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Walls & Futures REIT PLC: Half Year Results for the period to 30 September 2022

Walls & Futures REIT PLC (WAFR)
Walls & Futures REIT PLC: Half Year Results for the period to 30 September 2022
30-Dec-2022 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information in accordance with the Market Abuse Regulation (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.

 

30 December 2022

WALLS & FUTURES REIT PLC

 

 (“Walls & Futures” or the “Company”)

 

Half Year Results for the period to 30 September 2022

 

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 2022.

 

Highlights

 

  • Net Asset Value (NAV) down 0.5% to 97.5p per share (31 March 2022 - 98p per share)

  • 100% of Specialist Supported Housing rents collected

  • Loss of £36,749

  • Welcome new strategic investor, Vengrove

 

Chief Executive’s Statement

 

Pax Homes have been well received in the market and we are in active discussions with a number of local authorities, charities and housing associations to build out the first developments in Dorset, Kent and Norfolk.

 

The last three months of the year has seen an increase in borrowing costs and a softening in the residential property market. However, this has had the effect of bringing more suitable sites to the market which will enable us to engage with new local authorities and partners in Yorkshire, Midlands and East of England.

 

During 2022 we have had discussions with a number of investors who we could work in concert with to support the growth of the company. We were delighted to announce on the 23 December 2022 that Vengrove, a real estate investment and advisory firm had acquired 250,000 ordinary shares (approx. 6.66%) in the Company.

 

We look forward to working with them in 2023 and will be writing to shareholders early next year to outline our plans.

 

 

Joe McTaggart

Chief Executive

 

 

 

 

 

 

Consolidated Income Statement

For the Six-Month Period to 30 September 2022

 

 

6 Months to

30 September
2022

6 Months to

30 September 2021

Year ended

31 March

2022

 

 

£

 

£

£

 

Rent received

  57,699

  65,063

  93,455

Cost of sales

-

(1,334)

(1,549)

Gross Profit

57,699

63,729

91,906

 

 

 

 

Increase in property values

-

35,000

185,000

Other Income

332

28

12,500

Administrative Expenses

 

(94,334)

(130,351)

(242,474)

Depreciation

-

-

-

 

____________

____________

____________

OPERATING PROFIT/(LOSS)

(36,303)

(31,594)

(46,932)

Exceptional item

-

(168,794)

(168,794)

Interest receivable and similar income

-

-

61

Interest payable

(383)

(289)

(478)

 

____________

____________

____________

PROFIT/(LOSS) BEFORE TAXATION

(36,686)

(200,677)

(122,279)

Taxation

63

-

17

 

 

 

 

Loss on disposal of fixed assets & depreciation

-

-

-

 

____________

____________

____________

PROFIT/(LOSS) FOR THE FINANCIAL PERIOD

(36,749)

(200,677)

(122,296)

 

 

 

 

Other comprehensive income

-

-

-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

(36,749)

(200,677)

(122,296)

 

 

Consolidated Balance Sheet

30 September 2022

 

30 September 2022

30 September 2021

31 March 2022

 

£

£

£

£

£

£

 

 

 

 

 

 

 

 

 

FIXED ASSETS

 

 

 

 

 

 

 

Investment Property

 

2,750,000

 

3,250,000

 

2,750,000

 

 

 

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

 

Cash at Bank

829,352

 

412,472

 

949,249

 

 

Debtors and Prepayments

117,350

 

5,268

 

42,107

 

 

 

 

 

 

 

 

 

 

CREDITORS

 

 

 

 

 

 

 

Amounts falling due within one year

(20,248)

 

(26,917)

 

(25,155)

 

 

 

 

 

 

 

 

 

 

NET CURRENT ASSETS

 

926,454

 

390,823

 

966,201

 

TOTAL ASSETS LESS CURRENT LIABILITIES

 

3,676,454

 

3,640,823

 

3,716,201

 

 

 

 

 

 

 

 

 

Provision for Liabilities

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

Amounts falling due over one year

 

(16,000)

 

(22,004)

 

(19,000)

 

 

 

 

 

 

 

 

 

NET ASSETS

 

3,660,454

 

3,618,819

 

3,697,201

 

 

 

 

 

 

 

 

 

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

 

1,416,019

 

1,223,519

 

1,416,019

 

Retained Earnings

 

(1,448,473)

 

(1,297,608)

 

(1,411,726)

 

 

 

3,660,454

 

3,618,819

 

3,697,201

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Cash Flows

For the Six-Month Period to 30 September 2022

 

30 September

2022

30 September

2021

31 March

2022

 

£

£

£

Cash flows from operating activities

 

 

 

Cash generated from operations

(116,928)

(237,126)

(359,185)

Interest paid

(301)

(250)

(478)

Tax paid

-

-

(6)

Net cash from operating activities

(117,229)

(237,376)

(359,669)

 

 

 

 

Cash flows from investing activities

 

 

 

Purchase of investment property

-

-

-

Sale of tangible fixed assets

-

-

-

Sale of fixed asset investments

-

-

12,500

Sale of investment property

-

-

650,000

Interest received

332

-

61

Net cash from investing activities

332

-

662,561

 

 

 

 

Cash flows from financing activities

 

 

 

New loans in year

-

-

-

Loan repayments in year

(3,000)

(1,997)

(5,000)

Share issue

-

-

-

Share buyback

-

-

-

Net cash from financing activities

(3,000)

(1,997)

(5,000)

 

 

 

 

Increase/(decrease) in cash and cash equivalents

(119,897)

(239,373)

297,892

Cash and cash equivalents at beginning of period

949,249

651,357

651,357

Cash and cash equivalents at end of period

829,352

411,984

949,249

 

 

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

 

 

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

 


ISIN:

GB00BD04QG09

Category Code:

IR

TIDM:

WAFR

LEI Code:

213800CJV93R1FPNT553

Sequence No.:

212157

EQS News ID:

1523833


 

End of Announcement

EQS News Service

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