Declaración preliminar
El PLC de la cervecería Heavitree
carril trood
matford
Exeter EX2 8YP
Fecha: 19 de febrero de 2024
Contacto: Graham Crocker - Director General - 01392 217733
Nicola McLean - Secretaria de la empresa - 01392 217733
Castillo de Patrick/Anita Ghanekar - Shore Capital - 0207 408 4052
Tras una reunión de la Junta celebrada hoy, 19 de febrero de 2024, los Directores anuncian el estado preliminar de resultados para el año que finalizó el 31 de octubre de 2023.
ISIN: GB0004182720 para Acciones Ordinarias de Voto Limitado 'A'
ISIN: GB0004182506 para acciones ordinarias
Declaración del presidente
In my statement at the half-year, I reported that the consensus among our tenants was that top line trading had held up well during the first six months of the year despite the many concerns we all shared about the pressures to which the trade as a whole was and continues to be subjected. Now that we are reviewing the full year, I am pleased that the second half of the year has continued in a similar vein and a small increase in turnover has been achieved. I do feel it is important to understand that very few of the aforementioned pressures have gone away and it is a reflection of the hard work of our tenants in the pubs combined with the good support from Head Office that has meant that the pubs continue to trade well in these difficult times.
Turnover has increased by 0.9% to £7,346,000 (2022: £7,280,000). Rental income has been adjusted, as in recent years, by the winding down of the rental concessions given during the Covid years in accordance with the IFRS16 Lease Accounting standard; there has been reduction to revenue of £121,000 (2022: £230,000). An operating profit for the year for the Group of £1,042,000 has been returned (2022: £1,422,000).
The reduction in operating profit against the previous year has been as a direct result of a programme of significant spending on repairs including at the Swan Inn in Lympstone, Henry's Bar in Exeter and the Two Mile Oak near Newton Abbot which now have wonderfully improved external trading areas. Further significant repairs were completed at the Beach in Exmouth and the Horse and Groom in Heavitree. In total the spend on repairs has reached £1,061,000 (2022: £771,000). Operating profit was further affected by increased insurance costs inflated by an 18% hike in the rebuild index applied to the base cost.
The Group results are also affected by an impairment cost of £150,000 relating to the Heavitree in Exmouth
The Company has continued with the programme of selling non-core assets to reduce debt and it is planned to make a further reduction in the year ahead. Although in the year under review an increase in net debt of £188,000 has been reported, this is a consequence of a large capital refurbishment at the Ley Arms (further details below), large repair costs as detailed above and the timing of the sales of a couple of properties which have been delayed into the new financial year.
Dividendo
The Directors are pleased to recommend a final dividend at a rate (unchanged from last year) of 3.5p per ordinary and 'A' limited voting ordinary shares to those shareholders on the Register on 15 March 2024. The dividend, subject to shareholder approval at the Annual General Meeting to be held on 11 April 2024, will be paid on 19 April 2024.
Declaración del presidente (continuación)
Propiedades
The following properties have been sold during the year under review:
The Jolly Abbot in Newton Abbot.
The Sun Inn in Buckfastleigh.
The Wonford Inn in Exeter.
The Dewdrop Inn in Kingsteignton.
Also, a terraced cottage in Clyst Honiton and a house connected to The Marshalls in Barnstaple (sold in the previous year) have been sold together with a pocket of garden land in Christow. These sales have realised a profit of £1,065,000 in total.
The development of the new accommodation block at the Ley Arms in Kenn is close to completion with the bedrooms being available to book from the beginning of February. The rooms are original in design, beautifully finished and complement the quality offer at the pub. We wish Karen and Martin every success with this exciting new addition to their business.
The plans for the rebuild on the Jolly Sailor site in East Ogwell, which was destroyed by fire in 2021, are being discussed with the local parish council prior to submitting a full application to Teignbridge District Council
Heavitree Inc.
All final tax returns were filed in the year under review. Our accountants in the USA are awaiting the issue of a 'Certificate of Good Standing' to allow the Texas Secretary of State to finalise the termination of our American subsidiary.
Facilidad Bancaria
Our bank facility with Barclays was renegotiated and renewed for a further five years under slightly better terms but without any additions or reductions applied. The Directors are grateful for this continued relationship with Barclays. Please see the Going Concern explanation for further details on the renewal.
During the course of finalising the draft statutory accounts, it was identified that a technical breach in the debt service covenant as at 31 October 2023 had occurred. The bank are not able to issue a formal waiver of the breach as the old loan and applicable covenants are no longer in existence following the agreement of the new loan after the year end. The bank have confirmed that the debt service covenant was not an appropriate testing mechanism and as the loan has already been replaced with a new facility, there will be no further action in respect of the breach.
However, due to the requirements of IAS1 the Term Loan balance of £2,065,000 is shown in the balance sheet of the 2023 financial statements as a current, rather than non-current liability. As a result of the post year-end renewal, and on the basis that there are no further instances of covenant non-compliance, next year's financial statements will show a movement back to non-current liabilities.
Declaración del presidente (continuación)
Plan de pensiones
The last requirements to achieve the wind-up of the Company's final salary pension scheme have been slow to finalise. The regulatory obligation to complete wind-up by 17 January 2024 was not met although all the delays have been out of the hands of the Trustees and, in turn, the Directors. We are caught up in the painfully slow process of the insurance companies (of which there are five) providing their annuity reassignment requirements to allow for direct payments to each individual member. Although immensely frustrating, the scheme's actuary is continuing to liaise with insurers and progress is being made. The scheme's actuary has also contacted the Pension Regulator and passed on all relevant correspondence. I shall report further at the half-year.
Perspectivas
The announcement by the Government to extend the 75% business rates relief for a further 12 months was received with relief from all operators although the headline announcement failed to draw attention to the inflationary increase that was implemented. There had been nervousness about a further financial squeeze which would have been, in the present inflationary climate, difficult to absorb.
The Company has enjoyed a decent start to the new financial year with like-for-like beer sales being ahead of the previous year. I look forward to further progress during the year ahead.
NHP TUCKER
Presidente
19 de febrero de 2024
Cuenta de resultados del grupo
por el año terminado el 31 de octubre de 2023
Notas |
Total 2023 £000 |
Total 2022 £000 | |
Ingresos | 7,346 | 7,280 | |
Otros ingresos operativos | 215 | 211 | |
Compra de inventarios | (2,991) | (2,980) | |
Gastos de personal | (1,483) | (1,477) | |
Depreciación de propiedades, planta y equipo |
(236) |
(228) | |
Otros cargos operativos | (1,809) | (1,384) | |
(6,304) | (5,858) | ||
Ganancia / (pérdida) operativa del grupo | 1,042 | 1,422
| |
Utilidad en venta de propiedad planta y equipo Deterioro de activos fijos
|
1,065 (150) |
968 - | |
Beneficio del grupo antes de costes financieros e impuestos | 1,957 |
| |
Costos financieros | (131) | (117) | |
(131) | (117) | ||
Beneficio antes de impuestos | 1,826 | 2,273 | |
Gasto de impuestos | (327) | (306) | |
| |||
Resultado del ejercicio atribuible a los accionistas de la controladora |
1,499 |
1,967 | |
Ganancias básicas por acción | 2 | 31.0p | 40.7p |
Ganancias diluidas por acción | 2 | 31.0p | 40.7p |
Estado de resultado integral del grupo
por el año terminado el 31 de octubre de 2023
| 2023 £000 | 2022 £000 |
Ganancias del año
| 1,499 | 1,967 |
Partidas que no se reclasificarán a resultados |
|
|
Ajuste del valor razonable de la inversión en patrimonio
| -
| -
|
Partidas que pueden reclasificarse a resultados | ||
Diferencias de cambio en la conversión de empresa dependiente |
5 |
1 |
5 | 1 | |
Otro resultado integral del año, neto de impuestos | 1,504 | 1,968
|
Resultado integral total atribuible a: Accionistas de la matriz |
1,504 |
1,968 |
Balance general del grupo
al 31 de octubre de 2023
2023 £000 | Replanteado 2022 £000 | |||
Activos no corrientes | ||||
Propiedad, planta y equipo. | 16,891 | 16,593 | ||
Propiedad de inversión | 2,255 | 1,211 | ||
Activo por derecho de uso | 77 | 60 | ||
19,223 | 17,864 | |||
Activos financieros | 469 | 362 | ||
Activos por impuestos diferidos | 16 | 16 | ||
| 19,708 | 18,242 | ||
Activos circulantes | ||||
Los inventarios | 10 | 10 | ||
Cuentas comerciales y otras cuentas por cobrar | 1,170 | 1,303 | ||
Efectivo y equivalentes de efectivo | 373 | 788 | ||
1,553 | 2,101 | |||
Los activos mantenidos para la venta | 70 | 180 | ||
los activos totales | 21,331 | 20,523 | ||
Pasivo circulante | ||||
Comerciales y otras cuentas a pagar | (1,005) | (1,133) | ||
Pasivos financieros | (2,101) | (229) | ||
Impuesto sobre la Renta por pagar | (263) | (339) | ||
(3,369) | (1,701) | |||
Pasivos no corrientes | ||||
Otras cuentas por pagar | (338) | (326) | ||
Pasivos financieros | (97) | (2,195) | ||
Pasivos por impuestos diferidos | (852) | (784) | ||
Déficit del plan de pensiones de beneficio definido | (92) | (92) | ||
(1,379) | (3,397) | |||
Pasivos totales | (4,748) | (5,098) | ||
Activos netos | 16,583 | 15,425 | ||
Capital y reservas | ||||
Capital social | 251 | 264 | ||
Reserva de amortización de capital | 686 | 673 | ||
Reserva de acciones propias | (1,041) | (1,537) | ||
Reserva de ajustes de valor razonable | 10 | 10 | ||
Conversión de moneda | 19 | 14 | ||
Ganancias retenidas | 16,658 | 16,001 | ||
Equidad total | 16,583 | 15,425 |
Estado de flujos de efectivo del grupo
por el año terminado el 31 de octubre de 2023
|
2023 £000 |
2022 £000 | ||
Actividades de explotación | ||||
Ganancias del año | 1,499 | 1,967 | ||
Gasto de impuestos | 327 | 306 | ||
Costos financieros netos | 132 | 117 | ||
Beneficio por enajenación de activos no corrientes y mantenidos para la venta Depreciación y deterioro de propiedades, planta y equipo | (1,065)
236 | (968)
228 | ||
Disminución de cuentas por cobrar comerciales y otras | 133 | 264 | ||
(Disminución) / aumento de cuentas comerciales y otras cuentas por pagar Deterioro de activos fijos | (130) 150 | 157 - | ||
Efectivo generado por operaciones | 1,282 | 2,071 | ||
Impuestos a la renta pagados | (335) | (24) | ||
Pago interesado | (166) | (117) | ||
Entrada neta de efectivo de las actividades operativas | 781 | 1,930 | ||
Actividades de inversión | ||||
Producto de la venta de propiedad, planta y equipo y activos mantenidos para la venta |
1,202 |
2,038 | ||
Pagos para adquirir propiedades, planta y equipo | (1,774) | (425) | ||
Efectivo neto (salida) / entrada de actividades de inversión | (572) | 1,613 | ||
Actividades de financiación | ||||
Dividendo preferencial pagado | (1) | (1) | ||
Dividendos de capital pagados | (267) | - | ||
Contraprestación recibida por EBT en la venta de acciones | 61 | 42 | ||
Contraprestación pagada por EBT en la compra de acciones Elemento de capital de los pagos de alquiler de arrendamiento financiero Pago de prestamo Recibos de hipoteca recibidos | (140) (76) (252) 51 | (50) (34) (1,998) 41
| ||
Salida neta de efectivo de las actividades de financiación | (624) | (2,000) | ||
| ||||
| ||||
(Disminución) / aumento de efectivo y equivalentes de efectivo | (415) | 1,543 | ||
Efectivo y equivalentes de efectivo al inicio del año | 788 | (755) | ||
Efectivo y equivalentes de efectivo al cierre del ejercicio | 373 | 788 | ||
|
Estado de cambios en el patrimonio neto del grupo
por el año terminado el 31 de octubre de 2023
Capital social £000 | Reserva de amortización de capital £000 | Reserva de acciones propias £000 | Reserva de ajuste de valor razonable £000 |
Conversión de moneda £000 |
Ganancias retenidas £000 |
Equidad total £000 | |
A 1 de noviembre de 2021 | 264 | 673 | (1,529) | 10 | 13 | 14,034 | 13,465 |
Ganancias del año | - | - | - | - | - | 1,967 | 1,967 |
Otro integral | |||||||
ingresos del año neto de impuesto sobre la renta | - | - | - | - | 1 | - | 1 |
Total integral | |||||||
ingresos del año | - | - | - | - | 1 | 1,967 | 1,968 |
Consideración recibida | |||||||
por EBT en la venta de las acciones |
- |
- |
42 |
- |
- |
- |
42 |
Consideración pagada por | |||||||
EBT en la compra de acciones | - | - | (50) | - | - | - | (50) |
Al 31 de octubre de 2022 | 264 | 673 | (1,537) | 10 | 14 | 16,001 | 15,425 |
Capital social £000 | Capital reserva de redención £000 | Reserva de acciones propias £000 | Reserva de ajuste de valor razonable £000 |
Conversión de moneda £000 |
Ganancias retenidas £000 |
Equidad total £000 | |
A 1 de noviembre de 2022 | 264 | 673 | (1,537) | 10 | 14 | 16,001 | 15,425 |
Ganancias del año | - | - | - | - | - | 1,499 | 1,499 |
Otro integral | |||||||
ingresos del año neto de impuesto sobre la renta | - | - | - | - | 5 | - | 5 |
Total integral | |||||||
ingresos del año | - | - | - | - | 5 | 1,499 | 1,504 |
Consideración recibida | |||||||
por EBT en la venta de las acciones |
- |
- |
61 |
- |
- |
- |
61 |
Consideración pagada por | |||||||
EBT en la compra de acciones | - | - | (140) | - | - | - | (140) |
Recompra de acciones propias | (13) | 13 | 575 | (575) | - | ||
Dividendos de capital pagados | - | - | - | - | - | (267) | (267) |
Al 31 de octubre de 2023 | 251 | 686 | (1,041) | 10 | 19 | 16,658 | 16,583 |
Capital social
El saldo clasificado como capital social incluye los ingresos netos totales (importe nominal únicamente) que surgen o se estima que surgen de la emisión del capital social de la Compañía, que comprende Acciones Ordinarias de 5 peniques cada una y Acciones Ordinarias de Voto Limitado 'A' de 5 peniques cada una.
Reserva de amortización de capital
La reserva de redención de capital surge de la recompra y cancelación por parte de la Compañía de Acciones Ordinarias.
Reserva de acciones propias
La reserva de acciones propias representa el costo de las acciones de The Heavitree Brewery PLC compradas en el mercado y mantenidas por The Heavitree Brewery PLC Employee Benefits Trust ('EBT').
At 31 October 2023 the Group held 98,938 Ordinary Shares and 59,641 'A' Limited Voting Ordinary Shares (2022: 210,335 Ordinary Shares and 195,386 'A' Limited Voting Ordinary Shares) of its own shares. During the year there were purchases of 38,603 Ordinary Shares and sales of 23,393 'A; Limited Voting Ordinary Shares.
Reserva de ajustes de valor razonable
La reserva de ajustes de valor razonable se utiliza para registrar las diferencias interanuales en el valor razonable de la inversión clasificada como valor razonable con cambios en otro resultado global.
Reserva de conversión de moneda extranjera
La reserva de conversión de moneda extranjera se utiliza para registrar las diferencias de cambio que surgen de la conversión de los estados financieros de las subsidiarias extranjeras.
Notas al anuncio preliminar
1. Base de preparación
Estas cifras no constituyen cuentas completas en el sentido de la Sección 396 de la Ley de Sociedades de 2006. Se extrajeron de los estados financieros legales del año finalizado el 31 de octubre de 2023. Los estados financieros legales aún no se han entregado al Registrador de Empresas .
Los auditores, PKF Francis Clark, informaron sobre las cuentas de los años terminados el 31 de octubre de 2023 y el 31 de octubre de 2022. Sus informes de auditoría en ambos años no tenían salvedades, no incluían una referencia a ningún asunto sobre el cual los auditores llamaron la atención por medio de énfasis sin calificar su informe y no contenía una declaración en virtud de la Sección 498 (2) o (3) de la Ley de Sociedades de 2006 con respecto a esas cuentas.
The financial information in this statement has been prepared in accordance with UK adopted international accounting standards as applied in accordance with the Companies Act 2006. The accounting policies have been consistently applied and are described in full in the statutory financial statements for the year ended 31 October 2023, which are expected to be mailed to shareholders on 07 March 2024. The financial statements will also be available on the Group's website www.heavitreebrewery.co.uk.
Prior period reclassification
Having considered the nature of the loans/ mortgage's receivable from Tenants and former Tenants in both the current and prior financial year, the Directors have deemed it most appropriate to show the loans due as financial assets rather than other debtors as they were presented last year and as such, the comparatives have been restated to reclassify the balances in 2022.
Preocupación continua
The Directors closely monitor the Group's financial resources. This included a continual review of the medium-term financial plan, along with sensitised cash flow forecasts for 12 months from the date of approval of these financial statements. We have seen some of the impact on our Tenants with the continued increase in prices for food, energy, staffing, along with the continued difficulty of retaining staff. These factors remain across the Estate and the industry as a whole. This has been taken into account when forecasting for the coming year and is included within the forecast for the period to April 2025. The forecast for capital receipts in 2024 includes sales of two non-core assets and one unlicensed property, with a budgeted estimate of £1.7m. Any further decisions on the sale of assets will be discussed in Board meetings during the year. These forecasts leave the Group with minimum headroom of over £2m on an overdraft facility of £3m. The Board will continue to review cashflows as part of its ongoing strategy.
The Board took the decision 3 years ago to accelerate the paying down of its £4.5m Term Loan by the selling of non-core assets to secure its current position and the long-term trading position of the Group. The Board originally identified up to 15 non-core assets with a value of between £5m and £7m to be realised over a period of 2 to 3 years. This has been reviewed each year with some further properties being added as the process has progressed. These include unlicensed properties and developments with permissions which are already within the Estate. This year the Group has sold 7 (2022: 8) of the non-core assets resulting in profits of £1,065,000 being realised from these sales, leaving the balance of the Term Loan at 31 October 2023 of £2,065,000.
The Board has continued to engage with the bank regarding its facilities and forward trading. After the year end the Board has negotiated a new 5 Year banking facility including the Term Loan and the £3m overdraft facility. The overdraft facility terms remain the same with no increase on interest rate over the base rate. A small reduction in interest rate on the Term Loan over base has been achieved with an adjustment in the debt service covenant which is now an EBITDA calculation only.
Covenant testing resumed from the 31 October 2022 and our year end results show that we have achieved one of our covenants but that a technical breach has been shown in the debt service cover, this covenant changes with the new bank agreement, which is now in place from November 2023. The bank are not able to issue a formal waiver of the loan as the old loan and applicable covenants are no longer in existence following the agreement of the new loan after the year end. The bank have confirmed that as the loan has been replaced with a new facility, there will be no further action in respect of the breach at the year end.
The Directors are satisfied that the Group's forecasts and projections, which take account of the anticipated cost of living impact on the Estate. This has been reflected in the budgets with decrease percentage built in on trade and rental income. The forecasts indicate that the Group will be able to operate within its new covenants and facilities. The current trading performance of the Group also shows that it will be able to operate within the level of its facilities and covenant testing for the 12 months from the date of these financial statements. With value in the Estate being realised over time and with the support from the bank there are no material uncertainties in relation to going concern. For this reason, the Group continues to adopt the going concern basis in preparing its financial statements.
2. Beneficio por acción
Los montos básicos de las ganancias por acción se calculan dividiendo la utilidad del año atribuible a los accionistas ordinarios de la controladora entre el número promedio ponderado de acciones ordinarias y acciones ordinarias de voto limitado 'A' en circulación durante el año.
Lo siguiente refleja los datos de ingresos y acciones utilizados en las ganancias por acción básicas y diluidas
Cálculo:
2023 £000 | 2022 £000 | |
Ganancias del año | 1,499 | 1,967 |
2023 No. (000) | 2022 No. (000) | |
Basic weighted average number of shares (excluding own shares) | 4,840 | 4,834 |
3. Dividendos pagado y propuesto
2023 £000 | 2022 £000 | |
Declarado y pagado durante el año: | ||
Dividendos de capital sobre acciones ordinarias: | ||
Dividendo complementario de 2022: 3.5p (2021: cero) | 176 | - |
First dividend for 2023: 2.00p (2022: nil) | 101 | - |
Menos dividendo en acciones mantenidas dentro de esquemas de acciones para empleados | (10) | - |
Dividendos pagados | 267 | - |
Propuesto para su aprobación en la Junta General de Accionistas | ||
(not recognised as a liability as at 31 October 2023) | ||
Final dividend for 2023 3.5p (2022 : 3.5p)
Dividendos preferenciales acumulados
| 176
1 | 176
1 |
|
4. Información por segmentos
Formato de informe principal: segmentos de negocio
During the year the Group operated in one business segment - leased estates.
La propiedad arrendada representa las propiedades que se arriendan a inquilinos para operar de forma independiente del Grupo, bajo tenencias vinculadas y libres de vinculación.
Formato de reporte secundario - segmentos geográficos
Revenue is based on the geographical location of customers. All revenue is generated in, and all assets are held in the United Kingdom.
5. Información general
El informe anual y los estados financieros de 2023 se publicarán y enviarán a los accionistas el 7 de marzo de 2024. Se pueden obtener más copias poniéndose en contacto con el secretario de la empresa en The Heavitree Brewery PLC, Trood Lane, Matford, Exeter EX2 8YP. El informe anual y los estados financieros de 2023 también estarán disponibles en el sitio web de la empresa en http://www.heavitreebrewery.co.uk/financial/
La Asamblea General Anual se llevará a cabo en la Oficina Registrada el 11 de abril de 2024 a las 11.30 a.m..
Finaliza.
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