Business Report - Example

HEMINGWAY PROPERTIES LIMITED
 
STATUTORY INFORMATION
 
Previous Name(s):
HEMINGWAY PROPERTIES PLC until 30/11/1999
THE MARYLEBONE ESTATES COMPANY PLC until 22/07/1991
CORPORATE ESTATES PROPERTIES PLC until 23/05/1989
UTC TRADING CORPORATION PLC until 29/07/1987
 
Registered Number: 01755077
 
Registered Office: 21 DEVONSHIRE STREET, Date of Incorporation: 21/09/1983
LONDON, Latest Annual Return: 16/05/1999
W1N 2EP Date Accounts Lodged: 30/03/1999
Latest Filed Accounts Date: 31/12/1998
Date of Analysed Accounts: 31/12/1998
Accounts Reference Date: 31/12
Issued Capital (£): 20,681,558
 
Company is: Quoted
Private Limited with share capital
English/Welsh companies incorporated under part 1 of the Companies Act
 
Type of Accounts: Group
DIRECTORY INFORMATION
 
Trading Address: 21 Devonshire St, Telephone Number: 020 74873737
London, Fax Number: -
W1N 2EP
 
Region: CENTRAL LONDON
Bankers: BANK OF SCOTLAND
Auditors: Arthur Andersen
Audit Qualification: The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 31/12/1998.
Principal Activities: A holding company for a group engaged in property investment. T/O = Gross rental income and property sales.
 
UK SIC Code(s):
70202 Other letting of own property
70120 Buying and selling of own real estate
RISK INFORMATION
 
RISK SCORE
1998 70 Credit Limit (£): 11,000,000
1997 83 Contract Limit (£): 7,000,000
1996 66
1995 56
The ICC score has been designed to predict the likelihood of a company becoming insolvent within the year. The latest score is 70 and this indicates a risk level for the next year four to five times less than the average rate of 2%. We would expect 24.88% of companies to be at and above this score. The credit limit is £11,000,000, which is a reflection of the score and the substantial financial strength of the company.
 
County Court Judgments: There is 1 exact unsatisfied CCJ for £143.00.
Latest Ten Judgments:
On 07/04/1999, a Judgment of £143.00 was made in GUILDFORD court (Case No. JG950180) against HEMINGWAY PROPERTIES PLC of R/O 21 DEVONSHIRE STREET, LONDON, W1N 2EP, Ref. No. 1504906608. (Exact)
 
OWNERSHIP
 
GROUP STRUCTURE
 
Holding Company: None
Ultimate Holding Company: None
 
ALL IMMEDIATE SHAREHOLDINGS ON ICC DATABASE BY TURNOVER
Name Share Class % Held Sales('000) A/C Date Status
HEMINGWAY TRIDENT LIMITED
 ORDINARY 100 4,088 31/12/1998 Trading
HEMINGWAY CAPITAL LIMITED
 ORDINARY 100 3,301 31/12/1998 Trading
HEMINGWAY INVESTMENTS LIMITED
 ORDINARY 100 3,023 31/12/1998 Trading
HEMINGWAY ICON LIMITED
 ORDINARY 100 2,168 31/12/1998 Trading
HEMINGWAY MERCURY LIMITED
 ORDINARY 100 1,292 31/12/1998 Trading
HEMINGWAY PROVINCIAL PROPERTIES LIMITED
 ORDINARY 100 993 31/12/1998 Trading
HEMINGWAY URBAN PROPERTIES LIMITED
 ORDINARY 100 261 31/12/1998 Trading
HEMINGWAY COUNTIES LIMITED
 ORDINARY 100 228 31/12/1998 Trading
HEMINGWAY ESTATES LIMITED
 ORDINARY 100 160 31/12/1998 Trading
HEMINGWAY HOLDINGS LIMITED
 ORDINARY - 30 31/12/1998 Trading
HEMINGWAY LONDON PARTNERSHIP LIMITED
 ORDINARY 100 0 31/12/1998 Trading
MAJOR SHAREHOLDERS
 
Directors Report Date: 15/03/1999
 
SHARE CAPITAL STRUCTURE
 
Class of Shares Par Value (pence) Issued Capital(£) Nominal Capital(£) SEDOL
Ordinary shares 10 20,682,000 33,681,000 0419770
Total Issued Capital 20,682,000
 
SHAREHOLDERS
 
Shareholder Name Class of Shares Number of Shares Shares(%) Holder Type Beneficial Owner
Sterling Investment Holdings Ltd Ordinary shares 28,865,000 14.00 Company Beneficial Name
PROFIT & LOSS ACCOUNT
 
   Date of Accounts 31/12/1998 31/12/1997 31/12/1996 31/12/1995 31/12/1994
   Consolidated Yes Yes Yes Yes Yes
   Subsidiary No No No No No
   No. of Weeks 52 52 52 52 52
   Currency (£ '000) (£ '000) (£ '000) (£ '000) (£ '000)
 
   Audit Qualification No No No No No
 
1  Turnover 29,900 40,987 28,739 16,865 12,821
   Cost of Sales 9,763 18,125 9,300 5,132 3,834
   Gross Profit 20,137 22,862 19,439 11,733 8,987
2  Operating Profit 19,638 20,738 19,172 10,575 8,067
   Non Trading Income 1,612 949 622 794 784
   Interest Payable 16,089 13,892 13,338 8,496 6,092
   Pre-tax Profit 5,161 7,795 6,456 2,873 2,759
   Taxation 1,008 1,371 280 299 204
   Profit After Tax 4,153 6,424 6,176 2,574 2,555
   Dividends Payable 1,376 1,018 900 818 655
   Retained Profit 2,777 4,300 3,942 1,756 1,900
 
   Value Added 21,250 24,770 21,135 11,470 8,853
 
BALANCE SHEET
 
   Date of Accounts 31/12/1998 31/12/1997 31/12/1996 31/12/1995 31/12/1994
   Consolidated Yes Yes Yes Yes Yes
   Subsidiary No No No No No
   No. of Weeks 52 52 52 52 52
   Currency (£ '000) (£ '000) (£ '000) (£ '000) (£ '000)
 
3  Tangible Fixed Assets 273,676 209,625 185,364 171,556 130,054
   Intangible Assets 0 0 0 0 0
   Total Fixed Assets 273,676 209,625 185,364 171,556 130,054
 
   Stocks 22,131 43,585 23,790 37,389 11,824
   Trade Debtors 3,537 2,011 1,708 1,670 1,701
   Cash 11,090 6,143 4,702 13,283 21,320
4  Miscellaneous Current Assets 15,720 39,638 13,442 710 2,387
   Total Current Assets 52,478 91,377 43,642 53,052 37,232
 
5  Creditors: Amounts falling
   due within one year		 26,162 25,419 21,274 18,613 20,212
 
   Total Assets less Current Liabilities 299,992 275,583 207,732 205,995 147,074
 
6  Total Long Term Liabilities 172,477 180,502 136,032 145,019 90,899
 
   Total Liabilities 198,639 205,921 157,306 163,632 111,111
 
7  Share Capital & Reserves 63,588 46,422 45,588 45,647 45,709
   P & L Account Reserve 11,764 8,533 4,479 414 (1,404)
   Revaluation Reserve 52,163 40,126 21,633 14,915 11,870
   Shareholders' Funds 127,515 95,081 71,700 60,976 56,175
   Capital Employed 299,992 275,583 207,732 205,995 147,074
 
   Net Worth 127,515 95,081 71,700 60,976 56,175
   Working Capital 26,316 65,958 22,368 34,439 17,020
 
   Contingent Liabilities 0 0 0 0 0
 
CASH FLOW
 
   Date of Accounts 31/12/1998 31/12/1997 31/12/1996 31/12/1995 31/12/1994
   Consolidated Yes Yes Yes Yes Yes
   Subsidiary No No No No No
   No. of Weeks 52 52 52 52 52
   Currency (£ '000) (£ '000) (£ '000) (£ '000) (£ '000)
 
   Net Cashflow from Operating Activities 24,142 1,236 (1,296) 8,613 8,002
   Net Cashflow from Return on Investment
   and Servicing of Finance		 (15,676) (11,909) (12,397) (8,664) (3,391)
   Net Cashflow before Financing 28,463 (45,773) (53,981) (5,106) (38,673)
   Net Cashflow from Financing (23,600) 47,214 45,571 (3,102) 40,285
   Increase in Cash 4,863 1,441 (8,410) (8,208) 1,612
 
ACCOUNTS NOTES
 
   Date of Accounts 31/12/1998 31/12/1997 31/12/1996 31/12/1995 31/12/1994
   Consolidated Yes Yes Yes Yes Yes
   Subsidiary No No No No No
   No. of Weeks 52 52 52 52 52
   Currency (£ '000) (£ '000) (£ '000) (£ '000) (£ '000)
 
1  Exports 0 0 0 0 0
 
2  Operating Profit is after
   charging the following
   Employees' Remuneration 1,345 3,555 1,694 750 664
   Directors' Remuneration 797 3,752 666 456 391
   Audit Fees 87 60 55 50 44
   Non Audit Fees 190 190 122 70 165
   Depreciation 127 107 93 67 53
 
   Average Number of Employees (actual) 24 19 17 12 10
 
3  Tangible Assets consist of:
   Fixed Assets 1,263 1,195 1,049 696 555
   Intermediate Assets 272,413 208,430 184,315 170,860 129,499
   which includes:
   -Due from Group, Non Current 2,449 0 0 0 0
 
4  Miscellaneous Current Assets includes:
   -Due from Group, Current 0 0 0 0 0
5  Creditors: Amounts falling due
   within one year consists of:
   Trade Creditors 1,108 1,224 860 1,006 656
a  Bank Overdraft 84 0 0 171 0
   Miscellaneous Current Liabilities includes: 24,970 24,195 20,414 17,436 19,556
b  -Bank Loans - Current Portion 0 0 0 3,500 0
c  -Other Short Term Finance, including: 1,383 0 0 0 9,253
     -Due to Group, Current 0 0 0 0 0
     -Due to Directors, Current 0 0 0 0 0
  -Other Current Liabilities 23,587 24,195 20,414 13,936 10,303
 
   Short Term Loans (a+b+c) 1,467 0 0 3,671 9,253
 
6  Total Long Term Liabilities consists of:
   Long Term Loans, which consists of: 172,477 180,502 133,626 144,758 90,779
   -Long Term Bank Loans 36,066 48,157 30,265 37,584 3,000
   -Other Long Term Finance, including: 136,411 132,345 103,361 107,174 87,779
     -Due to Group, Non Current 0 0 0 0 0
     -Due to Directors, Non Current 0 0 0 0 0
   Other Long Term Liabilities 0 0 2,406 261 120
 
7  Share Capital and Reserves consists of:
   Called Up Share Capital 20,682 16,694 16,368 16,367 16,367
   Sundry Reserves 42,906 29,728 29,220 29,280 29,342
INTERIMS
 
Date of Interims 30/06/1998 30/06/1997 30/06/1996 30/06/1995
Consolidated Yes Yes Yes Yes
No. of Weeks 26 26 26 26
Currency (£ '000) (£ '000) (£ '000) (£ '000)
 
Turnover 10,485 14,322 11,320 -
Net Interest 6,834 5,943 6,196 3,835
Pre-tax Profit 1,581 5,395 2,263 1,459
Taxation 349 1,135 68 100
Profit After Tax 1,232 4,260 2,195 1,359
Dividends Payable 408 300 270 246
Retained Profits 824 2,832 1,453 1,113
 
BALANCE SHEET
Tangible Fixed Assets 1,213 1,059 732 627
Intangible Assets 0 0 0 0
Intermediate Assets 249,063 185,614 170,056 130,100
Total Fixed Assets 250,276 186,673 170,788 130,727
 
Stocks 35,218 10,983 36,414 10,707
Trade Debtors 13,515 3,504 5,744 2,024
Cash 25,868 11,091 12,240 12,712
Miscellaneous Current Assets 0 0 0 0
Total Current Assets 74,601 25,578 54,398 25,443
 
Creditors: Amounts falling due within one year 34,753 18,823 19,851 11,102
Creditors After One Year Provision 177,785 114,458 142,291 87,780
Total Liabilities - - - -
Called Up Share Capital 20,409 16,693 16,367 16,367
P & L Account Reserve 9,270 7,358 1,909 (291)
Revaluation Reserve 40,213 21,619 14,907 -
Other (Sundry) Reserves 42,447 29,766 29,248 -
Shareholders' Funds 112,339 75,436 62,431 57,288
Minority Interests 0 3,534 613 0
 
CASHFLOW
Net Cashflow from Operations 25,110 23,914 (16,876) 2,007
Net Cashflow before Financing 24,752 18,110 (57,808) (5,506)
RATIOS
 
Date of Accounts 31/12/1998 31/12/1997 31/12/1996 31/12/1995 31/12/1994
Profit/Sales (%) 17.26 19.02 22.46 17.04 21.52
Profit/Capital Employed (%) 1.72 2.83 3.11 1.39 1.88
Profit/Total Assets (%) 1.58 2.59 2.82 1.28 1.65
Profit/Shareholders' Funds (%) 4.05 8.20 9.00 4.71 4.91
P & L Account Reserve/Total Assets (%) 3.61 2.83 1.96 0.18 -0.84
 
Sales/Total Assets (%) 9.17 13.62 12.55 7.51 7.66
Sales/Fixed Assets 23.67 34.30 27.40 24.23 23.10
Sales/Total Fixed Assets (%) 10.93 19.55 15.50 9.83 9.86
Sales/Capital Employed 0.10 0.15 0.14 0.08 0.09
Working Capital/Sales (%) 88.01 160.92 77.83 204.20 132.75
 
Stock Turnover 1.35 0.94 1.21 0.45 1.08
Credit Period (days) 43.18 17.91 21.69 36.14 48.43
Creditor Days (days) 13.53 10.90 10.92 21.77 18.68
Debtors/Total Assets (%) 1.08 0.67 0.75 0.74 1.02
Net Cash/Current Liabilities (%) 42.07 24.17 22.10 70.45 105.48
Liquid Assets/Total Assets (%) 9.30 15.88 8.67 6.97 15.19
 
Current Ratio 2.01 3.59 2.05 2.85 1.84
Liquidity Ratio 1.16 1.88 0.93 0.84 1.26
Creditors/Debtors 0.31 0.61 0.50 0.60 0.39
Current Liabilities/Stocks 1.18 0.58 0.89 0.50 1.71
Stocks/Working Capital (%) 84.10 66.08 106.36 108.57 69.47
Current Assets/Total Assets (%) 16.09 30.36 19.06 23.62 22.26
Profit/Current Liabilities (%) 19.73 30.67 30.35 15.44 13.65
Sales/Current Liabilities 1.14 1.61 1.35 0.91 0.63
 
Interest/Pre-Interest Profit (%) 75.71 64.06 67.38 74.73 68.83
Total Debt/Net Worth (%) 136.41 189.84 186.37 243.42 178.07
Bank Overdraft & Long Term
Liabilities/Net Worth		 135.33 189.84 189.72 238.11 161.81
Long Term Debt/Net Worth (%) 135.26 189.84 186.37 237.40 161.60
Long Term Liabilities/Net Worth 1.35 1.90 1.90 2.38 1.62
Shareholders' Funds/Total Liabilities (%) 64.19 46.17 45.58 37.26 50.56
Shareholders' Funds/Total Assets 0.39 0.32 0.31 0.27 0.34
Net Worth/Total Assets (%) 39.10 31.59 31.31 27.15 33.58
Net Worth/Total Assets - Intangibles (%) 39.10 31.59 31.31 27.15 33.58
Net Worth/Total Fixed Assets (%) 46.59 45.36 38.68 35.54 43.19
 
Bank Overdraft & Long Term
Liabilities/Working Capital (%)		 6.56 2.74 6.08 4.22 5.34
Bank Overdraft & Long Term
Liabilities/Total Assets (%)		 52.91 59.97 59.40 64.64 54.34
Total Debt/Working Capital 6.61 2.74 5.97 4.31 5.88
Net Worth/Current Liabilities (%) 487.41 374.05 337.03 327.60 277.93
P & L Account Reserve/Net Worth (%) 9.23 8.97 6.25 0.68 -2.50
Revaluation Reserve/Shareholders' Funds (%) 40.91 42.20 30.17 24.46 21.13
Bank Overdraft/Current Assets (%) 0.16 0.00 0.00 0.32 0.00
 
Average Employee Remuneration (£) 56,042 187,105 99,647 62,500 66,400
Wages/Sales (%) 4.50 8.67 5.89 4.45 5.18
Profit per Employee (£) 215,042 410,263 379,765 239,417 275,900
Sales per Employee (£) 1,245,833 2,157,211 1,690,529 1,405,417 1,282,100
Capital Employed per Employee (£) 12,499,667 14,504,368 12,219,529 17,166,250 14,707,400
Total Fixed Assets per Employee (£) 11,403,167 11,032,895 10,903,765 14,296,333 13,005,400
Total Assets per Employee (£) 13,589,750 15,842,211 13,470,941 18,717,333 16,728,600
 
Profit/Value Added (%) 24.29 31.47 30.55 25.05 31.16
Value Added/Sales(%) 71.07 60.43 73.54 68.01 69.05
Value Added per Employee (£) 885,412 1,303,669 1,243,246 955,833 885,306
Value Added/Employee Remuneration (%) 15.80 6.97 12.48 15.29 13.33
 
Exports/Sales (%) 0.00 0.00 0.00 0.00 0.00
Sales/Audit Fees 343.68 683.12 522.53 337.30 291.39
Total Assets/Audit Fees 3,748.90 5,016.70 4,163.75 4,492.16 3,801.95
 
GROWTH RATES
 
1 year 2 year 3 year 4 year
Sales -27 4 77 133
Pre-tax Profit -34 -20 80 87
Audit Fees 45 58 74 98
 
Directors' Remuneration -79 20 75 104
Number of Employees 26 41 100 140
Employees' Remuneration -62 -21 79 103
 
Fixed Assets 6 20 82 128
Tangible Assets 31 48 60 110
Total Fixed Assets 31 48 60 110
Stocks -49 -7 -41 87
Trade Debtors 76 107 112 108
Total Current Assets -43 20 -1 41
Total Assets 8 42 45 95
 
Trade Creditors -10 29 10 69
Short Term Loans - - -60 -84
Total Current Liabilities 3 23 41 29
Net Cash 79 134 -16 -48
Shareholders' Funds 34 78 109 127
Net Worth 34 78 109 127
Long Term Loans -4 29 19 90
Long Term Liabilities -4 27 19 90
Capital Employed 9 44 46 104
 
COMPANY/INDUSTRY COMPARISON
 
This comparison is based on the results of 12179 companies in the same industrial sector: 70200 Letting of own property
 
Company Industry Averages
31/12/1998 Lower Median Upper
PERFORMANCE
Profit/Sales (%) 17.26 0.0 29.6 66.7
Profit/Capital Employed (%) 1.72 0.2 4.3 10.7
Profit/Total Assets (%) 1.58 0.0 3.2 7.5
Profit/Shareholders' Funds (%) 4.05 2.1 7.8 23.3
 
TURNOVER
Sales/Total Assets (%) 9.17 6.3 10.0 16.7
Sales/Fixed Assets (%) 23.67 0.2 5.5 43.7
Working Capital/Sales (%) 88.01 73.8 -15.7 -200.0
Stock Turnover 1.35 0.4 1.9 15.0
Credit Period (days) 43.18 25.5 0.0 0.0
Creditor Days (days) 13.53 6.4 0.0 0.0
 
LIQUIDITY
Current Ratio 2.01 0.1 0.7 2.3
Liquidity Ratio 1.16 0.1 0.6 2.1
 
GEARING
Total Debt/Net Worth (%) 136.41 394.3 118.7 27.0
Shareholders' Funds/Total Assets 0.39 0.2 0.5 0.9
Long Term Debt/Net Worth (%) 135.26 189.2 35.7 0.0
Interest/Pre-Interest Profit (%) 75.71 75.0 36.7 1.1
Total Debt/Working Capital 6.61 6.8 1.2 0.0
 
EMPLOYEE
Average Employee Remuneration (£) 56,042 4,313 12,636 25,000
Wages/Sales (%) 4.50 25.1 12.1 5.3
Profit per Employee (£) 215,042 67 8,357 62,333
Sales per Employee (£) 1,245,833 11,000 66,500 212,500
Capital Employed per Employee (£) 12,499,667 31,400 31,400 31,400
Total Fixed Assets per Employee (£) 11,403,167 29,000 350,000 1,507,000
Total Assets per Employee (£) 13,589,750 60,000 470,412 1,889,778
 
OTHER
Creditors/Debtors 0.31 0.0 1.0 5.0
Debtors/Total Assets (%) 1.08 0.0 0.1 2.1
Current Liabilities/Stocks 1.18 0.9 2.1 11.8
Exports/Sales (%) 0.00 0.0 0.0 0.0
Sales/Audit Fees 343.68 154.9 306.7 589.6
Total Assets/Audit Fees 3,748.90 950.3 2,265.3 5,353.0
 
FILING HISTORY
 
09/12/1999 Change among the directors of a company
30/11/1999 Alteration in memorandum or articles of association
14/10/1999