TIDMPMS
RNS Number : 3444D
Palmaris Capital PLC
01 December 2009
1 December 2009
Palmaris Capital Plc
("Palmaris" or the "Company")
Audited Results for Year Ended 30 June 2009
and Notice of AGM
The Board of Palmaris, the investment company with interests in coal mining, is
pleased to present its audited results for the year ended 30 June 2009.
Key points include:
* Increase in valuation of Palmaris's holding in Scottish Resources Group by 10%
to GBP14.17m
* Net assets increase 8.6% to 9.3p per share
+---------------------------------------------+---------------------------------------------+
| For further information contact: | |
+---------------------------------------------+---------------------------------------------+
| Palmaris Capital plc | 07799 657 553 |
| Greg Melgaard (Managing Director) | |
+---------------------------------------------+---------------------------------------------+
| Noble & Company Limited | 020 7763 2200 |
| John Llewellyn-Lloyd | |
+---------------------------------------------+---------------------------------------------+
| Harry Stockdale | |
+---------------------------------------------+---------------------------------------------+
Chairman's Statement
Results
The net cost of operating the company for the year resulted in a loss of
GBP136,000, as compared with GBP123,000 the previous year. The difference was
due to a reduction in interest receivable.
Our remaining investment is in Scottish Resources Group Ltd. ("SRG"), the main
Scottish opencast coal operator with significant development land potential.
Based on the information available to them of the position of SRG, the Directors
have increased their valuation of the SRG shares from GBP2 to GBP2.20 per share.
The effect of this increase is to increase the valuation of the investment from
GBP12.88M to GBP14.17M. This increases our net assets to GBP14.5M or 9.3p per
ordinary share.
Scottish Resources Group
As reported in our Interim Results to 31 December 2008, the SRG audited accounts
for
the year ended March 2008 were published in January 2009, reporting a profit
after tax of GBP2.34M compared with a restated profit after tax in the previous
year of GBP1.86M.
In the accounts to March 2008, SRG stated that new sales contracts had been
negotiated
at improved prices and the first effects of these increased prices would be felt
in the year ended March 2010. It is expected that the results for the year to
March 2009 will show a loss but increased sales prices, combined with the
intended increase in sales tonnages, should produce a very substantial profit in
the current year. Management accounts for the current year confirm this trend.
At present the spot prices for coal are lower than the contracted prices which
are being reflected in SRG's results for the current year. This creates a
probability that the prices which are likely to be achieved for sales in the
year to March 2011 will be lower than the current year.
In addition to the coal production side of the business, the SRG Estates
division has contributed in the past to the profitability of the group through
various land disposals. Although 2009 has been a difficult year for the world
economy, and commercial property in particular, it is expected that the sites
capable of being developed by SRG will be progressed as the economy improves.
Even in this difficult financial climate, SRG has been able to put appropriate
facilities in place relating to its overdraft and long term banking loan. The
profitability in the current
year is allowing debt to be reduced.
In the summer of 2008, SRG appointed a new chief executive and estates director,
with the experience required to take the business forward. Their input has
already had a beneficial effect.
Conclusion
As the economic situation improves further, SRG will be well placed to
consolidate its position in the coal market and maximise its property assets.
The increased profitability should ensure an increase in the value of SRG and
its future marketability.
Timothy Noble
Chairman
30 November 2009
PROFIT AND LOSS ACCOUNT
for the year ended 30 June 2009
+----------------+---------------------+------------+-----------+------------+
| | | | 2009 | 2008 |
+----------------+---------------------+------------+-----------+------------+
| | | NOTES | GBP | GBP |
+----------------+---------------------+------------+-----------+------------+
| Turnover | | | - | - |
+----------------+---------------------+------------+-----------+------------+
| Cost of | | | - | - |
| Sales | | | | |
+----------------+---------------------+------------+-----------+------------+
| Gross | | | - | - |
| Profit | | | | |
+----------------+---------------------+------------+-----------+------------+
| Administrative | | | (165,332) | (169,724) |
| expenses | | | | |
+----------------+---------------------+------------+-----------+------------+
| Operating | | 4 | (165,332) | (169,724) |
| loss | | | | |
+----------------+---------------------+------------+-----------+------------+
| Investment | | 3 | 29,169 | 46,403 |
| and other | | | | |
| income | | | | |
+----------------+---------------------+------------+-----------+------------+
| (Loss) | | | (136,163) | (123,321) |
| on | | | | |
| ordinary | | | | |
| activities | | | | |
| before | | | | |
| interest | | | | |
| payable | | | | |
+----------------+---------------------+------------+-----------+------------+
| | | | | |
+----------------+---------------------+------------+-----------+------------+
| Interest | | | - | - |
| payable | | | | |
+----------------+---------------------+------------+-----------+------------+
| (Loss) | | 2 | (136,163) | (123,321) |
| on | | | | |
| ordinary | | | | |
| activities | | | | |
| before | | | | |
| taxation | | | | |
+----------------+---------------------+------------+-----------+------------+
| Taxation | | 6 | - | - |
| on | | | | |
| (loss) | | | | |
| on | | | | |
| ordinary | | | | |
| activities | | | | |
+----------------+---------------------+------------+-----------+------------+
| (Loss) | | | (136,163) | (123,321) |
| on | | | | |
| ordinary | | | | |
| activities | | | | |
| after | | | | |
| taxation | | | | |
+----------------+---------------------+------------+-----------+------------+
| (Loss) | | 12 | (136,163) | (123,321) |
| for the | | | | |
| financial | | | | |
| year | | | | |
+----------------+---------------------+------------+-----------+------------+
The reported (loss) on ordinary activities before taxation equates to the
historical cost (loss) on ordinary activities before taxation.
None of the company's activities were acquired or discontinued during the above
two financial years.
+----------+--------+---------+---------+
| Earnings | | | |
| per | | | |
| ordinary | | | |
| share | | | |
+----------+--------+---------+---------+
| (Loss) | 7 | | |
| per | | (0.09)p | (0.08)p |
| ordinary | | | |
| share | | | |
+----------+--------+---------+---------+
| Net | | | |
| assets | | | |
| per | | | |
| share | | | |
+----------+--------+---------+---------+
| Net | | 9.3p | |
| assets | | | 8.56p |
| per | | | |
| ordinary | | | |
| share | | | |
+----------+--------+---------+---------+
BALANCE SHEET
As at 30 June 2009
+---------------+--------+-------------+-------------+
| | | 2009 | 2008 |
+---------------+--------+-------------+-------------+
| | NOTES | GBP | GBP |
+---------------+--------+-------------+-------------+
| Fixed | | | |
| assets | | | |
+---------------+--------+-------------+-------------+
| Investments | 8 | 14,168,000 | 12,880,000 |
+---------------+--------+-------------+-------------+
| | | 14,168,000 | 12,880,000 |
+---------------+--------+-------------+-------------+
| | | | |
+---------------+--------+-------------+-------------+
| Current | | | |
| assets | | | |
+---------------+--------+-------------+-------------+
| Debtors | 9 | 16,284 | 17,276 |
+---------------+--------+-------------+-------------+
| Cash | | 339,551 | 472,609 |
+---------------+--------+-------------+-------------+
| | | 355,835 | 489,885 |
+---------------+--------+-------------+-------------+
| | | | |
+---------------+--------+-------------+-------------+
| Creditors | | | |
+---------------+--------+-------------+-------------+
| Amounts | | | |
| falling | | | |
| due | | | |
| within | | | |
| one | | | |
| year | | | |
+---------------+--------+-------------+-------------+
| Other | 10 | (23,610) | (21,497) |
+---------------+--------+-------------+-------------+
| | | (23,610) | (21,497) |
+---------------+--------+-------------+-------------+
| | | | |
+---------------+--------+-------------+-------------+
| Net | | 332,225 | 468,388 |
| current | | | |
| assets | | | |
+---------------+--------+-------------+-------------+
| | | | |
+---------------+--------+-------------+-------------+
| Net | | 14,500,225 | 13,348,388 |
| Assets | | | |
+---------------+--------+-------------+-------------+
| | | | |
+---------------+--------+-------------+-------------+
| Capital | | | |
| and | | | |
| reserves | | | |
+---------------+--------+-------------+-------------+
| Called | 11 | 7,796,665 | 7,796,665 |
| up | | | |
| equity | | | |
| share | | | |
| capital | | | |
+---------------+--------+-------------+-------------+
| Unrealised | 12 | 7,728,000 | 6,440,000 |
| appreciation | | | |
| reserve | | | |
+---------------+--------+-------------+-------------+
| Capital | 12 | (1,217,356) | (1,217,356) |
| reserve | | | |
+---------------+--------+-------------+-------------+
| Share | 12 | 351,500 | 351,500 |
| Premium | | | |
+---------------+--------+-------------+-------------+
| Profit | 12 | (158,584) | (22,421) |
| and | | | |
| loss | | | |
| account | | | |
+---------------+--------+-------------+-------------+
| | | | |
+---------------+--------+-------------+-------------+
| Shareholders' | 13 | 14,500,225 | 13,348,388 |
| funds | | | |
+---------------+--------+-------------+-------------+
The Notes form part of the financial statements.
T. P. Noble (Director)
Authorised for issue by the board on 30 November 2009
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
for the year ended 30 June 2009
+-------------+--------+-----------+-------------+
| | | 2009 | 2008 |
+-------------+--------+-----------+-------------+
| | | GBP | GBP |
+-------------+--------+-----------+-------------+
| (Loss) | | (136,163) | (123,321) |
| for | | | |
| the | | | |
| financial | | | |
| year | | | |
+-------------+--------+-----------+-------------+
| Unrealised | | 1,288,000 | - |
| gains on | | | |
| investments | | | |
+-------------+--------+-----------+-------------+
| Realised | | - | (1,217,356) |
| (losses) | | | |
| on | | | |
| investments | | | |
+-------------+--------+-----------+-------------+
| Total | | 1,151,837 | (1,340,677) |
| recognised | | | |
| gains | | | |
| (losses) | | | |
| for the | | | |
| year | | | |
+-------------+--------+-----------+-------------+
NOTE OF HISTORICAL COST PROFITS AND LOSSES
+------------+-----------+-----------+
| | 2009 | 2008 |
+------------+-----------+-----------+
| | GBP | GBP |
+------------+-----------+-----------+
| Reported | (136,163) | (123,321) |
| (loss) | | |
| on | | |
| ordinary | | |
| activities | | |
| before | | |
| taxation | | |
+------------+-----------+-----------+
| Historical | (136,163) | (123,321) |
| cost | | |
| (loss) on | | |
| ordinary | | |
| activities | | |
| before | | |
| taxation | | |
+------------+-----------+-----------+
| Historical | (136,163) | (123,321) |
| cost | | |
| (loss) for | | |
| the year | | |
| after | | |
| taxation | | |
+------------+-----------+-----------+
| | | |
+------------+-----------+-----------+
CASH FLOW STATEMENT
for the year ended 30 June 2009
+-------------+--------+-----------+-----------+
| | | 2009 | 2008 |
+-------------+--------+-----------+-----------+
| | NOTES | GBP | GBP |
+-------------+--------+-----------+-----------+
| Net | A | (162,227) | (178,181) |
| cash | | | |
| (outflow) | | | |
| from | | | |
| operating | | | |
| activities | | | |
+-------------+--------+-----------+-----------+
| Returns | B | 29,169 | 46,403 |
| on | | | |
| investments | | | |
| and | | | |
| servicing | | | |
| of finance | | | |
+-------------+--------+-----------+-----------+
| Cash | | (133,058) | (131,778) |
| (outflow) | | | |
| before | | | |
| financing | | | |
+-------------+--------+-----------+-----------+
| Capital | B | - | 4,881 |
| expenditure | | | |
| and | | | |
| financial | | | |
| investment | | | |
+-------------+--------+-----------+-----------+
| | | | |
+-------------+--------+-----------+-----------+
| (Decrease) | | (133,058) | (126,897) |
| in cash in | | | |
| the year | | | |
+-------------+--------+-----------+-----------+
NOTES TO THE CASH FLOW STATEMENT
for the year ended 30 June 2009
A. Reconciliation of operating loss to operating cash flows
+-----------------------------------------------------------------+-----------+-----------+
| | 2009 | 2008 |
+-----------------------------------------------------------------+-----------+-----------+
| | GBP | GBP |
+-----------------------------------------------------------------+-----------+-----------+
| Operating loss | (165,332) | (169,724) |
+-----------------------------------------------------------------+-----------+-----------+
| Decrease in debtors | 992 | 5,139 |
+-----------------------------------------------------------------+-----------+-----------+
| Increase/(Decrease) in creditors | 2,113 | (13,596) |
+-----------------------------------------------------------------+-----------+-----------+
| Net cash (outflow) from operating activities | (162,227) | (178,181) |
+-----------------------------------------------------------------+-----------+-----------+
B. Analysis of cash flows
+-------------------------------------------------------------+----------+----------+
| | 2009 | 2008 |
+-------------------------------------------------------------+----------+----------+
| | GBP | GBP |
+-------------------------------------------------------------+----------+----------+
| Returns on investments and servicing of finance | | |
+-------------------------------------------------------------+----------+----------+
| Interest received | 14,118 | 31,250 |
+-------------------------------------------------------------+----------+----------+
| Fees and commissions received | 15,051 | 15,153 |
+-------------------------------------------------------------+----------+----------+
| Net cash inflow | 29,169 | 46,403 |
+-------------------------------------------------------------+----------+----------+
| | | |
+-------------------------------------------------------------+----------+----------+
| Capital Expenditure and Financial Investment | | |
+-------------------------------------------------------------+----------+----------+
| Proceeds of sale of equity holdings | - | 4,881 |
+-------------------------------------------------------------+----------+----------+
C. Analysis and reconciliation of net funds
+------------------------------------------+---+-------------+-------------+----------+
| | | 1 JULY 2008 | CASH FLOW | 30 JUNE |
| | | | | 2009 |
+------------------------------------------+---+-------------+-------------+----------+
| | | GBP | GBP | GBP |
+------------------------------------------+---+-------------+-------------+----------+
| Cash | | 472,609 | (133,058) | 339,551 |
+------------------------------------------+---+-------------+-------------+----------+
| Net Funds | | 472,609 | (133,058) | 339,951 |
+------------------------------------------+---+-------------+-------------+----------+
+-------------------------------------------------------------+-----------+-----------+
| | 2009 | 2008 |
+-------------------------------------------------------------+-----------+-----------+
| | GBP | GBP |
+-------------------------------------------------------------+-----------+-----------+
| (Decrease) in cash in the year | (133,058) | (126,897) |
+-------------------------------------------------------------+-----------+-----------+
| Net funds at beginning of year | 472,609 | 599,506 |
+-------------------------------------------------------------+-----------+-----------+
| Net funds at end of year | 339,551 | 472,609 |
+-------------------------------------------------------------+-----------+-----------+
NOTES TO THE ACCOUNTS
1. Accounting policies
A summary of the principal accounting policies, all of which have been applied
consistently throughout the year and the preceding year, are as follows:
Basis of accounting:
The accounts have been prepared in accordance with applicable accounting
standards. At 30 June, 2009 the company had no subsidiaries and therefore its
results are not consolidated. In accordance with Rule 19 of the AIM rules the
company's accounts are prepared under UK?GAAP rather than IFRS.
Turnover:
Turnover represented amounts receivable for goods and services provided in the
normal course of business, net of trade discounts and VAT.
Income and expenses from investments:
Income from securities is credited to the profit and loss account when the
securities are listed ex-dividend. Interest receivable, interest payable and
other expenses of management are dealt with on an accruals basis.
Foreign currency transactions:
Overseas income is converted to sterling at the rates of exchange ruling on the
date of the transaction.
Assets and liabilities denominated in foreign currencies are translated to
sterling at the rates of exchange ruling at the balance sheet date.
Investments:
Fixed Assets: Listed investments are stated at values based on market prices at
the balance sheet date. Unlisted investments are valued by the directors at cost
less amounts written-off or on an earnings multiple basis. Provisions are made
for permanent diminutions in value.
Unrealised appreciation reserve:
The unrealised appreciation reserve represents the difference between the book
cost and the market value of fixed asset investments, held at the balance sheet
date. This reserve is non-distributable.
Realised gains and losses on investment transactions:
Gains and losses on realisation of fixed asset investments and realised exchange
differences thereon are transferred from the unrealised appreciation reserve to
the capital reserve at the time of the realisation of the investment. The
capital reserve is a distributable reserve.
Taxation:
The charge for taxation is based on the profit or loss for the year and takes
into account deferred taxation arising on short term timing differences between
the treatment of certain income for taxation and accounting purposes. Deferred
taxation is provided for at anticipated tax rates on differences arising from
the inclusion of items of income and expenditure in taxation computations in
periods that differ from those in which they are included in the financial
statements. Deferred tax assets and liabilities are recorded only where it is
expected that an asset or liability will crystallise in the foreseeable future.
2. Segmental analysis
+-------------------------------------------------------+------------+------------+
| | 2009 | 2008 |
+-------------------------------------------------------+------------+------------+
| | GBP | GBP |
+-------------------------------------------------------+------------+------------+
| (Loss) on ordinary activities before taxation | | |
+-------------------------------------------------------+------------+------------+
| United Kingdom | (136,163) | (123,321) |
+-------------------------------------------------------+------------+------------+
| | | |
+-------------------------------------------------------+------------+------------+
| Investments | | |
+-------------------------------------------------------+------------+------------+
| United Kingdom | 14,168,000 | 12,880,000 |
+-------------------------------------------------------+------------+------------+
| Net current assets | 332,225 | 468,388 |
+-------------------------------------------------------+------------+------------+
| Net assets | 14,500,225 | 13,348,388 |
+-------------------------------------------------------+------------+------------+
3. Investment and other income
+-------------------------------------------------------+------------+------------+
| | 2009 | 2008 |
+-------------------------------------------------------+------------+------------+
| | GBP | GBP |
+-------------------------------------------------------+------------+------------+
| Fees and commission receivable | 15,051 | 15,153 |
+-------------------------------------------------------+------------+------------+
| Interest receivable | 14,118 | 31,250 |
+-------------------------------------------------------+------------+------------+
| | 29,169 | 46,403 |
+-------------------------------------------------------+------------+------------+
4. Operating loss
+------------------------------------------------+--------+-----------+------------+
| | | 2009 | 2008 |
+------------------------------------------------+--------+-----------+------------+
| | | | |
+------------------------------------------------+--------+-----------+------------+
| Operating loss is stated after charging | | | |
| (crediting): | | | |
+------------------------------------------------+--------+-----------+------------+
| Auditors' remuneration: | | | |
+------------------------------------------------+--------+-----------+------------+
| Audit of these financial statements | | 5,635 | 6,750 |
+------------------------------------------------+--------+-----------+------------+
| Consultation and taxation services | | 5,722 | 8,920 |
+------------------------------------------------+--------+-----------+------------+
5. Staff costs
+--------------------------------------------------------+-----------+------------+
| | 2009 | 2008 |
+--------------------------------------------------------+-----------+------------+
| | GBP | GBP |
+--------------------------------------------------------+-----------+------------+
| Wages and salaries | 88,000 | 88,000 |
+--------------------------------------------------------+-----------+------------+
| Social security costs | 3,757 | 1,846 |
+--------------------------------------------------------+-----------+------------+
| | 91,757 | 89,846 |
+--------------------------------------------------------+-----------+------------+
| | | |
+--------------------------------------------------------+-----------+------------+
| | 2009 | 2008 |
+--------------------------------------------------------+-----------+------------+
| | Number | Number |
+--------------------------------------------------------+-----------+------------+
| The average monthly number of employees | | |
+--------------------------------------------------------+-----------+------------+
| (including executive directors) was: | | |
+--------------------------------------------------------+-----------+------------+
| Administration staff | 2 | 2 |
+--------------------------------------------------------+-----------+------------+
Directors' remuneration
+--------------------------------------------------------+-----------+------------+
| | 2009 | 2008 |
+--------------------------------------------------------+-----------+------------+
| | GBP | GBP |
+--------------------------------------------------------+-----------+------------+
| Directors' emoluments | | |
+--------------------------------------------------------+-----------+------------+
| Name of director | | |
+--------------------------------------------------------+-----------+------------+
| Executive | | |
+--------------------------------------------------------+-----------+------------+
| R. G. Melgaard | 36,000 | 36,000 |
+--------------------------------------------------------+-----------+------------+
| J. Richardson | 12,000 | 12,000 |
+--------------------------------------------------------+-----------+------------+
| Non-executive | | |
+--------------------------------------------------------+-----------+------------+
| T. P. Noble | 16,000 | 16,000 |
+--------------------------------------------------------+-----------+------------+
| P. M. B. Bucher | 12,000 | 12,000 |
+--------------------------------------------------------+-----------+------------+
| W. Paterson | 12,000 | 12,000 |
+--------------------------------------------------------+-----------+------------+
| Aggregate emoluments | 88,000 | 88,000 |
+--------------------------------------------------------+-----------+------------+
The fees due to T. P. Noble were paid to Noble House and the fees due to W.
Paterson and J. Richardson were paid to Patersons Quarries Ltd under
arrangements in which the services of these directors were provided by the
businesses concerned.
From 1 July 2008 to 30 September 2008 the fees and remuneration due to R.G.
Melgaard were paid to Semper Holdings Ltd. on the same basis.
No directors had accrued entitlements under defined benefit schemes.
Directors' share options
No director holds options to acquire shares in the company.
6. Taxation on (loss) on ordinary activities
No taxation charge arises as a result of the tax losses incurred and brought
forward (2008 - nil).
The difference between this nil charge and that which would arise from applying
the relevant standard rate of tax to the loss on ordinary activities before tax
is as follows:
+-------------+----+------------+------------+
| | | 2009 | 2008 |
+-------------+----+------------+------------+
| | | GBP | GBP |
+-------------+----+------------+------------+
| (Loss) | | (136,163) | (123,321) |
| on | | | |
| ordinary | | | |
| activities | | | |
| before tax | | | |
+-------------+----+------------+------------+
| Standard | | 38,126 | 36,996 |
| rate of | | | |
| corporate | | | |
| tax at | | | |
| 28% (2008 | | | |
| - 30%) | | | |
+-------------+----+------------+------------+
| Adjustments | | (38,126) | (36,996) |
| - (losses) | | | |
| for which | | | |
| no relief | | | |
| currently | | | |
| available | | | |
+-------------+----+------------+------------+
| Tax | | - | - |
| charge | | | |
| for the | | | |
| year | | | |
+-------------+----+------------+------------+
7. (Loss) per ordinary share
+-------------------------------------------------------+------------+------------+
| | 2009 | 2008 |
+-------------------------------------------------------+------------+------------+
| | GBP | GBP |
+-------------------------------------------------------+------------+------------+
| (Loss) attributable to ordinary shareholders | (136,163) | (123,321) |
+-------------------------------------------------------+------------+------------+
| (Loss) per ordinary 5p share based on the weighted | (0.09)p | (0.08)p |
| average number of shares in issue in the year to 30 | | |
| June 2009which totalled 155,933,304 (2008 - | | |
| 155,933,304) | | |
+-------------------------------------------------------+------------+------------+
8. Fixed asset investments
+-------------------------------------------------------+------------+-------------+
| | 2009 | 2008 |
+-------------------------------------------------------+------------+-------------+
| | GBP | GBP |
+-------------------------------------------------------+------------+-------------+
| Equity Holdings | | |
+-------------------------------------------------------+------------+-------------+
| Unlisted at directors' valuation | 14,168,000 | 12,880,000 |
+-------------------------------------------------------+------------+-------------+
| The unlisted shares were valued at the year end by | | |
| the directors. | | |
+-------------------------------------------------------+------------+-------------+
| | 2009 | 2008 |
+-------------------------------------------------------+------------+-------------+
| | GBP | GBP |
+-------------------------------------------------------+------------+-------------+
| Market value of investments held at beginning of year | 12,880,000 | 12,880,000 |
+-------------------------------------------------------+------------+-------------+
| Unrealised appreciation at beginning of year | 6,440,000 | 5,217,763 |
+-------------------------------------------------------+------------+-------------+
| | | |
+-------------------------------------------------------+------------+-------------+
| Cost of investments held at beginning of year | 6,440,000 | 7,662,237 |
+-------------------------------------------------------+------------+-------------+
| Disposals at cost | - | (1,222,237) |
+-------------------------------------------------------+------------+-------------+
| | | |
+-------------------------------------------------------+------------+-------------+
| Cost of investments held at end of year | 6,440,000 | 6,440,000 |
+-------------------------------------------------------+------------+-------------+
| Unrealised appreciation at end of year | 7,728,000 | 6,440,000 |
+-------------------------------------------------------+------------+-------------+
| | | |
+-------------------------------------------------------+------------+-------------+
| Market value of investments held at end of year | 14,168,000 | 12,880,000 |
+-------------------------------------------------------+------------+-------------+
| | | |
+-------------------------------------------------------+------------+-------------+
Listed investments
The company held no listed investments at 30 June 2009.
Investments
Details of the significant investments of the Company at 30 June, 2009 are as
follows:
+------------+----------+----------+----------+------------+----------+
| | | CLASS | | | |
+------------+----------+----------+----------+------------+----------+
| | | OF | YEAR | PRINCIPAL | |
| | | SHARES | | | |
+------------+----------+----------+----------+------------+----------+
| | | HELD | END | ACTIVITIES | |
+------------+----------+----------+----------+------------+----------+
| Operating | | | | | |
| mainly in | | | | | |
| the UK - | | | | | |
| unlisted | | | | | |
+------------+----------+----------+----------+------------+----------+
| Scottish | | | | | |
| Resources | | | | | |
| Group | | | | | |
| Limited | | | | | |
+------------+----------+----------+----------+------------+----------+
| (formerly | 16.1% | Ordinary | 29 | Coal | |
| Mining | | | March | mining | |
| (Scotland) | | | | | |
| Ltd) | | | | | |
+------------+----------+----------+----------+------------+----------+
Information on significant investments
+-----------------------------------------------+--+--------------------------+
| | | SCOTTISH |
+-----------------------------------------------+--+--------------------------+
| | | RESOURCES |
+-----------------------------------------------+--+--------------------------+
| | | GROUP LIMITED |
+-----------------------------------------------+--+--------------------------+
| | | 29 MARCH 2008 |
+-----------------------------------------------+--+--------------------------+
| | | YEAR END |
+-----------------------------------------------+--+--------------------------+
| | | GBP000 |
+-----------------------------------------------+--+--------------------------+
| Turnover | | 111,774 |
+-----------------------------------------------+--+--------------------------+
| Profit before tax | | 2,915 |
+-----------------------------------------------+--+--------------------------+
| Taxation charge | | (574) |
+-----------------------------------------------+--+--------------------------+
| Profit after tax | | 2,341 |
+-----------------------------------------------+--+--------------------------+
| | | |
+-----------------------------------------------+--+--------------------------+
| Fixed assets | | 55,186 |
+-----------------------------------------------+--+--------------------------+
| Current assets | | 96,621 |
+-----------------------------------------------+--+--------------------------+
| Liabilities due within one year | | (46,146) |
+-----------------------------------------------+--+--------------------------+
| Liabilities due after one year | | (75,641) |
+-----------------------------------------------+--+--------------------------+
| Net assets | | 30,020 |
+-----------------------------------------------+--+--------------------------+
* Audited accounts of Scottish Resources Group Limited to 28 March, 2009 are
not yet available. In these circumstances the information from the Accounts to
29 March, 2008 has been shown.
9. Debtors
Amounts falling due within one year
+-----------------------------------------------------+------------+-----------+
| | 2009 | 2008 |
+-----------------------------------------------------+------------+-----------+
| | GBP | GBP |
+-----------------------------------------------------+------------+-----------+
| Trade debtors | 2,875 | 2,937 |
+-----------------------------------------------------+------------+-----------+
| Prepayments and accrued income | 10,639 | 9,660 |
+-----------------------------------------------------+------------+-----------+
| VAT | 2,770 | 4,679 |
+-----------------------------------------------------+------------+-----------+
| | 16,284 | 17,276 |
+-----------------------------------------------------+------------+-----------+
10. Creditors
Amounts falling due within one year
+-----------------------------------------------------+------------+-----------+
| | 2009 | 2008 |
+-----------------------------------------------------+------------+-----------+
| | GBP | GBP |
+-----------------------------------------------------+------------+-----------+
| Other | | |
+-----------------------------------------------------+------------+-----------+
| VAT, payroll taxes and social security | 4,252 | 990 |
+-----------------------------------------------------+------------+-----------+
| Accruals and deferred income | 16,500 | 16,000 |
+-----------------------------------------------------+------------+-----------+
| Trade and sundry creditors | 2,858 | 4,507 |
+-----------------------------------------------------+------------+-----------+
| | 23,610 | 21,497 |
+-----------------------------------------------------+------------+-----------+
11. Called up equity share capital
+------------------------------------------------+--+--+---+------------+-------------+
| | | | 2009 | 2008 |
+------------------------------------------------+--+--+----------------+-------------+
| | | | GBP | GBP |
+------------------------------------------------+--+------+------------+-------------+
| Authorised | | | | |
+------------------------------------------------+--+------+------------+-------------+
| 190,000,000 (2008 - 190,000,000) | | | | |
+------------------------------------------------+--+------+------------+-------------+
| Ordinary shares of 5p each | | | 9,500,000 | 9,500,000 |
+------------------------------------------------+--+------+------------+-------------+
| | | | | |
+------------------------------------------------+--+------+------------+-------------+
| Issued and fully paid | | | | |
+------------------------------------------------+--+------+------------+-------------+
| 155,933,304 (2008 - 155,933,304) | | | | |
+------------------------------------------------+--+------+------------+-------------+
| Ordinary shares of 5p each | | | 7,796,665 | 7,796,665 |
+------------------------------------------------+--+--+---+------------+-------------+
The Directors have the power to allot up to a further 16,500,000 Ordinary Shares
on a non pre-emptive basis without reverting to shareholders.
12. Reserves
The movements on reserves are as follows:
+---------------+--------------+-------------+-------------+-------------+
| | UNREALISED | | | PROFIT |
| | | | | AND |
+---------------+--------------+-------------+-------------+-------------+
| | APPRECIATION | CAPITAL | SHARE | LOSS |
+---------------+--------------+-------------+-------------+-------------+
| | RESERVE | RESERVE | PREMIUM | ACCOUNT |
+---------------+--------------+-------------+-------------+-------------+
| | GBP | GBP | GBP | GBP |
+---------------+--------------+-------------+-------------+-------------+
| Beginning | 6,440,000 | (1,217,356) | 351,500 | (22,421) |
| of year | | | | |
+---------------+--------------+-------------+-------------+-------------+
| Unrealised | 1,288,000 | - | - | - |
| gains on | | | | |
| investments | | | | |
+---------------+--------------+-------------+-------------+-------------+
| Loss for | - | - | - | (136,163) |
| the | | | | |
| financial | | | | |
| year | | | | |
+---------------+--------------+-------------+-------------+-------------+
| End of | 7,728,000 | (1,217,356) | 351,500 | (158,584) |
| year | | | | |
+---------------+--------------+-------------+-------------+-------------+
| | | | | |
+---------------+--------------+-------------+-------------+-------------+
| | | | 2009 | 2008 |
+---------------+--------------+-------------+-------------+-------------+
| | | | GBP | GBP |
+---------------+--------------+-------------+-------------+-------------+
| Total | | | | |
| distributable | | | | |
| reserves are | | | | |
| as follows: | | | | |
+---------------+--------------+-------------+-------------+-------------+
| Profit | | | | |
| and loss | | | | |
| account | | | | |
+---------------+--------------+-------------+-------------+-------------+
| (Deficit) | | | (158,584) | (22,421) |
+---------------+--------------+-------------+-------------+-------------+
| Capital | | | (1,217,356) | (1,217,356) |
| reserve | | | | |
+---------------+--------------+-------------+-------------+-------------+
| | | | (1,375,940) | (1,239,777) |
+---------------+--------------+-------------+-------------+-------------+
| | | | | |
+---------------+--------------+-------------+-------------+-------------+
| Total | | | | |
| non | | | | |
| distributable | | | | |
| reserves are | | | | |
| as follows: | | | | |
+---------------+--------------+-------------+-------------+-------------+
| Unrealised | | | 7,728,000 | 6,440,000 |
| appreciation | | | | |
| reserve | | | | |
+---------------+--------------+-------------+-------------+-------------+
| Share | | | 351,500 | 351,500 |
| premium | | | | |
+---------------+--------------+-------------+-------------+-------------+
| | | | 8,079,500 | 6,791,500 |
+---------------+--------------+-------------+-------------+-------------+
13. Reconciliation of movements in shareholders' funds
+------------------------------------------+------------------------+--------------+
| | 2009 | 2008 |
+------------------------------------------+------------------------+--------------+
| | GBP | GBP |
+------------------------------------------+------------------------+--------------+
| (Loss) for the financial year | (136,163) | (123,321) |
+------------------------------------------+------------------------+--------------+
| Movement in unrealised appreciation | 1,288,000 | 1,222,237 |
| reserve | | |
+------------------------------------------+------------------------+--------------+
| Movement in capital reserve | - | (1,217,356) |
+------------------------------------------+------------------------+--------------+
| Net addition (reduction) to | 1,151,837 | (118,440) |
| shareholders' funds | | |
+------------------------------------------+------------------------+--------------+
| Opening shareholders' funds | 13,348,388 | 13,466,828 |
+------------------------------------------+------------------------+--------------+
| | | |
+------------------------------------------+------------------------+--------------+
| Closing shareholders' funds | 14,500,225 | 13,348,388 |
+------------------------------------------+------------------------+--------------+
14. Related party transactions
During the year there were a number of transactions with related parties, all of
which arose in the normal course of business. These transactions and the related
balances outstanding as at 30 June are summarised below:
+------------------------------+------------+------------+------------+------------+
| | VALUE OF TRANSACTIONS | OUTSTANDING BALANCE AS |
| | IN THE YEAR | AT 30 JUNE |
+------------------------------+-------------------------+-------------------------+
| | 2009 | 2008 | 2009 | 2008 |
+------------------------------+------------+------------+------------+------------+
| | GBP | GBP | GBP | GBP |
+------------------------------+------------+------------+------------+------------+
| Services rendered: | | | | |
+------------------------------+------------+------------+------------+------------+
| Scottish Resources Group Ltd | 15,000 | 15,000 | 2,875 | 2,937 |
+------------------------------+------------+------------+------------+------------+
| | | | | |
+------------------------------+------------+------------+------------+------------+
| Purchase of goods and | | | | |
| services: | | | | |
+------------------------------+------------+------------+------------+------------+
| Patersons Quarries Ltd | 24,000 | 24,000 | - | - |
+------------------------------+------------+------------+------------+------------+
| Noble & Company Ltd | 20,400 | 20,711 | - | - |
+------------------------------+------------+------------+------------+------------+
| Noble House | 16,000 | 16,000 | - | - |
+------------------------------+------------+------------+------------+------------+
| Semper Holdings Ltd. | 9,000 | 27,000 | - | - |
+------------------------------+------------+------------+------------+------------+
Scottish Resources Group Ltd is an associated company. Patersons Quarries Ltd
hold 33.90% of the share capital of Palmaris Capital Plc and T.P Noble, chairman
of Palmaris Capital plc, is a shareholder of Noble Group Ltd, the parent company
of Noble & Company Ltd, and is a partner in Noble House. R.G. Melgaard is a
director of Semper Holdings Ltd.
Statutory Accounts
The above results have been extracted from the audited accounts of Palmaris
Capital Plc for the year ended 30 June 2009 which received an unqualified
auditor's report and will be filed with the Registrars of Companies. The above
extract does not represent statutory accounts as defined by section 240 of the
Companies Act.
Annual Report
A copy of the audited Report and Accounts will be sent to the Shareholders and
posted on the Company's website www.palmariscapital.com on or about 2 December
2009 and additional copies will be available free of charge for a period of one
month from the offices of the Company's nominated adviser, Noble & Company
Limited, 120 Old Broad Street, London, EC2N 1AR.
AGM
The Annual General Meeting of Palmaris Capital plc is to be held at 76 George
Street, Edinburgh, EH2 3BU on Friday 18 December 2009 at 11:00am. A notice
convening this meeting will be sent to shareholders on or about 2 December 2009.
Ends
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR VBLFXKFBBFBB
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