REG - Fiske PLC - Final Results, Annual Report and Notice of AGM
18/11/2024 07:00
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RNS Number : 5850M Fiske PLC 18 November 2024
18 November 2024
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 2024.
Highlights
Year to 30 June 2024 Year to 30 June 2023
£'000 £'000
Total Revenue 7,421 5,879
Profit on ordinary activities before taxation 942 315
Profit per ordinary share 6.9p 2.1p
James Harrison, CEO, commenting on the results said:
"We are pleased to report a marked increase in our revenues and operating
profits for the full year to 30 June 2024. Our revenues increased by 25% to
£7.4m (2023: £5.9m) whilst our operating profit rose more than 4-fold to
£557k (2023: £128k). Revenue increases across the board were driven by a
range of factors including higher asset prices, increased levels of trading,
improving service mix (more clients opting for advisory and discretionary
services), changes to fee tariffs and an increase in interest income."
Our Annual General Meeting will be held on Thursday 12 December 2024 at
12.30pm at our offices at 100 Wood Street, London EC2V 7AN.
Copies of the 2024 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 Board has resolved to recommend a final dividend of 0.75p per share for
the year to 30 June 2024 (2023: nil). If approved by shareholders at our
Annual General Meeting in December, then when added to the interim dividend of
0.25p per share paid to shareholders in March 2024 the total dividend for the
year to 30 June 2024 will be 1.0p per share (2023: nil). The final dividend
will be payable on 13 December 2024 to shareholders on the register on 29
November 2024. The shares will be marked ex-dividend on 28 November 2024.
For further information, please contact:
Fiske PLC
James Harrison (CEO) Tel: +44 (0) 20 7448 4700
100 Wood Street
London
EC2V 7AN
Grant Thornton UK LLP (Nominated Adviser) Tel: +44 (0) 20 7383 5100
Samantha Harrison / Harrison Clarke / Elliot Peters
Chairman's and Chief Executive's Report
Trading and revenues
We are pleased to report a marked increase in our revenues and operating
profits for the full year to 30 June 2024. Our revenues increased by 25% to
£7.4m (2023: £5.9m) whilst our operating profit rose more than 4-fold to
£557k (2023: £128k). Revenue increases across the board were driven by a
range of factors including higher asset prices, increased levels of trading,
improving service mix (more clients opting for advisory and discretionary
services), changes to fee tariffs and an increase in interest income.
Assets under Management & Administration
Our total client assets under management and administration have risen by 8.8%
to £878m at 30 June 2024 (2023: £807m). Of the total client assets 70% are
now fee paying and either managed on a discretionary or advisory managed
basis.
Costs
Costs have risen by 19% to £6.9m in the year to June 2024 (June 2023:
£5.8m). This increase principally relates to two factors: increased staff
costs linked to improved revenues and an acceleration in the amortisation of
legacy intangible assets represented by previously acquired client books.
Outturn
Profit on ordinary activities after taxation was £821k for the year to June
2024 (June 2023: £253k). The cash flow arising from this is rather better
following a decision taken during the year to accelerate the write down of
past goodwill on acquisitions. This action was taken after careful
consideration of the length of time since acquisition and the resultant value
still being carried relating to these acquisitions. Meanwhile, the £253k
dividend income receipt from our holding in Euroclear was a positive addition
to our own cash balance.
Net assets
Our shareholder's funds amount to some £9.8m (2023: £8.3m) which is an
increase of 18% over the year. Within this we hold some £4.9m (2023: £3.3m)
of cash which is an increase of 48% over the year. Our net asset value has
risen to 82p per share.
Earnings per share
Earnings per share for the year to 30 June 2024 were 6.9p which represents a
more than 3-fold increase from 2.1p in the year to 30 June 2023.
Euroclear
Euroclear's underlying operating income increased from €1,955m in December
2022 to €2,771m in December 2023 (after deducting the Russian sanctions
impact) and its underlying net profit increased by 63% from €603m in 2022 to
€982m in 2023. Net earnings per share increased 63% to €312.1 in 2023
compared to €191.7 in 2022.
In February 2024 the company declared a gross dividend for the year to
December 2023 of €210 per share. In July 2024 we received the net amount of
€395,871 after subtraction of 30% Belgian withholding tax. We expect to
reclaim this withholding tax during the remainder of the financial year.
As in previous years there were several private transactions in Euroclear
shares during our financial year and these have helped us to update 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 £5.4m (2023: £4.3m). Our markup
follows an assessment of the company's current operating results and a
reflection of recent trades that have taken place. Our holding continues to
represent a significant store of value on our balance sheet.
Dividend
The Board has resolved to recommend a final dividend of 0.75p per share for
the year to 30 June 2024 (2023: nil). If approved by shareholders at our
Annual General Meeting in December, then when added to the interim dividend of
0.25p per share paid to shareholders in March 2024 the total dividend for the
year to 30 June 2024 will be 1.0p per share (2023: 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 operations throughout the year.
Strategy
Our strategy for providing wealth management services includes continuous
improvement in our use of technology. During the past year we have
successfully refreshed the automation of our fees processes, and we are now
engaging in upgrading our client data and CRM software systems. The intention
is that we will be able to further improve our client servicing capabilities
whilst at the same time driving more efficiencies within our operations.
Succession planning remains a key consideration for our recruitment strategy,
both for Investment Managers and for our Support and Operations teams.
Consumer Duty
We have passed the first-year anniversary of the implementation of the
Consumer Duty which came into effect on 1 August 2023. Considerable time and
effort were spent implementing the changes required within our business to
ensure the new regulations were embedded in our policies and processes. Our
Consumer Duty Champion, who is also one of our non-executive directors,
continues to assist the management team in ensuring that appropriate oversight
is maintained as we operate under these new rules.
Markets
In our interim report to shareholders, we drew attention to the major macro
issues affecting the direction of markets which remained centred around
inflation and interest rates. The news has since been positive on both
fronts. Aided by a drop in energy and food prices, inflation rates have
fallen back towards central bank targets which has allowed interest rates to
be reduced in the US, Europe and the UK. With signs that the US economy is
beginning to slow down from the exceptional pace of the second half of last
year, the Federal Reserve Bank made its first cut in September.
Economic growth rates generally remain gently benign. Interest rate
differentials have helped Sterling strengthen against the US dollar and Euro.
The Japanese yen has also been stronger on the unwinding of the hitherto
popular carry trade of selling yen to buy higher yielding assets.
Geopolitical issues continue to cause unease as potential new trouble spots
could flare up. Ukraine has been on the front foot with incursions into Russia
but hitherto has been unable to resist modest Russian advances into its own
territory whilst the conflict in Gaza seems no closer to a resolution. There
is little give or take on either side and when some helpful solution is
proposed one side or the other has found the terms unacceptable.
Despite the political and geopolitical uncertainties around the world, equity
markets have performed well and many of the world's leading market indices
have touched new all-time highs during the year.
In the UK, the FTSE 100 Share Index reached a new high in May. As anticipated,
corporate activity has also picked-up in recognition of the excellent value on
offer in the UK equity market. A change of government following the recent UK
Election removes the impasse in policy decision making. Time will tell whether
the government's expansionary plans for the UK economy will be successful.
Fiscal restraints may later curb some of this enthusiasm as much as a well
flagged austere autumn budget statement.
Internationally, the story has been pretty much "repeat". The super-sized
technology stocks, in America, have made most of the running with Nvidia's
seemingly unstoppable rise seeing its value, briefly, surpass that of Apple
and Microsoft to make it the most highly valued company in the world. European
markets now appear to have fully discounted the ECB's interest rate cut while,
after a strong performance at the beginning of the year, Japan has fallen back
from recent highs.
In India, the market suffered a brief wobble after the election result but
returned to record levels by the end of the June quarter. The Chinese market
has been more challenged as economic numbers have failed to impress. This led
to the recent monetary and fiscal stimulus packages which has spurred a sharp
recovery in the Chinese stock markets. Time will tell whether the economy will
successfully respond to this government led action.
Outlook
The financial industry has weathered the recent global economic challenges
posed by inflationary pressures and geopolitical uncertainties relatively
well. However, we are yet to see the impact of the new government in the UK,
and we now have confirmation of Trump's return to the Oval office for a second
term as US President. In the Middle East the recent movement of Israeli troops
into Lebanon further raises geopolitical tensions and the Iranian aerial
bombardment of Israel has led to an expected retaliation. The question remains
as to what Iran does next. The sharp upwards spike in the oil price in recent
weeks is beginning to show the markets are concerned.
Whilst we are used to navigating such geopolitical events, as sadly they never
seem far away, we appreciate the concerns investors and shareholders might
feel. We continue to focus our efforts on maintaining high levels of service
for our clients whilst seeking to adapt to the evolving regulatory and
industry landscape.
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, 12
December 2024. 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 above.
Consolidated Statement of Total Comprehensive Income
For Year ended 30 June 2024
Notes Year to Year to
30 June 30 June
2024 2023
£'000 £'000
Revenues 3 7,421 5,879
Operating expenses (6,864) (5,751)
Operating profit 6 557 128
Investment revenue 253 200
Finance income 7 157 14
Finance costs 8 (25) (27)
Profit on ordinary activities before taxation 942 315
Taxation (charge) 9 (121) (62)
Profit on ordinary activities after taxation 821 253
Other comprehensive income / (expense)
Items that may subsequently be reclassified to profit or loss
Movement in unrealised appreciation of investments 1,007 (321)
Deferred tax on movement in unrealised appreciation of investments (252) 80
Net other comprehensive income / (expense) 755 (241)
Total comprehensive income attributable to equity shareholders 1,576 12
Dividends paid (30) -
Retained income 1,546 12
Profit per ordinary share
Basic 10 6.9p 2.1p
Diluted 10 6.9p 2.1p
All results are from continuing operations.
Consolidated Statement of Financial Position
At 30 June 2024
Notes As at 30 June As at 30 June
2024 2023
£'000 £'000
Non-current Assets
Intangible assets 12 583 999
Right-of-use assets 13 63 156
Other intangible assets 14 - -
Property, plant and equipment 15 5 15
Investments held at Fair Value Through Other Comprehensive Income 17 5,419 4,300
Total non-current assets 6,070 5,470
Current Assets
Trade and other receivables 18 2,942 2,591
Cash and cash equivalents 4,957 3,333
Total current assets 7,899 5,924
Current liabilities
Trade and other payables 19 (2,889) (2,136)
Short-term lease liabilities 20 (72) (106)
Current tax liabilities 9 - -
Total current liabilities (2,961) (2,242)
Net current assets 4,938 3,682
Non-current liabilities
Non-current lease liabilities 20 - (65)
Deferred tax liabilities 21 (1,188) (815)
Total non-current liabilities (1,188) (880)
Net Assets 9,820 8,272
Equity
Share capital 22 2,957 2,957
Share premium 2,085 2,085
Revaluation reserve 3,642 2,887
Retained earnings 1,136 343
Shareholders' equity 9,820 8,272
These financial statements were approved by the Board of Directors and
authorised for issue on 15 November 2024.
Group Statement of Changes in Equity
For Year ended 30 June 2024
Share Share premium Revaluation reserve Retained profits Total
capital
£'000 £'000 £'000 £'000 £'000
Balance at 1 July 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 income / (expense) for the year - - (241) 251 10
Share based payment transactions - - - 2 2
Total transactions with owners, recognised directly in equity - - - 2 2
Balance at 30 June 2023 2,957 2,085 2,887 343 8,272
Profit for the financial year - - - 821 821
Movement in unrealised appreciation of investments - - 1,007 - 1,007
Deferred tax on movement in unrealised appreciation of investments - - (252) - (252)
Total comprehensive income / (expense) for the year - - 755 821 1,576
Share based payment transactions - - - 2 2
Dividends paid - - - (30) (30)
Total transactions with owners, recognised directly in equity - - - (28) (28)
2,957 2,085 3,642 1,136 9,820
Balance at 30 June 2024
Group and Parent Statement of Cash Flows
For Year ended 30 June 2024
Notes Year to Year to Year to Year to
30 June 30 June 30 June 30 June
2024 2024 2023 2023
Group Company Group Company
£'000 £'000 £'000 £'000
Operating profit 557 597 128 90
Amortisation of customer relationships and goodwill 416 416 205 206
Depreciation of right-of-use assets 93 93 94 94
Depreciation of property, plant and equipment 11 11 14 12
Interest relating to ROU assets (13) (13) (22) (22)
Expenses settled by the issue of shares 2 2 2 2
Decrease in receivables 1,863 1,824 605 972
(Decrease) in payables (1,460) (1,413) (895) (902)
Cash generated from operations 1,469 1,517 131 452
Tax (paid) - - - -
Net cash generated from operating activities 1,469 1,517 131 452
Investing activities
Investment income received 253 253 200 200
Interest income received 157 156 14 14
Purchases of available-for-sale investments 17 (113) (113) - -
Purchases of property, plant and equipment (1) (1) (8) (8)
Purchases of other intangible assets - - (157) (157)
Net cash generated from investing activities 296 295 49 49
Financing activities
Interest paid (12) (12) (5) (5)
Proceeds from issue of ordinary share capital - - - -
Repayment of lease liabilities 20 (99) (99) (90) (90)
Dividends paid (30) (30) - -
Net cash used in financing activities (141) (141) (95) (95)
Net increase in cash and cash equivalents 1,624 1,671 85 406
Cash and cash equivalents at beginning of year 3,333 3,186 3,248 2,780
Cash and cash equivalents at end of year 4,957 4,857 3,333 3,186
Notes to the Accounts
For the Year ended 30 June 2024
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 2024
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 2024 or the Year
ended 30 June 2023 but is derived from those accounts. Statutory accounts for
the Year ended 30 June 2023 have been reported on by the Group's auditor and
delivered to the Registrar of Companies. Statutory accounts for the Year ended
30 June 2024 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 19 November 2024 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 for
periods beginning on or after 1 January 2024 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 7 Statement of Cash Flows Amendments regarding cash flow disclosures May 2023 Annual periods beginning on or after 1 January 2024
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 2024 Year to 30 June 2023
£'000 £'000
Commission receivable 3,659 2,863
Investment management fees 3,762 2,982
7,421 5,845
Other income - 34
7,421 5,879
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 2024 Year to 30 June 2023
Notes £'000 £'000
Current tax
Current year - -
- -
Deferred tax
Current year 21 121 62
Total tax charge to Statement of Comprehensive Income 121 62
Factors affecting the tax charge for the year
The deferred tax liability has been calculated using the expected on-going
corporation tax rate of 25% (2023: 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 2024 Year to 30 June 2023
£'000 £'000
Profit before tax 942 315
Charge on profit on ordinary activities at standard rate 236 79
Effect of:
Expenses non-deductible in determining taxable profit 104 -
Non-taxable income (63) (50)
Movement in unrecognised deferred tax asset (156) 33
121 62
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 year. 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 2024 Basic Basic
£'000 £'000
Profit on ordinary activities after taxation 821 821
Adjustment to reflect impact of dilutive share options - 1
Profit 821 822
Weighted average number of shares (000's) 11,830 11,838
Earnings per share (pence) 6.9 6.9
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
30 June 2024 30 June 2023
Number of shares (000's):
Weighted average number of shares 11,830 11,830
Dilutive effect of share option scheme 8 -
11,838 11,830
5. Intangible assets
Company Group
Customer relationships Customer relationships
Goodwill Total
£'000 £'000 £'000 £'000
Cost
At 1 June 2022 - 1,312 1,311 2,623
Additions 293 293 - 293
At 30 June 2023 293 1,605 1,311 2,916
Additions - - - -
At 30 June 2024 293 1,605 1,311 2,916
Accumulated amortisation or impairment
At 1 June 2022 - (656) (1,056) (1,712)
Charge in year (7) (138) (67) (205)
At 30 June 2023 (7) (794) (1,123) (1,917)
Charge in year (97) (228) (188) (416)
At 30 June 2024 (104) (1,022) (1,311) (2,333)
Net book value 583 - 583
At 30 June 2024 189
At 1 July 2023 286 811 188 999
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 2024 2023
£'000 £'000
Ionian Group Limited - 106
Vor Financial Strategy Limited - 82
Goodwill allocated to CGUs - 188
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
£3,000 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 2022 329
Additions -
Disposals -
At 1 July 2023 329
Additions -
Disposals -
At 30 June 2024 329
Accumulated amortisation
At 1 June 2022 (79)
Charge for the year (94)
On Disposals -
At 1 July 2023 (173)
Charge for the year (93)
On Disposals -
At 30 June 2024 (266)
Net book value
At 30 June 2024 63
At 1 July 2023 156
The Company occupies office premises at 100 Wood Street on a lease to 21
February 2025. The Group has 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 2022 192
Additions -
At 1 July 2023 192
Additions -
At 30 June 2024 192
Accumulated amortisation
At 1 June 2022 (192)
Charge for the year -
At 1 July 2023 (192)
Charge for the year -
At 30 June 2024 (192)
Net book value
At 30 June 2024 -
At 1 July 2023 -
8. Property, plant and equipment
Office furniture and equipment
Computer equipment
Total
Group and Company £'000 £'000 £'000
Cost
At 1 June 2022 5 106 111
Additions 2 6 8
Disposals - - -
At 1 July 2023 7 112 119
Additions - 1 1
Disposals - - -
At 30 June 2024 7 113 120
Accumulated depreciation
At 1 June 2022 (2) (88) (90)
Charge for the year (2) (12) (14)
Disposals - - -
At 1 July 2023 (4) (100) (104)
Charge for the year (1) (10) (11)
Disposals - - -
At 30 June 2024 (5) (110) (115)
Net book value
At 30 June 2024 2 3 5
At 30 June 2023 3 12 15
9. Investments held at Fair Value Through Other Comprehensive Income
2024 2023
Group and Company £'000 £'000
Opening valuation 4,300 4,621
Opening fair value gains on investments held (3,823) (4,144)
Opening cost for the current year 477 477
Additions 113 -
Cost at 30 June 2024 590 477
Gains on investments 4,829 3,823
Closing fair value of investments held 5,419 4,300
being:
Listed - -
Unlisted 5,419 4,300
FVTOCI investments carried at fair value 5,419 4,300
Gains / (losses) on investments in year 2024 2023
Group and Company £'000 £'000
Decrease / (increase) in fair value 1,006 (321)
Gain / (loss) on investments 1,006 (321)
The investments included above are represented by holdings of equity
securities. These shares are not held for trading.
10. Trade and other receivables
2024 2024 2023 2023
Group Company Group Company
Group and Company £'000 £'000 £'000 £'000
Counterparty receivables 211 211 285 285
Trade receivables 1,465 1,465 747 747
1,676 1,676 1,032 1,032
Amount owed by group undertakings - (157) - 173
Other debtors 19 19 313 307
Prepayments and accrued income 1,002 1,002 1,075 712
Withholding tax recoverable 245 245 171 171
2,942 2,785 2,591 2,395
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 (2023: £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 £208,000 (2023: £230,000) which are past due but not
considered impaired.
Ageing of counterparty receivables:
2024 2023
£'000 £'000
0 - 15 days 142 148
16 - 30 days 60 1
31 - 60 days 6 6
Over 60 days - 75
208 230
11. Trade and other payables
2024 2024 2023 2023
Group Company Group Company
£'000 £'000 £'000 £'000
Counterparty payables 1,667 1,667 963 963
Trade payables 11 11 17 16
1,678 1,678 980 979
Other sundry creditors and accruals 1,211 1,157 1,156 1,054
2,889 2,835 2,136 2,033
12. Lease liabilities
2024 2024 2023 2023
Group Company Group Company
£'000 £'000 £'000 £'000
Current 72 72 106 106
Non-current - - 65 65
72 72 171 171
Maturity analysis:
Not later than one year 72 72 106 106
Later than one year and not later than 5 years - - 65 65
72 72 171 171
The cash flow impact is summarised as:
2024 2024 2023 2023
Group Company Group Company
£'000 £'000 £'000 £'000
Lease liabilities at beginning of year 171 171 261 261
New lease entered into in year - - - -
Repayment of lease liabilities(†) (99) (99) (90) (90)
Lease liabilities at end of year 72 72 171 171
(†)The lease liability is retired over time by the contrasting interest
expense and lease payments.
13. Deferred taxation
Unrealised
Capital allowances Investment Gains Tax Deferred tax liability
Losses
Group and Company £'000 £'000 £'000 £'000
At 1 July 2023 (1) 937 (121) 815
Charge for the year - 252 121 373
At 30 June 2024 (1) 1,189 - 1,188
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.
14. Called up share capital
2024 2023
No. of shares £'000 No. of shares £'000
Allotted and fully paid:
Ordinary shares of 25p
Opening balance 11, 829,859 2,957 11, 829,859 2,957
Shares issued - - - -
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 (2023: 9,490 ordinary shares of 25p each) held for the
benefit of employees.
At 30 June 2024 there were 125,000 (2023: 125,000) outstanding options to
subscribe for ordinary shares at a weighted average exercise price of 70p
(2023: 70p) and a weighted average remaining contractual life of 6 months.
(2023: 1 year, 6 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 2024 the Group had outstanding commitments for future minimum lease
payments under non-cancellable operating leases which fall due as follows:
2024 2023
Land and buildings Other Land and buildings Other
£'000 £'000 £'000 £'000
In the next year 74 - 112 -
In the second to fifth years inclusive - - 74 -
Total commitment 74 - 186 -
In September 2021 the Company entered into a lease over our premises at Wood
Street for a period of some 3 years to 21 February 2025.
16. Clients' money
At 30 June 2024 amounts held by the Company on behalf of clients in accordance
with the Client Money Rules of the Financial Conduct Authority amounted to
£42,002,035 (2023: £52,686,945). 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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