REG - Fiske PLC - Final Results, Annual Report and Notice of AGM
24/10/2023 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231024:nRSX0096Ra&default-theme=true
RNS Number : 0096R Fiske PLC 24 October 2023
24 October 2023
FISKE PLC
("Fiske" or the "Company" or the "Group")
Final Results, Posting of Annual Report and Notice of AGM
Fiske (AIM:FKE) is pleased to announce its final audited financial results for
the year ended 30 June 2023.
Highlights
Year to 30 June 2023 Period to 30 June 2022
£'000 £'000
Total Revenue 5,879 5,764
Profit/(loss) on ordinary activities before taxation 315 (349)
Profit/(loss) per ordinary share 2.1p (1.5)p
James Harrison, CEO, commenting on the results said:
"We are pleased to report a significant improvement in our profitability for
the year to 30 June 2023. Following our move to more modern offices and
other cost saving initiatives we are pleased with our progress over the
year. Markets remain challenging despite some improvements in valuations
since 2022. We continue to review our cost base, invest in our people and
focus our investment efforts on looking after our clients in these more
challenging markets."
Our Annual General Meeting will be held on Thursday 23 November 2023 at
12.30pm at our offices at 100 Wood Street, London EC2V 7AN.
Copies of the 2023 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 / Samuel Littler
Chairman's Statement
Trading and revenues
Revenues of £5.9m to June 2023 were up on the prior year equivalent 12-month
period and closely matched the 13 months to June 2022 (£5.8m). This was
largely due the resurgence of interest income towards the end of the year
which countered the slightly lower fee and commission revenues due to the flat
UK market.
We remain committed to delivering sustainable profitability for our
shareholders whilst maintaining a strong capital position to weather market
uncertainties. We are pleased to report our total client assets at June 2023
increased to £807m from £772m in June 2022, which represents an increase of
4.5%.
Costs
Costs have remained stable in the year to June 2023 (£5.8m) and broadly the
same as the prior year equivalent 12-month period to June 2022. Overall, we
have maintained operating expenses at the same overall run-rate; £5.8m in the
year to 30 June 2023 (13 months to June 2022: £6.3m). Staff costs were up by
some 6% which reflects both continued investment in growth and inflationary
increases in salaries.
During the year, we have benefitted from the lower cost of our new modern
premises without the relocation and overlap costs incurred in the prior
period.
Outturn
The Group made an operating profit of £128,000 in the year to June 2023 (13
months to June 2022: loss of £505,000). Profit on ordinary activities after
taxation was £253,000 for the year to June 2023 (13 months to June 2022: loss
of £172,000). The cash flow arising from this is rather better given that
there is some £206,000 of phased write down of past goodwill on acquisitions.
Meanwhile, the £200,000 dividend income receipt from our holding in Euroclear
helped fund the £290,000 acquisition of a customer base.
Euroclear
Euroclear's operating income increased from €1,615m in 2021 to €1,955m in
2022 (after deducting the Russian sanctions impact) and its operating margin
increased from 40% in 2021 to 42% in the year to December 2022. Net earnings
per share increased 30% to €191.7 in 2022 compared to €147.0 in 2021.
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 down
to €1,911.50 per share (2022: €2,050 per share) being £4.3m in total
(2022: £4.6m). Our mark down is not a diminution of our assessment of the
company but a reflection of recent trades that need to be considered. Our
holding continues to represent a significant store of value on our balance
sheet and the company paid us gross dividends amounting to £200,000 in the
year (2022: £185,000).
Net assets
Shareholder's funds amount to some £8.3m (2022: £8.3m) and within this we
now hold some £3.3m (2022: £3.2m) of cash.
Dividend
The Board has resolved not to pay a dividend for the period to 30 June 2023
(2022: £nil).
Staff
We would like to thank all members of our dedicated staff for their continued
commitment and hard work. As a company we have continued to evolve, adapt
and improve our modus operandi throughout the year.
Board
In August 2023 we celebrated our 50th anniversary and, as mentioned in my last
report, as Founder and Chairman 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. The board has elected Tony
Pattison as Chairman to succeed me 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 he and I have worked together during the last
year of transition to ensure a smooth handover of my clients and the
responsibilities of the Chairman.
Strategy
Our commitment to continuous improvement led us to apply significant efforts
in fee automation systems over the past year. The improved utilisation of the
technology platform in which Fiske has already invested has allowed us to
streamline our processes, deliver more automation and enhance our client
servicing capabilities.
Looking ahead, we will continue to invest in automation technologies,
exploring opportunities to further enhance efficiency and accuracy while
maintaining our commitment to transparency.
Our commitment to improving our back-office systems has resulted in more
efficient operations, enhanced client services, and reduced risks. We will
remain vigilant in this area, continually seeking ways to stay at the
forefront of industry best practices.
Succession planning is a key consideration in our recruitment strategy, both
for Investment Managers and for our Support and Operations teams. Our
acquisition of a customer base in the year to June 2023 was driven by this
strategy and we expect to capitalise on this in the future both for client
satisfaction and business continuity.
Consumer Duty
The Consumer Duty came into effect on 1(st) August 2023. Considerable time and
effort has been spent implementing the changes required within our business to
ensure the new regulations are embedded in our policies and processes. Our
Consumer Duty Champion who is also one of our non-executive directors will
continue to assist the management team in ensuring that appropriate oversight
is maintained as we operate under the new rules.
Markets
At present, stock markets generally, and certainly London and New York, are in
a strange period of relative uncertainty which has been the pattern for some
months. It is unusual when the outlook for major Western economies is so
precariously perched between recession and stagflation. It is rare that no
decisive trend has emerged in stock markets at a time when so much is changing
in the economic and political scene. We have a serious war in Eastern Europe
into which Western countries are being increasingly but decidedly more
involved. We have an unstable situation with the China/Taiwan standoff. We
have had 18 months of sharp and protracted rises in interest rates in a
concerted effort to tame rampant inflation, which is not helped by the
situation in Ukraine, and which may not have reached its peak yet in spite of
the inevitable optimistic talk amongst the chattering classes. Meanwhile the
tragic events unfolding in Israel and Gaza are exerting upward pressure on oil
and gas prices with the possibility of military escalation in the Middle East
creating further uncertainty. This is all happening when the West has a series
of weak and hesitant governments who follow events rather than trying to
control them, which is not a good combination. As a result, we are cautious
about the immediate prospects for the stock markets this autumn.
Outlook
The financial industry has not been immune from the global economic challenges
posed by the current inflationary pressures. While we understand the concerns
this raises, we must strike a balance between maintaining our service quality
and addressing the impact of inflation on our operational costs.
In light of rising costs, we have conducted a comprehensive review of our fee
structure to ensure it remains fair and competitive and have applied revised
fee rates from April 2023. We have begun to see the benefits of these new
rates in the first few months of the new financial year.
Annual General Meeting
Shareholders are invited to attend the Annual General Meeting to be held at
our offices at 100 Wood Street, London EC2V 7AN at 12.30 pm on Thursday 23
November 2023. We would like the opportunity to meet you and for you to meet
the management of the Company in which you are invested.
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 at the address set out on page 53 of the annual
report.
Consolidated Statement of Total Comprehensive Income
For Year ended 30 June 2023
Notes Year to 30 June 13 months to
2023 30 June
2022
£'000 £'000
Revenues 2 5,879 5,764
Operating expenses (5,751) (6,269)
Operating profit / (loss) 128 (505)
Investment revenue 200 185
Finance income 14 -
Finance costs (27) (29)
Profit / (loss) on ordinary activities before taxation 315 (349)
Taxation (charge) / credit 3 (62) 177
Profit / (loss) on ordinary activities after taxation 253 (172)
Other comprehensive (expense) / income
Items that may subsequently be reclassified to profit or loss
Movement in unrealised appreciation of investments (321) 1,017
Deferred tax on movement in unrealised appreciation of investments 80 (443)
Net other comprehensive (expense) / income (241) 574
Total comprehensive income attributable to equity shareholders 12 402
Profit / (loss) per ordinary share
Basic 4 2.1p (1.5)p
Diluted 4 2.1p (1.5)p
All results are from continuing operations.
Consolidated Statement of Financial Position
At 30 June 2023
Notes As at 30 June As at 30 June
2023 2022
£'000 £'000
Non-current Assets
Intangible assets 5 999 911
Right-of-use assets 6 156 250
Other intangible assets 7 - -
Property, plant and equipment 8 15 21
Investments held at Fair Value Through Other Comprehensive Income 9 4,300 4,621
Total non-current assets 5,470 5,803
Current Assets
Trade and other receivables 10 2,591 2,450
Cash and cash equivalents 3,333 3,248
Total current assets 5,924 5,698
Current liabilities
Trade and other payables 11 (2,136) (2,147)
Short-term lease liabilities 12 (106) (106)
Current tax liabilities 3 - -
Total current liabilities (2,242) (2,253)
Net current assets 3,682 3,445
Non-current liabilities
Non-current lease liabilities 12 (65) (155)
Deferred tax liabilities 13 (815) (833)
Total non-current liabilities (880) (988)
Net Assets 8,272 8,260
Equity
Share capital 14 2,957 2,957
Share premium 2,085 2,085
Revaluation reserve 2,887 3,128
Retained earnings 343 90
Shareholders' equity 8,272 8,260
The financial statements were approved by the Board of Directors and
authorised for issue on 23 October 2023.
Group Statement of Changes in Equity
For Year ended 30 June 2023
Share Share premium Revaluation reserve Retained (losses)/ profits Total
capital
£'000 £'000 £'000 £'000 £'000
Balance at 1 June 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 year - - 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
Balance at 30 June 2022 2,957 2,085 3,128 90 8,260
Profit for the financial year - - - 251 251
Movement in unrealised appreciation of investments - - (321) - (321)
Deferred tax on movement in unrealised appreciation of investments - - 80 - 80
Total comprehensive (expense) / income for the year - - (241) 251 10
Share based payment transactions - - - 2 2
Total transactions with owners, recognised directly in equity - - - 2 2
2,957 2,085 2,887 343 8,272
Balance at 30 June 2023
Group Statement of Cash Flows
For Year ended 30 June 2023
Notes Year to 30 June Year to 30 June Period to Period to
2023 2023 30 June 30 June
2022 2022
Group Company Group Company
£'000 £'000 £'000 £'000
Operating profit / (loss) 128 90 (505) (471)
Amortisation of customer relationships and goodwill 205 206 218 218
Amortisation of other intangible assets - - 32 32
Depreciation of right-of-use assets 94 94 79 79
Depreciation of property, plant and equipment 14 12 31 31
Interest relating to ROU assets (22) (22) (25) (25)
Expenses settled by the issue of shares 2 2 3 3
Decrease in receivables 605 972 248 431
(Decrease) in payables (895) (902) (389) (365)
Cash generated from/(used in) operations 131 452 (308) (67)
Tax (paid) - - (49) (49)
Net cash generated from/ (used in) operating activities 131 452 (357) (116)
Investing activities
Investment income received 200 200 185 185
Interest income received 14 14 - -
Purchases of property, plant and equipment (8) (8) (28) (28)
Purchases of other intangible assets (157) (157) - -
Net cash (used in) / generated from investing activities 49 49 157 157
Financing activities
Interest paid (5) (5) (4) (4)
Proceeds from issue of ordinary share capital - - 22 22
Repayment of lease liabilities 12 (90) (90) (68) (68)
Net cash used in financing activities (95) (95) (50) (50)
Net increase/(decrease) in cash and cash equivalents 85 406 (250) (9)
Cash and cash equivalents at beginning of period 3,248 2,780 3,498 2,789
Cash and cash equivalents at end of period 3,333 3,186 3,248 2,780
Notes to the Accounts
For the Year ended 30 June 2023
1. Basis of preparation
The financial statements have been prepared in accordance with the
requirements of IFRS implemented by the Group for the Year ended 30 June 2023
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 Year ended 30 June 2023 or 13-month
period to 30 June 2022, but is derived from those accounts. Statutory accounts
for the 13-month period ended 30 June 2022 have been reported on by the
Group's auditor and delivered to the Registrar of Companies. Statutory
accounts for the Year ended 30 June 2023 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 2023 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
July 2022 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 and classification February 2021 Annual periods beginning on or after 1 January 2023
of liabilities
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
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:
Year to 30 June 2023 Period to 30 June 2022
£'000 £'000
Commission receivable 2,863 2,576
Investment management fees 2,982 3,186
5,845 5,762
Other income 34 2
5,879 5,764
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:
Year to 30 June 2023 Period to 30 June 2022
Notes £'000 £'000
Current tax
Current period - 6
- 6
Deferred tax
Current period 13 62 (183)
Total tax charge to Statement of Comprehensive Income 62 (177)
Factors affecting the tax charge for the period
The main corporation tax rate, based on the United Kingdom standard rate of
corporation tax, was increased from 19% to 25% from 1 April 2023. The deferred
tax liability has been calculated using the expected on-going corporation tax
rate of 25% (2022: 25%).
The charge/(credit) for the year can be reconciled to the profit per the
Statement of Comprehensive Income as follows:
Year to 30 June 2023 Period to 30 June 2022
£'000 £'000
Profit / (loss) before tax 315 (349)
Charge / (credit) on profit / (loss) on ordinary activities at standard rate 60 (66)
Effect of:
Expenses not deductible in determining taxable profit - -
Non-taxable income (38) (35)
Carry back tax relief 40 (76)
62 (177)
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
Year to 30 June 2023 Basic Basic
£'000 £'000
Profit on ordinary activities after taxation 253 253
Adjustment to reflect impact of dilutive share options - -
Profit 253 253
Weighted average number of shares (000's) 11,830 11,830
Earnings per share (pence) 2.1 2.1
Diluted
Period 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)
30 June 2023 30 June 2022
Number of shares (000's):
Weighted average number of shares 11,830 11,809
Dilutive effect of share option scheme - -
11,830 11,809
5. Intangible assets
Company Group
Customer relationships Customer relationships
Goodwill Total
£'000 £'000 £'000 £'000
Cost
At 1 June 2021 - 1,312 1,311 2,623
Additions - - - -
At 30 June 2022 - 1,312 1,311 2,623
Additions 293 293 - 293
At 30 June 2023 293 1,605 1,311 2,916
Accumulated amortisation or impairment
At 1 June 2021 - (525) (969) (1,494)
Charge in year - (131) (87) (218)
At 30 June 2022 - (656) (1,056) (1,712)
Charge in period (7) (138) (67) (205)
At 30 June 2023 (7) (794) (1,123) (1,917)
Net book value 811 188 999
At 30 June 2023 286
At 1 July 2022 - 656 255 911
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 2023 2022
£'000 £'000
Ionian Group Limited 106 129
Vor Financial Strategy Limited 82 126
Goodwill allocated to CGUs 188 255
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 and Company £'000
Cost
At 1 June 2021 274
Additions 329
Disposals (274)
At 1 July 2022 329
Additions -
Disposals -
At 30 June 2023 329
Accumulated amortisation
At 1 June 2021 (274)
Charge for the period (79)
On Disposals 274
At 1 July 2022 (79)
Charge for the year (94)
On Disposals -
At 30 June 2023 (173)
Net book value
At 30 June 2023 156
At 1 July 2022 250
A ten-year lease of office premises at Salisbury House came to an end at
December 2021 after a 12 month extension. 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 and Company £'000
Cost
At 1 June 2021 192
Additions -
At 1 July 2022 192
Additions -
At 30 June 2023 192
Accumulated amortisation
At 1 June 2021 (160)
Charge for the period (32)
At 1 July 2022 (192)
Charge for the year -
At 30 June 2023 (192)
Net book value
At 30 June 2023 -
At 1 July 2022 -
8. Property, plant and equipment
Office furniture and equipment
Computer equipment Office refurbishment
Total
Group and Company £'000 £'000 £'000 £'000
Cost
At 1 June 2021 164 278 175 617
Additions 3 25 - 28
Disposals (162) (197) (175) (534)
At 1 July 2022 5 106 - 111
Additions 2 6 - 8
Disposals - - - -
At 30 June 2023 7 112 - 119
Accumulated depreciation
At 1 June 2021 (163) (255) (175) (593)
Charge for the period (1) (30) - (31)
Disposals 162 197 175 534
At 1 July 2022 (2) (88) - (90)
Charge for the year (2) (12) - (14)
Disposals - - - -
At 30 June 2023 (4) (100) - (104)
Net book value
At 30 June 2023 3 12 - 15
At 30 June 2022 3 18 - 21
9. Investments held at Fair Value Through Other Comprehensive Income
2023 2022
Group and Company £'000 £'000
Opening valuation 4,621 3,604
Opening fair value gains on investments held (4,144) (3,127)
Cost 477 477
Gains on investments 3,823 4,144
Closing fair value of investments held 4,300 4,621
being:
Listed - -
Unlisted 4,300 4,621
FVTOCI investments carried at fair value 4,300 4,621
Gains / (losses) on investments in period 2023 2022
Group and Company £'000 £'000
Realised gains on sales - -
(Decrease) / increase in fair value (321) 1,017
(Loss) / gain on investments (321) 1,017
The investments included above are represented by holdings of equity
securities. These shares are not held for trading.
10. Trade and other receivables
2023 2023 2022 2022
Group Company Group Company
Group and Company £'000 £'000 £'000 £'000
Counterparty receivables 285 285 407 407
Trade receivables 747 747 891 891
1,032 1,032 1,298 1,298
Amount owed by group undertakings - 173 - 563
Other debtors 313 307 57 48
Prepayments and accrued income 1,246 883 1,095 711
2,591 2,395 2,450 2,620
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 (2022: £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 £230,000 (2022: £407,000) which are past due but not
considered impaired.
Ageing of counterparty receivables:
2023 2022
£'000 £'000
0 - 15 days 148 291
16 - 30 days 1 40
31 - 60 days 6 57
Over 60 days 75 19
230 407
11. Trade and other payables
2023 2023 2022 2022
Group Company Group Company
£'000 £'000 £'000 £'000
Counterparty payables 963 963 1,214 1,214
Trade payables 17 16 19 20
980 979 1,233 1,234
Other sundry creditors and accruals 1,156 1,054 914 818
2,136 2,033 2,147 2,052
12. Lease liabilities
2023 2023 2022 2022
Group Company Group Company
£'000 £'000 £'000 £'000
Current 106 106 106 106
Non-current 65 65 155 155
171 171 261 261
Maturity analysis:
Not later than one year 106 106 106 106
Later than one year and not later than 5 years 65 65 155 155
171 171 261 261
The cash flow impact is summarised as:
2023 2023 2022 2022
Group Company Group Company
£'000 £'000 £'000 £'000
Lease liabilities at beginning of period 261 261 - -
New lease entered into in period - - 329 329
Repayment of lease liabilities(†) (90) (90) (68) (68)
Lease liabilities at end of period 171 171 261 261
(†)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 and Company £'000 £'000 £'000 £'000
At 1 July 2022 (1) 1,017 (183) 833
Charge for the period - (80) 62 (18)
At 30 June 2023 (1) 937 (121) 815
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 £156,000
relating to trading losses arising before 1 April 2017 has not been
recognised.
14. Called up share capital
2023 2022
No. of shares £'000 No. of shares £'000
Allotted and fully paid:
Ordinary shares of 25p
Opening balance 11, 829,859 2,957 11,754,859 2,939
Shares issued - - 75,000 18
Closing balance 11,829,859 2,957 11,829,859 2,957
Included within the allotted and fully paid share capital were 9,490 ordinary
shares of 25p each (2022: 9,490 ordinary shares of 25p each) held for the
benefit of employees.
At 30 June 2023 there were 125,000 (2022: 125,000) outstanding options to
subscribe for ordinary shares at a weighted average exercise price of 70p
(2022: 70p) and a weighted average remaining contractual life of 1 years, 6
months. (2022: 4 years, 7 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 2023 the Group had outstanding commitments for future minimum lease
payments under non-cancellable operating leases which fall due as follows:
2023 2022
Land and buildings Other Land and buildings Other
£'000 £'000 £'000 £'000
In the next year 112 - 111 -
In the second to fifth years inclusive 74 - 185 -
Total commitment 186 - 296 -
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 2023 amounts held by the Company on behalf of clients in accordance
with the Client Money Rules of the Financial Conduct Authority amounted to
£52,686,945 (2022: £66,435,793). The Company has no beneficial interest in
these amounts and accordingly they are not included in the consolidated
statement of financial position.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END FR BUBDGUDDDGXXRecent news on Fiske
See all newsREG - Fiske PLC - Director Dealing
AnnouncementREG - Fiske PLC - Director Dealing
AnnouncementREG - Fiske PLC - Director Dealing
AnnouncementREG - Fiske PLC - Director Dealing
AnnouncementREG - Fiske PLC - Director Dealing
Announcement