AEW UK REIT PLC for the year ended 31 March 2021
Capital Total capital
Share reserve and reserves
For the year ended Share capital premium and attributable to
Notes
31 March 2021 GBP'000 account retained owners of the
GBP'000 earnings* Company
GBP'000 GBP'000
Buyback reserve
GBP'000
Balance at 1 April 2020 1,587 56,578 89,698 - 147,863
Total comprehensive income - - 22,172 - 22,172
Ordinary Shares bought back 19 - - - (263) (263)
Share buyback costs 19 - - - (2) (2)
Dividends paid 10 - - (12,691) - (12,691)
Balance at 31 March 2021 1,587 56,578 99,179 (265) 157,079
Capital Total capital
Share reserve and reserves
For the year ended Share capital premium and attributable to
Notes
31 March 2020 GBP'000 account retained owners of the
GBP'000 earnings* Buyback reserve Company
GBP'000 GBP'000 GBP'000
Balance at 1 April 2019 1,515 49,770 98,171 - 149,456
Total comprehensive income - - 3,652 - 3,652
Ordinary Shares issued 19/20 72 6,928 - - 7,000
Share issue costs 20 - (120) - - (120)
Dividends paid 10 - - (12,125) - (12,125)
Balance at 31 March 2020 1,587 56,578 89,698 - 147,863 * The capital reserve has arisen from the cancellation of part of the Company's share premium account and is a distributable reserve.
The notes below form an integral part of these financial statements.
Statement of Financial Position
as at 31 March 2021
31 March 2021 31 March 2020
Notes
GBP'000 GBP'000
Assets
Non-Current Assets
Investment property 11 169,092 187,042
169,092 187,042
Current Assets
Investment property held for sale 11 7,251 -
Receivables and prepayments 12 6,977 7,351
Cash and cash equivalents 17,450 9,873
Other financial assets held at fair value 13 61 14
31,739 17,238
Non-Current Liabilities
Interest bearing loans and borrowings 14 (39,131) (51,047)
Lease obligations 16 (635) (635)
(39,766) (51,682)
Current Liabilities
Payables and accrued expenses 15 (3,938) (4,687)
Lease obligations 16 (48) (48)
(3,986) (4,735)
Total Liabilities (43,752) (56,417)
Net Assets 157,079 147,863
Equity
Share capital 19 1,587 1,587
Buyback reserve 19 (265) -
Share premium account 20 56,578 56,578
Capital reserve and retained earnings 99,179 89,698
Total capital and reserves attributable to equity holders 157,079 147,863
Net Asset Value per share (pps) 9 99.15 93.13
EPRA Net Tangible Assets per share (pps) 9 99.11 93.12 The financial statements were approved by the Board on 23 June 2021 and signed on its behalf by:
Mark Burton
Chairman
AEW UK REIT plc (Company number: 09522515)
The notes below form an integral part of these financial statements.
Statement of Cash Flows
for the year ended 31 March 2021
Year ended Year ended
31 March 2021 31 March 2020
GBP'000 GBP'000
Cash flows from operating activities
Profit before tax 22,172 3,652
Adjustment for non-cash items:
Finance expenses 930 1,420
(Gain)/loss from change in fair value of investment property (5,324) 9,444
Realised gain on disposal of investment properties (7,043) (44)
Decrease/(increase) in other receivables and prepayments 374 (2,882)
(Decrease)/increase in other payables and accrued expenses (647) 1,424
Net cash flow generated from operating activities 10,462 13,014
Cash flows from investing activities
Purchase of and additions to investment properties (5,983) (358)
Disposal of investment properties 29,049 44
Net cash used in investing activities 23,066 (314)
Cash flows from financing activities
Proceeds from issue of Ordinary Share capital - 7,000
Share buyback cash paid (263) -
Share issue costs - (120)
Share buyback costs (2) -
Loan (repayment)/drawdown (12,000) 1,500
Arrangement loan facility fee paid (13) (39)
Premium for interest rate caps (63) -
Finance costs (919) (1,174)
Dividends paid (12,691) (12,125)
Net cash used in financing activities (25,951) (4,958)
Net increase in cash and cash equivalents 7,577 7,742
Cash and cash equivalents at start of the year 9,873 2,131
Cash and cash equivalents at end of the year 17,450 9,873
The notes below form an integral part of these financial statements.
Notes to the Financial Statements
for the year ended 31 March 2021
1. Corporate information
AEW UK REIT plc (the 'Company') is a closed ended Real Estate Investment Trust ('REIT') incorporated on 1 April 2015 and domiciled in the UK. The registered office of the Company is 6th Floor, 65 Gresham Street, London, EC2V 7NQ.
The Company's Ordinary Shares were listed on the Official List of the FCA and admitted to trading on the Main Market of the London Stock Exchange on 12 May 2015.
The nature of the Company's operations and its principal activities are set out in the Strategic Report above.
2. Accounting policies
2.1 Basis of preparation
These financial statements are prepared and approved by the Directors in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 ('Adopted IFRSs'). Following Brexit, the Company is required to use the UK adopted international accounting standards for financial years beginning after the 1 January 2021. These standards were identical as of the 1 January 2021 and for the remainder of the accounting period.
These financial statements have been prepared under the historical cost convention, except for investment property and interest rate derivatives that have been measured at fair value.
The financial statements are presented in Sterling and all values are rounded to the nearest thousand pounds (GBP'000), except when otherwise indicated.
The Company is exempt by virtue of Section 402 of the Companies Act 2006 from the requirement to prepare group financial statements. These financial statements present information solely about the Company as an individual undertaking.
New standards, amendments and interpretations
The Company has considered and applied the following new standards and amendments to existing
standards which are required for the accounting period beginning on 1 April 2020: ? Amendments to IFRS 16 COVID-19 Related Rent Concessions, the amendments provide relief to lessees from applying
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