TIDMFKE
RNS Number : 8382G
Fiske PLC
30 November 2020
30 November 2020
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 31 May 2020.
Highlights
2020 2019
(Restated)
---------------------------- --------- ---------- --------
GBP'000 GBP'000 Reported
---------------------------- --------- ---------- --------
Total Revenue 5,383 4,589 +17%
Loss on ordinary activities
before taxation (127) (381)
Loss per ordinary share (1.1p) (3.3p)
James Harrison, CEO, commenting on the results said:
"We are pleased to report strong organic revenue growth of 17%
in the year, with significant improvement in the net result.
Resilient back office systems have helped us to be in a position
where, on the face of it, the Covid-19 lockdown has not had much of
an impact on our business."
In light of the current Covid-19 public gathering restrictions
and social distancing requirements, the forthcoming Annual General
Meeting which is to be held at Salisbury House, London Wall, London
EC2M 5QS on Wednesday 23 December 2020 at 12.30pm, will be run as a
closed meeting and shareholders will not be permitted to attend in
person.
Copies of the 2020 Annual Report and Accounts, including the
Notice of AGM and Proxy Voting form will be posted to shareholders
today 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
Salisbury House London Wall
London
EC2M 5QS
Grant Thornton UK LLP (Nominated Adviser) Tel: +44 (0) 20 7383
5100
Samantha Harrison / Harrison Clarke
Abridged Chairman's Statement
Trading
Full year revenues rose by 17% to GBP5.4m (2019: GBP4.6m). After
reporting a pre-tax loss of GBP158,000 in the first half-year, we
have made a profit of GBP31,000 in the second half which has
resulted in a full year pre-tax loss of GBP127,000 (2019: loss
GBP381,000).
On the face of it, the Covid-19 lockdown has not had much of an
impact on our business. After an increase in revenues in the first
half, they continued to grow in the second half of the year. This
was assisted by strong commission revenue during a period of market
volatility in the last quarter of our year, which coincided with
the start of the Covid-19 lockdown.
Total revenue continues to be split evenly between commissions
on trading, and management & other recurring fees, each
increasing significantly during the year. This reflects both an
increase in the firm's client base alongside a continued migration
from commission-based relationships to more fee focussed ones. The
impact of this was masked by a surge in commission income as active
clients responded to the opportunities created during the market
falls of February and March 2020.
Restatement of accounts
Following an internal audit exercise in the first half of the
year, the directors of the company determined that certain
adjustments needed to be made to its accounts. These result
primarily from a change in an accounting process which had affected
the way in which our systems data had been interpreted for
accounting purposes. In addition, we resolved to change the way in
which the acquisition of Fieldings Investment Management was
accounted for.
There had been no impact on client money or accounts, and no
impact on the firm's cash position. The overall impact had been an
overstatement of current liabilities. The necessary adjustments,
accumulated over several years, amounted to a net addition of some
GBP532,000 to the Group's net assets as at 31 May 2019. Comparative
data in this report has been restated and the adjustments
elaborated in notes to the full published Report and Accounts.
Asset Management
In May 2020 our unit trust, Ocean UK Equity, passed its second
anniversary. The first two years have been successful with the fund
in the top quartile in each of the last three, six and twelve-month
periods and since launch. It was also ahead of its benchmark the
CBOE UK All Companies Total Return Index over the period. As at the
end of May 2020 the fund was valued at GBP7.6m (2019: GBP5.8m).
Costs & Outturn
Operating expenses have risen by GBP0.7m to GBP5.7m in the year
to 31 May 2020 (2019: GBP5.0m) an increase of 14%. Almost half of
the increase comes from staff costs: in particular the
administrative strengthening of operational capacity and
compliance. We have also engaged external resources where
appropriate to minimise long term increases in staff levels, and
such consultancy has pushed up the operating expenses in the short
term. However, such costs are expected to subside as we proceed
through the current year.
Prior investment in disaster recovery resources and a migration
to cloud services meant that the relatively sudden move to a
Working-From-Home environment, at the onset of the Covid-19
lockdown, was achieved smoothly and with relatively little
additional cost. This is not to belittle the very significant
amount of staff endeavour that went into ensuring the migration
proceeded as seamlessly as it did.
Euroclear
Historically, Euroclear has been an annual dividend payer but
due to the timing of a re-domiciliation exercise Euroclear did not
pay us a dividend during our prior year to 31 May 2019. The
dividend stream has resumed in this financial year with a dividend
received of GBP143,000.
The latest interim report from Euroclear shows that its business
income advanced robustly by 13% but this was largely offset by the
fall in interest received as a result of worldwide interest rate
cuts. Despite a 5% increase in earnings per share we feel it
appropriate to reflect recent transaction prices and have marked
down the carrying value of our investment to EUR1,525 per share
being GBP5.0m in total. This represents a partial roll-back of the
very substantial valuation increases which we have seen in recent
years.
Net assets
Shareholder's funds amount to some GBP7.4m and within this we
continue to hold some GBP2.2m of cash.
Strategy
We continue to implement our ongoing strategy to welcome new
investment managers with established client relationships to
increase our assets under management and advice. 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.
IFRS 16
The adoption of IFRS 16 from 1 June 2019, being applied to the
accounting for our leased office premises, has resulted in the
inclusion of GBP101,000 (after depreciation) of right-of-use assets
in the Statement of Financial Position at 31 May 2020 together with
a lease liability of GBP124,000. In the year to 31 May 2020,
operating profit was increased by GBP47,000, which was matched by
an increase in lease liability interest of GBP23,000, giving an
overall GBP24,000 upside to the Income Statement. The opening
balance impact is quantified in the Group Statement of Changes in
Equity.
Dividend
The Board has resolved not to pay a dividend for the year to 31
May 2020 (2019: GBPnil).
Impact of Covid-19
We were fortunate that our disaster recovery infrastructure
meant that we were very well placed to deal rapidly with the
Working-From-Home requirement imposed by the Covid-19 lockdown. IT
skills were polished, and the cultural change was adapted to
quickly. This helped us stay focussed on investment decisions and
client needs. Your Board is conscious that going forward there will
be a range of challenges to address in relation to bringing staff
back into an office-based working environment.
Staff
Considerable effort went into ensuring that the transition to
Working-From-Home proceeded smoothly and resulted in an efficient
work environment - on top of all the usual challenges in running a
business. In this light I would like to extend my thanks to all
members of the team for their hard work and commitment to the
future success of the Company.
Markets
The last quarter of our own financial year has seen the fastest
and sharpest falls in equity markets in a generation. In just
twenty-two trading days equity markets fell by 30% or more. This
was followed by an equally rapid and strong recovery with the US
market, led by the performance of technology stocks, rising 36%
from its March low and the UK market rising by 26%.
Around the world, government policy has been dominated by the
need to contain the Covid-19 virus and at the same time lessen the
severity of its economic impact. This has resulted in the provision
of unprecedented levels of fiscal and monetary stimulus together
with other supportive measures.
Last year I drew attention to the astonishing levels of debt
being accumulated by companies and emerging market nations. This
has now been dwarfed by the levels of debt assumed by mature
sovereign entities which will eventually need to be addressed. The
imposition of austerity measures would be unacceptable while
economies are in such a precarious state. Politically the less
painful reflationary option will no doubt prevail with longer term
inflationary consequences.
Companies have meanwhile been preserving cash by deferring or
cancelling dividend payments. Aggregate dividends in the UK are
likely to fall by 30-40% this year. An unedifying prospect for
savers and investors already adversely affected by the negligible
returns available from cash deposits or government bonds.
It is likely that market volatility will persist for some time
as there are a considerable number of unknowns to digest; the
duration of the pandemic, the effectiveness of the global response,
the impact on world GDP and the timing, shape and speed of an
eventual recovery. What is clear is that both monetary and fiscal
policy are likely to remain accommodative for some time to come and
historically low interest rates to continue.
Outlook
The new financial year has begun with business levels in line
with the previous year just reported. With the expectation that
most of the exceptional costs incurred last year will not be
repeated in the current year, your Board is encouraged by the
progress made in the first few months of trading.
AGM
In light of the current Covid-19 public gathering restrictions
and social distancing requirements, the forthcoming AGM which is to
be held on Wednesday 23 December 2020 at 12.30pm, will be run as a
closed meeting and shareholders will not be permitted to attend in
person.
Shareholders' views are important and the Board encourages
shareholders to submit their votes via CREST ID rather than
attending the meeting in person. 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 above.
Consolidated Statement of Total Comprehensive Income
For the year ended 31 May 2020
Notes 2020 2019
GBP'000 GBP'000
(restated)
---------------------------------------------------- ----- ---------- -------------
Continuing Operations
Fee and commission income 5,347 4,591
Other income / (loss) 36 (1)
Profit / (loss) on investments sold - (1)
Total Revenue 2 5,383 4,589
---------------------------------------------------- ----- ---------- -------------
Operating expenses (5,743) (5,020)
Operating (loss) (360) (431)
Investment revenue 143 -
Finance income 148 108
Finance costs (58) (58)
Loss on ordinary activities before taxation (127) (381)
Taxation 3 - -
---------------------------------------------------- ----- ---------- -------------
Loss on ordinary activities after taxation (127) (381)
---------------------------------------------------- ----- ---------- -------------
Other comprehensive income
Items that may subsequently be reclassified
to profit or loss
Movement in unrealised appreciation of investments (793) 3,289
Deferred tax on movement in unrealised appreciation
of investments 187 (583)
---------------------------------------------------- ----- ---------- -------------
Net other comprehensive income (606) 2,706
---------------------------------------------------- ----- ---------- -------------
Total comprehensive income attributable to
equity shareholders (733) 2,325
---------------------------------------------------- ----- ---------- -------------
Loss per ordinary share
Basic 4 (1.1p) (3.3p)
Diluted 4 (1.1p) (3.3p)
---------------------------------------------------- ----- ---------- -------------
All results are from continuing operations.
Consolidated Statement of Financial Position
31 May 2020
Notes As at 31 As at 31 As at 1
May May June
2020 2019 2018
GBP'000 GBP'000 GBP'000
(restated) (restated)
--------------------------------------- ----- ---------- ----------- -------------
Non-current Assets
Intangible assets 5 1,289 1,445 1,576
Other intangible assets 6 65 97 130
Right-of-use assets 7 101 - -
Property, plant and equipment 8 53 30 35
Investments held at Fair Value Through
Other Comprehensive Income 9 4,962 5,759 2,470
Total non-current assets 6,470 7,331 4,211
--------------------------------------- ----- ---------- ----------- -------------
Current Assets
Trade and other receivables 10 2,398 2,387 4,183
Cash and cash equivalents 2,239 2,073 2,453
--------------------------------------- ----- ---------- ----------- -------------
Total current assets 4,637 4,460 6,636
--------------------------------------- ----- ---------- ----------- -------------
Current liabilities
Trade and other payables 11 2,924 2,814 4,790
Short-term lease liabilities 12 124 - -
Current tax liabilities - - 36
Total current liabilities 3,048 2,814 4,826
--------------------------------------- ----- ---------- ----------- -------------
Net current assets 1,589 1,646 1,810
--------------------------------------- ----- ---------- ----------- -------------
Non-current liabilities
Deferred tax liabilities 13 611 797 214
--------------------------------------- ----- ---------- ----------- -------------
Total non-current liabilities 611 797 214
--------------------------------------- ----- ---------- ----------- -------------
Net Assets 7,448 8,180 5,807
--------------------------------------- ----- ---------- ----------- -------------
Equity
Share capital 14 2,923 2,904 2,890
Share premium 2,057 2,029 1,997
Revaluation reserve 3,597 4,203 1,497
Retained losses (1,129) (956) (577)
--------------------------------------- ----- ---------- ----------- -------------
Shareholders' equity 7,448 8,180 5,807
--------------------------------------- ----- ---------- ----------- -------------
These financial statements were approved by the Board of
Directors and authorised for issue on 27 November 2020.
Group Statement of Changes in Equity
For the year ended 31 May 2020
Share Share Revaluation Retained
capital premium reserve losses Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------------- --------- --------- ------------ --------- --------
Balance at 1 June 2018 as
reported 2,890 1,997 1,497 (848) 5,536
Adjustments - - - 271 271
------------------------------------- --------- --------- ------------ --------- --------
As restated at 1 June 2018 2,890 1,997 1,497 (577) 5,807
Loss for the financial year
as restated - - - (381) (381)
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 (381) 2,325
------------------------------------- --------- --------- ------------ --------- --------
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 (956) 8,180
Adoption of IFRS 16 - - - (48) (48)
------------------------------------- --------- --------- ------------ --------- --------
Balance at 1 June 2019 2,904 2,029 4,203 (1,004) 8,132
Loss for the financial year - - - (127) (127)
Movement in unrealised appreciation
of investments - - (793) - (793)
Deferred tax on movement
in unrealised appreciation
of investments - - 187 - 187
------------------------------------- --------- --------- ------------ --------- --------
Total comprehensive income
/ (expense) for the year - - (606) (127) (733)
------------------------------------- --------- --------- ------------ --------- --------
Share based payment transactions - - - 2 2
Issue of ordinary share
capital 19 28 - - 47
------------------------------------- --------- --------- ------------ --------- --------
Total transactions with
owners, recognised directly
in equity 19 28 - 2 49
------------------------------------- --------- --------- ------------ --------- --------
Balance at 31 May 2020 2,923 2,057 3,597 (1,129) 7,448
------------------------------------- --------- --------- ------------ --------- --------
Group and Parent Company Statement of Cash Flows
For the year ended 31 May 2020
Notes 2020 2020 2019 2019
Group Company Group Company
GBP'000 GBP'000 GBP'000 GBP'000
(restated) (restated)
------------------------------------- ------ ---------- ---------- ------------- -------------
Operating (loss) (360) (170) (431) (284)
Amortisation of intangible assets
arising on consolidation 156 24 131 -
Amortisation of other intangible
assets 32 32 33 33
Depreciation of right-of-use
assets 173 173 - -
Depreciation of property, plant
and equipment 39 39 22 22
Expenses settled by the issue
of shares 2 2 2 2
(Increase) / decrease in receivables (11) 323 1,796 1,454
Increase / (decrease) in payables 75 24 (2,034) (2,010)
--------------------------------------------- ---------- ---------- ------------- -------------
Cash generated from/(used) in
operations 106 447 (481) (783)
Tax (paid) - - (36) -
--------------------------------------------- ---------- ---------- ------------- -------------
Net cash generated from/(used
in) operating activities 106 447 (517) (783)
Investing activities
Investment income received 143 143 - -
Interest received 148 148 108 107
Proceeds on disposal of investments
held at FVTOCI 5 5 - -
Purchases of property, plant
and equipment (62) (62) (17) (17)
Net cash generated from investing
activities 234 234 91 90
--------------------------------------------- ---------- ---------- ------------- -------------
Financing activities
Interest paid (24) (24) - -
Proceeds from issue of ordinary
share capital 47 47 46 46
Repayment of lease liabilities (197) (197) - -
--------------------------------------------- ---------- ---------- ------------- -------------
Net cash (used in)/generated
from financing activities (174) (174) 46 46
--------------------------------------------- ---------- ---------- ------------- -------------
Net increase/(decrease) in cash
and cash equivalents 166 507 (380) (647)
Cash and cash equivalents at
beginning of year 2,073 1,391 2,453 2,038
Cash and cash equivalents at
end of year 2,239 1,898 2,073 1,391
--------------------------------------------- ---------- ---------- ------------- -------------
Notes to the Accounts
For the year ended 31 May 2020
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 2020 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.
The financial information included in this News Release does not
constitute statutory accounts of the Group for the years ended 31
May 2020 and 2019, but is derived from those accounts. Statutory
accounts for the year ended 3 May 2019 have been reported on by the
Group's auditor and delivered to the Registrar of Companies.
Statutory accounts for the year ended 3 May 2020 have been audited
and will be delivered to the Registrar of Companies. The report of
the auditors for both years was (i) unqualified, (ii) included a
reference the prior year restatement to which the auditors drew
attention by way of emphasis without qualifying their report, and
(iii) 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 30 November 2020 to
shareholders and will also be available on our website at
www.fiskeplc.com
With the exception of IFRS 16, adopted in the current year,
there have been no significant changes in accounting policies from
those set out in the Fiske plc 2019 Annual Report.
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:
2020 2019
GBP'000 GBP'000
(restated)
---------------------------------------------- ------- -----------
Commission receivable 2,732 2,316
Investment management fees 2,615 2,275
---------------------------------------------- ------- -----------
5,347 4,591
Profit / (loss) on investments held at FVTOCI - (1)
Other income / (loss) 36 (1)
---------------------------------------------- ------- -----------
5,383 4,589
---------------------------------------------- ------- -----------
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:
2020 2019
GBP'000 GBP'000
---------------------------------------------- ------- -------
Current tax
Current year - -
Prior year adjustment - -
---------------------------------------------- ------- -------
- -
Deferred tax
Current year - -
Prior year adjustment - -
---------------------------------------------- ------- -------
Total tax charge to Statement of Comprehensive
Income - -
---------------------------------------------- ------- -------
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% (2019:
19.00%).
The charge/(credit) for the year can be reconciled to the profit
per the Statement of Comprehensive Income as follows:
2020 2019
GBP'000
GBP'000 (restated)
--------------------------------------------------- ------- -----------
Profit/(loss) before tax (127) (381)
--------------------------------------------------- ------- -----------
(Credit) / Charge on profit on ordinary activities
at standard rate (24) (74)
Effect of:
Expenses not deductible in determining taxable
profit 6 9
Non-taxable income (27) -
Tax losses not recognised 45 65
- -
--------------------------------------------------- ------- -----------
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.
Diluted
31 May 2020 Basic Basic
GBP'000 GBP'000
------------------------------------------------ -------- --------
(Loss) on ordinary activities after taxation (127) (127)
Adjustment to reflect impact of dilutive share
options - -
------------------------------------------------ -------- --------
(Loss) (127) (127)
------------------------------------------------ -------- --------
Weighted average number of shares (000's) 11,673 11,714
------------------------------------------------ -------- --------
(Loss) per share (pence) (1.1) (1.1)
------------------------------------------------ -------- --------
Diluted
31 May 2019 Basic Basic
GBP'000 GBP'000
(restated) (restated)
------------------------------------------------ ------------ ------------
(Loss) on ordinary activities after taxation (381) (381)
Adjustment to reflect impact of dilutive share
options - -
------------------------------------------------ ------------ ------------
(Loss) (381) (381)
------------------------------------------------ ------------ ------------
Weighted average number of shares (000's) 11,603 11,645
------------------------------------------------ ------------ ------------
(Loss) per share (pence) (3.3) (3.3)
------------------------------------------------ ------------ ------------
31 May
31 May 2020 2019
--------------------------------------- ----------- ------
Number of shares (000's):
Weighted average number of shares 11,673 11,603
Dilutive effect of share option scheme 41 42
--------------------------------------- ----------- ------
11,714 11,645
--------------------------------------- ----------- ------
5. Intangible assets arising on consolidation
Customer
relationships Goodwill Total
----------------------------------------
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
Additions - - -
---------------------------------------- --------------- ----------- --------
At 31 May 2020 1,312 1,311 2,623
---------------------------------------- --------------- ----------- --------
Accumulated amortisation or impairment
At 1 June 2018 (131) (916) (1,047)
Charge in year (131) - (131)
---------------------------------------- --------------- ----------- --------
At 31 May 2019 (262) (916) (1,178)
Charge in year (132) (24) (156)
---------------------------------------- --------------- ----------- --------
At 31 May 2020 (394) (940) (1,334)
---------------------------------------- --------------- ----------- --------
Net book value
At 31 May 2020 918 371 1,289
---------------------------------------- --------------- ----------- --------
At 1 June 2019 1,050 395 1,445
---------------------------------------- --------------- ----------- --------
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:
2020 2019
CGU GBP'000 GBP'000
-------------------------------- --------- ---------
Ionian Group Limited 206 230
Vor Financial Strategy Limited 165 165
--------------------------------- --------- ---------
Goodwill allocated to CGUs 371 395
--------------------------------- --------- ---------
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 8 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 GBP7,000 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. Other intangible assets
Systems
licence
Group and Company GBP'000
-------------------------- ---------
Cost
At 1 June 2018 192
Additions -
At 1 June 2019 192
Additions -
-------------------------- ---------
At 31 May 2020 192
---------------------------- ---------
Accumulated amortisation
At 1 June 2018 (62)
Charge for the year (33)
At 1 June 2019 (95)
Charge for the year (32)
---------------------------- ---------
At 31 May 2020 (127)
---------------------------- ---------
Net book value
At 31 May 2020 65
---------------------------- ---------
At 31 May 2019 97
---------------------------- ---------
7. Right-of-use assets
Property
Group and Company GBP'000
-------------------------- ---------
Cost
At 31 May 2019 -
Adoption of IFRS16 274
At 1 June 2019 274
Additions -
-------------------------- ---------
At 31 May 2020 274
--------------------------- ---------
Accumulated amortisation
At 31 May 2019 -
Adoption of IFRS16 -
At 1 June 2019 -
Charge for the year (173)
--------------------------- ---------
At 31 May 2020 (173)
--------------------------- ---------
Net book value
At 31 May 2020 101
--------------------------- ---------
At 31 May 2019 -
--------------------------- ---------
8. Property, plant and equipment
Office furniture Computer
and equipment equipment Office refurbishment Total
Group and Company GBP'000 GBP'000 GBP'000 GBP'000
-------------------------- ----------------- ------------ ----------------------- --------
Cost
At 1 June 2018 162 197 175 534
Additions - 17 - 17
Disposals - - - -
-------------------------- ----------------- ------------ ----------------------- --------
At 1 June 2019 162 214 175 551
Additions 2 60 - 62
-------------------------- ----------------- ------------ ----------------------- --------
At 31 May 2020 164 274 175 613
-------------------------- ----------------- ------------ ----------------------- --------
Accumulated depreciation
At 1 June 2018 (142) (182) (175) (499)
Charge for the year (7) (15) - (22)
At 1 June 2019 (149) (197) (175) (521)
Charge for the year (7) (32) - (39)
-------------------------- ----------------- ------------ ----------------------- --------
At 31 May 2020 (156) (229) (175) (560)
-------------------------- ----------------- ------------ ----------------------- --------
Net book value
At 31 May 2020 8 45 - 53
-------------------------- ----------------- ------------ ----------------------- --------
At 31 May 2019 13 17 - 30
-------------------------- ----------------- ------------ ----------------------- --------
9. Investments held at Fair Value Through Other Comprehensive Income
2020 2019
Group and Company GBP'000 GBP'000
----------------------------------------- ------- -------
At 1 June 2019:
Valuation 5,759 2,470
Unrealised appreciation (5,095) (1,806)
----------------------------------------- ------- -------
Cost 664 664
Cost of disposals (5) -
----------------------------------------- ------- -------
At 31 May 2020:
Cost 659 664
Unrealised appreciation 4,303 5,095
----------------------------------------- ------- -------
Valuation 4,962 5,759
----------------------------------------- ------- -------
being:
Listed - 5
Unlisted 4,962 5,754
----------------------------------------- ------- -------
FVTOCI investments carried at fair value 4,962 5,759
----------------------------------------- ------- -------
The investments included above are represented by holdings of
equity securities. These shares are not held for trading.
10. Trade and other receivables
2020 2020 2019 2019
Group Company Group Company
GBP'000 GBP'000
Group and Company GBP'000 GBP'000 (restated) (restated)
----------------------------------- -------- -------- ------------ ------------
Counterparty receivables 150 150 1,190 1,189
Trade receivables / (payables) 1,345 1,345 (164) (164)
----------------------------------- -------- -------- ------------ ------------
1,495 1,495 1,026 1,025
Amount owed by group undertakings - 85 - 628
Other debtors 56 142 371 355
Prepayments and accrued income 847 566 990 604
----------------------------------- -------- -------- ------------ ------------
2,398 2,288 2,387 2,612
----------------------------------- -------- -------- ------------ ------------
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 (2019: 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 GBP150,000 (2019: GBP338,000)
which are past due but not considered impaired.
Ageing of counterparty receivables:
2020 2019
GBP'000 GBP'000
------------- ------- -------
0 - 15 days 128 306
16 - 30 days - 15
31 - 60 days 22 17
------------- ------- -------
150 338
------------- ------- -------
11. Trade and other payables
2020 2020 2019 2019
Group Company Group Company
GBP'000 GBP'000
GBP'000 GBP'000 (restated) (restated)
------------------------ -------- -------- ------------ ------------
Counterparty payables 1,456 1,456 973 973
Trade payables - - - -
------------------------ -------- -------- ------------ ------------
1,456 1,456 973 973
Financial liabilities
measured at amortised
cost being deferred
consideration payable 218 218 515 515
Other sundry creditors
and accruals 1,250 1,005 1,326 1,134
------------------------ -------- -------- ------------ ------------
2,924 2,679 2,814 2,622
------------------------ -------- -------- ------------ ------------
12. Lease liabilities
2020 2020 2019 2019
Group Company Group Company
GBP'000 GBP'000
GBP'000 GBP'000 (restated) (restated)
-------------------- -------- -------- ------------ ------------
Current 124 124 - -
Non-current - - - -
-------------------- -------- -------- ------------ ------------
124 124 - -
-------------------- -------- -------- ------------ ------------
Maturity analysis:
-------------------- -------- -------- ------------ ------------
Not later than one
year 124 124 - -
Not later than one
year - - - -
-------------------- -------- -------- ------------ ------------
124 124 - -
-------------------- -------- -------- ------------ ------------
Lease liabilities at adoption of IFRS 16 on 1 June 2019 can be
reconciled to the operating lease commitments in respect of land
and buildings reported at May 2019 as follows:
Group &
Company
GBP'000
------------------------------------------------- ---------
At 31 May 2019: operating lease commitments in
respect of land and buildings 876
exclude service charges (347)
exclude VAT (200)
other differences (8)
------------------------------------------------- ---------
Lease liabilities arising upon adoption of IFRS
16 at 1 June 2019 321
------------------------------------------------- ---------
The cash flow impact is summarised as:
2020 2020
Group Company
GBP'000 GBP'000
---------------------- -------- --------
Lease liabilities at
31 May 2019 - -
Adoption of IFRS 16 321 321
---------------------- -------- --------
Lease liabilities at
1 June 2019 321 321
Cash flow (197) (197)
---------------------- -------- --------
Lease liabilities at
31 May 2020 124 124
---------------------- -------- --------
13. Deferred taxation
Capital Tax Deferred
allowances Investments Losses tax liability
Group and Company GBP'000 GBP'000 GBP'000 GBP'000
---------------------------------------- ------------- ------------ --------- ----------------
At 1 June 2019 (1) 892 (94) 797
Charge for the year - - - -
Charge to Statement of Comprehensive
Income
* in respect of current year - (186) - 186
At 31 May 2020 (1) 706 (94) 611
---------------------------------------- ------------- ------------ --------- ----------------
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.
A further deferred tax asset arising out of cumulative tax
losses amounting to GBP97,036 has not been recognised at the
balance sheet date.
14. Called up share capital
2020 2019
No. of No. of
shares GBP'000 shares GBP'000
-------------------------- ------------ -------- ----------- --------
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, 617,597 2,904 11,560,205 2,890
Shares issued 76,193 19 57,392 14
-------------------------- ------------ -------- ----------- --------
Closing balance 11,693,790 2,923 11,617,597 2,904
-------------------------- ------------ -------- ----------- --------
Included within the allotted and fully paid share capital were
9,490 ordinary shares of 25p each (2019: 9,490 ordinary shares of
25p each) held for the benefit of employees.
At 31 May 2020 there were 200,000 outstanding options to
subscribe for ordinary shares at a weighted average exercise price
of 55p (2019: 60p) and a weighted average remaining contractual
life of 3 years, 9 months. (2019: 4 years, 7 months)
15. Financial commitments
Lease - classified as an IFRS 16 lease
At 31 May 2020 the Group had outstanding commitments for future
minimum lease payments under non-cancellable operating leases which
fall due as follows:
2020 2019
Land and Land and
buildings Other buildings Other
GBP'000 GBP'000 GBP'000 GBP'000
------------------------------ ----------- -------- ----------- --------
In the next year 191 - 407 5
In the second to fifth years
inclusive - - 469 0
------------------------------ ----------- -------- ----------- --------
Total commitment 191 - 876 5
------------------------------ ----------- -------- ----------- --------
In June 2010, the Company entered into a lease over its premises
at London Wall for a period of 10 years, with a five-year break
clause.
16. Clients' money
At 31 May 2020 amounts held by the Company on behalf of clients
in accordance with the Client Money Rules of the Financial Conduct
Authority amounted to GBP56,624,640 (2019: GBP46,014,796). 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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November 30, 2020 02:00 ET (07:00 GMT)
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