REG - Nordic Land PLC - Half Yearly Report - Part 1
Released: 16/12/2009
RNS Number : 1849E
Nordic Land PLC
16 December 2009
Nordic Land plc
Interim Report
for the period from 1 April to 30 September 2009
CORPORATE STATEMENT
Nordic Land plc ('Nordic Land' or the 'Company', or together with its
subsidiaries, the 'Group') is a Jersey registered, property investment
company established in April 2007 to invest principally in retail real
estate in the Nordic region including Sweden, Norway and Finland. The
Manager is Lathe Investments (Nordic) LLP.
The Company's investment objective is to provide shareholders with
attractive total returns over the medium to long term through dividends and
increases in net asset value.
The Company's shares are traded on the AIM market of the London Stock
Exchange.
HIGHLIGHTS
· Property portfolio valued as at 30 September 2009 at £64.6 million
(SEK 722 million) compared to £64.2 million (SEK 761 million) as at 31
March 2009
· EPRA NAV per share of £0.72 as at 30 September 2009 (31 March 2009:
£0.91)
· Net rental income for the six month period to 30 September 2009 was
£1.9 million (30 September 2008: £1.6 million)
· Completion of new 1,130 m2 retail warehouse unit at Borlänge, pre-let
to Expert
( EPRA NAV per share is the Net Asset Value per share of the Group adjusted
to exclude the effect of deferred tax relating to the revaluation of
investment properties and the fair value of derivative financial instruments
net of attributable taxation).
"The Board is encouraged by the performance of the portfolio which has
proven resilient when compared to similar portfolios in other European
countries."
Ray Horney, Chairman
For further information please contact:
Nordic Land plc
Ian
Knight + 44 (0) 1892 752005
SP Angel Corporate Finance LLP
John Mackay +44 (0) 20 7647 9642
Matrix Corporate Capital LLP
Stephen Mischler +44 (0) 20 3206 7203
Bankside Consultants
Simon Rothschild/Oliver Winters +44 (0) 20 7367 8888
CHAIRMAN AND MANAGING DIRECTOR'S STATEMENT
OPERATING REVIEW
We are pleased to present the interim results for Nordic Land plc for the
six months ended 30 September 2009.
RESULTS
Net rental income for the period was £1.9 million (30 September 2008: £1.6
million) and administrative expenses were £0.7 million (30 September 2008:
£0.5 million).
After a loss of £4.3 million (30 September 2008: loss of £1.2 million)
relating to the revaluation of the investment properties, the operating loss
for the period was £3.1 million (30 September 2008: operating loss of £0.1
million).
At the period end, the Group had cash and short-term deposits of £5.6
million (30 September 2008: £5.7 million) which are available for working
capital and development activity.
REVALUATION AND NET ASSET VALUE
The Property Portfolio was revalued by DTZ Sweden at £64.6 million as
at 30 September 2009 (31 March 2009: £64.2 million). After allowing for
foreign exchange gains on retranslation of £3.5 million, and capital
expenditure of £1.1 million incurred during the period, the valuation
deficit was £4.3 million, largely as a result of adverse yield movements.
Despite the valuation deficit, we are encouraged by the performance of the
portfolio, which has proven resilient when compared to similar portfolios in
other European countries. The Swedish and other Nordic markets remain
amongst the best in Europe in terms of economic stability as well as
generally low retail rents and high consumer-spend forecasts relative to
other European countries.
The EPRA net asset value per share of the Group as at 30 September
2009 was £0.72, a decrease of £0.19 per share from the 31 March
2009 EPRA net asset value per share of £0.91.
EPRA net asset value per share is an accepted property industry measure
which excludes deferred tax relating to the revaluation of investment
properties and the fair value of derivative financial instruments net of
attributable taxation.
DIVIDEND
No dividend is being proposed for the period to 30 September 2009.
REAL ESTATE OPERATIONS
Portfolio analysis
Property Category Area 30 Net 31 March Net
(m2) September Valuation Valuation
yield yield
2009
2009 Valuation
Valuation % %
Terminalen Mixed-use 19,500 £46.1 m 6.18% £46.4 m 5.87%
1, Helsingborg
SEK 515 m SEK 550 m
Lackeraren 3, Retail 11,000 £13.9 m 6.81% £13.0 m 6.56%
Borlänge park
SEK 155 m SEK 154 m
Sicklaön Retail 3,500 £4.6 m 7.51% £4.8 m 6.88%
117, Stockholm
SEK 52 m SEK 57 m
Total 34,000 £64.6 £64.2
m m
SEK SEK
722m 761m
The SEK/GBP exchange rate as at 30 September 2009 was 11.182 (31 March
2009: 11.85).
All the properties are located in Sweden.
The reduction in values this September is largely attributable to an outward
movement in valuation yields.
PROPERTY REVIEW
Swedish Property Market
For many years Sweden has been one of the most liquid property markets
in Europe, with on average some SEK 130-150 billion p.a. in transaction
volume.
However, throughout the period under review, the investment market has been
extremely quiet. There are three main factors which have contributed to
this.
The most obvious factor is the very strained debt market that is either
unable or unwilling to lend money on property assets. The situation has
started to improve recently, but we are still a long way from a normal debt
market.
The second factor is the large decline in property prices throughout Europe,
especially in the UK and in the Baltic countries. Sweden has not seen
such dramatic falls in values, as a result of which international investors,
who in normal times represent between 30-50% of transactions in Sweden, are
tending to look to Europe for bargains with a perceived greater upside. This
has had a significant effect on the liquidity of the Swedish property
market. When compared to a year ago, foreign investment volume has decreased
by almost 90%.
The third reason has been the deteriorating demand for property generally,
which makes potential buyers very conservative in their value assessments.
At the same time, property owners are reluctant to sell at low prices at
this stage of the cycle, since cash flows are still strong due to low
interest rates and relatively stable rents.
The first three quarters of 2009 show a transaction volume of SEK 22.5
billion, which is an 85% decrease compared to the same period in 2008. There
are some signs of improvement, but investors are still very selective and
there is a long way to go before activity is back to normal.
Nordic Land's Portfolio
Nordic Land's assets comprise Terminalen 1 in Helsingborg, known as
'Knutpunkten', which is a regionally-important, mixed-use, retail and
transport hub serving the west coast of Sweden and Denmark, a
prime-located retail and office park in Borlänge and a multi-let retail
property in an affluent part of Greater Stockholm.
The portfolio is currently well secured on 106 tenants, of which 73% are
municipalities and national multiples, including market leaders such as
Willy:s, Rusta, Scandlines, Sportex, Espresso House, Expert, McDonald's, the
City of Helsingborg and Banverket (the state-owned railway company).
Retail leases in Sweden are typically fairly short, at between three and
five years, although terms may be longer (up to 10 years), particularly on
new lettings of larger retail boxes. It is commonplace for retailers to have
the right to renew their leases. Rents are annually indexed to the Consumer
Price Index every new year.
The quality and size of the tenant base is important to us in terms of
providing a diversified cashflow as well as opening up multiple prospects
for adding value on lease renewals.
Each of the Group's properties provides a range of profitable asset
management and development opportunities, which we expect to convert into
increases in cashflow and, ultimately, net asset value per share.
Terminalen 1, Helsingborg, (known as 'Knutpunkten')
Helsingborg is a major port city in south-west Sweden, opposite Denmark.
The property itself is in central Helsingborg, unique for the area's
transportation systems, serving rail, road, ferry and bus routes, and in a
prime office location.
The building was constructed in 1991 and is the region's central transport
terminal.
Knutpunkten comprises the terminal area (which provides ticket sales,
waiting halls and a passenger link to the main Sweden to Denmark ferry
terminal), a shopping centre with a number of restaurants above, and offices
in the 5-6 levels above. The total area is some 19,500 m².
Within the building are the main, west-coast-line, railway station and the
town's main bus terminal, both of which the Group owns.
The property also has a multi-storey, roof-top car park (303 spaces) and a
surface roof-top car park (399 spaces), which benefit from being directly
adjacent to the ferry and train terminals and which together provide a
strong income stream.
In total there are currently some 91 tenants.
The South Harbour area, directly to the south of the property, is expected
to be redeveloped into a major 'docklands-style' development (called 'H+'),
comprising 1,000,000 m2 of land to cater for living, working, studying and
leisure facilities.
Knutpunkten is the 'gateway' property by virtue of its location and hosting
of the major transport links. In itself, it will be an essential part of the
H+ scheme.
In addition to the H+ project, the railway will in the future be underground
and connect to new high-speed rail links. The construction of the railway
tunnel is estimated to start in early 2012, for completion in 2017.
This gives Nordic Land the opportunity to become significantly involved
in the development of this area, and to take advantage of the valuable
opportunities that should arise. We are particularly encouraged by our
ongoing meetings with officials of the Municipality, and are now fully
involved in the Municipality's H+ project team alongside other key
landholders.
With regard to our asset management work, we have installed energy-efficient
equipment and are implementing an energy-saving programme, with the
intention of saving costs, thereby increasing net operating income and, as a
result, the valuation.
We have upgraded the lifts, which were in need of repair and renewal, and
are now replacing and repositioning the escalators so as to improve people
circulation and to create more valuable space within the building.
We have completed plans with our architects for a new, vibrant, restaurant
area at first floor level, and, potentially, new offices above.
Lackeraren 3, Borlänge
Borlänge is a major regional town 120 km to the north-west of Stockholm,
with large corporate employers and a strong local economy. The property
itself is located next to the regionally-dominant Kupolen Shopping Centre.
The property comprises a prime retail and office park with four large retail
units and servicing areas, two free-standing office buildings, all of some
11,000 m², plus a 327-space surface car park.
The income is well secured by major national retailers including Willy:s,
Rusta and Expert.
Over the last six months we have built a new 1,130 m² retail unit, which we
pre-let to Expert, a major Swedish electrical retailer, and acquired
additional land so as to meet the required car parking standards. This
project was completed on time and below budget.
The development profit of approximately £915,000 is reflected in the
current valuation.
We are very pleased to have achieved this result, and to have further
improved the tenant mix at the property. We are now exploring the
possibility of extending the retail and office areas and acquiring adjacent
land to enlarge the car park area.
Potentially adding to the quality of the scheme and its location, the
Municipality recently announced that IKEA will establish a new
35,000 m2 store next to the Kupolen Shopping Centre. We expect this new
store to open in 2012, and to be a major draw to the immediate vicinity.
Sicklaön 117, Nacka, Stockholm
The property is well-located in the Sickla shopping quarter which, as the
main retail location for the Nacka community, generates some of the
highest sales per square metre in Sweden. This area is amongst the most
affluent regions in Sweden, featuring high per capita income and strong
population growth. New retail developments and car parking facilities have
recently been completed adjacent to the building, and a new road connection
is being planned.
The property comprises 3,500 m² of retail, storage and office accommodation
in one building, predominantly let to national multiple retailers, plus a
villa and land for re-development.
In the shorter term, we have a number of asset management initiatives in
hand, including improvement to the retail elements and a property cost
reduction programme so as to increase net operating income.
In the medium term, the site itself has high development value as and when
the market improves.
REAL ESTATE FINANCING
As at 30 September 2009 the Group's borrowings totalled £53.6 million (31
March 2009: £49.7 million) all secured on the Group's properties. Total
borrowings are now SEK 602.7 million (31 March 2009: SEK 592.7 million)
after a SEK 10 million drawdown (£0.9 million) to fund the construction of
the Expert unit development. Otherwise, the increase in the sterling
equivalent of the borrowings is due to exchange losses on revaluation.
Previously we had reported that there was some doubt as to whether the
capital expenditure facility with the lender existed. Since then, the
availability of the capital expenditure facility has been confirmed and we
have been able to drawdown SEK 10 million, as mentioned above. However, the
capital expenditure facility expires at the end of this year. Future capital
expenditure will therefore be funded out of existing cash resources.
OUTLOOK
We are pleased with the progress we have made during the period under
review, in particular with completing the development at Borlänge for a
profit, and joining the important working group to enhance value at
Helsingborg.
RAY HORNEY IAN KNIGHT
CHAIRMAN MANAGING DIRECTOR
15 December 2009
Condensed Consolidated Statement of Comprehensive Income for the six
months ended 30 September 2009
Six months to 30 Six months to 30 Year ended
September September
31 March
2009 2008
2009
(unaudited) (unaudited)
(audited)
Note £000 £000 £000
Gross rental 2,632 2,519 5,122
income
Property (752) (908) (1,723)
operating
expenses
Net rental income 1,880 1,611 3,399
Administrative (670) (528) (1,238)
expenses
Loss on revaluation of (4,308) (1,187) (3,721)
investment properties
Operating loss (3,098) (104) (1,560)
Financial income 5 5 125 191
Financial 6 (1,446) (1,446) (2,862)
expenses
Change in fair value of
derivative financial
Instruments - (203) (272)
Loss before (4,539) (1,628) (4,503)
income tax
Income tax 7 962 151 700
Loss for the
period
attributable to
equity
shareholders (3,577 (1,477) (3,803)
Other
comprehensive
income/(loss)
Foreign currency 738 (973) (178)
translation
differences
Total other
comprehensive
income/(loss) for
the period 738 (973) (178)
Total
comprehensive
income/(loss) for
the period (2,839) (2,450) (3,981)
Earnings per 8 (18.0)p (7.6)p (19.4)p
share - basic and
diluted
EPRA earnings per 8 (1.2)p (1.3)p (2.6)p
share - basic and
diluted
All results are derived from continuing operations.
The notes form part of these condensed consolidated interim financial
statements.
Condensed Consolidated Statement of Financial Position as at 30 September
2009
30 September 2009 30 September 2008 31 March
(unaudited) (unaudited) 2009
(audited)
Note £000 £000 £000
ASSETS
Non-current
assets
Investment 9 64,568 63,281 64,203
properties
Derivative 10 - 69 -
financial
instruments
64,568 63,350 64,203
Current assets
Trade and other 11 225 360 378
receivables
Cash and cash 12 5,638 5,702 5,336
equivalents
5,863 6,062 5,714
Total assets 70,431 69,412 69,917
LIABILITIES
Current
liabilities
Trade and other 13 2,498 2,101 2,154
payables
Income tax 22 14 19
provision
2,520 2,115 2,173
Non-current
liabilities
Borrowings 14 53,616 47,332 49,696
Deferred tax 15 452 1,865 1,403
liability
54,068 49,197 51,099
Total 56,588 51,312 53,272
liabilities
Net assets 13,843 18,100 16,645
EQUITY
Ordinary share 199 199 199
capital
Share premium 17,523 17,523 17,523
Foreign 2,597 1,064 1,859
currency
translation
reserve
Retained (6,476) (686) (2,936)
earnings
Total 13,843 18,100 16,645
shareholders'
equity
Net asset value 16 £0.70 £0.91 £0.84
per share -
basic and
diluted
EPRA net asset
value per share
- basic and
diluted 16 £0.72 £1.00 £0.91
The notes form part of these condensed consolidated interim financial
statements.
Condensed Consolidated Statement of Changes in Equity for the six months
ended
30 September 2009 (unaudited)
Ordinary
Share Share Translation Retained Total
Capital Premium Reserve Earnings Equity
£000 £000 £000 £000 £000
Balance at 1
April 2008 192 17,059 2,037 1,258 20,546
Total
comprehensive
income/(loss) for
the period
Loss for the
period - - - (1,477) (1,477)
Other
comprehensive
income/(loss) for
the period
Foreign exchange
differences - - (973) - (973)
Total
comprehensive
income/(loss)
for the period - - (973) (1,477) (2,450)
Transactions with
owners, recorded
directly in
equity
Share-based
payments - - - (467) (467)
Ordinary shares
issued at a
premium 7 464 - - 471
Total
transactions with
owners 7 464 - (467) 4
Balance at 30
September 2008 199 17,523 1,064 (686) 18,100
Total
comprehensive
income/(loss) for
the period
Loss for the
period - - - (2,326) (2,326)
Other
comprehensive
income/(loss) for
the period
Foreign exchange
differences - - 795 - 795
Total
comprehensive
income/(loss)
for the period - - 795 (2,326) (1,531)
Transactions with
owners, recorded
directly in
equity
Share-based
payments - - - 76 76
Total
transactions with
owners - - - 76 76
Balance at 31
March 2009 199 17,523 1,859 (2,936) 16,645
Total
comprehensive
income/(loss) for
the period
Loss for the
period - - - (3,577) (3,577)
Other
comprehensive
income/(loss) for
the period
Foreign exchange
differences - - 738 - 738
Total
comprehensive
income/(loss)
for the period - - 738 (3,577) (2,839)
Transactions with
owners, recorded
directly in
equity
Share-based
payments - - - 37 37
Total
transactions with
owners - - - 37 37
Balance at 30
September 2009 199 17,523 2,597 (6,476) 13,843
The notes form part of these condensed consolidated interim financial
statements.
Condensed Consolidated Statement of Cash Flows for the six months
ended 30 September 2009
Six months to Year ended
Six months to 30 30 September 31 March
September 2009 2008 2009
(unaudited) (unaudited) (audited)
Note £000 £000 £000
Cash flows from
operating activities
Loss for the period (3,577) (1,477) (3,803)
Interest receivable (5) (125) (191)
Interest payable and
other finance costs 1,446 1,446 2,862
Income tax (962) (151) (700)
Adjustments for
non-cash items:
Loss on revaluation of
investment properties 4,308 1,187 3,721
Change in fair value of
derivative financial
instruments - 203 272
Share-based payments 37 - 77
Operating profit before
changes in working
capital 1,247 1,083 2,238
Other movements arising from
operations:
Decrease/(increase)
in trade and other
receivables 152 (8) (15)
Increase/(decrease) in
trade and other
payables 296 (697) (634)
Tax paid (3) - -
Net cash generated
from operations 1,692 378 1,589
Interest received 5 135 203
Interest paid (1,424) (1,329) (2,760)
Net cash flows
from/(used in)
operating activities 273 (816) (968)
Cash flows used in
investing activities
Acquisition and
development of
investment properties (1,137) (101) (486)
Cash flows used in
investing activities (1,137) (101) (486)
Cash flows from
financing activities
Net drawdown of
borrowings 894 - -
Cash flows from
financing activities 894 - -
Net
increase/(decrease) in
cash and cash
equivalents 30 (917) (1,454)
Opening cash and cash
equivalents 5,336 6,838 6,838
Exchange gains/(losses)
on cash balances 272 (219) (48)
Closing cash and cash
equivalents 12 5,638 5,702 5,336
The notes form part of these condensed consolidated interim financial
statements.
Notes to the condensed consolidated interim financial statements
Note 1 General Information
Nordic Land plc (the "Company") is a Jersey incorporated company which
invests principally in retail property in the Nordic region. The Company was
incorporated on 3 April 2007.
The condensed consolidated interim financial statements for the Company and
its subsidiaries (together referred to as the 'Group') have been prepared as
at 30 September 2009 and for the six month period then ended. The
condensed consolidated interim financial statements, which do not represent
statutory accounts, have not been audited.
The unaudited condensed consolidated interim financial statements were
authorised for issuance on 15 December 2009.
Note 2 Basis of preparation
These condensed consolidated interim financial statements have been prepared
in accordance with IAS 34 Interim Financial Reporting. They do not include
all of the information required for full annual financial statements, and
should be read in conjunction with the consolidated financial statements of
the Group as at and for the year ended 31 March 2009.
The preparation of condensed consolidated interim financial statements
requires management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported amounts of
assets and liabilities, income and expenses. The estimates and associated
assumptions are based on historical experience and various other factors
that are believed to be reasonable under the circumstances, the results of
which form the basis of making the judgements about carrying values of
assets and liabilities that are not readily apparent from other sources.
Actual results may differ from these estimates.
In preparing these condensed consolidated interim financial statements, the
significant judgements made by management in applying the Group's accounting
policies and the key sources of estimation uncertainty were the same as
those applied to the consolidated financial statements as at and for the
year ended 31 March 2009. Information about significant areas of estimation,
uncertainty and critical judgements in applying accounting policies that
have the most significant effect on the amounts recognised in the condensed
consolidated interim financial statements is included in the following
notes:
Note 9 - Investment properties
Note 14 - Borrowings
The condensed consolidated interim financial statements have been prepared
on the historical cost basis modified for the revaluation of investment
properties and derivative financial instruments which are both measured at
fair value.
The consolidated financial statements have been prepared on a going concern
basis which assumes the Group will be able to meet its liabilities as they
fall due. The Group's working capital forecasts show that the Group has
sufficient cash resources to meet its funding requirements over the next 12
months and to continue in operational existence for the foreseeable future.
Note 3 Significant Accounting Policies
The interim financial statements have been prepared following the same
accounting policies as adopted in the most recent set of annual financial
statements for the year ended 31 March 2009. Where accounting policies
differ from policies previously adopted, they are stated and explained
below.
During the period two new accounting standards, IAS 1 "Presentation of
financial statements (revised)" and IFRS 8 "Operating Segments" have been
adopted. The adoption of these standards has had no impact on the financial
statements, other than on presentation and disclosure.
Basis of consolidation
The condensed consolidated interim financial statements incorporate the net
assets and liabilities of the Group at the statement of financial position
date and its results for the period then ended. Results of subsidiaries
acquired or disposed during a period are included from the effective date of
acquisition or up to the effective date of disposal as appropriate. The
results of subsidiaries are included in the condensed consolidated interim
financial statements from the date that control commences up to the date
that control ceases. Control exists when the Company has the power, directly
or indirectly, to govern the financial and operating policies of an entity
so as to obtain benefits from its activities.
All intra-group transactions, balances, income and expenses are eliminated
on consolidation.
A change in the ownership interest of a subsidiary, without a change in
control, is accounted for as an equity transaction.
Functional and presentational currency
Items included in the financial statements of each of the Group's entities
are measured using the currency of the primary economic environment in which
the entity operates (the 'functional currency'). The Group's condensed
consolidated interim financial statements are presented in sterling, which
is also the parent company's functional and presentational currency.
Note 4 Operating segments
During the period the Group operated in one business segment, being property
investment and development in the Nordic region and as such no further
segmental information is required.
Note 5 Financial income
Six months Six months Year ended
to 30 to 30
September 2009 September 2008
31 March 2009
£000 £000 £000
Interest receivable 5 125 191
Note 6 Financial expenses
Six months Six months Year ended
to 30 to 30
September September
2009 2008
31 March 2009
£000 £000 £000
Interest on bank loans 1,391 1,390 2,749
Other finance costs 55 56 113
Interest payable and 1,446 1,446 2,862
other finance costs
Note 7 Income tax
Six months to Six months to Year ended 31 March
2009
30 September 2009 30 September 2008
£000 £000 £000
Current 5 5 10
income tax
charge
Deferred (967) (156) (710)
taxation
Tax credit (962) (151) (700)
Note 8 Earnings per share
Earnings per share and EPRA earnings per share have been calculated, using
the weighted average number of shares in issue during the period of
19,859,561 (30 September 2008: 19,405,333; 31 March 2009: 19,645,000) as
follows:
_ _ Six Six Six Six Year Year
months to months to months to months to ended ended
30 30 30 30 31 31 March
September September September September March 2009
2009 2009 2008 2008 2009 Earnings
Loss Earnings Loss Earnings Loss per
after per after per after share
tax share tax share tax
£000 pence £000 pence £000 pence
Loss for the
period (3,577) (18.0)p (1,477) (7.6)p (3,803) (19.4)p
Loss on
revaluation
of
investment
properties 4,308 21.7p 1,187 6.1p 3,721 18.9p
Change in
fair value
of
derivative
instruments - - 203 1.0p 272 1.5p
Deferred tax
on
revaluation
of
investment
properties (967) (4.9)p (156) (0.8)p (710) (3.6)p
EPRA loss (236) (1.2)p (243) (1.3)p (520) (2.6)p
Basic and diluted earnings per share are the same, as the issued share
options are currently anti-dilutive.
EPRA earnings per share, excluding the loss on revaluation of investment
properties, the change in fair value of derivative financial instruments and
exceptional items, all net of attributable taxation, is an accepted property
industry measure for reporting recurring profits.
Note 9 Investment properties
As at As at As at
30 September 30 September 31 March
2009 2008 2009
£000 £000 £000
Opening balance 64,203 67,878 67,878
Capital 1,137 101 486
expenditure on
properties
Foreign exchange 3,536 (3,511) (440)
gains/(losses)
Loss on (4,308) (1,187) (3,721)
revaluation
Closing balance 64,568 63,281 64,203
The fair value of investment properties is based on a valuation at 30
September 2009 by DTZ Sweden AB performed in accordance with the Appraisal
and Valuation Standards of RICS, on the basis of market value.
Note 10 Derivative financial instruments
As at As at As at
30 September 30 September 31 March
2009 2008 2009
£000 £000 £000
Derivative - 69 -
financial
instruments
Note 11 Trade and other receivables
As at As at As at
30 September 30 September 31 March
2009 2008 2009
£000 £000 £000
Rental 25 208 281
debtors
Prepayments 93 134 97
and accrued
income
Other 107 18 -
debtors
225 360 378
The carrying amount of trade and other receivables approximate their fair
value.
Note 12 Cash and cash equivalents
As at As at As at
30 September 30 September 31 March
2009 2008 2009
£000 £000 £000
Cash and cash 5,638 5,702 5,336
equivalents
Cash and cash equivalents comprise cash held by the Group and short-term
deposits with an original maturity of three months or less. The carrying
value of these assets equals their fair value.
Note 13 Trade and other payables
As at As at As at
30 September 30 September 31 March
2009 2008 2009
£000 £000 £000
Accounts payable –
trade 342 145 329
Deferred income 1,128 1,003 879
Accruals 922 832 926
Other creditors 106 121 20
2,498 2,101 2,154
The Directors consider that the carrying amount of trade and other payables
approximate to their fair value.