TIDMMTVW
RNS Number : 3252F
Mountview Estates PLC
07 July 2023
7 July 2023
Mountview Estates P.L.C.
Publication of 2023 Annual Report and Accounts
&
Notice of 2023 Annual General Meeting
Mountview Estates P.L.C. (the "Company") announces that the
Annual Report and Accounts for the year ended 31 March 2023 ("2023
ARA") together with the 2023 Notice of Annual General Meeting (the
"2023 AGM") has been sent to shareholders and is available to
download from the Company's website www.mountviewplc.co.uk .
Copies of these documents, together with the Form of Proxy for
the Annual General Meeting, will be made available for inspection
on the National Storage Mechanism at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism in
accordance with the Financial Conduct Authority's ("FCA") Listing
Rule 9.6.1R.
AGM arrangements
The Company's 2023 AGM will be held at the offices of Norton
Rose Fulbright LLP, 3 More London Riverside, London DE1 2AQ on
Wednesday, 9 August 2023 at 11.00 am. Any specific measures in
place for the 2023 AGM will be published prior to the meeting on
the Company's website: www.mountviewplc.co.uk .
Voting
The Board urges all shareholders to exercise their vote and
submit their proxy as soon as possible. All shareholders are
encouraged to appoint the chairman of the meeting as their proxy
even if they intend to attend in person. This is to ensure their
vote is counted even if they (or any other proxy appointed) are not
able to attend in person on the day of the 2023 AGM. Results of
voting will be published as soon as practicable following the
conclusion of the meeting.
Engagement with shareholders is important to the Company and
arrangements have been made so that shareholders can participate in
the 2023 AGM by submitting questions or matters of concern in
connection with the business of the 2023 AGM in advance. Any
specific questions on the business of the 2023 AGM and on the
resolutions can be submitted by email to
reception@mountviewplc.co.uk or by writing to the Company
Secretary, Mountview House, 151 High Street, Southgate, London N14
6EW. The Board encourages questions to be submitted as soon as
possible and no later than 28 July 2023 and the Board will provide
responses to relevant questions by way of a written Q&A posted
on the Company's website as soon as practicable in advance of the
AGM, and no later than 4 August 2023. The Notice of 2023 AGM
explains the arrangements for submitting questions.
Preliminary results announcement
The Board announces that in the release of its preliminary
unaudited results for the financial year ended 31 March 2023 on 15
June 2023 it was stated the profit before tax (in millions) had
decreased by 6.3% when in fact the decrease was 6.0%. This has been
corrected in the 2023 ARA.
In compliance with paragraph 6.3.5 of the Disclosure Guidance
and Transparency Rules, the information in respect of Principal
Risks, Related Party Transactions and the Statement of Directors'
Responsibilities, contained in the Appendix, is extracted from the
2023 Annual Report and Accounts and should be read in conjunction
with the Company's preliminary results announcement of 15 June 2023
which can be viewed on the Company's website at
www.mountviewplc.co.uk.
The ESEF format of the 2023 ARA will be submitted to the FCA's
National Storage Mechanism in due course and will be available in
compliance with paragraph 4.1.14R and paragraph 6.3.5R of the FCA's
Disclosure Guidance and Transparency Rules.
Enquiries:
For further information on the Company, visit:
www.mountviewplc.co.uk
SPARK Advisory Partners Limited (Financial Adviser)
www.sparkadvisorypartners.com
Mark Brady 020 3368 3550
APPIX
PRINCIPAL RISKS AND UNCERTAINTIES
Making effective decisions to realise our strategic and
operational aims is underpinned by our risk management processes
that embrace monitoring of currently identified risks, scanning for
emerging risks and then once identified assessing those risks and
our response to them within our context and the challenges placed
on us by the external environment. The Audit and Risk Committee
maintains our risk matrix which classifies risks broadly between
those for active and regular monitoring and those for reporting on
by exception and reports on them to the Board (Risk Matrix). The
Risk Matrix also includes risks where the impact would be high, but
probability is deemed low and it is these risks in particular that
we consider when assessing longer term resilience and viability. In
particular in the recent years, and as described in our annual
reports from 2020 to 2022, the risk management processes were
tested by Covid-19. This year, following a Board discussion, we
have taken the view that we can move Covid-19 risks from the active
monitoring status to one of being ready to react in the event of a
recurrence of a new strain of Covid or other pandemic. Accordingly
in this annual report the notes describing our operational response
to Covid-19, and many other references to Covid-19 have been
removed - though remain accessible from our earlier annual
reports.
Using our Risk Matrix we have carried out a robust assessment of
the principal risks facing the Company, including those that would
threaten its business model, future performance or solvency. The
following list of risks does not comprise all of the risks the
Company or Group may face, and they are not presented in order of
importance.
1. TRADING STOCK - REGULATED TENANCIES
RISK
Reduced opportunity to replace asset sales of vacant properties
due to the reducing number of regulated tenancies available for
purchase.
MITIGATION
The Group has developed clear criteria that are applied when
considering asset purchases. Using these, the Group has performed
excellently in a difficult market replacing this class of assets in
the year ended 31 March 2023, with substantial purchasing again
during the year. The 'Analysis of Acquisitions' is on page 8 of the
2023 ARA.
2. MARKET
RISK
Weak macro-economic conditions triggered by external events
including for example the after effects of Brexit, the war in
Ukraine and the cost of living crisis driven by rising inflation
and interest rates.
MITIGATION
The Group's exposure is weighted towards the stronger London and
South East markets and this geographical area has over the long
term consistently been an above-average performer.
3. FINANCIAL
RISK
Reduced availability of financing options resulting in inability
to meet business plans.
MITIGATION
The Group monitors its bank accounts and loans closely to
maintain sufficient capacity. We review our loan facilities
regularly. The Group is conservatively geared and operates well
within financial covenants. Financial Key Performance indicators
are on page 10. Details of the Group's current facilities are set
out in Note 18 on page 78 of the 2023 ARA.
4. DIVIDS
RISK
The Group seeks to provide shareholders with good returns on
their investment. This aim could be put at risk if the Group was
unable to sustain the level of dividends for any reason.
MITIGATION
We carefully monitor our strategy and our results in order to
identify any risk to dividend levels. The Group maintains a strong
balance sheet. With appropriate banking facilities, we are able to
maintain our trading stock by taking advantage of purchasing
opportunities when they occur.
5. PEOPLE
RISK
Capacity to maintain strategy is compromised due to inability to
attract and retain suitably experienced employees.
MITIGATION
Mountview employs a relatively small workforce which enables
personal interaction at all levels. The Company has a stringent
recruitment process to ensure we employ appropriately skilled
staff. We carry out regular appraisals and offer employees
opportunities for training and development courses. The Company has
a good record of long-term service, a great number of our employees
have worked for the Group for over 10 years. Details of employees
and diversity are set out in Notes 9 and 10 of the Directors'
Report in the 2023 ARA.
6. REGULATORY
RISK
Risk of not meeting new or changed regulatory requirements and
obligations that affect the Group's business activities and could
lead to fines or penalties.
MITIGATION
The Group engages in close working relationships with
appropriate authorities and advisers to ensure it meets its
obligations.
7. OPERATIONS AND PROPERTY MAINTENANCE
RISK
Legal action against the Group for failure to meet its
obligations under property management and safety legislation.
MITIGATION
In addition to its own regular inspections, the Group engages
professional external companies to undertake health and safety, gas
and electrical checks, fire risk assessments, etc to ensure we meet
our commitments as employers and landlords. Our staff receive
regular training to ensure their skills are kept up to date. Our
Compliance Officer monitors our performance against existing
regulations and tracks and prepares for new requirements as they
are published.
8. CLIMATE
RISK
The impact on the Group of climate related matters. For example,
changing regulations or physical risks following changing weather
patterns, including extreme weather events, that could lead to
increased wear and tear or other property damage and transition
risks, for example following regulatory changes.
MITIGATION
The regular inspections noted above provide the Group with
opportunities to identify properties that may be at risk which
would be considered for more frequent inspections. Due diligence
for purchases aims to identify properties with higher than normal
inherent risks for flooding or other water risks. We explain more
fully on pages 17 to 25 of the 2023 ARA in our notes on TCFD how we
approach and handle climate related risks.
EMERGING RISK
As well as monitoring the incidence of currently identified
risks we also look for emerging trends in operations that could
become active risks. In addition, we carry out horizon scanning
through our network of stakeholders, notably our advisers, and also
by reviewing published emerging risk reports. Where emergent risks
arise and are concluded to be relevant to Mountview's business then
when considering which risks, including climate risks, to include
in our framework we use the TRAP (Terminate; Reduce; Accept; Pass
on) model to guide our approach.
THE OVERALL RISK ENVIRONMENT
Given Mountview's business model and financial strength, while
any risks materialising could well have a negative impact on short
term performance, and lead to inconvenience, none are significant
enough to threaten the continued existence of the Group. We are
confident that we can meet our strategic and operational goals and
in particular are in a strong position to take advantage of
purchasing opportunities as they arise. Where the likelihood
of a risk materialising becomes high and imminent, we factor
accommodating the risk, into our operational plans to be activated
once the impact is clear. This is the case with the Climate
Transition risk related to tightening EPC requirements where our
teams are monitoring progress of the legislation. Other risks are
considered to be broadly unchanged from 2022 with moderate
assessments for both probability of occurrence and impact. Other
These principal risks were part of the Group's assessment of long
term viability, details of which are set out in the viability
statement on page 13 of the 2023 ARA.
RELATED PARTY TRANSACTIONS
The following is extracted from the 2023 ARA
1. During the financial year there were no key management
personnel emoluments, other than remuneration.
2. (a) Mountview Estates P.L.C. provides general management and
administration services to Ossian Investors Limited and Sinclair
Estates Limited, companies of which Mr D.M. Sinclair is a Director.
Fees of GBP28,612 (2022: GBP27,762) were charged for these
services.
(b) Transactions between the Group and its subsidiaries, which
are related parties, have been eliminated on consolidation and have
not been disclosed in this note.
(c) The only key management are the Directors.
(d) As at 31 March 2023 the Group owed Mr D.M. Sinclair GBP8,616
(2022: GBP9,788) in relation to an informal loan.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The following statement is extracted from the 2023 ARA
The Directors are responsible for preparing the Annual Report,
the Directors' Remuneration Report and the Group and Company
financial statements in accordance with applicable law and
regulations.
Company law requires the Directors to prepare financial
statements for each financial year. Under that law, the Directors
are required to prepare the Group financial statements in
accordance with UK adopted international accounting standards and
applicable UK law.
The Directors have elected to prepare the Company financial
statements in accordance with United Kingdom Generally Accepted
Accounting Practice (UK GAAP) including FRS 102 and applicable
law.
Under company law, the Directors must not approve the financial
statements unless they are satisfied that they give a true and fair
view of the state of affairs of the Group and Company and of their
profit or loss for that period. In preparing these financial
statements, the Directors are required to:
-- select suitable accounting policies and then apply them
consistently;
-- make judgements and estimates that are reasonable and
prudent;
-- present information, including accounting policies, in a
manner that provides relevant, reliable, comparable and
understandable information;
-- in respect of Group financial statements, state whether UK
adopted international accounting standards in conformity with the
requirements of the Companies Act 2006, have been followed, subject
to any material departures disclosed and explained in the Financial
Statements;
-- in respect of the Company financial statements state whether
applicable UK accounting standards in conformity with the
requirements of the Companies Act 2006, have been followed, subject
to any material departures disclosed and explained in those
statements; and
-- prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the Group and the
Company will continue in business.
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Company's
transactions and disclose with reasonable accuracy at any time the
financial position of the Company and enable them to ensure that
its financial statements comply with the Companies Act 2006. They
have general responsibility for taking such steps as are reasonably
open to them to safeguard the assets of the Group and to prevent
and detect fraud and other irregularities.
The Directors are responsible for the maintenance and integrity
of the corporate and financial information included on the
Company's website. Legislation in the UK governing the preparation
and dissemination of financial statements may differ from
legislation in other jurisdictions.
Each of the Directors, (as set out on page 26 of the 2023 ARA)
as at the date of this Report, confirms to the best of their
knowledge that:
-- The Financial Statements, prepared in accordance with the
applicable set of accounting standards, give a true and fair view
of the assets, liabilities, financial position and profit of the
Group and the Company.
-- The strategic report includes a fair review of the
development and performance of the business and the position of the
Group and the Company, together with a description of the principal
risks and uncertainties that they face.
-- The annual report and financial statements, taken as a whole,
are fair, balanced and understandable and provide the information
necessary for shareholders to assess the Group's performance,
business model and strategy.
ENDS
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
ACSEAAXXEDKDEEA
(END) Dow Jones Newswires
July 07, 2023 02:00 ET (06:00 GMT)
Mountview Estates (AQSE:MTVW.GB)
Gráfico Histórico do Ativo
De Nov 2024 até Dez 2024
Mountview Estates (AQSE:MTVW.GB)
Gráfico Histórico do Ativo
De Dez 2023 até Dez 2024
