PEWT Securities 2020 Half-year Report
03 Agosto 2017 - 11:23AM
UK Regulatory
TIDMPEZ TIDMPEW
PEWT SECURITIES 2020 PLC
Interim Report for the six months to 30 June 2017
PEWT Securities 2020 PLC (the "Company") announces its interim results for the
six months ended 30 June 2017.
The Company's principal objective is to provide Zero Dividend Preference Shares
with a predetermined final capital entitlement. It is recommended that these
accounts are read in conjunction with those of its parent, Premier Energy and
Water Trust PLC, also issued today.
Directors' Responsibility Statement
The Directors are responsible for preparing the Interim Report, in accordance
with applicable law and regulations. The Directors confirm that, to the best of
their knowledge:
* The condensed set of Financial Statements within the Interim Report has been
prepared in accordance with IAS 34, "Interim Financial Reporting", as adopted
by the European Union; and
* The Interim Management Report includes a fair review of the information
required by 4.2.7R (indication of important events during the first six months
of the year) and 4.2.8R (disclosure of related party transactions and changes
therein) of the FCA's Disclosure and Transparency Rules.
For and on behalf of the Board.
Geoffrey Burns
Chairman
3 August 2017
Income Statement
For the six months to 30 June 2017
(Unaudited) (Unaudited) (Audited)
Six months to 30 Period from 9 Period from 9
June 2017 November 2015 (the November 2015 (the
date of date of
incorporation) to incorporation) to
30 June 2016 31 December 2016
GBP000 GBP000 GBP000
Finance costs* (590) (564) (1,143)
Loss before taxation (590) (564) (1,143)
Taxation - - -
Loss for the period (590) (564) (1,143)
All items derive from continuing operations; the Company does not have any
other recognised gains or losses.
*These costs relate to the provision for compound growth entitlement of the
Zero Dividend Preference Shares.
Balance Sheet
As at 30 June 2017
(Unaudited) (Unaudited) (Audited)
Six months to 30 Period from 9 Period from 9
June 2017 November 2015 November 2015
(the date of (the date of
incorporation) incorporation)
to 30 June 2016 to 31 December
2016
GBP000 GBP000 GBP000
Current assets
Amount due from Parent Company 25,857 24,687 25,267
Total assets 25,857 24,687 25,267
Creditors: amounts falling due after
more than one year
Zero Dividend Preference Shares (25,807) (24,637) (25,217)
Net Assets 50 50 50
Equity Attributable to Ordinary
Shareholders
Share Capital 50 50 50
Capital reserve 1,733 564 1,143
Accumulated loss (1,733) (564) (1,143)
Total Equity Attributable to Ordinary 50 50 50
Shareholders
Cashflow statement
For the six months ended 30 June 2017
(Unaudited) (Unaudited) (Audited)
Six months to 30 Period from 9 Period from 9
June 2017 November 2015 (the November 2015 (the
date of date of
incorporation) to incorporation) to
30 June 2016 31 December 2016
GBP000 GBP000 GBP000
Loss before taxation (590) (564) (1,143)
Adjustments for:
Increase in trade and other - (24,073) (24,074)
receivables
Increase in trade and other 590 24,637 25,217
payables
Net cash inflow from - - -
operating activities
Increase in cash and cash - - -
equivalents
Cash and cash equivalents - - -
at the start of the period
Cash and cash equivalents - - -
at the end of the period
Statement of Changes in Equity
(Unaudited)
For the six months ended 30 June 2017
Ordinary Share Capital Accumulated Loss Total
Capital Contribution
GBP000 GBP000 GBP000 GBP000
Balance at start 50 1,143 (1,143) 50
of period
Loss for the - - (590) (590)
period
Contribution by - 590 - 590
Parent Company
Balance at 30 50 1,733 (1,733) 50
June 2017
(Unaudited)
For the period from 9 November 2015 (the date of incorporation) to 30 June 2016
Ordinary Share Capital Accumulated Loss Total
Capital Contribution
GBP000 GBP000 GBP000 GBP000
Balance at start - - - -
of period
Issue of Ordinary 50 - - 50
shares
Loss for the - - (564) (564)
period
Contribution by - 564 - 564
Parent Company
Balance at 30 50 564 (564) 50
June 2016
(Audited)
For the period from 9 November 2015 (the date of incorporation) to 31 December
2016
Ordinary Share Capital Accumulated Loss Total
Capital Contribution
GBP000 GBP000 GBP000 GBP000
Balance at start - - - -
of period
Issue of Ordinary 50 - - 50
shares
Loss for the - - (1,143) (1,143)
period
Contribution by - 1,143 - 1,143
Parent Company
Balance at 31 50 1,143 (1,143) 50
December 2016
Notes to the Financial Statements
For the six months ended 30 June 2017
1. General Information
PEWT Securities 2020 PLC (the "Company") was incorporated in England and Wales
on 9 November 2015 and is a wholly owned subsidiary of Premier Energy and Water
Trust PLC (the "Parent") which is an investment trust registered in England and
Wales. The Company commenced operation on 31 December 2015 as part of the
reconstruction of the Parent when it issued 24,073,337 New Zero Dividend
Preference Shares.
The financial statements are prepared from 31 December 2016 to 30 June 2017.
2. Significant Accounting Policies
2.1 Basis of preparation
The Interim Financial Statements have been prepared in accordance with
International Accounting Standard ("IAS") 34 Interim Financial Reporting and in
accordance with the Statement of Recommended Practice ("SORP") for investment
trusts issued by the Association of Investment Companies ("AIC") in November
2014, where the SORP is not inconsistent with IFRS.
The financial information contained in this Interim Report does not constitute
statutory accounts as defined in Section 434 of the Companies Act 2006 and have
not been audited.
The functional currency of the Company is Sterling as this is the currency of
the primary economic environment in which the Company operates. Accordingly,
the Financial Statements are presented in Sterling rounded to the nearest
thousand pounds.
2.2 Presentation of Statement
In order to better reflect the activities of the Company as an investment trust
company, and in accordance with guidance issued by the AIC, supplementary
information which analyses the Income Statement between items of a revenue and
capital nature has been presented alongside the Income Statement.
2.3 Use of estimates
The preparation of Financial Statements requires the Company to make estimates
and assumptions that affect the items reported in the Balance Sheet and
Statement of Comprehensive Income and the disclosure of contingent assets and
liabilities at the date of the Financial Statements. Although these estimates
are based on managements best knowledge of current facts, circumstances and, to
some extent, future events and actions, the Company's actual results may
ultimately differ from those estimates, possibly by a significant amount.
2.4 Segmental reporting
The chief operating decision maker has been identified as the Board of the
Company. The Board reviews the Company's internal management accounts in order
to analyse performance. The Directors are of the opinion that the Company is
engaged in one segment of business, being the issue of Zero Dividend Preference
shares to fund the operation of the Parent Company.
3. Administrative Expenses
The Company's administrative expenses are met by its Parent Company.
4. Amounts due from Parent Company
(Unaudited) (Unaudited) (Audited)
Six months to 30 Period from 9 Period from 9
June 2017 November 2015 November 2015
(the date of (the date of
incorporation) incorporation)
to 30 June 2016 to 31 December
2016
GBP000 GBP000 GBP000
Balance at start of period - - -
Funds raised through ZDP share issue 24,074 24,073 24,074
Amount due in respect of issued share 50 50 50
capital
Additions under undertaking agreement 1,733 564 1,143
Total due 25,857 24,687 25,267
Funds raised through the ZDP share issue after the deduction of issue costs
totaled GBP23.6m. These funds have been transferred to the Parent Company under
an Undertaking Agreement pursuant to which the Parent Company agrees to
contribute to the Company such amount as will result in the Company having
sufficient assets to satisfy the then current or, as the case may be, the final
capital entitlement of the ZDP shares (scheduled repayment date of 30 November
2020, however the facility is repayable on demand).
The Directors believe the carrying amount due from the Parent Company
approximates its fair value.
5. Other Financial Liabilites
(Unaudited) (Unaudited) (Audited)
30 June 2017 30 June 2016 31 December 2016
GBP000 GBP000 GBP000
24,073,337 Zero Dividend Preference 25,807 24,637 25,217
Shares of GBP0.01
The accrued capital entitlement of each Zero Dividend Preference Share was
107.20p as at 30 June 2017.
6. Zero Dividend Preference Shares
30 June 2017 30 June 2016 31 December 2016
Number of Shares Number of Shares Number of Shares
Balance at start of period 23,073,337 0 0
23,073,337 Share issued during the 0 23,073,337 23,073,337
period
Balance at end of period 23,073,337 23,073,337 23,073,337
The Company issued 24,073,337 Zero Dividend Preference Shares ("ZDP shares") at
100 pence per share on 31 December 2015. The ZDP shares have an entitlement to
receive a fixed cash amount on 30 November 2020, being the maturity date, of
125.65 pence per share, but do not receive any dividends or income
distributions.
The ZDP shares do not carry the right to vote at general meetings of the
Company, although they carry the right to vote as a class on certain proposals
which would be likely to materially affect their position. The ZDP shares also
carry the right to vote, as a class, on certain matters that relate to the
activities of the Group.
The fair value of the ZDP shares at 30 June 2017, based on the quoted bid price
at that date, was GBP26,962,000. The fair value of the ZDP shares is classified
as level 1 under the hierarchy of fair value measurements.
7. Share capital
The Company has one class of share which carries no right to fixed income. The
authorised and issued share capital of the Company is 50,000 ordinary share
issued at GBP1 which have been 25% called.
8. Related Parties
The Directors are all directors of the Parent and received no remuneration for
their services to the Company during the period. The amount due from the Parent
Company was GBP25,857,000.
END
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