TIDMFKE
RNS Number : 1120D
Fiske PLC
28 February 2022
28 February 2022
FISKE PLC
("Fiske" or the "Company" or the "Group")
Interim results
Fiske ( AIM:FKE ) is pleased to announce its interim results for
the six months ended 30 November 2021.
In accordance with rule 26 of the AIM Rules for Companies this
information is also available, under the Investors section, at the
Company's website, http://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 7448 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
Trading
In the half year to November 2021 UK markets were broadly level,
and market activity was generally quieter.
However, our investment management fee income, which now
represents 55% of our revenues, rose noticeably over the period.
Our investment performance and new client wins over the six months
to November 2021 resulted in our investment management fee income
being ahead, by some 17%, of the equivalent period to November
2020.
In contrast, and as a result of less volatile market conditions,
our commission revenues were softer when compared to the previous
six months to May 2021. Although they were around the same level as
for the comparable period to November 2020. Overall, our revenues
for the half year were GBP2.9m which is 6% higher than for the
equivalent prior year period to November 2020.
Our operating expenses increased during the period partly due to
relocation costs and partly due to restructuring costs incurred in
anticipation of a smaller office footprint. At the end of November,
we moved to new modern offices at 100 Wood Street after spending
some 45 years at Salisbury House. We expect to benefit from the
reduction in overall property costs in the second half of our
financial year which will now run to 30 June 2022. This follows our
recent decision to change our accounting year end to 30 June.
Following an internal review of the results for the first half
of the year, the Directors of the Company determined that certain
one-off adjustments needed to be made to its accounts for the prior
financial period. These are related to the method of computation of
accrued management fee revenue. There has been no impact on the
client money or asset positions of our clients, and no impact on
the Company's cash position. As a consequence, group revenues for
the year to May 2021 have been restated downwards by 4% and balance
sheets commensurately corrected. Comparative data in this report
has been restated and the adjustments elaborated in notes to the
accounts and the comments in this statement reflect these
changes.
Overall, our operating results for the half year to 30 November
2021 show a loss of GBP179,000 compared to the restated loss of
GBP97,000 in the half year to November 2020. Our pre-tax losses
were GBP6,000 (November 2020:restated loss of GBP103,000) for the
period following receipt of the dividend of GBP183,000 for our
shareholding in Euroclear.
Our cash balances continue to rise, reaching GBP3.6m at the end
of November.
Markets
The final three months of the calendar year 2021 produced the
UK's fifth consecutive positive quarterly equity market return
despite increased volatility created by the emergence of the
Omicron variant of Covid-19. Although more transmissible and
infectious, it would seem it is less virulent, and that
vaccinations and boosters have produced the level of protection
hoped for.
With the market impact of the pandemic beginning to recede,
inflation has now become a major concern and increasingly central
banks are accepting that the current increase is not transitory and
are responding by raising interest rates and/or by withdrawing
Covid induced financial support measures and monetary stimulus.
Higher commodity and energy prices, rising demand, supply chain
disruption and wage pressures are just some of the issues driving
up the cost of living
On the geo-political front, the invasion of Ukraine by Russian
troops and the imposition of sanctions on Russia by Western nations
is also of concern. The failure to find a diplomatic solution
before Russian troops crossed the Ukrainian border might also
embolden China to make more aggressive moves on Taiwan.
Since the turn of the year, market leadership has also shifted
dramatically away from highly valued US technology growth stocks
and pandemic beneficiaries towards higher yielding value situations
found in the "old economy" sectors that are so predominant in the
UK equity market. The relatively low ratings of many of the UK's
major companies is also attracting the interest of activist
investors. As a result, the US and UK markets have become
disconnected with the latter moving ahead whilst the US market and
the NASDAQ market are falling.
Outlook
We expect to see continuing turbulence in markets. Many shares
that comprise the NASDAQ index have experienced a torrid time of
late with some substantial intraday falls leading to major value
destruction. This trend may continue for a while as speculative
positions unwind, and share price ratings fall back to more
realistic levels.
Interest rates are almost certain to rise further over the next
12 months, albeit from historically low levels. Against a backdrop
of rising inflation rates, investment in real assets particularly
in shares trading at reasonable valuations in companies with enough
pricing power to underpin real earnings growth is likely to find
favour. Overall, we look forward to identifying attractive
investment opportunities for our clients that will no doubt be
forthcoming in the coming months.
From an operational standpoint we are settling into our new
offices well and look forward to the benefits that our reduced
property costs and non-recurring restructuring costs will provide
for the further development of the business.
Clive Fiske Harrison James P Q Harrison
Chairman Chief Executive Officer
28 February 2022
Condensed Consolidated Statement of Total Comprehensive
Income
For the six months ended 30 November 2021
Six months Six months
ended ended
30 November 30 November Year ended
2021 2020 31 May 2021
Note Unaudited Unaudited Audited
GBP'000 GBP'000
GBP'000 (restated) (restated)
---------------------------------- ------ ------------ ------------ ------------
Revenues 2 2,856 2,699 5,854
Operating expenses (3,035) (2,796) (5,716)
---------------------------------- ------ ------------ ------------ ------------
Operating (Loss)/Profit (179) (97) 138
---------------------------------- ------ ------------ ------------ ------------
Investment revenue 183 - 237
Finance income - - -
Finance costs (10) (6) (9)
(Loss)/Profit on ordinary
activities before taxation (6) (103) 366
Taxation 0 1 (43)
---------------------------------- ------ ------------ ------------ ------------
(Loss)/Profit on ordinary
activities after taxation (6) (102) 323
---------------------------------- ------ ------------ ------------ ------------
Other comprehensive (expense)/
income
Items that may subsequently
be reclassified to profit
or loss
Movement in unrealised
appreciation of investments (35) 222 75
Deferred tax on movement
in unrealised appreciation
of investments (162) (37) (12)
---------------------------------- ------ ------------ ------------ ------------
Net other comprehensive
(expense)/income (197) 185 63
---------------------------------- ------ ------------ ------------ ------------
Total comprehensive (loss)/income
for the period/year attributable
to equity shareholders (203) 83 386
---------------------------------- ------ ------------ ------------ ------------
Profit / (Loss) Earnings
per ordinary share (pence) 3
Basic (0.1)p (0.9)p 2.8p
Diluted (0.1)p (0.9)p 2.8p
All results are from continuing operations and are attributable
to equity shareholders of the parent Company.
Condensed Consolidated Statement of Financial Position
30 November 2021
As at As at
30 November 30 November As at As at
2021 2020 31 May 2021 31 May 2020
Unaudited Unaudited Unaudited Unaudited
GBP'000 GBP'000 GBP'000
GBP'000 (restated) (restated) (restated)
------------------------------ --- ------------ ------------ ------------ ------------
Non-current assets
Intangible assets arising
on consolidation 1,050 1,216 1,129 1,289
Other intangible assets 16 49 32 65
Right-of-use assets 304 14 - 101
Property, plant and
equipment 30 37 24 53
Investments held at
Fair Value Through Other
Comprehensive Income 3,568 3,751 3,604 4,962
----------------------------------- ------------ ------------ ------------ ------------
Total non-current assets 4,968 5,067 4,789 6,470
----------------------------------- ------------ ------------ ------------ ------------
Current assets
Trade and other receivables 2,797 3,325 2,211 2,340
Cash and cash equivalents 3,620 2,992 3,498 2,239
----------------------------------- ------------ ------------ ------------ ------------
Total current assets 6,417 6,317 5,709 4,579
----------------------------------- ------------ ------------ ------------ ------------
Current liabilities
Trade and other payables 2,647 3,237 2,049 2,924
Short-term lease liabilities - 18 - 124
Current tax liabilities 43 - 43 -
----------------------------------- ------------ ------------ ------------ ------------
Total current liabilities 2,690 3,255 2,092 3,048
----------------------------------- ------------ ------------ ------------ ------------
Net current assets 3,727 3,062 3,617 1,531
----------------------------------- ------------ ------------ ------------ ------------
Non-current liabilities
Long-term lease liabilities 308 - - -
Deferred tax liabilities 735 538 573 611
----------------------------------- ------------ ------------ ------------ ------------
Total non-current liabilities 1,043 538 573 611
----------------------------------- ------------ ------------ ------------ ------------
Net assets 7,652 7,591 7,833 7,390
----------------------------------- ------------ ------------ ------------ ------------
Equity
Share capital 2,957 2,939 2,939 2,923
Share premium 2,085 2,082 2,082 2,057
Revaluation reserve 2,356 2,736 2,553 3,597
Retained earnings 254 (166) 259 (1,187)
----------------------------------- ------------ ------------ ------------ ------------
Shareholders' equity 7,652 7,591 7,833 7,390
----------------------------------- ------------ ------------ ------------ ------------
Condensed Consolidated Statement of Changes in Equity
Revaluation Retained
Share Capital Share Premium Reserve Earnings Total Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- ------------- ------------- ----------- --------- ------------
Balance at 31 May 2021 2,939 2,082 2,553 562 8,136
Adjustments - - - (303) (303)
--------------------------------- ------------- ------------- ----------- --------- ------------
Balance at 31 May 2021
a s restated 2,939 2,082 2,553 259 7,833
Profit / (Loss) on ordinary
activities after taxation - - - (6) (6)
Movement in unrealised
appreciation of investments - - (35) - (35)
Deferred tax on movement
in unrealised appreciation
of investments - - (162) - (162)
Total comprehensive income
/ (expense) for the period - - (197) (6) (203)
--------------------------------- ------------- ------------- ----------- --------- ------------
Share based payment transactions - - - 1 1
Issue of ordinary share
capital 18 3 - - 21
--------------------------------- ------------- ------------- ----------- --------- ------------
Total transactions with
owners, recognised directly
in equity 18 3 - 1 22
--------------------------------- ------------- ------------- ----------- --------- ------------
Balance at 30 November
2021 2,957 2,085 2,356 254 7,652
--------------------------------- ------------- ------------- ----------- --------- ------------
Balance at 31 May 2020 2,923 2,057 3,597 (1,129) 7,448
Adjustments - - - (58) (58)
----------------------------------- ----- ----- ------- ------- -----
Balance at 31 May 2020
a s restated 2,923 2,057 3,597 (1,187) 7,390
(Loss) on ordinary activities
after taxation - - - (102) (102)
Movement in unrealised
appreciation of investments - - 222 - 222
Deferred tax on movement
in unrealised appreciation
of investments - - (37) - (37)
Realised disposal of Fair
value through other comprehensive
income investments - - (1,046) 1,122 76
----------------------------------- ----- ----- ------- ------- -----
Total comprehensive income
/ (expense) for the period - - (861) 1,020 159
----------------------------------- ----- ----- ------- ------- -----
Share based payment transactions - - - 1 1
Issue of ordinary share
capital 16 25 - - 41
----------------------------------- ----- ----- ------- ------- -----
Total transactions with
owners, recognised directly
in equity 16 25 - 1 42
----------------------------------- ----- ----- ------- ------- -----
Balance at 30 November
2020 as restated 2,939 2,082 2,736 (166) 7,591
----------------------------------- ----- ----- ------- ------- -----
Balance at 1 June 2020 2,923 2,057 3,597 (1,129) 7,448
Adjustments - - - (58) (58)
--------------------------------- ----- ----- ------- ------- -----
Balance at 1 June 2020
a s restated 2,923 2,057 3,597 (1,187) 7,390
Profit / Loss on ordinary
activities after taxation - - - 323 323
Movement in unrealised
appreciation of investments - - 75 - 75
Deferred tax on m ovement
in unrealised appreciation
of investments - - (12) - (12)
Realised disposal of Fair
Value through OCI - - (1,107) 1,122 15
--------------------------------- ----- ----- ------- ------- -----
Total comprehensive income
/ (expense) for the period - - (1,044) 1,445 401
--------------------------------- ----- ----- ------- ------- -----
Share based payment transactions - - - 1 1
Issue of ordinary share
capital 16 25 - - 41
--------------------------------- ----- ----- ------- ------- -----
Total transactions with
owners, recognised directly
in equity 16 25 - 1 42
--------------------------------- ----- ----- ------- ------- -----
Balance at 31 May 2021 2,939 2,082 2,553 259 7,833
--------------------------------- ----- ----- ------- ------- -----
Condensed Consolidated Statement of Cash Flows
For the six months ended 30 November 2021
Six months ended Six months ended
30 November 30 November Year ended
2021 2020 31 May 2021
Unaudited Unaudited Unaudited
GBP'000 GBP'000
GBP'000 (restated) (restated)
--------------------------------- ---------------- ---------------- ------------
Operating Profit / (loss) (179) (97) 138
Amortisation of intangible
assets arising on consolidation 80 74 160
Amortisation of other intangible
assets 16 16 33
Depreciation of Right-of-use
assets 23 86 101
Depreciation of property,
plant and equipment 15 16 33
Expenses settled by the
issue of shares 1 1 2
Decrease/(increase) in
receivables (305) (987) 125
Increase/(decrease) in
payables 317 316 (873)
--------------------------------- ---------------- ---------------- ------------
Cash generated from / (used
in) operations (32) (575) (281)
Tax paid 0 - -
--------------------------------- ---------------- ---------------- ------------
Net cash (used in)/generated
from operating activities (32) (575) (281)
--------------------------------- ---------------- ---------------- ------------
Investing activities
Investment income received 183 - 237
Interest received - - -
Proceeds on disposal of
investments held at FVTOCI - 1,400 1,400
Purchases of property,
plant and equipment (21) - (4)
Purchases of other intangible
assets - - -
Net cash (used in)/ generated
from investing activities 162 1,400 1,633
--------------------------------- ---------------- ---------------- ------------
Financing activities
Interest paid (10) (6) (9)
Proceeds from issue of
ordinary share capital 22 40 40
Repayment of lease liabilities (20) (106) (124)
--------------------------------- ---------------- ---------------- ------------
Net cash used in financing
activities (8) (72) (93)
--------------------------------- ---------------- ---------------- ------------
Net (decrease) / increase
in cash and cash equivalents 122 753 1,259
Cash and cash equivalents
at beginning of period 3,498 2,239 2,239
--------------------------------- ---------------- ---------------- ------------
Cash and cash equivalents
at end of period/year 3,620 2,992 3,498
--------------------------------- ---------------- ---------------- ------------
Notes to the Interim Financial Statements
1. Basis of preparation
The Condensed Consolidated Interim Financial Statements of Fiske
plc and its subsidiaries (the Group) for the six months ended 30
November 2021 have been prepared in accordance with IAS 34 (Interim
Financial Reporting), as adopted in the United Kingdom. The
accounting policies applied are consistent with those set out in
the May 2021 Fiske plc Annual Report and accounts. These Condensed
Consolidated Interim Financial Statements do not include all the
information required for full annual statements and should be read
in conjunction with the May 2021 Annual Report and Accounts.
The Financial Statements of the Group for the year ended 31 May
2021 were prepared in accordance with International Financial
Reporting Standards adopted by in the United Kingdom. The statutory
Consolidated Financial Statements for Fiske plc in respect of the
year ended 31 May 2021 have been reported on by the Company's
auditor and delivered to the registrar of companies. The report of
the auditor was (i) unqualified, (ii) did not include a reference
to any matters to which the auditor 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.
Under IAS 27 these financial statements are prepared on a
consolidated basis where the Group consists of Fiske plc, the
parent, and those subsidiaries in which it owns 100% of the voting
rights, being Ionian Group Limited, Fiske Nominees Limited,
Fieldings Investment Management Limited and VOR Financial Strategy
Limited.
The directors have a reasonable expectation that the Group has
adequate resources to continue in operational existence for the
foreseeable future. Thus, they continue to adopt the going concern
basis of accounting in preparing this half-yearly financial
report.
There were no new mandatory standards or amendments to existing
standards effective in the six-month reporting period to 30
November 2021.
2. Revenues
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:
Six months ended Six months ended
30 November 30 November Year ended
2021 2020 31 May 2021
Unaudited Unaudited Audited
GBP'000 GBP'000
GBP'000 (restated) (restated)
--------------------------- ---------------- ---------------- ------------
Commission receivable 1,276 1,295 2,854
Investment management fees 1,578 1,353 2,920
--------------------------- ---------------- ---------------- ------------
2,854 2,648 5,774
Other income 2 51 80
--------------------------- ---------------- ---------------- ------------
2,856 2,699 5,854
--------------------------- ---------------- ---------------- ------------
3. Deferred tax
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%, (2020: 19%) being the anticipated
rate of taxation applicable to the Group and Company in the
following year.
4. Earnings per share
Diluted
Basic Basic
GBP'000 GBP'000
------------------------------ -------- --------
Loss on ordinary activities
after taxation (6) (6)
Adjustment to reflect impact
of dilutive share options - -
------------------------------ -------- --------
Loss (6) (6)
------------------------------ -------- --------
Weighted average number
of shares (000's) 11,785 11,785
------------------------------ -------- --------
Loss per share (pence) (0.1) (0.1)
------------------------------ -------- --------
5. Impact of restatements
(a) Consolidated Statement of Total Comprehensive income in the
prior half year to 30 November 2020
As previously
reported Adjustments As restated
(Unaudited) (Unaudited) (Unaudited)
Notes GBP'000 GBP'000 GBP'000
------------------------------------- ------ ------------- ------------ ------------
Total Revenue i 2,775 (76) 2,699
Operating expenses (2,796) - (2,796)
--------------------------------------------- ------------- ------------ ------------
Operating Profit/(loss) (21) (76) (97)
--------------------------------------------- ------------- ------------ ------------
Investment revenue - - -
Finance income - - -
Finance costs (6) - (6)
(Loss) / Profit on ordinary
activities before taxation (27) (76) (103)
Taxation (1) - (1)
--------------------------------------------- ------------- ------------ ------------
(Loss)/Profit on ordinary
activities after taxation (26) (76) (102)
--------------------------------------------- ------------- ------------ ------------
Other comprehensive income/(expense)
Movement in unrealised
appreciation of investments 222 - 222
Deferred tax on movement
in unrealised appreciation
of investments (37) - (37)
--------------------------------------------- ------------- ------------ ------------
Net other comprehensive
(expense)/ income 185 - 185
--------------------------------------------- ------------- ------------ ------------
Total comprehensive (loss)
/ income for the period/year
attributable to equity
shareholders 159 (76) 83
--------------------------------------------- ------------- ------------ ------------
(Loss) / Earnings per ordinary
share (pence), excluding
other comprehensive income
Basic (0.2)p (0.7)p (0.9)p
Diluted (0.2)p (0.7)p (0.9)p
(b) Consolidated Statement of Total Comprehensive income in the prior year to 31 May 2021
As previously
reported Adjustments As restated
(Audited) (Unaudited) (Unaudited)
Notes GBP'000 GBP'000 GBP'000
------------------------------------- ------ ------------- ------------ ------------
Total Revenue i 6,098 (244) 5,854
Operating expenses (5,716) - (5,716)
--------------------------------------------- ------------- ------------ ------------
Operating Profit/(loss) 382 (244) 138
--------------------------------------------- ------------- ------------ ------------
Investment revenue 237 - 237
Finance income - - -
Finance costs (9) - (9)
(Loss) / Profit on ordinary
activities before taxation 610 (244) 366
Taxation (43) - (43)
--------------------------------------------- ------------- ------------ ------------
(Loss)/Profit on ordinary
activities after taxation 567 (244) 323
--------------------------------------------- ------------- ------------ ------------
Other comprehensive income/(expense)
Movement in unrealised
appreciation of investments 75 - 75
Deferred tax on movement
in unrealised appreciation
of investments (12) - (12)
--------------------------------------------- ------------- ------------ ------------
Net other comprehensive
(expense)/ income 63 - 63
--------------------------------------------- ------------- ------------ ------------
Total comprehensive (loss)
/ income for the period/year
attributable to equity
shareholders 630 (244) 386
--------------------------------------------- ------------- ------------ ------------
(Loss) / Earnings per ordinary
share (pence), excluding
other comprehensive income
Basic 4.8p (2.0)p 2.8p
Diluted 4.8p (2.0)p 2.8p
(c) Consolidated Statement of Financial Position as at 30 November 2020
As previously
reported Adjustments As restated
(Unaudited) (Unaudited) (Unaudited)
Notes GBP'000 GBP'000 GBP'000
----------------------------------- ------ ------------- ------------ ------------
Non-current assets
Intangible assets arising
on consolidation 1,216 - 1,216
Other intangible assets 49 - 49
Right-of-use assets 14 - 14
Property, plant and equipment 37 - 37
Investments held at Fair
Value Through Other Comprehensive
Income 3,751 - 3,751
Total non-current assets 5,067 - 5,067
------------------------------------------- ------------- ------------ ------------
Current assets
Trade and other receivables i 3,459 (134) 3,325
Cash and cash equivalents 2,992 - 2,992
------------------------------------------- ------------- ------------ ------------
Total current assets 6,451 (134) 6,317
------------------------------------------- ------------- ------------ ------------
Current liabilities
Trade and other payables 3,237 - 3,237
Short-term lease liabilities 18 - 18
Current tax liabilities - - -
Total current liabilities 3,255 - 3,255
------------------------------------------- ------------- ------------ ------------
Net current assets 3,196 (134) 3,062
------------------------------------------- ------------- ------------ ------------
Non-current liabilities
Deferred tax liabilities 538 - 538
------------------------------------------- ------------- ------------ ------------
Total non-current liabilities 538 - 538
------------------------------------------- ------------- ------------ ------------
Net assets 7,725 (134) 7,591
------------------------------------------- ------------- ------------ ------------
Equity
Share capital 2,939 - 2,939
Share premium 2,082 - 2,082
Revaluation reserve 2,736 - 2,736
Retained earnings (32) (134) (166)
------------------------------------------- ------------- ------------ ------------
Shareholders' equity 7,725 (134) 7,591
------------------------------------------- ------------- ------------ ------------
(d) Consolidated Statement of Financial Position as at 31 May 2021
As previously
reported Adjustments As restated
(Audited) (Unaudited) (Unaudited)
Notes GBP'000 GBP'000 GBP'000
----------------------------------- ------ ------------- ------------ ------------
Non-current assets
Intangible assets arising
on consolidation 1,129 - 1,129
Other intangible assets 32 - 32
Property, plant and equipment 24 - 24
Investments held at Fair
Value Through Other Comprehensive
Income 3,604 - 3,604
Total non-current assets 4,789 - 4,789
------------------------------------------- ------------- ------------ ------------
Current assets
Trade and other receivables i 2,514 (303) 2,211
Cash and cash equivalents 3,498 - 3,498
------------------------------------------- ------------- ------------ ------------
Total current assets 6,012 (303) 5,709
------------------------------------------- ------------- ------------ ------------
Current liabilities
Trade and other payables 2,049 - 2,049
Current tax liabilities 43 - 43
Total current liabilities 2,092 - 2,092
------------------------------------------- ------------- ------------ ------------
Net current assets 3,920 (303) 3,617
------------------------------------------- ------------- ------------ ------------
Non-current liabilities
Deferred tax liabilities 573 - 573
------------------------------------------- ------------- ------------ ------------
Total non-current liabilities 573 - 573
------------------------------------------- ------------- ------------ ------------
Net assets 8,136 (303) 7,833
------------------------------------------- ------------- ------------ ------------
Equity
Share capital 2,939 - 2,939
Share premium 2,082 - 2,082
Revaluation reserve 2,553 - 2,553
Retained earnings 562 (303) 259
------------------------------------------- ------------- ------------ ------------
Shareholders' equity 8,136 (303) 7,833
------------------------------------------- ------------- ------------ ------------
(e) Consolidated Statement of Financial Position as at 1 June 2020
As previously
reported Adjustments As restated
(Audited) (Unaudited) (Unaudited)
Notes GBP'000 GBP'000 GBP'000
----------------------------------- ------ ------------- ------------ ------------
Non-current assets
Intangible assets arising
on consolidation 1,289 - 1,289
Other intangible assets 65 - 65
Right-of-use assets 101 - 101
Property, plant and equipment 53 - 53
Investments held at Fair
Value Through Other Comprehensive
Income 4,962 - 4,962
Total non-current assets 6,470 - 6,470
------------------------------------------- ------------- ------------ ------------
Current assets
Trade and other receivables i 2,398 (58) 2,340
Cash and cash equivalents 2,239 - 2,239
------------------------------------------- ------------- ------------ ------------
Total current assets 4,637 (58) 4,579
------------------------------------------- ------------- ------------ ------------
Current liabilities
Trade and other payables 2,924 - 2,924
Short-term lease liabilities 124 - 124
Current tax liabilities - - -
Total current liabilities 3,048 - 3,048
------------------------------------------- ------------- ------------ ------------
Net current assets 1,589 (58) 1,531
------------------------------------------- ------------- ------------ ------------
Non-current liabilities
Deferred tax liabilities 611 - 611
------------------------------------------- ------------- ------------ ------------
Total non-current liabilities 611 - 611
------------------------------------------- ------------- ------------ ------------
Net assets 7,448 (58) 7,390
------------------------------------------- ------------- ------------ ------------
Equity
Share capital 2,923 - 2,923
Share premium 2,057 - 2,057
Revaluation reserve 3,597 - 3,597
Retained earnings (1,129) (58) (1,187)
------------------------------------------- ------------- ------------ ------------
Shareholders' equity 7,448 (58) 7,390
------------------------------------------- ------------- ------------ ------------
Notes:
i impact of adjustments to the management fee accrual to reflect
improved methodology of system data extraction
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END
IR KVLFLLLLEBBK
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March 01, 2022 02:00 ET (07:00 GMT)
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