Interim Results/Trading Update

 

TIDMJIM 
 
RNS Number : 9199R 
Jarvis Securities plc 
08 May 2009 
 

8 May 2009 
 
 
Jarvis Securities plc 
 
 
('Jarvis' or the 'Company') 
 
 
Interim Results / Trading Update 
 
 
The following interim accounts have been filed with Companies House as required 
prior to the payment of the interim dividend on 22 May. 
 
 
In addition, the Board are pleased to report that trading has increased 
significantly in April giving a new record month for deal volumes. This results 
in the following updated metrics to 30 April: 
 
 
  *  Daily average trade volumes +33% on 2008 
  *  Client cash balances +29% on 31 December 2008 
  *  New account openings +21% on the same period last year 
 
 
 
Andrew Grant, chairman and chief executive, commented: "Such a significant 
increase in trade volumes is encouraging and has continued into the start of 
this month. This upturn is reflected in both our retail and outsourced services 
businesses and prospects for this year look increasingly positive, despite the 
interest rate environment. I would also like to welcome those new shareholders 
that have joined us recently. I note that our reduced trading commission offer 
of GBP5.95 flat rate per trade for our clients that are also members of the 
Company has been well received, as I hope will be our first interim dividend for 
2009 due to be paid shortly." 
 
 
Enquiries: 
 
 
Jarvis Securities plc       Tel: [phone] 
Andrew Grant 
Mathew Edmett 
 
 
Arbuthnot Securities    Tel: [phone] 
Alasdair Younie 
Katie Shelton 
 
 
Notes: 
Jarvis Securities plc is the holding company for Jarvis Investment Management 
plc (AIM: JIM.L) a stock broking company and outsourced service provider for 
bespoke tailored financial administration. Jarvis was established in 1984 and is 
a member of the London Stock Exchange; a broker dealer member of PLUS Markets, 
authorised and regulated by the Financial Services Authority and an HM Revenue & 
Customs approved ISA manager. Jarvis has more than 30,000 retail clients and a 
growing number of institutional clients. As well as normal retail broking Jarvis 
provides cost effective and flexible share trading facilities within ISA and 
SIPP wrappers. 
 
 
CoMPANY income statement for the PERIOD ended 30 APRIL 2009 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
|                                       |          |           |  |             | Four Months | 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
|                                       |  Notes   |           |  |             |       Ended | 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
|                                       |          |           |  |             |     30/4/09 | 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
|                                       |          |           |  |             |         GBP | 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
| Continuing operations:                |          |           |  |             |             | 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
| Revenue                               |          |           |  |             |   1,863,537 | 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
| Administrative expenses               |          |           |  |             |   (146,985) | 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
| Finance costs                         |          |           |  |             |        (87) | 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
| Profit before income tax              |    4     |           |  |             |   1,716,465 | 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
| Income tax charge                     |    5     |           |  |             |    (75,600) | 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
| Profit for the period                 |    14    |           |  |             |   1,640,865 | 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
| Attributable to equity holders of the |          |           |  |             |   1,640,865 | 
| company                               |          |           |  |             |             | 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
|                                       |          |           |  |             |             | 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
CoMPANY balance sheet as at 30 APRIL 2009 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
|                                       |  Notes   |           |  |             |  30/4/09    | 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
|                                       |          |           |  |             |         GBP | 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
| Assets                                |          |           |  |             |             | 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
| Non-current assets                    |          |           |  |             |             | 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
| Property, plant and equipment         |    6     |           |  |             |     289,192 | 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
| Intangible assets                     |    7     |           |  |             |      93,844 | 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
| Goodwill                              |    7     |           |  |             |     548,715 | 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
| Investments held to maturity          |    8     |           |  |             |      39,601 | 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
| Available-for-sale investments        |    9     |           |  |             |      86,251 | 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
| Investment in subsidiaries            |    10    |           |  |             |     262,732 | 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
| Deferred income tax                   |          |           |  |             |       3,143 | 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
|                                       |          |           |  |             |   1,323,478 | 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
| Current assets                        |          |           |  |             |             | 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
| Trade and other receivables           |    11    |           |  |             |     665,643 | 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
| Cash and cash equivalents             |    12    |           |  |             |         105 | 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
|                                       |          |           |  |             |     665,748 | 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
| Total assets                          |          |           |  |             |   1,989,226 | 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
|                                       |          |           |  |             |             | 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
| Equity and liabilities                |          |           |  |             |             | 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
| Capital and reserves                  |    14    |           |  |             |             | 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
| Share capital                         |    13    |           |  |             |     105,000 | 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
| Share premium                         |    14    |           |  |             |     779,934 | 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
| Capital redemption reserve            |    14    |           |  |             |       9,845 | 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
| Revaluation reserve                   |    14    |           |  |             |      85,152 | 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
| Other reserves                        |    14    |           |  |             |      59,539 | 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
| Retained earnings                     |    14    |           |  |             |     274,067 | 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
| Own shares held in treasury           |    14    |           |  |             |    (83,319) | 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
| Total equity                          |    14    |           |  |             |   1,230,218 | 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
| Current liabilities                   |    15    |           |  |             |             | 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
| Trade and other payables              |    15    |           |  |             |     587,459 | 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
| Income tax                            |    15    |           |  |             |     171,549 | 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
| Total liabilities                     |    15    |           |  |             |     759,008 | 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
| Total equity and liabilities          |          |           |  |             |   1,989,226 | 
+---------------------------------------+----------+-----------+--+-------------+-------------+ 
 
 
cashflow statement 
for the PERIOD ended 30 APRIL 2009 
 
 
+----------------------------------------+-----+------------+------------+------------+-------------+ 
|                                        |     |                         |                          | 
+----------------------------------------+-----+-------------------------+--------------------------+ 
|                                        |     |            |            |            |  30/4/09    | 
+----------------------------------------+-----+------------+------------+------------+-------------+ 
|                                        |     |            |            |            |             | 
+----------------------------------------+-----+------------+------------+------------+-------------+ 
|                                        |     |            |            |            |         GBP | 
+----------------------------------------+-----+------------+------------+------------+-------------+ 
| Cash flow from operating activities    |     |            |            |            |             | 
+----------------------------------------+-----+------------+------------+------------+-------------+ 
| Profit before income tax               |     |            |            |            |   1,716,465 | 
+----------------------------------------+-----+------------+------------+------------+-------------+ 
|                                        |     |            |            |            |             | 
+----------------------------------------+-----+------------+------------+------------+-------------+ 
| Depreciation and amortisation          |     |            |            |            |      51,344 | 
+----------------------------------------+-----+------------+------------+------------+-------------+ 
| Cost of share options                  |     |            |            |            |       3,612 | 
+----------------------------------------+-----+------------+------------+------------+-------------+ 
| Finance costs                          |     |            |            |            |          87 | 
+----------------------------------------+-----+------------+------------+------------+-------------+ 
|                                        |     |            |            |            |   1,771,508 | 
+----------------------------------------+-----+------------+------------+------------+-------------+ 
| Decrease in trade and other receivables      |            |            |            |   1,176,866 | 
+----------------------------------------------+------------+------------+------------+-------------+ 
| (Decrease) in trade payables           |     |            |            |            | (1,135,580) | 
+----------------------------------------+-----+------------+------------+------------+-------------+ 
| Cash generated from operations         |     |            |            |            |   1,812,794 | 
+----------------------------------------+-----+------------+------------+------------+-------------+ 
| Interest paid                          |     |            |            |            |        (87) | 
+----------------------------------------+-----+------------+------------+------------+-------------+ 
| Net cash from operating activities     |     |            |            |            |   1,812,707 | 
+----------------------------------------+-----+------------+------------+------------+-------------+ 
| Cash flows from investing activities   |     |            |            |            |             | 
+----------------------------------------+-----+------------+------------+------------+-------------+ 
| Purchase of property, plant and        |     |            |            |            |   (267,541) | 
| equipment                              |     |            |            |            |             | 
+----------------------------------------+-----+------------+------------+------------+-------------+ 
| Purchase of other long term assets     |     |            |            |            |   (149,700) | 
+----------------------------------------+-----+------------+------------+------------+-------------+ 
|                                        |     |            |            |            |   (417,241) | 
+----------------------------------------+-----+------------+------------+------------+-------------+ 
| Cash flows from financing activities   |     |            |            |            |             | 
+----------------------------------------+-----+------------+------------+------------+-------------+ 
| Dividends paid                         |     |            |            |            | (1,393,345) | 
+----------------------------------------+-----+------------+------------+------------+-------------+ 
| Net cash used in financing activities  |     |            |            |            | (1,393,345) | 
+----------------------------------------+-----+------------+------------+------------+-------------+ 
|                                        |     |            |            |            |             | 
+----------------------------------------+-----+------------+------------+------------+-------------+ 
| Net increase in cash and cash equivalents    |            |            |            |       2,121 | 
+----------------------------------------------+------------+------------+------------+-------------+ 
| Cash and cash equivalents at the start of    |            |            |            |     (2,016) | 
| the period                                   |            |            |            |             | 
+----------------------------------------------+------------+------------+------------+-------------+ 
| Cash and cash equivalents at the end of the  |            |            |            |         105 | 
| period                                       |            |            |            |             | 
+----------------------------------------+-----+------------+------------+------------+-------------+ 
 
 
Notes forming part of the INTERIM financial statements 
 
 
1. Basis of preparation 
The company has adopted the requirements of International Financial Reporting 
Standards (IFRS) and IFRIC interpretations endorsed by the European Union (EU) 
and those parts of the Companies Act 1985 applicable to companies reporting 
under IFRS. The interim financial statements have been prepared under the 
historical cost convention as modified by the revaluation of available-for-sale 
financial assets, and financial assets and liabilities at fair value through 
profit or loss. 
 
 
These interim financial statements have been prepared in accordance with the 
accounting policies set out below, which have been consistently applied. These 
accounting policies comply with applicable IFRS standards and IFRIC 
interpretations issued and effective at the time of preparing these statements. 
 
 
The following IFRS standards, amendments and interpretations are effective for 
the company from 1 January 2009. The adoption of these standards, amendments and 
interpretations does not have a material impact on the company's profit for the 
period or equity: 
 
 
IFRIC 13 Customer Loyalty Programmes 
IFRIC 16 Hedges of a Net Investment in a Foreign Operation 
IAS1 Presentation of Financial Statements (revised September 2007) 
IFRS 8 Operating Segments 
IAS 32 Financial Instruments - Presentation (Amendments) 
IAS1 Presentation of Financial Statements - Puttable Financial Instruments and 
Obligations Arising on Liquidation 
Amendment to IFRS 2 Share Based Payment - Vesting Conditions and Cancellations 
IAS 23 Borrowing Costs 
IAS 27 Consolidated and Separate Financial Statements 
IFRS 3 Business Combinations 
IFRIC 15 Agreements for the Construction of Real Estate 
IAS 39 Financial Instruments: Recognition and Measurement (Amendment) - Eligible 
Hedged Items 
Reclassification of Financial Assets (Amendments to IAS 39 Financial 
Instruments: Recognition and Measurement and IFRS 7 Financial Instruments: 
Disclosures) 
IFRIC 17 Distributions of Non-cash Assets to Owners 
IFRS 1 First- time Adoption of International Financial Reporting Standards 
(revised) 
 
 
The preparation of financial statements in accordance with IFRS requires the use 
of certain accounting estimates. It also requires management to exercise 
judgement in the process of applying the Company's accounting policies. The 
areas involving a high degree of judgement or complexity, or areas where the 
assumptions and estimates are significant to the consolidated financial 
statements are detailed in note 18. 
 
 
2. Summary of significant accounting policies 
 
 
(a) Revenue 
Revenue represents net sales of services excluding value added tax. 
 
 
(b) Property, plant and equipment 
All property, plant and equipment is shown at cost less subsequent depreciation 
and impairment. Cost includes expenditure that is directly attributable to the 
acquisition of the items. Depreciation is provided on cost in equal annual 
instalments over the lives of the assets at the following rates: 
Leasehold improvement - 33% on cost 
Motor vehicles - 15% on cost 
Office equipment - -20% on cost 
 
 
The assets' residual values and useful lives are reviewed, and adjusted if 
appropriate, at each balance sheet date. Gains and losses on disposals are 
determined by comparing proceeds with carrying amount. These are included in the 
income statement. Impairment reviews of property, plant and equipment are 
undertaken if there are indications that the carrying values may not be 
recoverable or that the recoverable amounts may be less than the asset's 
carrying value. 
 
 
(c) Intangible assets 
Intangible assets are capitalised at their fair value on acquisition and carried 
at cost less accumulated amortisation. Amortisation is charged to administrative 
expenses within the income statement and provided on cost in equal annual 
instalments over the lives of the assets at the following rates: 
Databases - 4% on cost 
Software developments - 33% on cost 
Website - 33% on cost 
 
 
Impairment reviews of intangible assets are undertaken if there are indications 
that the carrying values may not be recoverable or that the recoverable amounts 
may be less than the asset's carrying value. 
 
 
(d) Goodwill 
Goodwill represents the excess of the fair value of the consideration given over 
the aggregate fair values of the net identifiable assets of the acquired trade 
and assets at the date of acquisition. Goodwill is tested annually for 
impairment and carried at cost less accumulated impairment losses. 
 
 
(e) Deferred income tax 
Deferred income tax is provided in full, using the liability method, on 
differences arising between the tax bases of assets and liabilities and their 
carrying amounts in the consolidated financial statements. The deferred income 
tax is not accounted for if it arises from initial recognition of an asset or 
liability in a transaction, other than a business combination, that at the time 
of the transaction affects neither accounting or taxable profit or loss. 
Deferred income tax is determined using tax rates that have been enacted or 
substantially enacted by the balance sheet date and are expected to apply when 
the related deferred income tax asset is realised or the deferred income tax 
liability is settled. 
 
 
Deferred income tax assets are recognised to the extent that it is probable that 
future taxable profit will be available against which the temporary differences 
can be utilised. 
 
 
Deferred income tax is provided on temporary differences arising on investments 
in subsidiaries except where the timing or the reversal of the timing difference 
is controlled by the company and it is probable that the temporary differences 
will not reverse in the foreseeable future. 
 
 
(f) Segmental reporting 
A business segment is a group of assets and operations engaged in providing 
products or services that are subject to risks and returns that are different 
from those of other business segments. The directors regard the operations of 
the company as a single segment. 
 
 
(g) Operating leases and finance leases 
Costs in respect of operating leases are charged on a straight line basis over 
the lease term in arriving at the profit before income tax. Where the company 
has entered into finance leases, the obligations to the lessor are shown as part 
of borrowings and the rights in the corresponding assets are treated in the same 
way as owned fixed assets. Leases are regarded as finance leases where their 
terms transfer to the lessee substantially all the benefits and burdens of 
ownership other than right to legal title. 
 
 
(h) Finance lease interest 
The finance charge is allocated to each period during the lease term so as to 
produce a constant periodic rate of interest on the remaining balance of the 
liability. 
 
 
(i) Investments 
The company classifies its investments in the following categories: investments 
held to maturity, investments held for trading and available-for-sale 
investments. The classification depends on the purpose for which the investments 
were acquired. Management determines the classification of its investments at 
initial recognition and re-evaluates this designation at every reporting date. 
 
 
Investments held to maturity 
Investments held to maturity are stated at cost. An investment is classified in 
this category if acquired principally with the intention of holding 
indefinitely. Assets in this category are classified as non-current. 
 
 
Investment held for trading 
Investments held for trading are stated at fair value. An investment is 
classified in this category if acquired principally for the purpose of selling 
in the short term. Assets in this category are classified as current. 
 
 
Available-for-sale investments 
Available-for-sale investments are stated at fair value. They are included in 
non-current assets unless management intends to dispose of them within 12 months 
of the balance sheet date. 
 
 
Purchases and sales of investments are recognised on the trade-date - the date 
on which the company commits to purchase or sell the asset. Investments are 
initially recognised at fair value. Investments are derecognised when the rights 
to receive cash flows from the investments have expired or been transferred and 
the company has transferred substantially all the risks and rewards of 
ownership. Realised and unrealised gains and losses arising from changes in fair 
value of investments held for trading are included in the income statement in 
the period in which they arise. Unrealised gains and losses arising in changes 
in the fair value of available-for-sale investments are recognised in equity. 
When investments classified as available-for-sale are sold or impaired, the 
accumulated fair value adjustments are included in the income statement as gains 
and losses from investment securities. 
 
 
The fair value of quoted investments is based on current bid prices. If the 
market for an investment is not active, the company establishes fair value by 
using valuation techniques. These include the use of recent arm's length 
transactions, reference to other instruments that are substantially the same, or 
discounted cash flow analysis refined to reflect the issuer's specific 
circumstances. 
 
 
The company assesses at each balance sheet date whether there is objective 
evidence that an investment is impaired. In the case of investments classified 
as available-for-sale, a significant or prolonged decline in the fair value 
below its cost is considered in determining whether the security is impaired. 
 
 
(j) Share Capital 
Incremental costs directly attributable to the issue of new shares or options 
are shown in equity as a deduction from proceeds, net of income tax. 
 
 
Where the company purchases its equity share capital (treasury shares), the 
consideration paid, including any directly attributable incremental costs (net 
of income tax), is deducted from equity attributable to the company's equity 
holders until the shares are cancelled, reissued or disposed of. Where such 
shares are subsequently sold or reissued, any consideration received, net of any 
directly incremental transaction costs and the related income tax effects, is 
included in equity attributable to the company's equity holders. 
 
 
(k) Cash and cash equivalents 
Cash and cash equivalents comprise cash on hand and demand deposits, together 
with other short-term, highly liquid investments that are readily convertible 
into known amounts of cash and which are subject to an insignificant risk of 
changes in value. 
 
 
(l) Current income tax 
Current income tax assets and/or liabilities comprise those obligations to, or 
claims from, fiscal authorities relating to the current or prior reporting 
periods, that are unpaid at the balance sheet date. They are calculated 
according to the tax rates and tax laws applicable to the fiscal periods to 
which they relate based on the taxable profit for the year. 
 
 
(m) Dividend distribution 
Dividend distribution to the company's shareholders is recognised as a liability 
in the company's financial statements in the period in which interim dividends 
are notified to shareholders and final dividends are approved by the company's 
shareholders. 
 
 
3. Segmental information 
All of the reported revenue and operational results for the period derive from 
the company's continuing operations. 
 
 
+------------------------------------------------------------------+------------+--+------------+ 
| 4. Profit before income tax                                      |            |  |    30/4/09 | 
+------------------------------------------------------------------+------------+--+------------+ 
| Profit before income tax is stated after charging:               |            |  |        GBP | 
+------------------------------------------------------------------+------------+--+------------+ 
| Directors' emoluments                                            |            |  |      4,000 | 
+------------------------------------------------------------------+------------+--+------------+ 
| Depreciation - owned assets                                      |            |  |     44,755 | 
+------------------------------------------------------------------+------------+--+------------+ 
| Amortisation                                                     |            |  |      6,589 | 
+------------------------------------------------------------------+------------+--+------------+ 
| Operating lease rentals - land and buildings                     |            |  |     21,167 | 
+------------------------------------------------------------------+------------+--+------------+ 
| Finance costs                                                    |            |  |         87 | 
+------------------------------------------------------------------+------------+--+------------+ 
| Directors' emoluments                                            |            |  |            | 
+------------------------------------------------------------------+------------+--+------------+ 
| Fees                                                             |            |  |      4,000 | 
+------------------------------------------------------------------+------------+--+------------+ 
| Details of the highest paid director are as follows:             |            |  |            | 
+------------------------------------------------------------------+------------+--+------------+ 
| Aggregate emoluments                                             |            |  |      4,000 | 
+------------------------------------------------------------------+------------+--+------------+ 
 
 
Key personnel 
The executive directors are considered to be the key management personnel of the 
company. 
 
 
+--------------------+-----------+--------+------+--------------+--------+------------+-----------+--+------------+ 
| 5. Income and deferred tax charges                                     |                        |  |  30/4/2009 | 
+------------------------------------------------------------------------+------------------------+--+------------+ 
|                                                                        |                        |  |        GBP | 
+------------------------------------------------------------------------+------------------------+--+------------+ 
| Based on the adjusted results for the period:                          |                        |  |            | 
+------------------------------------------------------------------------+------------------------+--+------------+ 
| UK corporation tax                                                     |                        |  |     75,600 | 
+------------------------------------------------------------------------+------------------------+--+------------+ 
| Total current income tax                                               |                        |  |     75,600 | 
+------------------------------------------------------------------------+------------------------+--+------------+ 
| 6. Property, plant and         |        |      |    Leasehold |              Motor  |   Office  |  |      Total | 
| equipment                      |        |      | Improvements |             Vehicle | Equipment |  |            | 
+--------------------------------+--------+------+--------------+---------------------+-----------+--+------------+ 
| Cost:              |           |        |      |          GBP |                 GBP |       GBP |  |        GBP | 
+--------------------+-----------+--------+------+--------------+---------------------+-----------+--+------------+ 
| At 1 January 2008  |           |        |      |       56,212 |              27,057 |   214,314 |  |    297,583 | 
+--------------------+-----------+--------+------+--------------+---------------------+-----------+--+------------+ 
| Additions          |           |        |      |      284,561 |              36,601 |    54,363 |  |    375,525 | 
+--------------------+-----------+--------+------+--------------+---------------------+-----------+--+------------+ 
| Disposal           |           |        |      |     (52,431) |                   - |  (31,570) |  |   (84,001) | 
+--------------------+-----------+--------+------+--------------+---------------------+-----------+--+------------+ 
| At 31 December     |           |        |      |      288,342 |              63,658 |   237,107 |  |    589,107 | 
| 2008               |           |        |      |              |                     |           |  |            | 
+--------------------+-----------+--------+------+--------------+---------------------+-----------+--+------------+ 
| Additions          |           |        |      |            - |                   - |       661 |  |        661 | 
+--------------------+-----------+--------+------+--------------+---------------------+-----------+--+------------+ 
| At 30 April 2009   |           |        |      |      288,342 |              63,658 |   237,768 |  |    589,768 | 
+--------------------+-----------+--------+------+--------------+---------------------+-----------+--+------------+ 
| Depreciation:      |           |        |      |              |                     |           |  |            | 
+--------------------+-----------+--------+------+--------------+---------------------+-----------+--+------------+ 
| At 1 January 2008  |           |        |      |       41,191 |               7,912 |   161,133 |  |    210,236 | 
+--------------------+-----------+--------+------+--------------+---------------------+-----------+--+------------+ 
| Charge for the     |           |        |      |       77,006 |               9,092 |    29,583 |  |    115,681 | 
| year               |           |        |      |              |                     |           |  |            | 
+--------------------+-----------+--------+------+--------------+---------------------+-----------+--+------------+ 
| On disposal        |           |        |      |     (42,438) |                   - |  (27,658) |  |   (70,096) | 
+--------------------+-----------+--------+------+--------------+---------------------+-----------+--+------------+ 
| At 31 December     |           |        |      |       75,759 |              17,004 |   163,058 |  |    255,821 | 
| 2008               |           |        |      |              |                     |           |  |            | 
+--------------------+-----------+--------+------+--------------+---------------------+-----------+--+------------+ 
| Charge for the     |           |        |      |       32,035 |               3,182 |     9,538 |  |     44,755 | 
| year               |           |        |      |              |                     |           |  |            | 
+--------------------+-----------+--------+------+--------------+---------------------+-----------+--+------------+ 
| At 30 April 2009   |           |        |      |      107,794 |              20,186 |   172,596 |  |    300,576 | 
+--------------------+-----------+--------+------+--------------+---------------------+-----------+--+------------+ 
| Net Book Value:    |           |        |      |              |                     |           |  |            | 
+--------------------+-----------+--------+------+--------------+---------------------+-----------+--+------------+ 
| At 30 April 2009   |           |        |      |      180,548 |              43,472 |    65,172 |  |    289,192 | 
+--------------------+-----------+--------+------+--------------+---------------------+-----------+--+------------+ 
| At 31 December     |           |        |      |      212,583 |              46,654 |    74,049 |  |    333,286 | 
| 2008               |           |        |      |              |                     |           |  |            | 
+--------------------+-----------+--------+------+--------------+--------+------------+-----------+--+------------+ 
 
 
+--------------------+-----------+--+------------+------------+-------------+---------+--+------------+ 
| 7. Intangible assets and       |  |   Goodwill | Databases  |    Software | Website |  |      Total | 
| goodwill                       |  |            |            | Development |         |  |            | 
+--------------------------------+--+------------+------------+-------------+---------+--+------------+ 
|                    |           |  |        GBP |        GBP |         GBP |     GBP |  |        GBP | 
+--------------------+-----------+--+------------+------------+-------------+---------+--+------------+ 
| Cost:              |           |  |            |            |             |         |  |            | 
+--------------------+-----------+--+------------+------------+-------------+---------+--+------------+ 
| At 1 January 2008  |           |  |    342,872 |     25,000 |      93,521 |  70,185 |  |    531,578 | 
+--------------------+-----------+--+------------+------------+-------------+---------+--+------------+ 
| Additions          |           |  |          - |          - |         972 |  18,884 |  |     19,856 | 
+--------------------+-----------+--+------------+------------+-------------+---------+--+------------+ 
| At 31 December     |           |  |    342,872 |     25,000 |      94,493 |  89,069 |  |    551,434 | 
| 2008               |           |  |            |            |             |         |  |            | 
+--------------------+-----------+--+------------+------------+-------------+---------+--+------------+ 
| Additions          |           |  |    205,843 |     49,250 |       2,487 |   9,300 |  |    266,880 | 
+--------------------+-----------+--+------------+------------+-------------+---------+--+------------+ 
| At 30 April 2009   |           |  |    548,715 |     74,250 |      96,980 |  98,369 |  |    818,314 | 
+--------------------+-----------+--+------------+------------+-------------+---------+--+------------+ 
| Amortisation:      |           |  |            |            |             |         |  |            | 
+--------------------+-----------+--+------------+------------+-------------+---------+--+------------+ 
| At 1 January 2008  |           |  |          - |      4,427 |      89,379 |  56,415 |  |    150,221 | 
+--------------------+-----------+--+------------+------------+-------------+---------+--+------------+ 
| Charge for the     |           |  |          - |      1,250 |       2,834 |  14,861 |  |     18,945 | 
| year               |           |  |            |            |             |         |  |            | 
+--------------------+-----------+--+------------+------------+-------------+---------+--+------------+ 
| At 31 December     |           |  |          - |      5,677 |      92,213 |  71,276 |  |    169,166 | 
| 2008               |           |  |            |            |             |         |  |            | 
+--------------------+-----------+--+------------+------------+-------------+---------+--+------------+ 
| Charge for the     |           |  |          - |        703 |         630 |   5,256 |  |      6,589 | 
| year               |           |  |            |            |             |         |  |            | 
+--------------------+-----------+--+------------+------------+-------------+---------+--+------------+ 
| At 30 April 2009   |           |  |          - |      6,380 |      92,843 |  76,532 |  |    175,755 | 
+--------------------+-----------+--+------------+------------+-------------+---------+--+------------+ 
| Net Book Value:    |           |  |            |            |             |         |  |            | 
+--------------------+-----------+--+------------+------------+-------------+---------+--+------------+ 
| At 30 April 2009   |           |  |    548,715 |     67,870 |       4,137 |  21,837 |  |    642,559 | 
+--------------------+-----------+--+------------+------------+-------------+---------+--+------------+ 
| At 31 December     |           |  |    342,872 |     19,323 |       2,280 |  17,793 |  |    382,268 | 
| 2008               |           |  |            |            |             |         |  |            | 
+--------------------+-----------+--+------------+------------+-------------+---------+--+------------+ 
 
 
In reviewing the value of goodwill for impairment, the directors have assumed an 
attrition rate of 7.0% based upon the actual rate for the previous period and a 
discount rate of 2.0%. The discounted cashflow is calculated over a period of 5 
years. For impairment to the goodwill value to occur, the attrition rate would 
need to exceed 21.0% or the discount rate would need to exceed 11.3%. 
 
 
+-----------------------------+--------+---------+--+--+--+-------------+--+--+------------+--+--------+--+ 
| 8. Investments held to maturity                |                      |     |                           | 
+------------------------------------------------+----------------------+-----+---------------------------+ 
|                                                |     |  |             |     |            |  | 30/4/2009 | 
+------------------------------------------------+-----+--+-------------+-----+------------+--+-----------+ 
| Unlisted Investments:                          |     |  |             |     |            |  |       GBP | 
+------------------------------------------------+-----+--+-------------+-----+------------+--+-----------+ 
| Cost:                                          |     |  |             |     |            |  |           | 
+------------------------------------------------+-----+--+-------------+-----+------------+--+-----------+ 
| At 1 January 2009                              |     |  |             |     |            |  |    39,601 | 
+------------------------------------------------+-----+--+-------------+-----+------------+--+-----------+ 
| As at 30 April 2009                            |     |  |             |     |            |  |    39,601 | 
+------------------------------------------------+-----+--+-------------+-----+------------+--+-----------+ 
| Unlisted investments held to maturity are stated at cost.                                            | 
| Unlisted investments are interests held in the following company registered in the                   | 
| United Kingdom:                                                                                      | 
|                                                                                                      | 
+------------------------------------------------------------------------------------------------------+ 
|                             |    Shareholding     |       Holding        |         Business          | 
+-----------------------------+---------------------+----------------------+---------------------------+ 
| Alexander David Securities  |      GBP39,601      |      Loan notes      |       Stockbrokers        | 
| Group plc                   |       at par        |                      |                           | 
+-----------------------------+---------------------+----------------------+---------------------------+ 
| 9. Available-for-sale investments              |     |  |             |     |            |  | 30/4/2009 | 
+------------------------------------------------+-----+--+-------------+-----+------------+--+-----------+ 
| Listed Investments:                            |     |  |             |     |            |  |       GBP | 
+------------------------------------------------+-----+--+-------------+-----+------------+--+-----------+ 
| Cost:                                          |     |  |             |     |            |  |           | 
+------------------------------------------------+-----+--+-------------+-----+------------+--+-----------+ 
| At 1 January 2009                              |     |  |             |     |            |  |    57,500 | 
+------------------------------------------------+-----+--+-------------+-----+------------+--+-----------+ 
| On revaluation                                 |     |  |             |     |            |  |    28,751 | 
+------------------------------------------------+-----+--+-------------+-----+------------+--+-----------+ 
| As at 30 April 2009                            |     |  |             |     |            |  |    86,251 | 
+------------------------------------------------+-----+--+-------------+-----+------------+--+-----------+ 
| Listed investments are stated at their market value at 30 April 2009.                                | 
| Listed investments are interests held in the following company registered in the                     | 
| United Kingdom:                                                                                      | 
+------------------------------------------------------------------------------------------------------+ 
|                             |    Shareholding     |       Holding        |         Business          | 
+-----------------------------+---------------------+----------------------+---------------------------+ 
| Alexander David Securities  |  2.7%  | 11,500,096 |  1p Ordinary shares  |       Stockbrokers        | 
| Group plc                   |        |            |                      |                           | 
+-----------------------------+--------+------------+----------------------+---------------------------+ 
| 10. Investments in subsidiaries                |     |  |             |     |            |  | 30/4/2009 | 
+------------------------------------------------+-----+--+-------------+-----+------------+--+-----------+ 
| Unlisted Investments:                          |     |  |             |     |            |  |       GBP | 
+------------------------------------------------+-----+--+-------------+-----+------------+--+-----------+ 
| Cost:                                          |     |  |             |     |            |  |           | 
+------------------------------------------------+-----+--+-------------+-----+------------+--+-----------+ 
| At 1 January 2009                              |     |  |             |     |            |  |   111,204 | 
+------------------------------------------------+-----+--+-------------+-----+------------+--+-----------+ 
| Additions (capital contributions re            |     |  |             |     |            |  |     1,828 | 
| share option costs)                            |     |  |             |     |            |  |           | 
+------------------------------------------------+-----+--+-------------+-----+------------+--+-----------+ 
| Additions                                      |     |  |             |     |            |  |   149,700 | 
+------------------------------------------------+-----+--+-------------+-----+------------+--+-----------+ 
| As at 30 April 2009                            |     |  |             |     |            |  |   262,732 | 
+------------------------------------------------+-----+--+-------------+-----+------------+--+-----------+ 
|                             |    Shareholding     |       Holding        |         Business          | 
+-----------------------------+---------------------+----------------------+---------------------------+ 
| Jarvis Investment           |  100%  | 25,000,000 |  1p Ordinary shares  |        Financial          | 
| Management plc              |        |            |                      |      administration       | 
+-----------------------------+--------+------------+----------------------+---------------------------+ 
| Dudley Road Nominees        |  100%  |          2 |GBP1 Ordinary shares  |      Dormant nominee      | 
| Limited*                    |        |            |                      |          company          | 
+-----------------------------+--------+------------+----------------------+---------------------------+ 
| JIM Nominees Limited*       |  100%  |          1 |GBP1 Ordinary shares  |      Dormant nominee      | 
|                             |        |            |                      |          company          | 
+-----------------------------+--------+------------+----------------------+---------------------------+ 
| Galleon Nominees Limited*   |  100%  |          2 |GBP1 Ordinary shares  |      Dormant nominee      | 
|                             |        |            |                      |          company          | 
+-----------------------------+--------+------------+----------------------+---------------------------+ 
| Sharegain Limited*          |  100%  |          1 |GBP1 Ordinary shares  |      Dormant company      | 
+-----------------------------+--------+------------+----------------------+---------------------------+ 
| * indirectly held           |        |            |                      |                           | 
+-----------------------------+--------+---------+--+--+--+-------------+--+--+------------+--+--------+--+ 
 
 
+------------------------------------+------------+--+-------------+--+------------+--+------------+ 
| 11. Trade and other receivables    |            |  |             |  |            |  |  30/4/2009 | 
+------------------------------------+------------+--+-------------+--+------------+--+------------+ 
| Amounts falling due within one     |            |  |             |  |            |  |        GBP | 
| year:                              |            |  |             |  |            |  |            | 
+------------------------------------+------------+--+-------------+--+------------+--+------------+ 
| Trade receivables                  |            |  |             |  |            |  |     95,696 | 
+------------------------------------+------------+--+-------------+--+------------+--+------------+ 
| Amounts owed by group undertakings |            |  |             |  |            |  |    373,739 | 
+------------------------------------+------------+--+-------------+--+------------+--+------------+ 
| Other receivables                  |            |  |             |  |            |  |     25,285 | 
+------------------------------------+------------+--+-------------+--+------------+--+------------+ 
| Prepayments and accrued income     |            |  |             |  |            |  |    170,923 | 
+------------------------------------+------------+--+-------------+--+------------+--+------------+ 
|                                    |            |  |             |  |            |  |    665,643 | 
+------------------------------------+------------+--+-------------+--+------------+--+------------+ 
| 12. Cash and cash equivalents      |            |  |             |  |            |  |  30/4/2009 | 
+------------------------------------+------------+--+-------------+--+------------+--+------------+ 
|                                    |            |  |             |  |            |  |        GBP | 
+------------------------------------+------------+--+-------------+--+------------+--+------------+ 
| Balance at bank and in hand        |            |  |             |  |            |  |        105 | 
+------------------------------------+------------+--+-------------+--+------------+--+------------+ 
|                                    |            |  |             |  |            |  |        105 | 
+------------------------------------+------------+--+-------------+--+------------+--+------------+ 
| 13. Share capital                                                   |            |  |  30/4/2009 | 
+---------------------------------------------------------------------+------------+--+------------+ 
|                                                                     |            |  |        GBP | 
+---------------------------------------------------------------------+------------+--+------------+ 
| Authorised:                                                         |            |  |            | 
+---------------------------------------------------------------------+------------+--+------------+ 
| 16,000,000 Ordinary shares of 1p each                               |            |  |    160,000 | 
+---------------------------------------------------------------------+------------+--+------------+ 
| Allotted, issued and fully paid:                                    |            |  |            | 
+---------------------------------------------------------------------+------------+--+------------+ 
| 10,500,000 (2007: 10,800,000) Ordinary shares of 1p each            |            |  |    105,000 | 
+------------------------------------+------------+--+-------------+--+------------+--+------------+ 
 
 
A total of 600,000 options were granted to directors and employees on admission 
of the company to trading on AIM on 23 December 2004 and a further 50,000 to a 
director on 20 January 2007. These options were granted with an exercise price 
of 82.5p and are first exercisable on 23 December 2009 and with a last exercise 
date of 23 December 2014. In addition, 230,000 options were granted on 18 May 
2007 to directors and employees with an exercise price of 175p and are first 
exercisable on 17 May 2012 and with a last exercise date of 17 May 2017. The 
total number of options currently unexercised and in issue is 820,000. 
 
 
The following options were granted to directors and remain in issue: 
 
 
+------------------------------------------------------------------+------------+--+------------+ 
|                                                                  |   at 82.5p |  |    at 175p | 
+------------------------------------------------------------------+------------+--+------------+ 
| A J Grant                                                        |    273,500 |  |     76,500 | 
+------------------------------------------------------------------+------------+--+------------+ 
| M J Edmett                                                       |    175,000 |  |     50,000 | 
+------------------------------------------------------------------+------------+--+------------+ 
 
 
14. Capital and reserves 
+------------------------+---------+---------+------------+-------------+----------+-------------+-----------+-------------+ 
|                        | Share   | Share   | Capital    | Revaluation | Other    | Retained    | Own       | Total       | 
|                        | capital | premium | redemption | reserve     | reserves | earnings    | shares    | equity      | 
|                        |         |         | reserve    |             |          |             | held in   |             | 
|                        |         |         |            |             |          |             | treasury  |             | 
+------------------------+---------+---------+------------+-------------+----------+-------------+-----------+-------------+ 
|                        |     GBP |     GBP |        GBP |         GBP |      GBP |         GBP |       GBP |         GBP | 
+------------------------+---------+---------+------------+-------------+----------+-------------+-----------+-------------+ 
| At 1 January 2008      | 108,000 | 779,934 |      6,845 |           - |   34,010 |     100,890 |   (1,930) |   1,027,749 | 
+------------------------+---------+---------+------------+-------------+----------+-------------+-----------+-------------+ 
| Profit for the         |       - |       - |          - |           - |        - |     675,285 |         - |     675,285 | 
| financial year         |         |         |            |             |          |             |           |             | 
+------------------------+---------+---------+------------+-------------+----------+-------------+-----------+-------------+ 
| Expense of employee    |       - |       - |          - |           - |   20,089 |           - |         - |      20,089 | 
| options                |         |         |            |             |          |             |           |             | 
+------------------------+---------+---------+------------+-------------+----------+-------------+-----------+-------------+ 
| Deferred tax charged   |       - |       - |          - |           - |        - |    (29,305) |         - |    (29,305) | 
| to equity              |         |         |            |             |          |             |           |             | 
+------------------------+---------+---------+------------+-------------+----------+-------------+-----------+-------------+ 
| Purchase of own shares |       - |       - |          - |           - |        - |           - | (842,962) |   (842,962) | 
+------------------------+---------+---------+------------+-------------+----------+-------------+-----------+-------------+ 
| Cancellation of own    | (3,000) |       - |      3,000 |           - |        - |   (720,323) |   720,323 |           - | 
| shares                 |         |         |            |             |          |             |           |             | 
+------------------------+---------+---------+------------+-------------+----------+-------------+-----------+-------------+ 
| Sale of shares from    |       - |       - |          - |           - |        - |           - |    41,250 |      41,250 | 
| treasury               |         |         |            |             |          |             |           |             | 
+------------------------+---------+---------+------------+-------------+----------+-------------+-----------+-------------+ 
| Investment revaluation |       - |       - |          - |      56,401 |        - |           - |         - |      56,401 | 
+------------------------+---------+---------+------------+-------------+----------+-------------+-----------+-------------+ 
| At 31 December 2008    | 105,000 | 779,934 |      9,845 |      56,401 |   54,099 |      26,547 |  (83,319) |     948,507 | 
+------------------------+---------+---------+------------+-------------+----------+-------------+-----------+-------------+ 
| Profit for the period  |       - |       - |          - |           - |        - |   1,640,865 |         - |   1,640,865 | 
+------------------------+---------+---------+------------+-------------+----------+-------------+-----------+-------------+ 
| Dividends paid         |       - |       - |          - |           - |        - | (1,393,345) |         - | (1,393,345) | 
+------------------------+---------+---------+------------+-------------+----------+-------------+-----------+-------------+ 
| Expense of employee    |       - |       - |          - |           - |    5,440 |           - |         - |       5,440 | 
| options                |         |         |            |             |          |             |           |             | 
+------------------------+---------+---------+------------+-------------+----------+-------------+-----------+-------------+ 
| Investment revaluation |       - |       - |          - |      28,751 |        - |           - |         - |      28,751 | 
+------------------------+---------+---------+------------+-------------+----------+-------------+-----------+-------------+ 
| At 30 April 2009       | 105,000 | 779,934 |      9,845 |      85,152 |   59,539 |     274,067 |  (83,319) |   1,230,218 | 
+------------------------+---------+---------+------------+-------------+----------+-------------+-----------+-------------+ 
 
 
Other reserves relates to the provision for the estimated cost of employee share 
options. 
 
 
+------------------------------------+------------+--+-------------+--+------------+--+------------+ 
| 15. Trade and other payables       |            |  |             |  |            |  |  30/4/2009 | 
+------------------------------------+------------+--+-------------+--+------------+--+------------+ 
| Amounts falling due within one     |            |  |             |  |            |  |        GBP | 
| year:                              |            |  |             |  |            |  |            | 
+------------------------------------+------------+--+-------------+--+------------+--+------------+ 
| Trade payables                     |            |  |             |  |            |  |     21,276 | 
+------------------------------------+------------+--+-------------+--+------------+--+------------+ 
| Other provisions                   |            |  |             |  |            |  |    566,183 | 
+------------------------------------+------------+--+-------------+--+------------+--+------------+ 
| Trade and other payables           |            |  |             |  |            |  |    587,459 | 
+------------------------------------+------------+--+-------------+--+------------+--+------------+ 
| Income tax                         |            |  |             |  |            |  |    171,549 | 
+------------------------------------+------------+--+-------------+--+------------+--+------------+ 
| Total liabilities                  |            |  |             |  |            |  |    759,008 | 
+------------------------------------+------------+--+-------------+--+------------+--+------------+ 
 
 
16. Operating lease commitments 
At 30 April 2009 the company was committed to making the following payments in 
respect of operating leases which expire: 
 
 
+------------------------------------+------------+--+-------------+--+------------+--+------------+ 
|                                    |            |  |             |  |            |  |  30/4/2009 | 
+------------------------------------+------------+--+-------------+--+------------+--+------------+ 
| Land & buildings:                  |            |  |             |  |            |  |        GBP | 
+------------------------------------+------------+--+-------------+--+------------+--+------------+ 
| After more than five years:        |            |  |             |  |            |  |    597,959 | 
+------------------------------------+------------+--+-------------+--+------------+--+------------+ 
 
 
On 26 September 2007 the company entered into a lease with Sion Holdings 
Limited, its parent company, for the rental of 78 Mount Ephraim, a 
self-contained office building. The lease has an annual rental of GBP63,500, 
being the market rate on an arm's length basis, and expires on 26 September 
2017. 
 
 
17. Financial Instruments 
The company's principal financial instruments comprise cash, short terms 
borrowings and various items such as trade receivables, trade payables etc. that 
arise directly from operations. The main purpose of these financial instruments 
is the funding of the company's trading activities. 
 
 
The main financial asset of the company is cash and cash equivalents which is 
denominated in sterling and which is detailed in note 12. The company also holds 
investments in equities and loan notes. 
 
 
Short-term receivables and payables are excluded from these disclosures. 
 
 
18. Critical accounting estimates and judgements 
The company makes estimates and assumptions concerning the future. These 
estimates and judgements are based on historical experience and other factors, 
including expectations of future events that are believed to be reasonable under 
the circumstances. The resulting accounting estimates will, by definition, 
seldom equal the related actual results. The estimates and assumptions that have 
a significant risk of causing a material adjustment to the carrying amounts of 
assets within the next financial year relate to goodwill and the expense of 
employee options. 
 
 
The company tests annually whether goodwill has suffered any impairment, in 
accordance with the accounting policy stated in Note 2 (d). These calculations 
require the use of estimates. The assumptions and sensitivity relating to the 
impairment tests are detailed in note 7. 
 
 
Employee options are expensed equally in each year from issue to the date of 
first exercise. The total cost is calculated on issue based on the Black Scholes 
method with a volatility rate of 30% and a risk free interest rate of 3.75%. It 
is assumed that all current employees with options will still qualify for the 
options at the exercise date. 
 
 
19. Immediate and ultimate parent undertaking 
The company's immediate and ultimate parent undertaking is Sionew Holdings 
Limited, a company registered in England and Wales. The largest set of accounts 
that Jarvis Securities plc is consolidated into is that of Sionew Holdings 
Limited. Sionew Holdings Limited is controlled by Mr A J Grant by virtue of his 
majority shareholding. 
 
 
20. Related party transactions 
Other receivables for the company include GBP5,000 due from Mr M J Edmett, a 
director of the company. 
 
 
21. Event after the balance sheet date 
An interim dividend for 2009 of 3p per Ordinary share was declared on 14 April 
2009 and will be paid on 22 May 2009. 
 
 
22. Capital commitments 
The company had no capital commitments at 30 April 2009. 
 
 
23. Fair value estimation 
The fair value of financial instruments traded in active markets (such as 
trading and available for sale securities) is based on quoted market prices at 
the balance sheet date. The quoted market price used for financial assets held 
by the company is the current bid price. 
 
 
The carrying value less impairment provision of trade receivables and payables 
are assumed to approximate their fair values. 
 
 
 24. Financial risk management objectives and policies 
The directors consider that their main risk management objective is to monitor 
and mitigate the key risks to the company, which are considered to be 
principally credit risk and liquidity risk. Several high-level procedures are 
already in place to enable all risks to be better controlled. These include 
detailed profit forecasts by business segment, monthly management accounts and 
comparisons against forecast, and regular meetings of the full Board of 
Directors. 
 
 
The company's main credit risk is in respect of trade receivables. The company's 
policy is to monitor trade and other receivables and avoid significant 
concentrations of credit risk. Aged receivables reports are reviewed regularly 
and significant items brought to the attention of senior management. 
 
 
The company aims to fund its expansion plans mainly from existing cash balances 
without making use of bank loans or overdraft facilities. Other risks are under 
constant review by the executive directors. 
 
 
The directors do not consider that the company is materially exposed to foreign 
exchange risk or interest rate risk. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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