Share Name Share Symbol Market Type Share ISIN Share Description
Fiske Plc LSE:FKE London Ordinary Share GB0003353157 ORD 25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 61.50 55.00 68.00 61.50 61.50 61.50 0.00 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 4.3 -0.6 -5.5 - 7

Fiske PLC Final Results

21/08/2019 2:07pm

UK Regulatory (RNS & others)


Fiske (LSE:FKE)
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RNS Number : 8146J

Fiske PLC

21 August 2019

21 August 2019

FISKE PLC

("Fiske" or the "Company" or the "Group")

Final Results

Fiske (AIM:FKE) is pleased to announce its final audited financial results for the year ended 31 May 2019.

Copies of the 2019 Annual Report and Accounts, including the Notice of AGM and Proxy Voting form will be posted to shareholders shortly.

In accordance with rule 26 of the AIM Rules for Companies, this information is also available under the Investor Relations section of the Company's website, http://www.fiskeplc.com.

The Annual General Meeting of the Company will be held at Salisbury House, London Wall, London EC2M 5QS on 3 October 2019 at 12.30 pm.

Contact:

 
 Fiske PLC 
  James Harrison (CEO)                         Tel: +44 (0) 20 8448 4700 
  Gerard Luchini (Company Secretary 
  ) 
 Grant Thornton UK LLP (Nominated Adviser)   Tel: +44 (0) 20 7383 5100 
  Samantha Harrison / Harrison Clarke 
 

Abridged Chairman's Statement

Trading

Full year revenues were GBP4.28m (2018: GBP4.38m) which is slightly below the prior year.

After a very difficult first half, commission revenues picked up in the second half of the year. Overall, commission income was only 15% lower, at GBP2.08m for the year, as markets recovered quickly in January from the weakness that prevailed in the fourth quarter of 2018. The prevailing sentiment in markets improved generally in the first quarter of 2019 which was beneficial to client portfolio valuations and general trading activity.

Meanwhile, investment management fees rose 21% over the year to GBP2.21m (2018: GBP1.83m). This improvement is in part due to consolidating a full year of fee income from Fieldings but also a continuation in the general trend within the business to migrate clients to our discretionary and advisory managed fee based services.

As a result of the softer commissions and stronger management fee revenues the balance has swung in favour of management fees for the first time. Management fees represented 52% of commission and fee revenues with commissions representing 48%.

Asset Management

In May 2019 our unit trust, Ocean UK Equity, passed its first anniversary. We are pleased to report a successful first year with the fund in the top quartile in each of the last three, six and twelve month periods. It was also ahead of its benchmark the CBOE UK All Companies Total Return Index over the period. As at the end of June 2019 the fund was valued at GBP5.8m.

Investment Managers

Towards the end of the year we welcomed two new investment managers to the firm. We believe that with our traditional values, modern systems and up to date regulatory framework we provide an attractive place to work for aspiring, independently minded private client investment managers.

Costs & Outturn

Operating expenses have risen by GBP1.02m to GBP5.04m in the year to 31 May 2019 (2018: GBP4.02m) an increase of 25.3%.

Part of this increase in expenses is a result of charging non-recurring items amounting to GBP335k which includes GBP217k for deferred consideration bonuses payable as part of the Fieldings acquisition. In addition it continues to be our policy to amortise the value of the client relationships acquired with the Fieldings business, resulting in a further charge of GBP131k. These items total GBP466k.

Apart from these items, costs have increased due to compliance with various regulatory requirements and investment in strengthening our systems and controls.

After reporting a pre-tax loss of GBP492k in H1, we have incurred a much reduced loss of GBP150k in the second half to result in a full year loss of GBP642k. This overall result was exacerbated by our being without the usual dividend (of some GBP100k) from Euroclear due to timing changes as elaborated below.

Euroclear

Euroclear completed a re-domiciliation exercise in 2018/19 moving its headquarters from Switzerland to Belgium. This benefits the majority of shareholders such as Fiske plc as now our holding will qualify as a strategic asset under Belgian asset holding regulations and thus dividends paid will not be subject to withholding tax. However due to the particular timing of the re-domiciliation Euroclear have not paid a dividend during our year to 31 May 2019 (2018: GBP103k).

In January 2019 the London Stock Exchange Group made a strategic acquisition of some 4.9% of Euroclear at a price of EUR1,798 per share. In light of this purchase and the appointment of Goldman Sachs earlier this year to review how to improve the liquidity of shares in Euroclear we arrived at a fair value of our holding as EUR1,798 per share. This has resulted in our carrying value rising by 132% to EUR6.51m which is GBP5.81m at the prevailing exchange rate of GBP1: EUR1.12.

Net assets

Shareholder's funds have increased by 38% in the year to GBP7.6m reflecting the increase in the fair value of our holding in Euroclear. Within this we continue to hold some GBP2.1m of cash.

Strategy

Following the successful acquisition of Fieldings and the addition of a growing number of new investment managers we continue to implement our ongoing strategy to welcome new investment managers with established client relationships to increase our assets under management and advice. In addition we are actively migrating our customers to fee focussed rather than commission based relationships.

Dividend

The Board has resolved not to pay a dividend for the year to 31 May 2019 (2018: GBPnil).

Regulation

As referred to in the interim statement, significant time and effort has been and continues to be devoted across the company to compliance with new regulations. This has focussed in particular on the costs and charges element of the Markets in Financial Instruments Directive II ('MiFID II'). We continue to upgrade our systems and invest time in training our staff members. These software and training related costs, which have been absorbed by the business are a recurring feature. In the new financial year we will be implementing the new Senior Managers & Certification Regime.

Staff

In the last four years we have successfully migrated the business onto a new integrated front & back office software system, acquired and integrated the Fieldings business, brought new investment managers and their clients onto our platform and managed the implementation of a constant flow of regulatory changes. In this light I would like to extend my thanks to all my fellow Directors, Investment Managers, Associates and members of the operations team for their hard work and commitment to the future success of the Company.

Markets

In the long bull-run that markets are enjoying the unusual feature of this year is that bonds as well as equities are reaching new highs. A more common feature is this is all happening at a time of market complacency towards the disturbing features in the worldwide macro-economic landscape. The realignment of the US/China trade relations, well overdue but never confronted until now, is the most prominent feature.

Though perhaps even more serious a problem in the background is the astonishing levels of debt that have been built up and continue to increase at both the corporate level and the emerging market government level. The EU is bordering on recession, the UK has Brexit to contend with, whilst the US is experiencing the end of the stimulus of the major corporate tax reductions that the Trump administration introduced. Added to which most emerging markets have borrowed in dollars and are now facing the problems of a currency mismatch.

All the signs suggest we are in the last stages of one of the greatest bull markets in modern times. Whilst we should of course be concerned we must also remember that often the final phase of the bull market gives investors their best gains. It is expensive and painful to miss out on the final exuberance of a bull market. To add to concerns, one of the best signs that we may be in the final phase is the recent resurgence in the gold price. This traditional safe haven usually comes to life when problems are serious. It has now reached a six-year high and shows signs of gathering momentum.

For investors the danger month is traditionally October. Last year we had a rehearsal, maybe this year we will have the real thing. Long-term investors should take advantage of the liquidity-driven surges in asset prices to bolster holdings in investments that are less correlated to equity markets. In particular cash positions not only reduce overall risk but provide dry powder with which to take advantage of dislocations that tend to damage markets in an indiscriminate fashion.

Outlook

The new financial year has begun with business levels in line with the more positive second half of the year just reported. Your board is striving for a very much more positive outturn in the current year.

Clive Harrison

Chairman

20 August 2019

Consolidated Statement of Total Comprehensive Income

For the year ended 31 May 2019

 
                                                      Notes       2019       2018 
                                                               GBP'000    GBP'000 
----------------------------------------------------  -----  ---------  --------- 
Continuing Operations 
Fee and commission income                                        4,289      4,283 
Other (loss) / income                                              (1)         80 
(Loss) / Profit on investments sold                                (1)         18 
 
Total Revenue                                             2      4,287      4,381 
----------------------------------------------------  -----  ---------  --------- 
 
Operating expenses                                             (5,037)    (4,020) 
 
Operating (loss) / profit                                        (750)        361 
 
Investment revenue                                                   -        103 
Finance income                                                     108          - 
Finance costs                                                        -          - 
 
(Loss) / Profit on ordinary activities before 
 taxation                                                        (642)        464 
Taxation                                                  3          -        (4) 
----------------------------------------------------  -----  ---------  --------- 
(Loss) / Profit on ordinary activities after 
 taxation                                                        (642)        460 
----------------------------------------------------  -----  ---------  --------- 
Other comprehensive income 
Items that may subsequently be reclassified 
 to profit or loss 
Movement in unrealised appreciation of investments               3,289         26 
Deferred tax on movement in unrealised appreciation 
 of investments                                                  (583)         12 
----------------------------------------------------  -----  ---------  --------- 
Net other comprehensive income                                   2,706         38 
----------------------------------------------------  -----  ---------  --------- 
Total comprehensive income attributable to 
 equity shareholders                                             2,064        498 
----------------------------------------------------  -----  ---------  --------- 
(Loss) / Earnings per ordinary share 
Basic                                                     4     (5.5p)       4.2p 
Diluted                                                   4     (5.5p)       4.2p 
----------------------------------------------------  -----  ---------  --------- 
 
 

All results are from continuing operations.

Consolidated Statement of Financial Position

31 May 2019

 
                                                Notes       2019       2018 
                                                         GBP'000    GBP'000 
----------------------------------------------  -----  ---------  --------- 
 
Non-current Assets 
Intangible assets                                   5      1,445      1,576 
Other intangible assets                             6         97        130 
Property, plant and equipment                       7         30         35 
Fair Value Through Other Comprehensive Income 
 ('FVTOCI')                                         8      5,759      2,470 
Total non-current assets                                   7,331      4,211 
----------------------------------------------  -----  ---------  --------- 
 
Current Assets 
Trade and other receivables                         9      2,545      4,087 
Cash and cash equivalents                                  2,073      2,453 
----------------------------------------------  -----  ---------  --------- 
Total current assets                                       4,618      6,540 
----------------------------------------------  -----  ---------  --------- 
Current liabilities 
Trade and other payables                           10      3,504      4,965 
Current tax liabilities                                        -         36 
Total current liabilities                                  3,504      5,001 
----------------------------------------------  -----  ---------  --------- 
Net current assets                                         1,114      1,539 
----------------------------------------------  -----  ---------  --------- 
 
Non-current liabilities 
Deferred tax liabilities                           11        797        214 
----------------------------------------------  -----  ---------  --------- 
Total non-current liabilities                                797        214 
----------------------------------------------  -----  ---------  --------- 
 
Net Assets                                                 7,648      5,536 
----------------------------------------------  -----  ---------  --------- 
 
EQUITY 
Share capital                                      12      2,904      2,890 
Share premium                                              2,029      1,997 
Revaluation reserve                                        4,203      1,497 
Retained losses                                          (1,488)      (848) 
----------------------------------------------  -----  ---------  --------- 
Shareholders' equity                                       7,648      5,536 
----------------------------------------------  -----  ---------  --------- 
 
 

These financial statements were approved by the Board of Directors and authorised for issue on 20 August 2019.

Signed on behalf of the Board of Directors

J P Q Harrison

Chief Executive Officer

Group Company Statement of Changes in Equity

For the year ended 31 May 2019

 
                                           Share      Share   Revaluation   Retained 
 Group                                   capital    premium       reserve     losses     Total 
                                         GBP'000    GBP'000       GBP'000    GBP'000   GBP'000 
-------------------------------------  ---------  ---------  ------------  ---------  -------- 
 Balance at 1 June 2017                    2,115      1,222         1,459    (1,309)     3,487 
 Profit for the financial 
  year                                         -          -             -        460       460 
 Revaluation of available-for-sale 
  investments                                  -          -            26          -        26 
 Deferred tax on revaluation 
  of available-for-sale investments            -          -            12          -        12 
-------------------------------------  ---------  ---------  ------------  ---------  -------- 
 Total comprehensive income 
  for the year                                 -          -            38        460       498 
-------------------------------------  ---------  ---------  ------------  ---------  -------- 
 Share based payment transactions              -          -             -          1         1 
 Issue of ordinary share 
  capital                                    775        775             -          -     1,550 
 Balance at 1 June 2018                    2,890      1,997         1,497      (848)     5,536 
 Loss for the financial year                   -          -             -      (642)     (642) 
 Movement in unrealised appreciation 
  of investments                               -          -         3,289          -     3,289 
 Deferred tax on movement 
  in unrealised appreciation 
  of investments                               -          -         (583)          -     (583) 
 Total comprehensive income 
  / (expense) for the year                     -          -         2,706      (642)     2,064 
-------------------------------------  ---------  ---------  ------------  ---------  -------- 
 Share based payment transactions              -          -             -          2         2 
 Issue of ordinary share 
  capital                                     14         32             -          -        46 
-------------------------------------  ---------  ---------  ------------  ---------  -------- 
 Total transactions with 
  owners, recognised directly 
  in equity                                   14         32             -          2        48 
 Balance at 31 May 2019                    2,904      2,029         4,203    (1,488)     7,648 
-------------------------------------  ---------  ---------  ------------  ---------  -------- 
 

Group Company Statement of Cash Flows

For the year ended 31 May 2019

 
                                                2019       2018 
                                               Group      Group 
                                             GBP'000    GBP'000 
-----------------------------------------  ---------  --------- 
Operating (loss) / profit                      (750)        361 
Profit on disposal of available-for-sale 
 investments                                       -          - 
Amortisation of intangibles                       33         26 
Depreciation of property, plant 
 and equipment                                    22         20 
Amortisation of intangible asset 
 - customer relationships                        131        131 
Expenses settled by the issue 
 of shares                                         2          - 
Decrease in investments held for 
 trading                                           -         19 
Decrease / (increase) in receivables           1,354    (1,397) 
(Decrease) / increase in payables            (1,273)        730 
-----------------------------------------  ---------  --------- 
Cash used in operations                        (481)      (110) 
Tax (paid)                                      (36)       (38) 
-----------------------------------------  ---------  --------- 
Net cash used in operating activities          (517)      (148) 
 
Investing activities 
Interest received                                108          - 
Investment income received                         -        103 
Payment to acquire subsidiary 
 undertaking                                       -    (2,092) 
Dividend paid to parent company 
 as part of acquisition                            -          - 
Purchases of property, plant and 
 equipment                                      (17)       (45) 
Purchases of other intangible 
 assets                                            -       (12) 
Cash acquired with subsidiary 
 undertaking                                       -      2,320 
Cash received on share buy-back 
 by subsidiary                                     -          - 
Net cash generated / (used) from 
 investing activities                             91        274 
-----------------------------------------  ---------  --------- 
 
Financing activities 
Proceeds from issue of ordinary 
 share capital                                    46      1,292 
Dividends paid                                     -          - 
-----------------------------------------  ---------  --------- 
Net cash generated from financing 
 activities                                       46      1,292 
-----------------------------------------  ---------  --------- 
 
Net (decrease) / increase in cash 
 and cash equivalents                          (380)      1,418 
Cash and cash equivalents at beginning 
 of year                                       2,453      1,035 
Cash and cash equivalents at end 
 of year                                       2,073      2,453 
-----------------------------------------  ---------  --------- 
 
 

1

Notes to the Accounts

For the year ended 31 May 2019

   1              Basis of preparation 

These financial statements have been prepared in accordance with the requirements of IFRS implemented by the Group for the year ended 31 May 2019 as adopted by the European Union and International Financial Reporting Interpretations Committee and with the Companies Act 2006. The Group financial statements have been prepared under the historical cost convention, with the exception of financial instruments, which are stated in accordance with IAS 39 Financial Instruments: recognition and measurement.

   2              Total revenue and segmental analysis 

IFRS 8 requires operating segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by management to allocate resources to the segments and to assess their performance. Following the acquisition of Fieldings Investment Management Limited in August 2017, their staff and operations have been integrated into the management team of Fiske plc. Pursuant to this, the Group continues to identify a single reportable segment, being UK-based financial intermediation. Within this single reportable segment, total revenue comprises:

 
                                                     2019     2018 
                                                  GBP'000  GBP'000 
------------------------------------------------  -------  ------- 
Commission receivable                               2,078    2,454 
Investment management fees                          2,211    1,829 
(Loss) / profit on investments held for trading       (1)       18 
------------------------------------------------  -------  ------- 
                                                    4,288    4,301 
Other (loss) / income                                 (1)       80 
------------------------------------------------  -------  ------- 
                                                    4,287    4,381 
------------------------------------------------  -------  ------- 
 

Substantially all revenue in the current and prior year is generated in the UK and derives solely from the provision of financial intermediation.

   3              Tax 

Analysis of tax on ordinary activities:

 
                                                    2019     2018 
                                                 GBP'000  GBP'000 
-----------------------------------------------  -------  ------- 
Current tax 
Current year                                           -        4 
Prior year adjustment                                  -        - 
-----------------------------------------------  -------  ------- 
                                                       -        4 
Deferred tax 
Current year                                           -        - 
Prior year adjustment                                  -        - 
-----------------------------------------------  -------  ------- 
Total tax charge to Statement of Comprehensive 
 Income                                                -        4 
-----------------------------------------------  -------  ------- 
 

Factors affecting the tax charge for the year

The standard rate of tax for the year, based on the United Kingdom standard rate of corporation tax, is 19.00% (2018: 19.00%).

The charge/(credit) for the year can be reconciled to the profit per the Statement of Comprehensive Income as follows:

 
                                                        2019     2018 
                                                     GBP'000  GBP'000 
---------------------------------------------------  -------  ------- 
(Loss) / Profit before tax                             (642)      464 
---------------------------------------------------  -------  ------- 
(Credit) / Charge on profit on ordinary activities 
 at standard rate                                      (124)       86 
Effect of: 
Expenses not deductible in determining taxable 
 profit                                                    9        9 
Non-taxable income                                       (0)     (20) 
Tax losses not recognised                                115        - 
Carry back tax relief                                      -     (71) 
                                                           -        4 
---------------------------------------------------  -------  ------- 
 
   4              Earnings per share 

Basic earnings per share has been calculated by dividing the profit on ordinary activities after taxation by the weighted average number of shares in issue during the year. Diluted earnings per share is basic earnings per share adjusted for the effect of conversion into fully paid shares of the weighted average number of share options during the year.

 
  31 May 2019                                        Basic   Diluted 
                                                               Basic 
                                                   GBP'000   GBP'000 
------------------------------------------------  --------  -------- 
 (Loss) on ordinary activities after taxation        (642)     (642) 
 Adjustment to reflect impact of dilutive share          -         - 
  options 
------------------------------------------------  --------  -------- 
 (Loss)                                              (642)     (642) 
------------------------------------------------  --------  -------- 
 Number of shares (000's)                           11,603    11,645 
------------------------------------------------  --------  -------- 
 (Loss) per share (pence)                            (5.5)     (5.5) 
------------------------------------------------  --------  -------- 
 
 
  31 May 2018                                        Basic   Diluted 
                                                               Basic 
                                                   GBP'000   GBP'000 
------------------------------------------------  --------  -------- 
 Profit on ordinary activities after taxation          460       460 
 Adjustment to reflect impact of dilutive share 
  options                                                -         1 
------------------------------------------------  --------  -------- 
 Earnings                                              460       461 
------------------------------------------------  --------  -------- 
 Number of shares (000's)                           10,906    10,980 
------------------------------------------------  --------  -------- 
 Earnings per share (pence)                            4.2       4.2 
------------------------------------------------  --------  -------- 
 
 
                                         31 May 2019  31 May 
                                                        2018 
---------------------------------------  -----------  ------ 
Number of shares (000's): 
Weighted average number of shares             11,603  10,906 
Dilutive effect of share option scheme            42      74 
---------------------------------------  -----------  ------ 
                                              11,645  10,980 
---------------------------------------  -----------  ------ 
 
   5              Intangible assets arising on consolidation 
 
                                   Customer    Goodwill     Total 
                              relationships 
-------------------------- 
                                    GBP'000     GBP'000   GBP'000 
--------------------------  ---------------  ----------  -------- 
 Cost 
 At 1 June 2018                       1,312       1,311     2,623 
 Additions                                -           -         - 
--------------------------  ---------------  ----------  -------- 
 At 31 May 2019                       1,312       1,311     2,623 
--------------------------  ---------------  ----------  -------- 
 Accumulated amortisation 
 At 1 June 2018                       (131)       (916)   (1,047) 
 Charge in year                       (131)           -     (131) 
--------------------------  ---------------  ----------  -------- 
 At 31 May 2019                       (262)       (916)   (1,178) 
--------------------------  ---------------  ----------  -------- 
 Net book value 
  At 31 May 2019                      1,050         395     1,445 
--------------------------  ---------------  ----------  -------- 
 At 1 June 2018                       1,181         395     1,576 
--------------------------  ---------------  ----------  -------- 
 

Goodwill arising through business combinations is allocated to individual cash-generating units ('CGUs') being acquired subsidiaries, reflecting the lowest level at which the Group monitors and test goodwill for impairment purposes. The CGUs to which goodwill is attributed are as follows:

 
 CGU                                2019       2018 
                                 GBP'000    GBP'000 
----------------------------   ---------  --------- 
 Vor Financial Strategy              230        230 
 Ionian Group Limited                165        165 
-----------------------------  ---------  --------- 
 Goodwill allocated to CGUs          395        395 
-----------------------------  ---------  --------- 
 

Determining whether goodwill is impaired requires an estimation of the recoverable amount of each CGU. The recoverable amount is the higher of its value in use ('VIU') or its fair value less cost of disposal ('FVLCD').

As at 31 May 2019 none of the Group's CGUs are impaired with the recoverable amount for each CGU having been based on its FVLCD. The fair value has been calculated as 2.5 % of assets under management.

Under the above valuation approach each CGU had a FVLCD in excess of its carrying value by GBP19k at Vor (2018: GBP62k) and GBP48k at Ionian (2018: GBP53k).

A 17% reduction in funds under management for Ionian from GBP11.1m to GBP9.2m would result in a potential impairment trigger. Vor is less sensitive to such an impairment trigger requiring a fall of 11% of funds under management from GBP7.4m to GBP6.6m.

If fair value was calculated using 2.1% as opposed to 2.5% of funds under management for Ionian then, all other things being equal, there would be a potential impairment trigger. Vor would require a decrease to 1.8% of funds under management to trigger a potential impairment.

   6              Other intangible assets 
 
                                Systems     Total 
                                licence 
                                GBP'000   GBP'000 
--------------------------    ---------  -------- 
 Cost 
 At 1 June 2017                     180       180 
 Additions                           12        12 
 At 1 June 2018                     192       192 
 Additions                            -         - 
 At 31 May 2019                     192       192 
----------------------------  ---------  -------- 
 Accumulated amortisation 
 At 1 June 2017                    (36)      (36) 
 Charge for the year               (26)      (26) 
 At 1 June 2018                    (62)      (62) 
 Charge for the year               (33)      (33) 
 At 31 May 2019                    (95)      (95) 
----------------------------  ---------  -------- 
 Net book value 
 At 31 May 2019                      97        97 
----------------------------  ---------  -------- 
 At 31 May 2018                     130       130 
----------------------------  ---------  -------- 
 
   7              Property, plant and equipment 
 
                             Office furniture      Computer    Office refurbishment     Total 
                                and equipment     equipment 
                                      GBP'000       GBP'000                 GBP'000   GBP'000 
--------------------------  -----------------  ------------  ----------------------  -------- 
 Cost 
 At 1 June 2017                           137           177                     175       489 
 Additions                                 25            20                       -        45 
 Disposals                                  -             -                       -         - 
--------------------------  -----------------  ------------  ----------------------  -------- 
 At 1 June 2018                           162           197                     175       534 
 Additions                                  -            17                       -        17 
 At 31 May 2019                           162           214                     175       551 
--------------------------  -----------------  ------------  ----------------------  -------- 
 Accumulated depreciation 
 At 1 June 2017                         (135)         (169)                   (175)     (479) 
 Charge for the year                      (7)          (13)                       -      (20) 
 At 1 June 2018                         (142)         (182)                   (175)     (499) 
 Charge for the year                      (7)          (15)                       -      (22) 
 At 31 May 2019                         (149)         (197)                   (175)     (521) 
--------------------------  -----------------  ------------  ----------------------  -------- 
 Net book value 
  At 31 May 2019                           13            17                       -        30 
--------------------------  -----------------  ------------  ----------------------  -------- 
 At 31 May 2018                            20            15                       -        35 
--------------------------  -----------------  ------------  ----------------------  -------- 
 
   8              Investments 
 
                                              2019     2018 
                                           GBP'000  GBP'000 
-----------------------------------------  -------  ------- 
At 1 June 2018: 
Valuation                                    2,470    2,444 
Unrealised appreciation                    (1,806)  (1,780) 
-----------------------------------------  -------  ------- 
Cost                                           664      664 
Additions                                        -        - 
Cost of disposals                                -        - 
-----------------------------------------  -------  ------- 
At 31 May 2019: 
Cost                                           664      664 
Unrealised appreciation                      5,095    1,806 
-----------------------------------------  -------  ------- 
Valuation                                    5,759    2,470 
-----------------------------------------  -------  ------- 
being: 
Listed                                           5        6 
Unlisted                                     5,754    2,464 
-----------------------------------------  -------  ------- 
FVTOCI investments carried at fair value     5,759    2,470 
-----------------------------------------  -------  ------- 
 

The investments included above are represented by holdings of equity securities. These shares are not held for trading. At May 2018 these were classified as available-for-sale. During the year they were re-designated as Fair Value through Other Comprehensive Income.

   9              Trade and other receivables 
 
                                         2019      2018 
                                        Group     Group 
 Group and Company                    GBP'000   GBP'000 
-----------------------------------  --------  -------- 
 Counterparty receivables               1,388     2,462 
 Trade (payables) / receivables         (164)       515 
-----------------------------------  --------  -------- 
                                        1,224     2,977 
 Corporation tax recoverable                -         - 
 Amount owed by group undertakings          -         - 
 Other debtors                            371       229 
 Prepayments and accrued income           950       881 
-----------------------------------  --------  -------- 
                                        2,545    4,087 
-----------------------------------  --------  -------- 
 

Counterparty receivables

Included in the Group's counterparty receivables are debtors with a carrying amount of GBPnil (2018: GBP55,000) which are past due at the reporting date for which the Group has not provided as there has not been a significant change in credit quality and the amounts were still considered recoverable, and were subsequently recovered.

Ageing of past due but not impaired counterparty receivables:

 
                  2019     2018 
               GBP'000  GBP'000 
-------------  -------  ------- 
 
0 - 15 days          -       39 
16 - 30 days         -       16 
31 - 45 days         -        - 
46 - 60 days         -        - 
-------------  -------  ------- 
                     -       55 
-------------  -------  ------- 
 

Trade receivables

Included in the Group's trade receivables balance are debtors with a carrying amount of GBP338,000 (2018: GBP318,000) which are past due at the reporting date for which the Group has not provided as there has not been a significant change in credit quality and the amounts were still considered recoverable, and were subsequently recovered.

Ageing of past due but not impaired trade receivables:

 
                  2019     2018 
               GBP'000  GBP'000 
-------------  -------  ------- 
 
0 - 15 days        306      280 
16 - 30 days        15       38 
31 - 60 days        17        - 
-------------  -------  ------- 
                   338      318 
-------------  -------  ------- 
 
   10           Trade and other payables 
 
                             2019      2018 
                            Group     Group 
                          GBP'000   GBP'000 
-----------------------  --------  -------- 
 Counterparty payables      1,542     3,273 
 Trade payables                 -         - 
-----------------------  --------  -------- 
                            1,542     3,273 
 Sundry creditors and 
  accruals                  1,962     1,692 
-----------------------  --------  -------- 
                            3,504     4,965 
-----------------------  --------  -------- 
 
   11           Deferred taxation 
 
                                                               Capital                      Tax          Deferred 
                                                            allowances   Investments     Losses     tax liability 
 Group and Company                                             GBP'000       GBP'000    GBP'000           GBP'000 
-------------------------------------------------------  -------------  ------------  ---------  ---------------- 
 At 1 June 2018                                                    (1)           309       (94)               214 
 Charge for the year                                                 -             -          -                 - 
 Charge to Statement of Comprehensive 
  Income 
 
     *    in respect of current year                                 -           583          -               583 
                                                                     -             -          -                 - 
     *    in respect of change in corporation tax rate 
-------------------------------------------------------  -------------  ------------  ---------  ---------------- 
 At 31 May 2019                                                    (1)           892       (94)               797 
-------------------------------------------------------  -------------  ------------  ---------  ---------------- 
 

Deferred tax assets and liabilities are recognised at a rate which is substantively enacted at the balance sheet date. The rate to be taken in this case is 18%, being the anticipated rate of taxation applicable to the Company in the future.

   12           Called up share capital 
 
                                     2019                   2018 
                                 No. of   GBP'000       No. of   GBP'000 
                                 shares                 shares 
--------------------------  -----------  --------  -----------  -------- 
 Authorised: 
 Ordinary shares of 25p      12,000,000     3,000   12,000,000     3,000 
--------------------------  -----------  --------  -----------  -------- 
 Allotted and fully paid: 
  Ordinary shares of 25p 
 Opening balance             11,560,205     2,890    8,460,205     2,115 
 Shares issued                   57,392        14    3,100,000       775 
--------------------------  -----------  --------  -----------  -------- 
 Closing balance             11,617,597     2,904   11,560,205     2,890 
--------------------------  -----------  --------  -----------  -------- 
 

Included within the allotted and fully paid share capital were 9,490 ordinary shares of 25p each (2018: 9,490 ordinary shares of 25p each) held for the benefit of employees.

At 31 May 2019 there were 325,000 outstanding options to subscribe for ordinary shares at a weighted average exercise price of 60p.

   13           Clients' money 

At 31 May 2019 amounts held by the Company on behalf of clients in accordance with the Client Money Rules of the Financial Conduct Authority amounted to GBP46,014,796 (2018: GBP40,760,214). The Company has no beneficial interest in these amounts and accordingly they are not included in the balance sheet.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

FR CKDDKNBKDNFB

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August 21, 2019 09:07 ET (13:07 GMT)

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