12 Months to | 12 Months to | ||
31 Dec 2023 | 31 Dec 2022 | ||
Notes | £ | £ | |
Rental income | |||
Service charge income | |||
Service charge expenditure | ( | ( | |
Net Rental Income | |||
Administrative and other expenses | |||
Investment management fee | 4 | ( | ( |
Other direct property operating expenses | 4 | ( | ( |
Net Impairment gain on trade receivables | 4 | ||
Fees associated with strategic review and aborted merger | 4 | ( | |
Other administration expenses | 4 | ( | ( |
Total administrative and other expenses | ( | ( | |
Operating profit before changes in fair value of investment properties | |||
Valuation loss from investment properties | 7 | ( | ( |
Valuation loss from land | 8 | ( | ( |
Loss on disposal of investment properties | 7 | ( | ( |
Operating loss | ( | ( | |
Finance income | 5 | ||
Finance costs | 5 | ( | ( |
Loss on termination of interest rate swaps | 15b | ( | |
Loss for the year before taxation | ( | ( | |
Taxation | |||
Tax charge | 6 | ||
Loss for the year, net of tax | ( | ( | |
Other comprehensive (loss) / income | |||
Movement in fair value on swap | 15a | ( | |
Movement in fair value on interest rate cap | 15c | ( | |
Total other comprehensive (loss)/gain | ( | ||
Total comprehensive loss for the year, net of tax | ( | ( | |
Loss per share | 2023 (p) | 2022 (p) | |
Basic and diluted loss per share | 20 | ( | ( |
31 Dec 23 | 31 Dec 22 | ||
Assets | Notes | £ | £ |
Non-current assets | |||
Investment properties | 7 | ||
Lease incentives | 7 | ||
Land | 8 | ||
Interest rate cap | 15c | ||
Rental deposits held on behalf of tenants | |||
Current Assets | |||
Investment property held for sale | 9 | ||
Trade and other receivables | 11 | ||
Cash and cash equivalents | 12 | ||
Interest rate swap | 15a | ||
Interest rate cap | 15c | ||
Total assets | |||
Liabilities | |||
Current liabilities | |||
Trade and other payables | 13 | ||
Non-current liabilities | |||
Bank borrowings | 14 | ||
Obligations under finance leases | 16 | ||
Rental deposits due to tenants | |||
Total liabilities | |||
Net assets | |||
Equity | |||
Capital and reserves attributable to Company’s equity holders | |||
Share capital | 18 | ||
Treasury share reserve | 18 | ( | ( |
Retained Earnings | 19 | ||
Capital reserves | 19 | ( | |
Other distributable reserves | 19 | ||
Total equity | |||
2023 (p) | 2022 (p) | ||
NAV per share | 22 |
Notes | Share capital | Treasury | Retained | Capital | Other | Total equity | |
Shares | earnings | reserves | distributable | ||||
reserves | |||||||
£ | £ | £ | £ | £ | £ | ||
Opening balance 1 January | ( | ||||||
2023 | |||||||
Loss for the year | ( | ( | |||||
Other comprehensive loss | ( | ( | |||||
Total comprehensive loss for the year | ( | ( | ( | ||||
Dividends paid | 21 | ( | ( | ||||
Valuation loss from investment | 7 | ( | |||||
properties | |||||||
Valuation loss from land | 8 | ( | |||||
Reclassified from Other distributable reserves | ( | ||||||
Loss on disposal of investment | 7 | ( | |||||
properties | |||||||
Balance at 31 December 2023 | ( | ( |
Notes | Share capital | Treasury | Retained | Capital | Other | Total equity | |
Shares | earnings | reserves | distributable | ||||
reserves | |||||||
£ | £ | £ | £ | £ | £ | ||
Opening balance 1 January | ( | ||||||
2022 | |||||||
Loss for the year | ( | ( | |||||
Other comprehensive income | |||||||
Total comprehensive loss for the year | ( | ( | |||||
Ordinary shares placed into treasury net of issue costs | ( | ( | |||||
Dividends paid | 21 | ( | ( | ||||
Valuation loss from investment | 7 | ( | |||||
properties | |||||||
Valuation loss from land | 8 | ( | |||||
Loss on disposal of investment | 7 | ( | |||||
properties | |||||||
Balance at 31 December 2022 | ( |
12 months to | 12 months to | ||
31 Dec 2023 | 2022 | ||
Cash flows from operating activities | Notes | £ | £ |
Loss for the year before taxation | ( | ( | |
Movement in lease incentives | ( | ( | |
Movement in trade and other receivables | |||
Movement in trade and other payables | ( | ||
Loss on termination of interest rate swaps | 15b | ||
Finance costs | 5 | ||
Finance income | 5 | ( | ( |
Valuation loss from investment properties | 7 | ||
Valuation loss from land | 8 | ||
Loss on disposal of investment properties | 7 | ||
Net cash inflow from operating activities | |||
Cash flows from investing activities | |||
Finance income | 5 | ||
Purchase of investment properties | 7 | ( | ( |
Purchase of land | 8 | ( | ( |
Capital expenditure on investment properties | 7 | ( | ( |
Net proceeds from disposal of investment properties | 7 | ||
Net cash (outflow)/inflow from investing activities | ( | ||
Cash flows from financing activities | |||
Shares bought back during the year | 18 | ( | |
Borrowing on RCF | 14 | ||
Repayment of RCF | 14 | ( | ( |
Repayment of expired facility | 14 | ( | |
New term facility | 14 | ||
Bank borrowing arrangement costs | 14 | ( | |
Interest paid on bank borrowing | 5 | ( | ( |
Receipts on Interest rate SWAP | ( | ||
Receipts on Interest rate Cap | 15c | ||
Swap breakage costs | 15b | ( | |
Cap arrangement fees | 15c | ( | |
Finance lease interest | 5 | ( | ( |
Dividends paid to the Company’s shareholders | 21 | ( | ( |
Net cash inflow/(outflow) from financing activities | ( | ||
Net (decrease)/increase in cash and cash equivalents in the year | ( | ||
Cash and cash equivalents at beginning of year | 12 | ||
Cash and cash equivalents at end of year | 12 |
As at 31 December 2023 | Fixed rate | Variable rate | Interest rate |
£ | £ | £ | |
Cash and cash equivalents | - | 6,653,838 | 0.000% |
Bank borrowings | 85,000,000 | 56,874,379 | 5.459% |
As at 31 December 2022 | Fixed rate | Variable rate | Interest rate |
£ | £ | £ | |
Cash and cash equivalents | - | 15,871,053 | 0.000% |
Bank borrowings | 110,000,000 | - | 2.725% |
Year ended 31 December 2023 | On demand | 12 months | 1 to 5 years | >5 years | Total |
£ | £ | £ | £ | £ | |
Interest-bearing loans | - | 8,442,998 | 152,428,127 | - | 160,871,125 |
Trade and other payables | 7,514,629 | 52,450 | 209,800 | 5,140,100 | 12,916,979 |
Rental deposits due to tenants | - | 299,124 | 713,058 | 181,945 | 1,194,127 |
7,514,629 | 8,794,572 | 153,350,985 | 5,322,045 | 174,982,231 |
Year ended 31 December 2022 | On demand | 12 months | 1 to 5 years | >5 years | Total |
£ | £ | £ | £ | £ | |
Interest-bearing loans | - | 29,462,608 | 94,425,183 | - | 123,887,791 |
Trade and other payables | 5,284,559 | 26,068 | 104,271 | 2,580,717 | 7,995,615 |
Rental deposits due to tenants | - | 257,899 | 508,736 | 243,046 | 1,009,681 |
5,284,559 | 29,746,575 | 95,038,190 | 2,823,763 | 132,893,087 |
2023 | 2022 | |
£ | £ | |
Total borrowings (excluding unamortised arrangement fees) | 141,874,379 | 110,000,000 |
Gross assets | 456,053,931 | 444,943,156 |
Gearing ratio (must not exceed 65%) | 31.11% | 24.72% |
Carrying amount | Fair Value | |||
2023 | 2022 | 2023 | 2022 | |
Financial Assets | £ | £ | £ | £ |
Cash and cash equivalents | 6,653,838 | 15,871,053 | 6,653,838 | 15,871,053 |
Trade and other receivables | 6,101,152 | 7,457,083 | 6,101,152 | 7,457,083 |
Financial liabilities | ||||
Bank borrowings | 141,251,910 | 109,123,937 | 144,957,576 | 109,580,566 |
Trade and other payables | 8,217,588 | 6,564,852 | 8,217,588 | 6,564,852 |
Year ended 31 December 2023 | Level 1 | Level 2 | Level 3 | Total fair value |
Financial assets | ||||
Trade and other receivables | - | 6,101,152 | - | 6,101,152 |
Cash and cash equivalents | 6,653,838 | - | - | 6,653,838 |
Interest rate cap | - | 1,408,781 | - | 1,408,781 |
Rental deposits held on behalf of tenants | 895,003 | - | - | 895,003 |
Right of use asset | - | 1,810,120 | - | 1,810,120 |
7,548,841 | 9,320,053 | - | 16,868,894 | |
Financial liabilities | ||||
Trade and other payables | - | 8,217,588 | - | 8,217,588 |
Bank borrowings | - | 144,957,576 | - | 144,957,576 |
Obligation under finance leases | - | 1,810,120 | - | 1,810,120 |
Rental deposits held on behalf of tenants | 895,003 | - | - | 895,003 |
895,003 | 154,985,284 | - | 155,880,287 |
Year ended 31 December 2022 | Level 1 | Level 2 | Level 3 | Total fair value |
Financial assets | ||||
Trade and other receivables | - | 7,457,083 | - | 7,457,083 |
Cash and cash equivalents | 15,871,053 | - | - | 15,871,053 |
Interest rate swap | - | 1,238,197 | - | 1,238,197 |
Interest rate cap | - | 2,550,469 | - | 2,550,469 |
Rental deposits held on behalf of tenants | 751,782 | - | - | 751,782 |
Right of use asset | - | 899,572 | - | 899,572 |
16,622,835 | 12,145,321 | - | 28,768,156 | |
Financial liabilities | ||||
Trade and other payables | - | 6,564,852 | - | 6,564,852 |
Bank borrowings | - | 109,580,566 | - | 109,580,566 |
Obligation under finance leases | - | 899,572 | - | 899,572 |
Rental deposits held on behalf of tenants | 751,782 | - | - | 751,782 |
751,782 | 117,044,990 | - | 117,796,772 |
2023 | 2022 | ||
Notes | £ | £ | |
Investment management fees | 2,632,225 | 3,480,963 | |
Other direct property expenses | |||
Vacant Costs (excluding void service charge) * | 1,217,722 | 600,561 | |
Repairs and maintenance | 418,360 | 1,740,937 | |
Letting fees | 405,684 | 431,534 | |
Other costs | 366,695 | 237,813 | |
Total Other direct property expenses | 2,408,461 | 3,010,845 | |
Net Impairment gain on trade receivables ** | (213,048) | (772,947) | |
Fees associated with strategic review and aborted merger | 1,729,925 | - | |
Other administration expenses | |||
Directors’ fees and subsistence | 23 | 239,436 | 247,603 |
Valuer’s fees | 75,524 | 94,256 | |
Auditor’s fees | 192,700 | 131,280 | |
Marketing | 222,893 | 226,782 | |
Other administration costs | 406,189 | 434,998 | |
Total Other administration expenses | 1,136,742 | 1,134,919 | |
Total Administrative and other expenses | 7,694,305 | 6,853,780 |
2023 | 2022 | |
£ | £ | |
Total service charge billed to tenants | 4,731,793 | 4,492,780 |
Service charge due from/(to) tenants | 152,564 | (80,959) |
Service charge income | 4,884,357 | 4,411,821 |
Total service charge expenditure incurred | 4,884,357 | 4,411,821 |
Service charge incurred in respect of void units | 1,470,241 | 1,164,991 |
Service charge expenditure | 6,354,598 | 5,576,812 |
2023 | 2022 | |
£ | £ | |
Interest income on cash and cash equivalents | 92,178 | 27,543 |
Finance income | 92,178 | 27,543 |
Interest expense on bank borrowings | 8,119,398 | 3,251,500 |
Non-utilisation charges on facilites | 198,314 | 308,582 |
Receipt on interest rate swap | (911,184) | (116,700) |
Receipt on interest rate caps | (578,933) | - |
Amortisation of premium paid for interest rate cap | 565,030 | - |
Amortisation of arrangement costs (see note 14) | 253,594 | 204,835 |
Finance lease interest | 49,289 | 24,468 |
Finance costs | 7,695,508 | 3,672,685 |
2023 | 2022 | |
£ | £ | |
Loss before tax | (8,267,901) | (51,053,487) |
Tax calculated at blended UK statutory corporation tax rate of 23.5% (2022: 19%) | (1,942,957) | (9,700,163) |
UK REIT exemption on net income | (2,534,334) | (2,179,636) |
Valuation loss in respect of Investment properties not subject to tax | 4,477,291 | 11,879,799 |
Current income tax charge | - | - |
UK | UK | UK | UK | ||
Industrial | Office | Retail | Other | Total | |
2023 | 2023 | 2023 | 2023 | 2023 | |
£ | £ | £ | £ | £ | |
Market value at 1 January | 227,525,000 | 88,450,000 | 53,550,000 | 39,150,000 | 408,675,000 |
Purchase of investment properties | 4,367,140 | - | 19,619,261 | - | 23,986,401 |
Capital expenditure on investment properties | 17,394,611 | 3,658,739 | 624,029 | 1,342 | 21,678,721 |
Opening market value of disposed investment | (6,400,000) | - | - | - | (6,400,000) |
properties | |||||
Valuation loss from investment properties | 6,062,225 | (19,490,769) | (1,360,741) | (3,200,246) | (17,989,531) |
Movement in lease incentives | 1,121,061 | (42,970) | (42,549) | (51,096) | 984,446 |
Market value at 31 December | 250,070,037 | 72,575,000 | 72,390,000 | 35,900,000 | 430,935,037 |
Investment property recognised as held for sale | (19,750,000) | (15,350,000) | - | - | (35,100,000) |
Market value net of held for sale at 31 December | 230,320,037 | 57,225,000 | 72,390,000 | 35,900,000 | 395,835,037 |
Right of use asset recognised on leasehold | - | 1,810,120 | - | - | 1,810,120 |
properties | |||||
Adjustment for lease incentives | (5,957,199) | (1,943,609) | (846,233) | (559,362) | (9,306,403) |
Carrying value at 31 December | 224,362,838 | 57,091,511 | 71,543,767 | 35,340,638 | 388,338,754 |
UK | UK | UK | UK | ||
Industrial | Office | Retail | Other | Total | |
2022 | 2022 | 2022 | 2022 | 2022 | |
£ | £ | £ | £ | £ | |
Market value at 1 January | 273,565,250 | 126,275,000 | 56,525,000 | 36,050,000 | 492,415,250 |
Purchase of investment properties | 91,859 | - | - | 5,409,462 | 5,501,321 |
Capital expenditure on investment properties | 9,375,227 | 4,117,846 | 31,740 | - | 13,524,813 |
Opening market value of disposed investment | (20,450,000) | (20,900,000) | - | - | (41,350,000) |
properties | |||||
Valuation gain from investment properties | (35,924,164) | (20,993,533) | (3,087,334) | (2,252,751) | (62,257,782) |
Movement in lease incentives | 866,828 | (49,313) | 80,594 | (56,711) | 841,398 |
Market value at 31 December | 227,525,000 | 88,450,000 | 53,550,000 | 39,150,000 | 408,675,000 |
Right of use asset recognised on leasehold | - | 899,572 | - | - | 899,572 |
properties | |||||
Adjustment for lease incentives | (4,871,218) | (1,986,578) | (888,782) | (610,458) | (8,357,036) |
Carrying value at 31 December | 222,653,782 | 87,362,994 | 52,661,218 | 38,539,542 | 401,217,536 |
2023 | 2022 | |
£ | £ | |
Opening market value of disposed investment properties | 6,400,000 | 41,350,000 |
Loss on disposal of investment properties | (279,090) | (207,153) |
Net proceeds from disposal of investment properties | 6,120,910 | 41,142,847 |
Country & | UK Industrial | UK Office | UK Retail | UK Other |
Class 2023 | Level 3 | Level 3 | Level 3 | Level 3 |
Fair Value | 250,070,037 | 72,575,000 | 72,390,000 | 35,900,000 |
2023 £ | ||||
Key | Initial Yield | Initial Yield | Initial Yield | Initial Yield |
Unobservable | Reversionary yield | Reversionary yield | Reversionary yield | Reversionary yield |
Input 2023 | Equivalent Yield | Equivalent Yield | Equivalent Yield | Equivalent Yield |
Estimated rental value per | Estimated rental value per | Estimated rental value per | Estimated rental value per | |
sq ft | sq ft | sq ft | sq ft | |
Range | 0.00% to 8.97% (4.80%) | 4.56% to 10.51% (7.57%) | 6.03% to 9.12% (6.91%) | 5.40% to 9.30% (6.53%) |
(weighted | 4.74% to 8.79% (6.55%) | 7.34% to 12.20% (10.33%) | 5.52% to 7.99% (6.22%) | 5.81% to 9.40% (6.52%) |
average) | 5.28% to 8.30% (6.46%) | 7.04% to 9.98% (8.89%) | 5.76% to 9.91% (7.02%) | 5.58% to 9.21% (6.67%) |
2023 | £4.75 to £10.25 (£7.04) | £15.79 to £45.94 (£27.08) | £0.00 to £30.61 (£11.35) | £6.50 to £20.00 (£14.49) |
Country & | UK Industrial | UK Office | UK Retail | UK Other |
Class 2022 | Level 3 | Level 3 | Level 3 | Level 3 |
Fair Value | 227,525,000 | 88,450,000 | 53,550,000 | 39,150,000 |
2022 £ | ||||
Key | Initial Yield | Initial Yield | Initial Yield | Initial Yield |
Unobservable | Reversionary yield | Reversionary yield | Reversionary yield | Reversionary yield |
Input 2022 | Equivalent Yield | Equivalent Yield | Equivalent Yield | Equivalent Yield |
Estimated rental value per | Estimated rental value per | Estimated rental value per | Estimated rental value per | |
sq ft | sq ft | sq ft | sq ft | |
Range | 0.00% to 8.78% (5.20%) | 5.10% to 7.90% (6.11%) | 4.39% to 8.33% (6.75%) | 5.01% to 9.13% (5.98%) |
(weighted | 5.00% to 8.68% (6.35%) | 6.25% to 10.45% (8.76%) | 5.49% to 7.99% (6.16%) | 4.79% to 9.40% (5.85%) |
average) | 5.00% to 8.23% (6.26%) | 6.15% to 9.25% (8.02%) | 5.76% to 9.67% (6.79%) | 5.01% to 9.07% (5.87%) |
2022 | £4.50 to £9.00 (£6.38) | £17.01 to £45.47 (£26.78) | £8.74 to £30.61 (£15.37) | £6.00 to £20.00 (£14.71) |
2023 | 2022 | |
ERV p.a. | £34,189,042 | £31,048,945 |
Area sq.ft. | 3,503,840 | 3,416,291 |
Average ERV per sq.ft. | £9.76 | £9.09 |
Initial yield | 5.8% | 5.7% |
Reversionary yield | 7.1% | 7.1% |
2023 | 2022 | |
£ | £ | |
Increase in equivalent yield of 50 bps | (31,373,168) | (31,086,535) |
Decrease in rental rates of 5% (ERV) | (15,910,176) | (15,879,151) |
2023 | 2022 | |
£ | £ | |
Cost | ||
Balance at the beginning of the year | 8,061,872 | 8,001,550 |
Additions | 2,154,160 | 60,322 |
Government Grant Income receivable | (620,477) | - |
Balance at the end of the year | 9,595,555 | 8,061,872 |
Accumulated depreciation and amortisation | ||
Balance at the beginning of the year | (561,872) | (501,550) |
Valuation loss from land | (783,683) | (60,322) |
Balance at the end of the year | (1,345,555) | (561,872) |
Carrying amount as at 31 December | 8,250,000 | 7,500,000 |
2023 | 2022 | |
£ | £ | |
Trade receivables | 4,574,012 | 6,851,117 |
Less: provision for impairment of trade receivables | (832,240) | (2,137,972) |
Trade receivables (net) | 3,741,772 | 4,713,145 |
Rental deposits held on behalf of tenants | 299,124 | 257,899 |
Accrued Grant Income (see Note 8) | 620,477 | - |
Other receivables | 1,439,779 | 2,486,039 |
Total trade and other receivables | 6,101,152 | 7,457,083 |
2023 | 2022 | |
£ | £ | |
Opening balance | (2,137,972) | (2,990,034) |
Credit for the year | 213,048 | 772,947 |
Reversal for amounts written-off | 1,092,684 | 79,115 |
Closing balance | (832,240) | (2,137,972) |
2023 | 2022 | |
£ | £ | |
0 to 3 months | (37,274) | (8,203) |
3 to 6 months | (81,350) | (251,682) |
Over 6 months | (713,616) | (1,878,087) |
(832,240) | (2,137,972) |
2023 | 2022 | |
£ | £ | |
Cash held at bank | 6,337,101 | 9,389,992 |
Cash held on deposit with RBS | 316,737 | 6,481,061 |
6,653,838 | 15,871,053 |
2023 | 2022 | |
£ | £ | |
Trade and other payables | 7,023,461 | 4,655,599 |
VAT payable | 656,894 | 628,960 |
Deferred rental income | 6,038,976 | 5,337,852 |
Rental deposits due to tenants | 299,124 | 257,899 |
14,018,455 | 10,880,310 |
2023 | 2022 | |
£ | £ | |
Loan facility (including Rolling Credit Facility) | 165,000,000 | 165,000,000 |
Drawn down outstanding balance | 141,874,379 | 110,000,000 |
2023 | 2022 | |
£ | £ | |
Opening carrying value of expired facility as at 1 January | 109,928,234 | 109,723,399 |
Borrowings during the period on expired RCF | 25,000,000 | 17,000,000 |
Repayment of expired RCF | (25,000,000 | (17,000,000) |
Repayment of expired facility | (110,000,000) | - |
Amortisation arrangement costs | 71,766 | 204,835 |
Closing carrying value of expired facility | - | 109,928,234 |
Opening carrying value of new facility as at 1 January | (804,297) | - |
Borrowings during the period on new RCF | 63,000,000 | - |
Repayment of new RCF | (6,125,621) | - |
New term loan facility | 85,000,000 | - |
Arrangement costs of new facility | - | (804,297) |
Amortisation arrangement costs | 181,828 | - |
Closing carrying value | 141,251,910 | (804,297) |
Opening carrying value of facilities combined as at 1 January | 109,123,937 | 109,723,399 |
Closing carrying value of facilities combined | 141,251,910 | 109,123,937 |
2023 | 2022 | ||
£ | £ | ||
Amortisation of arrangement costs (expired facility) | 71,766 | 204,835 | |
Amortisation of arrangement costs (new facility) | 181,828 | - | |
See Note 5 | 253,594 | 204,835 |
Analysis of | Cash and cash | Interest- | 2023 | Cash and cash | Interest- | 2022 |
movement in net | equivalents | bearing loans | Net debt | equivalents | bearing loans | Net debt |
debt | £ | £ | £ | £ | £ | £ |
Opening balance | 15,871,053 | (109,123,937) | (93,252,884) | 13,818,008 | (109,723,399) | (95,905,391) |
Cash movement | (9,217,215) | (31,874,379) | (41,091,594) | 2,053,045 | 804,297 | 2,857,342 |
Amortisation of arrangement costs | - | (253,594) | (253,594) | - | (204,835) | (204,835) |
Closing balance | 6,653,838 | (141,251,910) | (134,598,072) | 15,871,053 | (109,123,937) | (93,252,884) |
2023 | 2022 | |
£ | £ | |
Loan amount | 141,874,379 | 110,000,000 |
Cash | (6,653,838) | (15,871,053) |
135,220,541 | 94,128,947 | |
Investment property valuation | 439,185,037 | 416,175,000 |
LTV percentage | 30.8% | 22.6% |
2023 | 2022 | |
£ | £ | |
Opening fair value of interest rate swaps at 1 January | 1,238,197 | (568,036) |
Reclassification of interest accrual | (335,663) | (247,093) |
Valuation (loss)/gain on interest rate swap | (902,534) | 1,470,570 |
Reclassified to Profit & Loss | - | 582,756 |
Closing fair value of interest rate swap at 31 December | - | 1,238,197 |
2023 | 2022 | |
£ | £ | |
Current assets/(liabilities) | - | 1,238,197 |
Non-current assets/(liabilities) | - | - |
Interest rate swap with a start date of 28 April 2016 maturing on 27 April 2023 | - | 1,238,197 |
2023 | 2022 | |
£ | £ | |
Opening fair value of interest rate cap at 1 January | 2,550,469 | - |
Cost of interest rate cap | - | 2,507,177 |
Net Change in fair value | (1,141,688) | 43,292 |
Closing fair value of interest rate cap at 31 December | 1,408,781 | 2,550,469 |
2023 | |||
Cost of hedging | Cash flow hedge | Total | |
£ | £ | £ | |
Opening fair value | 1,779,151 | 771,318 | 2,550,469 |
Valuation (loss)/gain | (1,153,875) | 377,860 | (776,015) |
Interest received | - | (365,673) | (365,673) |
Net Change in fair value | (1,153,875) | 12,187 | (1,141,688) |
Closing fair value of interest rate cap at 31 December | 625,276 | 783,505 | 1,408,781 |
Less Closing Interest Accrual * | - | (213,260) | (213,260) |
Adjusted fair value of interest rate cap at 31 December | 625,276 | 570,245 | 1,195,521 |
Opening Adjusted fair value of interest rate cap at 1 January | 1,779,151 | 771,318 | 2,550,469 |
Valuation (loss)/gain recognised on Adjusted Valuation | (1,153,875) | (201,073) | (1,354,948) |
Net Change in fair value (as above) | (1,153,875) | 12,187 | (1,141,688) |
Less Closing Interest Accrual (as above) * | - | (213,260) | (213,260) |
Valuation (loss)/gain recognised on Adjusted Valuation | (1,153,875) | (201,073) | (1,354,948) |
2023 | |||
Interest Rate Cap Reserves Reconciliation | Cost of hedging | Cash flow | Total |
reserve | hedge reserve | ||
£ | £ | £ | |
Opening Reserve | (728,026) | 771,318 | 43,292 |
Valuation (loss)/gain recognised on Adjusted Valuation | (1,153,875) | (201,073) | (1,354,948) |
Amortisation of Premium (See Note 5) | 565,030 | - | 565,030 |
Valuation loss as recognised in Other Comprehensive Income | (588,945) | (201,073) | (789,918) |
Closing Reserve | (1,316,871) | 570,245 | (746,626) |
2022 | |||
Cost of hedging | Cash flow hedge | Total | |
£ | £ | £ | |
Opening Value | - | - | - |
Cost of Interest rate cap | 2,507,177 | - | 2,507,177 |
Valuation (loss)/gain | (728,026) | 771,318 | 43,292 |
Net Change in fair value | (728,026) | 771,318 | 43,292 |
Closing fair value of interest rate cap at 31 December | 1,779,151 | 771,318 | 2,550,469 |
Less Closing Interest Accrual * | - | - | - |
Adjusted fair value of interest rate cap at 31 December | 1,779,151 | 771,318 | 2,550,469 |
Opening Adjusted fair value of interest rate cap at 1 January | - | - | - |
Valuation (loss)/gain recognised on Adjusted Valuation | (728,026) | 771,318 | 43,292 |
2022 | |||
Interest Rate Cap Reserves Reconciliation | Cost of hedging | Cash flow | Total |
reserve | hedge reserve | ||
£ | £ | £ | |
Opening Reserve | - | - | - |
Valuation (loss)/gain recognised on Adjusted Valuation | (728,026) | 771,318 | 43,292 |
Amortisation of Premium (See Note 5) | - | - | - |
Valuation gain as recognised in Other Comprehensive Income | (728,026) | 771,318 | 43,292 |
Closing Reserve | (728,026) | 771,318 | 43,292 |
2023 | 2022 | |
£ | £ | |
Interest received | 365,673 | - |
Closing Interest Accrual | 213,260 | - |
Receipt on interest rate caps (see Note 5) | 578,933 | - |
2023 | 2022 | |
£ | £ | |
Current assets/(liabilities) | 849,110 | 339,462 |
Non-current assets/(liabilities) | 559,671 | 2,211,007 |
Interest rate cap with a start date of 27 April 2023 maturing on 26 April 2026 | 1,408,781 | 2,550,459 |
Minimum lease | Interest | Present value of | |
payments | minimum lease | ||
payments | |||
2023 | 2023 | 2023 | |
£ | £ | £ | |
Less than one year | 52,450 | (49,202) | 3,248 |
Between two and five years | 209,800 | (195,892) | 13,908 |
More than five years | 5,140,100 | (3,347,135) | 1,792,965 |
Total | 5,402,350 | (3,592,229) | 1,810,121 |
Minimum lease | Interest | Present value of | |
payments | minimum lease | ||
payments | |||
2022 | 2022 | 2022 | |
£ | £ | £ | |
Less than one year | 26,068 | (24,468) | 1,600 |
Between two and five years | 104,271 | (97,426) | 6,845 |
More than five years | 2,580,717 | (1,689,590) | 891,127 |
Total | 2,711,056 | (1,811,484) | 899,572 |
2023 | 2022 | |
£ | £ | |
Within one year | 27,137,392 | 24,457,032 |
Between one and two years | 22,839,051 | 21,677,762 |
Between two and three years | 19,036,836 | 16,236,484 |
Between three and four years | 14,949,198 | 12,375,936 |
Between four and five years | 12,718,074 | 8,695,218 |
More than 5 years | 78,172,826 | 45,075,463 |
Total | 174,853,377 | 128,517,895 |
Allotted, called up and fully paid: | 2023 | 2022 |
£ | £ | |
Opening balance | 228,383,857 | 228,383,857 |
Shares issued | - | - |
Closing balance | 228,383,857 | 228,383857 |
2023 | 2022 | |
£ | £ | |
Opening balance | 18,400,876 | 5,991,417 |
Bought back during the year | - | 12,409,459 |
Closing balance | 18,400,876 | 18,400,876 |
2023 | 2022 | |
Number of | Number of | |
shares | shares | |
Opening balance | 381,218,977 | 396,922,386 |
Bought back during the year and put into Treasury | - | (15,703,409) |
Closing balance | 381,218,977 | 381,218,977 |
2023 | 2022 | |
£ | £ | |
Loss for the year net of tax | (8,267,901) | (51,053,487) |
2023 | 2022 | |
Weighted average number of ordinary shares outstanding during the year | 381,218,977 | 389,565,276 |
Loss per ordinary share (pence) | (2.17) | (13.11) |
Profit for the year excluding capital items (£) | 10,824,203 | 11,471,770 |
EPRA earnings per share (pence) | 2.83 | 2.94 |
Dividends 2023 | PID | Non-PID | Total | PID | Non-PID |
pence | pence | Pence | £ | £ | |
Quarter to 31 December of prior year | - | 1.0000 | 1.0000 | - | 3,812,190 |
(paid in February) | |||||
Quarter to 31 March (paid in May) | 1.0000 | - | 1.0000 | 3,812,190 | - |
Quarter to 30 June (paid in August) | 1.0000 | - | 1.0000 | 3,812,190 | - |
Quarter to 30 September (paid in November) | - | 1.0000 | 1.0000 | - | 3,812,190 |
Total dividends paid | 2.0000 | 2.0000 | 4.0000 | 7,624,380 | 7,624,380 |
Quarter to 31 December of current year | 0.3980 | 0.6020 | 1.0000 | 1,517,252 | 2,294,938 |
(paid after year end) | |||||
Prior year dividends (per above) | - | (1.0000) | (1.0000) | - | (3,812,190) |
Total dividends paid for the year | 2.3980 | 1.6020 | 4.0000 | 9,141,632 | 6,107,128 |
Dividends 2022 | PID | Non-PID | Total | PID | Non-PID |
pence | pence | Pence | £ | £ | |
Quarter to 31 December of prior year | 0.7910 | 0.2090 | 1.0000 | 3,139,656 | 829,568 |
(paid in February) | |||||
Quarter to 31 March (paid in May) | 1.0000 | - | 1.0000 | 3,969,224 | - |
Quarter to 30 June (paid in August) | 1.0000 | - | 1.0000 | 3,860,190 | - |
Quarter to 30 September (paid in November) | 0.1806 | 0.8194 | 1.0000 | 688,481 | 3,123,708 |
Total dividends paid | 2.9716 | 1.0284 | 4.0000 | 11,657,551 | 3,953,276 |
Quarter to 31 December of current year | - | 1.0000 | 1.0000 | - | 3,812,190 |
(paid after year end) | |||||
Prior year dividends (per above) | (0.7910) | (0.2090) | (1.0000) | (3,139,656) | (829,568) |
Total dividends paid for the year | 2.1806 | 1.8194 | 4.0000 | 8,517,895 | 6,935,898 |
2023 | 2022 | |
Number of ordinary shares at the reporting date | 381,218,977 | 381,218,977 |
2023 | 2023 | |
£ | £ | |
Total equity per audited consolidated financial statements | 298,078,443 | 323,287,555 |
NAV per share (p) | 78.2 | 84.8 |
Published NAV per share (p) | 78.4 | 84.8 |
2023 | 2022 | |
£ | £ | |
Huw Evans | - | 17,124 |
Mike Balfour | 41,500 | 41,500 |
Mike Bane | 37,000 | 34,059 |
James Clifton-Brown | 50,000 | 50,000 |
Jill May | 37,000 | 37,000 |
Sarah Slater | 37,000 | 37,000 |
Employers’ national insurance contributions | 23,735 | 22,885 |
226,235 | 239,568 | |
Directors’ expenses | 13,201 | 8,035 |
239,436 | 247,603 |