TIDMSWJ
RNS Number : 6630N
Swan(John) & Sons PLC
31 July 2014
JOHN SWAN & SONS PLC
PRELIMINARY RESULTS FOR THE YEAR ENDED 30 APRIL 2014
STATEMENT BY THE CHAIRMAN John Swan & Sons PLC
The outcome for the year can be summarised as follows: 2014 2013
(restated)
GBP GBP
Loss before tax
John Swan Limited - profit/(loss) 13,657 (114,082)
John Swan & Sons PLC - loss (346,794) (230,095)
IAS 19 pension adjustment (36,000) (28,000)
---------- -----------
Loss before tax (369,137) (372,177)
========== ===========
I reported at the half year an encouraging uplift in our trading
results, offset to some extent by increased professional costs
relating to corporate activities, which are neither predictable
nor wholly controllable by your board given our listed status.
It is particularly disappointing, therefore, to report that virtually
all the progress made in livestock auctioneering in that period
has been extinguished by a single bad debt, incurred in the second
half of the year, despite considerable debtor control effort and
in circumstances all too prevalent in the industry.
Apart from the financial impact of its size relative to our trading
base, this bad debt has had two further undesirable consequences.
Firstly, it has undoubtedly masked a significant improvement in
our mart performance with a resultant effect on the morale of
our management team. I have sought to reassure them that this
setback need not affect our future performance and, realistically,
reflects the experience of most businesses in this industry, to
one degree or another. Secondly, this very point serves to highlight
for shareholders our relative vulnerability, no matter what safeguards
we employ, and at our size as a listed company, we must accept
that there are limitations to our ability to control risk.
We have been active on the property front, against a background
of growing recovery in land values, and, although nothing is in
a completed form at the time of writing, I hope to be in a position
to say more to shareholders on this subject in the next month
or two. We have a healthy pipeline of work in progress in our
external property business, although we have yet to fully cover
costs, but much work has been done internally on our own land
assets, which otherwise would have attracted significant professional
fees. Shareholders will be aware of the impact of this work on
our underlying asset value, particularly in the light of the focus
on potential developments to the west of Edinburgh, where we have
sizeable land interests.
Despite the loss for the year, the board intends to maintain the
dividend policy established in recent years. Accordingly, the
directors are pleased to declare a final dividend for the year
of 5 pence per ordinary share to be paid on 10 October 2014 to
shareholders on the register at 12 September 2014. The ex dividend
date will be 10 September 2014. As no interim dividend was paid,
this amounts to a total dividend for the year of 5 pence per ordinary
share (2013: 5 pence).
Alastair J Ritchie
Chairman
STATEMENT BY THE CHAIRMAN John Swan Limited
I am pleased to report a small profit for the year of GBP13,657
compared to a loss of GBP114,082 last year. This profit would
have been substantially higher had it not been for a provision
for a doubtful debt. Commission receivable was up on the year
and administrative expenses, excluding the doubtful debt, were
well down.
Throughput of livestock remained static during the year but we
are hopeful of maintaining and building on these numbers. The
market is still the best place to sell stock as the average prices
achieved are used by the whole industry. With the wholesale industry
in fewer hands, it is important that competition is maintained
between prime stock sales.
With the forthcoming reform of the C.A.P. and the continuing decline
in both breeding cattle and sheep, the outlook is challenging
but we are making good progress in reducing costs and running
the markets as efficiently as possible.
Swan & Turner continues to grow its business with increased lots
this year and a record number of buyers. It is now one of the
leading auction houses in the Borders for antiques and collectables.
Finally, I would like to thank all the staff for their enthusiasm
and hard work during the past year and to thank customers for
their continued support.
James D Allen
Chairman
DATE OF ANNUAL GENERAL MEETING
The Annual General Meeting will be held on Friday, 10 October
2014 at The Lodge Hotel, Carfraemill, Lauder at 12 noon.
TRANSFER BOOKS
Transfer books will be closed from 10 September to 12 September
2014, both dates inclusive, for the preparation of dividend
warrants. Warrants for the proposed dividend, if approved at the
Annual General Meeting, will be posted on 10 October 2014 to
shareholders on the register at the close of business on 12
September 2014.
PROPOSED DIVIDEND FOR YEAR
Rate of dividend on ordinary shares - 5p (2013 - 5p)
No interim dividend was paid during the year (2013 - Nil).
NOMINATED ADVISER
Contact: Sandy Fraser, N+1 Singer
Telephone number: 0131 529 0272
Geoghegans
Secretaries
30 July 2014
Consolidated income statement
For the year ended 30 April 2014
2014 2013
(restated)
GBP GBP GBP
Revenue 1,833,587 1,764,154
-------------- ----------------
Staff costs 921,380 927,486
Depreciation 96,845 108,876
Other operating expenses 1,184,359 1,101,669
-------------- ----------------
2,202,584 2,138,031
-------------- ----------------
Operating loss (368,997) (373,877)
Investment revenues 587 1,700
Finance costs (727) -
Loss before tax (369,137) (372,177)
Tax 7,220 12,797
Loss for the year attributable
to
owners of the Company (361,917) (359,380)
============== ================
Basic and diluted earnings per
share (59.43p) (59.01p)
============== ================
Consolidated statement of comprehensive income
For the year ended 30 April 2014
2014 2013
(restated)
GBP GBP
Loss for the year (361,917) (359,380)
------------ --------------
Gain on property revaluation - 1,544,885
Actuarial loss on defined benefit
pension scheme (24,000) (32,000)
Other comprehensive (expense)/income
for the year (24,000) 1,512,885
------------ --------------
Total comprehensive (expense)/income
attributable to owners of the
Company (385,917) 1,153,505
============ ==============
Consolidated balance sheet
At 30 April 2014
2014 2013
GBP GBP
Non-current assets
Property, plant and motor vehicles 3,576,513 3,646,423
------------ ------------
Current assets
Trade and other receivables 2,328,050 2,334,127
Cash and cash equivalents 114,968 593,257
------------ ------------
2,443,018 2,927,384
------------ ------------
Total assets 6,019,531 6,573,807
============ ============
Current liabilities
Trade and other payables 209,943 269,627
------------ ------------
Net current assets 2,233,075 2,657,757
------------ ------------
Non-current liabilities
Deferred tax liabilities 15,935 23,155
Deferred income 12,000 12,800
27,935 35,955
------------ ------------
Total liabilities 237,878 305,582
============ ============
Net assets 5,781,653 6,268,225
============ ============
Equity
Share capital 153,000 168,000
Revenue reserve 70,000 70,000
Employee Benefit Trust reserve (57,224) (39,815)
Revaluation reserve 1,531,039 1,544,885
Capital redemption reserve 15,000 -
Retained earnings 4,069,838 4,525,155
------------ ------------
Total equity - attributable
to owners of the Company 5,781,653 6,268,225
============ ============
Consolidated statement of changes in equity
For the year ended 30 April 2014
Equity attributable to equity holders of
the Company
Employee
Benefit Capital Retained
Share Revenue Trust Revaluation redemption earnings Total
capital reserve reserve reserve reserve (restated) equity
GBP GBP GBP GBP GBP GBP GBP
Balance at 1
May 2012 168,000 70,000 (39,815) - - 4,946,985 5,145,170
Loss for the
year - - - - - (359,380) (359,380)
Other comprehensive
income for the
year - - - 1,544,885 - (32,000) 1,512,885
Total comprehensive
income for the
year - - - 1,544,885 - (391,380) 1,153,505
Dividends paid - - - - - (30,450) (30,450)
Balance at 30
April 2013 168,000 70,000 (39,815) 1,544,885 - 4,525,155 6,268,225
Loss for the
year - - - - - (361,917) (361,917)
Other comprehensive
expense for
the year - - - - - (24,000) (24,000)
Total comprehensive
expense for
the year - - - - - (385,917) (385,917)
Purchase and
cancellation
of deferred
shares (15,000) - 39,815 - 15,000 (52,796) (12,981)
Purchase of
ordinary
shares in Employee
Benefit Trust - - (26,574) - - - (26,574)
Purchase of
ordinary
shares in Employee
Benefit Trust - - (30,650) - - - (30,650)
Transfer to
retained earnings - - - (13,846) - 13,846 -
Dividends paid - - - - - (30,450) (30,450)
Balance at 30
April 2014 153,000 70,000 (57,224) 1,531,039 15,000 4,069,838 5,781,653
Consolidated cash flow statement
For the year ended 30 April 2014
Notes 2014 2013
GBP GBP
Net cash used in operating activities 1 (356,106) (357,771)
----------- ----------
Investing activities
Interest received 587 1,700
Proceeds from disposal of plant
and motor vehicles 10,500 38,806
Purchases of plant and motor vehicles (32,615) (115,945)
Net cash used in investing activities (21,528) (75,439)
----------- ----------
Financing activities
Dividends paid (30,450) (30,450)
Fees and tax in respect of deferred
shares purchased (12,981) -
from Employee Benefit Trust
Purchase of ordinary shares within
Employee (57,224) -
Benefit Trust
Net cash used in financing activities (100,655) (30,450)
----------- ----------
Net decrease in cash and cash equivalents (478,289) (463,660)
Cash and cash equivalents at beginning
of year 593,257 1,056,917
Cash and cash equivalents at end
of year 2 114,968 593,257
=========== ==========
Notes
1 Notes to the cash flow statement
2014 2013
(restated)
GBP GBP
Loss before tax (369,137) (372,177)
Adjustments for:
Investment revenues (587) (1,700)
Finance costs 727 -
Pension scheme employee expense 36,000 28,000
Pension scheme contribution paid (60,000) (60,000)
Depreciation of property, plant and motor
vehicles 96,845 108,876
(Profit)/loss on sale of plant and motor
vehicles (4,820) 2,384
Deferred income released in the year (800) (800)
---------- ------------
Operating cash flows before movement in
working capital (301,772) (295,417)
Decrease/(increase) in receivables 6077 (112,226)
(Decrease)/increase in payables (59,684) 57,293
---------- ------------
Cash used in by operations (355,379) (350,350)
Tax paid - (7,421)
Interest paid (727) -
Net cash used in operating activities (356,106) (357,771)
========== ============
2 Cash and cash equivalents
2014 2013
GBP GBP
Bank and cash balances 114,968 593,257
-------- --------
Cash and cash equivalents in the cash
flow statement 114,968 593,257
======== ========
The Royal Bank of Scotland plc holds a bond and floating
charge over the assets of the subsidiary company, John Swan
Limited, for the provision of overdraft facilities during
peak trading periods.
Following the closure of the John Swan Limited Retirement
Benefits Scheme to future accrual on 30 April 2012, the subsidiary
company, John Swan Limited, granted a floating charge over
its assets in favour of the Trustees of the Scheme.
Notes (continued)
3 Retirement benefit scheme
The Group operates a defined benefit scheme for employees.
The scheme closed to new members and to future accrual for
existing members on 30 April 2012.
IAS 19 (revised) 'Employee Benefits', which is applicable
for accounting periods beginning on or after 1 January 2013,
has been applied for the first time this year. The revised
standard combines interest on obligation and expected return
on scheme assets and requires the disclosure of the net interest
on liability. It also requires the separate disclosure of
expense for running the scheme. As a result, asset returns
are based on the discount rate instead of the expected rate
of return on assets. This change has meant the restatement
of the prior year results and the effect on the Consolidated
Income Statement for 2013 is an increase in operating costs
of GBP28,000 and a decrease in finance costs of GBP18,000.
There is a corresponding decrease in the actuarial loss recognised
in the Statement of Comprehensive Income of GBP10,000. There
is no change to scheme assets or liabilities.
IFRIC 14 issued by the International Financial Reporting
Interpretations Committee of the International Accounting
Standards Board deals with how pension surpluses under IAS
19 should be disclosed in company accounts. IFRIC 14 only
allows a surplus to be recognised if an employer has an unconditional
right to the surplus at some future date and requires an
additional liability to be recognised if the employer is
obliged to pay future contributions, which it will not be
able to recover. Following the closure of the pension scheme
to future accrual as at 30 April 2012, it is no longer considered
appropriate to recognise the surplus in the balance sheet.
4 Note to the preliminary announcement
The abridged financial information set out above has been
extracted without material adjustment from financial statements
approved by the Directors of John Swan & Sons PLC on 30 July
2014, which received an unqualified audit report by the independent
auditor and which will be delivered to the Registrar of Companies.
The financial statements for the year ended 30 April 2013
have been filed with the Registrar of Companies.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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