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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Fiske Plc | LSE:FKE | London | Ordinary Share | GB0003353157 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 75.00 | 70.00 | 80.00 | 75.00 | 75.00 | 75.00 | 0.00 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Security Brokers & Dealers | 6.07M | 253k | 0.0214 | 35.05 | 8.87M |
TIDMFKE
RNS Number : 0096R
Fiske PLC
24 October 2023
24 October 2023
FISKE PLC
("Fiske" or the "Company" or the "Group")
Final Results, Posting of Annual Report and Notice of AGM
Fiske ( AIM:FKE ) is pleased to announce its final audited financial results for the year ended 30 June 2023.
Highlights
Year to Period 30 June to 30 June 2023 2022 GBP'000 GBP'000 Total Revenue 5,879 5,764 Profit/(loss) on ordinary activities before taxation 315 (349) Profit/(loss) per ordinary share 2.1p (1.5)p
James Harrison, CEO, commenting on the results said:
"We are pleased to report a significant improvement in our profitability for the year to 30 June 2023. Following our move to more modern offices and other cost saving initiatives we are pleased with our progress over the year. Markets remain challenging despite some improvements in valuations since 2022. We continue to review our cost base, invest in our people and focus our investment efforts on looking after our clients in these more challenging markets."
Our Annual General Meeting will be held on Thursday 23 November 2023 at 12.30pm at our offices at 100 Wood Street, London EC2V 7AN.
Copies of the 2023 Report and Accounts, including the Notice of AGM and Proxy Voting form will be posted to shareholders shortly and in accordance with rule 26 of the AIM Rules for Companies, this information is also available under the Investor Relations section of the Company's website, www.fiskeplc.com .
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
For further information, please contact:
Fiske PLC
James Harrison (CEO) Tel: +44 (0) 20 8448 4700
100 Wood Street
London
EC2V 7AN
Grant Thornton UK LLP (Nominated Adviser) Tel: +44 (0) 20 7383 5100
Samantha Harrison / Harrison Clarke / Samuel Littler
Chairman's Statement
Trading and revenues
Revenues of GBP5.9m to June 2023 were up on the prior year equivalent 12-month period and closely matched the 13 months to June 2022 (GBP5.8m). This was largely due the resurgence of interest income towards the end of the year which countered the slightly lower fee and commission revenues due to the flat UK market.
We remain committed to delivering sustainable profitability for our shareholders whilst maintaining a strong capital position to weather market uncertainties. We are pleased to report our total client assets at June 2023 increased to GBP807m from GBP772m in June 2022, which represents an increase of 4.5%.
Costs
Costs have remained stable in the year to June 2023 (GBP5.8m) and broadly the same as the prior year equivalent 12-month period to June 2022. Overall, we have maintained operating expenses at the same overall run-rate; GBP5.8m in the year to 30 June 2023 (13 months to June 2022: GBP6.3m). Staff costs were up by some 6% which reflects both continued investment in growth and inflationary increases in salaries.
During the year, we have benefitted from the lower cost of our new modern premises without the relocation and overlap costs incurred in the prior period.
Outturn
The Group made an operating profit of GBP128,000 in the year to June 2023 (13 months to June 2022: loss of GBP505,000). Profit on ordinary activities after taxation was GBP253,000 for the year to June 2023 (13 months to June 2022: loss of GBP172,000). The cash flow arising from this is rather better given that there is some GBP206,000 of phased write down of past goodwill on acquisitions. Meanwhile, the GBP200,000 dividend income receipt from our holding in Euroclear helped fund the GBP290,000 acquisition of a customer base.
Euroclear
Euroclear's operating income increased from EUR1,615m in 2021 to EUR1,955m in 2022 (after deducting the Russian sanctions impact) and its operating margin increased from 40% in 2021 to 42% in the year to December 2022. Net earnings per share increased 30% to EUR191.7 in 2022 compared to EUR147.0 in 2021.
There were several private transactions in Euroclear shares during the year and these have helped us to better assess the appropriate carrying value of our holding in our financial statements. Considering recent transaction prices in Euroclear shares, we have marked the carrying value of our investment down to EUR1,911.50 per share (2022: EUR2,050 per share) being GBP4.3m in total (2022: GBP4.6m). Our mark down is not a diminution of our assessment of the company but a reflection of recent trades that need to be considered. Our holding continues to represent a significant store of value on our balance sheet and the company paid us gross dividends amounting to GBP200,000 in the year (2022: GBP185,000).
Net assets
Shareholder's funds amount to some GBP8.3m (2022: GBP8.3m) and within this we now hold some GBP3.3m (2022: GBP3.2m) of cash.
Dividend
The Board has resolved not to pay a dividend for the period to 30 June 2023 (2022: GBPnil).
Staff
We would like to thank all members of our dedicated staff for their continued commitment and hard work. As a company we have continued to evolve, adapt and improve our modus operandi throughout the year.
Board
In August 2023 we celebrated our 50th anniversary and, as mentioned in my last report, as Founder and Chairman I will be stepping down as Chairman at the conclusion of the Annual General Meeting in November 2023 and handing over my investment management responsibilities for clients. The board has elected Tony Pattison as Chairman to succeed me from the conclusion of our Annual General Meeting ('AGM') this year. Tony is a former Chairman of Capital Gearing Trust plc and was the Chairman of Fieldings Investment Management at the time of our acquisition of this company in July 2017. Tony has been a director of the Company since 1 October 2018 and he and I have worked together during the last year of transition to ensure a smooth handover of my clients and the responsibilities of the Chairman.
Strategy
Our commitment to continuous improvement led us to apply significant efforts in fee automation systems over the past year. The improved utilisation of the technology platform in which Fiske has already invested has allowed us to streamline our processes, deliver more automation and enhance our client servicing capabilities.
Looking ahead, we will continue to invest in automation technologies, exploring opportunities to further enhance efficiency and accuracy while maintaining our commitment to transparency.
Our commitment to improving our back-office systems has resulted in more efficient operations, enhanced client services, and reduced risks. We will remain vigilant in this area, continually seeking ways to stay at the forefront of industry best practices.
Succession planning is a key consideration in our recruitment strategy, both for Investment Managers and for our Support and Operations teams. Our acquisition of a customer base in the year to June 2023 was driven by this strategy and we expect to capitalise on this in the future both for client satisfaction and business continuity.
Consumer Duty
The Consumer Duty came into effect on 1(st) August 2023. Considerable time and effort has been spent implementing the changes required within our business to ensure the new regulations are embedded in our policies and processes. Our Consumer Duty Champion who is also one of our non-executive directors will continue to assist the management team in ensuring that appropriate oversight is maintained as we operate under the new rules.
Markets
At present, stock markets generally, and certainly London and New York, are in a strange period of relative uncertainty which has been the pattern for some months. It is unusual when the outlook for major Western economies is so precariously perched between recession and stagflation. It is rare that no decisive trend has emerged in stock markets at a time when so much is changing in the economic and political scene. We have a serious war in Eastern Europe into which Western countries are being increasingly but decidedly more involved. We have an unstable situation with the China/Taiwan standoff. We have had 18 months of sharp and protracted rises in interest rates in a concerted effort to tame rampant inflation, which is not helped by the situation in Ukraine, and which may not have reached its peak yet in spite of the inevitable optimistic talk amongst the chattering classes. Meanwhile the tragic events unfolding in Israel and Gaza are exerting upward pressure on oil and gas prices with the possibility of military escalation in the Middle East creating further uncertainty. This is all happening when the West has a series of weak and hesitant governments who follow events rather than trying to control them, which is not a good combination. As a result, we are cautious about the immediate prospects for the stock markets this autumn.
Outlook
The financial industry has not been immune from the global economic challenges posed by the current inflationary pressures. While we understand the concerns this raises, we must strike a balance between maintaining our service quality and addressing the impact of inflation on our operational costs.
In light of rising costs, we have conducted a comprehensive review of our fee structure to ensure it remains fair and competitive and have applied revised fee rates from April 2023. We have begun to see the benefits of these new rates in the first few months of the new financial year.
Annual General Meeting
Shareholders are invited to attend the Annual General Meeting to be held at our offices at 100 Wood Street, London EC2V 7AN at 12.30 pm on Thursday 23 November 2023. We would like the opportunity to meet you and for you to meet the management of the Company in which you are invested.
The Board encourages shareholders to submit their votes via the CREST system. Shareholders may also submit questions in advance of the AGM to the Company Secretary via email to info@fiskeplc.com or by post to the Company Secretary at the address set out on page 53 of the annual report.
Consolidated Statement of Total Comprehensive Income
For Year ended 30 June 2023
Notes Year to 13 months 30 June to 2023 30 June 2022 GBP'000 GBP'000 Revenues 2 5,879 5,764 Operating expenses (5,751) (6,269) Operating profit / (loss) 128 (505) Investment revenue 200 185 Finance income 14 - Finance costs (27) (29) Profit / (loss) on ordinary activities before taxation 315 (349) Taxation (charge) / credit 3 (62) 177 Profit / (loss) on ordinary activities after taxation 253 (172) Other comprehensive (expense) / income Items that may subsequently be reclassified to profit or loss Movement in unrealised appreciation of investments (321) 1,017 Deferred tax on movement in unrealised appreciation of investments 80 (443) Net other comprehensive (expense) / income (241) 574 Total comprehensive income attributable to equity shareholders 12 402 Profit / (loss) per ordinary share Basic 4 2.1p (1.5)p Diluted 4 2.1p (1.5)p
All results are from continuing operations.
Consolidated Statement of Financial Position
At 30 June 2023
As at As at 30 June 30 June Notes 2023 2022 GBP'000 GBP'000 Non-current Assets Intangible assets 5 999 911 Right-of-use assets 6 156 250 Other intangible assets 7 - - Property, plant and equipment 8 15 21 Investments held at Fair Value Through Other Comprehensive Income 9 4,300 4,621 Total non-current assets 5,470 5,803 Current Assets Trade and other receivables 10 2,591 2,450 Cash and cash equivalents 3,333 3,248 Total current assets 5,924 5,698 Current liabilities Trade and other payables 11 (2,136) (2,147) Short-term lease liabilities 12 (106) (106) Current tax liabilities 3 - - Total current liabilities (2,242) (2,253) Net current assets 3,682 3,445 Non-current liabilities Non-current lease liabilities 12 (65) (155) Deferred tax liabilities 13 (815) (833) Total non-current liabilities (880) (988) Net Assets 8,272 8,260 Equity Share capital 14 2,957 2,957 Share premium 2,085 2,085 Revaluation reserve 2,887 3,128 Retained earnings 343 90 Shareholders' equity 8,272 8,260
The financial statements were approved by the Board of Directors and authorised for issue on 23 October 2023.
Group Statement of Changes in Equity
For Year ended 30 June 2023
Retained Share Share Revaluation (losses)/ capital premium reserve profits Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Balance at 1 June 2021 2,939 2,082 2,553 259 7,833 Loss for the financial period - - - (172) (172) Movement in unrealised appreciation of investments - - 1,017 - 1,017 Deferred tax on movement in unrealised appreciation of investments - - (443) - (443) Realised disposal of Fair value through other comprehensive income investments - - 1 - 1 Total comprehensive income / (expense) for the year - - 575 (172) 403 Share based payment transactions - - - 3 3 Issue of ordinary share capital 18 3 - - 21 Total transactions with owners, recognised directly in equity 18 3 - 3 24 Balance at 30 June 2022 2,957 2,085 3,128 90 8,260 Profit for the financial year - - - 251 251 Movement in unrealised appreciation of investments - - (321) - (321) Deferred tax on movement in unrealised appreciation of investments - - 80 - 80 Total comprehensive (expense) / income for the year - - (241) 251 10 Share based payment transactions - - - 2 2 Total transactions with owners, recognised directly in equity - - - 2 2 Balance at 30 June 2023 2,957 2,085 2,887 343 8,272
Group Statement of Cash Flows
For Year ended 30 June 2023
Notes Year to Year to Period Period 30 June 30 June to to 2023 2023 30 June 30 June 2022 2022 Group Company Group Company GBP'000 GBP'000 GBP'000 GBP'000 Operating profit / (loss) 128 90 (505) (471) Amortisation of customer relationships and goodwill 205 206 218 218 Amortisation of other intangible assets - - 32 32 Depreciation of right-of-use assets 94 94 79 79 Depreciation of property, plant and equipment 14 12 31 31 Interest relating to ROU assets (22) (22) (25) (25) Expenses settled by the issue of shares 2 2 3 3 Decrease in receivables 605 972 248 431 (Decrease) in payables (895) (902) (389) (365) Cash generated from/(used in) operations 131 452 (308) (67) Tax (paid) - - (49) (49) Net cash generated from/ (used in) operating activities 131 452 (357) (116) Investing activities Investment income received 200 200 185 185 Interest income received 14 14 - - Purchases of property, plant and equipment (8) (8) (28) (28) Purchases of other intangible assets (157) (157) - - Net cash (used in) / generated from investing activities 49 49 157 157 Financing activities
Interest paid (5) (5) (4) (4) Proceeds from issue of ordinary share capital - - 22 22 Repayment of lease liabilities 12 (90) (90) (68) (68) Net cash used in financing activities (95) (95) (50) (50) Net increase/(decrease) in cash and cash equivalents 85 406 (250) (9) Cash and cash equivalents at beginning of period 3,248 2,780 3,498 2,789 Cash and cash equivalents at end of period 3,333 3,186 3,248 2,780
Notes to the Accounts
For the Year ended 30 June 2023
1. Basis of preparation
The financial statements have been prepared in accordance with the requirements of IFRS implemented by the Group for the Year ended 30 June 2023 as adopted by the International Financial Reporting Interpretations Committee and in conformity with the Companies Act 2006. The Group financial statements have been prepared under the historical cost convention, with the exception of financial instruments, which are stated in accordance with IFRS 9 Financial Instruments: recognition and measurement.
The financial information included in this News Release does not constitute statutory accounts of the Group for the Year ended 30 June 2023 or 13-month period to 30 June 2022, but is derived from those accounts. Statutory accounts for the 13-month period ended 30 June 2022 have been reported on by the Group's auditor and delivered to the Registrar of Companies. Statutory accounts for the Year ended 30 June 2023 have been audited and will be delivered to the Registrar of Companies. The report of the auditors for both years was (i) unqualified and (ii) did not contain a statement under Section 498 (2) or (3) of the Companies Act 2006.
Copies of the Annual Report will be sent on 24 October 2023 to shareholders and will also be available on our website at www.fiskeplc.com
New and revised IFRSs in issue but not yet effective
A number of amendments to existing standards have also been effective from 1 July 2022 but they do not have a material effect on the Group financial statements. There are a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are effective in future accounting periods that the Group has decided not to adopt early. The following amendments are effective for future periods:
IFRS/Std Description Issued Effective IAS 1 Presentation Amendments regarding February Annual periods of Financial Statements the disclosure of 2021 beginning on or accounting policies after 1 January and classification 2023 of liabilities IAS 8 Accounting Amendments regarding February Annual periods Policies, Changes the definition of 2021 beginning on or in Accounting Estimates accounting estimates after 1 January and Errors 2023
The Group do not expect these amendments to have a significant impact on the financial statements.
There were no new standards adopted in the current financial period.
2. Total revenue and segmental analysis
IFRS 8 requires o perating segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by management to allocate resources to the segments and to assess their performance. Following the acquisition of Fieldings Investment Management Limited in August 2017, their staff and operations have been integrated into the management team of Fiske plc. Pursuant to this, the Group continues to identify a single reportable segment, being UK-based financial intermediation. Within this single reportable segment, total revenue comprises:
Year to Period 30 June to 30 June 2023 2022 GBP'000 GBP'000 Commission receivable 2,863 2,576 Investment management fees 2,982 3,186 5,845 5,762 Other income 34 2 5,879 5,764
Substantially all revenue in the current period and prior year is generated in the UK and derives solely from the provision of financial intermediation.
3. Tax
Analysis of tax on ordinary activities:
Year to Period 30 June to 30 2023 June 2022 Notes GBP'000 GBP'000 Current tax Current period - 6 - 6 Deferred tax Current period 13 62 (183) Total tax charge to Statement of Comprehensive Income 62 (177)
Factors affecting the tax charge for the period
The main corporation tax rate, based on the United Kingdom standard rate of corporation tax, was increased from 19% to 25% from 1 April 2023. The deferred tax liability has been calculated using the expected on-going corporation tax rate of 25% (2022: 25%).
The charge/(credit) for the year can be reconciled to the profit per the Statement of Comprehensive Income as follows:
Year to Period 30 June to 30 June 2023 2022 GBP'000 GBP'000 Profit / (loss) before tax 315 (349) Charge / (credit) on profit / (loss) on ordinary activities at standard rate 60 (66) Effect of: Expenses not deductible in determining taxable profit - - Non-taxable income (38) (35) Carry back tax relief 40 (76) 62 (177) 4. Earnings per share
Basic earnings per share has been calculated by dividing the profit on ordinary activities after taxation by the weighted average number of shares in issue during the period. Diluted earnings per share is basic earnings per share adjusted for the effect of conversion into fully paid shares of the weighted average number of share options during the period.
Diluted Year to 30 June 2023 Basic Basic GBP'000 GBP'000 Profit on ordinary activities after taxation 253 253 Adjustment to reflect impact of dilutive share options - - Profit 253 253 Weighted average number of shares (000's) 11,830 11,830 Earnings per share (pence) 2.1 2.1 Diluted Period to 30 June 2022 Basic Basic GBP'000 GBP'000 Loss on ordinary activities after taxation (172) (172) Adjustment to reflect impact of dilutive share options - - Loss (172) (172) Weighted average number of shares (000's) 11,809 11,809 Earnings per share (pence) (1.5) (1.5) 30 June 30 June 2023 2022 Number of shares (000's): Weighted average number of shares 11,830 11,809 Dilutive effect of share option scheme - - 11,830 11,809 5. Intangible assets Company Group Customer Customer relationships relationships Goodwill Total GBP'000 GBP'000 GBP'000 GBP'000 Cost At 1 June 2021 - 1,312 1,311 2,623 Additions - - - - At 30 June 2022 - 1,312 1,311 2,623 Additions 293 293 - 293 At 30 June 2023 293 1,605 1,311 2,916 Accumulated amortisation or impairment At 1 June 2021 - (525) (969) (1,494) Charge in year - (131) (87) (218) At 30 June 2022 - (656) (1,056) (1,712) Charge in period (7) (138) (67) (205) At 30 June 2023 (7) (794) (1,123) (1,917) Net book value At 30 June 2023 286 811 188 999 At 1 July 2022 - 656 255 911
Goodwill arising through business combinations is allocated to individual cash-generating units ('CGUs') being acquired subsidiaries, reflecting the lowest level at which the Group monitors and test goodwill for impairment purposes. The CGUs to which goodwill is attributed are as follows:
2023 2022 CGU GBP'000 GBP'000 Ionian Group Limited 106 129 Vor Financial Strategy Limited 82 126 Goodwill allocated to CGUs 188 255
The impairment charge arises from a prudent assessment that customer relationships and goodwill change over time and are not of indefinite life. Based on analyses of the relevant customer base segments, a determination was made as to the expected income streams arising over the next 6 years. The recoverable amounts of the goodwill in Ionian Group Limited and in Vor Financial Strategy Limited are determined based on value-in-use calculations. These calculations use projections of marginal profit contributions over the expected remaining stream of attributable value. The key assumptions used for value-in-use calculations are as follows:
Direct and indirect costs as % of revenues 60% Growth rate 0 % 12.5 Discount rate %
Had the discount rate used gone up / down by 1%, impairment would have been GBP8,000 higher/lower and the carrying amount commensurately adjusted. Management determined margin contribution and growth rates based on past performance of those units, together with current market conditions and its expectations of development of those CGUs. The discount rate used is pre-tax, and reflects specific risks relating to the relevant CGU.
6. Right-of-use assets Property Group and Company GBP'000 Cost At 1 June 2021 274 Additions 329 Disposals (274) At 1 July 2022 329 Additions - Disposals - At 30 June 2023 329 Accumulated amortisation At 1 June 2021 (274) Charge for the period (79) On Disposals 274 At 1 July 2022 (79) Charge for the year (94) On Disposals - At 30 June 2023 (173) Net book value At 30 June 2023 156 At 1 July 2022 250
A ten-year lease of office premises at Salisbury House came to an end at December 2021 after a 12 month extension. Since then the Company has moved to new office premises commencing a new lease to 21 February 2025.
The Group used the following practical expedients when applying IFRS16 to leases previously classified as operating leases under IAS17.
-- Applied a single discount rate to a portfolio of leases with similar characteristics;
-- Excluded initial direct costs from measuring the right-of-use asset at the date of initial application;
-- Used hindsight when determining the lease term if the contract contains options to extend or terminate the lease.
7. Other intangible assets Systems licence Group and Company GBP'000 Cost At 1 June 2021 192 Additions - At 1 July 2022 192 Additions - At 30 June 2023 192 Accumulated amortisation At 1 June 2021 (160) Charge for the period (32) At 1 July 2022 (192) Charge for the year - At 30 June 2023 (192) Net book value At 30 June 2023 - At 1 July 2022 - 8. Property, plant and equipment Office furniture Computer Office and equipment equipment refurbishment Total Group and Company GBP'000 GBP'000 GBP'000 GBP'000 Cost At 1 June 2021 164 278 175 617 Additions 3 25 - 28 Disposals (162) (197) (175) (534) At 1 July 2022 5 106 - 111 Additions 2 6 - 8 Disposals - - - - At 30 June 2023 7 112 - 119 Accumulated depreciation At 1 June 2021 (163) (255) (175) (593) Charge for the period (1) (30) - (31) Disposals 162 197 175 534 At 1 July 2022 (2) (88) - (90) Charge for the year (2) (12) - (14) Disposals - - - - At 30 June 2023 (4) (100) - (104) Net book value At 30 June 2023 3 12 - 15 At 30 June 2022 3 18 - 21 9. Investments held at Fair Value Through Other Comprehensive Income 2023 2022 Group and Company GBP'000 GBP'000 Opening valuation 4,621 3,604 Opening fair value gains on investments held (4,144) (3,127) Cost 477 477 Gains on investments 3,823 4,144 Closing fair value of investments held 4,300 4,621 being: Listed - - Unlisted 4,300 4,621 FVTOCI investments carried at fair value 4,300 4,621 Gains / (losses) on investments in period 2023 2022 Group and Company GBP'000 GBP'000 Realised gains on sales - - (Decrease) / increase in fair value (321) 1,017 (Loss) / gain on investments (321) 1,017
The investments included above are represented by holdings of equity securities. These shares are not held for trading.
10. Trade and other receivables
2023 2023 2022 2022 Group Company Group Company Group and Company GBP'000 GBP'000 GBP'000 GBP'000 Counterparty receivables 285 285 407 407 Trade receivables 747 747 891 891 1,032 1,032 1,298 1,298 Amount owed by group undertakings - 173 - 563 Other debtors 313 307 57 48 Prepayments and accrued income 1,246 883 1,095 711 2,591 2,395 2,450 2,620
Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their fair value.
Trade receivables
Included in the Group's trade receivables are debtors with a carrying amount of GBPnil (2022: GBPnil) which are past due at the reporting date for which the Group has not provided.
Counterparty receivables
Included in the Group's counterparty receivables balance are debtors with a carrying amount of GBP230,000 (2022: GBP407,000) which are past due but not considered impaired.
Ageing of counterparty receivables:
2023 2022 GBP'000 GBP'000 0 - 15 days 148 291 16 - 30 days 1 40 31 - 60 days 6 57 Over 60 days 75 19 230 407
11. Trade and other payables
2023 2023 2022 2022 Group Company Group Company GBP'000 GBP'000 GBP'000 GBP'000 Counterparty payables 963 963 1,214 1,214 Trade payables 17 16 19 20 980 979 1,233 1,234 Other sundry creditors and accruals 1,156 1,054 914 818 2,136 2,033 2,147 2,052
12. Lease liabilities
2023 2023 2022 2022 Group Company Group Company GBP'000 GBP'000 GBP'000 GBP'000 Current 106 106 106 106 Non-current 65 65 155 155 171 171 261 261 Maturity analysis: Not later than one year 106 106 106 106 Later than one year and not later than 5 years 65 65 155 155 171 171 261 261
The cash flow impact is summarised as:
2023 2023 2022 2022 Group Company Group Company GBP'000 GBP'000 GBP'000 GBP'000 Lease liabilities at beginning of period 261 261 - - New lease entered into in period - - 329 329 Repayment of lease liabilities (90) (90) (68) (68) Lease liabilities at end of period 171 171 261 261
The lease liability is retired over time by the contrasting interest expense and lease payments.
13. Deferred taxation
Capital Tax Deferred allowances Investments Losses tax liability Group and Company GBP'000 GBP'000 GBP'000 GBP'000 At 1 July 2022 (1) 1,017 (183) 833 Charge for the period - (80) 62 (18) At 30 June 2023 (1) 937 (121) 815
Deferred tax assets and liabilities are recognised at a rate which is substantively enacted at the balance sheet date. The rate to be taken in this case is 25%, being the anticipated rate of taxation applicable to the Group and Company in the following year. A potential deferred tax asset of GBP156,000 relating to trading losses arising before 1 April 2017 has not been recognised.
14. Called up share capital
2023 2022 No. of No. of shares GBP'000 shares GBP'000 Allotted and fully paid: Ordinary shares of 25p Opening balance 11, 829,859 2,957 11,754,859 2,939 Shares issued - - 75,000 18 Closing balance 11,829,859 2,957 11,829,859 2,957
Included within the allotted and fully paid share capital were 9,490 ordinary shares of 25p each (2022: 9,490 ordinary shares of 25p each) held for the benefit of employees.
At 30 June 2023 there were 125,000 (2022: 125,000) outstanding options to subscribe for ordinary shares at a weighted average exercise price of 70p (2022: 70p) and a weighted average remaining contractual life of 1 years, 6 months. (2022: 4 years, 7 months). Ordinary shares are entitled to all distributions of capital and income.
15. Financial commitments
Lease - classified as an IFRS 16 lease
At 30 June 2023 the Group had outstanding commitments for future minimum lease payments under non-cancellable operating leases which fall due as follows:
2023 2022 Land Land and and buildings Other buildings Other GBP'000 GBP'000 GBP'000 GBP'000 In the next year 112 - 111 - In the second to fifth years inclusive 74 - 185 - Total commitment 186 - 296 -
On 31 December 2021 a 10 year lease over the Company's premises at Salisbury House expired. In September 2021 the Company entered into a lease over new premises at Wood Street for a period of some 3 years to 21 February 2025.
16. Clients' money
At 30 June 2023 amounts held by the Company on behalf of clients in accordance with the Client Money Rules of the Financial Conduct Authority amounted to GBP52,686,945 (2022: GBP66,435,793). The Company has no beneficial interest in these amounts and accordingly they are not included in the consolidated statement of financial position.
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