REG - Keras Resources PLC - Interim Results
20/12/2021 07:00
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RNS Number : 1207W Keras Resources PLC 20 December 2021
20 December 2021
Keras Resources plc ('Keras' or the 'Company')
Interim Results
Keras Resources plc (AIM: KRS) today announces its interim results for the six
months ended 30 September 2021.
Highlights
Utah - Diamond Creek Phosphate Mine ("Diamond Creek") - one of the highest
grade organic phosphate mines in the US, a fully integrated mine to market
asset
· Diamond Creek milling plant successfully commissioned in June
2021 producing a range of premium organic phosphate products
· Post commissioning, commercial production commenced at the end of
June 2021
· The 2021 mining season was conducted smoothly throughout July to
October - stockpiles of 3,000 tons of product are available for on demand
sales and a further 5,200 tons of run-of-mine (ROM) ore is available for
further processing
· Operations at Diamond Creek are currently on hold as announced on
5 November 2021 but marketing of inventory from that facility continues and
sales orders are being shipped to customers
· An 800 tonne (16% of annual target) of #10 mesh rock phosphate
order, toll processed by a third party is currently being delivered to a key
customer
· Management recently visited the US and discussions to resolve the
funding gap are ongoing.
Togo - Nayéga Manganese Project, production ready on receipt of the
exploitation permit
· Mr Blaise Gozan appointed as Country Manager in May 2021 to
bolster Keras's in-country presence
· Ongoing engagement with the Togolese authorities
Corporate
· Mr Graham Stacey, Keras' Chief Operating Officer appointed to the
Board as Executive Director
· Keras Directors purchased further shares in the company post
period, increasing management's combined holdings to 23.3%
· Market fundamentals remain strong
Russell Lamming, Keras Resources CEO commented, "We have had our challenges
over the past few months as detailed in recent updates but we remain fully
committed to Keras and the business going forward. As recently announced, we
as a Board of Directors have invested further in the Company so are very much
aligned with our shareholder base and are focused on unlocking and realising
the value that we see within our assets.
"It has been a challenge that, despite meeting all of our funding obligations,
we have thus far not been able to amicably resolve our partner's funding
shortfall and that operations at the Spanish Fork processing facility have had
to be put on hold as a result. However, we are working diligently to resolve
this issue, marketing efforts are ongoing and the Diamond Creek high grade
material is still being sold into the North American organic phosphate
market. In Togo, we continue to pursue our discussions with the Government,
and we will provide further updates on the progress of the Exploitation
Permit approval process when we have those details."
The information contained within this Announcement is deemed by the Company to
constitute inside information as stipulated under Article 7 of the Market
Abuse Regulation (EU) No. 596/2014 (as amended) as it forms part of the
domestic law of the United Kingdom by virtue of the European Union
(Withdrawal) Act 2018 (as amended). Upon the publication of this Announcement
via the Regulatory Information Service, this inside information is now
considered to be in the public domain.
For further information please visit www.kerasplc.com
(http://www.kerasplc.com) , follow us on Twitter @kerasplc or contact the
following:
Russell Lamming Keras Resources plc annabel (mailto:annabel@kerasplc.com) @kerasplc.com
(mailto:annabel@kerasplc.com)
Annabel Redford
Nominated Adviser & Joint Broker SP Angel Corporate Finance LLP +44 (0) 20 3470 0470
Ewan Leggat / Charlie Bouverat
Joint Broker Shard Capital Partners LLP +44 (0) 207 186 9900
Damon Heath / Erik Woolgar
CHAIRMAN'S REVIEW
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021
I am pleased to report on our activities over the past six months. As
previously announced, the financial period for Keras has been extended to 15
months and will end on 31 December 2021, enabling the accounts of Keras and
all its subsidiaries to terminate on the same date.
Diamond Creek Phosphate Mine (Diamond Creek) - Utah, US
Despite the headwinds we have faced since our last Interims report, the
Diamond Creek project, subject to a funding resolution, is well placed to
deliver into the robust North American fertiliser market. The mining season,
conducted from the end of July through to October, went according to plan and
there are now sufficient stockpiles of quality material available to market
through to the end of this year's campaign and through the first half of next
year. Whilst processing at Spanish Fork is on hold, we are continuing to
market the 3,000 tons of product in inventory and are selling on demand, and
we also have an additional 5,200 tons of run-of mine ore ready to be
processed.
Building the mine, constructing and commissioning the milling plant and
completing the second annual mining campaign within a year of investing in the
project was a key achievement for the Company. As we have previously noted, a
further core component of our organic fertilizer business is the construction
of the granulating plant which will offer additional value to our product mix.
This was expected to be commissioned in the last quarter of 2021, although
this is now on hold until the funding gap is resolved. Once the funds flow
again though, this will be implemented in short order as all the plant
components are on site.
Discussions on a funding solution by our partner are underway as we look to
find a way to move forward as quickly as possible for the benefit of all
stakeholders. As a part of this process, we are looking at possible
restructuring options to enable us to steer our 51% owned subsidiary company,
Falcon Isle, the owner of Diamond Creek, in a direction we believe will
increase sales and associated revenues. We will keep shareholders updated on
our progress in resolving this issue and look forward to reporting positive
progress in the near future.
Nayéga Manganese Project - Togo
Management has also continued to engage with the Togolese Authorities on the
final permitting for the Nayéga manganese project in Togo. Blaise Gozan, our
Country Manager, is continuing to progress direct communications and
discussions with Government on our behalf. As reported previously, securing
the final permit continues to take time, but we remain confident in the
process and will provide updates as soon as we have additional information to
share.
Sustainability
We are aware of our responsibility as an employer and a mining company, and we
are committed to upholding best practice across our business. We care about
all our stakeholders and are focused on looking to create value and benefits
for all whilst seeking to manage and mitigate the potential impacts that our
operations may have. Our assets are diverse in commodity and location but have
important similarities - mining essential resources that can contribute to a
more sustainable future, running simple operations with minimal processing
requirements and looking to maintain a low carbon footprint. We are focused on
meeting our commitments across the ESG space and will continue to be proactive
in this area as we look to develop and sustain a positive legacy.
Financial Review
The results for the 6 months ended 30 September 2021 show a loss of £345,000,
a substantial reduction from the 6 months ended 31 March 2021 (loss:
£560,000) and from the year ended 30 September 2020 (loss: £1,252,000). The
reduction is primarily due to improved performance at Falcon Isle. This bodes
well for future periods when Falcon Isle is able to operate at full capacity.
As noted above, the current financial period for Keras has been extended to 15
months and will end on 31 December 2021, enabling the accounts of all
subsidiaries to terminate on the same date.
We were very pleased to appoint Graham Stacey, our Chief Operating Officer, as
Executive Director in November, his in-depth knowledge of our assets and
technical expertise being invaluable to our business. He has also shown his
alignment with the Company in taking shares in lieu of past fees and we are
delighted to have him as a core member of our team.
Looking Forward
We remain fully committed to our business and our projects in both Utah and
Togo. The fundamentals of the phosphate and fertilizer markets in the US and
globally continue to be strong from both a supply and demand perspective. The
Diamond Creek mine produces high quality organic rock phosphate that can be
simply mined, crushed and applied to enhance yields and enrich the soil in an
environmentally friendly way. Awareness of the sustainable practices adopted
in organic farming also continues to grow which is driving growth in this
market and further underpins the inherent value of our asset.
The manganese market also remains strong looking forward, for steel alloys but
also importantly from the battery metals sector, a smaller but vital segment,
and we continue to look to capitalise on these dynamics from the Nayega
project in the future.
Finally, I would like to welcome Graham Stacey to the Board, to take this
opportunity to thank the rest of the Board and management for their ongoing
hard work and shareholders for their continuing support.
Brian Moritz
Chairman
17 December 2021
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021
Six months ended Six months ended
Year ended
30-Sep-21 31-Mar-21 30-Sep-20
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Continuing operations
Revenue 311 31 -
Cost of production (229) (74) -
Gross profit/(loss) 82 (43) -
Administrative and exploration expenses (426) (446) (1,235)
Loss from operating activities (344) (489) (1,235)
Finance income - - -
Finance costs (1) - (3)
Net finance costs (1) - (3)
Share of net loss of associate accounted for using the equity method
- (71) (4)
Loss before taxation (345) (560) (1,242)
Taxation - - -
Loss for the period (345) (560) (1,242)
Other comprehensive income - items that may be subsequently reclassified to
profit or loss
Exchange translation on foreign operations 108 (47) (15)
Change in fair value of available for sale financial assets - - -
Items that will not be reclassified to profit or loss
Change in fair value of equity investments at fair value through other
comprehensive income
- - -
Total comprehensive (loss) for the period (237) (607) (1,257)
(Loss)/profit attributable to:
Owners of the Company (382) (497) (1,181)
Non-controlling interests 37 (63) (61)
(Loss)/profit for the period (345) (560) (1,242)
Total comprehensive income/(loss) attributable to:
Owners of the Company (268) (556) (1,194)
Non-controlling interests 31 (51) (63)
Total comprehensive loss for the period (237) (607) (1,257)
Earnings per share - continuing operations
Basic and diluted (loss)/earnings per share (pence) (0.006) (0.017) (0.040)
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2021
30-Sep-21 31-Mar-21 30-Sep-20
(unaudited) (unaudited) (audited)
Notes £'000 £'000 £'000
Assets
Non-current assets
Intangible assets 7 4,282 3,637 1,069
Property, plant and equipment 8 691 493 263
Investments accounted for using the equity method 9 - - 1,622
4,973 4,130 2,954
Current assets
Inventory 10 245 135 -
Other investments 11 - - -
Trade and other receivables 12 243 391 83
Cash and cash equivalents 299 886 438
787 1,412 521
Total assets 5,760 5,542 3,475
Equity
Equity attributable to owners of the Company
Share capital 13 629 629 487
Share premium 13 4,027 4,027 2,637
Other reserves 95 68 16
Retained deficit (878) (590) 8
3,873 4,134 3,148
Non-controlling interests 965 934 (140)
Total equity 4,838 5,068 3,008
Liabilities
Current liabilities
Trade and other payables 14 922 474 467
922 474 467
Total liabilities 922 474 467
Total equity and liabilities 5,760 5,542 3,475
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2020
Total attributable to owners of the Company
Share option/
warrant reserve Financial assets at FVOCI Retained earnings/ (deficit) Non-controlling interests
Share capital £'000 Share premium £'000 Exchange reserve £'000 £'000 £'000 Total
£'000 £'000 Total equity
£'000 £'000
Balance at 1 October 2019 (audited) 7,266 10,938 - (33) 3,459 (10,310) 11,320 (76) 11,244
Loss for the period - - - - - (753) (753) (56) (809)
Other comprehensive income - - - 3 - (6) (3) - (3)
Total comprehensive income - - 3 - (759) (756) (56) (812)
Capital reduction (7,023) (10,938) - - (3,459) 11,497 (9,923) - (9,923)
Issue of ordinary shares 36 429 - - - - 465 - 465
Issue costs - (10) - - - - (10) - (10)
Share based payment transactions - - 30 - - - 30 - 30
(6,987) (10,519) 30 - (3,459) 11,497 (9,438) - (9,438)
Balance at 31 March 2020 (unaudited) 279 419 30 (30) - 428 1,126 (132) 994
Loss for the period - - - - - (428) (428) (5) (433)
Other comprehensive income - - - (19) - 10 (9) (3) (12)
Total comprehensive income - - - (19) - (418) (437) (8) (445)
Issue of ordinary shares 208 2,289 - - - - 2,497 - 2,497
Share based payment transactions - - 33 - - - 33 - 33
Issue costs - (71) - - - - (71) (71)
Transfer - - - 2 - (2) - - -
208 2,218 33 2 - (2) 2,459 - 2,459
Balance at 30 September 2020 (audited) 487 2,637 63 (47) - 8 3,148 (140) 3,008
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE SIX MONTHS ENDED 31 MARCH 2021
Total attributable to owners of the Company
Share option/
warrant reserve Financial assets at FVOCI Non-controlling interests
Share capital Share premium £'000 Exchange reserve £'000 Retained £'000 Total
£'000 £'000 £'000 earnings Total equity
£'000 £'000 £'000
Balance at 1 October 2020 (unaudited) 487 2,637 63 (47) - 8 3,148 (140) 3,008
Loss for the period - - - - - (497) (497) (63) (560)
Other comprehensive income - - - 42 - (101) (59) 12 (47)
Total comprehensive income for the period - - - 42 - (598) (556) (51) (607)
Issue of ordinary shares 142 1,463 - - - - 1,605 - 1,605
Issue costs - (73) - - - - (73) - (73)
Non-controlling interest on acquisition of subsidiary
- - - - - - - 1,125 1,125
Share based payment transactions - - 10 - - - 10 10
142 1,390 10 - - - 1,542 1,125 2,667
Balance at 31 March 2021 (unaudited) 629 4,027 73 (5) - (590) 4,134 934 5,068
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021
Total attributable to owners of the Company
Share option/
warrant reserve Financial assets at FVOCI Non-
Share capital Share premium £'000 Exchange reserve £'000 Retained earnings controlling interests Total
£'000 £'000 £'000 £'000 Total £'000 equity
£'000 £'000
Balance at 1 April 2021 (unaudited) 629 4,027 73 (5) - (590) 4,134 934 5,068
Loss for the period - - - - - (382) (382) 37 (345)
Total other comprehensive income - - - 20 - 94 114 (6) 108
Total comprehensive loss for the period - - - 20 - (288) (268) 31 (237)
Issue of ordinary shares - - - - - - - - -
Issue costs - - - - - - - - -
Non-controlling interest on acquisition of subsidiary
- - - - - - - - -
Share based payment transactions - - 7 - - - 7 - 7
- - 7 - - - 7 - 7
Balance at 30 September 2021 629 4,027 80 15 - (878) 3,873 965 4,838
(unaudited)
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED 30
SEPTEMBER 2021
Six months ended Six months ended
Year ended
30-Sep-21 31-Mar-21 30-Sep-20
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Cash flows from operating activities
Loss from operating activities (345) (560) (1,242)
Adjustments for:
Depreciation and amortisation 17 18 76
Share of loss of equity accounted associate - 71 4
Loss on disposal of property, plant and equipment - - -
Foreign exchange differences 124 117 (39)
Compensation on cancellation of SARS scheme - - 120
Equity-settled share-based payment transactions 7 10 63
(197) (344) (1,018)
Changes in:
- inventories (110) 7 -
- trade and other receivables 148 (186) 2
- trade and other payables 448 45 278
Cash used in operating activities 289 (478) (738)
Finance costs - - -
Net cash used in operating activities 289 (478) (738)
Cash flows from investing activities
Acquisition of property, plant and equipment (209) (93) -
Proceeds from sale of property, plant and equipment - - -
Exploration and licence expenditure (667) (161) (1)
Investment in associate to date of control - (455) (938)
Net cash used in investing activities (876) (709) (939)
Cash flows from financing activities
Net proceeds from issue of share capital - 1,477 1,931
Proceeds from short term borrowings - - -
Net cash flows from financing activities - 1,477 1,931
Net (decrease)/increase in cash and cash equivalents (587) 290 254
Cash and cash equivalents at beginning of period 886 438 184
Cash acquired with subsidiary - 158 -
Effect of foreign exchange rate changes - - -
Cash and cash equivalents at end of period 299 886 438
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL
STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021
1. Reporting entity
Keras Resources plc (the "Company") is a company domiciled in England and
Wales. The condensed consolidated interim financial statements of the Company
as at and for the six months ended 30 September 2021 comprise the Company and
its subsidiaries (together referred to as the "Group") and the Group's
interests in associates and jointly controlled entities. The Group currently
operates as an explorer and developer.
2. Basis of preparation
(a) Statement of compliance
This condensed consolidated interim financial report has been prepared in
accordance with IAS 34 Interim Financial Reporting. Selected explanatory notes
are included to explain events and transactions that are significant to an
understanding of the changes in financial performance and position of the
Group since the last annual consolidated financial statements as at and for
the year ended 30 September 2020. This condensed consolidated interim
financial report does not include all the information required for full annual
financial statements prepared in accordance with International Financial
Reporting Standards.
This condensed consolidated interim financial report was approved by the Board
of Directors on 17 December 2021.
Change of financial year end
In April 2021 the Company announced that it was changing its accounting
reference date and financial year end from 30 September to 31 December with
immediate effect. This unaudited financial report therefore covers a second
interim period from 1 April 2021 to 30 September 2021 as a part of the
15-month financial year ending 31 December 2021.
(b) Judgements and estimates
Preparing the interim financial report requires Management to make judgements,
estimates and assumptions that affect the application of accounting policies
and the reported amounts of assets and liabilities, income and expense.
Actual results may differ from these estimates.
In preparing this condensed consolidated interim financial report, significant
judgements made by Management in applying the Group's accounting policies and
key sources of estimation uncertainty were the same as those that applied to
the consolidated financial statements as at and for the year ended 30
September 2020.
3. Significant accounting policies
The accounting policies applied by the Group in this condensed consolidated
interim financial report are the same as those applied by the Group in its
consolidated financial statements as at and for the year ended 30 September
2020.
4. Financial instruments
Financial risk management
The Group's financial risk management objectives and policies are consistent
with those disclosed in the consolidated financial statements as at and for
the year ended 30 September 2020.
5. Segment information
The Group considers that it operates in two distinct business areas, manganese
mining in West Africa and phosphate mining in Utah, USA. These business areas
form the basis of the Group's operating segments. For each segment, the
Group's Managing Director (the chief operating decision maker) reviews
internal management reports on at least a quarterly basis.
Other operations relate to the group's administrative functions conducted at
its head office and by its intermediate holding company together with
consolidation adjustments.
Information regarding the results of each reportable segment is included
below. Performance is measured based on segment profit before tax, as included
in the internal management reports that are reviewed by the Group's Managing
Director. Segment results are used to measure performance as Management
believes such information is the most relevant in evaluating the performance
of certain segments relative to other entities that operate within the
exploration industry.
For the six months ended 30 September 2021 (unaudited)
Other operations£'000
Manganese Phosphate Total
£'000 £'000
External revenue - 311 - 311
(Loss)/profit before tax (52) 20 (313) (345)
Segment assets 1,076 4,036 648 5,760
For the six months ended 31 March 2021 (unaudited)
Other operations
Manganese Phosphate £'000 Total
£'000 £'000 £'000
External revenue - 31 - 31
(Loss)/profit before tax (60) (110) (390) (560)
Segment assets 1,082 2,958 1,502 5,542
For the twelve months ended 30 September 2020 (audited)
Other operations
Manganese Phosphate £'000 Total
£'000 £'000 £'000
External revenue - - - -
(Loss)/profit before tax (405) (4) (833) (1,242)
Segment assets 1,011 1,622 842 3,475
Information about geographical segments:
For the six months ended 30 September 2021 (unaudited)
West US Other operations£'000 Total
Africa
£'000 £'000 £'000
External revenue - 311 - 311
(Loss)/profit before tax (52) 20 (313) (345)
Segment assets 1,076 4,036 648 5,760
For the six months ended 31 March 2021 (unaudited)
West US Other Total
Africa operations
£'000 £'000 £'000 £'000
External revenue - 31 - 31
(Loss)/profit before tax (60) (110) (390) (560)
Segment assets 1,082 2,958 1,502 5,542
For the twelve months ended 30 September 2020 (audited)
West US Other operations Total
Africa £'000
£'000 £'000 £'000
External revenue - - - -
(Loss)/profit before tax (405) (4) (833) (1,242)
Segment assets 1,011 1,622 842 3,475
6. Seasonality of operations
The phosphate business is subject to seasonal factors affecting both mining
and sales. Mining can only take place in summer, as the mine site is subject
to substantial snow cover in winter. The main season for sales of phosphate
fertilizer coincide with the planting season. The production plant is not
subject to seasonal variation.
7. Intangible assets
6 months 6 months 12 months
30 Sep 21 31 Mar 21 (unaudited) 30 Sep 20
(unaudited) £'000 (audited)
£'000 £'000
Cost
Balance at beginning of period 3,637 1,227 1,206
Additions 607 2,629 1
Disposals - (158) -
Effect of movement in exchange rates 38 (61) 20
Balance at end of period 4,282 3,637 1,227
Impairment losses
Balance at beginning of period - 158 155
Impairment - - -
Amortisation - - -
Disposals - (158) -
Effect of movement in exchange rates - - 3
Balance at end of period - - 158
Carrying amounts
Balance at end of period 4,282 3,637 1,069
Balance at beginning of period 3,637 1,069 1,051
Intangible assets comprise the fair value of prospecting and exploration
rights.
8. Property, plant and equipment
Acquisitions and disposals
During the six months ended 30 September 2021 the Group acquired assets with a
cost of £209,000 (six months ended 31 March 2021: £263,000, twelve months
ended 30 September 2020: £nil).
Assets with a carrying amount of £nil were disposed of during the six months
ended 30 September 2021 (six months ended 31 March 2021: £nil; twelve months
ended 30 September 2020: £nil), resulting in a loss on disposal of £nil (six
months ended 31 March 2021: £nil; twelve months ended 30 September 2020:
£nil), which is included in 'administrative expenses' in the condensed
consolidated statement of comprehensive income.
9. Investments
The interest in Falcon Isle was acquired for nominal consideration under a
binding heads of terms dated 28 July 2020. Under this agreement the Company
agreed to provide US$2.5m in loans to Falcon Isle payable in agreed
tranches. Falcon Isle is the 100% owner of the Diamond Creek phosphate mine
located in in Utah (USA) which is a fully permitted, high grade direct
shipping ore organic phosphate operating mine.
At 30 September 2020 the Company had advanced US$ 1.9m to Falcon Isle,
resulting in an equity interest of 40% and bringing the cost of the investment
in the associate to £1,626,000.
On 31 December 2020 the Company advanced the balance of $0.6m and its equity
interest has increased to 51%.
Since 31 December 2020 the Company has advanced a further $0.7m to Falcon
Isle.
The initial acquisitions were accounted for under the equity method of
accounting but upon achieving control on 31 December 2020, the acquisition
method of accounting has been applied.
The details of the business combination are as follows:
Fair value
£'000
Intangibles 2,170
Fixed assets 172
Inventory 142
Receivables 122
Bank balances and cash 158
Trade and other payables (17)
Loans (3,164)
(417)
Adjust: Non-controlling interest 204
Adjust: goodwill 298
Adjust: Equity accounted losses to date of control 76
161
£'000
Satisfied by:
Acquisition related costs 161
161
10. Inventories
30-Sep-21 (unaudited) 31-Mar-21 30-Sep-20
(unaudited) (audited)
£'000 £'000 £'000
Phosphate ore and processed material 245 135 -
245 135 -
11. Other investments
30 Sep-21 31-Mar-21 30-Sep-20
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Equity securities - available for sale
Brought forward - - 9,923
Disposal via demerger - - (9,923)
- - -
Equity securities represented ordinary and performance shares in Calidus
Resources Limited ("Calidus"), a company listed on the Australian Securities
Exchange ("ASX").
These equity securities were demerged on 19 November 2019 by way of a capital
reduction scheme.
12. Trade and other receivables
30 Sep-21 31-Mar-21 30-Sep-20
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Other receivables 226 352 71
Prepayments 17 39 12
243 391 83
Trade receivables and other receivables are stated at their nominal values
less allowances for non-recoverability.
13. Share capital and reserves
Issue of ordinary shares
No shares were issued in the six months ended 30 September 2021.
Dividends
No dividends were declared or paid in the six months ended 30 September 2021
(six months ended 31 March 2021: £nil, twelve months ended 30 September 2020:
£nil).
14. Trade and other payables
30-Sep-21 31-Mar-21 30-Sep-20
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Trade payables 567 146 104
Accruals 249 230 228
Other payables 106 98 135
922 474 467
There is no material difference between the fair value of trade and other
payables and their book value.
15. Related parties
The total amount due to D Reeves at the period end was £55,000 in respect of
unpaid remuneration (six months ended 31 March 2021: £43,000, twelve months
ended 30 September 2020: £31,000).
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