Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

 Information  X 
Enter a valid email address

WMC Retail Partners Plc (WELL)

  Print      Mail a friend

Friday 19 May, 2017

WMC Retail Partners Plc

Annual Financial Report

WMC Retail Partners Plc

Financial Statements for the year ended 31 December 2016

WMC Retail Partners plc
("WMC" or "the Company")

Financial Statements for the year ended

31st December 2016

Chairman's Statement

2016 has been a very significant year for our company.  Turning firstly to the financial results themselves you will see that Total Comprehensive Income for the Year was £331,000, substantially greater than the £12,000 reported for the previous year.  However, this was primarily due to an upward revaluation of our Luton market – without this we would have reported a small negative trading result. 

While our core markets performed to expectations, with continuing high-percentage occupancy, and our investment properties delivered their usual steady rent-roll, the combination of group overheads and interest charges eliminated the positives, despite an increased contribution from our growing consultancy services. With regard to the latter, all credit to operations director Andrew Sparrow and his small team for generating £100,000-plus of income, now working in conjunction with major property companies like Hermes and Intu, plus a range of local authorities: Cheshire West and Chester Council currently feature and our team’s project work has extended to Derby, Northwich, Maldon, Manchester and Winsford. 

However, it is the major development at our Cornish site which has been the focus of group efforts this year.  Shareholders will be aware that for some time we have been working up ideas to more fully utilise our large site at Cornish Market World.  Planning permissions and negotiations with our landlord etc., have inevitably taken time.  In a circular to shareholders dated October 4th 2016 we set out our plans together with the details of a major funding package totalling £1.96 million - £1.8 million earmarked for Cornwall.  In essence, this came from an additional bank loan, a loan from our landlord, plus loan stock subscriptions from companies associated with our two non-executive directors, Michael Chadwick and Sarah Hewett.  Shareholders’ approval was given, where necessary, at the General Meeting held on October 21st 2016. 

Consequent on the above I am very pleased to report major progress with this comprehensive development and pay particular tribute to our chief executive Malcolm Ball who is driving it and whose vision it essentially is, to our landlord for his understanding and financial support coupled with a renegotiated lease, to the local authority, and also to our staff and traders on site who have had to endure major inconvenience and disruption during construction.  We are on course to open the transformed site as by its new name ‘Cornucopia’ in July, with our visitors – both tourists and locals – hopefully able to “Eat, Shop and Play” on site.  Our traditional market is being reconfigured, and the adventure play attraction Kidzworld is being substantially upgraded with exciting new attractions. In addition, a wide range of local Cornish produce will be available with an interactive Cornish Pasty Heritage Centre and tasting experience at its heart, and new retail tenants should be operational.  Already a new tenant and its American-influenced diner is open and trading well.  All this represents a major commitment in every sense, and its success will clearly have a major bearing on the future of our company. 

It is our intention to hold next year’s AGM at Cornucopia, to enable shareholders to see it for themselves.  Once again my grateful thanks to all our employees and professional advisors – particularly to our new company secretary Ken Riley who has settled in very well and has made a significant contribution to our deliberations.

Lord Lee of Trafford DL FCA
19 May 2017

Consolidated Statement of Comprehensive Income for the Year ended 31 December 2016

2016 2015
£'000 £'000
Turnover 4,233 4,307 
Cost of sales (3,538) (3,516)
-------- --------
Gross profit 695 791
Administrative expenses (614) (809)
- other operating income/(charges) - 12
- Fair value movements (5) 165
-------- --------
Operating Profit 76 159
Interest receivable and similar income - 1
Interest payable and expenses (134) (147)
-------- --------
Profit on ordinary activities before taxation (58) 13
Tax on profit 7 (1)
-------- --------
Profit for Year (51) 12
======== ========
Unrealised surplus on revaluation of tangible fixed assets 466 -
Deferred tax on revaluation surplus (84) -
-------- --------
Other comprehensive income for the year 382 -
-------- --------
Total comprehensive income for the year 331 12
======== ========
Profit for the year attributed to:
Owners of the parent company (100) 27
Minority interest 49 (15)
-------- --------
(51) 12
======== ========
Total comprehensive income attributable to:
Owners of the parent company 186 27
Minority interest 145 (15)
-------- --------
331 12
======== ========
Profit per ordinary share (1.67p) 0.45p
======== ========
Diluted earnings profit per ordinary share (1.67p) 0.45p
======== ========

Consolidated Balance Sheet

as at 31 December 2016

2016 2015
£'000 £'000
Fixed assets
Intangible assets 141 157
Tangible assets 6,383 5,216
Investment properties 2,300 2,305
-------- --------
8,824 7,678
Current assets
Stocks - 7
Debtors: amounts falling due after more than one year - -
Debtors: amounts falling due within one year 464 528
Cash at bank and in hand 92 196
-------- --------
556 731
Creditors: amounts falling due within one year (1,571) (1,080)
-------- --------
Net current liabilities (1,015) (349)
-------- --------
Total assets less current liabilities 7,809 7,329
Creditors: amounts falling due after more than one year (3,399) (3,330)
Deferred Tax (499) (422)
-------- --------
Net assets 3,911 3,577
======== ========
Capital and reserves
Called up share capital 3,000 3,000
Share premium account 250 250
Revaluation reserve 854 388
Other reserves 85 82
Profit and loss account (445) (165)
-------- --------
Equity shareholders' funds 3,744 3,555
Equity minority interest 167 22
-------- --------
Total shareholders’ funds 3,911 3,577
======== ========


1.   The Group and Company financial statements have been prepared under the historical costs convention as modified by the revaluation of tangible fixed assets and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.

2.   In common with many companies, the current economic conditions create uncertainty with regards to trading, cash flows and the availability of finance.

The Group is funded by cash reserves.

The Group has prepared forecasts to 31 May 2018 which show that the Group will be able to operate within its available resources.

Accordingly, after making enquiries, including the preparation of forecasts and discussions with the Group’s bankers regarding the extension of the loan facilities, the directors have formed a judgement that, at the time of approving the financial statements, there is a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for a period of 12 months following the date the financial statements are approved. For this reason, the directors continue to prepare the financial statements on a going-concern basis.

3.   The financial information set out above does not constitute the Group's nor Company’s statutory accounts for the years ended 31 December 2016 and 31 December 2015 but is derived from them. The auditors have reported on the statutory accounts for both financial years. Their reports were unqualified and did not contain a statement under section 498(1) to (4) of the Companies Act 2006.

4.   The annual report to shareholders will be sent to all shareholders no later than close of business today, 19th May 2017 and will also then be available on the Company's website

For further information, please contact:

WMC Retail Partners Plc
Ken Riley, Company Secretary 

Tel: +44 (0)1952 242019


Grant Thornton UK LLP (Corporate Adviser)
Colin Aaronson/Harrison Clarke

Tel: +44 (0)207 383 5100

The directors of the issuer (WMC Retail Partners plc) accept responsibility for this announcement.

a d v e r t i s e m e n t