REG - Scholium Group PLC - Interim Report Six Months Ended 30 Sept 2022
30/11/2022 07:00
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RNS Number : 9828H Scholium Group PLC 30 November 2022
Scholium Group plc
Interim Report & Financial Statements
Six Months ended 30 September 2022
This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.
The directors of Scholium Group plc ("Scholium", the "Company" or, together
with its subsidiaries, the "Group") present their report and financial
statements for the Group for the six months ended 30 September 2022.
Operating highlights
· Revenues at £4,454k up by 16% compared with prior corresponding
period
· Gross profit of £1,731k up by 36% compared with last year and at an
increasingly better margin of 39% (2021: 33%)
· Pre-tax profit up by 33% to £179k due to improved trading and a
sustained recovery from Covid-19 (2021: profit of £135k)
· Earnings per share increased 33% to 1.32p per share (2021: 0.99p per
share)
· NAV per share of 70.4p (2021: 68.8p)
· Cash (net of £213k (2021: £250k) Covid loan) is lower by £780k
from 31 March at £(515)k at 30 September 2022 due to the unwinding of client
cash balances in H1
Financial Summary
Six months ended September 2022 2021 Change
(£000 unless otherwise stated) Restated*
Revenue 4,454 3,832 16%
Gross Profit 1,731 1,274 36%
Gross Margin 39% 33%
Pre-Tax Profit 179 135 33%
Inventories 9,482 8,895 7%
Net Cash (515) 1,000
Net Assets 9,578 9,357 2%
NAV/Share (pence) 70.4 68.8
David Harland, Chair of Scholium, noted:
"We are pleased with the continuing steady progress made by the Group in
recording its third consecutive profitable half-year period. The closure of
the Mayfair Philatelics business has proceeded smoothly with minimal impact
and we are delighted to see a fuller calendar of trade fairs both in the UK
and abroad. On-going geopolitical events present a difficult environment in
which to plan but we remain cautiously positive about the coming six month
period."
The person responsible for arranging the release of this announcement on
behalf of the Company is Philip Tansey, Chief Financial Officer of the
Company.
For further information, please contact:
Scholium Group plc +44 (0)20 7493 0876
David Harland, Chairman
Philip Tansey, Chief Financial Officer
WH Ireland Ltd - Nominated Adviser +44 (020) 7220 1666
Chris Fielding
Megan Liddell
* The 2021 figures have been restated by eliminating the impact of the
discontinued operation, Mayfair Philatelics.
Business Review
Scholium is engaged in the business of rare books, modern prints, art and
collectibles. Its primary operating subsidiary is Shapero Rare Books, one
of the leading UK dealers trading internationally in rare and antiquarian
books and works on paper, which also trades as Shapero Modern, a leading UK
dealer in the growing marketplace of modern and contemporary prints.
Revenue streams
The Group earned revenue in the six months to 30 September 2022 from the sale
of rare books, prints and works on paper through Shapero Rare Books and
limited sales of remaining stocks in Mayfair Philatelics which the Board had
decided to close in the financial year ended 31 March 2022, due to the
challenging nature of the collectible stamps market.
Strategy and key performance indicators (KPIs)
The Group's strategy is to:
• provide stable asset-backed growth driven by the markets in
which the Group operates;
• build, either organically or by acquisition, a portfolio of
art and collectibles focused businesses to enable further diversification of
its revenue and profit streams; and,
• attract individuals or teams of specialists in markets
complementary to the Group's existing businesses.
The current principal KPIs are:
• sales, gross profit, gross margin and profit
before tax;
• the breadth and distribution of the stock of
rare books held by the Group;
• stock turnover;
• cash position;
• net assets per share; and,
• earnings per share.
Performance Review
Overall Performance
The Group made a profit before tax of £179k during the six months to 30
September 2022, a welcome 33% increase from the profit of £135k for the
corresponding period last year. Sales revenues and margins improved despite
on-going global events.
Turnover increased by 16% compared to the same period in the prior year.
This was due to significantly higher sales in Shapero Rare Books (SRB). SRB's
sales were 16% higher than last year at £4,429k (2021: £3,814k). Gross
Profit increased by 36% to £1,731k (2021: £1,274k) reflecting the higher
margins achieved in this period.
Group costs, including Distribution and Administrative expenses, increased by
39% to £1,518k (2021: £1,091k). Almost all of this increase was due to
trade fairs and exhibitions which in the prior corresponding period were only
starting following the lifting of Covid restrictions.
The results of the Mayfair Philatelics business are shown as Discontinued
operations in the financial statements as the decision was taken to close it
and significant charges taken in the year ended 31 March 2022. The decision to
close the business has led to a focus on selling the remaining stock and
collecting the outstanding debtors. This process, whilst involved, is
approaching its end and a further £15k of provisions was taken in the period
against the likely irrecoverable nature of some of the smaller and older
debts.
The Group result for the six months was a profit before tax of £179k (2021:
profit of £135k). There is no current or deferred tax charge (2021: £0k) as
the Group has utilised tax losses which are not recognised as a deferred tax
asset.
Inventories increased by £587k to £9,482k (2021: £8,895k). Group cash
balances continue to fluctuate on a monthly basis in line with stock purchases
and trade debtors and whether, as in the prior period, certain levels of
clients' cash were maintained with the Company pending sales; a significant
balance of clients' cash received immediately prior to the year-end date of 31
March 2022 and then released immediately afterwards being the prime driver.
Net overdrafts and cash loans of £(515)k at 30 September 2022 (2021: net cash
of £1,000k).
Summary Group Financials
Six months ended September (all figures £'000) 2022 2021 Change
Revenue 4,454 3,832 16%
Gross Profit 1,731 1,274 36%
Gross Margin 39% 33%
Distribution Expenses (368) (89) 313%
Administrative Expenses (1,150) (1,002) 15%
Pre-Tax Profit 179 135 33%
Inventories 9,482 8,895 7%
Net cash (515) 1,000
Net Assets 9,578 9,357 2%
NAV/Share (pence) 70.4 68.8 2%
Alternative accounting presentation
The Board is focused on demonstrating shareholder return and part of that
desire is the analysis of the core performance of the Group's trading business
without costs that are related to the non-trading elements such as public
company status and other non-directly related or one-off costs not typically
expected to be incurred in a 'normal' year.
Six months ended September (£'000) 2022 2021
Profit 179 135
Add back:
Central costs of the public group 157 158
Mayfair Philatelic losses 15 28
Depreciation & amortisation 171 114
Finance expenses 19 19
Operating EBITDA 541 454
Financial Position
The Group retains a strong balance sheet. Net assets of £9,578k (2021:
£9,357k) are supported by £9,482k of stock (2021: £8,895k) including an
overdraft balance in net cash of £(515)k (2021: cash of £1,000k). Trade
and other payables have decreased substantially on account of significant
client cash balances held in advance of sales at the 31 March 2022. The Covid
loan drawn down in October 2020 of £250k has been reduced by repayment to the
current £213k (2021: £250k). There is 70.4p of net assets per share (2021:
68.8p).
Shapero Rare Books & Shapero Modern
Shapero Rare Books including Shapero Modern continues to be the driver of
sales growth and source of trading profits with Group resources balanced
between its stock of rare books and prints to maximise sales and profit
opportunities.
Shapero Rare Books operates from its first-floor bookshop at 106 New Bond
Street, its retail premises on the ground floor of 105 New Bond Street and a
separate gallery for modern prints nearby at 43 Maddox Street. The previously
separate leases for both premises in New Bond Street were combined into a
single lease during the period though for a period of less than 12 months and
consequently the Board is focused on securing suitable alternative premises in
the near future.
Trading in both Rare Books and Shapero Modern was at increased levels during
the first six months of the year compared to the prior year. Turnover
increased by 16% as compared to the prior-year period to £4,429k (2021:
£3,814k) due to the re-opening after the restrictions of Covid-19. The gross
margin of 39% (2021: 33%) reflected higher margins across both books and
prints. The profit achieved by this division for the first six months of the
financial year was £367k (2021: £319k).
Summary Performance, Shapero businesses
Six months ended September (all figures £'000) 2022 2021 Change
Revenue 4,429 3,814 16%
Gross Profit 1,731 1,268 37%
Gross Margin 39% 33%
Pre-Tax Profit 367 319
Scholium Trading
Scholium Trading was originally set up to trade alongside third-party dealers
in rare and collectible items, typically in paintings and works of art. The
Board had decided to wind down the business and sell the remaining few items
of stock.
Scholium Trading's activity for the first half to 30 September 2022 resulted
in sales of £25k (2021: £18k), with a gross profit of £0k (2021: £6k).
Mayfair Philatelics
The Board determined that the market for stamps was unable to generate the
success and profits seen in books and art and the decision was taken to close
the business in the year ended 31 March 2022. The results of the business have
been presented and treated as discontinued business within these report and
accounts and the impact of this is explained in note 6 to these accounts.
The first half resulted in sales of £28k (2021: £371k). Gross profit, which
was principally from the auction activities, amounted to £1k (2021: £169k).
Direct costs and overheads amounted to £79k (2021: £197k). The net loss from
on-going wind-down activities of £52k was offset against impairment
provisions taken in the prior financial period ending March 2022. A further
provision in regard to the impairment of stock and debtors of £15k was taken
in the current financial period resulting in a pre-tax loss due to
discontinued business of £15k (2021: £29k).
Costs
Distribution costs have increased significantly driven almost entirely by the
costs of trade fairs and exhibitions that had previously been impacted by
Covid-19 lockdowns. The central costs of the business include all board
directors and other Group level costs including the various costs associated
with membership of the AIM market. There were no (2021: £0k) recharges made
to the Group's subsidiaries for these central costs in the six months ended 30
September 2022. The central costs were therefore £157k (2021: £158k).
Summary Performance, Central costs
Six months ended September (all figures £'000) 2022 2021 Change
Total Costs (157) (158) -%
Outlook
The Group is now focused on its two profitable businesses, rare books and
modern prints having discontinued the distraction of stamps and Scholium
Trading and is looking to continue the profitable performance of the recent
eighteen months into the second half of the current financial year.
Looking forward, the Group is viewing its trading for the second half of the
year with cautious optimism.
Key Risks
Like all businesses, the Group faces risks and uncertainties that could impact
on the Group's strategy. The Board recognises that the nature and scope of
these risks can change and regularly reviews the risks faced by the Group and
the systems and processes to mitigate such risks.
The principal risks and uncertainties affecting the continuing business
activities of the Group were outlined in detail in the Strategic Report
section of the annual report covering the full year ended 31 March 2022.
In preparing this interim report for the six months ended 30 September 2022,
the Board has reviewed these risks and uncertainties and considers that there
have been no changes since the publication of the 2022 Annual Report.
Independent Review Report to Scholium Group plc
Conclusion
We have been engaged by the Company to review the condensed set of financial
statements in the half-yearly financial report for the six months ended 30
September 2022 which comprises the condensed consolidated statement of
comprehensive income, the consolidated statement of changes in equity, the
condensed consolidated statement of financial position, the consolidated
statement of cash flows and the related explanatory notes.
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half-yearly
financial report for the six months ended 30 September 2022 is not prepared,
in all material respects, in accordance with UK adopted International
Accounting Standard 34 and the AIM Rules.
Basis for Conclusion
We conducted our review in accordance with International Standard on Review
Engagements (UK) 2410, "Review of Interim Financial Information Performed by
the Independent Auditor of the Entity" issued for use in the United Kingdom. A
review of interim financial information consists of making enquiries,
primarily of persons responsible for financial and accounting matters, and
applying analytical and other review procedures. A review is substantially
less in scope than an audit conducted in accordance with International
Standards on Auditing (UK) and consequently does not enable us to obtain
assurance that we would become aware of all significant matters that might be
identified in an audit. Accordingly, we do not express an audit opinion.
As disclosed in note 2, the annual financial statements of the Group are
prepared in accordance with UK adopted IFRSs. The condensed set of financial
statements included in this half-yearly financial report has been prepared in
accordance with UK adopted International Accounting Standard 34, "Interim
Financial Reporting".
Conclusions Relating to Going Concern
Based on our review procedures, which are less extensive than those performed in an audit as
described in the Basis of Conclusion section of this report, nothing has come
to our attention to suggest that management have inappropriately adopted the
going concern basis of accounting or that management have identified material
uncertainties relating to going concern that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with
this ISRE, however future events or conditions may cause the entity to cease
to continue as a going concern.
Responsibilities of Directors
The directors are responsible for preparing the half-yearly financial report
in accordance with the AIM rules.
In preparing the half-yearly financial report, the directors are responsible
for assessing the company's ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to
liquidate the company or to cease operations, or have no realistic alternative
but to do so.
Auditor's Responsibilities for the Review of Financial Information
In reviewing the half-yearly report, we are responsible for expressing to the
Company a conclusion on the condensed set of financial statement in the
half-yearly financial report. Our conclusion, including our Conclusions
Relating to Going Concern, are based on procedures that are less extensive
than audit procedures, as described in the Basis for Conclusion paragraph of
this report.
Use of Our Report
This report is made solely to the Company in accordance with International
Standard on Review Engagements (UK and Ireland) 2410 "Review of Interim
Financial Information Performed by the Independent Auditor of the Entity"
issued by the Financial Reporting Council. Our work has been undertaken so
that we might state to the Company those matters we are required to state to
it in an independent review report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone
other than the Company, for our review work, for this report, or for the
conclusions we have formed.
Lee Baker FCA
For and on behalf of
Wenn Townsend Chartered Accountants
Oxford, United Kingdom
29 November 2022
Consolidated statement of total comprehensive income (unaudited)
Six-month Period Ended (Unaudited) Six-month Period Ended (Unaudited) Year Ended (Audited)
30 Sept 30 Sept 31 Mar
2022 2021 2022
Note £000 £000 £000
Revenue 3 4,454 3,832 8,129
Cost of Sales (2,723) (2,558) (5,058)
Gross profit 1,731 1,274 3,071
Distribution costs (368) (89) (340)
Administrative expenses (1,150) (1,002) (2,262)
Total costs and expenses (1,518) (1,091) (2,602)
Profit from operations 213 183 469
Financial income - - -
Financial expense 4 (19) (19) (33)
Other income 58
Profit before taxation 194 164 494
Income tax (expense) 5 - - -
Profit for the period from continuing operations 194 164 494
Loss from discontinued operations 6 (15) (29) (317)
Profit for the period and total comprehensive income attributable to equity 179 135 177
holders of the parent company
Earnings per share in share:
From continued operations - pence 7 1.43 1.21 3.63
From discontinued operations (0.11) (0.22) (2.33)
Total earnings per share 1.32 0.99 1.30
Consolidated statement of financial position
30 Sept 30 Sept 31 Mar
2022 2021 2022
Note £000 £000 £000
Unaudited Unaudited Audited
Assets
Non-current assets
Property, plant and equipment 980 1,080 970
Intangible assets 4 6 4
984 1,086 974
Current assets
Inventories 9,482 8,895 9,584
Trade and other receivables 8 2,677 2,589 2,219
Cash and cash equivalents (302) 1,250 705
11,857 12,734 12,508
Total assets 12,841 13,820 13,482
Current liabilities
Trade and other payables 9 2,053 3,163 2,868
Bank loans and borrowings 10 44 63 47
Right-of-use asset lease liabilities 11 322 166 193
Total current liabilities 2,419 3,392 3,108
10 169 187 188
Liabilities due over one year
Bank loans and borrowings
Right-of-use asset lease liabilities 11 675 884 787
Total liabilities due over one year 844 1,071 975
Total liabilities 3,263 4,463 4,083
Net assets 9,578 9,357 9,399
Equity and liabilities
Equity attributable to owners of the parent
Ordinary shares 136 136 136
Share premium 9,516 9,516 9,516
Merger reserve 82 82 82
Retained earnings (156) (377) (335)
Total equity 9,578 9,357 9,399
Net Asset Value per Share 70.4p 68.8p 69.1p
These interim financial statements were approved by the Board of Directors on
29 November 2022 and signed on its behalf by Philip Tansey.
Statement of changes in equity
Share Share Merger Retained Total
Capital Premium reserve earnings equity
£000 £000 £000 £000 £000
136 9,516 82 (75) 9,659
Balance at 31 March 2020
- - - (158) (158)
Loss for the period from continued operations
Total comprehensive income for the period - - - (158) (158)
Balance at 30 September 2020 136 9,516 82 (233) 9,501
- - - (279) (279)
Loss for the period from continued operations
Total comprehensive income for the period - - - (279) (279)
Balance at 31 March 2021 136 9,516 82 (512) 9,222
- - - 164 164
Profit for the period from continued operations
Loss for the period from discontinued operations (29) (29)
Total comprehensive income for the period - - - 135 135
Balance at 30 September 2021 136 9,516 82 (377) 9,357
- - - 330 330
Profit for the period from continued operations
Loss for the period from discontinued operations (288) (288)
Total comprehensive income for the period - - - 42 42
Balance at 31 March 2022 136 9,516 82 (335) 9,399
- - - 194 194
Profit for the period from continued operations
Loss for the period from discontinued operations (15) (15)
Total comprehensive income for the period - - - 179 179
Balance at 30 September 2022 136 9,516 82 (156) 9,578
Consolidated statements of cashflows
30 Sept 30 Sept 31 Mar
2022 2021 2022
£000 £000 £000
Cash flows from operating activities
Profit before tax 179 135 177
Depreciation of property, plant and equipment 171 114 231
Amortisation of intangible assets - 2 4
Finance expense 19 19 33
369 270 445
Decrease / (increase) in inventories 102 130 (559)
(Increase) in trade and other receivables (458) (900) (530)
Increase/(decrease) in trade and other payables (815) 1,855 1,560
Net cash generated from operating activities (802) 1,355 916
Cash flows from investing activities
Purchase of property, plant and equipment (16) (19) (26)
Net purchase of right to use assets (54) - -
Net cash used in investing activities (70) (19) (26)
Cash flows from financing activities
Lease repayments for right-of-use assets (107) (82) (165)
Bank loan (22) - (15)
Interest paid (6) (6) (7)
Net cash (used)/generated from financing activities (135) (88) (187)
Net increase / (decrease) in cash and cash equivalents (1,007) 1,248 703
Cash and cash equivalents at the beginning of the period 705 2 2
Cash and cash equivalents at the end of the period (302) 1,250 705
Cash / (overdraft) (302) 1,250 705
Notes
1. General information
Scholium Group plc and subsidiaries (together 'the Group') are engaged in the
trading and retailing of rare and antiquarian book and, prints and works on
paper primarily in the United Kingdom. The Company is a public company
domiciled and incorporated in England and Wales (registered number 08833975).
The registered address is 106 New Bond Street, London W1S 1DN.
2. Basis of preparation
These condensed interim financial statements of the Group for the six months
ended 30 September 2022 (the 'Period') have been prepared using accounting
policies consistent with International Financial Reporting Standards (IFRSs)
including standards and interpretations issued by the International Accounting
Standards Board and in accordance with International Accounting Standards in
conformity with the requirements of the Companies Act 2006. The same
accounting policies, presentation and methods of computation are followed in
these condensed set of financial statements as applied in the Group's latest
audited financial statements for the year ended 31 March 2022. While the
financial figures included within this half-yearly report have been computed
in accordance with IFRS applicable to interim periods, this half-yearly report
does not contain sufficient information to constitute an interim financial
report as set out in International Accounting Standard 34 Interim Financial
Reporting. These condensed interim financial statements have not been audited,
do not include all of the information required for full annual financial
statements, and should be read in conjunction with the Group's consolidated
annual financial statements for the year ended 31 March 2022. The auditors'
opinion on these Statutory Accounts was unqualified, did not draw attention to
any matters by way of emphasis and did not contain a statement under s498 (2)
or s498 (3) of the Companies Act 2006.
3. Revenue
30 Sept 30 Sept 31 Mar
2022 2021 2022
Group Group Group
£000 £000 £000
Sales of stock 4,228 3,577 7,839
Commissions 163 237 279
Other income 63 18 11
4,454 3,832 8,129
* The 2021 figures have been restated by eliminating the impact of the
discontinued operation, Mayfair Philatelics.
4. Financial (expense)
30 Sept 30 Sept 31 Mar
2022 2021 2022
Group Group Group
£000 £000 £000
Interest payable (6) (6) (10)
Unwinding of discount on right-to-use liabilities (13) (13) (23)
Total financial (expense) (19) (19) (33)
5. Income Tax
30 Sept 30 Sept 31 Mar
2022 2021 2022
£000 £000 £000
Current and deferred tax expense
Current tax - - -
Deferred tax - - -
Total tax expense - - -
The charge for the year is reconciled to the
profit per the income statement as follows:
30 Sept 30 Sept 31 Mar
2022 2021 2022
£000 £000 £000
Profit before tax 179 135 177
Applied corporation tax rates: 19% 19% 19%
Tax at the UK corporation tax rate of 19%: 34 26 34
Utilisation of tax losses (34) (26) (34)
Current and deferred tax charge - - -
6. Discontinued Operations
The Board conducted a review of the Mayfair Philatelic business in the year
ended 31 March 2022 and determined that the business was not key to the future
of the Group and unlikely to become profitable on an ongoing basis. In
accordance with IFRS5 - Non-current assets held for sale and discontinued
operations, the results for Mayfair Philatelic are shown as Discontinued
operations in the income statement of both the current and the prior period;
its assets and liabilities have been recorded at the lower of the carrying
value and fair value less costs to sell in the financial statements for this
financial period. An analysis of the individual line items is shown below.
Financial performance and cash flow information
Results in £'000 30 Sept 30 Sept 31 Mar
2022 2021 2022
Revenue 28 371 680
Cost of sales (1) (202) 374
Gross Profit (27) (169) 306
Distribution expenses (12) (43) 74
Administration expenses (67) (155) 409
Offset against brought forward provision 52 - -
(Loss) before impairment charges - (29) (177)
Impairment charges against debtors and stock 15 140
(Loss) before tax (15) (29) (317)
Tax - - -
(Loss) from discontinued operations (15) (29) (317)
The net result of wind-down sales less costs and net losses incurred in the
six months ended 30 September 2022 have been off-set by releases from the
impairment provision charged to the accounts of the year ended 31 March 2022.
Assets and liabilities of discontinued business
The following assets and liabilities relating to Mayfair Philatelic are
included within the relevant line of the Group Consolidated statement of
financial position at the lower of the carrying value and fair value less
costs to sell at:
£'000 30 Sept 30 Sept 31 Mar
Assets 2022 2021 2022
Fixed assets 2 6 5
Intangible assets 4 6 4
Current assets - Stock 27 261 114
Current assets - debtors and prepayments 79 359 458
Total assets of Discontinued business 112 632 581
Liabilities
Trade creditors 2 43 236
Accruals 94 30 141
Total Liabilities of Discontinued business 96 73 377
7. Earnings/(Loss) per Share - pence
30 Sept 30 Sept 31 Mar
2022 2021 2022
Group Group Group
£000 £000 £000
Profit used in calculating basic and diluted earnings per share attributable
to the owners of the parent
Continuing 194 164 494
Discontinued (Note 6) (15) (29) (317)
Total 179 135 177
Number of shares
Weighted average number of shares for the purpose of basic and diluted 13.6 13.6 13.6
earnings per share
million million million
Basic earnings per share from continuing operations 1.43 1.21 3.63
Basic loss per share from discontinued operations (0.11) (0.22) (2.33)
Total basic and diluted earnings per share 1.32 0.99 1.30
Basic earnings per share amounts are calculated by dividing net profit /
(loss) for the year or period attributable to ordinary equity holders of the
parent by the weighted average number of ordinary shares outstanding during
the year.
The Company currently has no potentially issuable shares arising from share
options. As a consequence, the number of basic and fully diluted shares in
issue are equal. No new shares were issued during the period, and the Company
had 13.6 million shares in issue at the end of the period.
8. Trade and Other Receivables
30 Sept 30 Sept 31 Mar
2022 2021 2022
Group Group Group
£000 £000 £000
Trade debtors 2,262 2,268 1,700
Other debtors - 33 24
Prepayments and accrued income 415 288 495
2,677 2,589 2,219
9. Trade and Other Payables
30 Sept 30 Sept 31 Mar
2021 2021 2022
Group Group Group
£000 £000 £000
Trade creditors 1,158 2,244 1,946
Other taxes and social security (18) 30 30
Accruals and deferred income 890 864 768
Other creditors 23 25 124
2,053 3,163 2,868
10. Loans and Borrowings
30 Sept 30 Sept 31 Mar
2022 2021 2022
Group Group Group
£000 £000 £000
44 63 47
Bank loan due in less than one year
Bank loan due in more than one year 169 187 188
213 250 235
Total bank loan
11. Right-of-use asset lease liabilities
30 Sept 30 Sept 31 Mar
2022 2021 2022
Group Group Group
£000 £000 £000
Lease liabilities due in less than one year 322 166 193
Lease liabilities due in more than one year 675 884 787
These liabilities represent the future lease payments due under the Group's
leases of its Mayfair premises.
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. END IR BKCBPABDDDDBRecent news on Scholium
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AnnouncementREG - Scholium Group PLC - Results of Annual General Meeting
AnnouncementREG - Scholium Group PLC - Preliminary Results for the year 31 March 2023
AnnouncementREG - Scholium Group PLC - Grant of Share Options & PDMR dealing
Announcement