TIDMSCHO
RNS Number : 0689V
Scholium Group PLC
29 November 2019
Scholium Group plc
Interim Report & Financial Statements
Six Months ended 30 September 2019
This announcement contains inside information for the purposes
of Article 7 of Regulation 596/2014.
The directors of Scholium Group plc ("Scholium", the "Company"
or, together with its subsidiaries, the "Group") present their
report and financial statements for the Group for the six months
ended 30 September 2019.
Operating highlights
-- Revenues up by 9.6% compared with prior corresponding period
-- Gross profit ahead by 17.3% compared with last year and at a
higher margin (38%; 2018: 36%) due to higher margins in both
Shapero Rare Books and Mayfair Philatelics
-- Pre-tax profit of GBP64,000 due to higher profits in Shapero
Rare Books and reduced losses in Mayfair Philatelics as a result of
their fuller auction programme
-- Encouraging sales growth in the Shapero Modern prints business
Financial Summary
Six months ended September 2019 2018 Change
(GBP000 unless otherwise stated)
Revenue 3,614 3,297 9.6%
Gross Profit 1,380 1,176 17.3%
Gross Margin 38% 36%
Pre-Tax Profit/ (Loss) 64 (56)
Inventories 8,753 8,905 -1.7%
Net (Overdraft) (33) (245)
Net Asset Value 9,962 9,868 1.0%
NAV/Share (pence) 73.3 72.6
Jasper Allen, Chairman of Scholium, noted
"We are pleased that the Group has traded profitably in this six
month period. The turnaround in the results from the loss in the
corresponding period last year is due to better results from both
Shapero Rare Books and Mayfair Philatelics and is encouraging given
the challenging retail environment.
The Group has continued to trade satisfactorily since 30
September 2019. The Group intends to build on the recent improved
results by exhibiting at more art fairs in the second half of the
year."
For further information, please contact:
Scholium Group plc
Jasper Allen, Chairman
Peter Floyd, Chief Financial Officer +44 (0)20 7493 0876
WH Ireland Ltd - Nominated Adviser
Chris Fielding
Lydia Zychowska +44 (020) 7220 1666
Business Review
Scholium Group companies are involved primarily in the trading
and retailing of antiquarian books and other works on paper, as
well as dealing in rare and collectible items in the wider art and
philatelic markets.
The group of businesses comprises:
-- Shapero Rare Books, a dealer in rare antiquarian books and,
through Shapero Modern, prints and works on paper, located in
Mayfair, London;
-- Scholium Trading, a company set up to trade in conjunction
with other dealers in higher value rare and collectible items;
and
-- Mayfair Philatelics, a retail and auction philatelic business
Revenue streams
The Group earned revenue in the six months to 30 September 2019
from:
-- the sale of rare books, prints and works on paper through Shapero Rare Books;
-- the sale of other rare and collectible items through Scholium Trading; and
-- the sale of philatelic items through Mayfair Philatelics
Key objectives and key performance indicators (KPIs)
The Group's strategy is to:
-- build, either organically or by acquisition, a portfolio of
collectibles businesses to enable further diversification and
development of its revenue and profit streams;
-- attract individuals or teams of specialists in markets
complementary to the Group's existing businesses;
-- optimise working capital in existing businesses to provide
funds for new business development; and
-- continue to develop all its trading entities by trading
alongside other dealers in high value rare and collectible items
and by participating in the acquisition of large consignments for
onward sale.
The Directors intend, in due course, to provide an attractive
level of dividends to shareholders along with stable asset-backed
growth driven by the markets in which the Group operates.
Our current principal KPIs are:
-- Sales, gross margin, profit before tax, earnings per share;
-- the breadth and distribution of the stock of rare books and
prints held by the Group;
-- stock turnover; and
-- free cash flow.
Performance Review
Overall Performance
The Group made a profit before tax of GBP64k during the six
months to 30 September 2019, a considerable improvement compared
with the loss of GBP56k for the corresponding period last year.
Both Shapero Rare Books and Mayfair Philatelic performed better
during this current period compared with the prior year.
Turnover increased by 9.6% compared to the same period in the
prior year. This was due to higher sales in Shapero Rare Books
(SRB), Scholium Trading and Mayfair Philatelics. SRB's sales were
GBP144k higher than last year and Mayfair Philatelics increased by
GBP92k. Gross Profit increased by 17.3% to GBP1,380k (2018:
GBP1,176k; 2017: GBP1,048k) reflecting in particular the improved
contribution from Mayfair Philatelics.
Group costs, including Distribution and Administrative expenses,
increased by 6.6% to GBP1,310k (2018: GBP1,229k; 2017: GBP987k).
Most of this increase was in the cost of fairs attended by and
marketing costs for SRB. The Group's costs will increase in the
second half, as there are more book, print and art fairs to attend,
and there will be four auctions in Mayfair compared to three in the
first half of the year which are all expected to contribute to
revenue and gross margin.
The Group result for the six months was a profit before tax of
GBP64k (2018: loss of GBP56k; 2017: profit of GBP61k). There is a
deferred tax charge of GBP13k (2018: GBP0k; 2017: GBP11k) and no
current tax charge as the Group has brought forward tax losses.
Inventories decreased by GBP152k to GBP8,753k (2018: GBP8,905k;
2017: GBP8,068k. This is due mainly to the increased sales by
Mayfair Philatelics, whose inventory at 30 September 2019 was
GBP418k (2018: GBP678k; 2017: GBP0k). As a result, the net
overdraft was reduced by GBP212k (2018: cash decrease GBP1,233k;
2017: increase GBP166k) compared with the position at 30 September
2018. Free cashflow during the six month period was therefore
GBP(225)k (2018: GBP(461k); 2017: GBP18k).
Summary Group Financials
Six months ended September (all figures GBP'000) 2019 2018 Change
Revenue 3,614 3,297 9.6%
Gross Profit 1,380 1,176 17.3%
Gross Margin 38% 36%
Distribution Expenses (260) (192) 35.4%
Administrative Expenses (1,050) (1,037) 1.3%
Pre-Tax Profit/ (Loss) 64 (56)
Inventories 8,753 8,905 -1.7%
Cash (33) (245)
Net Asset Value 9,962 9,868 0.8%
NAV/Share (pence) 73.3 72.6
Financial Position
The Group retains a strong balance sheet. Net assets of
GBP9,962k (2018: GBP9,868k; 2017: GBP9,959k) are supported by
GBP8,753k of stock (2018: GBP8,905k; 2017: GBP8,068k). Trade and
other receivables have increased as some items have been sold on
more extended credit terms to long standing customers. There is
73.3p of net assets per share (2018: 72.6p; 2017: 73.2p).
The Group has adopted IFRS 16 Leases with effect from 1 April
2019. As a consequence the future payments due under the lease for
the Group's Mayfair premises are included as a liability of GBP320k
(2018: GBP0k; 2017 GBP0k) in the balance sheet at 30 September 2019
under 'Right-of-use lease liabilities' and there is an asset of
equal value representing the right to use the premises included in
Property, plant and equipment.
Group Strategy
The Group has continued with the diversification of its revenue
streams through Mayfair Philatelics Limited, which is now operating
a fuller programme of auction sales.
Shapero Rare Books is continuing to develop its Shapero Modern
prints and works on paper business, and has commenced a
re-balancing of its stock between rare books and prints to enable
it to increase its sales of prints in the future.
The Group is also reviewing its property requirements as the
lease on its main trading premises expires in October 2020.
The Group is also focussed on reducing its inventories as part
of a process towards increasing its business towards consignments
from third parties for either retail or auction sales.
Shapero Rare Books & Shapero Modern
The Shapero business trades out of the St. George Street
premises. It includes Shapero Rare Books and Shapero Modern. The
bulk of the trade, through Shapero Rare Books, is in rare and
antiquarian books and works on paper. Shapero Modern is a newer
business which was set up in 2014 to participate in the
increasingly large international trade in modern and contemporary
prints.
Trading in both Rare Books and Shapero Modern was improved
during the first six months of the year compared to the prior year.
Turnover increased by 5% as compared to the prior-year period to
GBP2,898k (2018: GBP2,754k; 2017: GBP2,995k) due mainly to higher
print sales. The gross margin of 39% (2018: 36%; 2017: 32%)
improved due to higher margins across both books and prints. The
profit achieved by this subsidiary for the first six months of the
financial year was GBP126k (2018: GBP87k; 2017: 68k).
Summary Performance, Shapero
Six months ended September (all figures GBP'000) 2019 2018 Change
Revenue 2,898 2,754 5.2%
Gross Profit 1,117 998 11.9%
Gross Margin 39% 36%
Pre-Tax Profit 126 87 44.8%
Scholium Trading
Scholium Trading was set up to trade alongside third party
dealers in rare and collectible items. It typically trades in
paintings and works of art.
Scholium Trading's activity tends to be more uneven than the
other businesses in the Group, which has been evident in the six
months to 30 September 2019. The first half resulted in sales of
GBP220k (2018: GBP127k; 2017: GBP421k), with a slightly higher
gross profit of GBP54k (2017: GBP48k; 2017: GBP93k). The higher
sales continued the momentum following a successful second half to
the prior financial year.
Summary Performance, Scholium Trading
Six months ended September (all figures GBP'000) 2019 2018 Change
Revenue 220 127 73.2%
Gross Profit 54 48 12.5%
Gross Margin 25% 38%
Pre-Tax Profit 36 33 9.1%
Mayfair Philatelics
Mayfair Philatelics is now operating a fuller auction programme.
During the first half of the current year, it held three (two
public and one postal) auctions compared with one in the prior six
months to 30 September 2018. Four auctions including an initial
internet only auction are planned for the second half of the
year.
The first half resulted in sales of GBP496k (2018: GBP404k;
2017: GBP0) from both retail and auction activities. Gross profit,
which was principally from the auction activities, amounted to
GBP208k (2018: GBP116k; 2017: GBP0k). Direct costs and overheads
amounted to GBP215k (2018: GBP174k; 2017: GBP0k). The improvement
in gross margin was the significant factor behind the reduction in
the pre tax loss compared with the prior six month period.
Summary Performance, Mayfair Philatelics
Six months ended September (all figures GBP'000) 2019 2018 Change
Revenue 496 404 22.8%
Gross Profit 208 116 79.3%
Gross Margin 42% 29%
Pre-Tax(Loss) (35) (104) 66.3%
Central costs
The central costs of the business include all board directors
and the various costs associated with the AIM listing, net of
amounts recharged to the subsidiary businesses. In the six months
ended 30 September 2019 these net costs were GBP63k (2018: GBP59k;
2017: GBP72k) as compared to the prior year.
Summary Performance, Central costs
Six months ended September (all figures GBP'000) 2019 2018 Change
Pre-Tax (Loss) (63) (59) -6.8%
Outlook
The profitability of the Group's businesses has continued from
the prior year ended 31 March 2019 into the first six months of
this financial year. Looking forward, Shapero Rare Books will be
continuing to re-balance its stock towards prints and works on
paper as it perceives there to be greater opportunities in this
market place in the immediate future. Scholium Trading has made
some interesting purchases and is looking to build on its existing
third party relationships. Mayfair Philatelics continues to attract
improved consignments from vendors at auction and is progressing
well towards having a full auction calendar.
Key Risks
Like all businesses, the Group faces risks and uncertainties
that could impact on the Group's strategy. The Board recognizes
that the nature and scope of these risks can change and regularly
reviews the risks faced by the Group and the systems and processes
to mitigate such risks.
The principal risks and uncertainties affecting the continuing
business activities of the Group were outlined in detail in the
Strategic Report section of the annual report covering the full
year ended 31 March 2019.
In preparing this interim report for the six months ended 30
September 2019, the Board has reviewed these risks and
uncertainties and considers that there have been no changes since
the publication of the 2019 Annual Report.
Independent Review Report to Scholium Group plc
Introduction
We have been engaged by the Company to review the condensed set
of financial statements in the interim report for the six months
ended 30 September 2019 which comprises the condensed consolidated
statement of comprehensive income, the consolidated statement of
changes in equity, the condensed consolidated statement of
financial position and the consolidated statement of cash flows and
the related explanatory notes. We have read the other information
contained in the interim report and considered whether it contains
any apparent misstatements or material inconsistencies with the
information in the condensed set of financial statements.
This report is made solely to the Company in accordance with the
terms of our engagement. Our review has been undertaken so that we
might state to the Company those matters we are required to state
to it in this report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility
to anyone other than the Company for our review work, for this
report, or for the conclusions we have reached.
Directors' Responsibilities
The interim report is the responsibility of, and has been
approved by, the directors. The directors are responsible for
preparing the interim report in accordance with the AIM rules.
As disclosed in note 2, the annual financial statements of the
Group are prepared in accordance with IFRSs as adopted by the EU.
The condensed set of financial statements included in this interim
report has been prepared in accordance with the recognition and
measurement requirements of IFRSs as adopted by the EU.
Our Responsibility
Our responsibility is to express to the Company a conclusion on
the condensed set of financial statements in the interim report
based on our review.
Scope of Review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410 Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity issued by the Auditing Practices Board for use in the
UK. A review of interim financial information consists of making
enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit
conducted in accordance with International Standards on Auditing
(UK and Ireland) and consequently does not enable us to obtain
assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not
express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the interim report for the six months ended 30th September 2019
is not prepared, in all material respects, in accordance with the
recognition and measurement requirements of IFRSs as adopted by the
EU and the AIM rules.
L Baker ACA
For and on behalf of
Wenn Townsend Chartered Accountants
Oxford, United Kingdom
28 November 2019
Consolidated statement of total comprehensive income
(unaudited)
Six-month Six-month
Period Period Year Ended
Ended (Unaudited) Ended (Unaudited) (Audited)
30 Sept 30 Sept 31 Mar
2019 2018 2019
Note GBP000 GBP000 GBP000
Revenue 4 3,614 3,297 7,137
Cost of Sales (2,234) (2,121) (4,346)
Gross profit 1,380 1,176 2,791
------------------- --------------------- -----------
Distribution costs (260) (192) (664)
------------------- --------------------- -----------
Administrative expenses (1,050) (1,037) (2,128)
Total administrative expenses (1,050) (1,037) (2,128)
------------------- --------------------- -----------
Profit/ (Loss) from operations 70 (53) (1)
Financial income - - -
Financial expenses 5 (6) (3) (12)
Profit/(loss) before taxation 64 (56) (13)
Income tax (expense) 6 (13) - -
Profit/ (Loss) for the period
from continuing operations 51 (56) (13)
Profit/ (Loss) for the period
and total comprehensive income
attributable to equity holders
of the parent company 51 (56) (13)
------------------- --------------------- -----------
Basic and diluted profit/
(loss) per share:
From continued operations
- pence 7 0.38 (0.41) (0.11)
Total diluted profit/ (loss)
per share - pence 0.38 (0.41) (0.11)
------------------- --------------------- -----------
Consolidated statement of financial position
30 Sept 30 Sept 31 Mar
2019 2018 2019
Note GBP000 GBP000 GBP000
Unaudited Unaudited Audited
Assets
Non-current assets
Property, plant and equipment 389 66 55
Intangible assets 14 18 16
Deferred corporation tax asset 264 277 277
667 361 348
---------- ---------- --------
Current assets
Inventories 8,753 8,905 8,657
Trade and other receivables 8 2,811 2,024 2,519
Cash and cash equivalents 7 5 192
11,571 10,934 11,368
---------- ---------- --------
Total assets 12,238 11,295 11,716
---------- ---------- --------
Current liabilities
Trade and other payables 9 1,916 1,177 1,805
Bank overdraft 40 250 -
Right-of-use asset lease liabilities 10 320 - -
Total current liabilities 2,276 1,427 1,805
---------- ---------- --------
Total liabilities 2,276 1,427 1,805
---------- ---------- --------
Net assets 9,962 9,868 9,911
---------- ---------- --------
Equity and liabilities
Equity attributable to owners
of the parent
Ordinary shares 136 136 136
Share premium 9,516 9,516 9,516
Merger reserve 82 82 82
Retained earnings 228 134 177
Total equity 9,962 9,868 9,911
---------- ---------- --------
Net Asset Value per Share 73.3p 72.6p 72.9p
These interim financial statements were approved by the Board of
Directors on 28 November 2019 and signed on its behalf by Peter
Floyd.
Statement of changes in equity
Share Share Merger Retained Total
Capital Premium reserve earnings equity
GBP000 GBP000 GBP000 GBP000 GBP000
-------- -------- -------- --------- -------
Balance at 1 April 2016 136 9,516 82 413 10,147
Loss for the period from continued
and discontinued operations - - - (239) (239)
Total comprehensive income for the period - - - (239) (239)
-------- -------- -------- --------- -------
Balance at 30 September 2016 136 9,516 82 174 9,908
Profit for the period from continued
and discontinued operations - - - 15 15
Total comprehensive income for the period - - - 15 15
-------- -------- -------- --------- -------
Balance at 31 March 2017 136 9,516 82 189 9,923
Profit for the period from continued operations - - - 36 36
Total comprehensive income for the period - - - 36 36
-------- -------- -------- --------- -------
Balance at 30 September 2017 136 9,516 82 225 9,959
Profit for the period from continued operations - - - 2 2
-------- -------- -------- --------- -------
Total comprehensive income for the period - - - 2 2
-------- -------- -------- --------- -------
Balance at 31 March 2018 136 9,516 82 227 9,961
Adjustment on recognition of IFRS 15 - - - (37) (37)
-------- -------- -------- --------- -------
Balance at 31 March 2018 as restated 136 9,516 82 190 9,924
Loss for the period from continued operations - - - (56) (56)
-------- -------- -------- --------- -------
Total comprehensive income for the period - - - (56) (56)
-------- -------- -------- --------- -------
Balance at 30 September 2018 136 9,516 82 134 9,868
Profit for the period from continued operations - - - 43 43
-------- -------- -------- --------- -------
Total comprehensive income for the period - - - 43 43
-------- -------- -------- --------- -------
Balance at 31 March 2019 136 9,516 82 177 9,911
Profit for the period from continued operations - - - 51 51
-------- -------- -------- --------- -------
Total comprehensive income for the period - - - 51 51
-------- -------- -------- --------- -------
Balance at 30 September 2019 136 9,516 82 228 9,962
Consolidated statements of cashflows
30 Sept 30 Sept 31 Mar
2019 2018 2019
GBP000 GBP000 GBP000
Cash flows from operating activities
Operating profit/ (loss) before
tax 64 (53) (1)
Depreciation of property, plant
and equipment 14 18 31
Depreciation of right-to-use
assets (see note 3) 148 - -
Amortisation of intangible assets 2 2 4
228 (33) 34
(Increase) in inventories (96) (64) 184
(Increase)/ decrease in trade
and other receivables (292) 207 (288)
Increase/(decrease) in trade
and other payables 112 (538) 90
Net cash generated from operating
activities (48) (428) 20
------------ -------- -------
Cash flows from investing activities
Purchase of property, plant
and equipment (23) (10) (12)
Purchase of intangible asset - (20) (20)
------------ -------- -------
Net cash used in investing activities (23) (30) (32)
------------ -------- -------
Cash flows from financing activities
Lease repayments for right-of-use
assets (see note 3) (148) - -
Interest paid (6) (3) (12)
Net cash (used)/generated from financing
activities (154) (3) (12)
------------ -------- -------
Net (decrease)/ increase in cash
and cash equivalents (225) (461) (24)
Cash and cash equivalents at the beginning
of the period 192 216 216
Cash and cash equivalents at
the end of the period (33) (245) 192
------------ -------- -------
Cash 7 5 192
Bank overdraft (40) (250) -
Cash and cash equivalents at
the end of the period (33) (245) 192
----- ------ ----
Notes
1. General information
Scholium Group plc and its subsidiaries (together 'the Group')
are engaged in the trading and retailing of rare and antiquarian
books, prints and works on paper and philatelic items primarily in
the United Kingdom. The Company is a public company domiciled and
incorporated in England and Wales (registered number 08833975). The
address of its registered office is 32 St George Street, London W1S
2EA.
2. Basis of preparation
These condensed interim financial statements of the Group for
the six months ended 30 September 2019 (the 'Period') have been
prepared using accounting policies consistent with International
Financial Reporting Standards (IFRSs) as adopted by the European
Union. The same accounting policies, presentation and methods of
computation are followed in the condensed set of financial
statements as applied in the Group's latest audited financial
statements for the year ended 31 March 2019. While the financial
figures included within this half-yearly report have been computed
in accordance with IFRSs applicable to interim periods, this
half-yearly report does not contain sufficient information to
constitute an interim financial report as set out in International
Accounting Standard 34 Interim Financial Reporting. These condensed
interim financial statements have not been audited, do not include
all of the information required for full annual financial
statements, and should be read in conjunction with the Group's
consolidated annual financial statements for the year ended 31
March 2019. The auditors' opinion on these Statutory Accounts was
unqualified, did not draw attention to any matters by way of
emphasis and did not contain a statement under s498 (2) or s498 (3)
of the Companies Act 2006.
3. IFRS 16 Leases
The Group implemented IFRS 16 with effect 1 April 2019 using the
modified retrospective method and therefore the comparative
information has not been restated and continues to be reported
under IAS 17 and IFRIC 4. The Group have assessed the impact of
adopting IFRS 16 on the Group and concluded that any impact of
discounting would be insignificant in this period. As the only
material right-of-use lease expires in October 2020, the rentals
payable are considered to be equal to the right-of-use depreciation
charge and are therefore released on a straight line basis with no
interest charge. This is a departure from IFRS 16 but this
departure has been assessed as being immaterial.
The impact of the implementation of IFRS 16 is to recognise a
right-of-use asset and equal lease liability of GBP468,271 as at 1
April 2019. There is a depreciation charge of GBP147,875 in the six
months ended 30 September 2019 which would previously have been
included as a rent expense. This impacts the presentation of these
two items in the consolidated statement of cash flows.
Under IFRS 16
The Group recognises a right-of-use asset and a lease liability
at the lease commencement date (or at 1 April 2019 for remaining
amounts payable in respect of leases entered in to before the
implementation date). The right-of-use asset is initially measured
at cost, which comprises the initial amount of the lease liability
adjusted for any lease payments made at or before the commencement
date, plus any initial direct costs incurred and an estimate of
costs to dismantle and remove the underlying asset or the site on
which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the
straight-line method from the commencement date to the earlier of
the end of the useful life of the right-of-use asset or the end of
the lease term. The estimated useful lives of right-of-use assets
are determined on the same basis as those of property and
equipment. In addition, the right-of-use asset is periodically
reduced by impairment losses, if any, and adjusted for certain
remeasurement of the lease liability.
The lease liability is initially measured at the present value
of the lease payments that are not paid at the commencement date,
discounted using the interest rate implicit in the lease or, if
that rate cannot be readily determined, the Group's incremental
borrowing rate. In the current year's accounts, no allowance has
been made for interest as its impact is considered immaterial.
Lease payments included in the measurement of the lease
liability comprise fixed payments, including in-substance fixed
payments.
The Group presents right-of-use assets that do not meet the
definition of investment property as a separate class of assets
within "property, plant and equipment" and lease liabilities in
"loans and borrowings" in the statement of financial position.
Under IAS 17
In the comparative period, where substantially all of the risks
and rewards incidental to ownership are not transferred to the
Group (an 'operating lease'), the total rentals payable under the
lease are charged to the consolidated statement of comprehensive
income on a straight line basis over the lease term. The aggregate
benefit of lease incentives is recognised as a reduction of the
rental expense over the lease term.
Finance leases, which transfer to the Group substantially all
the risks and benefits incidental to ownership of the leased item,
are capitalised at the inception of the lease at the fair value of
the leased property or, if lower, at the present value of the
minimum lease payments. Lease payments are apportioned between the
finance charges and reduction of the lease liability so as to
achieve a constant rate of interest on the remaining balance of the
liability. Finance charges are reflected in profit or loss. the
Group classified operation leases
4. Revenue
30 Sept 30 Sept 31 Mar
2019 2018 2019
Group Group Group
GBP000 GBP000 GBP000
Sales of Stock 3,457 3,127 6,736
Commissions 138 152 370
Other income 19 18 31
3,614 3,297 7,137
-------- -------- -------
5. Financial (expense)
30 Sept 30 Sept 31 Mar
2019 2018 2019
Group Group Group
GBP000 GBP000 GBP000
Interest payable (6) (3) (12)
-------- -------- -------
6. Income Tax
30 Sept 30 Sept 31 Mar
2019 2018 2019
GBP000 GBP000 GBP000
Current and deferred tax expense
Current tax - - -
Deferred tax 13 - -
Origination and reversal of temporary differences - - -
Total tax expense 13 - -
-------- -------- -------
The charge for the year can be reconciled
to the profit/(loss) per the income statement as
follows:
30 Sept 30 Sept 31 Mar
2019 2018 2019
GBP000 GBP000 GBP000
Profit/(loss) before tax 61 (56) (13)
-------- -------- -------
Applied corporation tax rates: 19% 19% 19%
Tax at the UK corporation tax rate of 19%/20%: 13 (11) (2)
Unrecognised deferred tax asset - 11 -
Deferred tax - - -
Expenses not deductible for tax purposes - - -
Utilisation of previously unrecognised tax losses - - -
Origination and reversal of temporary differences - - 2
Current and deferred tax charge 13 - -
-------- -------- -------
7. Earnings/(Loss) per Share
30 Sept 30 Sept 31 Mar
2019 2018 2019
Group Group Group
GBP000 GBP000 GBP000
Profit/ (Loss) used in calculating basic and diluted earnings per
share attributable to the
owners of
the parent 51 (56) (13)
Number of shares
Weighted average number of shares for the purpose
13.6 13.6 13.6
of basic and diluted earnings per share million million million
--------- --------- ---------
Total basic and diluted earnings per share - pence 0.38 (0.41) (0.11)
--------- --------- ---------
Basic earnings per share amounts are calculated by dividing net
profit/(loss) for the year or period attributable to ordinary
equity holders of the parent by the weighted average number of
ordinary shares outstanding during the year.
The Company has no potentially issuable shares arising from
share options. As a consequence, the number of basic and fully
diluted shares in issue are equal.
No new shares were issued during the period, and the Company had
13.6 million shares in issue at the end of the period.
8. Trade and Other Receivables
30 Sept 30 Sept 31 Mar
2019 2018 2019
Group Group Group
GBP000 GBP000 GBP000
Trade debtors 2,546 1,695 2,308
Other debtors 14 43 28
Prepayments and accrued
income 251 286 183
2,811 2,024 2,519
-------- -------- -------
9. Trade and Other Payables
30 Sept 30 Sept 31 Mar
2019 2018 2019
Group Group Group
GBP000 GBP000 GBP000
Trade creditors 1,409 839 959
Other taxes and social
security 27 27 25
Accruals and deferred income 446 264 779
Other creditors 34 47 42
1,916 1,177 1,805
-------- -------- -------
10. Right-of-use asset lease liabilities
30 Sept 30 Sept 31 Mar
2019 2018 2019
Group Group Group
GBP000 GBP000 GBP000
Lease liabilities 320 - -
-------- -------- -------
These liabilities represent the future lease payments due under
the Group's lease of its Mayfair premises.
(See note 3).
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR PGGUGGUPBGRR
(END) Dow Jones Newswires
November 29, 2019 02:00 ET (07:00 GMT)
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