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Half Year Results for the period to 30 September 2021 & Directorate Change

·6-min read

Walls & Futures REIT PLC (WAFR)
31-Dec-2021 / 10:00 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.

 

31 December 2021

WALLS & FUTURES REIT PLC

 

 ("Walls & Futures" or the "Company")

 

Half Year Results for the period to 30 September 2021

Directorate Change

 

Walls & Futures REIT plc ("WAFR") the Ethical Housing Investor and developer, is pleased to announce its unaudited interim results for the six months to 30 September 2021.

 

Highlights

 

 

Chief Executive's Statement

 

While the defence of the unsolicited offer from Virgata Services was successful, the direct cost has led to charge of approximately £169,000, approximately 85% of the loss for the period.

 

Despite the ongoing economic challenges affecting the property market by Covid-19, 100% of our Specialist Supported Housing rents have been collected.

 

Post the 30 September 2021, we have successfully disposed of our final Private Rental Sector (PRS) property for £662,500 reflecting a premium of 1.9% to its valuation as dated 31 March 2021. The proceeds will be invested into further Specialist Supported Housing projects.

 

We are reviewing several Specialist Supported Housing investment opportunities, and are confident that future projects will, like our existing projects in the sector, make a significant positive impact on both our net asset value and revenue.

 

The design work on our bespoke home for autism is now complete and we are finalising the marketing materials to launch in the New Year.

 

We also announce David White will step down from the board as of the 31 December 2021 to focus on other business interests. We thank him for his efforts and wish him all the best in his new endeavours.

 

We are delighted to welcome Keisha Robinson to the board as of the 1 January 2022. Keisha brings a broad range of complementary skills to the board which will be of great importance as we roll out our bespoke home for autism. Further information regarding Kiesha's appointment are set out below following the half-yearly financial statements

 

Joe McTaggart

Chief Executive

 

Consolidated Income Statement

For the Six-Month Period to 30 September 2021

 

 

6 Months to

30 September
2021

6 Months to

30 September 2020

Year ended

31 March

2021

 

 

£

 

£

£

 

Rent received

  65,063

  79,023

  148,420

Cost of sales

(1,334)

(31,409)

(40,106)

Increase in property values

35,000

-

(35,000)

Other Income

28

27,617

(21,861)

Gross Profit

98,757

75,231

51,453

 

 

 

 

Administrative Expenses

 

*(299,145)

(121,630)

(258,654)

Depreciation

-

(316)

(631)

 

____________

____________

____________

OPERATING PROFIT/(LOSS)

(200,388)

(46,715)

(207,805)

Interest receivable and similar income

-

-

27

Interest payable

(289)

(5,578)

(6,6364)

 

____________

____________

____________

PROFIT/(LOSS) BEFORE TAXATION

(200,677)

(52,293)

(214,169)

Taxation

-

-

-

 

 

 

 

Loss on disposal of fixed assets & depreciation

-

(19,000)

-

 

____________

____________

____________

PROFIT/(LOSS) FOR THE FINANCIAL PERIOD

(200,677)

(71,293)

(214,169)

 

 

 

 

Other comprehensive income

-

176,118

-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

(200,677)

104,825

(214,169)

 

*Includes approx. £169,000 of the Exceptional Expenses directly related to the defense of the Virgata Services unsolicited offer

 

Consolidated Balance Sheet

30 September 2021

 

30 September 2021

30 September 2020

31 March 2021

 

£

£

£

£

£

£

 

 

 

 

 

 

 

 

 

FIXED ASSETS

 

 

 

 

 

 

 

Investment Property

 

3,250,000

 

3,950,316

 

3,215,000

 

 

 

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

 

Cash at Bank

412,472

 

40,313

 

651,357

 

 

Debtors and Prepayments

5,268

 

6,934

 

3,421

 

 

 

 

 

 

 

 

 

 

CREDITORS

 

 

 

 

 

 

 

Amounts falling due within one year

(26,917)

 

(5,189)

 

(25,281)

 

 

 

 

 

 

 

 

 

 

NET CURRENT ASSETS

 

390,823

 

42,058

 

629,497

 

TOTAL ASSETS LESS CURRENT LIABILITIES

 

3,640,823

 

3,992,374

 

3,844,497

 

 

 

 

 

 

 

 

 

Provision for Liabilities

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

Amounts falling due over one year

 

(22,004)

 

(30,000)

 

(25,000)

 

 

 

 

 

 

 

 

 

NET ASSETS

 

3,618,819

 

3,962,374

 

3,819,497

 

 

 

 

 

 

 

 

 

CAPITAL AND RESERVES

 

 

 

 

 

 

 

Called up share capital

 

187,754

 

187,754

 

187,754

 

Share Premium

 

3,505,154

 

3,505,154

 

3,505,154

 

Fair Value Reserve

 

1,223,519

 

934,900

 

1,188,519

 

Retained Earnings

 

(1,297,608)

 

 (665,434)

 

(1, 061,930)

 

 

 

3,618,819

 

3,962,374

 

3,819,497)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Cash Flows

For the Six-Month Period to 30 September 2021

 

30 September

2021

30 September

2020

31 March

2021

 

£

£

£

Cash flows from operating activities

 

 

 

Cash generated from operations

(237,126)

(62,967)

(110,612)

Interest paid

(250)

(5,514)

(6,364)

Net cash from operating activities

(237,376)

(68,481)

(116,976)

 

 

 

 

Cash flows from investing activities

 

 

 

Purchase of investment property

-

-

-

Sale of tangible fixed assets

-

(19,000)

-

Sale of fixed asset investments

-

19,000

-

Sale of investment property

-

655,999

1,316,000

Interest received

-

-

27

Net cash from investing activities

-

655,999

1,316,027

 

 

 

 

Cash flows from financing activities

 

 

 

New loans in year

-

-

30,000

Loan repayments in year

(1,997)

(570,000)

(600,000)

Share issue

-

-

-

Share buyback

-

-

-

Net cash from financing activities

(1,997)

(570,000)

(570,000)

 

 

 

 

Increase/(decrease) in cash and cash equivalents

(239,373)

17,518

629,051

Cash and cash equivalents at beginning of period

651,357

22,306

22,306

Cash and cash equivalents at end of period

411,984

39,824

651,357

 

 

The above figures have not been reviewed by the Company's auditors.

 

Appointment of Director

 

The Company is pleased to announce the appointment with effect from 1 January 2022 of Ms Kiesha Robinson as an Independent Non-Executive Director of the Company.  Ms Robinson will also be appointed Company Secretary after a handover period with the incumbent. 

 

Ms Robinson is an experienced legal and company secretarial practitioner who has spent the last decade working within the inhouse legal teams of Vitol, Reckitt Benckiser, Bank of America Merrill Lynch and Hearst Magazines.  She is currently a Non-Executive Director and Company Secretary of AQSE-quoted SulNox Group plc, a hydrocarbon fuel emulsification specialist focussed on emissions reduction and fuel savings.

 

The Directors of the issuer accept responsibility for the contents of this announcement.

 

For further information, contact:

Walls & Futures REIT PLC                                                 0333 700 7171     

Joe McTaggart, Chief Executive

Website www.wallsandfutures.com

 

Allenby Capital Limited (Corporate Adviser)                               

Nick Harriss/James Reeve     020 3328 5656

 

Disclosure of Information Required Under Rule 4.9 of the AQSE Growth Market Access Rulebook

Kiesha Mae Robinson

Age 34

Ordinary Shares held - Nil

Current Directorships

SulNOx Group plc

Noy Consulting Limited

Former Directorships

Luxury Cleaning Services Limited


ISIN:

GB00BD04QG09

Category Code:

IR

TIDM:

WAFR

LEI Code:

213800CJV93R1FPNT553

Sequence No.:

133894

EQS News ID:

1263924


 

End of Announcement

EQS News Service

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