Stavert Zigomala

January 28, 2011 05:57 ET

Half year report

                                       STAVERT ZIGOMALA PLC
The Directors confirm there has been an increase in Shareholders funds during the period under
review of £358,606 equivalent to an increase of 7.21%.  This compares with increases in the FTSE
100 Index of 6.55% and the FTSE All Share Index of 7.05% during the same period.   However the
Directors consider that there is no directly comparable Index.

Dividend income was broadly similar to the comparable period in the previous year and remains flat
due to the continued reduction in dividends from the UK banking sector.   The Directors do not
consider that this situation is likely to improve in the near future.

Your Directors have decided to declare an interim dividend for the ordinary stock units of 25p,
the same rate as for commensurate period last year.  The deferred stock accordingly will also
receive the same dividend as last year.    Although not covered by profit for the relevant period,
the Company has considerable reserves of Retained Earnings available for payment of dividends.

                                      Risks and Uncertainties
The principal risks and uncertainties facing the Company relate to the general performance of the
UK stock market and our inability to dispose of securities in order to comply with the Listing
There has been no changes in the Directors of the Company.

                                   Income Statement (Unaudited)

                                               6 months ended        6 months ended        Year ended
                                           30th November 2010         30th November     31st May 2010
                                                            £                     £                 £
Income from Fixed Assets                                                                             
Investments                                            85,186                84,712           153,917
Administrative Expenses                                22,641                21,230            41,166
OPERATAING PROFIT                                      62,545                63,482           112,751
Profit on Disposal of Investments                      37,792                 -----            25,540
Finance Income                                          3,537                 2,877             6,765
Finance Costs                                           (175)                                   (354)
Profit before taxation                                103,699                66,359           144,702
Taxation                                                7,586                 -----               488
Profit for the Financial Period                        96,113                66,359           144,214
attributable to the Shareholders                                                                     

Earnings per Ordinary Stock Unit                        32.2p                 22.3p             48.3p
Earnings per Deferred Stock Unit                        26.4p                 18.1p             39.7p

                            Statement of Financial Position (Unaudited)

NON-CURRENT ASSETS                                          £                     £                 £
Investments                                         4,794,166             4,325,687         4,430,375
CURRENT ASSETS                                                                                       
Trade and Other Receivables                            26,080                 3,899            15,103
Cash and Cash Equivalents                             536,593               710,158           553,917
                                                      562,673               713,057           569,020
LIABILITIES: Trade and other                                                                         
payables                                               24,521                24,329            25,683
NET CURRENT ASSETS                                    538,152               688,728           543,337
NET ASSETS                                          5,332,318             5,015,415         4,973,712
CAPITAL AND RESERVES                                                                                 
Called-up share capital                                46,000                46,000            46,000
Revaluation reserve                                 3,262,036             2,837,728         2,900,581
Other reserves                                      1,615,467             1,552,134         1,577,675
Retained Earnings                                     400,806               579,553           449,456
SHAREHOLDERS' FUNDS                                 5,332,318             5,015,415         4,973,712


                               Statement of Cash Flows  (Unaudited)

                                                            £                     £                 £
Cash flows from operating activities                                                                 
Operating profit for the year                          62,545                62,545           112,751
(Increase)/decrease in debtors                       (10,977)              (18,768)             9,816
(Decrease)/increase in creditors                      (1,062)              (10,659)          (50,206)

Net cash from operating activities                     50,506                33,118            72,361
Taxation                                               ------                ------             (488)
Cash flows from investing activities                                                                 
      Finance income                                    3,537                 2,887             6,675
      Acquisition of investments                     (16,000)             (102,097)         (146,744)
      Proceeds of disposal of                                                                        
      Investments                                      52,633                 -----          (28,539)
Net cash used in investing activities                  40,170              (99,210)         (111,440)
Cash flows from financing activities                                                                 
Finance costs                                           -----                 -----             (354)
Equity dividends paid                               (108,000)                 -----         (182,412)
Net decrease in cash and cash                                                                        
equivalents                                          (17,324)              (66,092)         (222,333)
Cash and cash equivalents at 1 June                                                                  
2010                                                  553,197               776,250           776,250
Cash and cash equivalents at                                                                         
                                                      536,593               710,158           553,917

                                       Notes to the Accounts
                             For the half year ended 30th November 2010
1       Stavert Zigomala plc is a company domiciled in the United Kingdom.  The interim financial
        statements of the Company as at 30th September 2010 comprise the Company.

        The financial statements of the Company as at 31st May 2010 are available on request from
        the Company's registered off at Artillery House, 15 Byrom Street, Manchester M3 4PF.

2.      These interim financial statements have been prepared in accordance with the Disclosure
        and Transparency Rules of the UK Financial Services Authority and in accordance with
        International Financial Reporting Standard IAS 34 as adopted by the EU.  The accounting
        policies applied are consistent with those adopted in the 2010 Annual Report.

        These financial statements have not been audited nor reviewed by the auditors, and do not
        include all the information required for full annual financial statements.    Those
        accounts have been reported on by the Company's auditors and delivered to the Registrar of
        Companies.  The report of the auditors was (i) unqualified, (ii) did not include reference
        to any matters to which the auditors drew attention by way of emphasis without qualifying
        their report, and (iii) did not contain a statement under section 498(2) or (3) of the
        Companies Act 2006.

        The preparation of interim financial statements requires management to make judgments,
        estimates and assumptions that affect the application of accounting policies and the
        reported amount of assets and liabilities, income and expenses.  Actual results may differ
        from these estimates.  In preparing these interim financial statements, the significant
        judgments made by management in applying the Company's accounting policies were the same
        as those that applied to the financial statements for the year ended 31 May 2010.

        These interim financial statements are the responsibility of the Directors and were
        approved by the Board on 26th January 2011.

3.      The Directors named below confirm, to the best of their knowledge, that this set of
        interim financial statements has been prepared in accordance with IAS 34 as adopted by the
        European Union and that the Interim Management Report includes a fair review of the
        information required by Sections 4.2.7 and 4.2.8 of the Disclosure and Transparency Rules
        of the United Kingdom Financial Services Authority.

        E. N. Cooper - Chairman
        A. C Sullivan - Non-Executive Director

4.      The earnings per Stock Unit have been based on the profits attributable to shareholders of
        £96,113 apportioned between the 200,000 Ordinary Stock Units and the 120,000 Deferred
        Stock Units in issue, in accordance with the provisions of the Company's Articles relating
        to the division of profits between the two classes of Stock.

5.      The Directors estimate that if all the Company's investments were to be realised at their
        bid values at 30th November 2010 the taxation liability which would arise would not exceed
        £630,903, and for which no provision has been made.

By Order of the Board
                                      Shareholder Information
1.      The dividend of 8.75p per share on £1 8 3/4% Cumulative Redeemable Preference
        Shares, and interim dividends of 25p per Ordinary Stock Unit and 20.34p per Deferred Stock
        Unit will be paid on 7th  March 2011 to the relevant holders registered on 18th  February
        2011 (record date). The ex dividend date is 16th  February 2011.

2.      This interim report is being to posted to shareholders and copies are available from the
                         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

Contact Information

  • Stavert Zigomala