Stavert Zigomala
LSE : STZ

September 29, 2011 04:44 ET

Annual Financial Report

                                                 
                                       STAVERT ZIGOMALA PLC

                         ANNUAL RESULTS FOR THE YEAR ENDING 31ST MAY 2011

                                       Chairman's Statement
                                                 

Shareholders Funds have increased by £697,951 during the financial year ending 31st May 2011,
equivalent to a rise of 14.03%.  This compares with increases of 15.45% (FTSE100) 16.76% (FTSE All
Share) and 19.80% (FTSE Small Cap) though the Directors believe that there is no realistically
comparable index.

We are required to present the Accounts so as to show Shareholders Funds in a way which exceeds
the Directors perception of true net worth, because liability for deferred taxation (which would
apply on the realisation of all portfolio investments) is not taken into account.  Had the
Accounts been prepared on a net worth basis then Shareholders Funds would have been shown as
£4,861,663, an increase of 8.92%.

Investment income is broadly the same as the previous year.  The Directors do not anticipate any
significant increase this year, whilst a number of companies have given encouraging increases this
is counter balanced by the continued distressed distributions from the banking sector.

The Directors have decided to recommend an unchanged final dividend of 36p per Ordinary Share,
with total dividends for the year of 61p being at the same rate as last year.   In consequence the
dividends on the Deferred Stock are also recommended at the same rate as last year.

Due to the considerable problems of the world economy, particularly debt problems in the USA and
Euro Zone, the portfolio has decreased in value considerably since the year end and banking stocks
in particular have been affected.


Edward N. Cooper
Chairman
                                                 

                             Income Statement Year Ended 31st May 2011
                                                                            
                                                                     2011                     2010
                                                                        £                        £
                                                                                                  
Income from Fixed Asset Investments                               158,193                  153,917
Administrative Expenses                                            46,001                   41,166
Operating Profit                                                  112,192                  112,751
Interest Receivable and Similar Income                              6,701                    6,765
Profit on Disposal of Investments                                  23,086                   25,540
Interest payable and Similar Charges                                (350)                    (354)
                                                                                                  
Profit on Ordinary Activities before taxation                     141,629                  144,702
Tax on profit on Ordinary Activities                                  675                      488
                                                                                                  
Profit for the Financial Year                                     140,954                  144,214
                                                                                                  
Basic and diluted earnings per share (pence)                                                      
Earnings per share (pence) Ordinary Units                           47.2p                    48.3p
Earnings per share (pence) Deferred Units                           38.9p                    39.7p
                                                 
                    Statement of Comprehensive Income Year Ended 31st May 2011
                                                 
                                                                            
                                                                     2011                     2010
                                                                        £                        £
                                                                                                  
Profit for the financial year                                     140,954                  144,214
                                                                                                  
Other comprehensive income for the year                                                           
Unrealised profit on investments                                  739,409                  687,449
                                                                                                  
Total comprehensive income for the year                                                           
attributable to the shareholders                                  880,363                  831,663

                                                 
                        Statement of Financial Position as at 31st May 2011
                                                 
                                                 
                                                                        £                        £
FIXED ASSETS                                                                                      
Investments                                                     5,135,618                4,430,375
                                                                                                  
CURRENT ASSETS                                                                                    
Debtors                                                             1,629                   15,103
Cash at Bank                                                      565,157                  553,917
                                                                                                  
CREDITORS: Amount                                                                                 
falling due within one year                                        30,741                   25,683
                                                                                                  
TOTAL ASSETS LESS CURRENT                                                                         
LIABILITIES                                                     5,671,663                4,973,712
                                                                                                  
                                                                                                  
CAPITAL AND RESERVES                                                                              
Called up share capital                                            46,000                   46,000
Revaluation reserve                                             3,639,990                2,900,581
Other reserves                                                  1,600,761                1,577,675
Retained earnings                                                 384,912                  449,456
                                                                                                  
SHAREHOLDERS FUNDS                                              5,671,663                4,973,712
                                                 
                                                 
                      Statement of Changes in Equity Year Ended 31st May 2011
                                                 
                                                 
                  Issued     Revaluation     Capital         Investment     Retained     Total
                  Shared     Reserve         Redemption      Reserve        Earnings     Equity
                  Capital                    Reserve
                  
                         £               £                £              £            £            £
Balance as at       46,000       2,213,132            2,959      1,549,176      513,194    4,324,461
1st June 2009
                                                                                         
Changes in                                                                               
Equity
                                                                                         
                                                                                         
Total                                                                                               
comprehensive                                                                                       
income for the                                                                                      
year                               687,449                                      144,214      831,663
                                                                                                    
Dividends                                                                                           
recognised as                                                                                       
Distributions to                                                                                    
owners                                                                        (182,412)    (182,412)
                                                                                                    
Realised gains                                                                                      
transferred to                                                                                      
Investment                                                                                          
reserve                                                             25,450     (25,450)         ----
                                                                                                    
Balance as at                                                                                       
1st June 2010       46,000       2,900,581            2,959      1,574,716      449,456    4,973,712
                                                                                                    
Changes in                                                                                          
Equity
                                                                                                    
Total                                                                                               
comprehensive                                                                                       
income for the                                                                                      
year                               739,409                                      140,954      880,363
Dividends                                                                                           
recognised as                                                                                       
Distributions to                                                                                    
owners                                                                        (182,412)    (182,412)
                                                                                                    
Realised gains                                                                                      
transferred to                                                                                      
Investment                                                                                          
reserve                                                             23,086     (23,086)         ----
                                                                                                    
Balance as at                                                                                       
31st May 2011       46,000       3,639,990            2,959      1,597,802      384,912    5,671,663

                                                 
                                      Statement of Cash Flows
                                     Year Ended 31st May 2011
                                                 
                                                                     2011                     2010
                                                                                                  
                                                                        £                        £
Cash flows from operating activities
Operating profit for the year                                     112,192                  112,751
Decrease in debtors                                                13,474                    9,816
(Decrease)/Increase in creditors                                    5,058                 (50,206)
Net cash from operating activities                                130,724                   72,361
                                                                            
Taxation                                                            (675)                    (488)
                                                                            
Cash flows from investing activities                                                              
Financial income                                                    6,701                    6,765
Acquisition of investments                                       (16,000)                (146,744)
Proceeds of disposal of investments                                73,252                   28,539
Net cash used in investing activities                              63,953                (111,440)
                                                                            
Cash flows from financing activities                                                              
Finance costs                                                       (350)                    (354)
                                                                            
Equity dividends paid                                           (182,412)                (182,412)
                                                                                                  
Net increase/(decrease) in cash and cash equivalents               11,240                (222,333)
Cash and cash equivalents at 1 June                               553,917                  776,250
Cash and cash equivalents at 31 May                               565,157                  553,917
                                                                                                  
                                                 

The preliminary announcement for the year ended 31 May 2011 has been prepared in accordance with
the accounting policies as disclosed in Stavert Zigomala plc's Annual Report and Accounts 2010, as
updated to take effect of any new accounting standards applicable for the year.

The annual financial information presented in this preliminary announcement for the year ended 31
May 2011 is based on, and is consistent with, that in the audited financial statements for the
year ended 31 May 2011, and those financial statements will be delivered to the Registrar of
Companies following the Company's Annual General Meeting.

Information in this preliminary announcement does not constitute statutory accounts of the Company
within the meaning of section 434 of the Companies Act 2006.  The full financial statements for
the Company for the year ended 31 May 2010 have been delivered to the Registrar of Companies.  The
independent auditor's report on those financial statements was unqualified and did not contain a
statement under section 498 (2) or 498 (3) of the Companies Act 2006.

This preliminary announcement was approved by the Board of Directors on 27th September 2011.

                                                 
Ex dividend date                  19th  October 2011                                              
Record date                       21st  October 2011                                              
Dividend payment date             7th November 2011                                               

                                                 
                      Stavert Zigomala Plc - Registered in England No. 194028
                        Registered Office - PO Box 233  Manchester M60  1QP
         Registrars - Hague Lambert, Artillery House, 15 Byrom Street, Manchester M3  4PF

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