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 and its 
subsidiaries (FSD) for the year ended 31 May 2021. 
 
Last year we described the arrival of the COVID-19 threat and the uncertainty 
over when we would be back in charge of our lives as we once knew them, or when 
we would return to normality as a business. There is little doubt that the 2021 
financial year has been a tough one; the absence of sufficient workload for 
staff across the Group sadly resulted in some job losses, and very disruptive 
working patterns for other staff, with many furloughed for long periods. 
Business life changed for a while, whether working on site, working in the 
factory, working from home, working in the office, or held in reserve on 
furlough, all employees have made an invaluable contribution. 
 
The operating results for the year were disappointing, but to be expected in 
the circumstances when turnover fell rapidly to half that of previous levels. 
The Board has still not properly understood the rationale for why Asset 
Management Programme 7 (AMP7) never started as it should have in April 2020. 
The framework plans by water utilities were not rolled forward into AMP7, 
initially delayed by the impact of COVID-19 and then presumably by the tough 
stance adopted by OFWAT in challenging their 2020-2025 spend budgets. 
 
Fortunately projects tendered have not been lost, merely delayed, and so FSD is 
confident that the quality of its delivered projects and its well-established 
business credentials, together with its pipework fabrication factory, and the 
reputation of its talented mechanical and electrical engineering and 
installation personnel, will leave us in prime position as normality resumes. 
 
The group is well-positioned with a strong cash balance and has retained the 
majority of its experienced workforce to react swiftly as the Utility Companies 
restart projects so desperately needed to keep our population watered and the 
environment clean. 
 
We expect as the World emerges from the shadow of the coronavirus that business 
will return and the Board believes that a buoyant period lies ahead as the 
water industry catches up the ground lost to COVID-19. 
 
D K Bird 
 
Chairman 
 
30 November 2021 
 
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 2021 and the unaudited 
group income statement for the year then ended have been extracted from the 
Group's 2021 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. 
 
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 2021. 
 
OPERATIONAL PERFORMANCE 
 
The Group achieved a turnover of £10 million for the year to 31 May 2021, a 
reduction of 50% on last year. These results show significantly reduced 
turnover and profitability, which reflect the serious impact of COVID-19 on the 
release of work in the UK Water Industry. 
 
The Water Industry's sixth Asset Management Programme (AMP6) came to a close in 
April 2020, and FSD fully engaged itself in refreshing the pre-qualification 
process as framework plans by water utilities were rolled forward into AMP7. 
The impact of COVID-19, and conflicts between water utilities and OFWAT in 
challenging their 2020-2025 expenditure budgets caused new orders expected by 
FSD under AMP7 to be severely delayed. 
 
The unexpected fall in turnover has created an excess in labour resources which 
whilst mitigated by the government furlough scheme still placed a heavy cost 
burden on the group with no productive output in return. This, together with 
carrying overheads no longer relative to the volume of business resulted in 
heavy losses, but also offered an opportunity to refine our procedures and 
processes in readiness for the busy times ahead. 
 
Gross profit margins from ongoing works fell due to the disruption and 
additional costs of working under stringent COVID rules, the contractual stance 
adopted by customers struggling with their own projects creating difficulties 
for FSD in recovering value from imposed changes, and price competition in 
winning a share of any remaining projects works. 
 
Turnover was generated as follows:                         2021            2020 
 
                                                              £               £ 
 
 
Water and Sewerage treatment                          7,872,941      17,548,220 
 
Power generation and Energy from Waste                2,080,503       2,267,310 
 
Transport and Tunnel infrastructure                      25,251          25,667 
 
                                                --------------- --------------- 
 
                                                      9,978,695      19,841,197 
 
                                                      =========       ========= 
 
Group revenues include transactions with four customers that amount to 10 per 
cent or more of the Group's total annual revenues; the total amount of revenues 
from those four customers amounts to £4.2 million, of which £2.9 million 
derives from the Water and Sewerage treatment sector and £1.3 million derives 
from the Power generation and Energy from Waste sector. 
 
The Group made a gross loss of £(984,604) compared to gross profits last year 
of £1,253,729. Group operating losses for the year were £(540,338), (2020: 
profit £341,345) and the consolidated results show a group loss after tax of £ 
(461,780), (2020: profit £317,356) 
 
BUSINESS REVIEW 
 
The Field Systems Designs Group (FSD) focuses on delivering specialist 
mechanical and electrical design and installation works. 
 
Water and Sewerage 
 
FSD successfully secured, engineered, managed and installed a volume of 
Mechanical and Electrical (M&E) installation projects during the year across 
the 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 2021 provided 79% of group turnover 
(2020: 88%). 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 AMP6 frameworks and supply-chain 
arrangements. 
 
Power generation and Energy from Waste 
 
In 2021 21% of turnover was derived from the Power and EfW sector (2020: 11%). 
FSD worked primarily on Energy from Waste projects, completing electrical 
installation works at Levenseat and Hull on projects which use advanced thermal 
treatment gasification technology. There was also work undertaken during the 
year on generators, and power station outage maintenance works supporting 
installations completed in the past. 
 
Transport and Tunnels 
 
Electrical installation works on cable tunnels have their own complexities due 
to the additional access, egress and safety issues which FSD carefully manage 
with their experienced trained personnel. The Group continues to support such 
tunnelling works as they arise, dealing competently with the complications 
these projects involve. 
 
Telemetry, Building services, Maintenance, Instrumentation, Controls and 
Automation 
 
FSD continues to undertake smaller electrical installation service contracts 
across various sectors offering customers timeliness and value for money. An 
electrical workshop facility with tooling and equipment enables the Group to 
react quickly by producing various in-house components including small isolator 
builds, lighting panels and remote monitoring enclosure pre-assemblies. 
 
Mechanical design, fabrication and installation 
 
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 
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. 
 
BREXIT 
 
There continues to be volatility in financial markets, in currency markets and 
uncertainty over future actions by governments and businesses following Brexit 
on 
 
31 December 2020. The directors have reviewed the implications of the decision 
to leave the EU and we have considered the impact on our business as part of 
our risk management process. The directors believe that the short-term effects 
are inflationary, primarily on material pricing, but that the long-term 
relationships with our supply chain will aid our business to remain resilient 
under the range of most likely scenarios. 
 
COVID-19 
 
The unpredictable nature of the Coronavirus pandemic and the timing of its 
cessation has created uncertainty estimating the impact of future events which 
is highly challenging at this time. The directors have reviewed the key areas 
of risk to the business and the potential negative impact 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 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 resource to complement its installation services. 
 
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 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. 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 4.5 (2020: 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 ISO 45001, the standard for Occupational Health & Safety. 
Achilles UVDB, the Utilities Sector Vendor Database 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 2021 
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 (2020:zero). The group has 
recently achieved over 1.3 million man-hours without a reportable incident. 
 
PENSIONS 
 
The Scheme's funding position has improved from a surplus of £447,000 at the 
start of the year to a surplus of £562,000 at the end of the year. The Group is 
not recognising the surplus and so the Group's defined benefit pension scheme 

funding position as at 31 May 2021 has been maintained at £Nil, a target 
reached in 2017. This is derived from the Group's most recent actuarial review 
reflecting market conditions at 31 May 2021. 
 
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. 
 
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 7 consecutive Gold awards giving 
FSD Gold Medal Award status. 
 
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 163 in 2020 to 
146 in 2021, reflecting the reduction in turnover and a change in the mix of 
work scope during the year. 
 
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 have failed to grow this year as 
would normally be expected when AMP7 should have been well underway, having 
commenced in April 2020 and running for a further five years in line with 
Ofwat's business plan approval programme until 2025. Despite FSD being fully 
involved in the prequalification processes with the regional Utilities and 
confident that it will secure its position on frameworks, the Utilities and 
water process companies have failed to release any significant quantum of work 
under AMP7. 
 
Normally this stage of the five-year cycle would be marked by a step-up in 
investment and engineering activity as capital projects are approved and 
construction begins. However, with the global Coronavirus crisis coinciding 
with the start of AMP7, together with some water companies appealing their 
budget determinations to the Competition and Markets Authority (CMA), the usual 
cyclical 'boom and bust' cycle of AMP investment has mis-fired, with an 18 
month hiatus extending the 'bust' element of the cycle until late 2021.Early 
indications are 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. 
 
Despite the excellent credentials FSD has in the Energy from Waste (EfW) sector 
the construction experience has not been a pleasant one, therefore the company 
has chosen to be more selective in projects tendered during the current year, 
which will result is a decline in EfW opportunities. The board continues to 
react to customer demands and keep standards high, whilst creating operational 
efficiencies to best position the business for the opportunities ahead. 
 
On behalf of the board 
 
Nigel Billings, Managing Director 
 
30 November 2021 
 
 
FIELD SYSTEMS DESIGNS HOLDINGS PLC 
 
GROUP INCOME STATEMENT 
 
for the year ended 31 May 2021 
 
                                                                2021            2020 
 
                                                                   £               £ 
 
TURNOVER                                                   9,978,695      19,841,197 
 
Cost of sales                                           (10,963,299)    (18,587,468) 
 
                                                             _______         _______ 
 
GROSS (LOSS)/PROFIT                                        (984,604)       1,253,729 
 
Administrative expenses                                  (1,077,861)     (1,118,754) 
 
Other operating income                                     1,522,127         206,370 
 
                                                             _______         _______ 
 
GROUP OPERATING (LOSS)/PROFIT                              (540,338)         341,345 
 
Interest receivable and similar income                        11,355          15,640 
 
Interest payable and similar charges                         (4,978)         (2,528) 
 
                                                             _______         _______ 
 
(LOSS)/PROFIT ON ORDINARY 
 
ACTIVITIES BEFORE                                          (533,961)         354,457 
TAXATION 
 
Taxation                                                      72,181        (37,101) 
 
                                                             _______         _______ 
 
(LOSS)/PROFIT ON ORDINARYACTIVITIES AFTER 
TAXATION  ATTRIBUTABLE TO THE OWNERS OF THE 
PARENT COMPANY                                             (461,780)         317,356 
 
                                                              ======          ====== 
 
EARNINGS 
PER SHARE 
 
Basic                                                       (8.6)p         5.9p 
 
                                                            ======       ====== 
 
Diluted                                                     (8.5)p         5.9p 
 
                                                            ======       ====== 
 
 
All operations are continuing. 
 
FIELD SYSTEMS DESIGNS HOLDINGS PLC 
 
GROUP STATEMENT OF FINANCIAL POSITION 
 
As at 31 May 2021 
 
                                                         2021           2020 
 
                                                            £              £ 
 
FIXED ASSETS 
 
Tangible assets                                       453,916        606,486 
 
CURRENT ASSETS 
 
Stock - raw materials                                  80,016         83,184 
 
Debtors                                             2,129,048      3,741,964 
 

Cash at bank and in hand                            6,033,376      5,960,462 
 
                                                     ________       ________ 
 
                                                    8,242,440      9,785,610 
 
                                                     ________       ________ 
 
CREDITORS 
 
Amounts falling due within one year                 5,004,173      6,141,516 
 
                                                     ________       ________ 
 
NET CURRENT ASSETS                                  3,238,267      3,644,094 
 
                                                     ________       ________ 
 
TOTAL ASSETS LESS CURRENT 
 
LIABILITIES                                         3,692,183      4,250,580 
 
CREDITORS 
 
Amounts falling due after more than                    10,323         36,940 
one year 
 
PROVISIONS FOR LIABILITIES 
 
Deferred taxation                                      33,000         59,000 
 
Post-employment employee benefits                           -              - 
 
                                                     ________       ________ 
 
NET ASSETS                                          3,648,860      4,154,640 
 
                                                      =======        ======= 
 
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                             2,550,827      3,056,607 
 
                                                     ________       ________ 
 
TOTAL SHAREHOLDERS' FUNDS                           3,648,860      4,154,640 
 
                                                      =======        ======= 
 
Approved by the board and signed on behalf of the board and authorised for 
issue on 
 
30 November 2021 by:- 
 
Bruce Smith.........................................Director 
 
Nigel Billings.......................................Director 
 
 
 
END 
 
 

(END) Dow Jones Newswires

November 30, 2021 11:43 ET (16:43 GMT)