REG - Fiske PLC - Final Results, Annual Report and Notice of AGM
20/10/2022 07:00
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RNS Number : 4901D Fiske PLC 20 October 2022
20 October 2022
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 13 month period ended 30 June 2022.
Highlights
2022 2021
£'000 £'000
Total Revenue 5,764 5,854
(Loss)/profit on ordinary activities before taxation (349) 366
(Loss)/profit per ordinary share (1.5)p 2.8p
James Harrison, CEO, commenting on the results said:
" This year has been a more difficult one to navigate with the second half
adversely impacted by Russia's incursion into Ukraine, the knock-on effect on
energy prices and the subsequent acceleration in the tightening of global
monetary policy. However, we have continued to take cost out of the business,
invest in our people and focus our investment efforts on looking after our
clients in these uncertain times."
Our Annual General Meeting will be held on Thursday 24 November 2022 at
12.30pm at our new offices at 100 Wood Street, London EC2V 7AN.
Copies of the 2022 Report and Accounts, including the Notice of AGM and Proxy
Voting form will be posted to shareholders shortly and in accordance with rule
26 of the AIM Rules for Companies, this information is also available under
the Investor Relations section of the Company's website, www.fiskeplc.com
(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 8448 4700
100 Wood Street
London
EC2V 7AN
Grant Thornton UK LLP (Nominated Adviser) Tel: +44 (0) 20 7383 5100
Samantha Harrison / Harrison Clarke
Chairman's Statement
Trading and revenues
Equity market returns were positive in the latter part of 2021, however it
became clear in 2022 that much of the global economy had to contend with yet
further supply chain disruption as consumers were released from their Covid
restraints. This when coupled with higher commodity and energy prices and
exacerbated by the war in Ukraine led to a steep sell-off in global indices.
The performance of stock markets across the world has been very variable. In
the UK, having remained lowly rated, indices have held up relatively well.
For Fiske, the average monthly commissions were down by some 16% as the market
conditions led to a lower level of trading activity. However, our monthly
management fee revenue has been more resilient moving up by nearly 1% on an
average monthly basis.
Change of financial year-end
Note that during the period, the Company changed its financial year end from
May 31 to June 30. Reported revenue and expense items in this financial period
to 30 June 2022 thus relate to 13 months of operations, whilst prior year
comparatives to 31 May 2021, relate to 12 months.
Costs
Staff costs amount to some 59% of total costs (2021: 58%). During the period,
efficiencies and more automation have meant that at 30 June 2022, we employed
two fewer staff in settlement and administration, and meanwhile employed two
more staff in fee-earning, client facing roles compared to May 2021.
Nevertheless, total staff costs have increased.
At the end of November 2021, we moved to new offices at 100 Wood Street after
spending some 45 years at Salisbury House. The relocation gave rise to
overlap premises costs including rent, rates, service charges and utilities
for a period of just over three months which amounted to some £181,000. We
now enjoy lower overall property costs and benefit from more modern offices.
Operating expenses rose to £6.3m in the 13-month period to 30 June 2022 (12
months to May 2021: £5.7m); overall, the increase in the monthly run rate
held to just under 2%.
Outturn
The Group made a pre-tax loss of £349,000 in the year. The cash flow arising
from this is better by some £218,000 that is set aside annually for
amortisation or impairment of goodwill or customer bases arising from past
acquisitions.
Euroclear
Euroclear's operating income increased from €1,479M to €1,572M and its
business income margin increased from 33% in 2020 to 37% in the year to
December 2021. Their operating margin was stable at 40% in 2021 and net
earnings per share increased to €146.9 in 2021 compared to €137.2 in 2020.
There were several private transactions in Euroclear shares during the year
and these have helped us to better assess the appropriate carrying value of
our holding in our financial statements. Considering recent transaction prices
in Euroclear shares, we have marked the carrying value of our investment up to
€2,050 per share (2021: €1,600 per share) being £4.6m in total. This
continues to represent a significant store of value on our balance sheet and
the company paid us gross dividends amounting to €185,000 in the period.
Restatement of accounts
Following an internal review of the results in preparations for reporting the
first half of the period, the Directors of the Company determined that certain
one-off adjustments needed to be made to its accounts for the prior financial
period. The prior period adjustment relates to the method of computation of
accrued management fee revenue. It was discovered that incorrect dates had
been used to calculate accrued revenue for a number of clients which meant
revenue was recognised when it should not have been. 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 of correcting this error group
revenues for the year to May 2021 have reduced by £244k, trade and other
receivables as at 31 May 2021 have reduced by £303k and retained earnings
brought forward for the year ended 31 May 2021 have reduced by £59k.
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.
Net assets
Shareholder's funds amount to some £8.3m (2021: £7.8m) and within this we
now hold some £3.2m (2021: £3.5m) of cash.
Dividend
The Board has resolved not to pay a dividend for the period to 30 June 2022
(2021: £nil).
Impact of Covid-19
The impact of Covid-19 on our operations is very minimal. What is more
important is the impact on the global economy as the world recovers from
Covid-19, and how changing demand patterns have caused supply-chain and
commodity shortage difficulties.
Staff
We would like to thank all members of staff for their continued commitment and
perseverance. As a Company we have worked very effectively in both an entirely
remote manner as well as adapting quickly to a hybrid model when we were able
to access our offices again.
Board
Fiske was founded a little over forty-nine years ago in August 1973 such that
we are now well into our 50th year of trading. In August 2023 we will
celebrate our 50th anniversary and as your Founder and Chairman I have decided
that this is an appropriate moment to hand over the reins. Accordingly, I will
be stepping down as Chairman at the conclusion of the Annual General Meeting
in November 2023 and handing over my investment management responsibilities
for clients during the coming year.
In anticipation of this change the Board will appoint Tony Pattison as Deputy
Chairman from the conclusion of our Annual General Meeting ('AGM') this year.
Tony is a former Chairman of Capital Gearing Trust plc and was the Chairman of
Fieldings Investment Management at the time of our acquisition of this company
in July 2017. Tony has been a director of the Company since 1 October 2018 and
will be proposed as the new Chairman at our AGM in November 2023. He and I
will work together during this year of transition to ensure a smooth handover
of my clients and the responsibilities of the Chairman.
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.
During the year we have refreshed our brand and completely redeveloped our
website to show-case our customer offerings and to better communicate the
experience of being a client of, or member of staff at Fiske.
Markets
The inflationary pressures that we expressed concern about in our half yearly
report to shareholders have become solidly entrenched. Not since the 1970's
and 80's has inflation reached the levels we are now seeing; the July CPI for
year-on-year inflation in the UK hit 10.6% and the Bank of England is
forecasting that this will rise further in the near term.
In addition to trying to control inflation with interest rate rises central
banks are also reigning in, or planning to, the financial support provided to
keep economies functioning during Covid. The actions being taken are leading
to expectations of economic recession. Indeed, as Jerome Powell, Chairman of
the US Federal Reserve Bank, reiterated at the Jackson Hole Symposium in
August, controlling prices is the main objective even if it puts growth at
risk.
Over our thirteen-month period in review the first half was relatively
positive, though the gains were mostly given back in the second half as the
world became increasingly aware of the looming problems of inflation which
would bring to an end the unusually protracted period of near zero interest
rates. Then in February the inflation problem was made even worse by the
Russian invasion of Ukraine which led to a sharp rise in commodity prices
especially oil & gas and in food. Central Banks rather belatedly began to
raise interest rates and are likely to continue doing so well into next year.
The war in Ukraine shows no sign of ending soon and inflation has yet to peak
and so the economic outlook is one of significant uncertainty and the markets
are reacting predictably. Whilst the United States is much better placed for
the inflationary pressures in energy and food, Wall Street is vulnerable
because the speculative excesses have been so prevalent there. The other main
driver of world economies has been the emergence of China as the fastest
growing major economy, but that has come to a sharp halt and the outlook has
changed radically.
Outlook
The first few months have seen softer trading volumes, in line with more
traditional summer levels. However, portfolio values have generally held up
despite market gyrations which is positive for our fee revenues. We expect to
benefit more fully from the operational cost reductions made last year.
We are in a period of considerable economic uncertainty and that is likely to
prevail well into next year. World stock markets have yet to fully recognise
the problems and to adjust. This could prove painful.
Annual General Meeting
We do believe that most shareholders would now be comfortable with an
in-person meeting. We would like to invite our shareholders to attend the
Annual General Meeting to be held at our new offices at 100 Wood Street,
London EC2V 7AN at 12.30 pm on Thursday 24 November 2022. We would like the
opportunity to meet you and for you to meet the management of the Company in
which you are invested and see our new offices.
The Board encourages shareholders to submit their votes via the CREST system.
Shareholders may also submit questions in advance of the AGM to the Company
Secretary via email to info@fiskeplc.com (mailto:info@fiskeplc.com) or by post
to the Company Secretary.
Consolidated Statement of Total Comprehensive Income
For 13 months ended 30 June 2022
Notes 13 months to 30 June Year to
2022 31 May
2021
(restated)
£'000 £'000
Revenues 2 5,764 5,854
Operating expenses (6,269) (5,716)
Operating (loss)/profit (505) 138
Investment revenue 185 237
Finance income - -
Finance costs (29) (9)
(Loss)/profit on ordinary activities before taxation (349) 366
Taxation credit / (charge) 3 177 (43)
(Loss)/profit on ordinary activities after taxation (172) 323
Other comprehensive income
Items that may subsequently be reclassified to profit or loss
Movement in unrealised appreciation of investments 1,017 75
Deferred tax on movement in unrealised appreciation of investments (443) (12)
Net other comprehensive income 574 63
Total comprehensive income attributable to equity shareholders 402 386
Loss per ordinary share
Basic 4 (1.5)p 2.8p
Diluted 4 (1.5)p 2.8p
All results are from continuing operations.
Consolidated Statement of Financial Position
At 30 June 2022
Notes As at 30 June As at 31 May As at 31 May
2022 2021 2020
(restated) (restated)
£'000 £'000 £'000
Non-current Assets
Intangible assets 5 911 1,129 1,289
Right-of-use assets 6 250 - 101
Other intangible assets 7 - 32 65
Property, plant and equipment 8 21 24 53
Investments held at Fair Value Through Other Comprehensive Income 9 4,621 3,604 4,962
Total non-current assets 5,803 4,789 6,470
Current Assets
Trade and other receivables 10 2,450 2,211 2,339
Cash and cash equivalents 3,248 3,498 2,239
Total current assets 5,698 5,709 4,578
Current liabilities
Trade and other payables 11 (2,147) (2,049) (2,924)
Short-term lease liabilities 12 (106) - (124)
Current tax liabilities - (43) -
Total current liabilities (2,253) (2,092) (3,048)
Net current assets 3,445 3,617 1,530
Non-current liabilities
Non-current lease liabilities 12 (155) 0 0
Deferred tax liabilities 13 (833) (573) (611)
Total non-current liabilities (988) (573) (611)
Net Assets 8,260 7,833 7,389
Equity
Share capital 14 2,957 2,939 2,923
Share premium 2,085 2,082 2,057
Revaluation reserve 3,128 2,553 3,597
Retained earnings/(losses) 90 259 (1,188)
Shareholders' equity 8,260 7,833 7,389
The financial statements were approved by the Board of Directors and
authorised for issue on 20 October 2022.
Group Statement of Changes in Equity
For 13 months ended 30 June 2022
Share Share premium Revaluation reserve Retained losses Total
capital
£'000 £'000 £'000 £'000 £'000
2,923 2,057 3,597 (1,129) 7,448
Balance at 1 June 2020 as reported
Adjustments - - - (59) (59)
As restated 1 June 2020 2,923 2,057 3,597 (1,188) 7,389
Profit for the financial year as restated - - - 323 323
Movement in unrealised appreciation of investments - - 75 - 75
Deferred tax on movement in unrealised appreciation of investments - - (12) - (12)
Realised disposal of Fair value through other comprehensive income investments - - (1,107) 1,122 15
Total comprehensive income / (expense) for the year - - (1,044) 1,445 401
Share based payment transactions - - - 2 2
Issue of ordinary share capital 16 25 - - 41
Total transactions with owners, recognised directly in equity 16 25 - 2 43
Balance at 31 May 2021 2,939 2,082 2,553 259 7,833
Loss for the financial period - - - (172) (172)
Movement in unrealised appreciation of investments - - 1,017 - 1,017
Deferred tax on movement in unrealised appreciation of investments - - (443) - (443)
Realised disposal of Fair value through other comprehensive income investments - - 1 - 1
Total comprehensive income / (expense) for the period - - 575 (172) 403
Share based payment transactions - - - 3 3
Issue of ordinary share capital 18 3 - - 21
Total transactions with owners, recognised directly in equity 18 3 - 3 24
2,957 2,085 3,128 90 8,260
Balance at 30 June 2022
Group Statement of Cash Flows
For 13 months ended 30 June 2022
Notes 13 months to 30 June Year to
2022 31 May
2021
(restated)
Group Group
£'000 £'000
Operating (loss)/profit (505) 138
Amortisation of customer relationships and goodwill 218 160
Amortisation of other intangible assets 32 33
Depreciation of right-of-use assets 79 101
Depreciation of property, plant and equipment 31 33
Expenses settled by the issue of shares 3 2
(Increase) / decrease in receivables 248 125
Increase / (decrease) in payables (389) (873)
Cash generated from/(used) in operations (283) (281)
Tax (paid) (49) -
Net cash generated from/ (used in) operating activities (332) (281)
Investing activities
Investment income received 185 237
Proceeds on disposal of investments held at FVTOCI - 1,400
Purchases of property, plant and equipment (28) (4)
Net cash generated from investing activities 157 1,633
Financing activities
Interest paid (29) (9)
Proceeds from issue of ordinary share capital 22 40
Repayment of lease liabilities (68) (124)
Net cash used in financing activities (75) (93)
Net increase/(decrease) in cash and cash equivalents (250) 1,259
Cash and cash equivalents at beginning of period 3,498 2,239
Cash and cash equivalents at end of period 3,248 3,498
Notes to the Accounts
For the period ended 30 June 2022
1. Basis of preparation
The financial statements have been prepared in accordance with the
requirements of IFRS implemented by the Group for the period ended 30 June
2022 as adopted by the International Financial Reporting Interpretations
Committee and in conformity with the Companies Act 2006 The Group financial
statements have been prepared under the historical cost convention, with the
exception of financial instruments, which are stated in accordance with IFRS 9
Financial Instruments: recognition and measurement.
The financial information included in this News Release does not constitute
statutory accounts of the Group for the period ended 30 June 2022 or year to
31 May 2020, but is derived from those accounts. Statutory accounts for the
year ended 31 May 2021 have been reported on by the Group's auditor and
delivered to the Registrar of Companies. Statutory accounts for the period
ended 30 June 2022 have been audited and will be delivered to the Registrar of
Companies. The report of the auditors for both years was (i) unqualified and
(ii) did not contain a statement under Section 498 (2) or (3) of the Companies
Act 2006.
Copies of the Annual Report will be sent on 24 October 2022 to shareholders
and will also be available on our website at www.fiskeplc.com
New and revised IFRSs in issue but not yet effective
A number of amendments to existing standards have also been effective from 1
June 2021 but they do not have a material effect on the Group financial
statements. There are a number of standards, amendments to standards, and
interpretations which have been issued by the IASB that are effective in
future accounting periods that the Group has decided not to adopt early. The
following amendments are effective for future periods:
IFRS/Std Description Issued Effective
IAS 1 Presentation of Financial Statements Amendments regarding the disclosure of accounting policies February 2021 Annual periods beginning on or after 1 January 2023
IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors Amendments regarding the definition of accounting estimates February 2021 Annual periods beginning on or after 1 January 2023
IFRS 3 Business Combinations Amendments updating a reference to the Conceptual Framework May 2020 Annual periods beginning on or after 1 January 2022
The Group do not expect these amendments to have a significant impact on the
financial statements.
There were no new standards adopted in the current financial period.
2. Total revenue and segmental analysis
IFRS 8 requires 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:
13 months to 30 June 2022 Year to 31 May 2021
(restated)
£'000 £'000
Commission receivable 2,576 2,854
Investment management fees 3,186 2,920
5,762 5,774
Other income / (loss) 2 80
5,764 5,854
Substantially all revenue in the current period and prior year is generated in
the UK and derives solely from the provision of financial intermediation.
3. Tax
Analysis of tax on ordinary activities:
30 June 2022 31 May 2021
£'000 £'000
Current tax
Current period 6 43
Prior year adjustment - -
6 43
Deferred tax
Current period (183) -
Prior year adjustment - -
Total tax charge to Statement of Comprehensive Income (177) 43
Factors affecting the tax charge for the period
The standard rate of tax for the year, based on the United Kingdom standard
rate of corporation tax, is 19.00% (2021: 19.00%).
Changes to the UK corporation tax rate were substantively enacted on 24 May
2021. At the date of this report it was anticipated that the main corporation
tax rate would increase to 25% from 19% on 1 April 2023. The deferred tax
liability has been calculated using this expected corporation tax rate of 25%.
The charge/(credit) for the year can be reconciled to the profit per the
Statement of Comprehensive Income as follows:
30 June 2022 31 May 2021
£'000 £'000
(Loss)/profit before tax (349) 366
Charge/(credit) on profit on ordinary activities at standard rate (66) 70
Effect of:
Expenses not deductible in determining taxable profit - 3
Non-taxable income (35) (45)
Carry back tax relief (76) 15
(177) 43
4. Earnings per share
Basic earnings per share has been calculated by dividing the profit on
ordinary activities after taxation by the weighted average number of shares in
issue during the period. Diluted earnings per share is basic earnings per
share adjusted for the effect of conversion into fully paid shares of the
weighted average number of share options during the period.
Diluted
13 Months to 30 June 2022 Basic Basic
£'000 £'000
Loss on ordinary activities after taxation (172) (172)
Adjustment to reflect impact of dilutive share options - -
Loss (172) (172)
Weighted average number of shares (000's) 11,809 11,809
Earnings per share (pence) (1.5) (1.5)
Diluted
Year to 31 May 2021 Basic Basic
£'000 £'000
(restated) (restated)
Profit on ordinary activities after taxation 323 323
Adjustment to reflect impact of dilutive share options - -
Profit 323 323
Weighted average number of shares (000's) 11,724 11,769
Profit per share (pence) 2.8 2.8
30 June 2022 31 May 2021
Number of shares (000's):
Weighted average number of shares 11,809 11,725
Dilutive effect of share option scheme - 44
11,809 11,769
5. Intangible assets arising on consolidation
Customer relationships
Goodwill Total
£'000 £'000 £'000
Cost
At 1 June 2020 1,312 1,311 2,623
Additions - - -
At 31 May 2021 1,312 1,311 2,623
Additions - - -
At 30 June 2022 1,312 1,311 2,623
Accumulated amortisation or impairment
At 1 June 2020 (395) (939) (1,334)
Charge in year (130) (30) (160)
At 31 May 2021 (525) (969) (1,494)
Charge in period (131) (87) (218)
At 30 June 2022 (656) (1,056) (1,712)
Net book value 656 255 911
At 30 June 2022
At 1 June 2021 787 342 1,129
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:
CGU 2022 2021
£'000 £'000
Ionian Group Limited 129 176
Vor Financial Strategy Limited 126 166
Goodwill allocated to CGUs 255 342
The impairment charge arises from a prudent assessment that customer
relationships and goodwill change over time and are not of indefinite life.
Based on analyses of the relevant customer base segments, a determination was
made as to the expected income streams arising over the next 6 years. The
recoverable amounts of the goodwill in Ionian Group Limited and in Vor
Financial Strategy Limited are determined based on value-in-use
calculations. These calculations use projections of marginal profit
contributions over the expected remaining stream of attributable value. The
key assumptions used for value-in-use calculations are as follows:
Direct and indirect costs as % of revenues 60%
Growth rate 0 %
Discount rate 12.5 %
Had the discount rate used gone up / down by 1%, impairment would have been
£8,000 higher/lower and the carrying amount commensurately adjusted.
Management determined margin contribution and growth rates based on past
performance of those units, together with current market conditions and its
expectations of development of those CGUs. The discount rate used is pre-tax,
and reflects specific risks relating to the relevant CGU.
6. Right-of-use assets
Property
Group £'000
Cost
At 1 June 2020 274
Additions -
At 1 June 2021 274
Additions 329
Disposals (274)
At 30 June 2022 329
Accumulated amortisation
At 1 June 2020 (173)
Charge for the year (101)
At 1 June 2021 (274)
Charge for the period (79)
Disposals 274
At 30 June 2022 (79)
Net book value
At 30 June 2022 250
At 1 June 2021 -
A ten-year lease of office premises at Salisbury House came to an end at
December 2021. Since then the company has moved to new office premises
commencing a new lease to 21 February 2025.
The Group used the following practical expedients when applying IFRS16 to
leases previously classified as operating leases under IAS17.
· Applied a single discount rate to a portfolio of leases with
similar characteristics
· Excluded initial direct costs from measuring the right-of-use
asset at the date of initial application
· Used hindsight when determining the lease term if the contract
contains options to extend or terminate the lease.
7. Other intangible assets
Systems
licence
Group £'000
Cost
At 1 June 2020 192
Additions -
At 1 June 2021 192
Additions -
At 30 June 2022 192
Accumulated amortisation
At 1 June 2020 (127)
Charge for the year (33)
At 1 June 2021 (160)
Charge for the period (32)
At 30 June 2022 (192)
Net book value
At 30 June 2022 -
At 1 June 2021 32
8. Property, plant and equipment
Office furniture and equipment
Computer equipment Office refurbishment
Total
Group £'000 £'000 £'000 £'000
Cost
At 1 June 2020 164 274 175 613
Additions - 4 - 4
Disposals - - - -
At 1 June 2021 164 278 175 617
Additions 3 25 - 28
Disposals (162) (197) (175) (534)
At 30 June 2022 5 106 - 111
Accumulated depreciation
At 1 June 2020 (156) (229) (175) (560)
Charge for the year (7) (26) - (33)
At 1 June 2021 (163) (255) (175) (593)
Charge for the period (1) (30) - (31)
Disposals 162 197 175 534
At 30 June 2022 (2) (88) - (90)
Net book value
At 30 June 2022 3 18 - 21
At 30 June 2021 1 23 - 24
9. Investments held at Fair Value Through Other Comprehensive Income
2022 2021
Group £'000 £'000
Opening valuation 3,604 4,962
Opening fair value gains on investments held (3,127) (4,303)
Cost 477 659
Cost of disposals - (182)
Cost 477 477
Gains on investments 4,144 3,127
Closing fair value of investments held 4,621 3,604
being:
Listed - -
Unlisted 4,621 3,604
FVTOCI investments carried at fair value 4,621 3,604
Gains / (losses) on investments in period 2022 2021
Group £'000 £'000
Realised gains on sales - 1,250
Increase in fair value 1,017 1,877
Gains on investments 1,017 3,127
The investments included above are represented by holdings of equity
securities. These shares are not held for trading.
10. Trade and other receivables
2022 2021
Group Group
(restated)
Group and Company £'000 £'000
Counterparty receivables 407 1,065
Trade receivables 891 -
1,298 1,065
Amount owed by group undertakings - -
Other debtors 57 86
Prepayments and accrued income 1,095 1,060
2,450 2,211
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 £nil (2021: £nil) 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 £407,000 (2021: £1,065,000) which are past due but not
considered impaired.
Ageing of counterparty receivables:
2022 2021
£'000 £'000
0 - 15 days 291 1,025
16 - 30 days 40 22
31 - 60 days 57 18
Over 60 days 19 -
407 1,065
11. Trade and other payables
2022 2021
Group Group
£'000 £'000
Counterparty payables 1,214 623
Trade payables 19 436
1,233 1,059
Other sundry creditors and accruals 914 990
2,147 2,049
12. Lease liabilities
2022 2021
Group Group
£'000 £'000
Current 106 -
Non-current 155 -
261 -
Maturity analysis:
Not later than one year 106 -
Later than one year and not later than 5 years 155 -
261 -
The cash flow impact is summarised as:
2022 2021
Group Group
£'000 £'000
Lease liabilities at beginning of period - 124
New lease entered into in period 329 -
Repayment of lease liabilities(†) (68) (124)
Lease liabilities at end of period 261 -
(†)The lease liability is retired over time by the contrasting interest
expense and lease payments.
13. Deferred taxation
Investments
Capital allowances Tax Deferred tax liability
Losses
Group £'000 £'000 £'000 £'000
At 1 June 2021 (1) 574 - 573
Charge for the period - 443 - 443
Deferred tax asset - - (183) (183)
Charge to Statement of Comprehensive Income
- in respect of current year - - - -
At 30 June 2022 (1) 1,017 (183) 833
Deferred tax assets and liabilities are recognised at a rate which is
substantively enacted at the balance sheet date. The rate to be taken in this
case is 25%, being the anticipated rate of taxation applicable to the Group
and Company in the following year. A potential deferred tax asset of £178,000
relating to trading losses arising before 1 April 2017 has not been
recognised.
14. Called up share capital
2022 2021
No. of shares £'000 No. of shares £'000
Allotted and fully paid:
Ordinary shares of 25p
Opening balance 11,754,859 2,939 11,693,790 2,923
Shares issued 75,000 18 61,069 16
Closing balance 11,829,859 2,957 11,754,859 2,939
Included within the allotted and fully paid share capital were 9,490 ordinary
shares of 25p each (2021: 9,490 ordinary shares of 25p each) held for the
benefit of employees.
At 30 June 2022 there were 125,000 (2021: 200,000) outstanding options to
subscribe for ordinary shares at a weighted average exercise price of 70p
(2021: 55p) and a weighted average remaining contractual life of 4 years, 7
months. (2021: 3 years, 5 months). Ordinary shares are entitled to all
distributions of capital and income.
15. Financial commitments
Lease - classified as an IFRS 16 lease
At 30 June 2022 the Group had outstanding commitments for future minimum lease
payments under non-cancellable operating leases which fall due as follows:
2022 2021
Land and buildings Other Land and buildings Other
£'000 £'000 £'000 £'000
In the next year 111 - - 5
In the second to fifth years inclusive 185 - - -
Total commitment 296 - - 5
On 31 December 2021 a 10-year lease over the Company's premises at Salisbury
House expired. In September 2021 the Company entered into a lease over new
premises at Wood Street for a period of some 3 years to 21 February 2025.
16. Clients' money
At 30 June 2022 amounts held by the Company on behalf of clients in accordance
with the Client Money Rules of the Financial Conduct Authority amounted to
£66,435,793 (2021: £63,153,533). 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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