Stavert Zigomala
LSE : STZ

January 27, 2012 06:10 ET

Interim Management Statement

                                                 
                                       STAVERT ZIGOMALA PLC
                                                 
               INTERIM MANAGEMENT REPORT FOR THE HALF YEAR ENDING 30TH NOVEMBER 2011
                                                 
The Directors confirm there has been a decrease in Shareholders funds during the period under
review of £490,024 equivalent to a decrease of 8.65%.  This compares with decreases in the FTSE
100 Index of 8.09%and the FTSE All Share Index of 9.14% during the same period.   However the
Directors consider that there is no directly comparable Index.

Dividend and other income was a little better than the comparable period in the previous year but
remains subdued because of constraints 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
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 2011         30th November     31st May 2011
                                                                               2010                  
                                                                                     
                                                            £                     £                 £
Income from Fixed Assets                                                                             
Investments                                            94,501                85,186           158,193
Administrative Expenses                                24,994                22,641            46,001
                                                                                     
OPERATAING PROFIT                                                            62,545           112,192
Profit on Disposal of Investments                         180                37,792            23,086
Finance Income                                          3,370                 3,537             6,701
Finance Costs                                           (175)                 -----             (350)
                                                                                                     
Profit on ordinary activities before                                                                 
taxation                                               72,882               103,699           141,629
Taxation on profit on ordinary                            213                 7,586               675
activities                                                   
                                                                                                     
Profit for the Financial Period                        72,669                96,113           140,954
                                                                                                     
                                                                                                     
Basic and diluted earnings per share                                                                 
(pence)                                                                                              
Earnings per Ordinary Stock Unit                        24.5p                 32.2p             47.2p
Earnings per Deferred Stock Unit                        19.8p                 26.4p             38.9p


                            Statement of Financial Position (Unaudited)

FIXED ASSETS                                                £                     £                 £
Investments                                         4,636,270             4,794,166         5,135,618
                                                                                                     
CURRENT ASSETS                                                                                       
Debtors                                                 3,659                26,080             1,629
Cash at Bank                                          564,242               536,593           565,157
                                                      567,901               562,673           566,786
LIABILITIES: Trade and other                                                                         
payables                                               22,532                24,521            30,741
NET CURRENT ASSETS                                    545,369               538,152           536,045
                                                                                                     
                                                                                                     
NET ASSETS                                          5,181,639             5,332,318         5,671,663
                                                                                                     
                                                                                                     
CAPITAL AND RESERVES                                                                                 
Called-up share capital                                46,000                46,000            46,000
Revaluation reserve                                 3,184,724             3,262,036         3,639,990
Other reserves                                      1,600,941             1,615,467         1,600,761
Retained Earnings                                     349,974               400,806           384,912
                                                             
                                                                                                     
                                                                                                     
SHAREHOLDERS' FUNDS                                 5,181,639             5,332,318         5,671,663

                                                                                                     

                               Statement of Cash Flows  (Unaudited)

                                                            £                     £                 £
                                                                                                     
Cash flows from operating activities                                                                 
Operating profit for the period                        72,669                62,545           112,192
(Increase)/decrease in debtors                        (2,030)              (10,977)            13,474
(Decrease)/increase in creditors                      (8,209)               (1,062)             5,058

                                                                                                     
Net cash from operating activities                     62,430                50,506           130,724
                                                                                   
                                                                                   
                                                                                   
                                                                                                     
Taxation                                                (212)                ------             (675)
                                                                                                     
Cash flows from investing activities                                                                 
      Finance income                                    3,370                 3,537             6,701
      Acquisition of investments                        -----              (16,000)          (16,000)
      Proceeds of disposal of                                                                        
      Investments                                      43,327                52,633          (73,252)
                                                                                                     
                                                                                                     
Net cash used in investing activities                (46,697)              (40,170)          (63,953)
Cash flows from financing activities                                                                 
Finance costs                                           -----                 -----             (350)
                                                             
                                                                                                     
                                                                                                     
Equity dividends paid                               (108,000)             (108,000)         (182,412)
Net decrease in cash and cash                                                                        
equivalents                                             (915)              (17,324)          (11,240)
Cash and cash equivalents at period                                                                  
commencement                                          565,157               553,197           553,917
Cash and cash equivalents at period end                                                              
                                                      562,242               536,593           565,157

                                                 
                                       Notes to the Accounts
                             For the half year ended 30th November 2011
                                                 
1       Stavert Zigomala plc is a company domiciled in the United Kingdom.

        The financial statements of the Company as at 31st May 2011 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 accounting
        policies as disclosed in Stavert Zigomala Plc's Annual Report of March 2011

        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 2011.

        These interim financial statements are the responsibility of the Directors and were
        approved by the Board on 26th January 2012.

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
        £72,669 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 2011 the taxation liability which would arise would not exceed
        £615,000, 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 5th March 2012 to the relevant holders registered on 17th February
        2012 (record date). The ex dividend date is 15th February 2012.

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