Trafalgar New Homes Plc
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the period ended 31 March 2013
For the purpose of IFRS 8, the chief operating decision maker (“CODM”) takes the form of the Board of Directors. The Directors opinion of the business of the group is as follows.
The principal activity of the Group was property development.
Based on the above considerations, there is considered to be one reportable segment. The internal and external reporting is on a consolidated basis with transactions between group companies eliminated on consolidation. Therefore the financial information of the single segment is the same as that set out in the consolidated statement of comprehensive income, the consolidated statement of changes in equity, the consolidated statement of financial position and cashflows.
Geographical segments
The following tables present revenue regarding the group’s geographical segments for the year ended 31 March 2013.
|
|
United Kingdom |
Total |
|
Year ended 31 March 2013 |
£ |
£ |
|
Property development - |
2,205,786 |
2205786 |
|
|
2,205,786 |
2205786 |
|
|
United Kingdom |
Total |
|
Year ended 31 March 2012 |
£ |
£ |
|
Property development - |
2,346,404 |
2346404 |
|
|
2,346,404 |
2346404 |
|
|
2013 |
2012 |
|
|
£ |
£ |
|
Bank interest received |
253 |
220 |
|
Rental income |
57,991 |
137638 |
|
Gain on disposal of Group Company |
198,631 |
|
|
|
256,875 |
137858 |
|
|
2013 |
2012 |
|
|
£ |
£ |
|
Interest on bank loans |
0 |
33163 |
|
|
0 |
33163 |
|
|
2013 |
2012 |
|
|
£ |
£ |
|
Deemed cost of listing (I) |
0 |
261575 |
|
Costs of acquisition |
0 |
29500 |
|
Depreciation of tangible fixed assets |
383 |
737 |
|
Auditor’s remuneration: |
|
|
|
Audit of these financial statements |
10,000 |
10000 |
|
Amounts receivable by the auditor in respect of the audit of the financial statements of subsidiary undertakings pursuant to legislation |
4,000 |
2000 |
Amounts payable to Crowe Clark Whitehill LLP and its related entities in respect of audit and non-
6. EMPLOYEES AND DIRECTORS’ REMUNERATION
Staff costs during the period were as follows:
|
|
2013 |
2012 |
|
|
£ |
£ |
|
Directors remuneration |
25,000 |
24475 |
|
Wages and salaries |
61,000 |
81333 |
|
Social security costs |
7,736 |
9626 |
|
Other pension costs |
18,000 |
25500 |
|
|
111,736 |
140934 |
The average number of employees of the company during the period was:
|
|
2013 |
2012 |
|
|
Number |
Number |
|
Directors and management |
4 |
4 |
Key management are the group’s directors. Remuneration in respect of key management was as follows:
|
|
2013 |
2012 |
|
|
£ |
£ |
|
Short- |
|
|
|
- |
0 |
14475 |
|
- |
10,000 |
10000 |
|
- |
15,000 |
0 |
|
|
25,000 |
24475 |
There are retirement benefits accruing to Mr C Johnson for whom a company contribution was paid during the period of £18,000. (2012: £25,500).
Consultancy fees of £10,000 (2012: £13,333) were paid to Mr N Lott during the year.
|
|
2013 |
2012 |
|
|
£ |
£ |
|
Current tax |
87,418 |
155 |
|
Tax charge |
87,418 |
155 |
|
|
2013 |
2012 |
|
|
£ |
£ |
|
Profit on ordinary activities before tax |
617976, |
208619 |
|
Based on profit for the year: Tax at 24% (2012: 26.3%) |
148,314 |
54867 |
|
Effect of |
|
|
|
Loss utilised |
(64,509) |
(59,584) |
|
Disallowable items |
3,636 |
5346 |
|
Capital allowances claimed |
(23) |
(474) |
|
Tax charge for the period |
87418 |
155 |
The calculation of profit/(loss) per ordinary share is based on the following profits/(losses) and number of shares:
|
|
2013 |
2012 |
|
|
£ |
£ |
|
Profit/(loss) for the year |
530,558 |
£208,464 |
|
|
|
– |
|
Weighted average number of shares for basic profit per share |
214,375,200 |
200396679 |
|
Weighted average number of shares for diluted profit per share |
214,375,200 |
200396679 |
|
PROFIT/(LOSS) PER ORDINARY SHARE: |
|
|
|
Basic |
0.25p |
0.10p |
|
Diluted |
0.25p |
0.10p |
|
|
Fixtures and fittings |
|
|
£ |
|
At 1 April 2012 |
1,533 |
|
At 31 March 2013 |
2,936 |
|
Depreciation |
|
|
At 1 April 2012 |
1,403 |
|
Charge for the year |
383 |
|
At 31 March 2013 |
1,786 |
|
|
|
|
Net book value at 31 March 2013 |
1,150 |
|
Net book value at 31March 2012 |
1,533 |
Annual report & consolidated financial statements 2013
3. GAIN ON DISPOSAL OF GROUP COMPANY
|
|
2013 |
2012 |
|
|
£ |
£ |
|
Revenue |
49,235 |
0 |
|
Profit for the period |
1,267 |
2 |
|
Net assets on disposal |
1,369 |
102 |
On 31 March 2013 Combe Bank Homes Limited, a fully owned subsidiary of the Group, sold its 100% shareholding in Combe Homes (Investments) Limited for £200,000. The net assets of Combe Homes (Investments) Limited at the date of disposal were £1,369, which provided a gain on disposal of £198,631.
A summary of the results of Combe Homes (Investments) Limited for the current year and prior period are included below:
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