Walls & Futures REIT plc (“WAFR”) the Ethical Housing Investor and developer, is pleased to announce its interim results for the six months to 30 September 2020.
We are also happy to announce the sale of its leasehold property in Southfields for £660,000 before costs which reflects a 5.7 per cent discount to its valuation dated as 31 March 2020.
Joe McTaggart, CEO of Walls & Futures REIT plc said:
“We are pleased to have completed the transaction despite the ongoing economic uncertainty.
We will seek to dispose of our last residential property asset in London in the coming months and recycle the capital to make further investments and develop Specialist Supported Housing, where we have successfully delivered raised the bar and delivered innovative housing.
This development strategy has enabled us to increase our Net Asset Value (during the previous 6 months) and revenues in a sector which, unlike commercial property, has largely been unaffected by the economic fallout of Covid-19.”
Consolidated Income Statement
For the Six-Month Period to 30 September 2020
|6 Months to 30 September 2020||6 Months to 30 September 2019|
|Cost of sales||(31,409)||–|
|Increase in property values||–||–|
|Interest receivable and similar income||–||218|
|PROFIT/(LOSS) BEFORE TAXATION||(52,293)||(92,200)|
|Loss on disposal of fixed assets & depreciation||(19,000)||–|
|PROFIT/(LOSS) FOR THE FINANCIAL PERIOD||(71,293)||(92,200)|
|Other comprehensive income||176,118||–|
|TOTAL COMPREHENSIVE INCOME FOR THE PERIOD||104,825||(92,200)|
Consolidated Balance Sheet
30 September 2019
|30 September 2020||30 September 2019|
|Cash at Bank||40,313||169,036|
|Debtors and Prepayments||6,934||6,645|
|Amounts falling due within one year||(5,189)||(6,176)|
|NET CURRENT ASSETS||42,058||169,505|
|TOTAL ASSETS LESS CURRENT LIABILITIES||3,992,404||3,899,515|
|Provision for Liabilities||–||–|
|Amounts falling due over one year||(30,000)||(600,000)|
|CAPITAL AND RESERVES|
|Called up share capital||187,754||187,754|
|Fair Value Reserve||934,900||297,150|
The above figures have not been reviewed by the Company’s auditors.
The Directors of the issuer accept responsibility for the contents of this announcement.