TIDMFKE
RNS Number : 8146J
Fiske PLC
21 August 2019
21 August 2019
FISKE PLC
("Fiske" or the "Company" or the "Group")
Final Results
Fiske (AIM:FKE) is pleased to announce its final audited
financial results for the year ended 31 May 2019.
Copies of the 2019 Annual Report and Accounts, including the
Notice of AGM and Proxy Voting form will be posted to shareholders
shortly.
In accordance with rule 26 of the AIM Rules for Companies, this
information is also available under the Investor Relations section
of the Company's website, http://www.fiskeplc.com.
The Annual General Meeting of the Company will be held at
Salisbury House, London Wall, London EC2M 5QS on 3 October 2019 at
12.30 pm.
Contact:
Fiske PLC
James Harrison (CEO) Tel: +44 (0) 20 8448 4700
Gerard Luchini (Company Secretary
)
Grant Thornton UK LLP (Nominated Adviser) Tel: +44 (0) 20 7383 5100
Samantha Harrison / Harrison Clarke
Abridged Chairman's Statement
Trading
Full year revenues were GBP4.28m (2018: GBP4.38m) which is
slightly below the prior year.
After a very difficult first half, commission revenues picked up
in the second half of the year. Overall, commission income was only
15% lower, at GBP2.08m for the year, as markets recovered quickly
in January from the weakness that prevailed in the fourth quarter
of 2018. The prevailing sentiment in markets improved generally in
the first quarter of 2019 which was beneficial to client portfolio
valuations and general trading activity.
Meanwhile, investment management fees rose 21% over the year to
GBP2.21m (2018: GBP1.83m). This improvement is in part due to
consolidating a full year of fee income from Fieldings but also a
continuation in the general trend within the business to migrate
clients to our discretionary and advisory managed fee based
services.
As a result of the softer commissions and stronger management
fee revenues the balance has swung in favour of management fees for
the first time. Management fees represented 52% of commission and
fee revenues with commissions representing 48%.
Asset Management
In May 2019 our unit trust, Ocean UK Equity, passed its first
anniversary. We are pleased to report a successful first year with
the fund in the top quartile in each of the last three, six and
twelve month periods. It was also ahead of its benchmark the CBOE
UK All Companies Total Return Index over the period. As at the end
of June 2019 the fund was valued at GBP5.8m.
Investment Managers
Towards the end of the year we welcomed two new investment
managers to the firm. We believe that with our traditional values,
modern systems and up to date regulatory framework we provide an
attractive place to work for aspiring, independently minded private
client investment managers.
Costs & Outturn
Operating expenses have risen by GBP1.02m to GBP5.04m in the
year to 31 May 2019 (2018: GBP4.02m) an increase of 25.3%.
Part of this increase in expenses is a result of charging
non-recurring items amounting to GBP335k which includes GBP217k for
deferred consideration bonuses payable as part of the Fieldings
acquisition. In addition it continues to be our policy to amortise
the value of the client relationships acquired with the Fieldings
business, resulting in a further charge of GBP131k. These items
total GBP466k.
Apart from these items, costs have increased due to compliance
with various regulatory requirements and investment in
strengthening our systems and controls.
After reporting a pre-tax loss of GBP492k in H1, we have
incurred a much reduced loss of GBP150k in the second half to
result in a full year loss of GBP642k. This overall result was
exacerbated by our being without the usual dividend (of some
GBP100k) from Euroclear due to timing changes as elaborated
below.
Euroclear
Euroclear completed a re-domiciliation exercise in 2018/19
moving its headquarters from Switzerland to Belgium. This benefits
the majority of shareholders such as Fiske plc as now our holding
will qualify as a strategic asset under Belgian asset holding
regulations and thus dividends paid will not be subject to
withholding tax. However due to the particular timing of the
re-domiciliation Euroclear have not paid a dividend during our year
to 31 May 2019 (2018: GBP103k).
In January 2019 the London Stock Exchange Group made a strategic
acquisition of some 4.9% of Euroclear at a price of EUR1,798 per
share. In light of this purchase and the appointment of Goldman
Sachs earlier this year to review how to improve the liquidity of
shares in Euroclear we arrived at a fair value of our holding as
EUR1,798 per share. This has resulted in our carrying value rising
by 132% to EUR6.51m which is GBP5.81m at the prevailing exchange
rate of GBP1: EUR1.12.
Net assets
Shareholder's funds have increased by 38% in the year to GBP7.6m
reflecting the increase in the fair value of our holding in
Euroclear. Within this we continue to hold some GBP2.1m of
cash.
Strategy
Following the successful acquisition of Fieldings and the
addition of a growing number of new investment managers we continue
to implement our ongoing strategy to welcome new investment
managers with established client relationships to increase our
assets under management and advice. In addition we are actively
migrating our customers to fee focussed rather than commission
based relationships.
Dividend
The Board has resolved not to pay a dividend for the year to 31
May 2019 (2018: GBPnil).
Regulation
As referred to in the interim statement, significant time and
effort has been and continues to be devoted across the company to
compliance with new regulations. This has focussed in particular on
the costs and charges element of the Markets in Financial
Instruments Directive II ('MiFID II'). We continue to upgrade our
systems and invest time in training our staff members. These
software and training related costs, which have been absorbed by
the business are a recurring feature. In the new financial year we
will be implementing the new Senior Managers & Certification
Regime.
Staff
In the last four years we have successfully migrated the
business onto a new integrated front & back office software
system, acquired and integrated the Fieldings business, brought new
investment managers and their clients onto our platform and managed
the implementation of a constant flow of regulatory changes. In
this light I would like to extend my thanks to all my fellow
Directors, Investment Managers, Associates and members of the
operations team for their hard work and commitment to the future
success of the Company.
Markets
In the long bull-run that markets are enjoying the unusual
feature of this year is that bonds as well as equities are reaching
new highs. A more common feature is this is all happening at a time
of market complacency towards the disturbing features in the
worldwide macro-economic landscape. The realignment of the US/China
trade relations, well overdue but never confronted until now, is
the most prominent feature.
Though perhaps even more serious a problem in the background is
the astonishing levels of debt that have been built up and continue
to increase at both the corporate level and the emerging market
government level. The EU is bordering on recession, the UK has
Brexit to contend with, whilst the US is experiencing the end of
the stimulus of the major corporate tax reductions that the Trump
administration introduced. Added to which most emerging markets
have borrowed in dollars and are now facing the problems of a
currency mismatch.
All the signs suggest we are in the last stages of one of the
greatest bull markets in modern times. Whilst we should of course
be concerned we must also remember that often the final phase of
the bull market gives investors their best gains. It is expensive
and painful to miss out on the final exuberance of a bull market.
To add to concerns, one of the best signs that we may be in the
final phase is the recent resurgence in the gold price. This
traditional safe haven usually comes to life when problems are
serious. It has now reached a six-year high and shows signs of
gathering momentum.
For investors the danger month is traditionally October. Last
year we had a rehearsal, maybe this year we will have the real
thing. Long-term investors should take advantage of the
liquidity-driven surges in asset prices to bolster holdings in
investments that are less correlated to equity markets. In
particular cash positions not only reduce overall risk but provide
dry powder with which to take advantage of dislocations that tend
to damage markets in an indiscriminate fashion.
Outlook
The new financial year has begun with business levels in line
with the more positive second half of the year just reported. Your
board is striving for a very much more positive outturn in the
current year.
Clive Harrison
Chairman
20 August 2019
Consolidated Statement of Total Comprehensive Income
For the year ended 31 May 2019
Notes 2019 2018
GBP'000 GBP'000
---------------------------------------------------- ----- --------- ---------
Continuing Operations
Fee and commission income 4,289 4,283
Other (loss) / income (1) 80
(Loss) / Profit on investments sold (1) 18
Total Revenue 2 4,287 4,381
---------------------------------------------------- ----- --------- ---------
Operating expenses (5,037) (4,020)
Operating (loss) / profit (750) 361
Investment revenue - 103
Finance income 108 -
Finance costs - -
(Loss) / Profit on ordinary activities before
taxation (642) 464
Taxation 3 - (4)
---------------------------------------------------- ----- --------- ---------
(Loss) / Profit on ordinary activities after
taxation (642) 460
---------------------------------------------------- ----- --------- ---------
Other comprehensive income
Items that may subsequently be reclassified
to profit or loss
Movement in unrealised appreciation of investments 3,289 26
Deferred tax on movement in unrealised appreciation
of investments (583) 12
---------------------------------------------------- ----- --------- ---------
Net other comprehensive income 2,706 38
---------------------------------------------------- ----- --------- ---------
Total comprehensive income attributable to
equity shareholders 2,064 498
---------------------------------------------------- ----- --------- ---------
(Loss) / Earnings per ordinary share
Basic 4 (5.5p) 4.2p
Diluted 4 (5.5p) 4.2p
---------------------------------------------------- ----- --------- ---------
All results are from continuing operations.
Consolidated Statement of Financial Position
31 May 2019
Notes 2019 2018
GBP'000 GBP'000
---------------------------------------------- ----- --------- ---------
Non-current Assets
Intangible assets 5 1,445 1,576
Other intangible assets 6 97 130
Property, plant and equipment 7 30 35
Fair Value Through Other Comprehensive Income
('FVTOCI') 8 5,759 2,470
Total non-current assets 7,331 4,211
---------------------------------------------- ----- --------- ---------
Current Assets
Trade and other receivables 9 2,545 4,087
Cash and cash equivalents 2,073 2,453
---------------------------------------------- ----- --------- ---------
Total current assets 4,618 6,540
---------------------------------------------- ----- --------- ---------
Current liabilities
Trade and other payables 10 3,504 4,965
Current tax liabilities - 36
Total current liabilities 3,504 5,001
---------------------------------------------- ----- --------- ---------
Net current assets 1,114 1,539
---------------------------------------------- ----- --------- ---------
Non-current liabilities
Deferred tax liabilities 11 797 214
---------------------------------------------- ----- --------- ---------
Total non-current liabilities 797 214
---------------------------------------------- ----- --------- ---------
Net Assets 7,648 5,536
---------------------------------------------- ----- --------- ---------
EQUITY
Share capital 12 2,904 2,890
Share premium 2,029 1,997
Revaluation reserve 4,203 1,497
Retained losses (1,488) (848)
---------------------------------------------- ----- --------- ---------
Shareholders' equity 7,648 5,536
---------------------------------------------- ----- --------- ---------
These financial statements were approved by the Board of
Directors and authorised for issue on 20 August 2019.
Signed on behalf of the Board of Directors
J P Q Harrison
Chief Executive Officer
Group Company Statement of Changes in Equity
For the year ended 31 May 2019
Share Share Revaluation Retained
Group capital premium reserve losses Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------------- --------- --------- ------------ --------- --------
Balance at 1 June 2017 2,115 1,222 1,459 (1,309) 3,487
Profit for the financial
year - - - 460 460
Revaluation of available-for-sale
investments - - 26 - 26
Deferred tax on revaluation
of available-for-sale investments - - 12 - 12
------------------------------------- --------- --------- ------------ --------- --------
Total comprehensive income
for the year - - 38 460 498
------------------------------------- --------- --------- ------------ --------- --------
Share based payment transactions - - - 1 1
Issue of ordinary share
capital 775 775 - - 1,550
Balance at 1 June 2018 2,890 1,997 1,497 (848) 5,536
Loss for the financial year - - - (642) (642)
Movement in unrealised appreciation
of investments - - 3,289 - 3,289
Deferred tax on movement
in unrealised appreciation
of investments - - (583) - (583)
Total comprehensive income
/ (expense) for the year - - 2,706 (642) 2,064
------------------------------------- --------- --------- ------------ --------- --------
Share based payment transactions - - - 2 2
Issue of ordinary share
capital 14 32 - - 46
------------------------------------- --------- --------- ------------ --------- --------
Total transactions with
owners, recognised directly
in equity 14 32 - 2 48
Balance at 31 May 2019 2,904 2,029 4,203 (1,488) 7,648
------------------------------------- --------- --------- ------------ --------- --------
Group Company Statement of Cash Flows
For the year ended 31 May 2019
2019 2018
Group Group
GBP'000 GBP'000
----------------------------------------- --------- ---------
Operating (loss) / profit (750) 361
Profit on disposal of available-for-sale
investments - -
Amortisation of intangibles 33 26
Depreciation of property, plant
and equipment 22 20
Amortisation of intangible asset
- customer relationships 131 131
Expenses settled by the issue
of shares 2 -
Decrease in investments held for
trading - 19
Decrease / (increase) in receivables 1,354 (1,397)
(Decrease) / increase in payables (1,273) 730
----------------------------------------- --------- ---------
Cash used in operations (481) (110)
Tax (paid) (36) (38)
----------------------------------------- --------- ---------
Net cash used in operating activities (517) (148)
Investing activities
Interest received 108 -
Investment income received - 103
Payment to acquire subsidiary
undertaking - (2,092)
Dividend paid to parent company
as part of acquisition - -
Purchases of property, plant and
equipment (17) (45)
Purchases of other intangible
assets - (12)
Cash acquired with subsidiary
undertaking - 2,320
Cash received on share buy-back
by subsidiary - -
Net cash generated / (used) from
investing activities 91 274
----------------------------------------- --------- ---------
Financing activities
Proceeds from issue of ordinary
share capital 46 1,292
Dividends paid - -
----------------------------------------- --------- ---------
Net cash generated from financing
activities 46 1,292
----------------------------------------- --------- ---------
Net (decrease) / increase in cash
and cash equivalents (380) 1,418
Cash and cash equivalents at beginning
of year 2,453 1,035
Cash and cash equivalents at end
of year 2,073 2,453
----------------------------------------- --------- ---------
1
Notes to the Accounts
For the year ended 31 May 2019
1 Basis of preparation
These financial statements have been prepared in accordance with
the requirements of IFRS implemented by the Group for the year
ended 31 May 2019 as adopted by the European Union and
International Financial Reporting Interpretations Committee and
with the Companies Act 2006. The Group financial statements have
been prepared under the historical cost convention, with the
exception of financial instruments, which are stated in accordance
with IAS 39 Financial Instruments: recognition and measurement.
2 Total revenue and segmental analysis
IFRS 8 requires operating segments to be identified on the basis
of internal reports about components of the Group that are
regularly reviewed by management to allocate resources to the
segments and to assess their performance. Following the acquisition
of Fieldings Investment Management Limited in August 2017, their
staff and operations have been integrated into the management team
of Fiske plc. Pursuant to this, the Group continues to identify a
single reportable segment, being UK-based financial intermediation.
Within this single reportable segment, total revenue comprises:
2019 2018
GBP'000 GBP'000
------------------------------------------------ ------- -------
Commission receivable 2,078 2,454
Investment management fees 2,211 1,829
(Loss) / profit on investments held for trading (1) 18
------------------------------------------------ ------- -------
4,288 4,301
Other (loss) / income (1) 80
------------------------------------------------ ------- -------
4,287 4,381
------------------------------------------------ ------- -------
Substantially all revenue in the current and prior year is
generated in the UK and derives solely from the provision of
financial intermediation.
3 Tax
Analysis of tax on ordinary activities:
2019 2018
GBP'000 GBP'000
----------------------------------------------- ------- -------
Current tax
Current year - 4
Prior year adjustment - -
----------------------------------------------- ------- -------
- 4
Deferred tax
Current year - -
Prior year adjustment - -
----------------------------------------------- ------- -------
Total tax charge to Statement of Comprehensive
Income - 4
----------------------------------------------- ------- -------
Factors affecting the tax charge for the year
The standard rate of tax for the year, based on the United
Kingdom standard rate of corporation tax, is 19.00% (2018:
19.00%).
The charge/(credit) for the year can be reconciled to the profit
per the Statement of Comprehensive Income as follows:
2019 2018
GBP'000 GBP'000
--------------------------------------------------- ------- -------
(Loss) / Profit before tax (642) 464
--------------------------------------------------- ------- -------
(Credit) / Charge on profit on ordinary activities
at standard rate (124) 86
Effect of:
Expenses not deductible in determining taxable
profit 9 9
Non-taxable income (0) (20)
Tax losses not recognised 115 -
Carry back tax relief - (71)
- 4
--------------------------------------------------- ------- -------
4 Earnings per share
Basic earnings per share has been calculated by dividing the
profit on ordinary activities after taxation by the weighted
average number of shares in issue during the year. Diluted earnings
per share is basic earnings per share adjusted for the effect of
conversion into fully paid shares of the weighted average number of
share options during the year.
31 May 2019 Basic Diluted
Basic
GBP'000 GBP'000
------------------------------------------------ -------- --------
(Loss) on ordinary activities after taxation (642) (642)
Adjustment to reflect impact of dilutive share - -
options
------------------------------------------------ -------- --------
(Loss) (642) (642)
------------------------------------------------ -------- --------
Number of shares (000's) 11,603 11,645
------------------------------------------------ -------- --------
(Loss) per share (pence) (5.5) (5.5)
------------------------------------------------ -------- --------
31 May 2018 Basic Diluted
Basic
GBP'000 GBP'000
------------------------------------------------ -------- --------
Profit on ordinary activities after taxation 460 460
Adjustment to reflect impact of dilutive share
options - 1
------------------------------------------------ -------- --------
Earnings 460 461
------------------------------------------------ -------- --------
Number of shares (000's) 10,906 10,980
------------------------------------------------ -------- --------
Earnings per share (pence) 4.2 4.2
------------------------------------------------ -------- --------
31 May 2019 31 May
2018
--------------------------------------- ----------- ------
Number of shares (000's):
Weighted average number of shares 11,603 10,906
Dilutive effect of share option scheme 42 74
--------------------------------------- ----------- ------
11,645 10,980
--------------------------------------- ----------- ------
5 Intangible assets arising on consolidation
Customer Goodwill Total
relationships
--------------------------
GBP'000 GBP'000 GBP'000
-------------------------- --------------- ---------- --------
Cost
At 1 June 2018 1,312 1,311 2,623
Additions - - -
-------------------------- --------------- ---------- --------
At 31 May 2019 1,312 1,311 2,623
-------------------------- --------------- ---------- --------
Accumulated amortisation
At 1 June 2018 (131) (916) (1,047)
Charge in year (131) - (131)
-------------------------- --------------- ---------- --------
At 31 May 2019 (262) (916) (1,178)
-------------------------- --------------- ---------- --------
Net book value
At 31 May 2019 1,050 395 1,445
-------------------------- --------------- ---------- --------
At 1 June 2018 1,181 395 1,576
-------------------------- --------------- ---------- --------
Goodwill arising through business combinations is allocated to
individual cash-generating units ('CGUs') being acquired
subsidiaries, reflecting the lowest level at which the Group
monitors and test goodwill for impairment purposes. The CGUs to
which goodwill is attributed are as follows:
CGU 2019 2018
GBP'000 GBP'000
---------------------------- --------- ---------
Vor Financial Strategy 230 230
Ionian Group Limited 165 165
----------------------------- --------- ---------
Goodwill allocated to CGUs 395 395
----------------------------- --------- ---------
Determining whether goodwill is impaired requires an estimation
of the recoverable amount of each CGU. The recoverable amount is
the higher of its value in use ('VIU') or its fair value less cost
of disposal ('FVLCD').
As at 31 May 2019 none of the Group's CGUs are impaired with the
recoverable amount for each CGU having been based on its FVLCD. The
fair value has been calculated as 2.5 % of assets under
management.
Under the above valuation approach each CGU had a FVLCD in
excess of its carrying value by GBP19k at Vor (2018: GBP62k) and
GBP48k at Ionian (2018: GBP53k).
A 17% reduction in funds under management for Ionian from
GBP11.1m to GBP9.2m would result in a potential impairment trigger.
Vor is less sensitive to such an impairment trigger requiring a
fall of 11% of funds under management from GBP7.4m to GBP6.6m.
If fair value was calculated using 2.1% as opposed to 2.5% of
funds under management for Ionian then, all other things being
equal, there would be a potential impairment trigger. Vor would
require a decrease to 1.8% of funds under management to trigger a
potential impairment.
6 Other intangible assets
Systems Total
licence
GBP'000 GBP'000
-------------------------- --------- --------
Cost
At 1 June 2017 180 180
Additions 12 12
At 1 June 2018 192 192
Additions - -
At 31 May 2019 192 192
---------------------------- --------- --------
Accumulated amortisation
At 1 June 2017 (36) (36)
Charge for the year (26) (26)
At 1 June 2018 (62) (62)
Charge for the year (33) (33)
At 31 May 2019 (95) (95)
---------------------------- --------- --------
Net book value
At 31 May 2019 97 97
---------------------------- --------- --------
At 31 May 2018 130 130
---------------------------- --------- --------
7 Property, plant and equipment
Office furniture Computer Office refurbishment Total
and equipment equipment
GBP'000 GBP'000 GBP'000 GBP'000
-------------------------- ----------------- ------------ ---------------------- --------
Cost
At 1 June 2017 137 177 175 489
Additions 25 20 - 45
Disposals - - - -
-------------------------- ----------------- ------------ ---------------------- --------
At 1 June 2018 162 197 175 534
Additions - 17 - 17
At 31 May 2019 162 214 175 551
-------------------------- ----------------- ------------ ---------------------- --------
Accumulated depreciation
At 1 June 2017 (135) (169) (175) (479)
Charge for the year (7) (13) - (20)
At 1 June 2018 (142) (182) (175) (499)
Charge for the year (7) (15) - (22)
At 31 May 2019 (149) (197) (175) (521)
-------------------------- ----------------- ------------ ---------------------- --------
Net book value
At 31 May 2019 13 17 - 30
-------------------------- ----------------- ------------ ---------------------- --------
At 31 May 2018 20 15 - 35
-------------------------- ----------------- ------------ ---------------------- --------
8 Investments
2019 2018
GBP'000 GBP'000
----------------------------------------- ------- -------
At 1 June 2018:
Valuation 2,470 2,444
Unrealised appreciation (1,806) (1,780)
----------------------------------------- ------- -------
Cost 664 664
Additions - -
Cost of disposals - -
----------------------------------------- ------- -------
At 31 May 2019:
Cost 664 664
Unrealised appreciation 5,095 1,806
----------------------------------------- ------- -------
Valuation 5,759 2,470
----------------------------------------- ------- -------
being:
Listed 5 6
Unlisted 5,754 2,464
----------------------------------------- ------- -------
FVTOCI investments carried at fair value 5,759 2,470
----------------------------------------- ------- -------
The investments included above are represented by holdings of
equity securities. These shares are not held for trading. At May
2018 these were classified as available-for-sale. During the year
they were re-designated as Fair Value through Other Comprehensive
Income.
9 Trade and other receivables
2019 2018
Group Group
Group and Company GBP'000 GBP'000
----------------------------------- -------- --------
Counterparty receivables 1,388 2,462
Trade (payables) / receivables (164) 515
----------------------------------- -------- --------
1,224 2,977
Corporation tax recoverable - -
Amount owed by group undertakings - -
Other debtors 371 229
Prepayments and accrued income 950 881
----------------------------------- -------- --------
2,545 4,087
----------------------------------- -------- --------
Counterparty receivables
Included in the Group's counterparty receivables are debtors
with a carrying amount of GBPnil (2018: GBP55,000) which are past
due at the reporting date for which the Group has not provided as
there has not been a significant change in credit quality and the
amounts were still considered recoverable, and were subsequently
recovered.
Ageing of past due but not impaired counterparty
receivables:
2019 2018
GBP'000 GBP'000
------------- ------- -------
0 - 15 days - 39
16 - 30 days - 16
31 - 45 days - -
46 - 60 days - -
------------- ------- -------
- 55
------------- ------- -------
Trade receivables
Included in the Group's trade receivables balance are debtors
with a carrying amount of GBP338,000 (2018: GBP318,000) which are
past due at the reporting date for which the Group has not provided
as there has not been a significant change in credit quality and
the amounts were still considered recoverable, and were
subsequently recovered.
Ageing of past due but not impaired trade receivables:
2019 2018
GBP'000 GBP'000
------------- ------- -------
0 - 15 days 306 280
16 - 30 days 15 38
31 - 60 days 17 -
------------- ------- -------
338 318
------------- ------- -------
10 Trade and other payables
2019 2018
Group Group
GBP'000 GBP'000
----------------------- -------- --------
Counterparty payables 1,542 3,273
Trade payables - -
----------------------- -------- --------
1,542 3,273
Sundry creditors and
accruals 1,962 1,692
----------------------- -------- --------
3,504 4,965
----------------------- -------- --------
11 Deferred taxation
Capital Tax Deferred
allowances Investments Losses tax liability
Group and Company GBP'000 GBP'000 GBP'000 GBP'000
------------------------------------------------------- ------------- ------------ --------- ----------------
At 1 June 2018 (1) 309 (94) 214
Charge for the year - - - -
Charge to Statement of Comprehensive
Income
* in respect of current year - 583 - 583
- - - -
* in respect of change in corporation tax rate
------------------------------------------------------- ------------- ------------ --------- ----------------
At 31 May 2019 (1) 892 (94) 797
------------------------------------------------------- ------------- ------------ --------- ----------------
Deferred tax assets and liabilities are recognised at a rate
which is substantively enacted at the balance sheet date. The rate
to be taken in this case is 18%, being the anticipated rate of
taxation applicable to the Company in the future.
12 Called up share capital
2019 2018
No. of GBP'000 No. of GBP'000
shares shares
-------------------------- ----------- -------- ----------- --------
Authorised:
Ordinary shares of 25p 12,000,000 3,000 12,000,000 3,000
-------------------------- ----------- -------- ----------- --------
Allotted and fully paid:
Ordinary shares of 25p
Opening balance 11,560,205 2,890 8,460,205 2,115
Shares issued 57,392 14 3,100,000 775
-------------------------- ----------- -------- ----------- --------
Closing balance 11,617,597 2,904 11,560,205 2,890
-------------------------- ----------- -------- ----------- --------
Included within the allotted and fully paid share capital were
9,490 ordinary shares of 25p each (2018: 9,490 ordinary shares of
25p each) held for the benefit of employees.
At 31 May 2019 there were 325,000 outstanding options to
subscribe for ordinary shares at a weighted average exercise price
of 60p.
13 Clients' money
At 31 May 2019 amounts held by the Company on behalf of clients
in accordance with the Client Money Rules of the Financial Conduct
Authority amounted to GBP46,014,796 (2018: GBP40,760,214). The
Company has no beneficial interest in these amounts and accordingly
they are not included in the balance sheet.
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END
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August 21, 2019 09:07 ET (13:07 GMT)
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