TIDMFKE
RNS Number : 0096R
Fiske PLC
24 October 2023
24 October 2023
FISKE PLC
("Fiske" or the "Company" or the "Group")
Final Results, Posting of Annual Report and Notice of AGM
Fiske ( AIM:FKE ) is pleased to announce its final audited
financial results for the year ended 30 June 2023.
Highlights
Year to Period
30 June to 30 June
2023 2022
GBP'000 GBP'000
Total Revenue 5,879 5,764
Profit/(loss) on ordinary activities
before taxation 315 (349)
Profit/(loss) per ordinary share 2.1p (1.5)p
James Harrison, CEO, commenting on the results said:
"We are pleased to report a significant improvement in our
profitability for the year to 30 June 2023. Following our move to
more modern offices and other cost saving initiatives we are
pleased with our progress over the year. Markets remain challenging
despite some improvements in valuations since 2022. We continue to
review our cost base, invest in our people and focus our investment
efforts on looking after our clients in these more challenging
markets."
Our Annual General Meeting will be held on Thursday 23 November
2023 at 12.30pm at our offices at 100 Wood Street, London EC2V
7AN.
Copies of the 2023 Report and Accounts, including the Notice of
AGM and Proxy Voting form will be posted to shareholders shortly
and 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, www.fiskeplc.com .
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
For further information, please contact:
Fiske PLC
James Harrison (CEO) Tel: +44 (0) 20 8448 4700
100 Wood Street
London
EC2V 7AN
Grant Thornton UK LLP (Nominated Adviser) Tel: +44 (0) 20 7383
5100
Samantha Harrison / Harrison Clarke / Samuel Littler
Chairman's Statement
Trading and revenues
Revenues of GBP5.9m to June 2023 were up on the prior year
equivalent 12-month period and closely matched the 13 months to
June 2022 (GBP5.8m). This was largely due the resurgence of
interest income towards the end of the year which countered the
slightly lower fee and commission revenues due to the flat UK
market.
We remain committed to delivering sustainable profitability for
our shareholders whilst maintaining a strong capital position to
weather market uncertainties. We are pleased to report our total
client assets at June 2023 increased to GBP807m from GBP772m in
June 2022, which represents an increase of 4.5%.
Costs
Costs have remained stable in the year to June 2023 (GBP5.8m)
and broadly the same as the prior year equivalent 12-month period
to June 2022. Overall, we have maintained operating expenses at the
same overall run-rate; GBP5.8m in the year to 30 June 2023 (13
months to June 2022: GBP6.3m). Staff costs were up by some 6% which
reflects both continued investment in growth and inflationary
increases in salaries.
During the year, we have benefitted from the lower cost of our
new modern premises without the relocation and overlap costs
incurred in the prior period.
Outturn
The Group made an operating profit of GBP128,000 in the year to
June 2023 (13 months to June 2022: loss of GBP505,000). Profit on
ordinary activities after taxation was GBP253,000 for the year to
June 2023 (13 months to June 2022: loss of GBP172,000). The cash
flow arising from this is rather better given that there is some
GBP206,000 of phased write down of past goodwill on acquisitions.
Meanwhile, the GBP200,000 dividend income receipt from our holding
in Euroclear helped fund the GBP290,000 acquisition of a customer
base.
Euroclear
Euroclear's operating income increased from EUR1,615m in 2021 to
EUR1,955m in 2022 (after deducting the Russian sanctions impact)
and its operating margin increased from 40% in 2021 to 42% in the
year to December 2022. Net earnings per share increased 30% to
EUR191.7 in 2022 compared to EUR147.0 in 2021.
There were several private transactions in Euroclear shares
during the year and these have helped us to better assess the
appropriate carrying value of our holding in our financial
statements. Considering recent transaction prices in Euroclear
shares, we have marked the carrying value of our investment down to
EUR1,911.50 per share (2022: EUR2,050 per share) being GBP4.3m in
total (2022: GBP4.6m). Our mark down is not a diminution of our
assessment of the company but a reflection of recent trades that
need to be considered. Our holding continues to represent a
significant store of value on our balance sheet and the company
paid us gross dividends amounting to GBP200,000 in the year (2022:
GBP185,000).
Net assets
Shareholder's funds amount to some GBP8.3m (2022: GBP8.3m) and
within this we now hold some GBP3.3m (2022: GBP3.2m) of cash.
Dividend
The Board has resolved not to pay a dividend for the period to
30 June 2023 (2022: GBPnil).
Staff
We would like to thank all members of our dedicated staff for
their continued commitment and hard work. As a company we have
continued to evolve, adapt and improve our modus operandi
throughout the year.
Board
In August 2023 we celebrated our 50th anniversary and, as
mentioned in my last report, as Founder and Chairman I will be
stepping down as Chairman at the conclusion of the Annual General
Meeting in November 2023 and handing over my investment management
responsibilities for clients. The board has elected Tony Pattison
as Chairman to succeed me from the conclusion of our Annual General
Meeting ('AGM') this year. Tony is a former Chairman of Capital
Gearing Trust plc and was the Chairman of Fieldings Investment
Management at the time of our acquisition of this company in July
2017. Tony has been a director of the Company since 1 October 2018
and he and I have worked together during the last year of
transition to ensure a smooth handover of my clients and the
responsibilities of the Chairman.
Strategy
Our commitment to continuous improvement led us to apply
significant efforts in fee automation systems over the past year.
The improved utilisation of the technology platform in which Fiske
has already invested has allowed us to streamline our processes,
deliver more automation and enhance our client servicing
capabilities.
Looking ahead, we will continue to invest in automation
technologies, exploring opportunities to further enhance efficiency
and accuracy while maintaining our commitment to transparency.
Our commitment to improving our back-office systems has resulted
in more efficient operations, enhanced client services, and reduced
risks. We will remain vigilant in this area, continually seeking
ways to stay at the forefront of industry best practices.
Succession planning is a key consideration in our recruitment
strategy, both for Investment Managers and for our Support and
Operations teams. Our acquisition of a customer base in the year to
June 2023 was driven by this strategy and we expect to capitalise
on this in the future both for client satisfaction and business
continuity.
Consumer Duty
The Consumer Duty came into effect on 1(st) August 2023.
Considerable time and effort has been spent implementing the
changes required within our business to ensure the new regulations
are embedded in our policies and processes. Our Consumer Duty
Champion who is also one of our non-executive directors will
continue to assist the management team in ensuring that appropriate
oversight is maintained as we operate under the new rules.
Markets
At present, stock markets generally, and certainly London and
New York, are in a strange period of relative uncertainty which has
been the pattern for some months. It is unusual when the outlook
for major Western economies is so precariously perched between
recession and stagflation. It is rare that no decisive trend has
emerged in stock markets at a time when so much is changing in the
economic and political scene. We have a serious war in Eastern
Europe into which Western countries are being increasingly but
decidedly more involved. We have an unstable situation with the
China/Taiwan standoff. We have had 18 months of sharp and
protracted rises in interest rates in a concerted effort to tame
rampant inflation, which is not helped by the situation in Ukraine,
and which may not have reached its peak yet in spite of the
inevitable optimistic talk amongst the chattering classes.
Meanwhile the tragic events unfolding in Israel and Gaza are
exerting upward pressure on oil and gas prices with the possibility
of military escalation in the Middle East creating further
uncertainty. This is all happening when the West has a series of
weak and hesitant governments who follow events rather than trying
to control them, which is not a good combination. As a result, we
are cautious about the immediate prospects for the stock markets
this autumn.
Outlook
The financial industry has not been immune from the global
economic challenges posed by the current inflationary pressures.
While we understand the concerns this raises, we must strike a
balance between maintaining our service quality and addressing the
impact of inflation on our operational costs.
In light of rising costs, we have conducted a comprehensive
review of our fee structure to ensure it remains fair and
competitive and have applied revised fee rates from April 2023. We
have begun to see the benefits of these new rates in the first few
months of the new financial year.
Annual General Meeting
Shareholders are invited to attend the Annual General Meeting to
be held at our offices at 100 Wood Street, London EC2V 7AN at 12.30
pm on Thursday 23 November 2023. We would like the opportunity to
meet you and for you to meet the management of the Company in which
you are invested.
The Board encourages shareholders to submit their votes via the
CREST system. Shareholders may also submit questions in advance of
the AGM to the Company Secretary via email to info@fiskeplc.com or
by post to the Company Secretary at the address set out on page 53
of the annual report.
Consolidated Statement of Total Comprehensive Income
For Year ended 30 June 2023
Notes Year to 13 months
30 June to
2023 30 June
2022
GBP'000 GBP'000
Revenues 2 5,879 5,764
Operating expenses (5,751) (6,269)
Operating profit / (loss) 128 (505)
Investment revenue 200 185
Finance income 14 -
Finance costs (27) (29)
Profit / (loss) on ordinary activities before
taxation 315 (349)
Taxation (charge) / credit 3 (62) 177
Profit / (loss) on ordinary activities after
taxation 253 (172)
Other comprehensive (expense) / income
Items that may subsequently be reclassified
to profit or loss
Movement in unrealised appreciation of investments (321) 1,017
Deferred tax on movement in unrealised appreciation
of investments 80 (443)
Net other comprehensive (expense) / income (241) 574
Total comprehensive income attributable to
equity shareholders 12 402
Profit / (loss) per ordinary share
Basic 4 2.1p (1.5)p
Diluted 4 2.1p (1.5)p
All results are from continuing operations.
Consolidated Statement of Financial Position
At 30 June 2023
As at As at
30 June 30 June
Notes 2023 2022
GBP'000 GBP'000
Non-current Assets
Intangible assets 5 999 911
Right-of-use assets 6 156 250
Other intangible assets 7 - -
Property, plant and equipment 8 15 21
Investments held at Fair Value Through Other
Comprehensive Income 9 4,300 4,621
Total non-current assets 5,470 5,803
Current Assets
Trade and other receivables 10 2,591 2,450
Cash and cash equivalents 3,333 3,248
Total current assets 5,924 5,698
Current liabilities
Trade and other payables 11 (2,136) (2,147)
Short-term lease liabilities 12 (106) (106)
Current tax liabilities 3 - -
Total current liabilities (2,242) (2,253)
Net current assets 3,682 3,445
Non-current liabilities
Non-current lease liabilities 12 (65) (155)
Deferred tax liabilities 13 (815) (833)
Total non-current liabilities (880) (988)
Net Assets 8,272 8,260
Equity
Share capital 14 2,957 2,957
Share premium 2,085 2,085
Revaluation reserve 2,887 3,128
Retained earnings 343 90
Shareholders' equity 8,272 8,260
The financial statements were approved by the Board of Directors
and authorised for issue on 23 October 2023.
Group Statement of Changes in Equity
For Year ended 30 June 2023
Retained
Share Share Revaluation (losses)/
capital premium reserve profits Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 June 2021 2,939 2,082 2,553 259 7,833
Loss for the financial period - - - (172) (172)
Movement in unrealised appreciation
of investments - - 1,017 - 1,017
Deferred tax on movement
in unrealised appreciation
of investments - - (443) - (443)
Realised disposal of Fair
value through other comprehensive
income investments - - 1 - 1
Total comprehensive income
/ (expense) for the year - - 575 (172) 403
Share based payment transactions - - - 3 3
Issue of ordinary share
capital 18 3 - - 21
Total transactions with
owners, recognised directly
in equity 18 3 - 3 24
Balance at 30 June 2022 2,957 2,085 3,128 90 8,260
Profit for the financial
year - - - 251 251
Movement in unrealised appreciation
of investments - - (321) - (321)
Deferred tax on movement
in unrealised appreciation
of investments - - 80 - 80
Total comprehensive (expense)
/ income for the year - - (241) 251 10
Share based payment transactions - - - 2 2
Total transactions with
owners, recognised directly
in equity - - - 2 2
Balance at 30 June 2023 2,957 2,085 2,887 343 8,272
Group Statement of Cash Flows
For Year ended 30 June 2023
Notes Year to Year to Period Period
30 June 30 June to to
2023 2023 30 June 30 June
2022 2022
Group Company Group Company
GBP'000 GBP'000 GBP'000 GBP'000
Operating profit / (loss) 128 90 (505) (471)
Amortisation of customer relationships
and goodwill 205 206 218 218
Amortisation of other intangible
assets - - 32 32
Depreciation of right-of-use
assets 94 94 79 79
Depreciation of property, plant
and equipment 14 12 31 31
Interest relating to ROU assets (22) (22) (25) (25)
Expenses settled by the issue
of shares 2 2 3 3
Decrease in receivables 605 972 248 431
(Decrease) in payables (895) (902) (389) (365)
Cash generated from/(used in)
operations 131 452 (308) (67)
Tax (paid) - - (49) (49)
Net cash generated from/ (used
in) operating activities 131 452 (357) (116)
Investing activities
Investment income received 200 200 185 185
Interest income received 14 14 - -
Purchases of property, plant
and equipment (8) (8) (28) (28)
Purchases of other intangible
assets (157) (157) - -
Net cash (used in) / generated
from investing activities 49 49 157 157
Financing activities
Interest paid (5) (5) (4) (4)
Proceeds from issue of ordinary
share capital - - 22 22
Repayment of lease liabilities 12 (90) (90) (68) (68)
Net cash used in financing
activities (95) (95) (50) (50)
Net increase/(decrease) in cash
and cash equivalents 85 406 (250) (9)
Cash and cash equivalents at
beginning of period 3,248 2,780 3,498 2,789
Cash and cash equivalents at
end of period 3,333 3,186 3,248 2,780
Notes to the Accounts
For the Year ended 30 June 2023
1. Basis of preparation
The financial statements have been prepared in accordance with
the requirements of IFRS implemented by the Group for the Year
ended 30 June 2023 as adopted by the International Financial
Reporting Interpretations Committee and in conformity 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 IFRS
9 Financial Instruments: recognition and measurement.
The financial information included in this News Release does not
constitute statutory accounts of the Group for the Year ended 30
June 2023 or 13-month period to 30 June 2022, but is derived from
those accounts. Statutory accounts for the 13-month period ended 30
June 2022 have been reported on by the Group's auditor and
delivered to the Registrar of Companies. Statutory accounts for the
Year ended 30 June 2023 have been audited and will be delivered to
the Registrar of Companies. The report of the auditors for both
years was (i) unqualified and (ii) did not contain a statement
under Section 498 (2) or (3) of the Companies Act 2006.
Copies of the Annual Report will be sent on 24 October 2023 to
shareholders and will also be available on our website at
www.fiskeplc.com
New and revised IFRSs in issue but not yet effective
A number of amendments to existing standards have also been
effective from 1 July 2022 but they do not have a material effect
on the Group financial statements. There are a number of standards,
amendments to standards, and interpretations which have been issued
by the IASB that are effective in future accounting periods that
the Group has decided not to adopt early. The following amendments
are effective for future periods:
IFRS/Std Description Issued Effective
IAS 1 Presentation Amendments regarding February Annual periods
of Financial Statements the disclosure of 2021 beginning on or
accounting policies after 1 January
and classification 2023
of liabilities
IAS 8 Accounting Amendments regarding February Annual periods
Policies, Changes the definition of 2021 beginning on or
in Accounting Estimates accounting estimates after 1 January
and Errors 2023
The Group do not expect these amendments to have a significant
impact on the financial statements.
There were no new standards adopted in the current financial
period.
2. Total revenue and segmental analysis
IFRS 8 requires o perating 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:
Year to Period
30 June to 30 June
2023 2022
GBP'000 GBP'000
Commission receivable 2,863 2,576
Investment management fees 2,982 3,186
5,845 5,762
Other income 34 2
5,879 5,764
Substantially all revenue in the current period 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:
Year to Period
30 June to 30
2023 June 2022
Notes GBP'000 GBP'000
Current tax
Current period - 6
- 6
Deferred tax
Current period 13 62 (183)
Total tax charge to Statement of Comprehensive
Income 62 (177)
Factors affecting the tax charge for the period
The main corporation tax rate, based on the United Kingdom
standard rate of corporation tax, was increased from 19% to 25%
from 1 April 2023. The deferred tax liability has been calculated
using the expected on-going corporation tax rate of 25% (2022:
25%).
The charge/(credit) for the year can be reconciled to the profit
per the Statement of Comprehensive Income as follows:
Year to Period
30 June to 30 June
2023 2022
GBP'000 GBP'000
Profit / (loss) before tax 315 (349)
Charge / (credit) on profit / (loss) on ordinary
activities at standard rate 60 (66)
Effect of:
Expenses not deductible in determining taxable
profit - -
Non-taxable income (38) (35)
Carry back tax relief 40 (76)
62 (177)
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 period. 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 period.
Diluted
Year to 30 June 2023 Basic Basic
GBP'000 GBP'000
Profit on ordinary activities after taxation 253 253
Adjustment to reflect impact of dilutive share
options - -
Profit 253 253
Weighted average number of shares (000's) 11,830 11,830
Earnings per share (pence) 2.1 2.1
Diluted
Period to 30 June 2022 Basic Basic
GBP'000 GBP'000
Loss on ordinary activities after taxation (172) (172)
Adjustment to reflect impact of dilutive share
options - -
Loss (172) (172)
Weighted average number of shares (000's) 11,809 11,809
Earnings per share (pence) (1.5) (1.5)
30 June 30 June
2023 2022
Number of shares (000's):
Weighted average number of shares 11,830 11,809
Dilutive effect of share option scheme - -
11,830 11,809
5. Intangible assets
Company Group
Customer Customer
relationships relationships Goodwill Total
GBP'000 GBP'000 GBP'000 GBP'000
Cost
At 1 June 2021 - 1,312 1,311 2,623
Additions - - - -
At 30 June 2022 - 1,312 1,311 2,623
Additions 293 293 - 293
At 30 June 2023 293 1,605 1,311 2,916
Accumulated amortisation
or impairment
At 1 June 2021 - (525) (969) (1,494)
Charge in year - (131) (87) (218)
At 30 June 2022 - (656) (1,056) (1,712)
Charge in period (7) (138) (67) (205)
At 30 June 2023 (7) (794) (1,123) (1,917)
Net book value
At 30 June 2023 286 811 188 999
At 1 July 2022 - 656 255 911
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:
2023 2022
CGU GBP'000 GBP'000
Ionian Group Limited 106 129
Vor Financial Strategy Limited 82 126
Goodwill allocated to CGUs 188 255
The impairment charge arises from a prudent assessment that
customer relationships and goodwill change over time and are not of
indefinite life. Based on analyses of the relevant customer base
segments, a determination was made as to the expected income
streams arising over the next 6 years. The recoverable amounts of
the goodwill in Ionian Group Limited and in Vor Financial Strategy
Limited are determined based on value-in-use calculations. These
calculations use projections of marginal profit contributions over
the expected remaining stream of attributable value. The key
assumptions used for value-in-use calculations are as follows:
Direct and indirect costs
as % of revenues 60%
Growth rate 0 %
12.5
Discount rate %
Had the discount rate used gone up / down by 1%, impairment
would have been GBP8,000 higher/lower and the carrying amount
commensurately adjusted. Management determined margin contribution
and growth rates based on past performance of those units, together
with current market conditions and its expectations of development
of those CGUs. The discount rate used is pre-tax, and reflects
specific risks relating to the relevant CGU.
6. Right-of-use assets
Property
Group and Company GBP'000
Cost
At 1 June 2021 274
Additions 329
Disposals (274)
At 1 July 2022 329
Additions -
Disposals -
At 30 June 2023 329
Accumulated amortisation
At 1 June 2021 (274)
Charge for the period (79)
On Disposals 274
At 1 July 2022 (79)
Charge for the year (94)
On Disposals -
At 30 June 2023 (173)
Net book value
At 30 June 2023 156
At 1 July 2022 250
A ten-year lease of office premises at Salisbury House came to
an end at December 2021 after a 12 month extension. Since then the
Company has moved to new office premises commencing a new lease to
21 February 2025.
The Group used the following practical expedients when applying
IFRS16 to leases previously classified as operating leases under
IAS17.
-- Applied a single discount rate to a portfolio of leases with similar characteristics;
-- Excluded initial direct costs from measuring the right-of-use
asset at the date of initial application;
-- Used hindsight when determining the lease term if the
contract contains options to extend or terminate the lease.
7. Other intangible assets
Systems
licence
Group and Company GBP'000
Cost
At 1 June 2021 192
Additions -
At 1 July 2022 192
Additions -
At 30 June 2023 192
Accumulated amortisation
At 1 June 2021 (160)
Charge for the period (32)
At 1 July 2022 (192)
Charge for the year -
At 30 June 2023 (192)
Net book value
At 30 June 2023 -
At 1 July 2022 -
8. Property, plant and equipment
Office
furniture Computer Office
and equipment equipment refurbishment Total
Group and Company GBP'000 GBP'000 GBP'000 GBP'000
Cost
At 1 June 2021 164 278 175 617
Additions 3 25 - 28
Disposals (162) (197) (175) (534)
At 1 July 2022 5 106 - 111
Additions 2 6 - 8
Disposals - - - -
At 30 June 2023 7 112 - 119
Accumulated depreciation
At 1 June 2021 (163) (255) (175) (593)
Charge for the period (1) (30) - (31)
Disposals 162 197 175 534
At 1 July 2022 (2) (88) - (90)
Charge for the year (2) (12) - (14)
Disposals - - - -
At 30 June 2023 (4) (100) - (104)
Net book value
At 30 June 2023 3 12 - 15
At 30 June 2022 3 18 - 21
9. Investments held at Fair Value Through Other Comprehensive Income
2023 2022
Group and Company GBP'000 GBP'000
Opening valuation 4,621 3,604
Opening fair value gains on investments held (4,144) (3,127)
Cost 477 477
Gains on investments 3,823 4,144
Closing fair value of investments held 4,300 4,621
being:
Listed - -
Unlisted 4,300 4,621
FVTOCI investments carried at fair value 4,300 4,621
Gains / (losses) on investments in period 2023 2022
Group and Company GBP'000 GBP'000
Realised gains on sales - -
(Decrease) / increase in fair value (321) 1,017
(Loss) / gain on investments (321) 1,017
The investments included above are represented by holdings of
equity securities. These shares are not held for trading.
10. Trade and other receivables
2023 2023 2022 2022
Group Company Group Company
Group and Company GBP'000 GBP'000 GBP'000 GBP'000
Counterparty receivables 285 285 407 407
Trade receivables 747 747 891 891
1,032 1,032 1,298 1,298
Amount owed by group undertakings - 173 - 563
Other debtors 313 307 57 48
Prepayments and accrued income 1,246 883 1,095 711
2,591 2,395 2,450 2,620
Due to the short-term nature of the current receivables, their
carrying amount is considered to be the same as their fair
value.
Trade receivables
Included in the Group's trade receivables are debtors with a
carrying amount of GBPnil (2022: GBPnil) which are past due at the
reporting date for which the Group has not provided.
Counterparty receivables
Included in the Group's counterparty receivables balance are
debtors with a carrying amount of GBP230,000 (2022: GBP407,000)
which are past due but not considered impaired.
Ageing of counterparty receivables:
2023 2022
GBP'000 GBP'000
0 - 15 days 148 291
16 - 30 days 1 40
31 - 60 days 6 57
Over 60 days 75 19
230 407
11. Trade and other payables
2023 2023 2022 2022
Group Company Group Company
GBP'000 GBP'000 GBP'000 GBP'000
Counterparty payables 963 963 1,214 1,214
Trade payables 17 16 19 20
980 979 1,233 1,234
Other sundry creditors and accruals 1,156 1,054 914 818
2,136 2,033 2,147 2,052
12. Lease liabilities
2023 2023 2022 2022
Group Company Group Company
GBP'000 GBP'000 GBP'000 GBP'000
Current 106 106 106 106
Non-current 65 65 155 155
171 171 261 261
Maturity analysis:
Not later than one year 106 106 106 106
Later than one year and not later
than 5 years 65 65 155 155
171 171 261 261
The cash flow impact is summarised as:
2023 2023 2022 2022
Group Company Group Company
GBP'000 GBP'000 GBP'000 GBP'000
Lease liabilities at beginning
of period 261 261 - -
New lease entered into in period - - 329 329
Repayment of lease liabilities (90) (90) (68) (68)
Lease liabilities at end of period 171 171 261 261
The lease liability is retired over time by the contrasting
interest expense and lease payments.
13. Deferred taxation
Capital Tax Deferred
allowances Investments Losses tax liability
Group and Company GBP'000 GBP'000 GBP'000 GBP'000
At 1 July 2022 (1) 1,017 (183) 833
Charge for the period - (80) 62 (18)
At 30 June 2023 (1) 937 (121) 815
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 25%, being the anticipated rate of
taxation applicable to the Group and Company in the following year.
A potential deferred tax asset of GBP156,000 relating to trading
losses arising before 1 April 2017 has not been recognised.
14. Called up share capital
2023 2022
No. of No. of
shares GBP'000 shares GBP'000
Allotted and fully paid:
Ordinary shares of 25p
Opening balance 11, 829,859 2,957 11,754,859 2,939
Shares issued - - 75,000 18
Closing balance 11,829,859 2,957 11,829,859 2,957
Included within the allotted and fully paid share capital were
9,490 ordinary shares of 25p each (2022: 9,490 ordinary shares of
25p each) held for the benefit of employees.
At 30 June 2023 there were 125,000 (2022: 125,000) outstanding
options to subscribe for ordinary shares at a weighted average
exercise price of 70p (2022: 70p) and a weighted average remaining
contractual life of 1 years, 6 months. (2022: 4 years, 7 months).
Ordinary shares are entitled to all distributions of capital and
income.
15. Financial commitments
Lease - classified as an IFRS 16 lease
At 30 June 2023 the Group had outstanding commitments for future
minimum lease payments under non-cancellable operating leases which
fall due as follows:
2023 2022
Land Land and
and buildings Other buildings Other
GBP'000 GBP'000 GBP'000 GBP'000
In the next year 112 - 111 -
In the second to fifth years
inclusive 74 - 185 -
Total commitment 186 - 296 -
On 31 December 2021 a 10 year lease over the Company's premises
at Salisbury House expired. In September 2021 the Company entered
into a lease over new premises at Wood Street for a period of some
3 years to 21 February 2025.
16. Clients' money
At 30 June 2023 amounts held by the Company on behalf of clients
in accordance with the Client Money Rules of the Financial Conduct
Authority amounted to GBP52,686,945 (2022: GBP66,435,793). The
Company has no beneficial interest in these amounts and accordingly
they are not included in the consolidated statement of financial
position.
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END
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