REG - Byotrol PLC - Final Results <Origin Href="QuoteRef">BYOT.L</Origin> - Part 2
19/08/2016 13:40
- Part 2: For the preceding part double click ID:nRSR4838Ha
External revenue 1,430,570 689,832 527,521 2,647,923
Segment current assets 1,229,969 491,219 300,199 2,021,387
Segment current liabilities 318,991 153,588 118,145 590,724
════════ ════════ ════════ ════════
Professional Pet Consumer Total
Year ended 31 March 2015 £ £ £ £
External revenue 2,021,395 938,352 291,765 3,251,512
Segment current assets 909,163 425,254 109,226 1,443,643
Segment current liabilities 527,098 246,546 76,515, 850,159
2 LOSS BEFORE TAX
Loss before tax is stated after charging / (crediting):
2016 2015
£ £
Loss before tax is stated after charging / (crediting):
Amortisation 77,798 66,786
Depreciation of property, plant and equipment 39,220 73,358
(Profit) / Loss on sale of property, plant and equipment - (1,042)
Auditor's remuneration
- as auditor 23,000 22,500
- other services 14,500 13,000
Research & development costs 361,040 351,474
Research and development (R & D) tax credits 136,516 -
Stock write-off (exceptional) 20,000 -
Operating lease costs - office rent 31,018 40,796
Impairment of trade receivables 4,426 -
Foreign exchange differences (19,680) (23,741)
════════ ════════
During the period there was a quality issue in the supply chain of our wipes
business which involved a write-off of damaged stock which could not be
recovered from suppliers or insurers with this classed as an exceptional item
within cost of sales.
Amounts payable to Mazars LLP and their associates (2015: Mazars LLP) in
respect of both audit and non-audit services:
2016 2015
£ £
Audit Services
- Statutory audit of parent and consolidated financial statements 23,000 22,500
Other Services
Audit of subsidiaries where such services are provided by Mazars LLP and their associates 10,000 10,000
Other services 4,500 3,000
──────── ─────────
37,500 38,950
════════ ════════
3 PARTICULARS OF EMPLOYEES
The average number of staff employed by the Group, including Executive
Directors, during the financial period amounted to:
2016 2015
No No
Executive Directors 2 2
Research and development 6 6
Administration and sales 8 10
──────── ─────────
16 18
════════ ════════
The aggregate payroll costs, including Directors' emoluments, of the above
were:
2016 2015
£ £
Wages and salaries 855,665 731,527
Social security costs 96,991 75,806
Other pension costs 23,585 25,559
──────── ────────
976,241 832,892
════════ ════════
4 DIRECTORS' EMOLUMENTS
The Directors' aggregate emoluments in respect of qualifying services were:
2016 2015
£ £
Emoluments receivable 229,000 170,919
──────── ────────
Total emoluments 229,000 170,919
════════ ════════
The emoluments of the highest paid director were:
2016 2015
£ £
Emoluments receivable 101,000 95,000
──────── ────────
101,000 95,000
════════ ════════
Number of Directors accruing benefits under money purchase scheme
2016 2015
Number Number
- -
The Directors remuneration report can be found on pages 14 to 16.
5 FINANCE (COST) / INCOME
2016 2015
£ £
Loan interest - (6,375)
Convertible loan interest (63,750) (57,055)
Invoice discounting interest (20,628) (20,777)
──────── ─────────
Interest payable (84,378) (84,207)
════════ ════════
Bank interest receivable 1,403 966
════════ ════════
6 INCOME TAX
2016 £ 2015£
Corporation tax at 20% (2015: 21%) - -
Research and development tax credits received - -
Adjustment in respect of prior periods - -
──────── ─────────
Total current tax - -
Deferred tax - -
──────── ─────────
- -
════════ ════════
There is no tax charge as the Group has made losses in both the current and
the previous year. At 31 March 2016 the Group had an unrecognised deferred
tax asset relating to unutilised trading losses and other temporary
differences of £3,768,667 (2015: £3,666,486).
The charge for the year can be reconciled to the loss per the Consolidated
Statement of Comprehensive Income as follows:
2016£ 2015£
Loss for the year (532,969) (748,660)
Income tax credit -
──────── ─────────
Loss on ordinary activities before tax (532,969) (748,660)
════════ ════════
Tax at the UK corporation tax rate of 20% (2015: 21%) (106,594) (157,218)
Expenses not deductible for tax purposes 4,413 1,205
Unrecognised, unrelieved tax losses 102,181 156,013
──────── ─────────
Total tax - -
════════ ════════
7 LOSS PER SHARE
2016 2015
£ £
Loss on ordinary activities after taxation (532,969) (748,660)
════════ ════════
Weighted average number of shares (No)
For basic and fully diluted loss per ordinary share 250,699,942 211,450,294
════════ ════════
Loss per ordinary share - basic and fully diluted (0.21)p (0.35)p
════════ ════════
The weighted average number of shares and the loss for the year for the
purposes of calculating the fully diluted earnings per share are the same as
for the basic loss per share calculation. This is because the outstanding
share options and warrants would have the effect of reducing the loss per
ordinary share and would, therefore, not be dilutive under the terms of IAS
33.
8 PROPERTY, PLANT & EQUIPMENT
Group - 2016 Leasehold Improvements Computer equipment Plant and Machinery Total
£ £ £ £
Cost
At 1 April 2015 - 37,010 225,686 262,696
Additions - 968 14,309 15,277
──────── ──────── ──────── ────────
At 31 March 2015 - 37,978 239,995 277,973
════════ ════════ ════════ ════════
Depreciation
At 1 April 2015 - 35,913 180,418 216,331
Charge for the year - 671 38,549 39,220
──────── ──────── ──────── ────────
At 31 March 2016 - 36,584 218,967 255,551
════════ ════════ ════════ ════════
Net Book Value 1,394 21,028 22,422
At 31 March 2016 -
════════ ════════ ════════ ════════
Group - 2015 Leasehold Improvements Computer equipment Plant and Machinery Total
£ £ £ £
Cost
At 1 April 2014 22,647 64,711 282,964 370,322
Additions - 1,041 - 1,041
Disposals (22,647) (28,742) (57,278) (108,667)
──────── ──────── ──────── ────────
At 31 March 2015 - 37,010 225,686 262,696
════════ ════════ ════════ ════════
Depreciation
At 1 April 2014 22,647 62,440 166,555 251,642
Charge for the year - 2,217 71,140 73,357
On disposals (22,647) (28,742) (57,278) (108,667)
──────── ──────── ──────── ────────
At 31 March 2015 - 35,915 180,417 216,332
════════ ════════ ════════ ════════
Net Book Value
At 31 March 2015 - 1,095 45,269 46,364
════════ ════════ ════════ ════════
9 OTHER INTANGIBLE ASSETS
Group - 2016 Development costs Patents and licences Total
£ £ £
Cost
At 1 April 2015 153,037 629,727 782,764
Additions 93,299 46,158 139,457
──────── ──────── ────────
At 31 March 2016 246,336 675,885 922,221
════════ ════════ ════════
Amortisation
At 1 April 2015 6,333 265,790 272,123
Charge for the year 12,868 64,930 77,798
Impairment - (7,222) (7,222)
──────── ──────── ────────
At 31 March 2016 19,201 337,942 357,143
════════ ════════ ════════
Net Book Value
At 31 March 2016 227,135 337,943 565,078
════════ ════════ ════════
The Directors, having reviewed the Company's patent base, have concluded that
all patents are still of use in the business and therefore no impairment has
been made.
Group - 2015 Development costs Software intangibles Patents and licences Total
£ £ £
Cost
At 1 April 2014 84,437 42,946 584,746 712,129
Additions 68,600 - 44,981 113,581
Disposals - (42,946) - (42,946)
──────── ──────── ──────── ────────
At 31 March 2015 153,037 - 629,727 782,764
════════ ════════ ════════ ════════
Amortisation
At 1 April 2014 - 42,946 205,336 248,282
Charge for the year 6,333 - 60,454 66,787
On disposals - (42,946) - (42,946)
──────── ──────── ──────── ────────
At 31 March 2015 6,333 - 265,790 272,123
════════ ════════ ════════ ════════
Net Book Value
At 31 March 2015 146,704 - 363,937 510,641
════════ ════════ ════════ ════════
Company 2016Patents and Licences 2015Patents and licences
£ £
Cost
At 1 April 629,727 584,746
Additions 46,158 44,981
──────── ────────
At 31 March 675,885 629,727
════════ ════════
Amortisation
At 1 April 265,790 205,336
Charge for the year 64,930 60,454
On disposals (7,222) -
──────── ────────
At 31 March 337,942 265,790
════════ ════════
Net Book Value
At 31 March 337,943 363,937
════════ ════════
The intangible assets relate to the development of patents and also to the
acquisition of the Byofresh licence.
10 INVESTMENTS IN SUBSIDIARIES
COMPANY Shares in Subsidiary Undertakings Shares in Subsidiary Undertakings
2016 2015
£ £
At 1 April 2015 2,480,311 2,480,311
Additions relating to share options issued to employees 27,097 58,759
Impairment - (58,759)
──────── ────────
At 31 March 2016 2,507,408 2,480,311
════════ ════════
In the prior year, the Company determined that, due to the trading losses
incurred by the subsidiaries of the Company, it was reasonable to reflect an
impairment in the value of short term loans and trading advances made to its
subsidiaries by the Company.
Details of all subsidiary undertakings included in the consolidated financial
statements are as follows:
Country of incorporation Holding Proportion of voting rights and shares held Nature of business
Byotrol Technology Limited England Ordinary share capital 100% Anti-microbial products
Byotrol Inc United States Ordinary share capital 100% Anti-microbial products
Byotrol Consumer Products England Ordinary share capital 100% Anti-microbial products
11 INVENTORIES
Group Company
2016£ 2015£ 2016£ 2015£
Raw materials and consumables 36,124 76,147 - -
Finished goods and goods for resale 184,194 153,875 - -
──────── ──────── ──────── ────────
220,318 230,022 - -
════════ ════════ ════════ ════════
Included above are inventories of £ Nil (2015: £ Nil) carried at net
realisable value. During the year, there was a quality issue in the supply
chain of our wipes business which resulted in an unrecovered write-off of
damaged stock of £20,000.
The cost of Inventories expensed, included in the Consolidated Statement of
Comprehensive Income as Cost of Sales is £1,286,833 (2015: £1,788,823).
No earlier write downs were reversed during the current or preceding period.
12 TRADE AND OTHER RECEIVABLES
Group Group Company Company
2016 2015 2016 2015
£ £ £ £
Trade receivables 486,143 697,492 - -
Tax repayable - - 24,307 10,251
Amount owed by group undertakings - - 723,508 -
Other receivables 212,419 16,409 7,263 7,263
Prepayments and accrued income 85,319 212,989 34,558 22,333
──────── ──────── ──────── ────────
781,881 926,890 789,636 39,847
════════ ════════ ════════ ════════
The Directors consider that the carrying amount of trade and other receivables
approximates their fair value. The Group had 67days of revenue outstanding in
trade receivables as at 31 March 2016 (2015: 53 days). Included within trade
receivables is £98,711 (2015: £51,497) denominated in US dollars and £13,371
(2015: £NIL) denominated in Euros.
The Group's maximum exposure to credit risk equates to the carrying value of
cash held on deposit and trade and other receivables.
The Group's credit risk is primarily attributable to trade receivables. The
amounts presented in the consolidated statement of financial position are net
of allowances of £30,285 (2015: £25,859) for doubtful receivables. This
allowance has been based on the knowledge of the financial circumstances of
individual receivables at the reporting date. The Group has some
concentration of credit risk with some exposure to two major customers whose
year end balances totalled £137,428 (2014: £219,638). The majority of the
exposure is spread over a number of counterparties and customers.
Group Company
2016£ 2015£ 2016£ 2015£
Impairment brought forward 25,859 75,780 - -
Amounts written off - (49,921) - -
Amounts recovered (23,525) - - -
Impairment charge 27,951 - - -
──────── ──────── ──────── ────────
Impairment carried forward 30,285 25,859 - -
════════ ════════ ════════ ════════
The age profile of the net trade receivables for the Group at the year end was
as follows:
Debt age - "days overdue"
2016 Current 0-30Days 31-60Days 61-90Days 91-120days Over 120Days Total
Not impaired 294,214 51,882 70,203 6,134 162 63,548 486,143
Impaired - - - - - 30,285 30,285
_____________ _____________ _____________ _____________ _____________ _____________ _____________
Trade receivables Value (£) 294,214 51,882 70,203 6,134 162 93,833 516,428
============= ============= ============= ============= ============= ============= =============
% 61 10 15 1 0 13 100
============= ============= ============= ============= ============= ============= =============
2015 Current 0-30Days 31-60Days 61-90days 91-120days Over 120days Total
Not impaired 430,479 91,029 107,677 26,766 29,462 12,079 697,492
Impaired - - - - - 25,859 25,859
_____________ _____________ _____________ _____________ _____________ _____________ _____________
Trade receivables Value (£) 430,479 91,029 107,677 26,766 29,462 37,938 723,351
============= ============= ============= ============= ============= ============= =============
% 62 13 15 4 4 2 100
============= ============= ============= ============= ============= ============= =============
External trade receivables are generally on 30 to 90 day terms and are not
considered to carry any significant risk of impairment as at the year end
date.
As at 31 March 2016 there was £191,929 (2015: £175,984) worth of trade
receivables overdue but not impaired.
12 CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise cash held by the Group and Company. The
carrying amount of the asset approximates the fair value.
Cash held by the Group is with government supported UK based banks £1,004,407
(2015: £273,574) and a limited amount £12,781 (2015: £13,156) with one US
bank. All amounts held by the Company are with government supported UK based
banks.
13 TRADE AND OTHER PAYABLES
Group Group Company Company
2016 2015 2016 2015
Current: £ £ £ £
Trade payables 369,899 497,326 132,885 34,317
Invoice discounting facility 73,716 157,266 - -
Other payables - - - 1,849
Other taxes 31,437 72,536 8,615 15,381
Accruals and deferred income 115,672 123,031 50,400 72,810
──────── ──────── ──────── ────────
590,724 850,159 191,900 124,357
════════ ════════ ════════ ════════
In both the Group and Company, the carrying amount of trade and other payables
approximates to their fair values.
Included in trade payables is £23,305 (2015: £32,951) denominated in US
dollars and £6,693 (2015:£NIL) denominated in Euros.
Byotrol Technology Limited, a 100% subsidiary, is party to an invoice
discounting arrangement. The invoice discounting facility is secured by a
fixed charge debenture on the assets of the Byotrol Technology Limited.
Byotrol plc has provided a cross guarantee to Byotrol Technology Limited to
support the invoice discounting facility. This arrangement ceased on 28th
April 2016.
The age profile of the net trade and other payables for the Group at the year
end was as follows:
Payables age - "days past due" at balance sheet date
2016 Current 0-30Days 31-60Days 61-90days 91-120days Over 120Days Total
Trade payables value (£)
212,045 130,577 11,583 9,916 0 5,778 369,899
============= ============= ============= ============= ============= ============= =============
% 57 35 3 3 0 2 100
============= ============= ============= ============= ============= ============= =============
Invoice discounting facility 73,716 - - - - - 73,716
============= ============= ============= ============= ============= ============= =============
Convertible loan notes 359,975 - - - - - 359,975
============= ============= ============= ============= ============= ============= =============
2015 Current 0-30Days 31-60Days 61-90days 91-120days Over 120Days Total
Trade payables value (£)
92,460 350,038 45,403 3,688 0 5,737 497,326
============= ============= ============= ============= ============= ============= =============
% 18 71 9 1 0 1 100
============= ============= ============= ============= ============= ============= =============
Invoice discounting facility 157,266 - - - - - 157,266
============= ============= ============= ============= ============= ============= =============
Convertible loan notes 328,625 - - - - - 328,625
============= ============= ============= ============= ============= ============= =============
14 BORROWINGS
Group Group Company Company
2016 2015 2016 2015
£ £ £ £
Current:
Convertible loan notes 359,975 - 359,975 -
============== ============== ============== ==============
Non-current:
Convertible loan notes - 328,625 328,625
============== ============== ============== ==============
The Company issued 380 10% convertible bonds of £1,000 each, totalling a value
of £380,000 on 20th December 2013. The bonds mature three years from the
issue date at their nominal value of £380,000 or can be converted into shares
at the holder's option at any time up to the maturity date at the rate of
18,315 shares per £1,000. The values of the liability component and the
equity conversion component were determined at the issuance of the bond.
The fair value of the liability component was calculated using a market
interest rate that would be available to the Company for an equivalent
non-convertible bond. The residual amount, representing the value of the
equity conversion option, is included in shareholders' equity in other
reserves.
The convertible bond recognised in the balance sheet is calculated as
follows:
Group Group Company Company
2016 2015 2016 2015
£ £ £ £
Proceeds of issue of convertible loan note 380,000 380,000 380,000 380,000
Equity component (69,301) (69,301) (69,301) (69,301)
──────── ──────── ──────── ────────
Liability component at date of issue 310,699 310,699 310,699 310,699
Interest charged cumulative 125,276 55,926 125,276 55,926
Interest paid cumulative (76,000) (38,000) (76,000) (38,000)
──────── ──────── ──────── ────────
Liability component at 31 March 359,975 328,625 359,975 328,625
════════ ════════ ════════ ════════
At 31 March 2016, the carrying value of the liability component of the
convertible loan note is considered to approximate its fair value.
15 FINANCIAL INSTRUMENTS
Details of the methods adopted for the categorisation and measurement of
financial assets and liabilities are set out in the accounting policies.
Foreign currency risk
The Group operates in a number of markets across the world and is exposed to
foreign exchange risk arising from various currency exposures in particular,
with respect to the US dollar. The Group is exposed to foreign currency risk
arising from recognised assets and liabilities as well as commitments arising
from future trading transactions. Although the countries that the Group
trades with have relatively stable economies, management has set up a policy
which requires Group companies to manage their foreign exchange risk against
their functional currency by closely monitoring spot rate to balance inflows
and outflows. A sensitivity analysis of the Group's foreign exchange exposure
is not presented as the risk is considered to be insignificant.
Interest rate risk
The Group's principal interest-bearing financial instrument is the convertible
loan note (note 15). This instrument requires interest to be paid at a fixed
rate of 10% per annum. The Group is also exposed to minimal interest rate
risk arising on cash and cash equivalent balances and bank loans and
overdrafts in the prior year. The Group does not consider that it is
significantly exposed to interest rate risk, either in the current or prior
year, and therefore an interest rate sensitivity analysis is not presented.
Fair values of financial liabilities and financial assets
The fair values based upon the market value or discounted cash flows of
financial liabilities and financial assets, held in the Group was not
materially different from their book values.
Liquidity risk
All of the Group's financial instruments have been classified as current with
the exception of its convertible loan note which is repayable (if not
converted) within the following three years. The Group's ability and approach
to manage its liquidity position is set out in its going concern accounting
policy.
16 COMMITMENTS UNDER OPERATING LEASES
The minimum lease payments under non-cancellable operating lease rentals are
in aggregate as follows:
Group Group Company Company
2016 2015 2016 2015
£ £ £ £
Amounts due:
Within one year 65,137 55,456 65,137 -
In second to fifth years inclusive 77,558 - 77,558 -
More than five years - - - -
──────── ──────── ──────── ────────
142,695 55,456 142,695 -
════════ ════════ ════════ ════════
Operating lease payments represent rentals payable by the Group and the
Company for its office property. laboratory facilities and office equipment.
The office property and laboratory lease is negotiated for a term of two years
and the office equipment is for a term of five years. The office property and
laboratory facilities can be terminated before the end of the term with a
three-month notice period.
17 SHARE BASED PAYMENTS
The Company has granted equity settled share options to certain directors and
employees. The exercise price is equal to or more than market value of the
shares at the date of grant. The vesting period is two years. If the options
remain unexercised after a period of ten years from the date of grant the
options expire.
Details of the share options and warrants outstanding during the year are as
follows:
2016 2015
Number of share options Weighted average exercise price (in p) Number of share options Weighted average exercise price (in p)
Outstanding at beginning of year 24,722,500 7.10 8,210,000 14.40
Share options granted during the year 4,300,000 3.50 16,662,500 3.50
Share options lapsed during the year (2,260,000) 8.06 (150,000) 3.50
──────── ──────── ──────── ────────
Outstanding at the end of the year 26,762,500 6.45 24,722,500 7.10
════════ ════════ ════════ ════════
The number of options exercisable at 31 March 2016 is 1,680,000 (2015:
2,240,000).
The Group recognised the following expenses related to share based payments:
2016 2015
£ £
Charged to Consolidated Statement of Comprehensive Income 52,604 107,750
════════ ════════
The fair value of options granted under the employee option schemes is
measured using the Black-Scholes model.
Grant date New Grants 3 December 2015
Share price at grant date 3.25p
Exercise price 3.5p
Number of employees 7
Share options granted 4,050,000
Vesting period (years) 1
Expected volatility 43.7%
Option life (years) 10
Expected life (years) 7
Risk free rate 1.06
Expected dividends expressed as a dividend yield 0
Fair value per option 1.42p
The options outstanding at 31 March 2016 had a weighted average exercise price
of 5.90 p (2015: 7.10p) and a weighted average remaining contractual life of
5.7 years (2015: 7.8 years).
The aggregate of the estimated fair values of the options granted in the year
is £333,250 (2015: £ 333,250).
At 31 March 2016 there were options outstanding over 26,762,500 (2015:
24,722,500) ordinary shares of 0.25p each which are exercisable at prices in
the range from 3.5p to 79.5p under the company's various share option schemes
exercisable at various times until 3 June 2023.
Expected volatility was based upon the historical volatility over the expected
life of the schemes. The expected life is based upon historical data and has
been adjusted based on management's best estimates for the effects of
non-transferability, exercise restrictions and behavioural considerations.
18 RELATED PARTY TRANSACTIONS
Directors
Fees for Directors' services are set out in the Directors' Remuneration Report
and in Note 4 to the financial statements.
Fees for Mr Martel are paid to Martel Northern Limited and amounted to £24,000
(2015: £24,000). Expenses are paid direct to Mr Martel and amounted to £5,607
(2015: £NIL). The amounts outstanding at the year end totalled £6,000 (2015:
£18,000). Convertible loan note interest for Mr Martel (non-beneficial) is
paid to Maunby Nominees and amounted to £5,000 (2015: £5,000).
Fees for Dr Medinger are paid to Medinger Associates and amounted to £24,000
(2015: £24,000). Expenses are paid direct to Dr Medinger and amounted to
£2,354 (2015: £NIL). The amounts outstanding at the year end totalled £12,000
(2015: £30,000). Convertible loan note interest for Dr Medinger is paid
direct to Dr Medinger and amounted to £3,000 (2015: £3,000).
Expenses are paid direct to Dr Francis and amounted to £3,994 (2015: £1,026).
The amounts outstanding at the year end totalled £NIL (2015: £3,150).
Expenses are paid direct to David Traynor and amounted to £918 (2015: £NIL).
The amounts outstanding at the year end totalled £NIL (2015: £NIL).
Convertible loan note interest for David Traynor is paid direct to Mr Traynor
and amounted to £5,000 (2015: £5,000).
Key management personnel
The Board is of the opinion that the key management personnel are the
Executive Directors & Non-Executive Directors. In addition to their salaries
the Group also provides certain non cash benefits to the Executive Directors.
The total compensation comprised:
2016 2015
£ £
Short term benefits 230,482 170,918
Share based payments 25,507 49,587
──────── ────────
Total 255,989 220,505
════════ ════════
19 SHARE CAPITAL
2016 2015
Authorised:
375,057,945 (2015: 375,057,945) Ordinary shares of 0.25p each 937,645 937,645
════════ ════════
The Ordinary Shares have full equal voting rights, equal participation in
dividends, equal participation in distribution on winding up with no
redemption rights.
No £
Issued and fully paid Ordinary Shares (par value 0.25 pence):
At 1 April 2015 225,034,769 562,587
Shares issued 43,016,796 107,543
──────── ────────
At 31 March 2016 268,051,565 670,130
════════ ════════
Capital management
The Group's main objective when managing capital is to protect returns to
shareholders by ensuring the Group will continue to trade in the foreseeable
future. The Group also aims to maximise its capital structure of debt and
equity so as to minimise its cost of capital.
The Group considers its capital to include share capital, share premium,
merger reserve and the retained deficit. The Group has no external debt.
The Group has no long-term gearing ratio target as it believes that it
currently has no assets on which to secure funding.
Reserves
The nature and purpose of each of the reserves included within equity is as
follows:
· Share capital represents the nominal value of ordinary shares issued
and fully paid.
· Share premium represents the excess of funds raised from the placing of
equity shares over the nominal value of the shares after deducting directly
attributable placing costs.
· The merger reserve was established in respect of previous acquisitions,
which qualify for Section 131 merger relief.
· The translation reserve represents the cumulative gains and losses on
the translation of the Group's net investment in its overseas subsidiary.
· The convertible loan note reserve is the equity component for the
convertible loan notes issued by the Group, see note 15.
· Retained deficit represent accumulated losses to date.
20 ULTIMATE CONTROLLING PARTY
The Company is listed on AIM. It has no single ultimate controlling party.
This information is provided by RNS
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