Field Systems Designs Holdings Plc Annual Financial Report

 
TIDMFSD 
 
Field Systems Designs Holdings plc 2023 Annual Results 
 
FIELD SYSTEMS DESIGNS HOLDINGS PLC 
 
 
CHAIRMAN'S STATEMENT 
 
The Board presents the results of Field Systems Designs Holdings plc and its 
subsidiaries (FSD) for the year ended 
 
31 May 2023. 
 
I am pleased to report that FSD is finally returning to a more normalised period 
of trading. The disruption caused by the COVID-19 virus is behind us; the impact 
of Brexit is contained; and although global uncertainties such as the Ukranian 
invasion remain of major concern, with its resultant impact on inflation; the 
future is looking more positive. 
 
The pandemic was most difficult for FSD due to its effect on our clients' design 
and programming for their Asset Management Programme (AMP) and its consequential 
impact on our order intake. 
 
The negative media publicity regarding the performance of the Water Industry 
continues, and there is mounting public and government pressure to push on with 
maintaining their water process infrastructure. Despite the pressure by OFWAT to 
resume their 2020-2025 spend budgets the framework expenditure plans by water 
utilities were still not being rolled forward into AMP7. However this is set to 
change as new orders are now forthcoming from the Water Industry, and there is 
more of an urgency in evidence as they seek to make investment decisions before 
inflationary pressures overtake them. 
 
The improved current year's Group financial results support the decisions made 
by management to retain our core skilled resource base across the Group, and 
consequently FSD can still present itself to its industry as a well-established 
Mechanical and Electrical contractor fully equipped to offer a high-quality 
delivery. 
 
FSD is confident that a high quantum of order intake remains within the Water 
industry in which it operates and so it is expected that the quality of our 
track record, added to the reputation of our talented mechanical and electrical 
personnel leaves us in prime position to benefit from the resumption of a more 
normalised investment cycle. The Group is well-positioned with a strong cash 
balance and an experienced workforce to support the restart of AMP7 projects now 
so needed to protect the environment. 
 
The Board expect business volumes to continue to grow, and whilst there will be 
battles ahead with inflation and competition for limited labour resources, there 
is now belief that a buoyant trading period lies ahead. 
 
D K Bird 
 
Chairman 
 
PUBLICATION OF NON-STATUTORY ACCOUNTS 
 
The financial information set out in this preliminary announcement does not 
constitute statutory accounts as defined in the Companies Act 2006. 
 
The group statement of financial position as at 31 May 2023 and the group income 
statement for the year then ended have been extracted from the Group's 2023 
statutory financial statements, which have not yet been delivered to the 
registrar of companies. The directors of Field Systems Designs Holdings plc 
accept responsibility for this announcement and confirm compliance with the AQSE 
Growth Market rules. 
 
STRATEGIC REPORT 
 
The directors present the Strategic Report for Field Systems Designs Holdings 
Plc and its subsidiary undertakings (together referred to as `the Group') for 
the year ended 31 May 2023. 
 
OPERATIONAL PERFORMANCE 
 
The Group achieved a turnover of £13.8 million for the year to 31 May 2023, an 
improvement of 70% on last year. These results show significantly improved 
turnover and profitability, which reflect the reduced impact of COVID-19 on the 
business and an improvement in the inflow of work from the UK Water Industry 
AMP7 delivery programme. 
 
The Water Industry's seventh Asset Management Programme (AMP7) commenced in 
April 2020, and framework plans by water utilities were rolled forward. The 
impact of COVID-19, and conflicts between water utilities and OFWAT in 
challenging their 2020-2025 expenditure budgets, caused many new orders expected 
by FSD under AMP7 to be delayed for three years, but now order intake and 
consequential turnover are improving rapidly. 
 
Turnover was generated as follows:      2023             2022 
                                        £                  £ 
Water and Sewage treatment              13,750,687       7,279,719 
Power generation and Energy from Waste  -                811,190 
                                        ---------------  --------------- 
                                        13,750,687       8,090,909 
                                        =========        ========= 
 
Group revenues include transactions with three customers that amount to 10 per 
cent or more of the Group's total annual revenues; the total amount of revenues 
from those customers amounts to £7.9million from the Water and Sewage treatment 
sector. 
 
Trading conditions normalised this year bouncing back from the COVID-19 era with 
underlying gross margins improving in the year to 9.5% from a gross loss last 
year. 
 
The Group made a gross profit of £1,307,256 compared to a gross loss last year 
of £(1,392,490). Overall these improved operating conditions left the Group with 
operating profits for the year of £258,037 (2022: loss £(1,905,277)). 
 
The consolidated results show a group profit after tax of £353,073 (2022: 
£(1,818,860)). 
 
BUSINESS REVIEW 
 
The Field Systems Designs Group (FSD) focuses on delivering specialist 
mechanical and electrical design and installation works. 
 
FSD successfully secured, engineered, managed and installed a volume of 
Mechanical and Electrical (M&E) installation projects during the year across the 
water and sewerage sector as the Group strives to complete to budget a quality 
job in a safe working manner and maintain its reputation as a respected industry 
specialist. Sales volumes in the Water Industry in 2023 provided 100% of group 
turnover (2022: 90%). The Group undertook a diversity of projects for a number 
of different Water Utilities in many regions of the United Kingdom, working for 
multiple Tier One contractors under AMP7 frameworks and supply-chain 
arrangements. 
 
In 2023 no turnover was derived from the Power generation sector (2022: 10%) 
asthere were no power station outage maintenance works undertaken during the 
year. 
 
The pipework fabrication facility owned by the Group gives its mechanical 
subsidiary the flexibility to respond to customer's needs promptly when taking 
on the mechanical elements of M&E installation contracts, The Group has grown 
its client base by creating a reputation for quality in-house mechanical design, 
fabrication and site installation services. 
 
PRINCIPAL RISKS AND UNCERTAINTIES 
 
The board regularly undertakes a review of business risks and uncertainties 
confronting the Group and evaluates the significant project risks affecting its 
business. The following issues are the principal risks and uncertainties faced 
by the Group. 
 
Economic 
 
The Group's business may be affected by market forces beyond its control. During 
a downturn all competing companies operating in the same industry sectors will 
be impacted by economic and political change that will alter the volume and 
value of available work. 
 
World Markets 
 
The impact on currency markets and businesses following Brexit continue to 
impact the business affecting both pricing and ease of supply. Similarly, the 
impact of commodity pricing and supply as a consequence of the war in Ukraine 
has affected the availability of commodity-derived products. The directors have 
reviewed these implications on our business as part of our risk management 
process. The short-term effects are inflationary, primarily on material pricing, 
and there has been additional care taken over tender pricing and duration of 
validity periods. The long-term relationships with our supply chain have aided 
our business to remain resilient under these circumstances. We also endeavour to 
advise customers to consider carefully the longer lead-times and volatile 
material prices as part of their order placement programming strategy. 
 
COVID-19 
 
The unpredictable nature of the Coronavirus pandemic and the timing of its 
cessation created uncertainty estimating the impact of future events which was 
highly challenging. The directors have reviewed the key areas of risk to the 
business and the potential negative impact of the residual effects of COVID-19 
on the business, which includes determining the likelihood of customers to meet 
their debts as they fall due, the impact on supplier's performance and ability 
to supply goods, the impact on levels of human resources, and the difficulty in 
predicting the level of future order intake. 
 
 
 
Cyclical trading 
 
The Group is heavily reliant on the Water industry and its business is affected 
by the cyclical nature of the UK market caused by the 5-year Asset Management 
Programmes (AMPs) governed by OFWAT. At the beginning and the end of each AMP 
the water industry has historically suffered a downturn as competing companies 
are chasing a reduced volume of available work. This was exacerbated recently by 
the impact of COVID on client engineering, programming and resourcing. The 
mitigation of these uncertainties by continually monitoring changes in the 
sector has proved challenging, with accurate sales information proving difficult 
to obtain with any reliability. 
 
Skilled personnel 
 
The Group is dependent on the quality, attention and diligence of its personnel 
across the full spectrum of its skill disciplines. The Group's ability to 
attract, retain, train and motivate its skilled management and personnel will be 
reflected by business growth, profitability and a reputation for quality work. 
The Group offers `added-value' to its customers by offering a superior quality 
of project management, engineering and supervisory resource to complement its 
installation services. It is this wealth of knowledge and experience that sets 
FSD aside from its competition. 
 
Health and safety 
 

The board reviews personnel issues on a monthly basis and the Safety, Health, 
Environment and Quality manager (SHEQ) ensures there is investment in training 
programmes for site and management to broaden the competence, knowledge and 
experience of its employees. The Group continues to promote the further training 
and improvement of staff; benefitting where applicable from the introduction of 
the government Apprenticeship Levy. The Group demands effective and successful 
management of health and safety risks by its supply-chain and similar demands 
are rightly made by its own customer base. Constant vigilance is paramount and 
any accident can have serious consequences. The commitment to enforcing safe 
working and adherence to regulation is strong at board level and flows through 
the organisation through qualified specialists, continual instruction and 
training. The Group is extremely aware of the potential for an `incident' to 
damage the Group and gives constant attention to ensuring that this risk is kept 
to a minimum. The board, supported by a highly qualified health and safety 
specialist, endorses the importance of vigilant health and safety practices. 
 
Long term contracts - bidding 
 
The majority of Group turnover is from fixed price and target price contracts. 
The failure to adequately assess from client's specifications the full scope of 
works, the correct pricing of that work and the time required to complete the 
work may have serious ramifications on profitability. There are specific risk 
management procedures in place to ensure that prices estimated for fixed price 
contracts are accurate and to ensure the correct costing of successful bids as 
the work progresses. The Tender Approval Procedure (TAP) is a key risk 
management tool used to minimise these risks. The TAP completion process 
identifies tender project risks, assesses the probability of their occurrence, 
their impact if they do occur and actions necessary to manage them down to an 
acceptable level. This procedure is used to ensure that commercial and 
contractual risks are monitored and managed by the board. 
 
Long term contracts - costing 
 
Fixed price and target price contracts may also be subject to cost and time 
overruns, and the costs of additional work undertaken on variations may not be 
properly measured or fully recovered from the customer. The Project Summary 
Report (PSR) is a key risk management tool used to minimise these risks. The PSR 
completion process quantifies the value of project work undertaken after 
successful contract award, reviews the potential commercial risks and highlights 
any safety, technical, operational and environmental risks. This tool is used to 
ensure that commercial and contractual risks are monitored and managed by the 
board. 
 
Competitiveness 
 
The Group has a leading market position in sectors such as the water industry, 
and has also historically penetrated other sectors such as tunnelling, the power 
industry and energy from waste market. Nevertheless in an increasingly 
competitive environment and with cyclical volumes, accurate and competitive 
pricing is key to a successful contract award. The board constantly monitors the 
competitiveness of its cost base to ensure that its pricing remains competitive. 
Regular benchmarking and framework submissions also assist this process of 
review. 
 
Financial instruments 
 
The Group uses financial instruments when required to provide a financing base 
for the Group's operations. The Group's financial instruments consist primarily 
of short-term debtors and creditors. The directors regularly review the Group's 
cash position to ensure that facilities exist for continuity of funding and 
effective cash management. 
 
Cash flow 
 
The Group has a strong balance sheet and access to additional debt funding, and 
trades comfortably within its current working capital. Customers may require 
additional project work to be undertaken and the Group may be required to fund 
this work for a period of time until the additional costs can be formally 
approved and funds received. The Group may also experience an increase in the 
level of credit given to customers as a consequence of a change in their 
financial status or payment systems. In such circumstances there are short-term 
cash-flow consequences which are managed carefully by the finance department and 
any consequences mitigated. 
 
KEY PERFORMANCE INDICATORS (KPI's) 
 
The board uses both financial and non-financial (operational) performance 
indicators in the analysis and management of the business. The indicators relate 
both to financial and contractual performance and to other non-financial areas, 
including but not limited to, employees, health and safety, quality assurance, 
customer satisfaction and the environment. KPI's are used by the management to 
run and monitor the business and many of the trends and results provide 
information which is commercially sensitive or is confidential in nature. 
 
Financial 
 
The main financial KPI used by the board is the measure of gross profit margin 
(being the gross project profit contribution as a percentage of turnover), as 
overheads can largely be controlled in line with budget, however margins on 
contractual activity are key to annual profitability. An overall target margin 
is set annually in advance after review of overhead structure and subsequently 
represents the average bid margin used in pricing projects. It is designed to 
cover Group overheads plus an element of profit. The gross profit margin used in 
the annual budgeting process is used to benchmark monthly performance and 
provides for a degree of margin erosion due to difficulties in fully recovering 
the value of additional works requested by customers. This varies according to 
market conditions. 
 
The actual margin experience is reflected in the reported results and a detailed 
review is contained within the operational performance reported earlier in the 
Strategic Report. 
 
Non-financial 
 
The board measures customer satisfaction using an independent on-line survey 
assessment. A rolling 12-month record is kept of customer feedback on project 
completion with charitable donations used to encourage participation. 
 
Customers are asked to complete answers to a number of questions regarding the 
performance of FSD as a whole and also at site level, on a scale of 1 (poor) to 
5 (excellent) including such areas as the focus on Safety and the Environment, 
completion of site work to programme, contract financial management and standard 
of workmanship. The responses are used by the board as an independent 
confirmation of group performance levels and negative feedback is vigorously 
followed up and improvement measures implemented. The group targets an average 
score of 4.5 and the overall responses have been very close to this target with 
an average of 4.4 (2022: 4.5) during the year. 
 
The ongoing independent assessments of the Group's Safety, Quality and 
Environmental Standards are key to it maintaining the efficiency of its 
operational performance and adherence to high levels of site safety and 
environmental awareness. 
 
The FSD Group is approved to the Quality Management Standard ISO 9001:2015, has 
an environmental management system approved to ISO 14001:2015, and a safety 
management system approved to ISO 45001; the standard for Occupational Health & 
Safety. FSD has also achieved a BSI-accredited Building Information Modelling 
(BIM) Standard BS EN 19650-2:2018. 
 
Achilles UVDB, the Utilities Sector Vendor Database performance assessor, 
regularly reviews the Group's processes for managing and installing electrical 
services, as well as its fault resolution procedures. The results of the 2023 
Achilles audit were again excellent, reflecting 100% scores in all 4 areas of 
the Management System Evaluation and 100% in all 4 areas of the Onsite 
Assessment; these assessments look at areas of health & safety, environment, 
quality and social corporate responsibilities. 
 
The Group board has both corporate and personal responsibility to ensure that 
its operations are managed in a safe and environmentally controlled manner. 
 
In common with its industry the Group measures its record on Health & Safety 
using an annual Accident Frequency Rate (AFR) chart showing lost time accidents 
per 100,000 man-hours worked. The AFR is currently zero (2022: zero). The group 
has recently achieved over 1.92 million man-hours without a reportable incident. 
 
PENSIONS 
 
The FSD pension scheme's funding position, based on the year-end actuarial 
review, has reduced from a surplus of £639,000 at the start of the year to a 
surplus of £265,000 at the end of the year. The Group is not recognising the 
surplus and so the Group's defined benefit pension scheme funding position has 
been maintained at zero, a target reached in 2017. The scheme attempted to 
secure a buy-in where the assets of the scheme would be used to secure its' 
members' benefits with a reputable insurance company, however the valuation 
proposed to secure the scheme liabilities was excessively high due to the small 
size of the scheme, so the buy-in was not pursued. 
 
QUALITY ASSURANCE 
 
FSD is approved to the Quality Management Standard BS EN ISO 9001:2015. The 
British Standards Institute (BSI) and Achilles, the Utilities Sector procurement 
performance assessor, regularly review the group's processes for managing and 
installing electrical services, as well as its fault resolution procedures. 
Recent assessments have again been successfully completed with excellent results 
from the UVDB Verify audits. The Group is committed to a strategy that provides 
its clients with a high-quality service that conforms to the client's 
requirements. This strategy includes a strong management commitment to quality, 
the recruitment and retention of high calibre, experienced and well-trained 
staff, properly documented procedures, processes and controls, and compliance 
with all regulatory and legal requirements. 
 
Quality Audits continue to be carried out across group sites on a regular basis 

to ensure compliance and to improve the group's activities. The annual 
management review meeting assesses the group's performance against targets and 
sets new targets. 
 
ENVIRONMENT 
 
FSD has an environmental management system approved to the international 
environment standard, ISO 14001:2015. The BSI and Achilles regularly review the 
Group's processes for managing its impact on the environment. The Group achieved 
its Achilles (Carbon Reduction Certification) accreditation in 2020, as it 
strives to minimise harm to the environment, prevent pollution and use best 
practice environment solutions wherever possible to minimise its carbon foot 
-print. A risk assessment approach is used to manage environmental matters, and 
to identify and assess key environmental hazards arising from business 
activities and manage them appropriately. FSD continues to report under the 
Toitu carbon footprint reduction programme through Achilles. An absolute 
reduction in Category 1 and 2 emissions of 289.90 tCO2e has been achieved 
against the base year. A reduction in emissions intensity (for Category 1, 2 and 
mandatory Category 3 and 4 emissions) of 0.79 tCO2e/ £M turnover has been 
achieved based upon a 4-year rolling average, adjusted for inflation. 
 
HEALTH AND SAFETY 
 
A commitment to Health and Safety is the Group's number one priority. Every 
Board meeting starts by focusing on preserving high safety standards and 
promoting a positive safety culture within the Group, to ensure that our 
employees, customers, suppliers and the public are kept safe. FSD has a safety 
management system implemented across all sites that has successfully been 
approved to the Health and Safety Management System BS ISO 45001:2018 
Occupational health and safety management systems (the internationally 
recognised standard for management of occupational health and safety risks). The 
Group achieved a ROSPA (Royal Society for the Prevention of Accidents) Gold 
award again this year, and we have achieved 9 consecutive Gold awards giving FSD 
Gold Medal Award status. FSD also gained Constructionline Platinum certification 
in 2023. There is a strong commitment at Board level, supported by a highly 
qualified health and safety specialist, which endorses the importance of 
vigilant health and safety practices and the investment in training for site and 
management to broaden the competence, knowledge and experience of its employees. 
This is supported by expert guidance provided by MAKEUK, ECA and CITB. 
 
EMPLOYEES 
 
Our employees are fundamental to the success of the Group and we aim to be a 
responsible employer in our approach to the provision of training and 
remuneration and by making the health, safety and well-being of our employees 
one of our primary considerations in the way we do business. We are pleased to 
place on record our appreciation of the efforts and expertise demonstrated by 
our employees, who continue to make a significant contribution to the Group. 
Employee numbers decreased during the year from an average of 134 in 2022 to 130 
in 2023, reflecting a change in the mix of work scope during the year. 
Management disseminates information to staff within the bounds of commercial 
confidentiality and consults with them at all levels on matters that affect the 
progress of the Group and concerns them as employees. 
 
CORPORATE GOVERNANCE AND s172 REPORTING 
 
The Group recognises its responsibilities to the people it employs, its 
customers and suppliers, its shareholders, the wider community, and the 
environment. In accordance with section 172 of the Companies Act 2006 the 
directors undertake to act in a way most likely to promote the long-term success 
of the Group for the benefit of its stakeholders. 
 
The preceding strategies outlined in this report demonstrate the Group's concern 
for the interests of its employees, its primary commitment to health and safety 
for its employees, customers, suppliers and the general public, and the 
instruments it uses to monitor the quality of its services and customer 
satisfaction. The Group has achieved accreditations, monitored externally, which 
are used to review the processes it operates to lessen its impact on the 
community and the environment. 
 
The Board of directors meet quarterly to fulfil their duties and use bi-annual 
trading statements to communicate coherently the Group's performance to its 
members. Operational duties are delegated to an executive management team who 
meet monthly to review our complex business operations and are charged with 
maintaining the reputation of the Group for high standards of business conduct 
by identifying, evaluating, managing and mitigating the risks faced by the 
Group. 
 
FSD are a well-managed, responsible and ethical Group and are determined to be 
widely recognised for our quality of installation, the skills of our people and 
the seriousness with which we take our corporate responsibilities. 
 
OUTLOOK 
 
The Group's principal source of revenue historically has been from the Water 
Industry. Sales volumes in the Water Industry finally started to grow this year 
as AMP7 expenditures eventually got underway, the programme having officially 
commenced in April 2020 with now only a few years remaining in line with OFWAT's 
business plan approval programme until 2025. 
 
FSD has prequalified on frameworks with multiple regional Utilities and their 
Tier 1 Contractors, and although slow to start all indications are that the 
release of works is now gaining pace. 
 
The delay in releasing projects until this late stage of the five-year cycle has 
cost those businesses like FSD that were anticipating an earlier step-up in 
investment and engineering activity. However, with the global Coronavirus crisis 
now easing, and the pressure from government agencies to solve environment 
problems increasing, it is anticipated that the water companies will now 
accelerate their expenditure under AMP7 for the remainder of the cycle until 
2025. FSD expects to be a benefactor of this rapid growth and the Board look 
forward to better performance and trading results ahead. 
 
Looking ahead, we have already secured more than £7.9million of revenue for 
2023/24 and have entered the new financial year with good momentum. We 
acknowledge the current inflationary pressures in the UK economy and will 
continue to focus on maintaining margins from our operations, and mitigating 
increases in associated commodity and energy costs, as well as other challenges 
in our supply chain. 
 
There are also early indications that the AMP7 to AMP8 transition will not 
create the traditional dip in activity, this being due to programmes being 
pushed out from the early part of AMP7 creating a potentially busy end to the 
Asset Management Period as it moves into AMP8. 
 
The Board continues to react to customer demands and keep standards high, whilst 
creating operational efficiencies from improved turnover, and so leave the Group 
in prime condition for the longer-term opportunities ahead. 
 
On behalf of the board 
 
Nigel Billings 
 
Managing Director 
 
FIELD SYSTEMS DESIGNS HOLDINGS PLC 
 
GROUP INCOME STATEMENT 
 
for the year ended 31 May 2023 
 
                  2023          2022 
                  £             £ 
 
TURNOVER          13,750,687    8,090,909 
 
Cost of sales     (12,443,431)  (9,483,399) 
                  ________      _________ 
GROSS             1,307,256     (1,392,490) 
PROFIT/(LOSS) 
 
Administrative    (1,049,219)   (1,008,939) 
expenses 
 
Other             -             496,202 
operating 
income 
                  _______       _________ 
GROUP             258,037       (1,905,227) 
OPERATING 
PROFIT/(LOSS) 
 
Interest          31,269        11,460 
receivable and 
similar income 
 
Interest          (2,701)       (5,592) 
payable and 
similar 
charges 
 
                  _______       _________ 
PROFIT/(LOSS) 
ON ORDINARY 
ACTIVITIES        286,605       (1,899,359) 
BEFORE 
 
TAXATION 
 
Taxation          66,468        80,499 
                  _______       _________ 
PROFIT/(LOSS) 
ON ORDINARY 
ACTIVITIES        353,073       (1,818,860) 
AFTER TAXATION 
 
ATTRIBUTABLE 
TO THE OWNERS 
OF THE PARENT 
COMPANY 
                  =======       ======= 
Remeasurement 
loss arising 
on 
defined           61,000        (6,000) 
benefit 
pension scheme 
Deferred tax 
movement on 
remeasurement 
arising on        (15,000)      1,000 
defined 
benefit 
pension scheme 
                       _______       _______ 
                  46,000        (5,000) 
                  _______       _______ 
TOTAL 
COMPREHENSIVE 
INCOME 
FOR THE YEAR      399,073       (1,823,860) 
ATTRIBUTABLE 
TO THE OWNERS 
OF THE PARENT 
COMPANY 
                  ======        ======== 
EARNINGS 
 
PER SHARE 
 
Basic             6.5p    (33.7)p 
                  ====    ====== 
 
Diluted           6.5p    (33.6)p 
                  ======  ====== 
 
All operations are continuing. 
 
FIELD SYSTEMS DESIGNS HOLDINGS PLC 
 
GROUP STATEMENT OF FINANCIAL POSITION 
 
As at 31 May 2023 
 
                           2023                         2022 
                           £          £ 
FIXED ASSETS 
Tangible assets            451,402    369,274 
 
CURRENT ASSETS 
Stock - raw materials      66,035     95,083 
Debtors                    4,158,662  3,081,590 
Cash at bank and in        2,262,025  3,163,271 
hand 
                           ________   ________ 
                           6,486,722  6,339,944 
                           ________   ________ 
CREDITORS 
Amounts falling due        4,701,925  4,867,073 
within one year 
                           ________   ________ 
NET CURRENT ASSETS         1,784,797  1,472,871 
                           ________   ________ 
TOTAL ASSETS LESS 
CURRENT 
LIABILITIES                2,236,199  1,842,145 
 
CREDITORS 
Amounts falling due        12,126     17,145 
after more than one 
year 
                            ________                ________ 
NET ASSETS                 2,224,073  1,825,000 
                           =======    ======= 
CAPITAL AND RESERVES 

Called up share        16  569,250    569,250 
capital 
Share premium account  18  158,750    158,750 
Other reserves         18  370,033    370,033 
Profit and loss        18  1,126,040  726,967 
account 
                            ________                ________ 
TOTAL SHAREHOLDERS'        2,224,073  1,825,000 
FUNDS 
                           =======    ======= 
 
Approved by the board and signed on behalf of the board and authorised for issue 
on 
 
5 October 2023 by:- 
 
Bruce Smith.........................................Director 
 
 
 
Nigel Billings......................................Director 
 
 
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END 
 
 

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November 08, 2023 09:17 ET (14:17 GMT)