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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Scholium Group Plc | LSE:SCHO | London | Ordinary Share | GB00BJYS2173 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 39.00 | 36.00 | 42.00 | 39.00 | 37.50 | 39.00 | 0.00 | 08:00:08 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Books & Newspapers-wholesale | 9.06M | 231k | 0.0170 | 22.94 | 5.3M |
From Apr 2022 to Apr 2024
TIDMSCHO
RNS Number : 9828H
Scholium Group PLC
30 November 2022
Scholium Group plc
Interim Report & Financial Statements
Six Months ended 30 September 2022
This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
The directors of Scholium Group plc ("Scholium", the "Company" or, together with its subsidiaries, the "Group") present their report and financial statements for the Group for the six months ended 30 September 2022.
Operating highlights
-- Revenues at GBP4,454k up by 16% compared with prior corresponding period
-- Gross profit of GBP1,731k up by 36% compared with last year and at an increasingly better margin of 39% (2021: 33%)
-- Pre-tax profit up by 33% to GBP179k due to improved trading and a sustained recovery from Covid-19 (2021: profit of GBP135k)
-- Earnings per share increased 33% to 1.32p per share (2021: 0.99p per share) -- NAV per share of 70.4p (2021: 68.8p)
-- Cash (net of GBP213k (2021: GBP250k) Covid loan) is lower by GBP780k from 31 March at GBP(515)k at 30 September 2022 due to the unwinding of client cash balances in H1
Financial Summary
Six months ended September 2022 2021 Change (GBP000 unless otherwise stated) Restated* Revenue 4,454 3,832 16% Gross Profit 1,731 1,274 36% Gross Margin 39% 33% Pre-Tax Profit 179 135 33% Inventories 9,482 8,895 7% Net Cash (515) 1,000 Net Assets 9,578 9,357 2% NAV/Share (pence) 70.4 68.8
David Harland, Chair of Scholium, noted:
"We are pleased with the continuing steady progress made by the Group in recording its third consecutive profitable half-year period. The closure of the Mayfair Philatelics business has proceeded smoothly with minimal impact and we are delighted to see a fuller calendar of trade fairs both in the UK and abroad. On-going geopolitical events present a difficult environment in which to plan but we remain cautiously positive about the coming six month period."
The person responsible for arranging the release of this announcement on behalf of the Company is Philip Tansey, Chief Financial Officer of the Company.
For further information, please contact:
Scholium Group plc David Harland, Chairman Philip Tansey, Chief Financial Officer +44 (0)20 7493 0876 WH Ireland Ltd - Nominated Adviser Chris Fielding Megan Liddell +44 (020) 7220 1666 * The 2021 figures have been restated by eliminating the impact of the discontinued operation, Mayfair Philatelics.
Business Review
Scholium is engaged in the business of rare books, modern prints, art and collectibles. Its primary operating subsidiary is Shapero Rare Books, one of the leading UK dealers trading internationally in rare and antiquarian books and works on paper, which also trades as Shapero Modern, a leading UK dealer in the growing marketplace of modern and contemporary prints.
Revenue streams
The Group earned revenue in the six months to 30 September 2022 from the sale of rare books, prints and works on paper through Shapero Rare Books and limited sales of remaining stocks in Mayfair Philatelics which the Board had decided to close in the financial year ended 31 March 2022, due to the challenging nature of the collectible stamps market.
Strategy and key performance indicators (KPIs)
The Group's strategy is to:
-- provide stable asset-backed growth driven by the markets in which the Group operates;
-- build, either organically or by acquisition, a portfolio of art and collectibles focused businesses to enable further diversification of its revenue and profit streams; and,
-- attract individuals or teams of specialists in markets complementary to the Group's existing businesses.
The current principal KPIs are:
-- sales, gross profit, gross margin and profit before tax; -- the breadth and distribution of the stock of rare books held by the Group; -- stock turnover; -- cash position; -- net assets per share; and, -- earnings per share.
Performance Review
Overall Performance
The Group made a profit before tax of GBP179k during the six months to 30 September 2022, a welcome 33% increase from the profit of GBP135k for the corresponding period last year. Sales revenues and margins improved despite on-going global events.
Turnover increased by 16% compared to the same period in the prior year. This was due to significantly higher sales in Shapero Rare Books (SRB). SRB's sales were 16% higher than last year at GBP4,429k (2021: GBP3,814k). Gross Profit increased by 36% to GBP1,731k (2021: GBP1,274k) reflecting the higher margins achieved in this period.
Group costs, including Distribution and Administrative expenses, increased by 39% to GBP1,518k (2021: GBP1,091k). Almost all of this increase was due to trade fairs and exhibitions which in the prior corresponding period were only starting following the lifting of Covid restrictions.
The results of the Mayfair Philatelics business are shown as Discontinued operations in the financial statements as the decision was taken to close it and significant charges taken in the year ended 31 March 2022. The decision to close the business has led to a focus on selling the remaining stock and collecting the outstanding debtors. This process, whilst involved, is approaching its end and a further GBP15k of provisions was taken in the period against the likely irrecoverable nature of some of the smaller and older debts.
The Group result for the six months was a profit before tax of GBP179k (2021: profit of GBP135k). There is no current or deferred tax charge (2021: GBP0k) as the Group has utilised tax losses which are not recognised as a deferred tax asset.
Inventories increased by GBP587k to GBP9,482k (2021: GBP8,895k). Group cash balances continue to fluctuate on a monthly basis in line with stock purchases and trade debtors and whether, as in the prior period, certain levels of clients' cash were maintained with the Company pending sales; a significant balance of clients' cash received immediately prior to the year-end date of 31 March 2022 and then released immediately afterwards being the prime driver. Net overdrafts and cash loans of GBP(515)k at 30 September 2022 (2021: net cash of GBP1,000k).
Summary Group Financials
Six months ended September (all figures GBP'000) 2022 2021 Change Revenue 4,454 3,832 16% Gross Profit 1,731 1,274 36% Gross Margin 39% 33% Distribution Expenses (368) (89) 313% Administrative Expenses (1,150) (1,002) 15% Pre-Tax Profit 179 135 33% Inventories 9,482 8,895 7% Net cash (515) 1,000 Net Assets 9,578 9,357 2% NAV/Share (pence) 70.4 68.8 2%
Alternative accounting presentation
The Board is focused on demonstrating shareholder return and part of that desire is the analysis of the core performance of the Group's trading business without costs that are related to the non-trading elements such as public company status and other non-directly related or one-off costs not typically expected to be incurred in a 'normal' year.
Hot Features
Premium
Six months ended September (GBP'000) 2022 2021
Profit 179 135
----- -----
Add back:
----- -----
Central costs of the public group 157 158
----- -----
Mayfair Philatelic losses 15 28
----- -----
Depreciation & amortisation 171 114
----- -----
Finance expenses 19 19
----- -----
Operating EBITDA 541 454
----- -----
Financial Position
The Group retains a strong balance sheet. Net assets of GBP9,578k (2021: GBP9,357k) are supported by GBP9,482k of stock (2021: GBP8,895k) including an overdraft balance in net cash of GBP(515)k (2021: cash of GBP1,000k). Trade and other payables have decreased substantially on account of significant client cash balances held in advance of sales at the 31 March 2022. The Covid loan drawn down in October 2020 of GBP250k has been reduced by repayment to the current GBP213k (2021: GBP250k). There is 70.4p of net assets per share (2021: 68.8p).
Shapero Rare Books & Shapero Modern
Shapero Rare Books including Shapero Modern continues to be the driver of sales growth and source of trading profits with Group resources balanced between its stock of rare books and prints to maximise sales and profit opportunities.
Shapero Rare Books operates from its first-floor bookshop at 106 New Bond Street, its retail premises on the ground floor of 105 New Bond Street and a separate gallery for modern prints nearby at 43 Maddox Street. The previously separate leases for both premises in New Bond Street were combined into a single lease during the period though for a period of less than 12 months and consequently the Board is focused on securing suitable alternative premises in the near future.
Trading in both Rare Books and Shapero Modern was at increased levels during the first six months of the year compared to the prior year. Turnover increased by 16% as compared to the prior-year period to GBP4,429k (2021: GBP3,814k) due to the re-opening after the restrictions of Covid-19. The gross margin of 39% (2021: 33%) reflected higher margins across both books and prints. The profit achieved by this division for the first six months of the financial year was GBP367k (2021: GBP319k).
Summary Performance, Shapero businesses
Six months ended September (all figures GBP'000) 2022 2021 Change Revenue 4,429 3,814 16% Gross Profit 1,731 1,268 37% Gross Margin 39% 33% Pre-Tax Profit 367 319
Scholium Trading
Scholium Trading was originally set up to trade alongside third-party dealers in rare and collectible items, typically in paintings and works of art. The Board had decided to wind down the business and sell the remaining few items of stock.
Scholium Trading's activity for the first half to 30 September 2022 resulted in sales of GBP25k (2021: GBP18k), with a gross profit of GBP0k (2021: GBP6k).
Mayfair Philatelics
The Board determined that the market for stamps was unable to generate the success and profits seen in books and art and the decision was taken to close the business in the year ended 31 March 2022. The results of the business have been presented and treated as discontinued business within these report and accounts and the impact of this is explained in note 6 to these accounts.
The first half resulted in sales of GBP28k (2021: GBP371k). Gross profit, which was principally from the auction activities, amounted to GBP1k (2021: GBP169k). Direct costs and overheads amounted to GBP79k (2021: GBP197k). The net loss from on-going wind-down activities of GBP52k was offset against impairment provisions taken in the prior financial period ending March 2022. A further provision in regard to the impairment of stock and debtors of GBP15k was taken in the current financial period resulting in a pre-tax loss due to discontinued business of GBP15k (2021: GBP29k).
Costs
Distribution costs have increased significantly driven almost entirely by the costs of trade fairs and exhibitions that had previously been impacted by Covid-19 lockdowns. The central costs of the business include all board directors and other Group level costs including the various costs associated with membership of the AIM market. There were no (2021: GBP0k) recharges made to the Group's subsidiaries for these central costs in the six months ended 30 September 2022. The central costs were therefore GBP157k (2021: GBP158k).
Summary Performance, Central costs
Six months ended September (all figures GBP'000) 2022 2021 Change Total Costs (157) (158) -%
Outlook
The Group is now focused on its two profitable businesses, rare books and modern prints having discontinued the distraction of stamps and Scholium Trading and is looking to continue the profitable performance of the recent eighteen months into the second half of the current financial year.
Looking forward, the Group is viewing its trading for the second half of the year with cautious optimism.
Key Risks
Like all businesses, the Group faces risks and uncertainties that could impact on the Group's strategy. The Board recognises that the nature and scope of these risks can change and regularly reviews the risks faced by the Group and the systems and processes to mitigate such risks.
The principal risks and uncertainties affecting the continuing business activities of the Group were outlined in detail in the Strategic Report section of the annual report covering the full year ended 31 March 2022.
In preparing this interim report for the six months ended 30 September 2022, the Board has reviewed these risks and uncertainties and considers that there have been no changes since the publication of the 2022 Annual Report.
Independent Review Report to Scholium Group plc
Conclusion
We have been engaged by the Company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 September 2022 which comprises the condensed consolidated statement of comprehensive income, the consolidated statement of changes in equity, the condensed consolidated statement of financial position, the consolidated statement of cash flows and the related explanatory notes.
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 September 2022 is not prepared, in all material respects, in accordance with UK adopted International Accounting Standard 34 and the AIM Rules.
Basis for Conclusion
We conducted our review in accordance with International Standard on Review Engagements (UK) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
As disclosed in note 2, the annual financial statements of the Group are prepared in accordance with UK adopted IFRSs. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with UK adopted International Accounting Standard 34, "Interim Financial Reporting".
Conclusions Relating to Going Concern
Based on our review procedures, which are less extensive than those performed in an audit as
described in the Basis of Conclusion section of this report, nothing has come to our attention to suggest that management have inappropriately adopted the going concern basis of accounting or that management have identified material uncertainties relating to going concern that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with this ISRE, however future events or conditions may cause the entity to cease to continue as a going concern.
Responsibilities of Directors
The directors are responsible for preparing the half-yearly financial report in accordance with the AIM rules.
In preparing the half-yearly financial report, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the Review of Financial Information
In reviewing the half-yearly report, we are responsible for expressing to the Company a conclusion on the condensed set of financial statement in the half-yearly financial report. Our conclusion, including our Conclusions Relating to Going Concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report.
Use of Our Report
This report is made solely to the Company in accordance with International Standard on Review Engagements (UK and Ireland) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Financial Reporting Council. Our work has been undertaken so that we might state to the Company those matters we are required to state to it in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company, for our review work, for this report, or for the conclusions we have formed.
Lee Baker FCA
For and on behalf of
Wenn Townsend Chartered Accountants
Oxford, United Kingdom
29 November 2022
Consolidated statement of total comprehensive income (unaudited)
Six-month Six-month Year
Period Period Ended
Ended (Unaudited) Ended (Unaudited) (Audited)
30 Sept 30 Sept 31 Mar
2022 2021 2022
Note GBP000 GBP000 GBP000
Revenue 3 4,454 3,832 8,129
Cost of Sales (2,723) (2,558) (5,058)
Gross profit 1,731 1,274 3,071
------------------- ------------------- -----------
Distribution costs (368) (89) (340)
Administrative expenses (1,150) (1,002) (2,262)
Total costs and expenses (1,518) (1,091) (2,602)
------------------- ------------------- -----------
Profit from operations 213 183 469
Financial income - - -
Financial expense 4 (19) (19) (33)
Other income 58
Profit before taxation 194 164 494
Income tax (expense) 5 - - -
Profit for the period from
continuing operations 194 164 494
Loss from discontinued operations 6 (15) (29) (317)
Profit for the period and
total comprehensive income
attributable to equity holders
of the parent company 179 135 177
------------------- ------------------- -----------
Earnings per share in share:
From continued operations
- pence 7 1.43 1.21 3.63
From discontinued operations (0.11) (0.22) ( 2.33)
Total earnings per share 1.32 0.99 1.30
------------------- ------------------- -----------
Consolidated statement of financial position
30 Sept 30 Sept 31 Mar
2022 2021 2022
Note GBP000 GBP000 GBP000
Unaudited Unaudited Audited
Assets
Non-current assets
Property, plant and equipment 980 1,080 970
Intangible assets 4 6 4
984 1,086 974
--------------- ----------------- --------
Current assets
Inventories 9,482 8,895 9,584
Trade and other receivables 8 2,677 2,589 2,219
Cash and cash equivalents (302) 1,250 705
11,857 12,734 12,508
--------------- ----------------- --------
Total assets 12,841 13,820 13,482
--------------- ----------------- --------
Current liabilities
Trade and other payables 9 2,053 3,163 2,868
Bank loans and borrowings 10 44 63 47
Right-of-use asset lease liabilities 11 322 166 193
Total current liabilities 2,419 3,392 3,108
--------------- ----------------- --------
Liabilities due over one year
Bank loans and borrowings 10 169 187 188
Right-of-use asset lease liabilities 11 675 884 787
Total liabilities due over
one year 844 1,071 975
Total liabilities 3,263 4,463 4,083
--------------- ----------------- --------
Net assets 9,578 9,357 9,399
--------------- ----------------- --------
Equity and liabilities
Equity attributable to owners
of the parent
Ordinary shares 136 136 136
Share premium 9,516 9,516 9,516
Merger reserve 82 82 82
Retained earnings (156) (377) (335)
Total equity 9,578 9,357 9,399
--------------- ----------------- --------
Net Asset Value per Share 70.4p 68.8p 69.1p
These interim financial statements were approved by the Board of Directors on 29 November 2022 and signed on its behalf by Philip Tansey.
Statement of changes in equity
Share Share Merger Retained Total
Capital Premium reserve earnings equity
GBP000 GBP000 GBP000 GBP000 GBP000
-------- -------- -------- --------- -------
Balance at 31 March 2020 136 9,516 82 (75) 9,659
Loss for the period from continued operations - - - (158) (158)
-------- -------- -------- --------- -------
Total comprehensive income for the period - - - (158) (158)
-------- -------- -------- --------- -------
Balance at 30 September 2020 136 9,516 82 (233) 9,501
Loss for the period from continued operations - - - (279) (279)
-------- -------- -------- --------- -------
Total comprehensive income for the period - - - (279) (279)
-------- -------- -------- --------- -------
Balance at 31 March 2021 136 9,516 82 (512) 9,222
Profit for the period from continued operations - - - 164 164
Loss for the period from discontinued operations (29) (29)
-------- -------- -------- --------- -------
Total comprehensive income for the period - - - 135 135
-------- -------- -------- --------- -------
Balance at 30 September 2021 136 9,516 82 (377) 9,357
Profit for the period from continued operations - - - 330 330
Loss for the period from discontinued operations (288) (288)
Total comprehensive income for the period - - - 42 42
-------- -------- -------- --------- -------
Balance at 31 March 2022 136 9,516 82 (335) 9,399
Profit for the period from continued operations - - - 194 194
Loss for the period from discontinued operations (15) (15)
Total comprehensive income for the period - - - 179 179
-------- -------- -------- --------- -------
Balance at 30 September 2022 136 9,516 82 (156) 9,578
-------- -------- -------- --------- -------
Consolidated statements of cashflows
30 Sept 30 Sept 31 Mar
2022 2021 2022
GBP000 GBP000 GBP000
Cash flows from operating activities
Profit before tax 179 135 177
Depreciation of property, plant and equipment 171 114 231
Amortisation of intangible assets - 2 4
Finance expense 19 19 33
369 270 445
Decrease / (increase) in inventories 102 130 (559)
(Increase) in trade and other receivables (458) (900) (530)
Increase/(decrease) in trade and other payables (815) 1,855 1,560
Net cash generated from operating activities (802) 1,355 916
--------- ---------- -----------
Cash flows from investing activities
Purchase of property, plant and equipment (16) (19) (26)
Net purchase of right to use assets (54) - -
--------- ---------- -----------
Net cash used in investing activities (70) (19) (26)
--------- ---------- -----------
Cash flows from financing activities
Lease repayments for right-of-use assets (107) (82) (165)
Bank loan (22) - (15)
Interest paid (6) (6) (7)
Net cash (used)/generated from financing activities (135) (88) (187)
--------- ---------- -----------
Net increase / (decrease) in cash and cash equivalents (1,007) 1,248 703
Cash and cash equivalents at the beginning of the period 705 2 2
Cash and cash equivalents at the end of the period (302) 1,250 705
--------- ---------- -----------
Cash / (overdraft) (302) 1,250 705
------ ---------- ------------
Notes
1. General information
Scholium Group plc and subsidiaries (together 'the Group') are engaged in the trading and retailing of rare and antiquarian book and, prints and works on paper primarily in the United Kingdom. The Company is a public company domiciled and incorporated in England and Wales (registered number 08833975). The registered address is 106 New Bond Street, London W1S 1DN.
2. Basis of preparation
These condensed interim financial statements of the Group for the six months ended 30 September 2022 (the 'Period') have been prepared using accounting policies consistent with International Financial Reporting Standards (IFRSs) including standards and interpretations issued by the International Accounting Standards Board and in accordance with International Accounting Standards in conformity with the requirements of the Companies Act 2006. The same accounting policies, presentation and methods of computation are followed in these condensed set of financial statements as applied in the Group's latest audited financial statements for the year ended 31 March 2022. While the financial figures included within this half-yearly report have been computed in accordance with IFRS applicable to interim periods, this half-yearly report does not contain sufficient information to constitute an interim financial report as set out in International Accounting Standard 34 Interim Financial Reporting. These condensed interim financial statements have not been audited, do not include all of the information required for full annual financial statements, and should be read in conjunction with the Group's consolidated annual financial statements for the year ended 31 March 2022. The auditors' opinion on these Statutory Accounts was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under s498 (2) or s498 (3) of the Companies Act 2006.
3. Revenue
30 Sept 30 Sept 31 Mar
2022 2021 2022
Group Group Group
GBP000 GBP000 GBP000
Sales of stock 4,228 3,577 7,839
Commissions 163 237 279
Other income 63 18 11
------------- ------------ -----------
4,454 3,832 8,129
------------------------- ------------- ------------ -----------
* The 2021 figures have been restated by eliminating the
impact of the discontinued operation, Mayfair Philatelics.
4. Financial (expense)
30 Sept 30 Sept 31 Mar
2022 2021 2022
Group Group Group
GBP000 GBP000 GBP000
Interest payable (6) (6) (10)
Unwinding of discount on right-to-use liabilities (13) (13) (23)
Total financial (expense) (19) (19) (33)
------- ------- ------
5. Income Tax
30 Sept 30 Sept 31 Mar
2022 2021 2022
GBP000 GBP000 GBP000
Current and deferred tax expense
Current tax - - -
Deferred tax - - -
Total tax expense - - -
-------- -------- -------
The charge for the year is reconciled to the
profit per the income statement as follows:
30 Sept 30 Sept 31 Mar
2022 2021 2022
GBP000 GBP000 GBP000
Profit before tax 179 135 177
-------- -------- -------
Applied corporation tax rates: 19% 19% 19%
Tax at the UK corporation tax rate of 19%: 34 26 34
Utilisation of tax losses (34) (26) (34)
Current and deferred tax charge - - -
-------- -------- -------
6. Discontinued Operations
The Board conducted a review of the Mayfair Philatelic business in the year ended 31 March 2022 and determined that the business was not key to the future of the Group and unlikely to become profitable on an ongoing basis. In accordance with IFRS5 - Non-current assets held for sale and discontinued operations, the results for Mayfair Philatelic are shown as Discontinued operations in the income statement of both the current and the prior period; its assets and liabilities have been recorded at the lower of the carrying value and fair value less costs to sell in the financial statements for this financial period. An analysis of the individual line items is shown below.
Financial performance and cash flow information
Results in GBP'000 30 Sept 30 Sept 31 Mar
2022 2021 2022
Revenue 28 371 680
Cost of sales (1) (202) 374
Gross Profit (27) (169) 306
Distribution expenses (12) (43) 74
Administration expenses (67) (155) 409
Offset against brought forward provision 52 - -
-------- -------- -------
(Loss) before impairment charges - (29) (177)
Impairment charges against debtors and
stock 15 140
(Loss) before tax (15) (29) (317)
Tax - - -
-------- -------- -------
(Loss) from discontinued operations (15) (29) (317)
-------- -------- -------
The net result of wind-down sales less costs and net losses incurred in the six months ended 30 September 2022 have been off-set by releases from the impairment provision charged to the accounts of the year ended 31 March 2022.
Assets and liabilities of discontinued business
The following assets and liabilities relating to Mayfair Philatelic are included within the relevant line of the Group Consolidated statement of financial position at the lower of the carrying value and fair value less costs to sell at:
GBP'000 30 Sept 30 Sept 31 Mar
Assets 2022 2021 2022
Fixed assets 2 6 5
Intangible assets 4 6 4
Current assets - Stock 27 261 114
Current assets - debtors and prepayments 79 359 458
-------------------------------------------- -------- -------- -------
Total assets of Discontinued business 112 632 581
Liabilities
Trade creditors 2 43 236
Accruals 94 30 141
-------------------------------------------- -------- -------- -------
Total Liabilities of Discontinued business 96 73 377
-------------------------------------------- -------- -------- -------
7. Earnings/(Loss) per Share - pence
30 Sept 30 Sept 31 Mar
2022 2021 2022
Group Group Group
GBP000 GBP000 GBP000
Profit used in calculating basic and diluted earnings per share
attributable to the owners
of the parent
Continuing 194 164 494
Discontinued (Note 6) (15) (29) (317)
Total 179 135 177
Number of shares
Weighted average number of shares for the purpose of basic and diluted 13.6 13.6 13.6
earnings per share million million million
Basic earnings per share from continuing operations 1.43 1.21 3.63
Basic loss per share from discontinued operations (0.11) (0.22) (2.33)
----------------------------------------------------------------------- --------- --------- ---------
Total basic and diluted earnings per share 1.32 0.99 1.30
-------------------------------------------------------------------------- --------- --------- ---------
Basic earnings per share amounts are calculated by dividing net profit / (loss) for the year or period attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year.
The Company currently has no potentially issuable shares arising from share options. As a consequence, the number of basic and fully diluted shares in issue are equal. No new shares were issued during the period, and the Company had 13.6 million shares in issue at the end of the period.
8. Trade and Other Receivables
30 Sept 30 Sept 31 Mar
2022 2021 2022
Group Group Group
GBP000 GBP000 GBP000
Trade debtors 2,262 2,268 1,700
Other debtors - 33 24
Prepayments and accrued
income 415 288 495
2,677 2,589 2,219
-------- -------- -------
9. Trade and Other Payables
30 Sept 30 Sept 31 Mar
2021 2021 2022
Group Group Group
GBP000 GBP000 GBP000
Trade creditors 1,158 2,244 1,946
Other taxes and social
security (18) 30 30
Accruals and deferred income 890 864 768
Other creditors 23 25 124
2,053 3,163 2,868
-------- -------- -------
10. Loans and Borrowings
30 Sept 30 Sept 31 Mar
2022 2021 2022
Group Group Group
GBP000 GBP000 GBP000
Bank loan due in less than
one year 44 63 47
Bank loan due in more than
one year 169 187 188
Total bank loan 213 250 235
----------------- ----------------- -------
11. Right-of-use asset lease liabilities
30 Sept 30 Sept 31 Mar
2022 2021 2022
Group Group Group
GBP000 GBP000 GBP000
Lease liabilities due in
less than one year 322 166 193
-------- -------- -------
Lease liabilities due in
more than one year 675 884 787
-------- -------- -------
These liabilities represent the future lease payments due under the Group's leases of its Mayfair premises.
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