XLON:CDFF ESEF Annual Report

CARDIFF PROPERTY PUBLIC LIMITED COMPANY(THE) (XLON:CDFF)

ESEF Annual Report 2023-12-07 For: 2023-09-30

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Added on September 22, 2026

		2023	2022
		£’000	£’000
Revenue	4	662	703
Cost of sales		(52)	(64)
Gross profit		6 10	639
Administrative expenses		(569)	(461)
Other operating income	5	646	5 74
Operating profit before fair value movement on investment properties	6	687	752
Fair value (loss)/gain on investment properties	13	(332)	299
Operating profit		355	1,051
Financial income	7	314	80
Financial expense	7	(6)	(8)
Profit on sale of investment properties		–	706
Profit on the sale of investments		74	–
Share of profit of Joint Venture	15	525	868
Profit before taxation	4–9	1,262	2,697
Taxation	10	(148)	(291)
Profit for the financial year attributable to equity Holders		1,1 14	2,406
Earnings per share on profit for the financial year – pence
Basic and diluted	11	1 04.62	21 8.23
Dividends
Final 2022 paid 1 5.0p (2021: 1 3.5p)		161	15 0
Interim 2023 paid 6.0p (2022 5.5p)		64	60
		225	2 10
Final 2023 proposed 1 6.0p (2022: 1 5.0p)		169	16 2

		2023	2022
		£’000	£’000
Profit for the financial year		1,1 14	2,406
Items that cannot be reclassified subsequently to profit or loss
Net change in fair value of other properties	14	(1 0)	59
Net change in fair value of investments at fair value through comprehensive income	15	(37)	(94)
Total comprehensive income and expense for the year attributable to the equity
holders of the Parent Company		1,067	2,371

		2023	2023	2022	2022
	Notes	£’000	£’000	£’000	£’000
Non-current assets
Freehold investment properties	13		5,655		5,985
Property, plant, and equipment	14		290		300
Right of use asset	14		135		14 5
Investment in Joint Venture	15		12,283		1 3,758
Other financial assets	15		778		898
			19,141		21,086
Current assets
Inventory and work in progress	16	715		694
Trade and other receivables	17	2 74		223
Term deposits		1 0,384		4,041
Cash and cash equivalents		405		4,91 2
			1 1,778		9,870
Total assets			30,919		30,956
Current liabilities
Trade and other payables	18	(540)		(599)
Corporation tax		(162)		(1 98)
			(702)		(797)
Non-current liabilities
Lease liability	14		(165)		(1 72)
Deferred tax liability	19		(77)		(1 75)
Total liabilities			(944)		(1,1 44)
Net assets			29,975		29,81 2
Equity
Called up share capital	20		2 10		216
Share premium account			5,076		5,07 6
Other reserves	21		2,409		2,450
Investment property fair value reserve	22		2,193		2,095
Retained earnings			20,087		1 9,975
Total equity			29,975		29,81 2
Net assets per share	12		£28.44		£27 .56

	2023	2022
	£’000	£’000
Cash flows from operating activities
Profit for the year	1,1 14	2,406
Adjustments for:
Depreciation right of use assets	10	10
Financial income	(314)	(80)
Financial expense	6	8
Profit on sale of investment property	–	(706)
Profit on sale of investment	(7 4)
Share of profit of Joint Venture	(525)	(868)
Fair value (loss)/gain on investment properties	332	(299)
Taxation	148	291
Cash flows from operations before changes in working capital	697	76 2
Acquisition of inventory and work in progress	(21)	(5)
(Increase)/decrease in trade and other receivables	(67)	(67)
(Decrease)/increase in trade and other payables	(58)	(1 28)
Cash generated from operations	551	562
Tax paid	(268)	(21 8)
Net cash flows from operating activities	283	344
Cash flows from investing activities
Interest received	314	81
Dividend from Joint Venture	2,00 0	3,00 0
Proceeds from sale of investment property	–	1,00 0
Proceeds from bond redemption	80	–
Acquisition of investment property, and plant and equipment	(2)	(39)
Proceeds from sale of investments	79	81
Increase in held term deposits	(6,343)	(2,1 34)
Net cash flows from investing activities	(3,872)	1,989
Cash flows from financing activities
Purchase of own shares	(679)	(791)
Lease payments	(14)	(1 4)
Dividends paid	(225)	(21 0)
Net cash flows (used in)/from financing activities	(918)	(1,0 1 5)
Net(decrease)/increase in cash and cash equivalents	(4,507)	1,31 8
Cash and cash equivalents at beginning of year	4,912	3,594
Cash and cash equivalents at end of year	405	4,91 2

				Investment
	Called up	Share	Other	property
	share	premium	reserves	fair value	Retained	Total
	capital	account	(note 21)	reserve*	earnings	equity
	£’000	£’000	£’000	£’000	£’000	£’000
At 30 September 2021	223	5,07 6	2,478	1,814	1 8,851	28,442
Profit for the year	–	–	–	–	2,406	2,406
Other comprehensive income – revaluation
of investments	–	–	(94)	–	–	(94)
Net change in fair value of own use freehold
property	–	–	59	–	–	59
Transactions with equity holders
Dividends	–	–	–	–	(21 0)	(21 0)
Purchase of own shares	(7)	–	7	–	(791)	(791)
Total transactions with equity holders	(7)	–	7	–	(1,00 1)	(1,00 1)
Fair value movements on investment
properties – Cardiff	–	–	–	299	(299)	–
Disposal of property – Cardiff	–	–	–	(1 71)	17 1	–
Fair value movements on investment
properties – Campmoss Group	–	–	–	15 3	(1 53)	–
At 30 September 2022	216	5,076	2,450	2,095	19,975	29,812
Profit for the year	–	–	–	–	1,1 14	1,1 14
Other comprehensive income –
revaluation of investments	–	–	(37)	–	–	(37)
Net change in fair value of own use
freehold property	–	–	(1 0)	–	–	(1 0)
Transactions with equity holders
Dividends	–	–	–	–	(225)	(225)
Purchase of own shares	(6)	–	6	–	(679)	(679)
Total transactions with equity holders	(6)	–	6	–	(904)	(904)
Fair value movements on investment
properties – Cardiff	–	–	–	(332)	332	–
Deferred taxation on fair value movements
on investment properties – Cardiff	–	–	–	98	(98)	–
Fair value movements on investment
properties – Campmoss Group	–	–	–	332	(332)	–
At 30 September 2023	2 10	5,076	2,409	2,193	20,087	29,975

5 OTHER OPERATING INCOME
	2023	2022
	£’000	£’000
Management fees receivable	542	535
Other income	83	15
Dividends received	21	24
Other operating income	646	5 74

6 OPERATING PROFIT BEFORE FAIR VALUE MOVEMENTS ON INVESTMENT PROPERTIES
	2023	2022
	£’000	£’000
Included are the following expenses:
Auditor’s remuneration:
Fees payable to the Company’s auditor for the audit of the annual accounts	58	37
Audit of subsidiary undertakings pursuant to legislation	2	4
Depreciation of plant and equipment	–	–
Depreciation right of use assets	10	10

7 FINANCIAL INCOME AND EXPENSE
	2023	2022
	£’000	£’000
Bank and other interest receivable	314	80
Interest payments on right to use assets	(6)	(8)

					Total
	Salary	Bonus	Benefits	Pension	2023
	£’000	£’000	£’000	£’000	£’000
As Executives
J R Wollenberg	141	11	26	22	200
K L Chandler	67	3	–	2	72
	208	14	26	24	272
As Non-Executive
N D Jamieson	12	–	–	–	12
	220	14	26	24	284
					Total
	Salary	Bonus	Benefits	Pension	2022
	£’000	£’000	£’000	£’000	£’000
As Executives
J R Wollenberg	141	29	25	–	195
K L Chandler	64	3	–	2	69
	205	32	25	2	264
As Non-Executive
N D Jamieson	12	–	–	–	12
	217	32	25	2	276

10 TAXATION
	2023	2022
	£’000	£’000
Current tax
UK corporation tax on the result for the year	230	258
Deferred tax
Revaluation of investment properties	(99)	56
Revaluation of investments	17	(23)
Taxation (all recognised in the profit and loss account)	148	291
Reconciliation of effective tax rate:	2023	2022
	£’000	£’000
Tax reconciliation
Profit before taxation	1,262	2,697
Profit before taxation multiplied by standard rate of corporation tax in the UK of 25% (2022: 19%)	315	512
Effects of:
Joint Venture	(131)	(165)
Non-taxable income	78	(5)
Non-deductible expenditure	1	6
Adjustments relating to prior year	–	–
Other timing differences	–	33
Disposal of investment property	–	(27)
Non-taxable (surplus)/deficit on fair value	(83)	(63)
Change in tax rate	(32)	–
Total tax expense	148	291

		Weighted average
		number of shares
	2023	2022
Basic and diluted shares	1,064,204	1,102,357
Earnings per share (p)	104.62	218.23

12 NET ASSETS PER SHARE
	2023	2022
Share in issue	1,053,810	1,081,787
Net assets per share (£)	28.44	27.56

13 FREEHOLD INVESTMENT PROPERTIES
	2023	2022
	£’000	£’000
Group
At beginning of year	5,985	5,968
Additions	2	38
Fair value movement in the year	(332)	299
Disposal of investment property	–	(320)
At end of year	5,655	5,985
	2023	2022
	£’000	£’000
Company
At beginning of year	5,970	5,920
Additions	2	38
Fair value movement in the year	(332)	332
Disposal of investment property	–	(320)
At end of year	5,640	5,970

Fair value using unobservable inputs (Level 3)
	2023	2022
	£’000	£’000
Opening fair value	5,970	5,920
Additions	2	38
Gains and losses recognised in income statement (Fair value movement on investment properties)	(332)	332
Disposal of investment property	–	(320)
Closing fair value	5,640	5,970

	£’000
Group and Company
At 30 September 2023	3,643
At 30 September 2022	3,641

		Number of employees
	2023	2022
Management	3	3
Administration	2	2
	5	5

	2023	2022
	£’000	£’000
Wages and salaries	370	344
Social security costs	45	43
Pension costs	26	5
	441	392

The balance sheet shows the following amounts relating to leases:
	2023	2022
	£’000	£’000
Right of use assets
Land	135	145
Lease liabilities
Current	7	7
Non-current	158	165
At end of year	165	172
	2023	2022
	£’000	£’000
Group and Company
Due within one year	16	15
Due within one to two years	16	16
Due within two to five years	48	47
Due after five years	170	186
Total financing charges	(85)	(92)
At end of year	165	172

18 TRADE AND OTHER PAYABLES
	2023	2022
	£’000	£’000
Rents invoiced in advance	154	154
Trade creditors	12	11
Other taxes and social security	57	56
Other creditors	231	296
Accruals	86	82
	540	599

Amounts recognised in the profit and loss account
	2023	2022
	£’000	£’000
Rental income from investment properties	436	494
Direct operating expenses (including repairs and maintenance) arising from investment property
that generated rental income during the period	(12)	(18)

14 PROPERTY, PLANT AND EQUIPMENT
	Own use	Fixtures,
	freehold	fittings and	Motor
	property	equipment	vehicles	Total
Company and Group	£’000	£’000	£’000	£’000
Cost or valuation
At 30 September 2021	240	9	16	265
Additions	1	–	–	1
Disposals	–		–	–
Fair value movement	59	–	–	59
At 30 September 2022	300	9	16	325
Disposals	–	(6)	–	(6)
Fair value movement	(10)	–	–	(10)
At 30 September 2023	290	3	16	309
Depreciation
At 30 September 2021	–	9	16	25
Disposals	–	–	–	–
Charge for year	–	–	–	–
At 30 September 2022	–	9	16	25
Disposals	–	(6)	–	(6)
Charge for year	–	–	–	–
At 30 September 2023	–	3	16	19
Net book value
At 30 September 2023	290	–	–	290
At 30 September 2022	300	–	–	300

15 INVESTMENTS
	Shares in
	joint	Unlisted	Listed
	venture	investments	investments	Total
	£’000	£’000	£’000	£’000
At 30 September 2021	15,890	4	1,069	16,963
Net change in investments at fair value through other comprehensive income	–	–	(94)	(94)
Disposed during the year	–	–	(81)	(81)
Share of profit of Joint Venture	868	–	–	868
Dividend paid by Joint Venture	(3,000)	–	–	(3,000)
At 30 September 2022	13,758	4	894	14,656
Net change in investments at fair value through other comprehensive income	–	–	(37)	(37)
Disposed during the year	–	(4)	(79)	(83)
Share of profit of Joint Venture	525	–	–	525
Dividend paid by Joint Venture	(2,000)	–	–	(2,000)
At 30 September 2023	12,283	–	778	13,061

The Joint Ventures consolidated results were:
	2023	2022
	£’000	£’000
Revenue	1,233	18,623
Cost of sales	(1,329)	(16,908)
Administrative expenses	(170)	(192)
Other operating income	271	248
Fair value movement on investment properties	725	350
Interest receivable	456	112
Interest payable	(1)	(1)
Taxation on ordinary activities	(82)	(408)
Profit after tax	1,103	1,824
Other comprehensive income	–	–
Total comprehensive income	1,103	1,824
Group’s share of results of Joint Venture – 47.62% (2022: 47.62%)	525	868

16 INVENTORY AND WORK IN PROGRESS
	2023	2022
	£’000	£’000
Opening costs	694	689
Additions	21	5
Write down	–	–
	715	694

17 TRADE AND OTHER RECEIVABLES
	2023	2022
	£’000	£’000
Trade receivables	113	159
Other receivables	34	19
Prepayments and accrued income	127	45
	274	223

19 DEFERRED TAXATION
	2023	2022
	£’000	£’000
At beginning of year	175	126
(Credit)/debit for the year in the income statement	(98)	49
At end of year	77	175
Provision has been made for deferred taxation as follows:	2023	2022
	£’000	£’000
Difference between accumulated depreciation and amortisation and capital allowances	77	76
Other temporary differences	–	99
Deferred tax liability	77	175

20 SHARE CAPITAL
		2023	2022
		£’000	£’000
Authorised
4,500,000	(2022: 4,500,000) ordinary shares of 20 pence each	900	900
Allotted, called up and fully paid
At 30 September 2022 1,081,787 (30 September 2021 1,115,986) ordinary shares of 20 pence each		216	223
Cancelled during the year 27,977 (2022: 34,199) ordinary shares of 20 pence each		(6)	(7)
At 30 September 2023 1,053,810 (30 September 2022: 1,081,787) ordinary shares of 20 pence each		210	216

21 OTHER RESERVES
	Equity	Own use	Capital
	investments	property	redemption	Capital	Merger
	at FVOCI	reserve	reserve	reserve	reserve	Total
	£’000	£’000	£’000	£’000	£’000	£’000
At 30 September 2021 and 1 October 2021	21	27	531	30	1,869	2,478
Purchase of own shares	–	–	7	–	–	7
Fair value of other properties	–	59	–	–	–	59
Net change in fair value	(94)	–	–	–	–	(94)
At 30 September 2022 and 1 October 2022	(73)	86	538	30	1,869	2,450
Purchase of own shares	–	–	6	–	–	6
Fair value of other properties	–	(10)	–	–	–	(10)
Net change in fair value	(37)	–	–	–	–	(37)
At 30 September 2023	(110)	76	544	30	1,869	2,409

22 INVESTMENT PROPERTY FAIR VALUE RESERVE
	2023	2022
	£’000	£’000
At beginning of year	2,095	1,814
Transfer from retained earnings on fair value movement in the year – Cardiff	(332)	299
Deferred tax movement	98	–
Disposal of investment property – Cardiff	–	(171)
Transfer from retained earnings on fair value movement in the year – Campmoss Group	332	153
At end of year	2,193	2,095

					Balance owed by/(to)
					related party at
		Value			30 September
		2023	2022	2023	2022
Party	Nature of transaction	£’000	£’000	£’000	£’000
Campmoss Property	Management fees received
Company Limited	by the Company	543	535	5	12
	Consultancy fees received by
	J R Wollenberg (Director)	60	60	45	15
D M Joseph	Director’s salary paid	3	3	–	–

	2023		2022
	Gross	Provision	Gross	Provision
	£000	£000	£000	£000
Not past due	128	(15)	158	(6)
Past due 31–90 days	12	(12)	9	(2)
Past due 90 days	7	(7)	9	(9)
	147	(34)	176	(17)
The movement in the provision during the year was as follows:
At beginning of year		17		30
Amounts written back		–		(13)
Provided in year		17		–
At end of year		34		17