Field Systems Designs Holdings plc Final Results

 
TIDMFSD 
 
FIELD SYSTEMS DESIGNS HOLDINGS 
PLC 
 
CHAIRMAN'S STATEMENT 
 
The Board presents the results of Field Systems Designs Holdings plc for the 
year ended 31 May 2017. It is pleasing to see the improvement in turnover and 
net profits reflected by the current year's results. Equally encouraging is 
that although turnover from the water industry has been boosted by the 
mid-point cycle of expenditure under Asset Management Programme 6 (AMP6) it 
represents just two-thirds of overall group turnover. The contribution from the 
Energy from Waste sector (EfW) has been solidly maintained and rewards the 
sales efforts and investment made in the past. Working in these industries is 
still tough; with both contractual and operational complexities; however this 
year's result reflects a solid performance. 
 
AMP6 is the water industry's sixth 5-year build and refurbishment programme 
running to April 2020. The changed emphasis of AMP6 expenditure on modernising 
and improving the water treatment systems in the UK by increasing efficiency is 
designed to avoid higher bills for consumers. There has been a shift from the 
concept of capex (capital expenditure) which placed emphasis on short term cost 
reduction; and opex (operational expenditure) cutting the cost of operations by 
reducing wastage and more effective pre-planned maintenance; to totex (total 
expenditure) which proposes building upgrades that will last longer and cost 
less to run in the long-term. 
 
FSD is fully on board to assist water companies and their Tier 1 framework 
contractors chosen under AMP6 to manage their expenditure. FSD has successfully 
earned its position on their supply-chain arrangements through complex 
pre-qualification tests and has invested in talented engineering and 
installation personnel to be able to fully participate at the earliest stages 
of project development in decisions that direct efficiencies and cost-saving 
measures. 
 
The group's move to diversify into the Energy from Waste sector (EfW) has 
proven successful. The group has now successfully completed a multitude of 
major EfW contracts for different clients reflecting the confidence that it has 
now built in delivering these complex projects. 
 
The board is positive about the outlook for group performance over the next 
financial year and is well-positioned with a strong cash balance and good 
opening order book to maximise the benefits from future opportunities. 
 
D K Bird 
Chairman 
31 October 2017 
 
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 2017 and the unaudited 
group income statement for the year then ended have been extracted from the 
Group's 2017 statutory financial statements upon which the auditors opinion has 
not yet been issued. 
 
These financial statements 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 NEX Exchange Growth Market 
rules. 
 
FIELD SYSTEMS DESIGNS HOLDINGS 
PLC 
 
STRATEGIC REPORT 
 
The directors present the Strategic Report for Field Systems Designs Holdings 
Plc ('the company') and its subsidiary undertakings (together referred to as 
'the group') for the year ended 31 May 2017. 
 
OPERATIONAL PERFORMANCE 
 
The group achieved a turnover of GBP17.2 million for the year to 31 May 2017, an 
increase of 19% on last year, reflecting the pick-up in work from the Water 
Industry as project awards from AMP6 grow, and a continuation in work from the 
EfW sector. 
 
Turnover was generated as follows:                             2017            2016 
 
                                                                  GBP               GBP 
 
Water and Sewerage                                       10,931,388       8,986,968 
 
Power generation and Energy from Waste                    5,597,291       5,328,437 
 
Transport and Tunnels                                       551,503          14,370 
 
Building services, Maintenance, 
 
Security, Instrumentation, Controls and Automation          134,303         153,949 
 
                                                         __________      __________ 
 
                                                         17,214,485      14,483,724 
 
                                                            =======       ========= 
                                                                 == 
 
Gross profit margins dipped slightly in the year ended 31 May 2017 to 7.6% from 
7.8% last year. Gross margins were under downward pressure due to projects 
suffering from the tough contractual stances adopted in the Energy from Waste 
sector and operating difficulties within the Water Industry. Efforts made to 
bring in operational efficiencies have helped to protect gross margins, which 
although falling short of tender, have remained relatively constant despite the 
strong growth in turnover. 
 
This contribution from operations left the group with operating profits for the 
year of GBP462,388 (2016: GBP335,028). The directors are pleased to report a solid 
group profit after tax of GBP672,123 for the year ended 31 May 2017 (2016: GBP 
307,523) 
 
BUSINESS REVIEW 
 
The Field Systems Designs group (FSD) focuses on delivering specialist 
mechanical and electrical design and installation works. 
 
Water and Sewerage 
 
FSD continued to take on Mechanical and Electrical (M&E) installation contracts 
across the sector as the group strives to maintain its reputation as a 
respected industry specialist. 
 
Sales volumes improved significantly in the Water Industry in 2017 where 64% of 
turnover was derived (2016: 62%) with AMP6 well under way since its start in 
April 2015. Projects from the Anglian Water framework managed by @One Alliance 
started to come through during the year assisting the increase in sales 
volumes. 
 
Major projects were completed for Thames Water during 2017 at Mogden, 
Basingstoke and Beddington. These projects, together with the long-delayed 
project at Lee Valley made up the majority of turnover in the Water sector. 
 
Power generation and Energy from Waste 
 
In 2017 33% of the improved turnover was derived from the Power and EfW sector 
(2016: 37%). 
 
FSD worked primarily on Energy from Waste projects using Incineration, 
Gasification and Biomass technologies. The group undertook major electrical 
installation works at Welland, Levenseat and Hull on projects which use 
advanced thermal treatment gasification technology. 
 
There was also work undertaken during the year on generators and outage works 
at Hartlepool Nuclear Power Station. 
 
Transport and Tunnels 
 
Electrical installation works undertaken on a London-based deep cable tunnel 
boosted turnover in this sector during the year. FSD continues to support 
tunnelling works as they arise, dealing competently with the complexities these 
projects involve. 
 
Building services, Maintenance, Security, Instrumentation, Controls and 
Automation 
 
FSD continues to deliver on smaller electrical installation service contracts 
in the commercial, security, and water sectors, building its reputation by 
offering its existing customer base quality, timeliness and value for money. 
The range of services includes lighting, power distribution, fire-alarm and 
security systems. 
 
A small electrical workshop facility with tooling and equipment enables the 
group to produce in-house small isolator builds, lighting panel builds and 
remote monitoring enclosure pre-assemblies. 
 
Mechanical fabrication and installation 
 
This year the group continued to take on the mechanical elements of M&E 
installation contracts through its mechanical subsidiary which continues to 
build up its client base and its reputation for quality in-house fabrication 
and site installation services. 
 
There were some major pipework fabrication and installation contracts 
undertaken during the year for projects under AMP6 such as water treatment 
works, pumping stations and CHP units. 
 
Freehold property and investment property disposal 
 
The group has held a freehold interest in commercial office premises in Dorking 
for a number of years. This property both housed the head office operations of 
the Group and generated rental income from tenants. The property was disposed 
of during the year, principally to create greater liquidity as the Group 
turnover increases and it embarks on larger projects which may place demands on 
working capital. The sale of the property generated a profit on disposal of GBP 
76,659, which was released to the group profit and loss account during the 
year. 
 
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. 
 
Brexit 
 
On 23 June 2016, the people of the UK voted to leave the EU (Brexit); there 
continues to be volatility in financial markets, in currency markets and 
uncertainty over future actions by governments and businesses. The directors 
are considering the long-term impact of Brexit as the implications become 
known, however the short-term effects are inflationary primarily on material 
pricing as a consequence of weaker sterling. The board is acting on information 
that price increases are already being made by suppliers of materials and on 
the anticipated consequential effects that this will have on wage and price 
inflation generally. 
 
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 governed by OFWAT. At the beginning and the end of each AMP the 
water industry suffers a downturn as all competing companies operating in this 
industry are chasing a reduced volume of available work. The group mitigates 
these uncertainties by continually monitoring changes in its market sector, by 
focusing its sales efforts on non-water industry work flows and reviewing 
regularly forecasted sales opportunities to ensure that adequate sales volumes 
can be secured. 
 
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. 
 
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. A number of mechanical and electrical apprentices 
were engaged during the year and following the introduction of the 
Apprenticeship Levy the group intends to promote further training and 
improvement which will be available to all employees. 
 
Health and safety 
 
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 contracts. By definition 
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 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 penetrated other sectors such as tunnelling, the power industry 
and energy from waste market to ensure a constant pipeline of enquiries. 
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 and derivatives are used to hedge against known 
commodity price and exchange rate exposures in contractual arrangements secured 
by the group. There may not always be instruments that provide accurate hedging 
or readily available markets for such hedges. 
 
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 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 group 
performance 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 4.3 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 group is approved to the Quality Management Standard ISO 9001:2008, has an 
environmental management system approved to ISO 14001:2004, and a safety 
management system accredited to OHSAS 18001:2007. Achilles UVDB, the Utilities 
Vendor Data Base performance assessor, regularly review the group's processes 
for managing and installing electrical services, as well as its fault 
resolution procedures. The results of the 2017 Achilles audit were again 
excellent, reflecting 100% scores in all 4 areas of the management systems and 
100% in 3 areas of the site evaluation with one score at 99% in the assessed 
areas of health & safety, environment, quality & social corporate 
responsibilities. 
 
The Group has once again received a ROSPA (Royal Society for the Prevention of 
Accidents) Gold Award in health & Safety. 
 
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. 
 
The group targets a year on year decline in the AFR, which charts the number of 
lost time accidents per 100,000 man hours worked. 
 
The group AFR is currently zero. 
 
QUALITY ASSURANCE 
 
FSD group is approved to the Quality Management Standard BS EN ISO 9001:2008. 
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. FSD are currently going 
through a transition period to update our Quality Management Standard to BS EN 
ISO 9001:2015 by the middle of 2018. 
 
ENVIRONMENT 
 
FSD group has an environmental management system approved to the international 
environment standard, ISO 14001:2004. The BSI and Achilles regularly review the 
group's processes for managing its impact on the environment. The group 
achieved its CEMARS (Certified Emissions Measurement and Reduction Scheme) 
accreditation in 2010 and now works to the principles of ISO 14064-1:2006 as it 
strives to minimise harm to the environment, prevent pollution and use best 
practice environment solutions 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 are currently going through a transition period 
to update our International Environment Standard to ISO 14001:2015 by the 
middle of 2018. 
 
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 group has a 
safety management system implemented across all sites that has successfully 
been approved to the Health and Safety Management System BS OHSAS 18001:2007, 
(the internationally recognised standard for management of occupational health 
and safety risks). 
 
There is a strong commitment at board level, supported by a highly qualified 
health and safety specialist, endorsing the importance of vigilant health and 
safety practices and 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 the EEF (Engineering Employers' Federation), ECA 
(Electrical Contractors Association) and CITB (Construction Industry Training 
Board). The group continues to establish safety initiatives and these are 
currently on target with a good safety record. 
 
EMPLOYEES 
 
Group employee numbers have increased from an average of 101 in 2016 to 133 in 
2017 reflecting the improved turnover and a varied mix of work scope during the 
year. 
 
We are pleased to place on record the appreciation of the efforts and support 
given to the group by its employees, who continue to make a significant 
contribution to the group. 
 
PENSIONS 
 
The group's pension deficit as at 31 May 2017 was reduced to Nil, a further 
reduction from GBP28,000 as at 31 May 2016. This is derived from the group's most 
recent actuarial review and reflects market conditions as at 31 May 2017. There 
was a GBP376,000 settlement gain released to the group profit and loss account 
during the year following the payment of cash equivalent transfer values to 
deferred members withdrawing from the defined benefit scheme, 
 
CORPORATE RESPONSIBILITY 
 
The group recognises its responsibilities to the people it employs, its 
customers and suppliers, its shareholders, the wider community and to the 
environment. We 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 entered the new financial year with an opening order book of GBP13.0 
million (2016: GBP13.0 million). 
 
The group's principal source of revenue is from the Water Industry and key to 
its success during AMP6 (Sixth Asset Management Programme) is its continued 
participation as part of the various frameworks being formulated by the Water 
Utilities selecting their preferred supply chain. 
 
AMP6 runs for five years to April 2020. The Water Utilities have now mostly 
concluded their MEICA frameworks with different approaches to their mechanism 
and methodologies of spend. Sales volumes in the Water Industry have been 
strong this year in line with prior years and the spend is set to continue 
until AMP7. 
 
FSD has established a strong reputation in delivering complex solutions on 
target and hopes to build on its considerable prior experience by participating 
fully with the Water Utilities during this investment phase. FSD continues to 
be fully involved in the prequalification processes to secure its position on 
frameworks and continues with its pursuit of strategic alliances with water 
process companies. 
 
Despite the commitment to gain successful placement on water frameworks, a 
degree of FSD's sales effort has been committed to industries outside of water 
and towards new technology sectors such as Energy from Waste. 
 
In the Energy from Waste (EfW) sector there is still a substantial gap between 
the available waste fuel that is currently being land-filled or exported as 
Refuse-Derived Fuel (RDF) and the number of EfW facilities that are under 
construction and planned for the future. The large waste management companies, 
along with many independents, are investing heavily in new incineration and 
gasification projects to close this gap and consequently there is growth 
opportunity in this sector. 
 
FSD are currently working on our 10th EfW project, and the recent decision by a 
prominent Engineering, Procurement and Construction (EPC) contractor to not 
pursue further opportunity from the EfW sector has opened the door to FSD 
establishing new relationships with competing EPC contractors who are now 
picking up the projects that have become available. FSD have already supported 
and bid a number of EfW and open-cycle gas turbine projects with such 
contractors and so are confident that as they secure an EPC role then FSD will 
be involved at an early stage. 
 
FSD's order intake on Combined Heat and Power (CHP) and generator installations 
has now reached GBP3M and on the back on this experience we are attracting new 
customers who may also lead FSD into other new market opportunities such as 
data centres and NHS installations. We are also in the early stages of engaging 
with projects in the food and beverage sector and the early signs are positive. 
FSD have some close relationships with established players in the nuclear and 
direct data-centre markets and have a good chance of securing new business 
opportunities. 
 
The group continues to confidently target other MEICA turn-key solutions with 
its in-house M&E capabilities, using joint venture alliances and other working 
arrangements to deliver. 
 
The board continues to react to customer demands and invest in training to keep 
standards high, whilst creating operational efficiencies to best position the 
business for the opportunities ahead. 
 
On behalf of the board 
 
P J Haines 
Managing Director 
31 October 2017 
 
 
FIELD SYSTEMS DESIGNS HOLDINGS PLC 
 
 
GROUP INCOME STATEMENT 
for the year ended 31 May 2017 
 
                                                                 2017            2016 
 
                                                                    GBP               GBP 
 
TURNOVER                                                   17,214,485      14,483,724 
 
Cost of sales                                            (15,909,564)    (13,358,007) 
 
                                                              _______         _______ 
 
GROSS PROFIT                                                1,304,921       1,125,717 
 
Operating expenses                                          (842,533)       (790,689) 
 
                                                              _______         _______ 
 
GROUP OPERATING PROFIT                                        462,388         335,028 
 
 
Defined benefit scheme settlement gain                        376,000               - 
 
Gains arising on fair value of investment                           -          54,000 
property 
 
Interest receivable and similar income                          8,182             375 
 
Interest payable and similar charges                          (8,017)        (17,746) 
 
                                                              _______         _______ 
 
PROFIT ON ORDINARY 
 
ACTIVITIES BEFORE                                             838,553         371,657 
TAXATION 
 
Taxation                                                    (166,430)        (64,134) 
 
                                                              _______         _______ 
 
PROFIT ON ORDINARY 
 
ACTIVITIES AFTER TAXATION                                     672,123         307,523 
 
                                                               ======          ====== 
 
EARNINGS PER 
SHARE 
 
Basic                                                      12.5p                5.70p 
 
                                                          ======               ====== 
 
Diluted                                                    12.4p                5.69p 
 
                                                          ======               ====== 
 
 
All operations are continuing. 
 
 
FIELD SYSTEMS DESIGNS HOLDINGS PLC 
 
GROUP STATEMENT OF FINANCIAL POSITION 
As at 31 May 2017 
 
                                                                       2017       2016 
 
                                                                          GBP          GBP 
 
FIXED ASSETS 
 

Tangible assets                                                     463,394    993,231 
 
Investment property                                                       -    756,000 
 
CURRENT ASSETS 
 
Stock                                                               501,117     19,117 
 
Debtors                                                           5,663,174  4,068,750 
 
Cash at bank and in hand                                          2,705,945  1,512,874 
 
                                                                   ________   ________ 
 
                                                                  8,870,236  5,600,741 
 
                                                                   ________   ________ 
 
CREDITORS 
 
Amounts falling due within one year                               6,095,391  4,416,980 
 
                                                                   ________   ________ 
 
NET CURRENT ASSETS                                                2,774,845  1,183,761 
 
                                                                   ________   ________ 
 
TOTAL ASSETS LESS CURRENT 
 
LIABILITIES                                                       3,238,239  2,932,992 
 
CREDITORS 
 
Amounts falling due after more than                                  33,587     50,713 
one year 
 
PROVISIONS FOR LIABILITIES 
 
Deferred taxation                                                    31,000      7,400 
 
Post-employment employee benefits                                         -     28,000 
 
                                                                   ________   ________ 
 
NET ASSETS                                                        3,173,652  2,846,879 
 
                                                                    =======    ======= 
 
CAPITAL AND RESERVES 
 
Called up share capital                                             569,250    569,250 
 
Share premium account                                               158,750    158,750 
 
Other reserves                                                      370,033    370,033 
 
Profit and loss account                                           2,075,619  1,748,846 
 
                                                                   ________   ________ 
 
TOTAL SHAREHOLDERS' EQUITY                                        3,173,652  2,846,879 
 
                                                                    =======    ======= 
 
Approved by the board and signed on behalf of the board and authorised for 
issue on 
 
31 October 2017 by:- 
 
Bruce Smith......................................Director 
 
Philip Haines....................................Director 
 
 
 
END 
 

(END) Dow Jones Newswires

November 01, 2017 03:00 ET (07:00 GMT)