RNS Number : 7287I
Palmaris Capital PLC
24 November 2008
24 November 2008
Palmaris Capital Plc ("Palmaris" or the "Company")
Results for the 12 months to 30 June 2008
The Board of Palmaris, the investment company with interests in coal mining, is pleased to present its audited results for the
12 month period ended 30 June 2008.
Key points include:
* Palmaris' assets now focussed wholly on Scottish Resources Group Limited ("SRG");
* The outlook for SRG remains reasonably optimistic and demand for its coal has remained strong.
For further information contact:
Greg Melgaard, Managing Director 07799 657 553
John Llewellyn-Lloyd, Noble & Company Limited 020 7763 2200
Sunil Sanikop, Noble & Company Limited 020 7763 2200
CHAIRMAN'S STATEMENT
Results
Our sole remaining substantial asset is our shareholding in SRG, previously called Mining Scotland. We have kept the value of this
shareholding at the same level as at the previous year end and our results therefore merely reflect the net costs of running the company for
the year. These were �123,000, which reflects our tight control of overheads and is a very low figure for a public company. Our net assets
in the balance sheet fell by only �118,000 to 8.56p per share (2007: 8.64p).
Scottish Resources Group
SRG's final audited results for the year to end March 2008 have not yet been published. After a return to profitability the previous
year, it is likely that these results will show an increased profit, helped by the sale of property assets and of the biomass fuel
subsidiary during the year.
It is too early to be able to determine the trading of SRG in the current year, but several circumstances have impaired performance.
These have included delays in bringing some new sites into operation, much higher fuel costs, wetter than normal weather conditions during
the summer and autumn and geological problems
at two sites. However, there has been a marked improvement in international coal prices which has provided some modest improvement to
the average selling price achieved during the year.
Looking to the future, SRG is likely to benefit to an increasing extent from improved coal prices, as older legacy contracts are
fulfilled. The outlook for coal prices remains reasonably optimistic and demand for the company's coal has remained strong. The Group is
planning to increase production in 2009 and has implemented a substantial capital investment programme. The impact of the international
credit crisis on SRG's future sales contracts and on its banking relationships is uncertain but the whole of the UK economy faces the same
difficulties.
SRG's extensive property interests were also actively managed during the year. The Group has a large land ownership across Scotland and
is working to develop a significant number of projects. Whilst the property market has suffered in the current downturn, SRG Estates
continues to invest to move projects forward through the planning processes in order to be in a position to benefit when there is an
improvement in the market. The Group's flagship development is a large scale new township development at Blindwells in the East of Scotland.
Detailed planning permission for this is being sought, and it is thought likely that this will be granted in due course.
Conclusion
Our assets are entirely focused on SRG. We remain optimistic about the potential for realising this investment in the future at a
favourable price when normal market conditions return.
Timothy Noble
Chairman
21 November 2008
PROFIT AND LOSS ACCOUNT
for the year ended 30 June 2008
2008 2007
NOTES � �
Turnover - -
Cost of Sales - -
Gross Profit - -
Administrative expenses (169,724) (177,003)
Exceptional Item 4 - (133,171)
Operating loss 5 (169,724) (310,174)
Investment and other income 3 46,403 81,790
(Loss) on ordinary activities
before interest payable (123,321) (228,384)
Interest payable - -
(Loss) on ordinary activities
before taxation 2 (123,321) (228,384)
Taxation on (loss) on ordinary activities 7 - -
(Loss) on ordinary activities after taxation (123,321) (228,384)
(Loss) for the financial year 13 (123,321) (228,384)
The reported (loss) on ordinary activities before taxation equates to the historical cost (loss) on ordinary activities before taxation.
None of the company's activities were acquired or discontinued during the above two financial years.
Earnings per ordinary share
(Loss) per ordinary share (0.08)p (0.16)p
Net assets per share
Net assets per ordinary share 8.56p 8.64p
BALANCE SHEET
As at 30 June 2008
2008 2007
NOTES � �
Fixed assets
Investments 9 12,880,000 12,880,000
12,880,000 12,880,000
Current assets
Debtors 10 17,276 22,415
Cash 472,609 599,506
489,885 621,921
Creditors
Amounts falling due within one year
Other 11 (21,497) (35,093)
(21,497) (35,093)
Net current assets 468,388 586,828
Net Assets 13,348,388 13,466,828
Capital and reserves
Called up equity share capital 12 7,796,665 7,796,665
Unrealised appreciation reserve 13 6,440,000 5,217,763
Capital reserve 13 (1,217,356) -
Share Premium 13 351,500 351,500
Profit and loss account 13 (22,421) 100,900
Shareholders' funds 14 13,348,388 13,466,828
The notes to the accounts form part of these financial statements.
T. P. Noble (Director)
Authorised for issue by the board on 21 November 2008
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
for the year ended 30 June 2008
2008 2007
� �
(Loss) for the financial year (123,321) (228,384)
Realised (losses)/gains on investments (1,217,356) 6,456,502
Total recognised (losses)/gains for the year (1,340,677) 6,228,118
CASH FLOW STATEMENT
for the year ended 30 June 2008
2008 2007
NOTES � �
Net cash (outflow) from operating activities A (178,181) (313,274)
Returns on investments and servicing of finance B 46,403 81,790
Cash (outflow) before financing (131,778) (231,484)
Capital expenditure and financial investment B 4,881 -
(Decrease) in cash in the year (126,897) (231,484)
NOTES TO THE CASH FLOW STATEMENT
for the year ended 30 June 2008
A. Reconciliation of operating loss to operating cash
flows
2008 2007
� �
Operating loss (169,724) (310,174)
Decrease in debtors 5,139 3,635
(Decrease) in creditors (13,596) (6,735)
Net cash (outflow) from operating activities (178,181) (313,274)
B. Analysis of cash flows
2008 2007
� �
Returns on investments and servicing of finance
Interest received 31,250 37,931
Fees and commissions received 15,153 43,859
Net cash inflow 46,403 81,790
Capital Expenditure and Financial Investment
Proceeds of sale of equity holdings 4,881 -
C. Analysis and reconciliation of net funds
1 July 30 June
2007 Cash flow 2008
� � �
Cash 599,506 (126,897) 472,609
Net Funds 599,506 (126,897) 472,609
2008 2007
� �
(Decrease) in cash in the year (126,897) (231,484)
Net funds at beginning of year 599,506 830,990
Net funds at end of year 472,609 599,506
NOTES TO THE ACCOUNTS
1. Accounting policies
A summary of the principal accounting policies, all of which have been applied consistently throughout the year and the preceding year,
are as follows:
Basis of accounting:
The accounts have been prepared in accordance with applicable accounting standards. At 30 June, 2008, the company had no subsidiaries
and therefore its results are not consolidated. In accordance with Rule 19 of the AIM rules the company's accounts are prepared under UK
GAAP rather than IFRS.
Turnover:
Turnover represented amounts receivable for goods and services provided in the normal course of business, net of trade discounts and
VAT.
Income and expenses from investments:
Income from securities is credited to the profit and loss account when the securities are listed ex-dividend. Interest receivable,
interest payable and other expenses of management are dealt with on an accruals basis.
Foreign currency transactions:
Overseas income is converted to sterling at the rates of exchange ruling on the date of the transaction.
Assets and liabilities denominated in foreign currencies are translated to sterling at the rates of exchange ruling at the balance sheet
date.
Investments:
Fixed Assets: Listed investments are stated at values based on market prices at the balance sheet date. Unlisted investments are valued
by the directors at cost less amounts written-off or on an earnings multiple basis. Provisions are made for permanent diminutions in value.
Unrealised appreciation reserve:
The unrealised appreciation reserve represents the difference between the book cost and the market value of fixed asset investments,
held at the balance sheet date. This reserve is non-distributable.
Realised gains and losses on investment transactions:
Gains and losses on realisation of fixed asset investments and realised exchange differences thereon are transferred from the unrealised
appreciation reserve to the capital reserve at the time of the realisation of the investment. The capital reserve is a distributable
reserve.
Taxation:
The charge for taxation is based on the profit or loss for the year and takes into account deferred taxation arising on short term
timing differences between the treatment of certain income for taxation and accounting purposes. Deferred taxation is provided for at
anticipated tax rates on differences arising from the inclusion of items of income and expenditure in taxation computations in periods that
differ from those in which they are included in the financial statements. Deferred tax assets and liabilities are recorded only where it is
expected that an asset or liability will crystallise in the foreseeable future.
2. Segmental analysis
2008 2007
� �
(Loss) on ordinary activities before taxation
United Kingdom (123,321) (228,384)
Investments
United Kingdom 12,880,000 12,880,000
Net current assets 468,388 586,828
Net assets 13,348,388 13,466,828
3. Investment and other income
2008 2007
� �
Fees and commission receivable 15,153 43,859
Interest receivable 31,250 37,931
46,403 81,790
4. Exceptional item
Legal and professional costs incurred in distributing the dividend in specie to shareholders in February 2007.
5. Operating loss
2008 2007
� �
Operating loss is stated after charging (crediting):
Auditors' remuneration:
Audit of these financial statements 6,500 7,000
Consultation and taxation services 8,920 14,630
6. Staff costs
2008 2007
� �
Wages and salaries 88,000 88,000
Social security costs 1,846 4,842
89,846 92,842
2008 2007
Number Number
The average monthly number of employees
(including executive directors) was:
Administration staff 2 2
Directors' remuneration
2008 2007
� �
Directors' emoluments
Name of director
Executive
R. G. Melgaard 36,000 36,000
J. Richardson 12,000 12,000
Non-executive
T. P. Noble 16,000 16,000
P. M. B. Bucher 12,000 12,000
W. Paterson 12,000 12,000
Aggregate emoluments 88,000 88,000
The fees due to T. P. Noble were paid to Noble House and the fees due to W. Paterson and J. Richardson were paid to Patersons Quarries
Ltd under arrangements in which the services of these directors were provided by the businesses concerned.
From 1 October 2007 the fees and remuneration due to R.G. Melgaard were paid to Semper Holdings Ltd. on the same basis.
No directors had accrued entitlements under defined benefit schemes.
Directors' share options
No director holds options to acquire shares in the company.
7. Taxation on (loss) on ordinary activities
No taxation charge arises as a result of the tax losses incurred and brought forward (2007 - nil).
The difference between this nil charge and that which would arise from applying the relevant standard rate of tax to the loss on
ordinary activities before tax is as follows:
2008 2007
� �
(Loss) on ordinary activities before tax (123,321) (228,384)
Standard rate of corporate tax at 30% (2007 - 30%) 36,996 68,515
Adjustments - (losses) for which no relief (36,996) (68,515)
currently available
Tax charge for the year - -
8. (Loss) per ordinary share
2008 2007
� �
(Loss) attributable to ordinary shareholders (123,321) (228,384)
(Loss) per ordinary 5p share based on the weighted
average number of shares in issue in the year to 30
June 2008
which totalled 155,933,304 (2007 - 139,528,430) (0.08)p (0.16)p
9. Fixed asset investments
2008 2007
� �
Equity Holdings
Unlisted at directors' valuation 12,880,000 12,880,000
The unlisted shares were valued at the year
end by the directors.
2008 2007
� �
Market value of investments
held at beginning of year 12,880,000 21,390,081
Unrealised appreciation
at beginning of year 5,217,763 11,674,266
Cost of investments held at
beginning of year 7,662,237 9,715,815
Disposals at cost (1,222,237) (2,053,578)
Cost of investments held
at end of year 6,440,000 7,662,237
Unrealised appreciation
at end of year 6,440,000 5,217,763
Market value of investments
held at end of year 12,880,000 12,880,000
Listed investments
The company held no listed investments at 30 June 2008.
Dormant subsidiaries removed from Register of Companies
During the year the two dormant subsidiaries of Palmaris Capital plc, Waverley Asset Management Ltd and Waverley Investment Management
Ltd ,were removed from the Register of Companies.
At 30 June, 2008 the company had no subsidiaries and therefore its results are not consolidated.
Investments
Details of the significant investments of the Company at 30 June, 2008 are as follows:
Class
of shares Year Principal
held end activities
Operating mainly in the UK -
unlisted
Scottish Resources Group Limited
(formerly Mining (Scotland) Ltd) 16.1% Ordinary 24 March Coal mining
Information on significant investments
Scottish
Resources
Group Limited
24 March 2007
Year end
�000
Turnover 110,762
Profit before tax 3,085
Taxation charge (1,225)
Profit after tax 1,860
Fixed assets 51,692
Current assets 95,906
Liabilities due within one year (51,066)
Liabilities due after one year (86,883)
Net assets 9,649
Audited accounts of Scottish Resources Group Limited to 29 March, 2008 are not yet available. In these circumstances the information
from the Accounts to 24 March, 2007 has been shown.
10. Debtors
Amounts falling due within one year
2008 2007
� �
Trade debtors 2,937 7,344
Prepayments and accrued income 9,660 10,290
VAT 4,679 4,781
17,276 22,415
11. Creditors
Amounts falling due within one year
2008 2007
� �
VAT, payroll taxes and social security 990 4,251
Accruals and deferred income 16,000 17,500
Trade and sundry creditors 4,507 13,342
21,497 35,093
12. Called up equity share capital
2008 2007
� �
Authorised
190,000,000 (2007 - 190,000,000)
Ordinary shares of 5p each 9,500,000 9,500,000
Issued and fully paid
155,933,304 (2007 - 155,933,304)
Ordinary shares of 5p each 7,796,665 7,796,665
The Directors have the power to allot up to a further 16,500,000 Ordinary Shares on a non pre-emptive basis without reverting to
shareholders.
13. Reserves
The movements on reserves are as follows:
Unrealised Profit and
appreciation Capital Share loss
reserve reserve premium account
� � � �
Beginning of year 5,217,763 - 351,500 100,900
Realised losses on investments 1,222,237 - - -
Loss on investments - (1,217,356) - -
Loss for the financial year - - - (123,321)
End of year 6,440,000 (1,217,356) 351,500 (22,421)
2008 2007
� �
Total distributable reserves are as follows:
Profit and loss account
(Deficit)/surplus (22,421) 100,900
Capital reserve (1,217,356) -
(1,239,777) 100,900
Total non distributable reserves are as follows:
Unrealised appreciation reserve 6,440,000 5,217,764
Share premium 351,500 351,500
6,791,500 5,569,264
14. Reconciliation of movements in shareholders' funds
2008 2007
� �
(Loss) for the financial year (123,321) (228,384)
Unrealised (losses) on investments - (8,510,081)
Movement in unrealised appreciation reserve 1,222,237 -
Movement in capital reserve (1,217,356) -
Net reduction to shareholders' funds (118,440) (8,738,465)
Opening shareholders' funds 13,466,828 22,205,293
Closing shareholders' funds 13,348,388 13,466,828
15. Related party transactions
During the year there were a number of transactions with related parties, all of which arose in the normal course of business. These
transactions and the related balances outstanding as at 30 June are summarised below:
Value of transactions Outstanding balance
in the year As at 30 June
2008 2007 2008 2007
� � � �
Services rendered:
Scottish Resources Group Ltd 15,000 15,000 2,937 7,344
Purchase of goods and services:
Patersons Quarries Ltd 24,000 24,000 - -
Noble & Company Ltd 20,711 102,963 - -
Noble House 16,000 16,000 - -
Semper Holdings Ltd. 27,000 - - -
Scottish Resources Group Ltd is an associated company. Patersons Quarries Ltd hold 33.90% of the share capital of Palmaris Capital Plc
and T.P Noble, chairman of Palmaris Capital plc, was a director of Noble Group Ltd, the parent company of Noble & Company Ltd, and is a
partner in Noble House. R.G. Melgaard is a director of Semper Holdings Ltd.
16. The above results have been extracted from the audited accounts of Palmaris Capital Plc for the year ended 30 June 2008 which
received an unqualified auditor's report and will be filed with the Registrars of Companies. The above extract does not represent statutory
accounts as defined by section 240 of the Companies Act. The statutory accounts were adopted by the Board of Directors on 21 November 2008.
17. A copy of the audited Report and Accounts will be sent to the Shareholders on or about 25 November 2008 and additional copies will
be available free of charge for a period of one month from the offices of the Company's nominated adviser, Noble & Company Limited, 120 Old
Broad Street, London, EC2N 1AR.
CORPORATE DIRECTORY
Directors:
T. P. Noble (Chairman)
R. G. Melgaard (Managing Director)
J. Richardson (Finance Director)
P. M. B. Bucher
W. Paterson
Secretary:
J. Richardson
Paterson Building
Gartsherrie Road
Coatbridge ML5 2EU
Registered Office:
Paterson Building
Gartsherrie Road
Coatbridge ML5 2EU
Company number: SC108429
Registered in Scotland
Bankers:
The Royal Bank of Scotland plc
62 Hamilton Road
Motherwell
ML1 3DA
Financial Advisers:
Noble & Company Ltd
76 George Street
Edinburgh
EH2 3BU
Auditors:
Scott-Moncrieff
17 Melville Street
Edinburgh EH3 7PH
Legal Advisers:
Shepherd & Wedderburn WS
Saltire Court
20 Castle Terrace
Edinburgh EH1 2ET
Registrars:
Capita IRG plc
Bourne House
Beckenham Road
Beckenham
Kent BR3
This information is provided by RNS
The company news service from the London Stock Exchange
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