756
-------------------------------------------- -------------- --- -------------- --- -------------
3,919,307 3,563,322 7,497,212
Insurance recovery 71,130 72,286 144,874
Service charge income 856,174 681,637 1,697,533
Dilapidation monies 82,718 33,000 273,993
-------------------------------------------- -------------- --- -------------- --- -------------
1,010,022 786,923 2,116,400
4,929,329 4,350,245 9,613,612
------------------------------------------ -------------- --- -------------- --- -------------
5 Property expenses 6 months 6 months 12 months
to to to
30 September 30 September 31 March
2020 2019 2020
(unaudited) (unaudited) (audited)
GBP GBP GBP
------------------------------------- ---- -------------- --- -------------- --- -------------
Property expenses 6,729 11,504 28,331
Property service charges 158,495 83,437 246,737
Property repairs and
maintenance costs 89,832 8,753 59,260
Property insurance 79,630 76,483 166,995
Property rates 78,328 108,909 175,700
Recoverable service charge
costs 856,174 681,637 1,697,533
1,269,188 970,723 2,374,556
------------------------------------------ -------------- --- -------------- --- -------------
6 Administrative expenses 6 months 6 months 12 months
to to to
30 September 30 September 31 March
2020 2019 2020
(unaudited) (unaudited) (audited)
GBP GBP GBP
------------------------------------- ---- -------------- --- -------------- --- -------------
Staff costs 536,032 384,712 1,593,790
Administration fees 152,311 153,189 305,250
Legal and professional
fees 214,488 344,413 749,233
Audit fees - 1,928 62,673
Accountancy fees 3,484 2,105 7,778
Rent, rates and other
office costs 24,891 49,981 26,334
Other overheads 16,987 40,287 140,303
Depreciation of tangible
fixed assets 7,145 5,443 11,744
Amortisation of right
of use assets 23,502 - 47,004
978,840 982,058 2,944,109
------------------------------------------ -------------- --- -------------- --- -------------
7 Finance income 6 months 6 months 12 months
to to to
30 September 30 September 31 March
2020 2019 2020
(unaudited) (unaudited) (audited)
GBP GBP GBP
------------------------------------- ---- -------------- --- -------------- --- -------------
Bank interest 2,083 1,679 1,531
2,083 1,679 1,531
------------------------------------------ -------------- --- -------------- --- -------------
8 Finance costs 6 months 6 months 12 months
to to to
30 September 30 September 31 March
2020 2019 2020
(unaudited) (unaudited) (audited)
GBP GBP GBP
------------------------------------- ---- -------------- --- -------------- --- -------------
Loan interest 767,484 732,280 1,592,948
Loan commitment fees 12,479 36,217 49,039
Amortisation of lending
costs 100,697 90,423 188,215
Annual agency fee - - 45,000
Interest on lease liabilities 3,856 - 10,138
884,516 858,920 1,885,340
------------------------------------------ -------------- --- -------------- --- -------------
9 Taxation 6 months 6 months 12 months
to to to
30 September 30 September 31 March
2020 2019 2020
(unaudited) (unaudited) (audited)
GBP GBP GBP
------------------------------------- ---- -------------- --- -------------- --- -------------
Current tax 215,426 192,684 238,098
Deferred tax (credit)
/ charge (329,140) (337,758) 1,403,312
(113,714) (145,074) 1,641,410
------------------------------------------ -------------- --- -------------- --- -------------
10 Earnings/loss per
share
Basic earnings/loss per share has been calculated on profit/loss
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 6 months 12 months
to to to
30 September 30 September 31 March
2020 2019 2020
(unaudited) (unaudited) (audited)
GBP GBP GBP
------------------------------------- ---- -------------- --- -------------- --- -------------
Profit/(loss) for the
period (622,321) 1,250,687 3,519,506
-------------------------------------------- -------------- --- -------------- --- -------------
Weighted average number
of shares 28,296,762 28,296,762 28,296,792
-------------------------------------------- -------------- --- -------------- --- -------------
Earnings/(loss) per ordinary
share: (0.02) 0.04 0.12
-------------------------------------------- -------------- --- -------------- --- -------------
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/(loss) per share has been presented.
11 Investment properties 30 September 30 September 31 March
2020 2019 2020
(unaudited) (unaudited) (audited)
GBP GBP GBP
------------------------------------- ---- -------------- --- -------------- --- -------------
Balance brought forward 139,450,000 124,600,000 124,600,000
Cost of refurbishment
of investment properties 306,378 404,189 2,041,775
Cost of acquisition of
investment property - 15,412,420 15,412,420
Disposal of investment
properties - (4,600,000) (5,900,000)
(Loss)/Gain on revaluation
of investment properties (2,534,903) (390,279) 2,514,049
Lease incentive amortisation 628,525 223,670 781,756
Fair value of investment properties
per valuation report 137,850,000 135,650,000 139,450,000
-------------------------------------- ---- -------------- --- -------------- --- -------------
Unamortised lease incentives (10,738,117) (9,503,492) (10,109,592)
Closing fair value 127,111,883 126,146,508 129,340,408
-------------------------------------------- -------------- --- -------------- --- -------------
The fair value of the Group's investment properties at 30
September 2020 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 valuers 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 2020, the fair value of the Group's investment
properties per the valuation report amounted to GBP137,850,000.
This valuation takes into account the impact of Covid-19
and the Company's valuers' inclusion of a 'material uncertainty
clause' on the independent valuations (in accordance with
VPS3 and VPGA 10 of the RICS valuation - Global Standards).
The difference between the fair value of the investment properties
per the valuation report and the fair value per the balance
sheet of GBP10,738,117 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.
12 Trade and other receivables 30 September 30 September 31 March
2020 2019 2020
(unaudited) (unaudited) (audited)
GBP GBP GBP
------------------------------------- ---- -------------- --- -------------- --- -------------
Non-current
Lease incentives 10,128,672 8,546,628 9,562,066
-------------------------------------------- -------------- --- -------------- --- -------------
Current
Lease incentives 609,445 956,864 547,526
Amounts due from property
agents 532,692 15,391 405,794
Amounts due from tenants 1,124,020 602,316 888,529
Tenant deposits 271,017 88,152 293,334
Other receivables 146,654 148,627 262,936
2,683,828 1,811,350 2,398,119
------------------------------------------ -------------- --- -------------- --- -------------
13 Borrowings 30 September 30 September 31 March
2020 2019 2020
(unaudited) (unaudited) (audited)
GBP GBP GBP
------------------------------------- ---- -------------- --- -------------- --- -------------
Brought forward 60,721,840 49,738,852 49,039,681
Loan repayments - - (2,530,000)
Loan drawdowns 1,000,000 10,261,148 14,091,148
Lending costs - (721,900) (67,204)
Amortisation of lending
costs 100,697 113,152 188,215
Total borrowings 61,822,537 59,391,252 60,721,840
-------------------------------------------- -------------- --- -------------- --- -------------
The Group is party to a revolving facility, with NatWest
and HSBC. The facility is a GBP60,000,000 revolving facility
with an accordion option of up to GBP40,000,000, of which
GBP5,000,000 had been committed at the period end. The facility
has a four-year term, repayable on 13 February 2023. The
rate of interest is the aggregate of the margin 2.05% and
LIBOR and is payable quarterly. A commitment fee is payable
at a rate of 0.82% on the undrawn facility and in relation
to the accordion facility.
The Group paid an arrangement fee of 0.875% for the facility,
which along with other costs of arranging the facility including
legal costs have been amortised and will be written off over
the 4-year term.
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 GBP50,000,000 at any
time and that no single tenant represents more than 25% of
the total contracted rents.
At 30 September 2020, GBP62,300,000 of the total facility
had been drawn down. The undrawn facility was GBP2,700,000.
14 Trade and other payables 30 September 30 September 31 March
2020 2019 2020
(unaudited) (unaudited) (audited)
GBP GBP GBP
------------------------------------- ---- -------------- --- -------------- --- -------------
Trade payables 26,782 39,698 79,009
Property improvement
costs 59,242 - 64,178
Wages and salaries 27,902 - 235,408
Deferred income 1,749,920 1,611,306 1,603,989
Rental deposit accounts 271,017 92,546 295,787
Finance costs 285,834 343,033 364,520
VAT 257,742 257,413 186,444
Valuation fee 18,000 15,000 28,000
Audit fee - - 60,745
Administration fees 363 - 691
Current taxation 314,698 359,785 216,045
3,011,500 2,718,781 3,134,816
------------------------------------------ -------------- --- -------------- --- -------------
15 Subsequent events
There are no material subsequent events requiring adjustment
or disclosure in the financial statements.
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