TIDMHSM
RNS Number : 2561H
Heath(Samuel) & Sons PLC
12 July 2012
HEATH (Samuel) & SONS PLC
12th JULY 2012
PRELIMINARY RESULTS FOR THE YEAR ENDED 31ST MARCH 2012
CHAIRMAN'S STATEMENT
I have pleasure in reporting an increased profit before tax for
the year of GBP632,000 (2011: GBP550,000) on sales of GBP9,782,000
down 0.5% on last year.
Had I been writing this report at the end of January, and not
after the end of March, it would have been very different and the
results much more in line with my forecasts at the time of the
interim report.
It was to the great credit of our sales and marketing team that
they obtained every order available to us throughout the world in
far from easy trading climates. It was equally to the credit of
those on the manufacturing side of the business that they were able
to respond to the increased, and it has to be said rather
unexpected, demand when it did come towards the end of the trading
year.
The future, as so often these days, is extremely difficult to
assess. Because there is no clear pattern to the increased business
we have experienced in the last few months, we have again budgeted
cautiously. We have taken into account the turmoil in some of our
markets around the world, not the least being the uncertainties in
the U.K. one, still our largest.
Our net assets remain strong amounting to GBP5,246,000 (2011:
GBP6,350,000). We therefore propose a same again final dividend of
6.25p per share, making a total of 11.75p for the year.
Sam Heath
Chairman
11(th) July 2012
For further information:
Samuel Heath & Sons Plc
John Park - Company Secretary 0121 772 2303
Zeus Capital Limited 0161 831 1512
Ross Andrews/Nick Cowles
CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31 MARCH
2012
Note 2012 2011
GBP000 GBP000
Continuing operations
Revenue 9,782 9,832
Cost of sales (4,936) (4,990)
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Gross profit 4,846 4,842
Distribution costs (2,840) (2,987)
Administrative expenses (1,450) (1,371)
Operating profit 556 484
Gain on sale of financial assets 16 51
Finance income 594 606
Finance costs (534) (591)
Profit before taxation 632 550
Taxation 4 (117) (127)
Profit for the year 515 423
======= =======
Basic and diluted earnings per
ordinary share 6 20.3p 16.7p
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
2012 2011
GBP000 GBP000
Profit for year 515 423
Actuarial (loss)/gain on defined
benefit pension scheme (1,712) 345
Deferred taxation on actuarial
loss/gain 365 (114)
Gain/(loss) on available for sale
financial assets 28 (45)
Cash flow hedges (2) 2
Other comprehensive income (1,321) 188
Total comprehensive income for
the year (806) 611
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 31 MARCH
2012
2012 2011GBP000
GBP000
Non current assets
Intangible assets 260 207
Property, plant and equipment 1,948 2,135
Deferred tax asset 696 411
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2,904 2,753
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Current assets
Inventories 2,615 2,547
Trade and other receivables 1,873 1,903
Derivative financial instruments - 2
Available for sale financial
assets 1,540 1,505
Cash and cash equivalents 477 553
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Total current assets 6,505 6,510
Total assets 9,409 9,263
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Current liabilities
Trade and other payables (1,092) (1,167)
Current tax payable (62) (87)
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Total current liabilities (1,154) (1,254)
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Non current liabilities
Retirement benefit scheme (2,901) (1,521)
Deferred tax liability (108) (138)
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Total non current liabilities (3,009) (1,659)
Total liabilities (4,163) (2,913)
Net assets 5,246 6,350
======= ==========
Equity
Called up share capital 254 254
Capital redemption reserve 109 109
Retained earnings 4,883 5,987
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Equity shareholders' funds 5,246 6,350
======= ==========
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED
31 MARCH 2012
Share Capital Retained Total
capital redemption earnings Equity
reserve
GBP000 GBP000 GBP000 GBP000
Balance at 31st March 2010 254 109 5,674 6,037
Equity dividends paid - - (298) (298)
Profit for year - - 423 423
Other comprehensive income
for the year - - 188 188
Balance at 31st March 2011 254 109 5,987 6,350
Equity dividends paid - - (298) (298)
Profit for year - - 515 515
Other comprehensive income
for the year - - (1,321) (1,321)
Balance at 31st March 2012 254 109 4,883 5,246
CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 MARCH
2012
Note 2012 2011
GBP000 GBP000
Net cash inflow from operating activities 7 390 357
Cash flow from investing activities
Purchases of property, plant and equipment (235) (319)
Proceeds from sale of property, plant and
equipment 46 6
Purchase of intangible assets (60) (42)
Purchase of available for sale financial
assets (465) (602)
Proceeds from sale of available for sale
financial assets 474 302
Interest received 72 79
Net cash outflow from investing activities (168) (576)
Net cash outflow from financing activities
Equity dividends paid 5 (298) (298)
Net cash outflow from financing activities (298) (298)
Decrease in cash and cash equivalents (76) (517)
Cash and cash equivalents at beginning
of period 553 1,070
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Cash and cash equivalents at end of period 477 553
====== ======
1 Adoption of new and revised Standards
The Group has adopted all of the new and revised Standards and
Interpretations issued by the International Accounting Standards
Board (IASB) and the International Financial Reporting
Interpretations Committee (IFRIC) of the IASB that are relevant to
its operations and effective for accounting periods beginning on
1st April 2011. The adoption of the following IFRSs has not
impacted upon the financial statements:
Amendment to IAS 24 - Related Party Disclosures
Amendment to IFRIC 14 - Payments of a minimum funding
requirement
IFRIC 19 - Extinguishing Financial liabilities with Equity
Instruments
Improvements to IFRS 2010
At the date of authorisation of these financial statements, the
following Standards and Interpretations which have not been applied
in these financial statements were in issue but not yet
effective:
Amendments to IFRS 7 - Financial Instrument Disclosures
IFRS 9 - Financial Instruments
IFRS 10 - Consolidated Financial Statements
IFRS 11 - Joint Arrangements
IFRS 12 - Disclosure of Interest in Other Entities
IFRS 13 - Fair Value Measurement
IAS 19 - Employee Benefits
IAS 12 - Deferred Tax
Amendments to IAS 1 - Presentation of Items of Other
Comprehensive Income
Amendments to IAS 32 - Financial Instruments Presentation
Improvements to IFRS 2011
2 Accounting policies
Basis of preparation of preliminary financial information
The financial statements, upon which this financial information
is based, have been prepared using accounting policies consistent
with International Financial Reporting Standards (IFRS).
This financial information does not constitute the Company's
statutory accounts as defined in Section 434 of the Companies Act
2006 and has been prepared on the basis of the accounting policies
set out in the financial statements for the year ended 31 March
2012. Statutory accounts for 2011 have been delivered to the
Registrar of Companies, and those for 2012 will be delivered in due
course following the company's Annual General Meeting. The auditors
have reported on the 2011 accounts and their report was
unqualified, did not include references to any matters by way of
emphasis without qualifying their report and did not contain
statements under Section 498 (2) or (3) of the Companies Act
2006.
The Annual Report and Financial Statements will be posted to
shareholders shortly and thereafter will be available from the
Company's registered office, and from the Company's website
www.samuel-heath.com.
The financial statements have been prepared under the historical
cost basis except for the valuation of Available for Sale Assets
which have been revalued to market value.
3 Critical accounting and key sources of estimation
Critical judgements in applying the entity's accounting
policies
In the process of applying the entity's accounting policies,
which are described above, the directors have made the following
judgements that have the most significant effect on the amounts
recognised in the financial statements.
Income taxes
The Group is subject to income taxes in the United Kingdom.
Judgment is required in determining the provision for income taxes.
There are many transactions and calculations for which the ultimate
tax determination is uncertain during the ordinary course of
business. The Group recognises liabilities for anticipated tax
audit issues based on estimates of whether additional taxes will be
due. Where the final tax outcome of these matters is different from
the amounts that were initially recorded, such differences will
impact the income tax and deferred tax provisions in the period in
which such determination is made.
The recoverable amounts of the Group's deferred tax assets have
been determined based on the Board's estimates of future taxable
profits and income and tax rates.
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources
of estimation uncertainty at the balance sheet date, that have a
significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year,
are discussed below.
Valuation of intangible assets
Intangible assets are initially valued at their cost and then
evaluated periodically for impairment. For purposes of valuation an
intangible asset is considered impaired if its carrying value is
less than the expected net cash flow from the asset.
Valuation of inventories
Determining the valuation of inventories requires an estimation
of the obsolescence provision required to write down items to their
realisable value.
Retirement benefit scheme deficit
The valuation of expected returns on assets and the present
value of the liabilities of the scheme are determined by
assumptions and estimates made by the directors based on the
current information to hand. Therefore amounts are open to
fluctuations in the future due to unforeseen changes or additional
factors that come to light following the year end.
4. Income taxes
2012 2011
GBP000 GBP000
Current taxes 67 112
Deferred taxes 50 15
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Total income taxes 117 127
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Corporation tax is calculated at 26% (2011: 28%) of the
estimated assessable profit for the year.
Tax rate reconciliation
2012 2011
GBP000 GBP000
Profit for the year 632 550
-------- ---------
Corporation tax charge thereon at 26% (2011:
28%) 164 154
Adjusted for the effects of:
Depreciation in excess of capital allowances 13 11
Marginal relief (20) (19)
Prior year adjustments 1 18
Research and development claim (16) (9)
Capitalisation of research and development
expenditure (16) (12)
Loan relationships 10 (9)
Other adjustments (19) (7)
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Total income taxes 117 127
-------- ---------
Effective tax rate 18.5% 23.1%
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5. Dividends
2012 2011
GBP 000 GBP 000
Final dividend for the year ended 31st March
2011 of 6.25 pence per share (2010: 6.25
pence per share) 158 158
Interim dividend for the year ended 31st
March 2012 of 5.50 pence per share (2011:
5.50 pence per share) 140 140
298 298
In addition to the dividends paid during the year the directors
are recommending a final dividend for 2012 of 6.25 pence per share
amounting to GBP158,000. The proposed final dividend is subject to
approval at the Annual General Meeting (see note 8) and has not
been included as a liability in these accounts.
6. Earnings per share
The basic and diluted earnings per share are calculated by
dividing the relevant profit after taxation of GBP515,000 (2011:
GBP423,000) by the average number of ordinary shares in issue
during the year being 2,534,322 (2011: 2,534,322). The number of
shares used in the calculation is the same for both basic and
diluted earnings.
7. Notes to the cash flow statement
2012 2011
GBP000 GBP000
Operating profit 556 484
Depreciation, amortisation and impairment 411 428
Gain on disposal of property, plant and equipment (29) (3)
Operating cash flows before movements in
working capital 938 909
Increase in inventories (68) (142)
Decrease/(increase) in receivables 37 (254)
(Decrease)/increase in payables (74) 236
Pension contributions (350) (255)
Cash generated by operations 483 494
Income tax paid (93) (137)
Net cash flow from operating activities 390 357
====== ======
Cash and cash equivalents (which are presented as a single class
of assets on the face of the Statement of Financial Position)
comprise cash at bank and other short-term highly liquid
investments with a maturity of three months or less.
8. Notice of annual general meeting
Notice is hereby given that the 2012 Annual General Meeting of
the Company will be held at the registered office of the Company,
Leopold Street, Birmingham, on 17(th) August 2012 at 12.00 noon.
The final Ordinary Share dividend of 6.25 pence, if approved, will
be payable on 24th August 2012 to ordinary shareholders registered
at close of business on 3rd August 2012.
This information is provided by RNS
The company news service from the London Stock Exchange
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