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 2020. FSD has undertaken some 
tough challenges in the completion of complex projects over the years, however 
in those instances we were in control of our own destiny. Today, with the 
continuing threat of COVID-19, none of us can predict when we will be back in 
charge of our lives as we once knew them, and the return to normality as a 
business is equally unpredictable. 
 
Many contracting companies make little or no provision for rainy days, let 
alone this current hurricane, however FSD believes the key factor to seeing any 
business through tough times is cash in the bank, and so have over many years 
taken steps to ensure the group maintained a healthy balance sheet. Business 
life has changed, whether working at site, working in the factory, working from 
home, working in the office, or held in reserve on furlough, all employees are 
making a valuable contribution to ensure our ship's engine continues to take us 
forward, and this kind of flexibility is key to maintaining our output, whilst 
remaining safe. 
 
It is therefore pleasing to see the sustained operating profits of GBP0.3 million 
reflected by the current year's results. Turnover from the water industry was 
resilient during the year as the cycle of expenditure under Asset Management 
Programme 6 (AMP6) came to a close in April 2020. FSD was fully engaged on 
projects from frameworks in the water sector this year and has been refreshing 
the pre-qualification process as framework plans by water utilities rolled 
forward into AMP7, albeit delayed by the impact of COVID-19 and the tough 
stance adopted by OFWAT in challenging their 2020-2025 spend budgets. 
 
FSD is fully committed to assisting water companies, and their Tier 1 framework 
contractors chosen under AMP7 to manage their expenditure, although the absence 
of any solid expenditure forecasts is making planning ahead for FSD more 
complicated than normal. FSD is confident that the quality of its delivered 
projects and its well-established business credentials, together with its 
pipework fabrication factory, and the reputation of its talented mechanical and 
electrical engineering and installation personnel, that have earned FSD its 
position on their supply-chain arrangements in the past will again serve us 
well this time around. There is little doubt that the 2021 financial year will 
be a tough one, however the group is well-positioned with a strong cash balance 
and experienced workforce to weather the storm. 
 
D K Bird 
 
Chairman 
 
5 November 2020 
 
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 2020 and the unaudited 
group income statement for the year then ended have been extracted from the 
Group's 2020 statutory financial statements, which have not yet been delivered 
to the registrar of companies. 
 
The directors of Field Systems Designs Holdings plc accept responsibility for 
this announcement and confirm compliance with the AQSE Growth Market rules. 
 
FIELD SYSTEMS DESIGNS HOLDINGS PLC 
 
 
STRATEGIC REPORT 
 
The directors present the Strategic Report for Field Systems Designs Holdings 
Plc ('the Company') and its subsidiary undertakings (together referred to as 
'the Group') for the year ended 31 May 2020. 
 
OPERATIONAL PERFORMANCE 
 
The Group achieved a turnover of GBP19.8 million for the year to 31 May 2020, a 
reduction of 9% on last year, reflecting the continued workflow from the Water 
Industry, which is now starting to tail off at the end of the AMP, offset by 
the completion of works in the EfW sector. 
 
Turnover was generated as follows:                         2020            2019 
 
                                                              GBP               GBP 
 
 
Water and Sewerage treatment                         17,548,220      17,415,655 
 
Power generation and Energy from Waste                2,267,310       4,328,449 
 
Transport and Tunnel infrastructure                      25,667          21,189 
 
                                                                --------------- 
                                                 -------------- 
 
                                                     19,841,197      21,765,293 
 
                                                        =======       ========= 
                                                == 
 
Group revenues include transactions with five customers that amount to 10 per 
cent or more of the Group's total annual revenues; the total amount of revenues 
from those five customers amounts to GBP17.7 million, of which GBP15.7 million 
derives from the Water and Sewerage treatment sector and GBP2.0 million derives 
from the Power generation and Energy from Waste sector. 
 
Gross profit margins reduced in the year ended 31 May 2020 to 6.3% from 8% last 
year. The Group operating profits for the year were GBP341,345 (2019: GBP551,125). 
 
The directors are pleased to report a solid Group profit after tax of GBP317,356 
for the year ended 31 May 2020 (2019: GBP423,769) 
 
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 improved very slightly in the Water Industry in 2020 where 88% of 
turnover was derived (2019: 80%). The Group undertook a diversity of projects 
for a number of different Water Utilities in many regions of the United 
Kingdom, working for multiple Tier One contractors under AMP6 frameworks and 
supply-chain arrangements. 
 
Power generation and Energy from Waste 
 
In 2020 11% of turnover was derived from the Power and EfW sector (2019: 20%). 
FSD worked primarily on Energy from Waste projects, undertaking electrical 
installation works at Levenseat and Hull on projects nearing completion which 
use advanced thermal treatment gasification technology. There was also work 
undertaken during the year on generators, and power station outage maintenance 
works supporting installations completed in the past. 
 
Transport and Tunnels 
 
Electrical installation works on cable tunnels have their own complexities due 
to the additional access, egress and safety issues which FSD carefully manage 
with their experienced trained personnel. The Group continues to support such 
tunnelling works as they arise, dealing competently with the complications 
these projects involve. 
 
Telemetry, Building services, Maintenance, Instrumentation, Controls and 
Automation 
 
FSD continues to undertake smaller electrical installation service contracts 
across various sectors offering customers timeliness and value for money. An 
electrical workshop facility with tooling and equipment enables the Group to 
react quickly by producing various in-house components including small isolator 
builds, lighting panels and remote monitoring enclosure pre-assemblies. 
 
Mechanical design, fabrication and installation 
 
The pipework fabrication facility owned by the Group gives its mechanical 
subsidiary the flexibility to respond to customer's needs promptly when taking 
on the mechanical elements of M&E installation contracts, The Group has grown 
its client base by creating a reputation for quality in-house mechanical 
fabrication and site installation services. 
 
PRINCIPAL RISKS AND UNCERTAINTIES 
 
The board regularly undertakes a review of business risks and uncertainties 
confronting the Group and evaluates the significant project risks affecting its 
business. The following issues are the principal risks and uncertainties faced 
by the Group. 
 
Economic 
 
The Group's business may be affected by market forces beyond its control. 
During a downturn all competing companies operating in the same industry 
sectors will be impacted by economic and political change that will alter the 
volume and value of available work. 
 
BREXIT 
 
There continues to be volatility in financial markets, in currency markets and 
uncertainty over future actions by governments and businesses as we head for 
the new Brexit deadline of 31 December 2020. The directors have reviewed the 
implications of the decision to leave the EU and while there remains 
uncertainty about the precise terms of Brexit, we have considered the impact on 
our business as part of our risk management process. The directors believe that 
the short-term effects are inflationary, primarily on material pricing, but 
that the long-term relationships with our supply chain will aid our business to 
remain resilient under the range of most likely scenarios. 
 
COVID-19 
 
The unpredictable nature of the Coronavirus pandemic and the timing of its 
cessation has created uncertainty estimating the impact of future events which 
is highly challenging at this time. The directors have reviewed the key areas 
of risk to the business and the potential negative impact 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 governed by OFWAT. At the beginning and the end of each AMP the 
water industry suffers a downturn as all competing companies operating in this 

industry are chasing a reduced volume of available work. The Group mitigates 
these uncertainties by continually monitoring changes in its market sector, by 
focusing its sales efforts on non-water industry work-flows and reviewing 
regularly forecasted sales opportunities to ensure that adequate sales volumes 
can be secured. 
 
Skilled personnel 
 
The Group is dependent on the quality, attention and diligence of its personnel 
across the full spectrum of its skill disciplines. The Group's ability to 
attract, retain, train and motivate its skilled management and personnel will 
be reflected by business growth, profitability and a reputation for quality 
work. The Group offers 'added-value' to its customers by offering a superior 
quality of project management, engineering and supervisory resource to 
complement its installation services. It is this wealth of knowledge and 
experience that sets FSD aside from its competition. 
 
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 (2019: 4.2) 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 newly transitioned from OHSAS18001 to the new ISO 45001 
standard for Occupational Health & Safety. Achilles UVDB, the Utilities Sector 
Vendor Database performance assessor, regularly review the Group's processes 
for managing and installing electrical services, as well as its fault 
resolution procedures. The results of the 2020 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 (2019:0.17). The group 
has recently achieved over 1 million man-hours without a reportable incident. 
 
PENSIONS 
 
The Scheme's funding position has improved from a surplus of GBP253,000 at the 
start of the year to a surplus of GBP447,000 at the end of the year. The Group is 
not recognising the surplus and so the Group's defined benefit pension scheme 
funding position as at 31 May 2020 has been maintained at GBPNil, a target 
reached in 2017. This is derived from the Company's most recent actuarial 
review and reflects market conditions as at 31 May 2020. 
 
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 CEMARS (Certified Emissions Measurement and Reduction Scheme) 
accreditation in 2010 and now works to the principles of ISO 14064-1:2006. FSD 
are currently in the final stage of regaining the accreditation, 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 OHSAS 18001:2007 updated 
to 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 FSD have achieved 6 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 (Formerly EEF), 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 180 in 2019 to 
163 in 2020, reflecting the reduction in turnover and a change in the mix of 
work scope during the year. 
 
CORPORATE GOVERNANCE AND s172 REPORTING 
 
The Group recognises its responsibilities to the people it employs, its 
customers and suppliers, its shareholders, the wider community, and the 
environment. In accordance with section 172 of the Companies Act 2006 the 
directors undertake to act in a way most likely to promote the long-term 
success of the Group for the benefit of its stakeholders. The preceding 
strategies outlined in this report demonstrate the Group's concern for the 
interests of its employees, its primary commitment to health and safety for its 
employees, customers, suppliers and the general public, and the instruments it 
uses to monitor the quality of its services and customer satisfaction. The 
Group has achieved accreditations, monitored externally, which are used to 
review the processes it operates to lessen its impact on the community and the 
environment. The Board of directors meet quarterly to fulfil their duties and 
use bi-annual trading statements to communicate coherently the Group's 
performance to its members. Operational duties are delegated to an executive 
management team who meet monthly to review our complex business operations and 
are charged with maintaining the reputation of the Group for high standards of 
business conduct by identifying, evaluating, managing and mitigating the risks 
faced by the Group. We are a well-managed, responsible and ethical Group and 
are determined to be widely recognised for our quality of installation, the 
skills of our people and the seriousness with which we take our corporate 
responsibilities. 
 
OUTLOOK 
 
The Group entered the new financial year with an opening order book of GBP6.5 
million (2019: GBP8.2 million). 
 
The Group's principal source of revenue historically has been from the Water 
Industry and key to its financial success is its continued participation in the 
various frameworks being formulated by the Water Utilities in selecting their 
preferred supply chain. The Water Utilities each have their own MEICA 
frameworks with different approaches to their mechanism and methodologies of 
spend. Sales volumes in the Water Industry have been strong this year however 
AMP6 expired in April 2020 when AMP7 commenced and runs for a further five 
years in line with Ofwat's business plan approval programme. Consequently FSD 
is engaging in the process of pre-qualification as plans by water utilities for 
AMP7 emerge and will continue to be fully involved in these prequalification 
processes to secure its position on frameworks and strategic alliances with 
water process companies as they roll forward their arrangements into AMP7. 
 
In the Energy from Waste (EfW) sector volumes have declined during the current 
year and this is set to continue next year. FSD have excellent credentials and 
are continuing to pursue suitable new EfW opportunities; however a number of 
established Engineering, Procurement and Construction (EPC) contractors have 
now decided not to pursue further opportunity from the EfW sector and FSD are 
finding that onerous commercial conditions of contract are limiting the 
remaining available opportunities. 
 
There are other avenues for growth opening up to the Group following recent 
investment in the development of a team of specialists who will complement 
existing business services by enabling FSD to offer telemetry and process 
automation services in both the water and power industries. The quantum of new 
opportunities was limited this year but should receive a boost when new spend 
budgets are released under AMP7. 
 
The board continues to react to customer demands and invest in training to keep 
quality standards high, whilst pursuing operational efficiencies to best 
position the business for the opportunities ahead. 
 
On behalf of the board 
 
Nigel Billings 
 
Managing Director 
 
5 November 2020 
 
FIELD SYSTEMS DESIGNS HOLDINGS PLC 
 
GROUP INCOME STATEMENT 
 
for the year ended 31 May 2020 
 
                                                        2020          2019 
 
                                                           GBP             GBP 
 
 
 
TURNOVER                                            19,841,197        21,765,293 
 
Cost of sales                                       (18,587,468)      (20,005,388) 
 
                                                    _______           _______ 
 
GROSS PROFIT                                        1,253,729         1,759,905 
 
Operating expenses                                  (912,384)         (1,208,780) 
 
                                                    _______           _______ 
 
GROUP OPERATING PROFIT                              341,345           551,125 
 
 
Defined benefit scheme settlements and              -                 (8,000) 
past service costs 
 
Interest receivable and similar income              15,640            13,300 
 
Interest payable and similar charges                (2,528)           (3,799) 
 
                                                    _______           _______ 
 
PROFIT ON ORDINARY 
 
ACTIVITIES BEFORE                                   354,457           552,626 
TAXATION 
 
Taxation                                            (37,101)          (128,857) 
 
                                                    _______           _______ 
 
PROFIT ON ORDINARY 
 
ACTIVITIES AFTER TAXATION 
ATTRIBUTABLE TO THE OWNERS OF THE PARENT 
COMPANY                                             317,356           423,769 
 
                                                    ======            ====== 
 
EARNINGS PER 
SHARE 
 
Basic                                               5.9p           7.9p 
 
                                                    ======         ====== 
 
Diluted                                             5.9p           7.8p 
 
                                                    ======         ====== 
 
 
All operations are continuing. 
 
FIELD SYSTEMS DESIGNS HOLDINGS PLC 
 
GROUP STATEMENT OF FINANCIAL POSITION 
 
As at 31 May 2020 
 
                                                     2020              2019 
 
                                                        GBP                 GBP 
 
FIXED ASSETS 
 
Tangible assets                                   606,486           680,632 
 
CURRENT ASSETS 
 
Stock - raw materials                              83,184            58,257 
 
Debtors                                         3,741,964         5,343,066 
 
Cash at bank and in hand                        5,960,462         4,798,845 
 

                                                 ________          ________ 
 
                                                9,785,610        10,200,168 
 
                                                 ________          ________ 
 
CREDITORS 
 
Amounts falling due within one year             6,141,516         6,886,434 
 
                                                 ________          ________ 
 
NET CURRENT ASSETS                              3,644,094         3,313,734 
 
                                                 ________          ________ 
 
TOTAL ASSETS LESS CURRENT 
 
LIABILITIES                                     4,250,580         3,994,366 
 
CREDITORS 
 
Amounts falling due after more than                36,940            19,082 
one year 
 
PROVISIONS FOR LIABILITIES 
 
Deferred taxation                                  59,000            59,000 
 
Post-employment employee benefits                       -                 - 
 
                                                   ______           _______ 
 
NET ASSETS 
                                                4,154,640         3,916,284 
 
                                                  =======           ======= 
 
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                         3,056,607         2,818,251 
 
                                                 ________          ________ 
 
TOTAL SHAREHOLDERS' FUNDS                       4,154,640         3,916,284 
 
                                                  =======           ======= 
 
Approved by the board and signed on behalf of the board and authorised for 
issue on 5 November 2020 by:- 
 
Bruce Smith.........................................Director 
 
Nigel Billings.......................................Director 
 
 
 
END 
 

(END) Dow Jones Newswires

December 07, 2020 07:20 ET (12:20 GMT)