24 September 2024
BAY CAPITAL
PLC
("Bay" or
the "Company")
Interim Results for the six
months ended 30 June 2024
Bay Capital Plc (LSE: BAY) announces
its unaudited condensed interim results for the six months to 30
June 2024 (the "Interim Report").
Peter Tom CBE, Chairman, said:
"During the financial year we have
continued to evaluate acquisition opportunities from our M&A
pipeline, particularly within those industrial and construction
sectors that remain fragmented and ripe for
consolidation.
"A number of active discussions with
high quality businesses continue, and while the prevailing economic
environment remains challenging, we are positive about the
strategic opportunity for Bay and its shareholders, and will update
in due course as our plans develop."
Strategy
The Company was established in 2021
to pursue opportunities in the industrial, construction and
business services sectors.
The Company has a flexible approach,
enabling it to deploy capital in minority, majority or outright
ownership investments across the UK and internationally. The
Directors aim to identify fundamentally sound assets, where
tangible opportunities exist to drive strategic, operational and
performance improvements.
The Company is the parent company of
Bay Capital Subco Limited (a private limited company under the laws
of Jersey with registered number 134744) and together will be
referred to as the "Group" in
these accounts.
Results and developments in the six month period to 30 June
2024
The Group's loss after taxation was
£283,896 (six month period to 30 June 2023: £171,789), principally
reflecting operating expenses incurred as a listed business and
acquisition activities of £304,310 (six month period to 30 June
2023: £199,010).
The Group generated a loss per share
of 0.4 pence (six month period to 30 June 2023: loss per share of
0.2 pence).
As at 30 June 2024, the Group's cash
balance was £4,893,053 (31 December 2023: £6,067,461).
On 18 June 2024, the Company held
its Annual General Meeting at which all resolutions were
unanimously passed.
Risks
As the Company has yet to complete
an investment or acquisition, it has limited financial statements,
historical financial data and trading history. As such, during the
period the Group and Company were subject to the risks and
uncertainties associated with those of an early-stage acquisition
company.
The Directors are of the opinion
that these risks, which were detailed in Bay's published final
results for the financial year ended 31 December 2023, remain
applicable to the Group and Company.
Dividend
At this point in the Company's
development, it does not anticipate declaring any dividends in the
foreseeable future. The Directors will determine an appropriate
dividend policy for the Company following its inaugural investment
or acquisition.
Outlook
During the period, and post period
end, Bay has continued to pursue its investment and acquisition
strategy and is currently assessing opportunities across the
industrial and construction sectors. The Directors have identified,
and continue to evaluate, a number of successful companies with
high quality management teams that are seeking to partner with, and
leverage the benefits of, the Board's experience and that of the
wider Bay team. The Directors look forward to updating shareholders
on progress in due course.
Statement of Directors'
responsibilities
The Directors confirm that these
condensed interim financial statements have been prepared in
accordance with UK adopted International Accounting Standard 34,
'Interim Financial Reporting' and the Disclosure Guidance and
Transparency Rules sourcebook of the United Kingdom's Financial
Conduct Authority and that the interim management report includes a
fair review of the information required by DTR 4.2.7 and DTR 4.2.8,
namely:
· an
indication of important events that have occurred during the first
six months and their impact on the condensed set of financial
statements, and a description of the principal risks and
uncertainties for the remaining six months of the financial year;
and
· material related-party transactions in the first six months
and any material changes in the related-party transactions
described in the last annual report.
By order of the Board
Peter Tom CBE
Chairman
24 September 2024
Enquiries:
Bay
Capital Plc
Peter Tom CBE, Chairman
David Williams, Director
c/o Tessera
|
|
Tessera - Strategic Adviser
Tony Morris
|
+44 (0) 77
4218 9145
|
|
|
INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
For the six months ended 30 June
2024
|
Note
|
Six months ended 30 June
2024
Unaudited
£
|
|
Six months ended 30 June
2023
Unaudited
£
|
Administrative expenses
|
|
(304,310)
|
|
(199,010)
|
|
|
|
|
|
Operating loss
|
|
(304,310)
|
|
(199,010)
|
|
|
|
|
|
Interest receivable
|
5
|
20,414
|
|
27,221
|
|
|
|
|
|
Loss on ordinary activities before taxation
|
|
(283,896)
|
|
(171,789)
|
|
|
|
|
|
Taxation charge
|
|
-
|
|
-
|
|
|
|
|
|
Loss and total comprehensive loss for the
period
|
|
(283,896)
|
|
(171,789)
|
Loss per share
|
|
|
|
|
Basic & diluted
|
10
|
(£0.004)
|
|
(£0.002)
|
|
|
|
|
|
Loss attributable to:
|
|
|
|
|
Owners of the parent
company
|
|
(283,896)
|
|
(171,789)
|
|
|
|
|
|
The Group has no items of other
comprehensive income in either the current or prior period. All
activities in both the current and the prior period relate to
continuing operations.
The accompanying notes form part of
these interim condensed consolidated financial
statements.
INTERIM CONSOLIDATED
STATEMENT OF FINANCIAL POSITION
As at 30 June
2024
|
Note
|
As at
30 June
2024
Unaudited
£
|
|
As at
31 December
2023
Audited
£
|
Current assets
|
|
|
|
|
Cash and cash equivalents
|
8
|
4,893,053
|
|
6,067,461
|
Trade and other
receivables
|
7
|
7,350
|
|
8,079
|
|
|
|
|
|
Total current assets
|
|
4,900,403
|
|
6,075,540
|
|
|
|
|
|
Total assets
|
|
4,900,403
|
|
6,075,540
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
Trade and other payables
|
9
|
61,943
|
|
958,674
|
|
|
|
|
|
Total current liabilities
|
|
61,943
|
|
958,674
|
|
|
|
|
|
Total liabilities
|
|
61,943
|
|
958,674
|
|
|
|
|
|
Total net assets
|
|
4,838,460
|
|
5,116,866
|
|
|
|
|
|
Equity
|
|
|
|
|
Share capital
|
12
|
700,000
|
|
700,000
|
Share premium
|
13
|
6,258,748
|
|
6,258,748
|
Capital redemption
reserve
|
13
|
2
|
|
2
|
Share-based payment
reserve
|
13
|
30,697
|
|
25,207
|
Retained deficit
|
13
|
(2,150,987)
|
|
(1,867,091)
|
Total equity attributable to equity holders of the
Company
|
|
4,838,460
|
|
5,116,866
|
The accompanying notes form part of
these interim condensed consolidated financial
statements.
INTERIM CONSOLIDATED
STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 June 2023
(Unaudited)
|
Share
capital
|
|
Share
premium
|
|
Capital redemption
reserve
|
|
Share-based payment
reserve
|
|
Retained
deficit
|
|
Total
Equity
|
|
£
|
|
£
|
|
£
|
|
£
|
|
£
|
|
£
|
Balance as at 31 December
2022
|
700,000
|
|
6,258,748
|
|
2
|
|
14,228
|
|
(560,405)
|
|
6,412,573
|
Loss for the period
|
-
|
|
-
|
|
-
|
|
-
|
|
(171,789)
|
|
(171,789)
|
Share-based payment
charge
|
-
|
|
-
|
|
-
|
|
5,489
|
|
-
|
|
5,489
|
Balance as at 30 June
2023
|
700,000
|
|
6,258,748
|
|
2
|
|
19,717
|
|
(732,194)
|
|
6,246,273
|
For the six months ended 30
June 2024 (Unaudited)
|
Share
capital
|
|
Share
premium
|
|
Capital redemption
reserve
|
|
Share-based payment
reserve
|
|
Retained
deficit
|
|
Total
Equity
|
|
£
|
|
£
|
|
£
|
|
£
|
|
£
|
|
£
|
Balance as at 31 December
2023
|
700,000
|
|
6,258,748
|
|
2
|
|
25,207
|
|
(1,867,091)
|
|
5,116,866
|
Loss for the period
|
-
|
|
-
|
|
-
|
|
-
|
|
(283,896)
|
|
(283,896)
|
Share-based payment
charge
|
-
|
|
-
|
|
-
|
|
5,490
|
|
-
|
|
5,490
|
Balance as at 30 June
2024
|
700,000
|
|
6,258,748
|
|
2
|
|
30,697
|
|
(2,150,987)
|
|
4,838,460
|
The accompanying notes form part of
these interim condensed consolidated financial
statements.
INTERIM CONSOLIDATED
STATEMENT OF CASH FLOWS
For the six months ended 30 June
2024
|
Six months ended 30 June
2024
Unaudited
£
|
|
Six months ended 30 June
2023
Unaudited
£
|
|
|
|
|
Cash flows from operating activities
|
|
|
|
Loss before income tax
|
(283,896)
|
|
(171,789)
|
Adjustments for:
|
|
|
|
Share-based payment
charge
|
5,490
|
|
5,489
|
Interest receivable
|
(20,414)
|
|
(27,221)
|
|
|
|
|
Operating cash flows before changes in working
capital
|
(298,820)
|
|
(193,521)
|
|
|
|
|
Decrease in trade and other
receivables
|
729
|
|
517
|
(Decrease)/increase in trade and
other payables
|
(896,731)
|
|
62,081
|
|
|
|
|
Net
cash used in operating activities
|
(1,194,822)
|
|
(130,923)
|
|
|
|
|
Interest received
|
20,414
|
|
15,298
|
Net
cash inflow from financing activities
|
20,414
|
|
15,298
|
|
|
|
|
Net
decrease in cash and cash equivalents
|
(1,174,408)
|
|
(115,625)
|
Cash and cash equivalents at
beginning of period
|
6,067,461
|
|
6,458,073
|
Cash and cash equivalents at end of period
|
4,893,053
|
|
6,342,448
|
The accompanying notes form part of
these interim condensed consolidated financial
statements.
NOTES TO THE GROUP FINANCIAL
INFORMATION
1. General
information
The Company is a public limited
company incorporated and domiciled in Jersey, whose shares are
publicly traded on the Main Market of the London Stock Exchange.
The Company is the parent company of Bay Capital Subco Limited (a
private limited company under the laws of Jersey with registered
number 134744).
The address of its registered office
is 28 Esplanade, St. Helier, Channel Islands, JE2 3QA,
Jersey.
The Company has been incorporated
for the purpose of identifying suitable acquisition opportunities
in accordance with the Group's investment and acquisition strategy
with a view to creating shareholder value. The Group will retain a
flexible investment and acquisition strategy which will, subject to
appropriate levels of due diligence, enable it to deploy capital in
target companies by way of minority or majority investments, or
full acquisitions where it is in the interests of shareholders to
do so. This will include transactions with target companies located
in the UK and internationally.
2. Basis of
preparation
These interim condensed consolidated
financial statements and accompanying notes have neither been
audited nor reviewed by the Company's auditor.
The unaudited interim financial
statements in this report have been prepared using accounting
policies consistent with International Financial Reporting
Standards ("IFRS") as adopted by the UK. The accounting policies
adopted in the interim financial statements are consistent with
those adopted in the Group's last annual report for the year ended
31 December 2023 with regards to the measurement and recognition of
each type of asset, liability, income and expense presented. The
Group has not early adopted any standard, interpretation or
amendment that has been issued but is not yet effective.
The interim condensed consolidated
financial statements have been prepared on a going concern
basis.
The interim condensed consolidated
financial statements do not include all the information and
disclosures required in the annual financial statements and should
be read in conjunction with the Group's annual report as at 31
December 2023, which is available on the Company's
website.
These interim financial statements
present selected explanatory notes to explain events and
transactions that are significant to an understanding of the
changes in the Group's financial position and performance since 31
December 2023.
The interim condensed consolidated
financial statements are presented in £ and rounded to the nearest
£ unless otherwise stated.
These interim condensed consolidated
financial statements were approved by the Board of Directors on 24
September 2024.
Comparative
figures
Comparative figures which have been
presented cover the six month period ended 30 June 2023. The
statement of financial position comparative figures are shown as at
31 December 2023.
Statutory
accounts
Financial information contained in
this document does not constitute statutory accounts within the
meaning of the Companies (Jersey) Law 1991. The statutory accounts
for the year ended 31 December 2023 have been filed with the
Registrar of Companies. The report of the auditors on those
statutory accounts was unqualified and did not draw attention to
any matters by way of emphasis.
3. Significant accounting
policies
The interim condensed consolidated
financial statements are based on the following policies which have
been consistently applied:
Basis of
consolidation
The interim condensed consolidated
financial statements present the results of the Company and its
subsidiaries (the "Group") as if they formed a single entity.
Intercompany transactions and balances between Group companies are
therefore eliminated in full.
Where the Group has control over a
Company, it is classified as a subsidiary. The Group controls a
company if all three of the following elements are present: power
over the Company, exposure to variable returns from the Company,
and the ability of the Group to use its power to affect those
variable returns. Control is reassessed whenever facts and
circumstances indicate that there may be a change in any of these
elements of control.
The interim condensed consolidated
financial statements incorporate the results of business
combinations using the acquisition method. In the interim
consolidated statement of financial position, the acquiree's
identifiable assets, liabilities and contingent liabilities are
initially recognised at their fair values at the acquisition date.
The acquisition related costs are included in the consolidated
statement of comprehensive income on an accruals basis. The results
of acquired operations are included in the consolidated statement
of comprehensive income from the date on which control is
obtained.
Functional and presentational
currency
The Group's functional and
presentational currency for these financial statements is the pound
sterling.
Interest
receivable
Interest receivable is recognised on
a time-proportion basis using the effective interest rate
method.
Employee
benefits
Short-term employee benefit
obligations are measured on an undiscounted basis and are expensed
as the related service is provided. A liability is recognised
for the amount expected to be paid under short-term cash bonus or
profit-sharing plans if the Group has a present legal or
constructive obligation to pay this amount as a result of past
service provided by the employee and the obligation can be
estimated reliably.
Cash and cash
equivalents
Cash and cash equivalents comprise
cash balances and short-term deposits with an original maturity of
three months or less from inception, held for meeting short term
commitments.
Equity
Equity comprises of share capital,
share premium, capital redemption reserve, share based payment
reserve, and retained deficit.
Share capital is measured at the par
value.
Share premium and retained deficit
represent balances conventionally attributed to those descriptions.
The transaction costs relating to the issue of shares was deducted
from share premium.
The Capital redemption reserve is
made up on amounts arising from the cancellation of the deferred
shares.
Share-based payment reserve includes
the cumulative share-based payment charged to equity.
Taxation
Tax on the profit or loss for the
year comprises current and deferred tax. Tax is recognised in the
income statement except to the extent that it relates to items
recognised in other comprehensive income or directly in equity, in
which case it is recognised in other comprehensive income or equity
respectively.
Current tax is the expected tax
payable or receivable on the taxable income or loss for the year,
using tax rates and laws enacted or substantively enacted at the
statement of financial position date.
Deferred tax is provided on
temporary differences between the carrying amounts of assets and
liabilities for financial reporting purposes and the amounts used
for taxation purposes. The following temporary differences are not
provided for: the initial recognition of goodwill; the initial
recognition of assets or liabilities that affect neither accounting
nor taxable profit other than in a business combination, and
differences relating to investments in subsidiaries to the extent
that they will probably not reverse in the foreseeable future. The
amount of deferred tax provided is based on the expected manner of
realisation or settlement of the carrying amount of assets and
liabilities, using tax rates and laws enacted or substantively
enacted at the statement of financial position date.
A deferred tax asset is recognised
only to the extent that it is probable that future taxable profits
will be available against which the temporary difference can be
utilised.
Financial assets and
liabilities
The Group's financial assets and
liabilities comprise of cash and cash equivalents, accruals and
payroll related creditors. Financial assets are stated at amortised
cost less provision for expected credit losses. Financial
liabilities are stated at amortised cost.
Share-based
payments
The Group operates an equity-settled
share-based payment plan. The fair value of the employee services
received in exchange for the grant of options is recognised as an
expense over the vesting period, based on the Group's estimate of
awards that will eventually vest, with a corresponding increase in
equity as a share-based payment reserve.
This plan includes market-based
vesting conditions for which the fair value at grant date reflects
and are therefore not subsequently revisited. The fair value is
determined using a binomial model.
Warrants
Warrants issued as part of share
issues have been determined as equity instruments under IAS 32.
Since the fair value of the shares issued at the same time as the
warrants is equal to the price paid, these warrants, by deduction,
are considered to have been issued at fair value. No warrants have
been exercised in the period or recognised in these interim
consolidated financial statements. For further details of the
warrants issued please refer to the Group's latest annual report at
31 December 2023.
Related party
transactions
The Group discloses transactions
with related parties which are not wholly owned with the same
group. It does not disclose transactions with members of the same
group that are wholly owned.
Standards in issue but not
yet effective
At the date of authorisation of
these financial statements there were amendments to standards which
were in issue, but which were not yet effective, and which have not
been applied. The principal one was:
· Amendments to IAS 21 - The Effects of Changes in Foreign
Exchange Rates: Lack of exchangeability
The Directors do not expect the
adoption of this amendment to standards to have a material impact
on the financial statements.
4. Critical accounting estimates
and judgments
In preparing the interim condensed
consolidated financial statements, the Directors have to make
judgments on how to apply the Group's accounting policies and make
estimates about the future. The Directors do not consider there to
be any critical judgments that have been made in arriving at the
amounts recognised in the interim condensed consolidated financial
statements.
5. Interest
receivable
|
Six months ended 30 June
2024
Unaudited
£
|
|
Six months ended 30 June
2023
Unaudited
£
|
Bank interest receivable
|
20,414
|
|
27,221
|
6. Investments
Principal subsidiary undertakings of the
Group
The Company directly owns the
ordinary share capital of its subsidiary undertakings as set out
below:
Subsidiary
|
Nature of business
|
Country of incorporation
|
Proportion of A ordinary shares held by
Company
|
Proportion of B ordinary shares held by
Company
|
Bay Capital Subco Limited
|
Intermediate holding
company
|
Jersey, Channel Islands
|
100 per cent.
|
0 per cent.
|
The address of the registered office
of Bay Capital Subco Limited (the "Subco") is 28 Esplanade, St.
Helier, Channel Islands, JE2 3QA, Jersey. The Subco was
incorporated on 31 March 2021 and prepares its own financial
statements for the period ended 31 December each year.
The A ordinary shares have full
voting rights, full rights to participate in a dividend and full
rights to participate in a distribution of capital. The B ordinary
shares have been issued pursuant to the Company's Subco Incentive
Scheme and hold no voting or dividend rights or rights to
distribution.
7. Trade and other
receivables
|
As at
30 June
2024
Unaudited
£
|
|
As at
31 December
2023
Audited
£
|
Prepayments
|
7,350
|
|
8,079
|
|
7,350
|
|
8,079
|
8. Cash and cash
equivalents
|
As at
30 June
2024
Unaudited
£
|
|
As at
31 December
2023
Audited
£
|
Cash at bank and in hand
|
4,893,053
|
|
6,067,461
|
9. Trade and other
payables
|
As at
30 June
2024
Unaudited
£
|
|
As at
31 December
2023
Audited
£
|
Accruals
|
51,906
|
|
948,263
|
Other tax and social
security
|
7,762
|
|
8,136
|
Payroll related creditors
|
2,275
|
|
2,275
|
|
61,943
|
|
958,674
|
10. Earnings per
share
|
Six months
ended
30 June
2024
Unaudited
£
|
|
Six months
ended
30 June
2023
Unaudited
£
|
Loss attributable to the equity
holders of the Company
|
(283,896)
|
|
(171,789)
|
Weighted number of shares in
issue
|
70,000,000
|
|
70,000,000
|
Loss per share (£)
|
(0.004)
|
|
(0.002)
|
11. Financial
instruments
|
As at
30 June
2024
Unaudited
£
|
|
As at
31 December
2023
Audited
£
|
|
|
|
|
Financial assets
|
|
|
|
Cash and cash equivalents
|
4,893,053
|
|
6,067,461
|
|
4,893,053
|
|
6,067,461
|
|
As at
30 June
2024
Unaudited
£
|
|
As at
31 December
2023
Audited
£
|
|
|
|
|
Financial liabilities
|
|
|
|
Accruals
|
51,906
|
|
948,263
|
Payroll related creditors
|
2,275
|
|
2,275
|
|
54,181
|
|
950,538
|
Financial risk management
objectives and policies
The Group's financial assets and
liabilities comprise of cash and cash equivalents, accruals and
payroll related creditors. The carrying
value of all financial assets and liabilities equals fair value
given their short-term nature.
Credit risk
The Group's credit risk is wholly
attributable to its cash balance. All cash balances are held at a
reputable bank in Jersey. The credit risk from its cash and cash
equivalents is deemed to be low due to the nature and size of the
balances held.
Liquidity risk
Liquidity risk is the risk that the
Group will not be able to meet its financial obligations as they
fall due.
The Group's approach to liquidity
risk is to ensure that sufficient liquidity is available to meet
foreseeable requirements and to invest funds securely and
profitably.
12. Share
capital
|
Allocated, called up and
fully paid
|
|
|
|
As at
30 June
2024
Unaudited
Number
|
|
As at
30 June
2024
Unaudited
£
|
|
As at
31 December
2023
Audited
Number
|
|
As at
31 December
2023
Audited
£
|
Ordinary shares of 1p
each
|
70,000,000
|
|
700,000
|
|
70,000,000
|
|
700,000
|
13. Reserves
Share premium and retained deficit
represent balances conventionally attributed to those descriptions.
The transaction costs relating to the issue of shares was deducted
from share premium.
The Capital redemption reserve is
made up on amounts arising from the cancellation of the deferred
shares.
Share-based payment reserve includes
the cumulative share-based payment charged to equity.
The Group having no regulatory or
similar requirements, its primary capital management focus is on
maximising earnings per share and therefore shareholder
return.
14. Share incentive
Plan
On 14 September 2021, the Group
created a Subco Incentive Scheme within its wholly owned subsidiary
Bay Capital Subco Limited ("Subco"). Under the terms of the Subco
Incentive Scheme, scheme participants are only rewarded if a
predetermined level of shareholder value is created over a three to
five year period or upon a change of control of the Company or
Subco (whichever occurs first), calculated on a formula basis by
reference to the growth in market capitalisation of the Company,
following adjustments for the issue of any new Ordinary shares and
taking into account dividends and capital returns ("Shareholder
Value"), realised by the exercise by the beneficiaries of a put
option in respect of their shares in Subco and satisfied either in
cash or by the issue of new ordinary shares at the election of the
Company.
Under these arrangements in place,
participants are entitled to up to a share of 15 percent of the
Shareholder Value created, subject to such Shareholder Value having
increased by at least 10 percent. per annum compounded over a
period of between three and five years from admission or following
a change of control of the Company or Subco.
15. Share-based
payments
The Subco Incentive Scheme detailed
in Note 14 is an equity-settled share option plan which allows
employees and advisors of the Group to sell their B shares to the
Company in exchange for a cash payment or for shares in the Company
(at the Company's election) if certain conditions are
met.
These conditions include good and
bad leaver provisions and that growth in Shareholder Value of 10
percent compound per annual is delivered over a three to five year
period for the scheme to vest. This second condition is therefore a
market condition which has been taken into account in the
measurement at grant date of the fair value of the
options.
The weighted average exercise price
of the outstanding B share options is £0.10 which have a weighted
average contractual life of 2 years 3 months. No B share options
were issued in the period, all of which were outstanding at the
period end. No B share options were exercised in the period. No B
share options have expired during the period.
The Group recognised £5,490 (six
months ended 30 June 2023: £5,489) of expenditure in the statement
of total comprehensive income in relation to equity-settled
share-based payments in the period.
The fair value of options granted
during the period was determined by applying a binominal model. The
expense is apportioned over the vesting period of the option and is
based on the number which are expected to vest and the fair value
of these options at the date of grant.
The inputs into the binomial model
in respect of options granted in the period are as
follows:
Opening share price
|
|
|
|
10.0p
|
Expected volatility of share
price
|
|
|
|
16.67%
|
Expected life of options
|
|
|
|
5
years
|
Risk-free rate
|
|
|
|
0.73%
|
Target increase in share price per
annum
|
|
|
|
10%
|
Fair value of options
|
|
|
|
50.342p
|
Expected volatility was estimated by
reference to the average 5-year volatility of the FTSE SmallCap
Index.
The target increase in Shareholder
Value is laid out in the Articles of Association of the Subco and
represents the compounded target annual increase in market
capitalisation (adjusted for capital raises and dividends) that
needs to be met between the third and fifth anniversary of the
Group's admission onto the London Stock Exchange in order for the
scheme to vest.
The Group did not enter into any
share-based payment transactions with parties other than employees
and advisors during the current period.
16. Related party
transactions
There are no related party
transactions requiring disclosure.
17. Contingent
liabilities
There are no contingent liabilities
at the reporting date which would have a material impact on the
financial statements.
18. Events after the reporting
date
There are no events subsequent to
the reporting date which would have a material impact on the
financial statements.
19. Ultimate controlling
party
In the opinion of the Directors,
there is no single ultimate controlling party.