TIDMSCHO
RNS Number : 1211V
Scholium Group PLC
30 November 2023
Scholium Group plc
Interim Report & Financial Statements
Six Months ended 30 September 2023
This announcement contains inside information for the purposes
of Article 7 of the UK version of Regulation (EU) No 596/2014 which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended ("MAR"). Upon the publication of this announcement
via a Regulatory Information Service, this inside information is
now considered to be in the public domain.
The directors of Scholium Group plc ("Scholium", the "Company"
or, together with its subsidiaries, the "Group") present their
report and financial statements for the Group for the six months
ended 30 September 2023.
Operating highlights
-- Revenues of GBP3,835k for the period compared with GBP4,454k
for the prior corresponding period
-- Gross profit of GBP1,511k compared to GBP1,731k of the prior corresponding period
-- Profit margin strength continues at 39% (2022: 39%)
-- Fifth successive half-year of profitability, GBP43k (2022: profit of GBP179k)
-- Earnings per share on a diluted basis of 0.31p (2022: 1.32p per share)
-- NAV per issued share of 71.1p (2022: 70.4p)
-- Cash position GBP(436)k (2022: GBP515k) including Covid loan of GBP162k (2022: GBP213k)
Financial Summary
Six months ended September 2023 2022 Change
(GBP000 unless otherwise stated)
Revenue 3,835 4,454 (14)%
Gross Profit 1,511 1,731 (13)%
Gross Margin 39.4% 38.9%
Pre-Tax Profit 43 179 (76)%
Inventories 10,258 9,482 8%
Net Cash (436) (515)
Net Assets 9,673 9,578 1%
NAV/Share (pence per issued share) 71.1 70.4
David Harland, Chair of Scholium, noted:
"We are pleased with the performance of the Group in recording
its fourth consecutive profitable half-year period, given the
deteriorating economic environment. Action was taken on costs from
December 2022 and whilst the profit was reduced for the period this
was expected as was noted in the annual report for the period ended
March 2023. The on-going difficult geo-political situation
naturally presents a difficult environment in which to plan but we
remain cautiously positive about the coming six-month period."
The person responsible for arranging the release of this
announcement on behalf of the Company is Philip Tansey, Chief
Financial Officer of the Company.
For further information, please contact:
Scholium Group plc
David Harland, Chairman
Bernard Shapero, Chief Executive
Officer
Philip Tansey, Chief Financial Officer +44 (0)20 7493 0876
WH Ireland Ltd - Nominated Adviser
Chris Fielding
Isaac Hooper +44 (020) 7220 1666
Business Review
Scholium is engaged in the business of rare books, modern
prints, art and collectibles. Its primary operating subsidiary is
Shapero Rare Books, one of the leading UK dealers trading
internationally in rare and antiquarian books and works on paper,
which also trades as Shapero Modern, a leading UK dealer in the
growing marketplace of modern and contemporary prints.
Revenue streams
The Group earned revenue in the six months to 30 September 2023
from the sale of rare books, prints and works on paper through
Shapero Rare Books.
Strategy and key performance indicators (KPIs)
The Group's strategy is to:
-- provide stable asset-backed growth driven by the markets in which the Group operates;
-- build, either organically or by acquisition, a portfolio of
art and collectibles focused businesses to enable further
diversification of its revenue and profit streams; and,
-- attract individuals or teams of specialists in markets
complementary to the Group's existing businesses.
The current principal KPIs are:
-- sales, gross profit, gross margin and profit before tax;
-- the breadth and distribution of the stock of rare books held by the Group;
-- stock turnover;
-- cash position;
-- net assets per share; and,
-- earnings per share.
Performance Review
Overall Performance
The Group made a profit before tax of GBP43k during the six
months to 30 September 2023, a reduction from the profit of GBP179k
for the corresponding period last year though through intensive
sales efforts margins were improved.
Overall turnover was lower by 14% compared to the same period in
the prior year. This was due to the expected more difficult
environment for sales and this was reflected in books sales of
GBP2,900k (2022: GBP3,420k) whilst Gallery sales of art through
several initiatives and exhibitions improved to GBP858k (2022:
GBP808k). As a result, gross profit of GBP1,511k compared to the
prior period total of GBP1,731k.
Group costs, including Distribution and Administrative expenses,
decreased by 4% to GBP1,456k (2022: GBP1,518k). This decrease
resulted from the active decision to target a reduction given the
challenging markets, particularly in trade fairs and
exhibitions.
The Group result for the six months was a profit before tax of
GBP43k (2022: profit of GBP179k).
Inventories increased by GBP776k to GBP10,258k (2022: GBP9,482k)
in active preparation for major sales initiatives in the months
following the end of this period. Group cash balances continue to
fluctuate monthly in line with stock purchases and trade debtors
with net overdrafts and loan balances of GBP(436)k at 30 September
2023 (2022: GBP(515k).
Summary Group Financials
Six months ended September (all figures GBP'000) 2023 2022 Change
Revenue 3,835 4,454* (14)%
Gross Profit 1,511 1,731 (13)%
Gross Margin 39.4% 38.9%
Distribution Expenses (245) (368) (33)%
Administrative Expenses (1,211) (1,150) 5%
Pre-Tax Profit 43 179 (76)%
Inventories 10,258 9,482 8%
Net Cash (436) (515)
Net Assets 9,673 9,578 1%
NAV/Issued Share (pence) 71.1 70.4 1%
* Total includes GBP25k of revenue generated by Scholium
Trading
Alternative accounting presentation
The Board is focused on demonstrating shareholder return and
part of that desire is the analysis of the core performance of the
Group's trading business without costs that are related to the
non-trading elements such as public company status and other
non-directly related or one-off costs not typically expected to be
incurred in a 'normal' year.
Six months ended September (GBP ' 000) 2023 2022
Profit 43 179
----- -----
Add back:
----- -----
Central costs of the public group 197 162
----- -----
Mayfair Philatelic losses - 15
----- -----
Depreciation & amortisation 182 171
----- -----
Finance expenses 32 19
----- -----
Operating EBITDA 455 546
----- -----
Financial Position
The Group retains a strong balance sheet. Net assets of
GBP9,673k (2022: GBP9,578k) include GBP10,258k of stock (2022:
GBP9,482k) and an overdrawn cash balance of GBP(436)k (2022:
GBP(515)k). The Covid loan, drawn down in October 2020 of GBP250k,
has been further reduced by repayment to the current GBP162k (2022:
GBP213k). As a result, there is an increase to 71.1p of net assets
per ordinary share currently in issue (2022: 70.4p).
Shapero Rare Books & Shapero Modern
Shapero Rare Books operates from its first-floor bookshop at 106
New Bond Street, its retail premises on the ground floor of 105 New
Bond Street and a separate gallery for modern prints nearby at 43
Maddox Street. The lease for both premises in New Bond Street were
extended during the period though for a period of less than 12
months and consequently the Board is focused on securing suitable
alternative premises in the near future.
Summary Performance, Shapero businesses
Six months ended September (all figures GBP'000) 2023 2022 Change
Revenue 3,835 4,429 (13)%
Gross Profit 1,511 1,731 (14)%
Gross Margin 39% 39%
Pre-Tax Profit before Central costs 240 341
Group resources are balanced between its stock of rare books and
prints in order to maximise sales and profit opportunities.
Sales in the period have, as presented in Note 3, been
challenging for rare books though the Gallery has increased its
sales above the corresponding prior period.
Distribution costs have decreased significantly as the decision,
taken in December 2022, was to rationalise trade fairs and
exhibitions given the expectation of more challenging times ahead.
The central costs of the business include all board directors and
other Group level costs including those associated with membership
of the AIM market. The central costs were GBP197k (2022:
GBP162k).
Outlook
The Group continues to focus on its two profitable businesses,
rare books and modern prints, having discontinued the distraction
of stamps and Scholium Trading and is looking to continue the
profitable performance of the recent twenty-four months into the
second half of the current financial year.
Looking forward, the Group is viewing its trading for the second
half of the year with cautious optimism.
Key Risks
Like all businesses, the Group faces risks and uncertainties
that could impact on the Group's strategy. The Board recognises the
nature and scope of these risks can change and regularly reviews
the risks faced by the Group and the systems and processes to
mitigate such risks.
The principal risks and uncertainties affecting the continuing
business activities of the Group were outlined in detail in the
Strategic Report section of the annual report covering the full
year ended 31 March 2023.
In preparing this interim report for the six months ended 30
September 2023, the Board has reviewed these risks and
uncertainties and considers that there have been no changes since
the publication of the 2023 Annual Report.
Independent Review Report to Scholium Group plc
Conclusion
We have been engaged by the Company to review the condensed set
of financial statements in the half-yearly financial report for the
six months ended 30 September 2023 which comprises the condensed
consolidated statement of comprehensive income, the consolidated
statement of changes in equity, the condensed consolidated
statement of financial position, the consolidated statement of cash
flows and the related explanatory notes.
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly financial report for the six months ended 30
September 2023 is not prepared, in all material respects, in
accordance with UK adopted International Accounting Standard 34 and
the AIM Rules.
Basis for Conclusion
We conducted our review in accordance with International
Standard on Review Engagements (UK) 2410, "Review of Interim
Financial Information Performed by the Independent Auditor of the
Entity" issued for use in the United Kingdom. A review of interim
financial information consists of making enquiries, primarily of
persons responsible for financial and accounting matters, and
applying analytical and other review procedures. A review is
substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK) and consequently does
not enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit.
Accordingly, we do not express an audit opinion.
As disclosed in note 2, the annual financial statements of the
group are prepared in accordance with UK adopted IFRSs. The
condensed set of financial statements included in this half-yearly
financial report has been prepared in accordance with UK adopted
International Accounting Standard 34, "Interim Financial
Reporting".
Conclusions Relating to Going Concern
Based on our review procedures, which are less extensive than
those performed in an audit as
described in the Basis of Conclusion section of this report,
nothing has come to our attention to suggest that management have
inappropriately adopted the going concern basis of accounting or
that management have identified material uncertainties relating to
going concern that are not appropriately disclosed.
This conclusion is based on the review procedures performed in
accordance with this ISRE, however future events or conditions may
cause the entity to cease to continue as a going concern.
Responsibilities of Directors
The directors are responsible for preparing the half-yearly
financial report in accordance with the AIM rules.
In preparing the half-yearly financial report, the directors are
responsible for assessing the company's ability to continue as a
going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the
directors either intend to liquidate the company or to cease
operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the Review of Financial
Information
In reviewing the half-yearly report, we are responsible for
expressing to the Company a conclusion on the condensed set of
financial statement in the half-yearly financial report. Our
conclusion, including our Conclusions Relating to Going Concern,
are based on procedures that are less extensive than audit
procedures, as described in the Basis for Conclusion paragraph of
this report.
Use of Our Report
This report is made solely to the Company in accordance with
International Standard on Review Engagements (UK and Ireland) 2410
"Review of Interim Financial Information Performed by the
Independent Auditor of the Entity" issued by the Financial
Reporting Council. Our work has been undertaken so that we might
state to the Company those matters we are required to state to it
in an independent review report and for no other purpose. To the
fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company, for our review
work, for this report, or for the conclusions we have formed.
Ajay Bahl BA BFP FCA
For and on behalf of
Wenn Townsend Chartered Accountants
Oxford, United Kingdom
29 November 2023
Consolidated statement of total comprehensive income
(unaudited)
Six-month Six-month Year
Period Period Ended
Ended (Unaudited) Ended (Unaudited) (Audited)
30 Sept 30 Sept 31 Mar
2023 2022 2023
Note GBP000 GBP000 GBP000
Revenue 3 3,835 4,454 9,060
Cost of Sales (2,324) (2,723) (5,613)
Gross profit 1,511 1,731 3,447
------------------- ------------------- -----------
Distribution costs (245) (368) (815)
Administrative expenses (1,211) (1,150) (2,360)
Total costs and expenses (1,456) (1,518) (3,175)
------------------- ------------------- -----------
Profit from operations 55 213 272
Financial income - - -
Financial expense 4 (32) (19) (41)
Other income -
Profit before taxation 43 194 231
Income tax (expense) 5 - - -
Profit for the period from
continuing operations 43 194 231
Loss from discontinued operations 6 - (15) -
Profit for the period and
total comprehensive income
attributable to equity holders
of the parent company 43 179 231
------------------- ------------------- -----------
Earnings per share in share:
From continued operations
- pence 7
Basic 0.32 1.43 1.70
Diluted 0.31 1.43 1.70
From discontinued operations
- pence
Basic - (0.11) -
Total earnings per share
- Basic 0.32 1.32 1.70
Total earnings per share
- Diluted 0.31 1.32 1.70
------------------- ------------------- -----------
Consolidated statement of financial position
30 Sept 30 Sept 31 Mar
2023 2022 2023
Note GBP000 GBP000 GBP000
Unaudited Unaudited Audited
Assets
Non-current assets
Property, plant and equipment 934 980 877
Intangible assets - 4 -
934 984 877
--------------- --------------- --------
Current assets
Inventories 10,258 9,482 9,812
Trade and other receivables 8 2,101 2,677 2,058
Cash and cash equivalents - - 110
12,359 12,159 11,980
--------------- --------------- --------
Total assets 13,293 13,143 12,857
--------------- --------------- --------
Current liabilities
Bank overdrafts 274 302 164
Trade and other payables 9 2,164 2,053 1,973
Loans and borrowings 10 44 44 47
Right-of-use asset lease liabilities 11 345 322 227
Total current liabilities 2,827 2,721 2,411
--------------- --------------- --------
Liabilities due over one year
Loans and borrowings 10 118 169 140
Right-of-use asset lease liabilities 11 675 675 676
Total liabilities due over
one year 793 844 816
Total liabilities 3,620 3,565 3,217
--------------- --------------- --------
Net assets 9,673 9,578 9,630
--------------- --------------- --------
Equity and liabilities
Equity attributable to owners
of the parent
Ordinary shares 136 136 136
Share premium 9,516 9,516 9,516
Merger reserve 82 82 82
Retained earnings (61) (156) (104)
Total equity 9,673 9,578 9,630
--------------- --------------- --------
Net Asset Value per Share in
Issue 71.1p 70.4p 71.0p
These interim financial statements were approved by the Board of
Directors on 29 November 2023 and signed on its behalf by Philip
Tansey.
Statement of changes in equity
Share Share Merger Retained Total
Capital Premium reserve earnings equity
GBP000 GBP000 GBP000 GBP000 GBP000
-------- -------- -------- --------- -------
Balance at 31 March 2021 136 9,516 82 (512) 9,222
Profit for the period from continued operations - - - 164 164
Loss for the period from discontinued operations (29) (29)
-------- -------- -------- --------- -------
Total comprehensive income for the period - - - 135 135
-------- -------- -------- --------- -------
Balance at 30 September 2021 136 9,516 82 (377) 9,357
Profit for the period from continued operations 330 330
Loss for the period from discontinued operations - - - (288) (288)
-------- -------- -------- --------- -------
Total comprehensive income for the period - - - 42 42
-------- -------- -------- --------- -------
Balance at 31 March 2022 136 9,516 82 (335) 9,399
Profit for the period from continued operations - - - 194 194
Loss for the period from discontinued operations (15) (15)
-------- -------- -------- --------- -------
Total comprehensive income for the period - - - 179 179
-------- -------- -------- --------- -------
Balance at 30 September 2022 136 9,516 82 (156) 9,578
Profit for the period from continued operations - - - 37 37
Profit for the period from discontinued operations 15 15
Total comprehensive income for the period 42 42
-------- -------- -------- --------- -------
Balance at 31 March 2023 136 9,516 82 (104) 9,630
Profit for the period from continued operations - - - 43 43
Profit for the period from discontinued operations - -
-------- -------- -------- --------- -------
Total comprehensive income for the period - - - 43 43
-------- -------- -------- --------- -------
Balance at 30 September 2023 136 9,516 82 (61) 9,673
-------- -------- -------- --------- -------
Consolidated statements of cashflows
30 Sept 30 Sept 31 Mar
2023 2022 2023
GBP000 GBP000 GBP000
Cash flows from operating
activities
Profit before tax 43 179 231
Depreciation of property, plant
and equipment 182 171 353
Amortisation of intangible assets - - 4
Finance expense 33 19 41
258 369 629
(Increase) / Decrease in inventories (446) 102 (228)
(Increase) in trade and other
receivables (43) (458) 161
Increase/(decrease) in trade
and other payables 191 (815) (895)
Net cash generated from operating
activities (40) (802) (333)
-------- -------- -------
Cash flows from investing
activities
Purchase of property, plant
and equipment (11) (16) (21)
Net purchase of right to use
assets (228) (54) (239)
-------- -------- -------
Net cash used in investing
activities (239) (70) (260)
-------- -------- -------
Cash flows from financing
activities
Lease repayments for right-of-use
assets 117 (107) (77)
Loans and borrowings (25) (22) (48)
Interest paid (33) (6) (41)
Net cash (used)/generated from financing
activities 59 (135) (166)
-------- -------- -------
Net (decrease) / increase in cash
and cash equivalents (220) (1,007) (759)
Cash and cash equivalents at the beginning
of the period (54) 705 705
Cash and cash equivalents at
the end of the period (274) (302) (54)
--------- -------- -------
Notes
1. General information
Scholium Group plc and subsidiaries (together 'the Group') are
engaged in the trading and retailing of rare and antiquarian book
and, prints and works on paper primarily in the United Kingdom. The
Company is a public company domiciled and incorporated in England
and Wales (registered number 08833975). The registered address is
106 New Bond Street, London W1S 1DN.
2. Basis of preparation
These condensed interim financial statements of the Group for
the six months ended 30 September 2023 (the 'Period') have been
prepared using accounting policies consistent with International
Financial Reporting Standards (IFRSs) including standards and
interpretations issued by the International Accounting Standards
Board and in accordance with International Accounting Standards in
conformity with the requirements of the Companies Act 2006. The
same accounting policies, presentation and methods of computation
are followed in these condensed set of financial statements as
applied in the Group's latest audited financial statements for the
year ended 31 March 2023. While the financial figures included
within this half-yearly report have been computed in accordance
with IFRS applicable to interim periods, this half-yearly report
does not contain sufficient information to constitute an interim
financial report as set out in International Accounting Standard 34
Interim Financial Reporting. These condensed interim financial
statements have not been audited, do not include all of the
information required for full annual financial statements, and
should be read in conjunction with the Group's consolidated annual
financial statements for the year ended 31 March 2023. The
auditors' opinion on these Statutory Accounts was unqualified, did
not draw attention to any matters by way of emphasis and did not
contain a statement under s498 (2) or s498 (3) of the Companies Act
2006.
3. Revenue
30 Sept 30 Sept 31 Mar
2023 2022 2023
Group Group Group
GBP000 GBP000 GBP000
Sales of stock - Books 2,900 3,420 7,042
Sales of stock - Gallery 858 808 1,777
Commissions 15 163 177
Other income 62 63 64
-------- -------- -------
3,835 4,454 9,060
-------- -------- -------
4. Financial (expense)
30 Sept 30 Sept 31 Mar
2023 2022 2023
Group Group Group
GBP000 GBP000 GBP000
Interest payable (13) (6) (16)
Unwinding of discount on right-to-use liabilities (19) (13) (25)
Total financial (expense) (32) (19) (41)
------ ------- ------
5. Income Tax
30 Sept 30 Sept 31 Mar
2023 2022 2023
GBP000 GBP000 GBP000
Current and deferred tax expense
Current tax - - -
Deferred tax - - -
Total tax expense - - -
-------- -------- -------
The charge for the year is reconciled to the
profit per the income statement as follows:
30 Sept 30 Sept 31 Mar
2023 2022 2023
GBP000 GBP000 GBP000
Profit before tax 43 179 291
-------- -------- -------
Applied corporation tax rates: 19% 19% 19%
Tax at the UK corporation tax rate of 19%: 8 34 44
Utilisation of tax losses (8) (34) (44)
Current and deferred tax charge - - -
-------- -------- -------
6. Discontinued Operations
The Board determined in the year ended 31 March 2022 that the
Mayfair Philatelic business was not key to the future of the Group
and in accordance with IFRS5 - Non-current assets held for sale and
discontinued operations, the results for Mayfair Philatelic were
shown as Discontinued operations in the income statement of both
the current and the prior period. The assets and liabilities were
recorded at the lower of the carrying value and fair value less
costs to sell in the financial statements. An analysis of the
individual line items is shown below.
Financial performance and cash flow information
Results in GBP'000 30 Sept 30 Sept 31 Mar
2023 2022 2023
Revenue - - -
Cost of sales - - -
Gross Profit - - -
Distribution expenses - - -
Administration expenses - - -
Offset against brought forward provision - - -
-------- -------- -------
(Loss) before impairment charges - - -
Impairment charges against debtors and - -
stock (15)
(Loss) before tax - (15) -
Tax - - -
-------- -------- -------
(Loss) from discontinued operations - (15) -
-------- -------- -------
There have been no sales or costs in the six months ended 30
September 2023 that had not already been provided for in prior
periods.
Assets and liabilities of discontinued business
The assets and liabilities relating to a discontinued business
are included within the relevant line of the Group Consolidated
statement of financial position at the lower of the carrying value
and fair value less costs to sell. These amounted to nil in the
current period:
GBP'000 30 Sept 30 Sept 31 Mar
Assets 2023 2022 2023
Fixed assets - 2 -
Intangible assets - 4 -
Current assets - Stock - 27 -
Current assets - debtors and prepayments - 79 -
-------------------------------------------- -------- -------- -------
Total assets of Discontinued business - 112 -
Liabilities
Trade creditors - 2 -
Accruals - 94 -
-------------------------------------------- -------- -------- -------
Total Liabilities of Discontinued business - 96 -
-------------------------------------------- -------- -------- -------
7. Earnings per Share - pence
30 Sept 30 Sept 31 Mar
2023 2022 2023
Group Group Group
GBP000 GBP000 GBP000
Profit used in calculating basic and diluted earnings per share attributable
to the owners
of the parent
Continuing 43 194 231
Discontinued (Note 6) - (15) -
Total 43 179 231
Number of shares (millions)
for the calculation of earnings per share:
Weighted average number of shares - basic 13.6 13.6 13.6
Weighted average number of shares - options 0.25 - -
-------- -------- -------
Total diluted average number of shares 13.85 13.6 13.6
Basic earnings per share from continuing operations 0.32 1.21 1.70
Basic loss per share from discontinued operations - (0.22) -
--------------------------------------------------------------------------- -------- -------- -------
Total basic earnings per share 0.32 1.32 1.70
------------------------------------------------------------------------------ -------- -------- -------
Total basic and diluted earnings per share 0.31 1.32 1.70
------------------------------------------------------------------------------ -------- -------- -------
The Company announced on 16 June 2023 that it had granted
options under the Company's Enterprise Management Incentive Share
Option Scheme ("EMI Option Scheme") over a total of 1,000,000
ordinary shares of 1 pence in the Company ("Option Shares") to
certain employees including 700,000 to directors of the Company.
The Option Shares have an exercise price of 37.5p per share (being
the closing mid-market share price on 16 June 2023), vest over the
three years from the date of grant (ensuring the employees remain
in continuous employment within the Group) and once vested, are
exercisable at any time up to ten years after the date of
grant.
Basic and diluted earnings per share amounts are calculated by
dividing net profit for the year or period attributable to ordinary
equity holders of the parent by the weighted average number of
ordinary shares outstanding during the period or year and, the
weighted average number of ordinary shares outstanding during the
period combined with the weighted average number of ordinary shares
subject to option outstanding during the period or year
respectively. No new shares were issued during the period, and the
Company had 13.6 million shares in issue and 1.0 million shares
subject to option at the end of the period.
8. Trade and Other Receivables
30 Sept 30 Sept 31 Mar
2023 2022 2023
Group Group Group
GBP000 GBP000 GBP000
Trade debtors 1,616 2,262 1,713
Other debtors 8 - 25
Prepayments and accrued
income 477 415 320
2,101 2,677 2,058
-------- -------- -------
9. Trade and Other Payables
30 Sept 30 Sept 31 Mar
2023 2022 2023
Group Group Group
GBP000 GBP000 GBP000
Trade creditors 1,379 1,158 1,253
Other taxes and social
security 32 (18) 32
Accruals and deferred income 727 890 664
Other creditors 26 23 24
2,164 2,053 1,973
-------- -------- -------
10. Loans and Borrowings
30 Sept 30 Sept 31 Mar
2023 2022 2023
Group Group Group
GBP000 GBP000 GBP000
Bank loan due in less than
one year 44 44 47
Bank loan due in more than
one year 118 169 140
----------------- ----------------- -------
Total bank loan 162 213 187
----------------- ----------------- -------
11. Right-of-use asset lease liabilities
30 Sept 30 Sept 31 Mar
2023 2022 2023
Group Group Group
GBP000 GBP000 GBP000
Current liabilities 345 322 227
-------- -------- -------
liabilities due in more
than one year 675 675 676
-------- -------- -------
These liabilities represent the future lease payments due under
the Group's leases of its Mayfair premises and a motor vehicle.
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END
IR FLFLDLLLAFIV
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