Field Systems Designs Holdings plc Annual Financial Report

 
TIDMFSD 
 
FIELD SYSTEMS DESIGNS HOLDINGS PLC 
 
 
CHAIRMAN'S STATEMENT 
 
The Board presents the results of Field Systems Designs Holdings plc and its 
subsidiaries (FSD) for the year ended 31 May 2022. I wholeheartedly hope that 
we have at last seen the back of any further disruption caused by the COVID-19 
virus and can now plan to the future with certainty, and despite the residue of 
economic and social disruption caused by the pandemic, and the new negative 
consequences of the Ukranian invasion, we will be able to return to normality 
as a business. There is little doubt that the 2022 financial year has again 
been most difficult for FSD due to the pandemic's effect on our clients' design 
and programming for their Asset Management Programme (AMP) and its 
consequential impact on order placement. 
 
There has been much negative media publicity regarding the performance of the 
Water Industry due to the delay in maintaining their water process 
infrastructure. The framework expenditure plans by water utilities were not 
rolled forward into AMP7 as planned; initially due to being delayed by the 
impact of COVID-19 and then due to shortages in resources, despite the pressure 
by OFWAT to resume their 2020-2025 spend budgets. 
 
As a well-established Mechanical and Electrical contractor in the industry 
retaining our skilled resource base across the Group was essential; and having 
received assurances regarding the success of our tender proposals and given 
expectations for a heightened level of order intake, FSD elected to retain its 
operatives to ensure our reputation for high quality delivery was upheld. Our 
client base was unable to fulfil its order placement program as predicted, this 
resulted in an absence of sufficient workload and had a considerable impact on 
the productivity of our operatives with the obvious financial burden this 
imposed. The operating results for the year were extremely disappointing, 
although not surprising given the circumstances, when turnover fell rapidly to 
less than half of what would normally be expected at this stage of the AMP 
cycle. 
 
FSD is confident that the quantum of order intake remains within the principal 
industry in which it operates. The expectation remains that the quality of our 
track record, added to the reputation of our talented mechanical and electrical 
personnel will leave us in prime position as normality resumes. The group is 
well-positioned with a strong cash balance and has retained an experienced 
workforce to react swiftly as the Utility Companies restart projects now so 
needed to keep our population watered and the environment clean. We expect that 
business volumes will now return and a buoyant period lies ahead as the water 
industry catches up the lost ground. 
 
D K Bird 
 
Chairman 
 
PUBLICATION OF NON-STATUTORY ACCOUNTS 
 
The financial information set out in this preliminary announcement does not 
constitute statutory accounts as defined in the Companies Act 2006. 
 
The group statement of financial position as at 31 May 2022 and the group 
income statement for the year then ended have been extracted from the Group's 
2022 statutory financial statements, which have been delivered to the registrar 
of companies. The directors of Field Systems Designs Holdings plc accept 
responsibility for this announcement and confirm compliance with the AQSE 
Growth Market rules. 
 
STRATEGIC REPORT 
 
The directors present the Strategic Report for Field Systems Designs Holdings 
Plc ('the Company') and its subsidiary undertakings (together referred to as 
'the Group') for the year ended 31 May 2022. 
 
OPERATIONAL PERFORMANCE 
 
The Group achieved a turnover of £8 million for the year to 31 May 2022, a 
reduction of 19% on last year. These results show significantly reduced 
turnover and profitability, which reflect the serious continued impact of 
COVID-19 on the release of work in the UK Water Industry. 
 
The Water Industry's sixth Asset Management Programme (AMP6) came to a close in 
April 2020, and FSD fully engaged itself in refreshing the pre-qualification 
process as framework plans by water utilities were rolled forward into AMP7. 
The impact of COVID-19, and conflicts between water utilities and OFWAT in 
challenging their 2020-2025 expenditure budgets caused new orders expected by 
FSD under AMP7 to be severely delayed. 
 
The unexpected fall in turnover has created an excess in labour resources, 
which whilst partially mitigated by the government furlough scheme which ended 
in September 2021, still placed a heavy cost burden on the group with no 
productive output in return. This, together with carrying overheads no longer 
relative to the volume of business resulted in heavy losses. 
 
Turnover was generated as follows:                         2022            2021 
 
                                                              £               £ 
 
 
Water and Sewerage treatment                          7,279,719       7,872,941 
 
Power generation and Energy from Waste                  811,190       2,105,754 
 
                                                --------------- --------------- 
 
                                                      8,090,909       9,978,695 
 
                                                      =========       ========= 
 
Group revenues include transactions with six customers that amount to 10 per 
cent or more of the Group's total annual revenues; the total amount of revenues 
from those six customers amounts to £5.3million, of which £4.8million derives 
from the Water and Sewerage treatment sector and £0.5million derives from the 
Power generation and Energy from Waste sector. 
 
The Group made a gross loss of £(1,392,490) compared to a gross loss last year 
of £(984,604). Group operating losses for the year were £(1,905,227), (2021: £ 
(540,338) reflecting the cessation of support from the government furlough 
scheme. The consolidated results show a group loss after tax of £(1,818,860), 
(2021: £(461,780)). 
 
BUSINESS REVIEW 
 
The Field Systems Designs Group (FSD) focuses on delivering specialist 
mechanical and electrical design and installation works. 
 
Water and Sewerage 
 
FSD successfully secured, engineered, managed and installed a volume of 
Mechanical and Electrical (M&E) installation projects during the year across 
the sector as the Group strives to complete to budget a quality job in a safe 
working manner and maintain its reputation as a respected industry specialist. 
 
Sales volumes in the Water Industry in 2022 provided 90% of group turnover 
(2021: 79%). The Group undertook a diversity of projects for a number of 
different Water Utilities in many regions of the United Kingdom, working for 
multiple Tier One contractors under AMP7 frameworks and supply-chain 
arrangements. 
 
Power generation and Energy from Waste 
 
In 2022 10% of turnover was derived from the Power and EfW sector (2021: 21%). 
FSD worked primarily on power station outage maintenance works. 
 
Transport and Tunnels 
 
Electrical installation works on cable tunnels have their own complexities due 
to the additional access, egress and safety issues which FSD carefully manage 
with their experienced trained personnel. The Group continues to support such 
tunnelling works as they arise, dealing competently with the complications 
these projects involve. 
 
Building services, Maintenance, Instrumentation, Controls and Automation 
 
FSD continues to undertake smaller electrical installation service contracts 
across various sectors offering customers timeliness and value for money. 
 
Mechanical design, fabrication and installation 
 
The pipework fabrication facility owned by the Group gives its mechanical 
subsidiary the flexibility to respond to customer's needs promptly when taking 
on the mechanical elements of M&E installation contracts, The Group has grown 
its client base by creating a reputation for quality in-house mechanical 
fabrication and site installation services. 
 
PRINCIPAL RISKS AND UNCERTAINTIES 
 
The board regularly undertakes a review of business risks and uncertainties 
confronting the Group and evaluates the significant project risks affecting its 
business. The following issues are the principal risks and uncertainties faced 
by the Group. 
 
Economic 
 
The Group's business may be affected by market forces beyond its control. 
During a downturn all competing companies operating in the same industry 
sectors will be impacted by economic and political change that will alter the 
volume and value of available work. 
 
World Markets 
 
The impact on currency markets and businesses following Brexit continue to 
impact the business affecting both pricing and ease of supply. Similarly, the 
impact of commodity pricing and supply as a consequence of the war in Ukraine 
has affected the availability of commodity-derived products. The directors have 
reviewed these implications on our business as part of our risk management 
process. The short-term effects are inflationary, primarily on material 
pricing, and there has been additional care taken over tender pricing and 
duration of validity periods. The long-term relationships with our supply chain 
have aided our business to remain resilient under these circumstances. We also 
endeavour to advise customers to consider carefully the longer lead-times and 
volatile material prices as part of their order placement programming strategy. 
 
COVID-19 
 
The unpredictable nature of the Coronavirus pandemic and the timing of its 
cessation has created uncertainty estimating the impact of future events which 
is highly challenging at this time. The directors have reviewed the key areas 
of risk to the business and the potential negative impact of COVID-19 on the 
business which includes determining the likelihood of customers to meet their 
debts as they fall due, the impact on supplier's performance and ability to 
supply goods, the impact on levels of human resources, and the difficulty in 
predicting the level of future order intake. 
 
Cyclical trading 
 

The Group is heavily reliant on the Water industry and its business is affected 
by the cyclical nature of the UK market caused by the 5-year Asset Management 
Programmes (AMPs) governed by OFWAT. At the beginning and the end of each AMP 
the water industry has historically suffered a downturn as competing companies 
are chasing a reduced volume of available work. This has been exacerbated by 
the impact of COVID on client engineering, programming and resourcing. The 
mitigation of these uncertainties by continually monitoring changes in the 
sector has proved challenging, with accurate sales information proving 
difficult to obtain with any reliability. 
 
Skilled personnel 
 
The Group is dependent on the quality, attention and diligence of its personnel 
across the full spectrum of its skill disciplines. The Group's ability to 
attract, retain, train and motivate its skilled management and personnel will 
be reflected by business growth, profitability and a reputation for quality 
work. The Group offers 'added-value' to its customers by offering a superior 
quality of project management, engineering and supervisory resource to 
complement its installation services. It is this wealth of knowledge and 
experience that sets FSD aside from its competition. 
 
Health and safety 
 
The board reviews personnel issues on a monthly basis and the Safety, Health, 
Environment and Quality manager (SHEQ) ensures there is investment in training 
programmes for site and management to broaden the competence, knowledge and 
experience of its employees. The Group continues to promote the further 
training and improvement of staff; benefitting where applicable from the 
introduction of the government Apprenticeship Levy. 
 
The Group demands effective and successful management of health and safety 
risks by its supply-chain and similar demands are rightly made by its own 
customer base. Constant vigilance is paramount and any accident can have 
serious consequences. The commitment to enforcing safe working and adherence to 
regulation is strong at board level and flows through the organisation through 
qualified specialists, continual instruction and training. The Group is 
extremely aware of the potential for an 'incident' to damage the Group and 
gives constant attention to ensuring that this risk is kept to a minimum. The 
board, supported by a highly qualified health and safety specialist, endorses 
the importance of vigilant health and safety practices. 
 
Long term contracts - bidding 
 
The majority of Group turnover is from fixed price and target price contracts. 
The failure to adequately assess from client's specifications the full scope of 
works, the correct pricing of that work and the time required to complete the 
work may have serious ramifications on profitability. There are specific risk 
management procedures in place to ensure that prices estimated for fixed price 
contracts are accurate and to ensure the correct costing of successful bids as 
the work progresses. The Tender Approval Procedure (TAP) is a key risk 
management tool used to minimise these risks. The TAP completion process 
identifies tender project risks, assesses the probability of their occurrence, 
their impact if they do occur and actions necessary to manage them down to an 
acceptable level. This procedure is used to ensure that commercial and 
contractual risks are monitored and managed by the board. 
 
Long term contracts - costing 
 
Fixed price and target price contracts may also be subject to cost and time 
overruns, and the costs of additional work undertaken on variations may not be 
properly measured or fully recovered from the customer. The Project Summary 
Report (PSR) is a key risk management tool used to minimise these risks. The 
PSR completion process quantifies the value of project work undertaken after 
successful contract award, reviews the potential commercial risks and 
highlights any safety, technical, operational and environmental risks. This 
tool is used to ensure that commercial and contractual risks are monitored and 
managed by the board. 
 
Competitiveness 
 
The Group has a leading market position in sectors such as the water industry, 
and has also penetrated other sectors such as tunnelling, the power industry 
and energy from waste market to ensure a constant pipeline of enquiries. 
Nevertheless in an increasingly competitive environment and with cyclical 
volumes, accurate and competitive pricing is key to a successful contract 
award. The board constantly monitors the competitiveness of its cost base to 
ensure that its pricing remains competitive. Regular benchmarking and framework 
submissions also assist this process of review. 
 
Financial instruments 
 
The Group uses financial instruments when required to provide a financing base 
for the Group's operations. The Group's financial instruments consist primarily 
of short-term debtors and creditors. The directors regularly review the Group's 
cash position to ensure that facilities exist for continuity of funding and 
effective cash management. 
 
Cash flow 
 
The Group has a strong balance sheet and access to additional debt funding, and 
trades comfortably within its current working capital. Customers may require 
additional project work to be undertaken and the Group may be required to fund 
this work for a period of time until the additional costs can be formally 
approved and funds received. The Group may also experience an increase in the 
level of credit given to customers as a consequence of a change in their 
financial status or payment systems. In such circumstances there are short-term 
cash-flow consequences which are managed carefully by the finance department 
and any consequences mitigated. 
 
KEY PERFORMANCE INDICATORS (KPI's) 
 
The board uses both financial and non-financial (operational) performance 
indicators in the analysis and management of the business. The indicators 
relate both to financial and contractual performance and to other non-financial 
areas, including but not limited to, employees, health and safety, quality 
assurance, customer satisfaction and the environment. KPI's are used by the 
management to run and monitor the business and many of the trends and results 
provide information which is commercially sensitive or is confidential in 
nature. 
 
Financial 
 
The main financial KPI used by the board is the measure of gross profit margin 
(being the gross project profit contribution as a percentage of turnover), as 
overheads can largely be controlled in line with budget, however margins on 
contractual activity are key to annual profitability. An overall target margin 
is set annually in advance after review of overhead structure and subsequently 
represents the average bid margin used in pricing projects. It is designed to 
cover Group overheads plus an element of profit. The gross profit margin used 
in the annual budgeting process is used to benchmark monthly performance and 
provides for a degree of margin erosion due to difficulties in fully recovering 
the value of additional works requested by customers. This varies according to 
market conditions. The actual margin experience is reflected in the reported 
results and a detailed review is contained within the operational performance 
reported earlier in the Strategic Report. 
 
Non-financial 
 
The board measures customer satisfaction using an independent on-line survey 
assessment. A rolling 12-month record is kept of customer feedback on project 
completion with charitable donations used to encourage participation. Customers 
are asked to complete answers to a number of questions regarding the 
performance of FSD as a whole and also at site level, on a scale of 1 (poor) to 
5 (excellent) including such areas as the focus on Safety and the Environment, 
completion of site work to programme, contract financial management and 
standard of workmanship. The responses are used by the board as an independent 
confirmation of group performance levels and negative feedback is vigorously 
followed up and improvement measures implemented. The group targets an average 
score of 4.5 and the overall responses have been very close to this target with 
an average of 4.5 (2021: 4.5) during the year. 
 
The ongoing independent assessments of the Group's Safety, Quality and 
Environmental Standards are key to it maintaining the efficiency of its 
operational performance and adherence to high levels of site safety and 
environmental awareness. 
 
The FSD Group is approved to the Quality Management Standard ISO 9001:2015, has 
an environmental management system approved to ISO 14001:2015, and a safety 
management system approved to ISO 45001; the standard for Occupational Health & 
Safety. FSD has also achieved a BSI-accredited Building Information Modelling 
(BIM) Standard BS EN 19650-2:2018. Achilles UVDB, the Utilities Sector Vendor 
Database performance assessor, regularly reviews the Group's processes for 
managing and installing electrical services, as well as its fault resolution 
procedures. The results of the 2022 Achilles audit were again excellent, 
reflecting 100% scores in all 4 areas of the Management System Evaluation and 
100% in all 4 areas of the Onsite Assessment; these assessments look at areas 
of health & safety, environment, quality and social corporate responsibilities. 
 
The Group board has both corporate and personal responsibility to ensure that 
its operations are managed in a safe and environmentally controlled manner. In 
common with its industry the Group measures its record on Health & Safety using 
an annual Accident Frequency Rate (AFR) chart showing lost time accidents per 
100,000 man-hours worked. The AFR is currently zero (2021: zero). The group has 
recently achieved over 1.65 million man-hours without a reportable incident. 
 
PENSIONS 
 
The FSD pension scheme's funding position, based on the year-end actuarial 
review, has improved from a surplus of £562,000 at the start of the year to a 
surplus of £639,000 at the end of the year. The Group is not recognising the 

surplus and so the Group's defined benefit pension scheme funding position has 
been maintained at zero, a target reached in 2017. The scheme is preparing for 
a 'buy-in' where the assets of the scheme would be used to secure its' members' 
benefits with a reputable insurance company. 
 
QUALITY ASSURANCE 
 
FSD is approved to the Quality Management Standard BS EN ISO 9001:2015. The 
British Standards Institute (BSI) and Achilles, the Utilities Sector 
procurement performance assessor, regularly review the group's processes for 
managing and installing electrical services, as well as its fault resolution 
procedures. Recent assessments have again been successfully completed with 
excellent results from the UVDB Verify audits. The Group is committed to a 
strategy that provides its clients with a high-quality service that conforms to 
the client's requirements. This strategy includes a strong management 
commitment to quality, the recruitment and retention of high calibre, 
experienced and well-trained staff, properly documented procedures, processes 
and controls, and compliance with all regulatory and legal requirements. 
Quality Audits continue to be carried out across group sites on a regular basis 
to ensure compliance and to improve the group's activities. The annual 
management review meeting assesses the group's performance against targets and 
sets new targets. 
 
ENVIRONMENT 
 
FSD has an environmental management system approved to the international 
environment standard, ISO 14001:2015. The BSI and Achilles regularly review the 
Group's processes for managing its impact on the environment. The Group 
achieved its Achilles (Carbon Reduction Certification) accreditation in 2020, 
as it strives to minimise harm to the environment, prevent pollution and use 
best practice environment solutions wherever possible to minimise its carbon 
foot-print. A risk assessment approach is used to manage environmental matters, 
and to identify and assess key environmental hazards arising from business 
activities and manage them appropriately. 
 
HEALTH AND SAFETY 
 
A commitment to Health and Safety is the Group's number one priority. Every 
Board meeting starts by focusing on preserving high safety standards and 
promoting a positive safety culture within the Group, to ensure that our 
employees, customers, suppliers and the public are kept safe. FSD has a safety 
management system implemented across all sites that has successfully been 
approved to the Health and Safety Management System BS ISO 45001:2018 
Occupational health and safety management systems (the internationally 
recognised standard for management of occupational health and safety risks). 
The Group achieved a ROSPA (Royal Society for the Prevention of Accidents) Gold 
award again this year, and we have achieved 8 consecutive Gold awards giving 
FSD Gold Medal Award status. There is a strong commitment at Board level, 
supported by a highly qualified health and safety specialist, which endorses 
the importance of vigilant health and safety practices and the investment in 
training for site and management to broaden the competence, knowledge and 
experience of its employees. This is supported by expert guidance provided by 
MAKEUK, ECA and CITB. 
 
EMPLOYEES 
 
Our employees are fundamental to the success of the Group and we aim to be a 
responsible employer in our approach to the provision of training and 
remuneration and by making the health, safety and well-being of our employees 
one of our primary considerations in the way we do business. We are pleased to 
place on record our appreciation of the efforts and expertise demonstrated by 
our employees, who continue to make a significant contribution to the Group. 
Employee numbers decreased during the year from an average of 146 in 2021 to 
134 in 2022, reflecting the reduction in turnover and a change in the mix of 
work scope during the year. Management disseminates information to staff within 
the bounds of commercial confidentiality and consults with them at all levels 
on matters that affect the progress of the company and concerns them as 
employees. 
 
CORPORATE GOVERNANCE AND s172 REPORTING 
 
The Group recognises its responsibilities to the people it employs, its 
customers and suppliers, its shareholders, the wider community, and the 
environment. In accordance with section 172 of the Companies Act 2006 the 
directors undertake to act in a way most likely to promote the long-term 
success of the Group for the benefit of its stakeholders. The preceding 
strategies outlined in this report demonstrate the Group's concern for the 
interests of its employees, its primary commitment to health and safety for its 
employees, customers, suppliers and the general public, and the instruments it 
uses to monitor the quality of its services and customer satisfaction. The 
Group has achieved accreditations, monitored externally, which are used to 
review the processes it operates to lessen its impact on the community and the 
environment. 
 
The Board of directors meet quarterly to fulfil their duties and use bi-annual 
trading statements to communicate coherently the Group's performance to its 
members. Operational duties are delegated to an executive management team who 
meet monthly to review our complex business operations and are charged with 
maintaining the reputation of the Group for high standards of business conduct 
by identifying, evaluating, managing and mitigating the risks faced by the 
Group. FSD are a well-managed, responsible and ethical Group and are determined 
to be widely recognised for our quality of installation, the skills of our 
people and the seriousness with which we take our corporate responsibilities. 
 
OUTLOOK 
 
The Group's principal source of revenue historically has been from the Water 
Industry. Sales volumes in the Water Industry have failed to grow this year as 
would normally be expected when AMP7 should have been well underway, having 
commenced in April 2020 and running for a further five years in line with 
OFWAT's business plan approval programme until 2025. Despite FSD being 
prequalified on frameworks with multiple regional Utilities and their Tier 1 
Contractors, the release of any significant quantum of work during early 2022 
has been slow, but all indications are that the release of works is now gaining 
pace. 
 
The delay in releasing projects until this late stage of the five-year cycle 
has cost those businesses like FSD that were anticipating an earlier step-up in 
investment and engineering activity. However, with the global Coronavirus 
crisis now easing, and the pressure from government agencies to solve 
environment problems increasing, it is anticipated that the water companies 
will now accelerate their expenditure under AMP7 for the remainder of the cycle 
until 2025. FSD expects to be a benefactor of this rapid growth and the Board 
look forward to better performance and trading results ahead. Looking ahead, we 
have already secured more than £9million of revenue for 2022/23 and have 
entered the new financial year with good momentum. We acknowledge the current 
inflationary pressures in the UK economy and will continue to focus on 
maintaining margins from our operations, and mitigating increases in associated 
commodity and energy costs, as well as other challenges in our supply chain. 
All indications are that the AMP7 to AMP8 transition will not create the 
traditional dip in activity, this being due to programmes being pushed out from 
the early part of AMP7 creating a potentially busy end to the Asset Management 
Period as it moves into AMP8. 
 
The Board continues to react to customer demands and keep standards high whilst 
creating operational efficiencies from improved turnover and best position the 
Group for the longer-term opportunities ahead. 
 
On behalf of the board 
 
Nigel Billings 
 
Managing 
Director 
 
FIELD SYSTEMS DESIGNS HOLDINGS PLC 
 
 
GROUP INCOME STATEMENT 
 
for the year ended 31 May 2022 
 
                                                               2022            2021 
 
                                                                  £               £ 
 
TURNOVER                                                  8,090,909       9,978,695 
 
Cost of sales                                           (9,483,399)    (10,963,299) 
 
                                                            _______         _______ 
 
GROSS LOSS                                              (1,392,490)       (984,604) 
 
Administrative expenses                                 (1,008,939)     (1,077,861) 
 
Other operating income                                      496,202       1,522,127 
 
                                                            _______         _______ 
 
GROUP OPERATING LOSS                                    (1,905,227)       (540,338) 
 
Interest receivable and similar income                       11,460          11,355 
 
Interest payable and similar charges                        (5,592)         (4,978) 
 
                                                            _______         _______ 
 
LOSS ON ORDINARY 
 
ACTIVITIES BEFORE                                       (1,899,359)       (533,961) 
TAXATION 
 
Taxation                                                   (80,499)        (72,181) 
 
                                                            _______         _______ 
 
LOSS ON ORDINARY 
 
ACTIVITIES AFTER TAXATION 
ATTRIBUTABLE TO THE OWNERS OF THE PARENT 
COMPANY                                                 (1,818,860)       (461,780) 
 
                                                            =======          ====== 
 
Remeasurement loss arising on 
 
defined benefit pension scheme                              (6,000)        (54,000) 
 
Deferred tax movement on remeasurement 
 
arising on defined benefit pension scheme                     1,000          10,000 
 
                                                            _______         _______ 
 
                                                            (5,000)        (44,000) 
 

                                                            _______         _______ 
 
TOTAL COMPREHENSIVE DEFICIT 
 
FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF 
THE PARENT COMPANY                                      (1,823,860)       (505,780) 
 
                                                             ======          ====== 
 
EARNINGS 
PER SHARE 
 
Basic                                                   (33.7)p       (8.6)p 
 
                                                         ======       ====== 
 
Diluted                                                 (33.6)p       (8.5)p 
 
                                                         ======       ====== 
 
 
All operations are continuing. 
 
FIELD SYSTEMS DESIGNS HOLDINGS PLC 
 
GROUP STATEMENT OF FINANCIAL POSITION 
 
As at 31 May 2022 
 
                                                     2022              2021 
 
                                                        £                 £ 
 
FIXED ASSETS 
 
Tangible assets                                   369,274           453,916 
 
CURRENT ASSETS 
 
Stock - raw materials                              95,083            80,016 
 
Debtors                                         3,081,590         2,129,048 
 
Cash at bank and in hand                        3,163,271         6,033,376 
 
                                                 ________          ________ 
 
                                                6,339,944         8,242,440 
 
                                                 ________          ________ 
 
CREDITORS 
 
Amounts falling due within one year             4,867,073         5,004,173 
 
                                                 ________          ________ 
 
NET CURRENT ASSETS                              1,472,871         3,238,267 
 
                                                 ________          ________ 
 
TOTAL ASSETS LESS CURRENT 
 
LIABILITIES                                     1,842,145         3,692,183 
 
CREDITORS 
 
Amounts falling due after more than                17,145            10,323 
one year 
 
PROVISIONS FOR LIABILITIES 
 
Deferred taxation                                       -            33,000 
 
Post-employment employee benefits                       -                 - 
 
                                               ____ _   _        ____ _   _ 
 
NET ASSETS                                      1,825,000         3,648,860 
 
                                                  =======           ======= 
 
CAPITAL AND RESERVES 
 
Called up share capital                           569,250           569,250 
 
Share premium account                             158,750           158,750 
 
Other reserves                                    370,033           370,033 
 
Profit and loss account                           726,967         2,550,827 
 
                                                 ________          ________ 
 
TOTAL SHAREHOLDERS' FUNDS                       1,825,000         3,648,860 
 
                                                  =======           ======= 
 
Approved by the board and signed on behalf of the board and authorised for 
issue on 
 
30 November 2022 by:- 
 
Bruce Smith.........................................Director 
 
Nigel Billings......................................Director 
 
 
 
END 
 
 

(END) Dow Jones Newswires

November 30, 2022 02:00 ET (07:00 GMT)