Stavert Zigomala

LSE : STZ


January 28, 2013 11:37 ET

Half Yearly Report

                                                 
                                       STAVERT ZIGOMALA PLC
                                                 
             INTERIM FINANCIAL STATEMENTS FOR THE HALF YEAR ENDING 30TH NOVEMBER 2012
                                                 
The Directors confirm there has been an increase in Shareholders funds during the period under
review of £534,869 equivalent to an increase of 10.08%.  This compares with increases in the FTSE
100 Index of 10.14% and the FTSE All Share Index of 11.04% during the same period.   However the
Directors consider that there is no directly comparable Index.

Dividend and other income also increased but continue to be affected by constraints in dividends
from the UK banking sector.   The Directors consider that this situation is likely to improve, but
not immediately.

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.    The dividends are covered by profit for the relevant
period, and 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
Rules.
                                            Management
                                                 
There has been no changes in the Directors of the Company.

                                   Income Statement (Unaudited)

                                               6 months ended        6 months ended        Year ended
                                           30th November 2012         30th November     31st May 2012
                                                                               2011                  
                                                                                     
                                                            £                     £                 £
Income from Fixed Assets                                                                             
Investments                                           104,297                94,501           179,218
Administrative Expenses                                25,512                24,994            41,966
                                                                                     
OPERATING PROFIT                                       78,785                69,507           173,252
Profit (Loss) on Disposal of                                                                         
Investments                                           (5,951)                   180               543
Finance Income                                          3,423                 3,370             6,812
Finance Costs                                           (175)                 (175)             (350)
                                                                                                     
Profit on ordinary activities before                                                                 
taxation                                               76,082                72,882           144,257
Taxation on profit on ordinary                                                                       
activities                                                 50                   213               537
                                                                                                     
Profit for the Financial Period                        76,032                72,669           143,720
                                                                                                     
                                                                                                     
Basic and diluted earnings per share                                                                 
(pence)                                                                                              
Earnings per Ordinary Stock Unit                        25.4p                 24.5p             48.1p
Earnings per Deferred Stock Unit                        21.0p                 19.8p             39.6p

           Statement of Comprehensive Income for the half Year Ended 31st November 2012
                                                 
                                                                                                  
                                                              £                £                 £
                                                                                                  
Profit for the period                                    76,032           72,669           143,740
                                                                                                  
Other comprehensive income for the year                                                           
Unrealised (profit)/loss on investments                 566,837        (455,266)         (324,141)
                                                                                                  
Total comprehensive income for the year                                                           
attributable to the shareholders                        642,869          382,597         (180,421)


                            Statement of Financial Position (Unaudited)

FIXED ASSETS                                                £                     £                 £
Investments                                         5,303,432             4,636,270         4,742,596
                                                                                                     
CURRENT ASSETS                                                                                       
Trade and other receivables                             2,041                 3,659             1,651
Cash at Bank                                          586,306               564,242           599,592
                                                      588,347               567,901           601,243
LIABILITIES: Trade and other                                                                         
payables                                               48,080                22,532            35,009
NET CURRENT ASSETS                                    540,267               545,369           566,234
                                                                                                     
                                                                                                     
NET ASSETS                                          5,843,699             5,181,639         5,308,830
                                                                                                     
                                                                                                     
CAPITAL AND RESERVES                                                                                 
Called-up share capital                                46,000                46,000            46,000
Revaluation reserve                                 3,876,685             3,184,724         3,315,849
Other reserves                                      1,595,353             1,600,941         1,601,304
Retained Earnings                                     325,661               349,974           345,677
                                                             
                                                                                                     
                                                                                                     
SHAREHOLDERS' FUNDS                                 5,843,699             5,181,639         5,308,830

                                                                                                     
                                                                                                     
                                                 
                                                 
             Statement of Changes in Equity for the half Year Ended 30th November 2012
                                                 
                  Issued     Revaluation     Capital         Investment     Retained     Total
                  Shared     Reserve         Redemption      Reserve        Earnings     Equity
                  Capital                    Reserve
                  
                         £               £                £              £            £            £
Half year to                                                                                        
30th November
2012
Balance at 1st                                                                                      
June 2012           46,000       3,315,849            2,959      1,598,345      345,677    5,308,830
                                                                                         
Total                                                                                               
comprehensive                                                                                       
income for the                                                                                      
half year                          566,837                                       76,032      642,869
                                                                                                    
Dividends                                                                                           
recognised as                                                                                       
Distributions to                                                                                    
owners                                                                        (108,000)    (108,000)
                                                                                                    
Realised                                                                                            
(losses) gains                                                                                      
transferred to                                                                                      
Investment                                                         (5,951)        5,951         ----
reserve
                                                                                                    
Balance at 30th                                                                                     
November 2012                                                                                       
                    _ ____        ________            _____       ________      _______     ________
                    46,000       3,876,685            2,959      1,592,394      325,661    5,843,699
                                                                                                    
Half year to                                                                                        
30th November
2011
Balances at 1st                                                                                     
June 2011           46,000       3,639,990            2,959      1,597,802      384,912    5,671,663
                                                                                                    
Total                                                                                               
comprehensive                                                                                       
income for the                                                                                      
half year                        (455,266)                                       72,669    (382,597)
                                                                                                    
Dividends                                                                                           
recognised as                                                                                       
Distributions to                                                                                    
owners                                                                        (108,000)    (108,000)
                                                                                                    
Realised gains                                                                                      
transferred to                                                                                      
Investment                                                                                          
reserve                                                                180        (180)         ----
                                                                                                    
Balance  at 30th                                                                                    
November 2011                                                                                       
                     _____        ________            _____       ________      _______     ________
                    46,000       3,184,724            2,959      1,597,982      349,974    5,181,639

Year ended 31st                                                                                     
May 2012                                  
                                                                                                    
Balance at 1st                                                                                      
June 2011           46,000       3,639,990            2,959      1,597,802      384,912    5,671,663
                                                                                                    
Total                                                                                               
comprehensive                                                                                       
income for the                                                                                      
half year                        (324,141)                                      143,720    (180,421)
                                                                                                    
Dividends                                                                                           
recognised as                                                                                       
Distributions to                                                              (182,412)    (182,412)
owners
                                                                                                    
Realised gains                                                                                      
transferred to                                                                                      
Investment                                                                                          
reserve                                                                543        (543)         ----
                                                                                                    
Balance as at                                                                                       
31st May 2012       46,000       3,315,849            2,959      1,598,345      345,677    5,308,830
                                                 

                               Statement of Cash Flows  (Unaudited)

                                                            £                     £                 £
                                                                                                     
Cash flows from operating activities                                                                 
Operating profit for the period                        78,785                72,669           137,252
(Increase)/decrease in debtors                          (390)               (2,030)              (22)
(Decrease)/increase in creditors                       13,071               (8,209)             4,268

                                                                                                     
Net cash from operating activities                     91,466                62,430           141,498
                                                                                   
                                                                                   
                                                                                   
                                                                                                     
Taxation                                                (225)                 (212)             (537)
                                                                                                     
Cash flows from investing activities                                                                 
      Finance income                                    3,423                 3,370             6,812
      Acquisition of investments                        -----                 -----             -----
      Proceeds of disposal of                                                                        
      Investments                                          50                43,327            69,424
                                                                                                     
                                                                                                     
Net cash used in investing activities                   3,473                46,697            76,236
Cash flows from financing activities                                                                 
Finance costs                                           -----                 -----             (350)
                                                             
                                                                                                     
                                                                                                     
Equity dividends paid                               (108,000)             (108,000)         (182,412)
Net decrease in cash and cash                                                                        
equivalents                                          (13,286)              (13,286)            34,435
Cash and cash equivalents at period                                                                  
commencement                                          599,592               565,157           565,157
Cash and cash equivalents at period end                                                              
                                                      586,306               564,242           599,592

                                                 
                                       Notes to the Accounts
                             For the half year ended 30th November 2012
                                                 
1       Stavert Zigomala plc is a company domiciled in the United Kingdom.

        The financial statements of the Company as at 31st May 2012 are available on request from
        the Company's registered office at 15 Byrom Street, PO Box 233, Manchester M60  1QP.

2.      These interim financial statements have been prepared in accordance with the accounting
        policies as disclosed in Stavert Zigomala Plc's Financial Statements as at 31st May 2012

        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 not qualified and did not contain a statement
        under section 498  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 2012.

        These interim financial statements are the responsibility of the Directors and were
        approved by the Board on 25th January 2013.

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.

        Directors
        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
        £76,032 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 2012 the taxation liability which would arise would not exceed
        £730,000, 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 4th March 2013 to the relevant holders registered on 15th February
        2013 (record date). The ex dividend date is 13th February 2013.

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