TIDMSCHO
RNS Number : 3306T
Scholium Group PLC
24 November 2021
Scholium Group plc
Interim Report & Financial Statements
Six Months ended 30 September 2021
This announcement contains inside information for the purposes
of Article 7 of Regulation 596/2014.
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 2021.
Operating highlights
-- Revenues up by 35% compared with prior corresponding period
-- Gross profit up by 47% compared with last year and at a
better margin of 34% (2020: 31%) due to higher margins in Shapero
Rare Books
-- Pre-tax profit of GBP135k due to improved trading and
recovery from Covid-19 (2020: loss of GBP158k)
-- Shapero Rare Books benefitted from higher levels of online
activity and the return of clients to its retail premises
-- Cash (excluding GBP250k Covid loan) increased by GBP1,248k
from 31 March to GBP1,250k at 30 September 2021
Financial Summary
Six months ended September 2021 2020 Change
(GBP000 unless otherwise stated)
Revenue 4,203 3,120 35%
Gross Profit 1,443 978 47%
Gross Margin 34% 31%
Pre-Tax Profit / (Loss) 135 (158)
Inventories 8,895 8,740 2%
Net Cash 1,000 348
Net Assets 9,357 9,501 -2%
NAV/Share (pence) 68.8 69.9
David Harland, recently appointed Chairman of Scholium,
noted
"We are pleased that the Group has traded profitably, despite
the cancellation of books and other trade fairs and the enforced
closure of the shop for some of the period. The Group has recovered
well from the restrictions imposed by Covid 19.
The Group remains focussed on maximising sales through online
and other channels as well as its premises, and is welcoming the
return to London of visitors from overseas, in particular the
United States."
For further information, please contact:
Scholium Group plc
David Harland, Chairman
Peter Floyd, Chief Financial Officer +44 (0) 207 493 0876
WH Ireland Ltd - Nominated Adviser
Chris Fielding
Megan Liddell +44 (0) 207 220 1666
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.
The Group also trades alongside other third party dealers in the
broader arts and collectibles business as Scholium Trading, and
deals in and sells by auction stamps and philatelic items as
Mayfair Philatelics.
Revenue streams
The Group earned revenue in the six months to 30 September 2021
from:
-- the sale of rare books, prints and works on paper through Shapero Rare Books;
-- the sale of other rare and collectible items through Scholium Trading; and
-- the sale of philatelic items through Mayfair Philatelics
Strategy and key performance indicators (KPIs)
The Group's strategy is to:
-- build, either organically or by acquisition, a portfolio of
art and collectibles focused businesses to enable further
diversification of its revenue and profit streams;
-- attract individuals or teams of specialists in markets
complementary to the Group's existing businesses;
-- optimize working capital in existing businesses to provide
funds for new business development; and
-- continue to develop all its entities by trading alongside
other dealers in high value rare and collectible items and by
participating in the acquisition for onward sale of large
consignments.
The Directors intend, as soon as practicable, to provide an
attractive level of dividends to shareholders along with stable
asset-backed growth driven by the markets in which the Group
operates.
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; and
-- cash position.
Performance Review
Overall Performance
The Group made a profit before tax of GBP135k during the six
months to 30 September 2021, a welcome recovery from the loss of
GBP158k for the corresponding period last year. Sales revenues and
margins were greatly improved, despite the early part of the period
being adversely affected by the restrictions imposed for
Covid-19.
Turnover increased by 35% compared to the same period in the
prior year. This was due to significantly higher sales in Shapero
Rare Books (SRB) and a small increase in Scholium Trading offset by
slightly lower sales in Mayfair Philatelics. SRB's sales were 40%
higher than last year at GBP3,814k, Scholium Trading's sales were
GBP11k higher than last year and Mayfair Philatelics decreased by
GBP12k. Gross Profit increased by 47% to GBP1,443k (2020: GBP978k;
2019: GBP1,380k) reflecting the higher margins available in this
period. Online sales and the return of clients to the Group's
retail premises contributed to this performance.
Group costs, including Distribution and Administrative expenses,
increased by 14% to GBP1,289k (2020: GBP1,132k; 2019: GBP1,310k).
Most of this increase was due to higher salary costs following the
end of furlough. The Group's costs are expected to increase in the
second half, as there will be the costs associated with returning
to fairs and exhibitions. There will be two public auctions in
Mayfair Philatelics compared to one in the first half of the year,
and both are expected to contribute to revenue and gross
margin.
The Group result for the six months was a profit before tax of
GBP135k (2020: loss of GBP158k; 2019: profit of GBP64k). There is
no current or deferred tax charge (2020: GBP0k; 2019: charge
GBP13k) as the Group has brought forward tax losses which are not
recognised as a deferred tax asset.
Inventories increased by GBP155k to GBP8,895k (2020: GBP8,740k;
2019: GBP8,753k). This is due to purchases slightly exceeding sales
during the period. The Group has turned round the negative cash
balance at 31 March 2021 with net cash of GBP1,000k at 30 September
2021 (2020: net cash of GBP348k; 2019: overdraft GBP33k), albeit a
portion of this net cash is held on behalf of clients. Free
cashflow during the six month period was therefore GBP1,248k (2020:
GBP348k; 2019: GBP(225k)).
Summary Group Financials
Six months ended September (all figures GBP'000) 2021 2020 Change
Revenue 4,203 3,120 35%
Gross Profit 1,443 978 47%
Gross Margin 34% 31%
Distribution Expenses (132) (118) 11%
Administrative Expenses (1,157) (1,014) 14%
Pre-Tax Profit /(loss) 135 (158)
Inventories 8,895 8,740 2%
Net cash 1,000 348
Net Assets 9,357 9,501 -2%
NAV/Share (pence) 68.8 69.9
Financial Position
The Group retains a strong balance sheet. Net assets of
GBP9,357k (2020: GBP9,501k; 2019: GBP9,962k) are supported by
GBP8,895k of stock (2020: GBP8,740k; 2019: GBP8,740k) and GBP1,000k
of net cash (2020: cash of GBP348k; 2019: overdraft of GBP33k).
Trade and other receivables and trade and other payables have
increased with the amounts owed to and from clients and the
increase in sales and costs of sales. The Group drew down a GBP250k
Covid loan in October 2020, but otherwise has no borrowings. There
is 68.8p of net assets per share (2020: 69.9p; 2019: 73.3p).
Shapero Rare Books & Shapero Modern
The Group continues to depend on Shapero Rare Books as the
driver of its sales growth and source of trading profits.
Shapero Rare Books is continuing to develop its Shapero Modern
prints and works on paper business, and has continued a
re-balancing of its stock between rare books and prints to enable
it to increase its sales of prints in the future.
Shapero Rare Books now has a first floor bookshop at 106 New
Bond Street, and a separate new gallery for modern prints nearby at
43 Maddox Street, as well as temporary retail premises on the
ground floor of 105 New Bond Street.
The Group is also focussed on reducing its inventories and cost
base as part of a process towards increasing its business towards
consignments from third parties for either retail or auction
sales.
The bulk of the trade, through Shapero Rare Books, is in rare
and antiquarian books and works on paper. Shapero Modern is a newer
business which was set up in 2014 to participate in the
increasingly large international trade in modern and contemporary
prints.
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 40% as compared to the prior-year
period to GBP3,814k (2020: GBP2,730k; 2019: GBP2,898k) due to the
re-opening after the restrictions of Covid-19. The gross margin of
33% (2020: 30%; 2019: 39%) reflected higher margins across both
books and prints. The profit achieved by this division for the
first six months of the financial year was GBP319k (2020: GBP19k;
2019: GBP126k).
Summary Performance, Shapero
Six months ended September (all figures GBP'000) 2021 2020 Change
Revenue 3,814 2,730 40%
Gross Profit 1,268 817 55%
Gross Margin 33% 30%
Pre-Tax Profit 319 19
Scholium Trading
Scholium Trading was set up to trade alongside third party
dealers in rare and collectible items. It typically trades in
paintings and works of art.
Scholium Trading's activity tends to be more uneven than the
other businesses in the Group, which has been evident in the six
months to 30 September 2021. The first half resulted in sales of
GBP18k (2020: GBP7k; 2019: GBP220k), with a gross profit of GBP6k
(2020: GBP1k; 2019: GBP54k). The continued low level of sales
resulted from the cancellation of all of the fairs which Scholium
Trading would normally attend, together with retail space also
being closed for a significant part of the period and a quieter
period in the Old Masters market.
Summary Performance, Scholium Trading
Six months ended September (all figures GBP'000) 2021 2020 Change
Revenue 18 7
Gross Profit 6 1
Gross Margin 35% 14%
Pre-Tax Profit / (loss) 2 (9)
Mayfair Philatelics
Mayfair Philatelics is now operating a full auction programme.
During the first half of the current year, it held three (one
public and two postal) auctions, the same as in the prior six
months to 30 September 2020. Two public auctions are planned for
the second half of the year. Public auctions generally achieve
higher sales than postal auctions.
The first half resulted in sales of GBP371k (2020: GBP383k;
2019: GBP496k) from both retail and auction activities. Gross
profit, which was principally from the auction activities, amounted
to GBP169k (2020: GBP161k; 2019: GBP208k). Direct costs and
overheads amounted to GBP197k (2020: GBP182k; 2019: GBP215k).
Summary Performance, Mayfair Philatelics
Six months ended September (all figures GBP'000) 2021 2020 Change
Revenue 371 383 -3%
Gross Profit 169 161 5%
Gross Margin 46% 42%
Pre-Tax (Loss) (28) (21) 33%
Central costs
The central costs of the business include all board directors
and other group level costs including the various costs associated
with the AIM listing. There were no recharges (2020: GBP0k; 2019:
GBP78k) made to the Group's subsidiaries for these central costs in
the six months ended 30 September 2021. The central costs were
therefore GBP158k (2020: GBP147k; 2019: GBP141k) on a comparable
basis with prior periods.
Summary Performance, Central costs
Six months ended September (all figures GBP'000) 2021 2020 Change
Pre-Tax (Loss) (158) (147) 7%
Outlook
The recovery from the restrictions imposed by governments
worldwide in response to Covid-19 has been impressive during the
first six months to 30 September 2021. The Group is continuing to
focus its efforts on its various online platforms, as well as
maintaining contact with clients remotely via email and telephone.
This is now being augmented with face to face contact in the
Group's premises and at trade fairs with clients now able to travel
with fewer restrictions.
Looking forward, the Group is viewing its trading for the second
half of the year with optimism.
Key Risks
Like all businesses, the Group faces risks and uncertainties
that could impact on the Group's strategy. The Board recognizes
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 2021.
In preparing this interim report for the six months ended 30
September 2021, the Board has reviewed these risks and
uncertainties and considers that there have been no changes since
the publication of the 2021 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 2021 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 2021 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.
L Baker FCA
For and on behalf of
Wenn Townsend Chartered Accountants
Oxford, United Kingdom
23 November 2021
Consolidated statement of total comprehensive income
(unaudited)
Six-month Six-month
Period Period Year Ended
Ended (Unaudited) Ended (Unaudited) (Audited)
30 Sept 30 Sept 31 Mar
2021 2020 2021
Note GBP000 GBP000 GBP000
Revenue 3 4,203 3,120 6,029
Cost of Sales (2,760) (2,142) (3,957)
Gross profit 1,443 978 2,072
------------------- ----------------------- -----------
Distribution costs (132) (118) (282)
------------------- ----------------------- -----------
Administrative expenses (1,157) (1,014) (2,198)
Total administrative expenses (1,157) (1,014) (2,198)
------------------- ----------------------- -----------
Profit / (loss) from operations 154 (154) (407)
Financial income - - -
Financial expense 4 (19) (4) (30)
Profit / (loss) before taxation 135 (158) (437)
Income tax (expense) 5 - - -
Profit / (loss) for the period
from continuing operations 135 (158) (437)
Profit / (loss) for the period
and total comprehensive income
attributable to equity holders
of the parent company 135 (158) (437)
------------------- ----------------------- -----------
Basic and diluted profit
/ (loss) per share:
From continued operations
- pence 6 0.99 (1.16) (3.21)
Total diluted profit / (loss)
per share - pence 0.99 (1.16) (3.21)
------------------- ----------------------- -----------
Consolidated statement of financial position
30 Sept 30 Sept 31 Mar
2021 2020 2021
Note GBP000 GBP000 GBP000
Unaudited Unaudited Audited
Assets
Non-current assets
Property, plant and equipment 1,080 1,306 1,175
Intangible assets 6 10 8
Deferred corporation tax asset - - -
1,086 1,316 1,183
----------------- ---------- --------
Current assets
Inventories 8,895 8,740 9,025
Trade and other receivables 7 2,589 1,562 1,689
Cash and cash equivalents 1,250 348 2
12,734 10,650 10,716
----------------- ---------- --------
Total assets 13,820 11,966 11,899
----------------- ---------- --------
Current liabilities
Trade and other payables 8 3,163 1,259 1,308
Bank loans and borrowings 9 63 - 31
Right-of-use asset lease liabilities 10 166 161 139
Total current liabilities 3,392 1,420 1,478
----------------- ---------- --------
Liabilities due over one year
Bank loans and borrowings 9 187 - 219
Right-of-use asset lease liabilities 10 884 1,045 980
Total liabilities due over one
year 1,071 1,045 1,199
Total liabilities 4,463 2,465 2,677
----------------- ---------- --------
Net assets 9,357 9,501 9,222
----------------- ---------- --------
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 (377) (233) (512)
Total equity 9,357 9,501 9,222
----------------- ---------- --------
Net Asset Value per Share 68.8p 69.9p 67.8p
These interim financial statements were approved by the Board of
Directors on 23 November 2021 and signed on its behalf by Peter
Floyd.
Statement of changes in equity
Share Share Merger Retained Total
Capital Premium reserve earnings equity
GBP000 GBP000 GBP000 GBP000 GBP000
-------- -------- -------- --------- -------
Balance at 1 April 2018 136 9,516 82 190 9,924
Loss for the period from continued operations - - - (56) (56)
-------- -------- -------- --------- -------
Total comprehensive income for the period - - - (56) (56)
-------- -------- -------- --------- -------
Balance at 30 September 2018 136 9,516 82 134 9,868
Profit for the period from continued operations - - - 43 43
-------- -------- -------- --------- -------
Total comprehensive income for the period 43 43
Balance at 31 March 2019 136 9,516 82 177 9,911
Profit for the period from continued operations - - - 51 51
-------- -------- -------- --------- -------
Total comprehensive income for the period - - - 51 51
-------- -------- -------- --------- -------
Balance at 30 September 2019 136 9,516 82 228 9,962
Loss for the period from continued operations - - - (303) (303)
-------- -------- -------- --------- -------
Total comprehensive income for the period - - - (303) (303)
-------- -------- -------- --------- -------
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 - - - 135 135
-------- -------- -------- --------- -------
Total comprehensive income for the period - - - 135 135
-------- -------- -------- --------- -------
Balance at 30 September 2021 136 9,516 82 (377) 9,357
Consolidated statements of cashflows
30 Sept 30 Sept 31 Mar
2021 2020 2021
GBP000 GBP000 GBP000
Cash flows from operating activities
Profit / (loss) before tax 135 (158) (437)
Depreciation of property, plant
and equipment 15 15 34
Depreciation of right-to-use
assets 99 148 288
Amortisation of intangible assets 2 2 4
Finance expense 19 - -
270 7 (111)
Decrease / (increase) in inventories 130 241 (122)
(Increase)/ decrease in trade
and other receivables (900) (96) (70)
Increase/(decrease) in trade
and other payables 1,855 96 1,067
Net cash generated from operating
activities 1,355 248 764
------------ -------- -------
Cash flows from investing activities
Purchase of property, plant
and equipment (19) (29) (56)
Purchase of right to use assets - - (920)
------------ -------- -------
Net cash used in investing activities (19) (29) (976)
------------ -------- -------
Cash flows from financing activities
Lease repayments for right-of-use
assets (82) (148) (288)
Bank loan - - 250
Interest paid (6) (4) (30)
Net cash (used)/generated from financing
activities (88) (152) (68)
------------ -------- -------
Net increase / (decrease) in cash
and cash equivalents 1,248 67 (279)
Cash and cash equivalents at the beginning
of the period 2 281 281
Cash and cash equivalents at
the end of the period 1,250 348 2
------------ -------- -------
Cash 1,250 348 2
Bank loan (250) - (250)
Net cash at the end of the period 1,000 348 248
------ ---- ------
Notes
1. General information
Scholium Group plc and its subsidiaries (together 'the Group')
are engaged in the trading and retailing of rare and antiquarian
books, prints and works on paper and philatelic items primarily in
the United Kingdom. The Company is a public company domiciled and
incorporated in England and Wales (registered number 08833975).
The
address of its registered office 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 2021 (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 the condensed set of financial statements as
applied in the Group's latest audited financial statements for the
year ended 31 March 2021. While the financial figures included
within this half-yearly report have been computed in accordance
with IFRSs 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 2021. 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
2021 2020 2021
Group Group Group
GBP000 GBP000 GBP000
Sales of stock 3,948 3,025 5,738
Commissions 237 93 275
Other income 18 2 16
4,203 3,120 6,029
-------- -------- -------
4. Financial (expense)
30 Sept 30 Sept 31 Mar
2021 2020 2021
Group Group Group
GBP000 GBP000 GBP000
Interest payable (6) (4) (10)
Unwinding of discount on right-to-use liabilities (13) - (20)
Total financial (expense) (19) (4) (30)
------- ---- ------
5. Income Tax
30 Sept 30 Sept 31 Mar
2021 2020 2021
GBP000 GBP000 GBP000
Current and deferred tax expense
Current tax - - -
Deferred tax - - -
Total tax expense - - -
-------- -------- -------
The charge for the year can be reconciled
to the (loss) / profit per the income statement as
follows:
30 Sept 30 Sept 31 Mar
2021 2020 2021
GBP000 GBP000 GBP000
Profit / (loss) before tax 135 (158) (437)
-------- -------- -------
Applied corporation tax rates: 19% 19% 19%
Tax at the UK corporation tax rate of 19%: 26 (30) (83)
Unrecognised deferred tax asset - 30 83
Utilisation of tax losses (26) - -
Origination and reversal of temporary differences - - -
Current and deferred tax charge - - -
-------- -------- -------
6. Earnings/(Loss) per Share
30 Sept 30 Sept 31 Mar
2021 2020 2021
Group Group Group
GBP000 GBP000 GBP000
Profit / (loss) used in calculating basic and diluted earnings per
share attributable to the
owners of the parent 135 (158) (437)
Number of shares
Weighted average number of shares for the purpose of basic and
diluted earnings per share
13.6 13.6 13.6
million million million
--------- --------- ---------
Total basic and diluted earnings per share - pence 0.99 (1.16) (3.21)
--------- --------- ---------
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 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.
7. Trade and Other Receivables
30 Sept 30 Sept 31 Mar
2021 2020 2021
Group Group Group
GBP000 GBP000 GBP000
Trade debtors 2,268 1,372 1,421
Other debtors 33 46 36
Prepayments and accrued
income 288 144 232
2,589 1,562 1,689
-------- -------- -------
8. Trade and Other Payables
30 Sept 30 Sept 31 Mar
2021 2020 2021
Group Group Group
GBP000 GBP000 GBP000
Trade creditors 2,244 720 795
Other taxes and social
security 30 29 30
Accruals and deferred income 864 482 455
Other creditors 25 28 28
3,163 1,259 1,308
-------- -------- -------
9. Loans and Borrowings
30 Sept 30 Sept 31 Mar
2021 2020 2021
Group Group Group
GBP000 GBP000 GBP000
Bank loan due in less than
one year 63 - 31
Bank loan due in more than
one year 187 - 219
----------------- -------- -------
Total bank loan 250 - 250
----------------- -------- -------
11. Right-of-use asset lease liabilities
30 Sept 30 Sept 31 Mar
2021 2020 2021
Group Group Group
GBP000 GBP000 GBP000
Lease liabilities due in
less than one year 166 161 139
-------- -------- -------
Lease liabilities due in
more than one year 884 1,045 980
-------- -------- -------
These liabilities represent the future lease payments due under
the Group's leases of its Mayfair premises.
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END
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