Stavert Zigomala
LSE : STZ

September 28, 2010 04:49 ET

Final Results

                                                 
                                       STAVERT ZIGOMALA PLC

                         ANNUAL RESULTS FOR THE YEAR ENDING 31ST MAY 2010

                                       Chairman's Statement
                                                 

Shareholders Funds have increased by £649,251 during the financial year ending 31st May 2010,
equivalent to a rise of 15.01%.  This compares with increases of 17.44% (FTSE100) 18.67% (FTSE All
Share) and 20.51% (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 there would have been an increase from £3,950,461
to £4,438,712 amounting to an increase of 12.36%. This methodology inevitably results in a lower
percentage increase in net worth in a rising market just as in a falling market (for example, in
the 2 preceding years) it resulted in a lower decrease.

The declines in dividend and other investment income from £162,872 to £153,917 (5.82%) and in
interest received from £15,902 to £6,765 (54.46%) were in line with our expectations as mentioned
in last year's statement. The directors do not anticipate any significant increase this year
though there does appear to be some firming up of dividend payouts from reduced levels.

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.


Edward N. Cooper
Chairman
                                                 

                      Group Profit and Loss Account Year Ended 31st May 2010
                                                                            
                                                                     2010                     2009
                                                                        £                        £
                                                                                                  
Income from Fixed Asset Investments                               153,917                   162,72
Administrative Expenses                                            41,166                   43,110
Operating Profit                                                  112,751                  119,762
Interest Receivable and Similar Income                              6,765                   15,902
Profit on Disposal of Investments                                  25,540                   12,734
Interest payable and Similar Charges                                (354)                    (425)
                                                                                                  
Profit on Ordinary Activities before taxation                     144,702                  147,973
Tax on profit on Ordinary Activities                                  488                     ----
                                                                                                  
Profit for the Financial Year                                     144,214                  147,973
                                                                                                  
                                                                                                  
Earnings per share (pence) Ordinary Units                           48.3p                    49.5p
Earnings per share (pence) Deferred Units                           39.7p                    40.8p
                                                                                                  

                                                 
                                 Balance Sheet as at 31st May 2010
                                                 
                                                 
                                                 
                                                                        £                        £
FIXED ASSETS                                                                                      
Investments                                                     4,430,375                3,599,181
                                                                                                  
CURRENT ASSETS                                                                                    
Debtors                                                            15,103                   24,919
Cash at Bank                                                      553,917                  776,250
                                                                                                  
CREDITORS: Amount                                                                                 
falling due within one year                                        25,683                   75,889
                                                                                                  
TOTAL ASSETS LESS CURRENT                                                                         
LIABILITIES                                                     4,973,712                4,324,461
                                                                                                  
                                                                                                  
CAPITAL AND RESERVES                                                                              
Called up share capital                                            46,000                   46,000
Revaluation reserve                                             2,900,581                2,213,132
Other reserves                                                  1,577,675                1,552,135
Profit and loss account                                           449,456                  513,194
                                                                                                  
SHAREHOLDERS FUNDS                                              4,973,712                4,324,461
                                                 
                                                 
                                        Cash Flow Statement
                                     Year Ended 31st May 2010
                                                 
                                                                     2010                     2009
                                                                                                  
                                                                        £                        £
Net Cash Inflow from operating activities                          72,361                  191,428
                                                                            
Returns on investment and servicing of finance                                                    
     Interest received                                              6,765                   15,902
     Interest paid                                                    (4)                     (75)
     Non-equity dividends paid                                      (350)                    (350)
                                                                            
Net Cash Inflow from returns on investment                                                        
and servicing of finance                                            6,411                   15,477
                                                                            
TAXATION                                                            (488)                 (24,457)
                                                                            
Capital expenditure and financial investment                                                      
     Acquisition of Investments                                 (146,744)                 (80,691)
     Sale proceeds on disposal of Investments                      28,539                   26,874
                                                                            
Net Cash Outflow for capital expenditure                                                          
and financial investment                                        (118,205)                 (53,817)
                                                                                                  
                                                                                                  
Equity dividends paid                                           (182,412)                (182,412)
                                                                                                  
(Decrease) in Cash                                              (222,333)                 (53,781)
                                                                            
                                                                                                  
RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW                       
FROM OPERATING ACTIVITIES                                                   
                                                                     2010                     2009
                                                                        £                        £
Operating profit                                                  112,751                  119,762
Increase in debtors                                                 9,816                   16,273
Increase/(Decrease) in creditors                                 (50,206)                   55,981
                                                                                                  
Net cash inflow from operating activities                          72,361                  192,016
                                                                                                  
RECONCILIATION OF NET CASH FLOW                                                                   
TO MOVEMENT IN NET FUNDS
                                                                                                  
                                                                     2010                     2009
                                                                        £                        £
(Decrease)  in cash in the period                               (222,333)                 (53,781)
                                                                                                  
Change in net funds                                             (222,333)                 (53,781)
                                                                                                  
Net funds at 1 June 2009                                          776,250                  830,031
                                                                                                  
Net funds at 31 May 2010                                          553,917                  776,250
                                                                                                  
ANALYSIS OF CHANGES IN NET FUNDS                                                                  
                                                                                                  
                                          At                                             At
                                       1 June 2009                   Cash flows    31 May 2010
                                                     £                          £                £
Net cash:                                                                                         
Cash in hand and at bank                       776,250                  (222,333)          553,917
                                                                                                  
Net funds                                      776,250                  (222,333)          553,917
                                                                                                  
Ex dividend date                     20th  October                                                
                                 2010
Record date                         22nd  October 2010                                            
Dividend payment date                8th November 2010                                            

                      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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