CHAIRMAN’S STATEMENT

On behalf of the Board, I present Trafalgar Property Group Plc (the Group), results for the year ended 31 March 2024 which includes one investment property sale completed in the year. The overall result continues to be disappointing, as can be seen in the attached Accounts and Strategic Report. However, we continue to seek property opportunities with one construction project being undertaken during the year at Speldhurst, Kent with the property being available for sale at the year end and currently on the market for £800,000.

Orchard House in Hildenborough was sold in September 2023 for a consideration of £940,000.

During the year the company issued 377,250,000 new ordinary shares during the year with the issuance of 125,000,000 at a price of 0.1p per share, raising £125,000 before costs for the Group, the issuance of 226,250,000 at a price of 0.4p per share to satisfy the 2022 CLN with Mr C Johnson and the issuance of 26,000,000 at a price of 0.1p per share raising £26,000 to settle specific trading debts.

Financials

The year under review saw the Group turnover at £nil (2023: £18,183), with a loss after tax of £516,723 (2023: Loss £843,626).

Management have performed a review of the assets and liabilities of the underlying subsidiaries which form the value of the anticipated profits on ongoing developments.

Due to the uncertainties and timing of the construction of new developments and the potential sale of those properties, it has been agreed by management not to include any future anticipated profits of developments in their assessment.

The cash on the balance sheet at the end of the year was £8,906 (2023: £17,148) and the Group continues to have sufficient bank facilities for all current day to day activities.

Business Environment and Outlook

No new directors were appointed to the Group in the year.

The effects of market forces and the property market in general together with the UK having been in a period of high inflation and high cost of living affecting the property sector and the business of the group. However, inflationary pressures are easing and slowly the Bank of England are reducing the cost of borrowing with a recent 0.25% reduction in base rate. It is hoped therefore that the market for property will start to improve as demonstrated by the increase in property prices albeit a challenge for many potential buyers still adjusting to recent higher mortgage costs. Like most businesses, we are aware of our need to conduct ourselves carefully to preserve the health of our staff and customers and to conserve our cash reserves.

 

Paul Treadaway
Chairman

24 September 2024