TIDMSCHO
RNS Number : 6942G
Scholium Group PLC
27 November 2020
Scholium Group plc
Interim Report & Financial Statements
Six Months ended 30 September 2020
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 2020.
Operating highlights
-- Revenues down by 13.7% compared with prior corresponding period
-- Gross profit lower by 29.1% compared with last year and at a
lower margin (31%; 2019: 38%) due to lower margins in Shapero Rare
Books and effectively no sales in Scholium Trading
-- Pre-tax loss of GBP158,000 due to reduced trading levels as a result of Covid-19.
-- Shapero Rare Books traded profitably in the period with higher levels of online activity
-- Cash balances increased by GBP67k from 31 March to GBP348k at 30 September 2020
Financial Summary
Six months ended September 2020 2019 Change
(GBP000 unless otherwise stated)
Revenue 3,120 3,614 -13.7%
Gross Profit 978 1,380 -29.1%
Gross Margin 31% 38%
Pre-Tax (Loss) / Profit (158) 64
Inventories 8,740 8,753 -0.1%
Net Cash / (Overdraft) 348 (33)
Net Assets 9,501 9,962 -4.6%
NAV/Share (pence) 69.9 73.3
Jasper Allen, Chairman of Scholium, noted
"We are pleased that Shapero Rare Books has traded profitably,
despite the cancellation of books and other trade fairs and the
enforced closure of the shop for much of the period. The Group
responded by successfully increasing online sales activity and by
cutting costs. Overall although the loss is disappointing, the
Group has performed at a better level than the Board's expectations
earlier this year.
In October the Group relocated its premises to a first floor
bookshop at 106 New Bond Street, and a separate new gallery for
modern prints nearby at 43 Maddox Street. These moves will
contribute to an immediate reduction in the Group's cost base. We
remain focussed on maximising sales through online and other
channels still available to us, and reducing costs where
possible.
We very much look forward to welcoming any shareholders looking
to visit our new premises."
For further information, please contact:
Scholium Group plc
Jasper Allen, Chairman
Peter Floyd, Chief Financial Officer +44 (0)20 7493 0876
WH Ireland Ltd - Nominated Adviser
Chris Fielding
Lydia Zychowska +44 (020) 7220 1666
Business Review
Scholium Group companies are involved primarily in the trading
and retailing of antiquarian books and other works on paper, as
well as dealing in rare and collectible items in the wider art and
philatelic markets.
The group of businesses comprises:
-- Shapero Rare Books, a dealer in rare antiquarian books and,
through Shapero Modern, prints and works on paper, located in
Mayfair, London;
-- Scholium Trading, a dealer which trades in conjunction with
other dealers in higher value rare and collectible items; and
-- Mayfair Philatelics, a retail and auction philatelic business
Revenue streams
The Group earned revenue in the six months to 30 September 2020
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
Key objectives and key performance indicators (KPIs)
The Group's strategy is to:
-- build, either organically or by acquisition, a portfolio of
collectibles businesses to enable further diversification and
development of its revenue and profit streams;
-- attract individuals or teams of specialists in markets
complementary to the Group's existing businesses;
-- optimise working capital in existing businesses to provide
funds for new business development; and
-- continue to develop all its trading entities by trading
alongside other dealers in high value rare and collectible items
and by participating in the acquisition of large consignments for
onward sale.
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.
Our current principal KPIs are:
-- Sales, gross margin, profit before tax, earnings per share;
-- the breadth and distribution of the stock of rare books and
prints held by the Group;
-- stock turnover; and
-- free cash flow.
Performance Review
Overall Performance
The Group made a loss before tax of GBP158k during the six
months to 30 September 2020, a disappointing but not unexpected
change from the profit of GBP64k for the corresponding period last
year. Trading was adversely affected by the onset of the
restrictions imposed for Covid-19 from March 2020, including the
closure of the Group's retail premises, and each of the Group's
trading entities performed worse than the corresponding period last
year.
Turnover decreased by 13.7% compared to the same period in the
prior year. This was due to lower sales in Shapero Rare Books
(SRB), Scholium Trading and Mayfair Philatelics. SRB's sales were
GBP168k lower than last year, Scholium Trading's sales were GBP213k
lower than last year and Mayfair Philatelics decreased by GBP113k.
Gross Profit decreased by 29.1% to GBP978k (2019: GBP1,380k; 2018:
GBP1,176k) reflecting the lower margins available in order to
achieve sales during this difficult trading period. However, it is
encouraging that the move to a far greater dependence on online
sales was successfully achieved.
Group costs, including Distribution and Administrative expenses,
decreased by 13.6% to GBP1,132k (2019: GBP1,310k; 2018: GBP1,229k).
Most of this decrease was due to the cancellation of the trade
fairs previously attended by SRB. The Group's costs are expected to
increase in the second half, as there will be the costs arising
from the relocation of premises, and the costs of any fairs or
exhibitions. There will be two public auctions in Mayfair
Philatelic 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 loss before tax of
GBP158k (2019: profit of GBP64k; 2018: loss of GBP56k). There is no
current or deferred tax credit (2019: charge GBP13k; 2018: GBP0k)
as the Group has brought forward tax losses.
Inventories decreased by GBP13k to GBP8,740k (2019: GBP8,753k;
2018: GBP8,905k). This is due to purchases matching sales during
the period. Pleasingly, the Group retained the positive cash
balance it had at 31 March 2020 with cash of GBP348k at 30
September 2020 (2019: overdraft of GBP33k; 2018 overdraft GBP245k).
Free cashflow during the six month period was therefore GBP67k
(2019: GBP(225k); 2018: GBP(461k)).
Summary Group Financials
Six months ended September (all figures GBP'000) 2020 2019 Change
Revenue 3,120 3,614 -13.7%
Gross Profit 978 1,380 -29.1%
Gross Margin 31% 38%
Distribution Expenses (118) (260) -54.4%
Administrative Expenses (1,014) (1,050) -3.4%
Pre-Tax (Loss) / Profit (158) 64
Inventories 8,740 8,753 -0.1%
Cash 348 (33)
Net Assets 9,501 9,962 -4.6%
NAV/Share (pence) 69.9 73.3
Financial Position
The Group retains a strong balance sheet. Net assets of
GBP9,501k (2019: GBP9,962k; 2018: GBP9,868k) are supported by
GBP8,740k of stock (2019: GBP8,753k; 2018: GBP8,905k) and GBP348k
of cash (2019: overdraft of GBP33k; 2018: overdraft of GBP245k).
Trade and other receivables and trade and other payables have both
decreased as trading activity has reduced during the period. The
Group has recognised a right of use asset of GBP1,208k and
corresponding liability of GBP1,182k in respect of the leases for
its new premises in New Bond Street and Maddox Street, Mayfair.
There is 69.9p of net assets per share (2019: 73.3p; 2018:
72.6p).
Group Strategy
The Group has continued with the diversification of its revenue
streams through Mayfair Philatelics, which is now operating a
fuller programme of auction sales. Mayfair Philatelics and Scholium
Trading are now divisions of Shapero Rare Books Limited.
Shapero Rare Books is continuing to develop its Shapero Modern
prints and works on paper business, and has commenced a
re-balancing of its stock between rare books and prints to enable
it to increase its sales of prints in the future.
The Group has relocated its premises in October 2020. 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. These moves will contribute to an immediate reduction in
the Group's cost base.
The Group is also focussed on reducing its inventories as part
of a process towards increasing its business towards consignments
from third parties for either retail or auction sales.
Shapero Rare Books & Shapero Modern
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 slightly
reduced levels during the first six months of the year compared to
the prior year. Turnover decreased by 6% as compared to the
prior-year period to GBP2,730k (2019: GBP2,898k; 2018: GBP2,754k)
due to the adverse impact of Covid-19. The gross margin of 30%
(2019: 39%; 2018: 36%) reflected lower margins across both books
and prints. The profit achieved by this division for the first six
months of the financial year was GBP19k (2019: GBP126k; 2018:
87k).
Summary Performance, Shapero
Six months ended September (all figures GBP'000) 2020 2019 Change
Revenue 2,730 2,898 -5.8%
Gross Profit 817 1,117 -26.9%
Gross Margin 30% 39%
Pre-Tax Profit 19 126 -84.9%
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 2020. The first half resulted in sales of
GBP7k (2019: GBP220k; 2018: GBP127k), with a gross profit of GBP1k
(2019: GBP54k; 2018: GBP48k). The absence of sales resulted from
the cancellation of all of the fairs at 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) 2020 2019 Change
Revenue 7 220 -96.8%
Gross Profit 1 54 -98.1%
Gross Margin 14% 25%
Pre-Tax (Loss) / Profit (9) 36
Mayfair Philatelics
Mayfair Philatelics is now operating a fuller auction programme.
During the first half of the current year, it held three (one
public and two postal) auctions, compared with two public and one
postal auction in the prior six months to 30 September 2019. Two
public and one postal 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 GBP383k (2019: GBP496k;
2018: GBP404k) from both retail and auction activities. Gross
profit, which was principally from the auction activities, amounted
to GBP161k (2019: GBP208k; 2018: GBP116k). Direct costs and
overheads amounted to GBP182k (2019: GBP215k; 2018: GBP174k) as
postal auctions incur lower costs than public auctions.
Summary Performance, Mayfair Philatelics
Six months ended September (all figures GBP'000) 2020 2019 Change
Revenue 383 496 -22.8%
Gross Profit 161 208 -22.5%
Gross Margin 42% 42%
Pre-Tax (Loss) (21) (35) 40.0%
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 (2019: GBP78k; 2018: GBP72k)
recharges made to the Group's subsidiaries for these central costs
in the six months ended 30 September 2020. The central costs were
therefore GBP147k (2019: GBP141k; 2018: GBP132k) on a comparable
basis with prior periods.
Summary Performance, Central costs
Six months ended September (all figures GBP'000) 2020 2019 Change
Pre-Tax (Loss) (147) (141) 4.1%
Outlook
The impact of the restrictions imposed by governments worldwide
in response to Covid-19 continue to have an adverse effect on the
Group's trading and ability to make profits. The Group is
continuing to focus its efforts on its various online platforms, as
well as maintaining contact with customers remotely via email and
telephone. This has provided better results than originally
envisaged in the first half of the year.
Looking forward, with the Group's retail premises currently
closed to customers due to the UK government's response to
Covid-19, and the cancellation of all of this financial year's UK
and international trade fairs, the Group is currently expected to
be loss making in the second half of this financial year.
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 2020.
In preparing this interim report for the six months ended 30
September 2020, the Board has reviewed these risks and
uncertainties and considers that there have been no changes since
the publication of the 2020 Annual Report. The effect of the
restrictions placed upon the Group and its customers by governments
continues to impact the Group adversely.
Independent Review Report to Scholium Group plc
Introduction
We have been engaged by the Company to review the condensed set
of financial statements in the interim report for the six months
ended 30th September 2020 which comprises the condensed
consolidated statement of comprehensive income, the consolidated
statement of changes in equity, the condensed consolidated
statement of financial position and the consolidated statement of
cash flows and the related explanatory notes. We have read the
other information contained in the interim report and considered
whether it contains any apparent misstatements or material
inconsistencies with the information in the condensed set of
financial statements.
Directors' Responsibilities
The interim financial report is the responsibility of, and has
been approved by, the Directors. The Directors are responsible for
preparing the half-yearly financial report in accordance with the
Disclosure Guidance and Transparency Rules of the United Kingdom's
Financial Conduct Authority.
As disclosed in note 2, the annual financial statements of the
Group are prepared in accordance with IFRSs as adopted by the EU.
The condensed set of financial statements included in this interim
report has been prepared in accordance with the recognition and
measurement requirements of IFRSs as adopted by the EU.
Our Responsibility
Our responsibility is to express to the Company a conclusion on
the condensed set of financial statements in the half-yearly
financial report based on our review.
Scope of Review
We conducted our review 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 for use in
the United Kingdom. A review of interim financial information
consists of making inquiries, 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.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the interim financial report for the six months ended 30th
September 2020 is not prepared, in all material respects, in
accordance with International Accounting Standard 34 as adopted by
the European Union and the Disclosure Guidance and Transparency
Rules of the United Kingdom's Financial Conduct Authority.
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
26 November 2020
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
2020 2019 2020
Note GBP000 GBP000 GBP000
Revenue 4 3,120 3,614 7,300
Cost of Sales (2,142) (2,234) (4,380)
Gross profit 978 1,380 2,920
------------------- --------------------- -----------
Distribution costs (118) (260) (720)
------------------- --------------------- -----------
Administrative expenses (1,014) (1,050) (2,162)
Total administrative expenses (1,014) (1,050) (2,162)
------------------- --------------------- -----------
(Loss) /Profit from operations (154) 70 37
Financial income - - -
Financial expenses 5 (4) (6) (13)
(Loss) / Profit before taxation (158) 64 25
Income tax (expense) 6 - (13) (277)
(Loss) / Profit for the period
from continuing operations (158) 51 (252)
(Loss) / Profit for the period
and total comprehensive income
attributable to equity holders
of the parent company (158) 51 (252)
------------------- --------------------- -----------
Basic and diluted (loss)
/ profit per share:
From continued operations
- pence 7 (1.16) 0.38 (1.86)
Total diluted (loss) / profit
per share - pence (1.16) 0.38 (1.86)
------------------- --------------------- -----------
Consolidated statement of financial position
30 Sept 30 Sept 31 Mar
2020 2019 2020
Note GBP000 GBP000 GBP000
Unaudited Unaudited Audited
Assets
Non-current assets
Property, plant and equipment 1,306 389 233
Intangible assets 10 14 12
Deferred corporation tax asset - 264 -
1,316 667 245
---------- ---------- --------
Current assets
Inventories 8,740 8,753 8,981
Trade and other receivables 8 1,562 2,811 1,492
Cash and cash equivalents 348 7 281
10,650 11,571 10,754
---------- ---------- --------
Total assets 11,966 12,238 10,999
---------- ---------- --------
Current liabilities
Trade and other payables 9 1,259 1,916 1,168
Bank overdraft - 40 -
Right-of-use asset lease liabilities 10 161 320 172
Total current liabilities 1,420 2,276 1,340
---------- ---------- --------
Right -of-use asset lease liabilities
due
over one year 1,045 - -
---------- ---------- --------
Total liabilities 2,465 2,276 1,340
---------- ---------- --------
Net assets 9,501 9,962 9,659
---------- ---------- --------
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 (233) 228 (75)
Total equity 9,501 9,962 9,659
---------- ---------- --------
Net Asset Value per Share 69.9p 73.3p 71.0p
These interim financial statements were approved by the Board of
Directors on 26 November 2020 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 2017 136 9,516 82 189 9,923
Profit for the period from continued
operations - - - 36 36
Total comprehensive income for the period - - - 36 36
-------- -------- -------- --------- -------
Balance at 30 September 2017 136 9,516 82 225 9,959
Profit for the period from continued
and discontinued operations - - - 2 2
Total comprehensive income for the period - - - 2 2
-------- -------- -------- --------- -------
Balance at 31 March 2018 136 9,516 82 227 9,961
Adjustment on recognition of IFRS 15 - - - (37) (37)
- - - (37) (37)
-------- -------- -------- --------- -------
Balance at 31 March 2018 as restated 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
Loss 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
Consolidated statements of cashflows
30 Sept 30 Sept 31 Mar
2020 2019 2020
GBP000 GBP000 GBP000
Cash flows from operating activities
Operating (loss) / profit before
tax (158) 64 25
Depreciation of property, plant
and equipment 163 162 326
including right-to-use assets
(see note 3)
Amortisation of intangible assets 2 2 4
7 228 355
Decrease / (increase) in inventories 241 (96) (325)
(Increase)/ decrease in trade
and other receivables (96) (292) 1,037
Increase/(decrease) in trade
and other payables 96 112 (633)
Net cash generated from operating
activities 248 (48) 433
------------ -------- -------
Cash flows from investing activities
Purchase of property, plant
and equipment (29) (23) (36)
Purchase of intangible asset - - -
------------ -------- -------
Net cash used in investing activities (29) (23) (36)
------------ -------- -------
Cash flows from financing activities
Lease repayments for right-of-use
assets (see note 3) (148) (148) (296)
Interest paid (4) (6) (13)
Net cash (used)/generated from financing
activities (152) (154) (309)
------------ -------- -------
Net increase / (decrease) in cash
and cash equivalents 67 (225) 89
Cash and cash equivalents at the beginning
of the period 281 192 192
Cash and cash equivalents at
the end of the period 348 (33) 281
------------ -------- -------
Cash 348 7 281
Bank overdraft - (40) -
Cash and cash equivalents at
the end of the period 348 (33) 281
---- ----- ----
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 2020 (the 'Period') have been
prepared using accounting policies consistent with International
Financial Reporting Standards (IFRSs) as adopted by the European
Union. 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 2020. 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 2020. 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. IFRS 16 Leases
The Group implemented IFRS 16 with effect 1 April 2019 using the
modified retrospective method. The Group has assessed the impact of
adopting IFRS 16 on the Group and concluded that any impact of
discounting would be insignificant in this period. As the only
material right-of-use lease expired in October 2020, the rentals
payable are considered to be equal to the right-of-use depreciation
charge and are therefore released on a straight line basis with no
interest charge. This is a departure from IFRS 16 but this
departure has been assessed as being immaterial.
The impact of the implementation of IFRS 16 is to recognise a
right-of-use asset and equal lease liability of GBP468,271 as at 1
April 2019. There is a depreciation charge of GBP147,875 in each of
the six months ended 30 September 2019 and 30 September 2020 and
GBP295,750 for the year ended 31 March 2020 which would previously
have been included as a rent expense. This impacts the presentation
of these two items in the consolidated statement of cash flows. At
30 September 2020 t he Group has recognised a right of use asset of
GBP1,208k and corresponding liability of GBP1,182k in respect of
the leases for its new premises in New Bond Street and Maddox
Street, Mayfair.
Under IFRS 16
The Group recognises a right-of-use asset and a lease liability
at the lease commencement date (or at 1 April 2019 for remaining
amounts payable in respect of leases entered in to before the
implementation date). The right-of-use asset is initially measured
at cost, which comprises the initial amount of the lease liability
adjusted for any lease payments made at or before the commencement
date, plus any initial direct costs incurred and an estimate of
costs to dismantle and remove the underlying asset or the site on
which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the
straight-line method from the commencement date to the earlier of
the end of the useful life of the right-of-use asset or the end of
the lease term. The estimated useful lives of right-of-use assets
are determined on the same basis as those of property and
equipment. In addition, the right-of-use asset is periodically
reduced by impairment losses, if any, and adjusted for certain
remeasurement of the lease liability.
The lease liability is initially measured at the present value
of the lease payments that are not paid at the commencement date,
discounted using the interest rate implicit in the lease or, if
that rate cannot be readily determined, the Group's incremental
borrowing rate. In the current year's accounts, no allowance has
been made for interest as its impact is considered immaterial.
Lease payments included in the measurement of the lease
liability comprise fixed payments, including in-substance fixed
payments.
The Group presents right-of-use assets that do not meet the
definition of investment property as a separate class of assets
within "property, plant and equipment" and lease liabilities in
"loans and borrowings" in the statement of financial position.
4. Revenue
30 Sept 30 Sept 31 Mar
2020 2019 2020
Group Group Group
GBP000 GBP000 GBP000
Sales of Stock 3,025 3,457 7,214
Commissions 93 138 60
Other income 2 19 26
3,120 3,614 7,300
-------- -------- -------
5. Financial (expenses)
30 Sept 30 Sept 31 Mar
2020 2019 2020
Group Group Group
GBP000 GBP000 GBP000
Interest payable (4) (6) (13)
-------- -------- -------
6. Income Tax
30 Sept 30 Sept 31 Mar
2020 2019 2020
GBP000 GBP000 GBP000
Current and deferred tax expense
Current tax - - -
Deferred tax - 13 (277)
Total tax expense - 13 (277)
-------- -------- -------
The charge for the year can be reconciled
to the (loss) / profit per the income statement as
follows:
30 Sept 30 Sept 31 Mar
2020 2019 2020
GBP000 GBP000 GBP000
(Loss) / Profit before tax (158) 64 25
-------- -------- -------
Applied corporation tax rates: 19% 19% 19%
Tax at the UK corporation tax rate of 19%: (30) 13 5
Unrecognised deferred tax asset 30 - -
Write off of previously recognised tax losses - - (277)
Origination and reversal of temporary differences - - (5)
Current and deferred tax charge - 13 (277)
-------- -------- -------
7. Earnings/(Loss) per Share
30 Sept 30 Sept 31 Mar
2020 2019 2020
Group Group Group
GBP000 GBP000 GBP000
(Loss) / Profit used in calculating basic and diluted earnings per
share attributable to the
owners of the parent (158) 51 (252)
Number of shares
Weighted average number of shares for the purpose
13.6 13.6 13.6
of basic and diluted earnings per share million million million
--------- --------- ---------
Total basic and diluted earnings per share - pence (1.16) 0.38 (1.86)
--------- --------- ---------
Basic earnings per share amounts are calculated by dividing net
(loss) / profit 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.
8. Trade and Other Receivables
30 Sept 30 Sept 31 Mar
2020 2019 2020
Group Group Group
GBP000 GBP000 GBP000
Trade debtors 1,372 2,546 1,347
Other debtors 46 14 47
Prepayments and accrued
income 144 251 98
1,562 2,811 1,492
-------- -------- -------
9. Trade and Other Payables
30 Sept 30 Sept 31 Mar
2020 2019 2020
Group Group Group
GBP000 GBP000 GBP000
Trade creditors 720 1,409 705
Other taxes and social
security 29 27 31
Accruals and deferred income 482 446 388
Other creditors 28 34 44
1,259 1,916 1,168
-------- -------- -------
10. Right-of-use asset lease liabilities
30 Sept 30 Sept 31 Mar
2020 2019 2020
Group Group Group
GBP000 GBP000 GBP000
Lease liabilities due in
less than one year 161 320 172
-------- -------- -------
Lease liabilities due in
more than one year 1,045 - -
-------- -------- -------
These liabilities represent the future lease payments due under
the Group's lease of its Mayfair premises. (See note 3).
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END
IR DZMZMLVZGGZM
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