REG - Scholium Group PLC - Preliminary Results <Origin Href="QuoteRef">SCHOS.L</Origin> - Part 2
16/07/2015 13:46
- Part 2: For the preceding part double click ID:nRSB9298Ra
charging/(crediting): 31 March2015Group 31 March 2014Group
£000 £000
Depreciation of property, plant and equipment 44 38
Amortisation of intangible assets 8 8
Operating lease rentals 312 351
Foreign currency losses 8 13
Share-based payment expense - 338
Employee costs 791 1,015
Fees payable to the Company's auditor 30 39
In addition operating lease rentals of £65,000 were incurred within the
disposal group (note 20).
5 Employee costs including Directors 31 March 31 March
2015Group 2014Group
£000 £000
Wages and salaries 704 880
Social Security Costs 75 123
Pension costs 12 12
Other employee benefits - -
Share-based payments - 338
791 1,353
6 Directors' remuneration 31 March 31 March
2015Group and Company 2014Group and Company
£000 £000
Salaries and fees 310 220
Social Security Costs 26 -
Pension costs - -
336 220
Information regarding the highest paid Director which comprises salary and benefits is as follows: 125 100
7 Exceptional items of expenditure 31 March 31 March
2015Group 2014Group
£ £
Accelerated share-based for replacement option scheme on listing - 385
IPO expenses - 228
- 613
On 27 March 2014 the previous share option incentive scheme within the Group,
based upon ordinary shares within Shapero Rare Books Limited (formerly
Bookbank Limited was accelerated on listing and a new share-incentive scheme
put in place. The options related to the previous scheme are vested and
exercisable on the date of issue
On 28 March 2014 the Company was admitted to the AIM market and an associated
placing of shares was made. The total costs were £1,029,000 of which £801,000
were attributed to share premium.
8 Financial expense 31 March 31 March
2015Group 2014Group
£000 £000
Interest on shareholder loan notes and director loans 6 259
Amortised loan expenses - 31
6 290
9 Income tax 31 March 31 March
2015Group 2014Group
£000 £000
Current tax (credit)/expense
Current tax (7) 7
Deferred tax:
Origination and reversal of temporary differences (22) (258)
Total tax(credit (29) (251)
The reasons for the difference between the actual tax (credit)/charge for the
year and the standard rate of corporation tax in the United Kingdom applied to
(loss)/profit for the year as follows:
31 March 31 March
2015Group 2014Group
£000 £000
(Loss)/profit before tax (529) (348)
Applied corporation tax rates: 20% 20%
Tax at the UK corporation tax rate of 20% (106) (70)
Expenses not deductible for tax purposes 6 53
Utilisation of previously unrecognised tax losses - (39)
Origination and reversal of temporary differences 71 (195)
Total tax credit (29) (251)
10 Loss per share 31 March 31 March
2015Group 2014Group
£000 £000
Loss from continuing operations attributable to owners of the parent (476) (121)
Profit from discontinued operations 24 24
Total loss (500) (97)
Number of shares
Weighted average number of shares for the purpose of basic and diluted earnings per share and from both continuing and discontinued operations 13,498,165 265,813
Basic and diluted loss per share from continuing operations - pence (3.71) (45.50)
Earnings per share from discontinued operations - pence 0.18 9.00
Total basic and diluted earnings per share - pence (3.53) (36.50)
Basic earnings per share amounts are calculated by dividing net (loss)/profit
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.
Where the Group has incurred a loss in a year or period the diluted earnings
per share is the same as the basic earnings per share as the loss has an
anti-dilutive effect. The diluted loss per share for 2014 and 2015 is
therefore the same as the basic loss per share for these years and the diluted
weighted average number of shares is the same as the basic weighted average
number of shares.
Basic earnings per share calculated on the full number of shares in issue are
calculated by dividing net (loss)/profit for the year or period attributable
to ordinary equity holders of the parent by number of shares in issue at 31
March 2015, amounting to 13,600,000 shares (2014: 13,200,325 shares).
The Company has 704,000 potentially issuable shares all of which relate to the
potential dilution from the Group's share-options issued to the Directors and
certain employees.
11 Property, plant and equipment 31 March 31 March 31 March 31 March
2015Group 2015Group 2015Group 2015Group
Bibliography Plant & Machinery Fixtures & fittings Total
£000 £000 £000 £000
Cost
At 1 April 2013 78 59 19 156
Acquired in the year 6 17 - 23
At 31 March 2014 84 76 19 179
Acquired in the year 4 12 22 38
Transferred to disposal group (note 20) - (5) (11) (16)
At 31 March 2015 88 83 30 201
Depreciation
At 1 April 2013 12 20 5 37
Charge for the year 12 22 4 38
At 31 March 2014 24 42 9 75
Charge for the year 13 25 6 44
Transferred to disposal group (note 20) - (3) (7) (10)
At 31 March 2015 37 64 8 109
Net book value
At 31 March 2015 51 19 22 92
At 31 March 2014 60 34 10 104
At 31 March 2013 66 39 14 119
There are no items of property, plant and equipment held under finance
leases.
12 Intangible assets 31 March
2015Group
Total
Customer lists and data £000
Cost
At 1 April 2013 and 31 March 2014 170
Transferred to disposal group (note 20) (170)
At 31 March 2015 -
Amortisation
At 1 April 2013 146
Charge for the year 8
At 31 March 2014 154
Charge for the year 8
Transferred to disposal group (note 20) (162)
At 31 March 2015 162
-
Net book value
At 31 March 2015 -
At 31 March 2014 16
At 1 April 2013 24
There have been no impairments indicated in the year to 31 March 2015.
13 Inventories 31 March 31 March
2015Group 2014Group
£000 £000
Stock 7,471 4,667
Stock expensed in the year 3,083 3,954
14 Trade and other receivables 31 March 31 March 31 March 31 March
2015Group 2014Group 2015Company 2014Company
£000 £000 £000 £000
Trade and other receivables 1,164 1,412 261 -
Amounts due from Group undertakings - - 5,084 435
Other debtors 221 198 175 68
Prepayments and accrued income 309 206 7 4
1,694 1,816 5,527 507
The age profile trade and other receivables comprise:
£000
Current 839
One month past due 41
Two months past due 27
Three months past due 2
Over three months past due 255
Provision for doubtful debts -
1,164
As at 31 March 2015, trade receivable of £nil (31 March 2014 £4,000) and 31st
March 2013 £nil) were considered past due and impaired. The other debtors'
balances are categorised as loans and receivables. All amounts shown under
trade and other receivables are due for payment within one year.
15 Trade and other payables 31 March 31 March 31 March 31 March
2015Group 2014Group 2015Company 2014Company
£000 £000 £000 £000
Trade creditors 1,136 2,355 - 197
Social security and other taxes 37 18 9 -
Accrued expenses 363 686 23 372
Other creditors 98 52 47 -
1,634 3,111 79 569
The directors consider the carrying value of trade and other payables
approximate to their fair values.
16 Loans and borrowings 31 March 31 March
2015Group 2014Group
Current liabilities: £000 £000
Loans from shareholders - 350
Loans from directors - 183
- 533
The directors' and shareholders' loans of £350,000 carried interest at 5 per
cent per annum and were secured by floating charges over the company's assets.
The loans were repaid in the year and the security released.
On 18 October 2014 the Company granted security over its fixed and floating
assets to support a finance facility from Coutts & Company. This facility is
undrawn at 31 March 2015.
17 Deferred tax 31 March 31 March
2015Group 2014Group
£000 £000
Included in non-current assets 280 258
Deferred tax gross movements 31 March 31 March
2015Group 2014Group
£000 £000
Opening balance (258) -
Credit to income statement (22) (258)
Closing balance (280) (258)
The deferred tax asset comprises: 31 March 31 March
2015Group 2014Group
£000 £000
Temporary differences on property, plant and equipment - -
Available losses 283 176
Other temporary and deductible differences (3) 82
Closing balance 280 258
Deferred tax is calculated in full on temporary differences under the
liability method using the tax rates expected for future periods of 20%. The
deferred tax has arisen due to the availability of trading losses The Group
has unutilised tax allowances, at expected tax rates in future periods, of
£352,000 of which £280,000 has been recognised (2014: £258,000 recognised).
18 Share capital 31 March 31 March
2015Group and Company 2014Group
Ordinary shares of £0.10 each £000 £000
At the beginning of the year 132 52
Issued in the year 4 80
At the end of the year 136 132
Number of shares 31 March 31 March
2015Group and Company 2014Group and Company
Ordinary shares of £0.10 each Number Number
At the beginning of the year 13,200,325 -
Issued in the year 399,675 5,200,325
Placing of shares on admission to AIM - 8,000,000
At the end of the year 13,600,000 13,200,325
All shares issued in the year arose from the exercise of employee share
options.
19 Events after the balance sheet date
On 2 April 2015 the Group entered into an agreement for the disposal of its
South Kensington operations: South Kensington Books and Ultimate Library to a
company controlled by Philip Blackwell a director of the company. The
aggregate consideration will be £145,802. For further information see note
20.
20 Non-current assets held for sale and discontinued operations
On 2 April 2015 the Group entered into an agreement for the disposal of its
South Kensington operations: South Kensington Books and Ultimate Library to a
company controlled by Philip Blackwell a director of the company. The
aggregate consideration will be £145,802.
Assets of the disposal group held for sale 31 March
2015Group and Company
£000
Property, plant and equipment 6
Other intangible assets 8
Inventory 126
Other current assets 22
162
Liabilities of the disposal group held for sale
Trade and other payables 24
Liabilities of the disposal group held for sale
Net assets of the disposal group 138
The disposal assets are stated at fair-value less costs to sell. There were no
material adjustments to the carrying values of the disposal group assets and
liabilities.
Analysis of the result of discontinued operations is as follows:
Statement of comprehensive income 31 March 31 March
2015Group and Company 2014Group and Company
£000 £000
Revenues 783 650
Expenses (759) (626)
Profit before tax of discontinued operations 24 24
Taxation - -
Profit after tax of discontinued operations 24 24
There were no other items of 'other comprehensive income'.
The cash flows attributable to the discontinued operations were as follows:
Cash flows 31 March 31 March
2015Group and Company 2014Group and Company
£000 £000
Operating cash flows 11 (174)
Investing cash flows (6) -
Financing cash flows - -
Total cash flows 5 (174)
This information is provided by RNS
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