Information  X 
Enter a valid email address

Ultimate Sports Grp (CTNA)

  Print      Mail a friend

Friday 28 June, 2019

Ultimate Sports Grp

Final Results and Notice of AGM

RNS Number : 7244D
Ultimate Sports Group PLC
28 June 2019
 

28 June 2019

Ultimate Sports Group PLC

("USG" or the "Company" or the "Group")

 

Final Results and Notice of AGM

 

Ultimate Sports Group PLC, the AIM listed investment vehicle, is pleased to announce its results for the year ended 31 December 2018.  The Company also gives notice that its Annual General Meeting ('AGM') will be held at the Hellenic Centre 16/18 Paddington Street, London W1U 5AS on 24 July 2019 at 11.30am.  Copies of the Notice of AGM together with the Annual Report for the year ended 31 December 2018 will be posted to shareholders and be available to view on the Company's website www.ultimatesportsgroup.me.

 

The financial information set out in this announcement does not constitute statutory accounts as defined in the Companies Act 2006.

 

The Group Statement of Comprehensive Income, Group Statement of Financial Position, Group Statement of Changes in Equity, Group Statement of Cash Flows and associated notes have been extracted from the Group's 2018 statutory financial statements upon which the auditor's opinion is unqualified and does not include any statement under section 498 of the Companies Act 2006.

 

Those financial statements will be delivered to the Registrar of Companies following the release of this announcement.

 

This announcement and the annual report and accounts are available on the Company's website www.ultimatesportsgroup.me . A copy of the report and accounts will be sent to shareholders who have elected to receive a printed copy with details of the annual general meeting in due course.

 

Chairman's Statement and Chief Executive's Review

 

We are reporting a total comprehensive loss from continuing activities of £144,485 before tax against a total comprehensive loss before tax and discontinued activities for the prior year of £780,192. There were no discontinued activities in the year ended 31 December 2018, whilst in the prior year there was a profit from discontinued activities after tax of £53,567. USG's consolidated cash balances as at 31 December 2018 were £535,329 (2017- £129,611) The directors are not recommending the payment of a dividend.

FUNDRAISE

As set out in the circular to shareholders issued in February 2018, the Company raised £537,500 (before legal and other professional expenses) by the issue of 10,750,000 new shares at 5p per share following approval obtained from shareholders at the General Meeting in March 2018.

SUBSTANTIAL SHAREHOLDERS

The Company welcomes the involvement of Mr Richard Bernstein as a strategic shareholder following on from the fundraising concluded in March 2018. The Company also entered into an agreement with Mr Bernstein pursuant to which he will seek to introduce the Company to potential investment or acquisition opportunities. To date Mr Bernstein has carried out and continues to undertake initial due diligence on potential introductions at his own expense with follow up work undertaken by the Company.

PANTHEON LEISURE PLC ("PANTHEON ")

USG holds 85.87% of the issued share capital of Pantheon which in turn owns 100% of the operating business of a Sport and Leisure division which trades as Sport in Schools Ltd and The Elms Sport in Schools ("ESS").

Pantheon as a group made a profit of £32,817 for the year ended 31 December 2018 (2017 (profit - £2,950).

SPORT IN SCHOOLS LIMITED

On a turnover of £1,546,733 (2017- £1,368,710) ESS contributed a much- improved divisional profit of £100,754 (2017 - £28,255). The improved result is a combination of increased turnover by virtue of additional schools engaged, increased income from existing schools due to an increase in government subsidies, improved weather conditions resulting in less working days lost in 2018 and tighter control of overheads.

CORPORATE GOVERNANCE CODE

In accordance with changes to AIM Rules regarding corporate governance our Annual Report & Accounts and Company website reflect compliance with (and any departures from) the Guidance set out in the QCA Corporate Governance Code.

PROSPECTS

We continue to pursue, from a firm financial base, a strategy of developing the business of ESS and to carefully appraise all acquisition opportunities, including those proposed by Mr Bernstein.

 

R L Owen (Chairman)

G M Simmonds (Chief Executive)

 

* * ENDS * *

 

For further information, please visit www.ultimatesportsgroup.me or contact:

Ultimate Sports Group PLC

Geoffrey Simmonds, Managing Director

 

 +44 (0)20 7935 0823

 

St Brides (Financial PR)

Catherine Leftley/Gaby Jenner

 

+44 (0)20 7236 1177

Cantor Fitzgerald Europe (Nomad and Broker)

David Foreman

 

+44 (0)20 7894 7000



 

Consolidated statement of comprehensive income for the year ended 31 December 2018




2018


2017


Notes


£


£






     







Continued activities






Revenue

6


1,547,006


1,369,193

Cost of sales



(725,638)


(769,310)







Gross profit



821,368


599,883

Administrative expenses



  (965,943)


  (833,533)







Operating Loss before exceptional items



(144,575)


(233,650)

 

Exceptional item and non- recurring costs

8


-


(563,325)

 

Operating loss

9


(144,575)


(796,975)







Finance income

11


718


-

Finance costs

12


(628)


(3,714)

Other gains and losses

13


-


20,497

Loss before taxation



(144,485)


(780,192)







Taxation

14


-


17,572

Loss after taxation from continuing activities



(144,485)


(762,620)







Profit for the year from discontinued activities

7


-


53,567




(144,485)


(709,053)







Attributable to:






Equity holders of the parent company



 (149,121)


(709,470)

Non-controlling interests



4,636


417




(144,485)


(709,053)







Other comprehensive loss






Losses on available-for-sale investments taken to equity



-


(1,838)







Taxation on items taken directly to equity

14


-


331







Other comprehensive loss



-


(1,507)







Comprehensive loss attributable to:






Equity holders of the parent company



(149,121)


(710,977)

Non-controlling interests



4,636


417







Total comprehensive loss



(144,485)


(710,560)

 

 

Loss per share (basic and diluted)

Loss from operations per share

15


(0.0051)p


(0.0319)p

Other comprehensive loss per share



-


(0.0001)p

Total comprehensive loss per share



(0.0051)p


(0.0320)p

 



Consolidated statement of financial position as at 31 December 2018




 

 

Notes

2018


2017












£


£

Non-current assets







Goodwill and other intangibles



17

59,954


60,054

Property, plant and equipment



19

13,168


12,923

Total non-current assets




73,122


72,977








Current assets







Trade and other receivables



20

89,760


68,981

Cash and cash equivalents




535,329


129,611

Total current assets




625,089


198,592








Total assets




698,211


271,569








Current liabilities







Trade and other payables



21

239,911


173,661

Borrowings



24

-


2,000

Total current liabilities




239,911


175,661








Total liabilities




239,911


175,661















Net assets




458,300


95,908








Equity







Share capital



25

2,388,664


2,281,164

Share premium account




782,031


393,454

Merger reserve




325,584


325,584

Retained earnings




(2,979,116)


(2,840,795)

Equity attributable to shareholders of the parent company




517,163


159,407








Non- controlling interests




(58,863)


(63,499)








Total Equity




458,300


95,908

 



 


Consolidated statement of changes in equity

Share

capital

Share

premium

Merger reserve

Fair value reserve

Retained earnings


 To equity holders of the parent company

Non-controlling interest


 

Total


£

£

£

£

£


£

£


£

 

Balance at 1 January 2017

2,048,664

393,454

325,584

(1,507)

(2,123,512)


642,683

(63,916)


578,767

 

Issue of new shares

232,500

-

-

-

-


232,500

-


232,500

 

Share issue costs

-

-

-

-

(7,813)


(7,813)

-


(7,813)

 

Released on sale of available for sale investments

-

-

-

1,838

-


1,838

-


1,838

 

Deferred tax on items taken directly to equity

-

-

-

(331)

-


(331)

-


(331)

 

Loss for the year

-

-

-

-

(709,470)


(709,470)

417


(709,053)

 

Reserves at 1 January 2018

2,281,164

393,454

325,584

-

(2,840,795)


159,407

(63,499)


95,908

 

Issue of new shares

107,500

430,000

-

-

-


537,500

-


537,500

 

Share issue costs

-

(41,423)

-

-

-


(41,423)

-


(41,423)

 

Share based payments

-

-

-

-

10,800


10,800

-


10,800

 

Loss for the year

-

-

-

-

(149,121)


(149,121)

4,636


(144,485)

At 31 December 2018

2,388,664

782,031

325,584

-

(2,979,116)


517,163

(58,863)


458,300


Company statement of financial position as at 31 December 2018




Notes

2018


2017





£


£

Non-current assets







Investment in subsidiaries



18

505,755


516,468

Property, plant and equipment



19

-


1

Total non-current assets




505,755


516,469








Current assets







Trade and other receivables



20

361,793


342,203

Cash and cash equivalents




413,656


81,459

Total current assets




775,449


423,662








Total assets




1,281,204


940,131








Current liabilities







Trade and other payables



21

319,715


284,317

Total current liabilities




319,715


284,317















Total liabilities




319,715


284,317








Net assets




961,489


655,814








Equity














Share capital



25

2,388,664


2,281,164

Share premium account




782,031


393,454

Merger reserve




325,584


325,584

Retained earnings




(2,534,790)


(2,344,388)








Total equity




961,489


655,814



 

Company statement of changes in equity



Share

capital

Share

premium

Merger reserve

Retained earnings


 

Total



£

£

£

£


£









 

At 1 January 2017


       2,048,664

393,454

325,584

(1,316,258)


1,451,444









 

Issue of new shares


232,500

-

-

-


232,500









 

Share issue costs


-

-

-

(7,813)


(7,813)









Loss for the year


-

-

-

(1,020,317)


(1,020,317)








 

At 1 January 2018


        2,281,164

393,454

325,584

(2,344,388)


655,814








 

Issue of new shares


107,500

430,000

-

-


537,500









 

Share issue costs


-

(41,423)

-

-


(41,423)









Share based payments


-

-

-

10,800


10,800









 

Loss for the year


-

-

-

(201,202)


(201,202)








At 31 December 2018


       2,388,664

782,031

325,584

(2,534,790)


961,489

 


Consolidated statement of cash flows for the year ended 31 December 2018



Note


2018


2017





£


£








Cash flow from all operating activities














Loss before taxation from continuing activities




(144,485)


(780,192)

Profit before taxation from discontinued activities


32c


-


53,567





(144,485)


(726,625)








Adjustments for:







Finance income




(718)


-

Finance expense




628


3,714

Impairment and amortisation of intangible assets




100


520,792

Share based payments




10,800


-

Other gains and losses




-


(103,097)

Depreciation




7,507


26,145

Loss/ (profit) on disposed tangible assets




1


(30,865)








Operating cash flow before working capital movements




(126,167)


(309,936)

(Increase)/decrease in receivables




(20,779)


28,720

Increase/(decrease) in payables




66,250


(48,886)








Net cash absorbed by operations




(80,696)


(330,102)








Taxation




-


17,241








Cash flow from investing activities







Finance income




718


-

Property, plant and equipment acquired




(7,753)


(9,820)

Intangible asset development costs



                         -


                (16,300)

Proceeds on sale of property, plant and equipment



-


33,187

Net proceeds on sale of business



-


82,600

Proceeds on disposal of available for sale investments



-


48,334

Net cash (absorbed)/from investing activities




(7,035)


138,001








Cash flow from financing activities







Finance expense




(628)


(3,714)

Funds from share issue




496,077


224,687

Repayment of borrowings




(2,000)


(45,939)

Net cash from financing activities




493,449


175,034








Net increase in cash and cash equivalents in the year


32b


405,718


174








Cash and cash equivalents at the beginning of the year




129,611


129,437








Cash and cash equivalents at the end of the year




535,329


129,611

 



 

Company statement of cash flows for the year ended 31 December 2018



Notes


2018


2017





£


£








Cash flow from operating activities














Loss before tax




(201,202)


(1,020,317)








Adjustments for:







Finance income




(17,218)


(16,500)

Finance expense




-


3,714

Share based payments




10,800


-

Other gains




-


(1,034)

Provision for impairment in value of investments in subsidiaries


 

 


 

10,713


 

90,103

 

Provision for intra group indebtedness


 


 

78,765


 

889,245

Depreciation and write offs




-


18,592

Loss/(profit) on disposed tangible assets




1


(30,865)








Operating cash flow before working capital movements




(118,141)


(67,062)








Increase in receivables 




(81,855)


(242,954)

Increase in payables




35,398


1,244








Net cash absorbed by operations




(164,598)


(308,772)








Cash flow from investing activities







Finance income




718


-

Proceeds on sale of property, plant & equipment




-


33,187

Proceeds on sale of investments for resale




-


2,721

Net cash inflow from investing activities




718


35,908








Cash flow from financing activities














Funds from share issue




496,077


224,687

Finance expense




-


(3,714)

Hire purchase repayments




-


(42,439)








Net cash from financing activities




496,077


178,534

Net increase /(decrease) in cash and cash equivalents in the year


32b


332,197


(94,330)








Cash and cash equivalents at the beginning of the year




81,459


175,789








Cash and cash equivalents at the end of the year




413,656


81,459

 



 

Notes to the group and parent company financial statements

 

1.            General information

Ultimate Sports Group Plc is a public company limited by shares, domiciled and incorporated in England and Wales and its activities are as described in the strategic report on pages 5 to 7.

 

These financial statements are prepared in pounds sterling being the currency of the primary economic environment in which the group operates.

 

2.            Basis of Accounting

The consolidated financial statements of the group and the financial statements of the parent company for the year ended 31 December 2018 have been prepared under the historical cost convention and are in accordance with International Financial Reporting standards ("IFRS") as adopted by the EU. These policies have been applied consistently except where otherwise stated.

 

For the purpose of the preparation of these consolidated financial statements, the group has applied all standards and interpretations that are effective for accounting periods beginning on or after 1 January 2018.  The adoption of new standards and interpretations in the year has not had a material impact of the group's financial statements.

 

IFRS 15

The group has adopted IFRS 15 retrospectively in its consolidated financial statements for the year ended 31 December 2018.  IFRS 15 replaces all existing revenue requirements in IFRS and sets out principles for recognising revenue that must be applied using a 5-step model.  Revenue should only be recognised when (or as) control of goods or services is passed to the customer, when distinct 'performance obligations' are met, at the amount to which the entity expects to be entitled.  The group has completed its assessment of IFRS and has not identified any material differences between the group's current revenue recognition policy and the requirements of IFRS 15.

 

 

Future standards in place but not yet effective.

 

No new standards, amendments or interpretations to existing standards that have been published and that are mandatory for the Group's accounting periods beginning on or after 1 January 2019, or later periods, have been adopted early.  The following standards and amendments are not yet applied at the date of authorisation of these financial statements:

 

·      IFRS 16 - Leases (effective 1 January 2019)

·      Annual Improvements to IFRS Standards 2015 - 2017 Cycle (effective 1 January 2019)

·      IAS 12 - Income taxes (effective 1 January 2019)

·      Definition of Material (Amendments to IAS 1 and IAS 8) (effective 1 January 2020)

·      Definition of a Business (Amendments to IFRS 3) (effective 1 January 2020)

 

Except for IFRS 16, see below, the group does not believe that there will be a material impact on the financial statements from the adoption of these standards / interpretations.

 

IFRS 16 requires the recognition of an asset and liability by introducing a lessee accounting model.  As at 31 December 2018, the group would recognise an asset and liability in respect of leases of approximately £79,000.

 

There were no material changes in the financial statements as a result of adopting new or revised accounting standards during the year.

 

 

 

3.            Significant accounting policies

 

(a)           Basis of consolidation

The financial statements of the group incorporate the financial statements of the company and entities controlled by the company, which are its subsidiary undertakings.  Control is achieved where the company has the power to govern the financial and operating policies of its subsidiary undertakings so as to benefit from their activities.

 

Details of subsidiary undertakings are set out in note 18.

 

All intra-group transactions and balances have been eliminated in preparing the consolidated financial statements.

 

(b)           Revenue

Revenue arises from the disposal of available-for-sale investments and income from sports and leisure activities undertaken by the company and its subsidiary undertakings. In the case of sports and leisure activities it represents invoiced and accrued amounts for services supplied in the year, exclusive of value added tax and trade discounts.

(c)           Intangible assets

Goodwill arising on consolidation represents the excess of the cost of acquisition over the group's interest in the fair value of the identifiable assets and liabilities of subsidiary entities at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. Goodwill which is recognised as an asset is reviewed for impairment at least annually. Any impairment is recognised immediately in the statement of comprehensive income and is not subsequently reversed.

 

For the purpose of impairment testing, goodwill is allocated to each of the group's cash generating units expected to benefit from synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is not reversed in a subsequent period.

 

On disposal of a subsidiary, associate or jointly controlled entity, the amount of goodwill is included in the determination of the profit or loss on disposal.

 

Goodwill arising on acquisitions before the date of transition to IFRS's has been retained at the previous UK GAAP amounts subject to being tested for impairment at that date.

 

                Development costs are expensed in arriving at the operating profit or loss for the year unless the directors are satisfied as to the technical, commercial and financial viability of individual project. In this situation, the expenditure is recognised as an asset and is reviewed for impairment on an annual basis.

Any impairment is recognised immediately in the income statement in administrative expenses and is not subsequently reversed.

 

 

 

3.            Significant accounting policies

 

(d)           Plant and equipment

                Plant and equipment is stated at cost less depreciation.  Depreciation is provided at rates calculated to write off the cost less their estimated residual value over their expected useful lives.

               The rates applied to these assets are as follows:

 

Plant & equipment

25% & 10% straight line

Motor vehicles

33.3% - straight line

 

(e)           Operating leases

                Rentals applicable to operating leases, where substantially all of the benefits and risks of ownership remain with the lessor, are charged against revenue as and when incurred.

 

(f)            Deferred taxation

                Deferred taxation is provided in full in respect of timing differences between the treatment of certain items for taxation and accounting purposes.  The deferred tax balance is not discounted.

               

The recognition of deferred tax assets is limited to the extent that the group anticipates making sufficient taxable profits in the future to absorb the reversal of the underlying timing differences.

 

 (g)          Trade receivables

                Trade receivables are recognised at fair value.  A provision for impairment of trade receivables is established where there is objective evidence that the company or group will not be able to collect all amounts due according to the original terms of the receivables.  Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or liquidation and default or delinquency of payments are considered indicators that the trade receivable is impaired.  The amount of the provision is the difference between the asset's carrying amount and the present value of estimated future cash flows. The carrying amount of the asset is reduced through the use of an allowance account and the amount of the loss is recognised in the income statement within administrative expenses.  When a trade receivable is uncollectable it is written off against the allowance account for trade receivables.

 

(h)           Investments

                Investments are classified as available for sale, are measured at fair value. Gains or losses in changes in fair value are recognised directly in equity, until the security is disposed of or is determined to be impaired, at which time the cumulative gain or loss previously recognised in equity is included in the net profit or loss for the period. Impairment losses recognised in profit or loss are not subsequently reversed through profit or loss.

               Fair value of quoted investments is based on current bid prices. If an investment is suspended from trading, fair value is based on quoted bid prices on the first day that trading recommences following suspension.

               Investments in subsidiary undertakings are stated at cost less provision for impairment in the parent company balance sheet.

 

(i)            Cash and cash equivalents

                Cash and cash equivalents include cash in hand and deposits held at call with banks.  Bank overdrafts are shown as borrowings within current liabilities.

 

 

 

3.            Significant accounting policies (continued)

 

(j)            Financial liabilities and equity

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.  An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

                Ordinary shares are classified as equity. Incremental costs directly attributable to new shares are shown in equity as a deduction from the proceeds.

                Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

 

                Borrowings are recognised initially at fair value, net of transaction costs incurred.  Borrowings are subsequently stated at amortised cost, any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowing using the effective interest method.

 

                Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least 12 months after the date of the statement of financial position.

 

 

4.            Critical accounting judgements and key sources of estimation uncertainty

                  The preparation of the group's financial statements requires the directors to make judgements, estimates and assumptions that effect the application of policies and reported amounts in the financial statements. These judgements and estimates are based on the director's best knowledge of the relevant facts and circumstances. Information about such judgements and estimation is contained in the accounting policies and/or notes to the financial statements.

 

               Deferred tax asset

At the present time the directors' do not consider that there is sufficient certainty regarding the utilisation of tax losses available in the group. As a result, no deferred tax asset has been recognised.

 

Impairment of goodwill

Determining whether goodwill is impaired requires an estimation of the value in use of the cash generating units to which the goodwill has been allocated. The value in use calculation requires the entity to estimate the future cash flows expected to arise from the cash generating unit and a suitable discount rate in order to calculate present value. The carrying amount of goodwill is the deemed cost on first time application of IFRS.

 

Details of the impairment review calculation are given in note 17.

 

Impairment of intangible assets

The carrying value of intangible assets comprising unamortised website costs are determined by reference to an assessment of future income generated by the UltimatePlayer.me platform. Having regard to the Board's decision to delay future plans for further website development, all unamortised costs have been fully impaired  as an exceptional item in 2017 (note 8).

 

5.            Going concern      

The directors have prepared financial forecasts covering the 12 months following approval of these financial statements, which show the Group can continue to carry on trading within its existing finance facilities over that period. 

 

In view of the above, the directors consider it appropriate to prepare the financial statements on a going concern basis.

6.            Business segment analysis

Segmental information with regard to continuing and non- continuing activities is disclosed below and is based on the different business activities in the group.

All turnover, profits, losses, assets and liabilities relate to operations undertaken in the UK.

Year ended 31 December 2018


Sports and leisure


Social media website


Consolidated



£


£


£








Revenue


1,546,733


273


1,547,006








Segment operating profit/(loss)*


100,754


(32,399)


68,355








Group operating expenses**






(212,930)








Operating loss






(144,575)

Finance revenues less finance costs






90








Loss before taxation






(144,485)

Taxation






-

Loss after taxation from continuing activities






(144,485)








Year ended 31 December 2017


Sports and leisure


Social media website


Consolidated



£


£


£








Revenue


1,368,710


483


1,369,193








Segment operating profit/(loss)*


28,255


(587,536)


(559,281)








Group operating expenses**






(237,694)

Operating loss






(796,975)

Other gains and losses






20,497

Finance revenues less finance costs






(3,714)








Loss before taxation






(780,192)

 

Taxation relating to the social media website






 

17,572

Loss after taxation from continuing activities






(762,620)








Discontinued activities


53,567




53,567



(53,567)




(709,053)

 

*Segment operating profit in relation to Sports and Leisure is after charges for depreciation of £7,507 (2017: £7,553).  Segment operating losses in relation to the social media website is after charges for amortisation and impairment of £Nil (2017: £520,792). 

** 'Group operating expenses' represent the costs of running the group as a whole. The directors consider that the costs of running Pantheon Leisure Plc of £68,824 (2017: £53,370) form part of these costs as opposed to forming part of the segmental costs of the sports and leisure division.

Financial position at 31 December 2018



Sports and leisure


Social media website


Consolidated




£


£


£

Segment assets



86,555


             1,388


87,943









Non segmental assets







610,268









Consolidated total assets







698,211









Segmental liabilities



203,071


-


203,071









Non segmental corporate liabilities







36,840








239,911









Capital additions



7,753


-



Depreciation/amortisation and impairment



7,507


-











Financial position at 31 December 2017











Sports and leisure


Social media website


Consolidated




£


£


£

Segment assets



55,714


        1,846


57,560









Non segmental assets







214,009









Consolidated total assets







271,569









Segment liabilities



158,457


       4,162


162,619









Non segmental corporate liabilities







13,042








175,661









Capital additions



9,820


16,300



Depreciation/amortisation and impairment



7,553


520,792



 

Non segmental assets include group cash balances of £535,329 (2017: £129,611), goodwill of £59,954 (2017: £59,954), other assets and receivables of £14,985 (2017: £24,444). Non segmental liabilities include trade and other payables of £36,840 (2017: £13,042).

 

Sports and leisure segment assets include £nil (2017: £2,727) from discontinued activities. Segment liabilities include £nil (2017: £8,638) from discontinued activities.

 

 

7.             Discontinued activities

 




2018


2017





£


£

Revenue




            -


          11,015

Cost of sales and expenses




            -


        (40,048)

Operating loss




            -


        (29,033)

Net proceeds on disposal




            -


         82,600





            -


         53,567

Football Partners Limited ceased small-sided football league activities in December 2016 and disposed of its trade for £100,000 in 2017.

 

8.    Exceptional item and non- recurring costs



 

 


 

2018


 

2017





£


£

Exceptional item:

Development cost - full impairment




 

-


 

            462,073

Non- recurring costs:

Website expenditure and amortisation




-


101,252





-


563,325

 

9.       Operating loss



 

 


 

2018


 

2017

The operating loss is stated after charging /(crediting):




£


£








Auditors' remuneration - audit services




18,900


20,875

Operating lease rentals - land and buildings




17,635


13,507

Depreciation of property, plant and equipment 




7,753


26,145

Amortisation - Website development




      -


58,719

Impairment    - Website development




      -


462,073

 

Included in the audit fee for the group is an amount of £7,000 (2017: £6,700) in respect of the Company.

The auditors received fees of £1,630 (2017: £1,250) in respect of the provision of services in connection with advice relating to the group's interim results, and general advice.

 

10.          (a) Staff Costs

Employee benefit costs were as follows:



Group






2018


2017






£


£

Wages and salaries





1,152,825


1,128,737

Social security costs





58,061


67,549

Pension contributions





12,634


7,019

Share based payment





10,800


-






1,234,320


1,203,305

 

The average numbers of employees, including directors during the year, were as follows:-

 






     No.


   No.

Administration, sales and coaching staff         





   94


   115

 

 (b) Directors' remuneration






2018


2017

An analysis of directors' remuneration (who are the key management personnel) is set out below:


 

£


 

£

Salary and consultancy fees


21,250


32,859











Executive directors


16,250


32,859

Non-executive directors


5,000


-



21,250


32,859

 

 

The total cost of key management personnel being the executive directors and including employers' national insurance was £21,250 (2017: £32,859).

 

The following amounts were paid for the services of the directors in the year:

 




 

2018

£


 

2017

£




Salaries and benefits


Salaries and benefits

R L Owen



13,750


15,996

G Simmonds



-


16,863

D Hillel



2,500


-

J Zucker



2,500


-

D J Coldbeck



2,500


-




21,250


32,859

 

There were no directors' benefits (2017- £17,859).

 

11.          Finance income






2018


2017






£


£

Interest revenue - bank deposits





718


-

 

12.          Finance costs






2018


2017






£


£

Bank overdraft interest





               628


-

Interest on obligations under hire purchase agreements





-


3,714






               628


3,714

 

 

 

 

13.          Other gains and losses






2018


2017






£


£

Profit on disposal of available for sale investments





-


20,497

 

Investments in AIM listed companies were disposed of in 2017 giving rise to gains of £20,497 before fair value adjustments of £1,838 recognised in the Statement of Other Comprehensive Income in that year.

 

14.          Taxation






2018


2017






£


£

Deferred tax (credit)/charge








Origination and reversal of temporary differences





-


(331)









Total deferred tax (credit)/(charge





-


(331)

Research and development tax credits





-


(17,241)

 

Tax credit in income statement





-


(17,572)

No income tax charge arises based on the loss for the year (2017: nil).

 

The group has unutilised tax losses of £6,443,000 (2017: £6,311,000) which includes £2,380,000 (2017: £2,364,000) in relation to the company's subsidiary undertakings. Where it is anticipated that future taxable profits will be available to utilise these losses a deferred tax asset or a reduction in deferred tax liability is recognised as appropriate.

 

Factors affecting the tax charge in the year






 

2018


2017






£


£

Loss on ordinary activities before taxation





(144,485)


(724,787)









Loss on ordinary activities before taxation at the standard rate of UK corporation tax of 19% (2017: 19.25%)





(27,452)


(139,521)









Effects of:








Expenses not deductible for tax purposes





5,370


-

Share based payments





2,052


-

Dividend income





3,943


-

Temporary differences in respect of depreciation and capital allowances not reflected in deferred tax





(79)


97,121

Unutilised tax losses not recognised as a deferred tax asset





16,166


42,400

Adjustment on available-for-sale investments





-


(331)

Research and development tax credits





-


(17,241)

Tax credit





-


(17,572)

 

In 2017 claims for tax credits in relation to research and development costs were made giving rise to cash credits of £17,241.

 

15.          Loss per share

 

Basic loss per share has been calculated on the group's loss attributable to equity holders of the parent company of £149,121 (2017: £709,470) and on the weighted average number of shares in issue during the year, which was 29,174,996 (2017: 22,211,434).

 

Comprehensive loss per share is based on the same number of shares and on the comprehensive loss for the year attributable to the equity holders in the parent company of £149,121 (2017: £710,977).

 

In view of the group loss for the year, share warrants and options to subscribe for ordinary shares in the company are anti-dilutive and therefore diluted earnings per share information is not presented. There are options outstanding at 31 December 2018 on 307,500 ordinary shares and on 1,500,000 share warrants.

 

16.          Loss for the financial year

 

As permitted by Section 400 of the Companies Act 2006, the profit and loss account for the company is not presented as part of these financial statements.

 

The consolidated loss for the year of £144,485 (2017-loss: £709,053) includes a loss of £201,202 (2017-loss: £1,020,317) dealt with in the accounts of the company.

17.          Goodwill, intangibles and development costs


2018


2018


2018


2017


£


£


£


£


Website development


Goodwill and other intangibles


Total


Total









Cost at 1 January

587,187


60,054


647,241


630,941

Additions in the year

-


-


-


16,300

Cost at 31 December

587,187


60,054


647,241


647,241









Amortisation at 1 January

587,187


-


587,187


66,395

Charged in the year

-


-


-


58,719

Impairment write off

-


100


100


462,073

Amortisation at 31 December

587,187


100


587,287


587,187









Carrying value at 31 December

-


59,954


59,954


60,054

         

                Goodwill of £59,954 included above relates to the acquisition of Pantheon Leisure Plc which is included at its deemed cost on first time application of IFRS.

 

                The Group acquired intangible assets costing £100 in 2013 following the acquisition of a subsidiary. The asset has been fully impaired and written off in 2018.

 

Goodwill acquired in a business combination is allocated, at acquisition, to cash generating units ("CGUs") that are expected to benefit from that business combination. The carrying amount of goodwill relates wholly to the leisure activities business segment.

 

The recoverable amounts of the CGUs are determined from value in use calculations. The key assumptions for the value in use calculations are those regarding forecast revenues and operating costs. Management have taken into account the following two elements:

 

(i)   Based on current assessments of the Sport in Schools activities made by the directors, they consider that revenues will continue to grow in 2019 and 2020; and

 

(ii)  Operational costs are monitored and controlled

 

Development costs

 

Ultimate Player Limited continued to operate the UltimatePlayer.me platform during the year. As a result of the decision taken by the Board in 2017, to delay future plans for further website development, unamortised development costs were fully impaired and written off as an exceptional item in the prior year (see note 8).

18.          Investments in Subsidiaries

 

Company




2018


2017

Cost




£


£

Shares




1,947,932


1,947,932

Loan notes




220,000


220,000

Total cost at beginning and end of year




2,167,932


2,167,932








Provision for impairment







At 1 January




1,651,464


1,561,361

Increase of provision in year




10,713


90,103

At 31 December




1,662,177


1,651,464








Carrying value at 31 December




505,755


516,468

Included in investments is £220,000 of loan notes which carry an interest coupon of 7.5% and are repayable on demand at par. 

 

The following companies were subsidiaries at the balance sheet date and the results and year end position of these companies has been included in these consolidated financial statements. The registered office for all the companies listed below is at 30 City Road, London EC1Y 2AB.

 

Subsidiary undertakings

Description and proportion of share capital owned

Country of incorporation or registration

Nature of business





Westside Acquisitions Limited

Ordinary 100%

England & Wales

Holding company

Reverse Take-Over Investments Limited *

Ordinary 100%

England & Wales

Acquisition and development of shell companies

Westsidetech Limited

Ordinary 100%

England & Wales

Dormant

Westside Mining Plc

Ordinary 100%

England & Wales

Investment - inactive

Westside Sports Limited

Ordinary 100%

England & Wales

Holding company

Ultimate Player Limited

Ordinary 100%

England & Wales

Social media website

Football Data Services Limited

Ordinary 100%

England & Wales

Website data services - inactive

FootballFanatix Limited

Ordinary 100%

England & Wales

Social media website - inactive

Pantheon Leisure Plc **

Ordinary 85.87%

England & Wales

Holding company

Sport in Schools Limited ***

Ordinary 85.87%

England & Wales

Sports coaching in schools

Football Partners Limited ***

Ordinary 85.87%

England & Wales

Dormant

The Elms Group Limited  ***

Ordinary 85.87%

England & Wales

Inactive

Footballdirectory.co.uk Limited ****

Ordinary 85.87%

England & Wales

Dormant

*              331/3% held indirectly through Westside Acquisitions Limited

**           held indirectly through Westside Sports Limited

***         held indirectly through Pantheon Leisure Plc

****       held indirectly through The Elms Group Limited

 

 

 

 

 

19.          Property, plant and equipment

Group


Plant and equipment


Motor Vehicles


Total



£


£


£

Cost







At 1 January 2017


148,443


83,662


232,105

Additions


9,820


-


9,820

Disposals


(63,691)


(83,662)


(147,353)

Cost at 31 December 2017


94,572


-


94,572

Additions


7,753


-


7,753

Disposals


  (1,848)


-


(1,848)

At 31 December 2018


100,477


-


100,477








Depreciation







At 1 January 2017


137,787


62,748


200,535

Charge for the year


7,553


18,592


26,145

Disposals


(63,691)


(81,340)


(145,031)

At 31 December 2017


81,649


-


81,649

Charge for the year


7,507


-


7,507

Disposals


(1,847)




(1,847)

At 31 December 2018


87,309


-


87,309








Carrying value







At 31 December 2018


13,168


-


13,168








At 31 December 2017


12,923


-


12,923

 

Company


Plant and equipment


Motor Vehicles


Total



£


£


£

Cost







At 1 January 2017


1,848


83,662


85,510

Disposals


-


(83,662)


(83,662)

Cost at 31 December 2017


1,848


-


1,848

Disposals


(1,848)


-


(1,848)

At 31 December 2018


-


-


-








Depreciation







At 1 January 2017


1,847


62,748


64,595

Disposals


-


 (81,340)


(81,340)

Charge for year


-


18,592


18,592

At 31 December 2016


1,847


-


1,847

Disposals


(1,847)


-


(1,847)

At 31 December 2017


-


-


-








Carrying value







At 31 December 2018


-


-


-








At 31 December 2017


1


-


1

 

The company was party to hire purchase agreements in respect of its motor vehicles during the prior year.

Depreciation charged on assets subject to hire purchase agreements in the year was £Nil. (2017: £18,592).  The net book value of these assets at the end of the year and at the end of last year was £Nil.

 

20.     Receivables and loan notes

 

Non-current assets

Company

In 2018, amounts due within one year included £220,000 of loan notes (2017 - £220,000). The loan notes are convertible into 50 million new shares in Pantheon Leisure Plc (the borrower) at any time before redemption. The loan notes carry an interest coupon of 7.5% and are repayable on demand at par.

 

Pantheon Leisure Plc is a subsidiary undertaking of Ultimate Sports Group Plc.

 

The loan notes are included in investments.

Group

The group has no receivables and loan notes classified as non-current assets.

 

Current assets


Group


Company

               

2018


2017


2018


2017


£


£


£


£

Trade receivables

62,768


24,371

-


-

Other receivables

18,681


17,375


10,166



Amounts due from subsidiary undertakings

-


-


347,102


318,053

Prepayments and deferred expenditure

8,311


27,235


4,525


24,150


89,760


68,981


361,793


342,203

 

The average credit period given for trade receivables at the end of the year is 15 days (2017:6 days). Trade receivables are stated net of a provision for irrecoverable amounts of £Nil (2017: £Nil).

 

Amounts due from subsidiary undertakings are stated net of provisions for irrecoverable amounts which total £1,454,629 (2017: £1,375,864).

 

The total charge in the year in respect of irrecoverable receivables in the group accounts was £Nil (2017: £Nil).

As at 31 December, the ageing analysis of trade receivables, all of which are due and not impaired is as follows:

 






£






<3 months

2018





62,768

2017





24,371

 

21.          Trade and other payables

 


Group


Company

               

2018


2017


2018


2017


£


£


£


£

Trade payables

9,760


982


-


-

Other payables

24,672


1,216


-


-

Taxes and social security

99,459


74,981


-


-

Amounts due to subsidiary undertakings

-


-


287,793


273,573

Accruals and deferred income

106,020


96,482


31,922


10,744


239,911


173,661


319,715


284,317

 

 

The average credit period taken for trade payables at the end of the year is 8 days (2017: 1 day).

 

22.          Bank overdraft

 

                Sport in Schools Limited has a bank overdraft facility secured by a guarantee of up to £50,000 by Ultimate Sports Group Plc. The overdraft is repayable on demand.

 

23.          Deferred tax

 

The following are the deferred tax liabilities and assets recognised by the group and movements during the current and previous year:

 

 

Deferred tax liabilities


Fair value gains

Tax losses offset

Total



£

£

£

At 1 January 2017


(331)

331

-






Credited in the income statement


331

-

331

Charged directly to equity 


-

(331)

(331)

At 31 December  2018 and  31 December 2017


-

-

-

 

24.          Borrowings

 

There were no borrowings outstanding at 31 December 2018 (2017- £2,000)

 

25.     Issued and fully paid share capital

 

Ordinary shares

 

Number of ordinary 10p shares

Number of ordinary 1p shares

 

Number of deferred 9p shares


£

At 1 January 2017 

20,486,638

-

-


2,048,664

Shares issued in the year 

2,325,000

-

-


232,500

At 1 January 2018 

22,811,638

-

-


2,281,164

Subdivision of ordinary shares

   (22,811,638)

22,811,638

22,811,638


-

New shares issued in the year 

-

10,750,000

-


107,500

At 31 December 2018

-

33,561,638

22,811,638


2,388,664

 

Following a capital reorganisation in March 2018 in which each existing share of 10p each was subdivided into one new ordinary share of 1p each and 1 deferred share of 9p each, the company raised £537,500 before costs from a placing at a price of 5p per share resulting in the issue of a further 10,750,000 ordinary shares of 1p each.

 

Ordinary shares of 1p each:

Shareholders are entitled to receive dividends or distributions in the event of a winding up with rights to attend and vote at general meetings. 

 

Deferred shares of 9p each:

Shareholders are entitled to receive 0.1p for each £999,999 of dividends or other distributions in the event of a winding up with no rights to attend and vote at general meetings. 

 

At 31 December 2018 the company's issued shares carry no rights to fixed income.

 

The market price of the company's shares at 31 December 2018 was 20.00p and the price range during the financial year was 8.50p and 20.88p.

 

 

26. Share warrants and options

 

Warrants

In March 2018, the company issued new warrants to subscribe for shares. 750,000 A Warrants and 750,000 B Warrants were issued exercisable at a price of 10p and 25p respectively per new ordinary share.

Further details are given in note 30.

 

Options

In January 2011 the company adopted an unapproved share option scheme details of which are given in note 30

 

To date the company has granted options to acquire 577,500 ordinary shares to key executives and employees engaged in the development of the social network. At the year end and at the date of this report there are options to acquire 307,500 ordinary shares in issue.

 

27.  Financial commitments

 

The group is committed to making the following future minimum lease payments under non-cancellable operating leases which fall due as follows:


       2018

    2017


          £

      £

Within one year



Land and buildings

         10,868

      16,358

Other

           5,636

           -

Between two and five years



Land and buildings

         43,472

      47,193

Other

           6,417

           -

After five years



Land and buildings

         24,453

      35,321


         90,846

      98,872

 

28.         Reserves

 

Retained earnings represent the cumulative retained profit or loss of the group.

Share premium is the amount subscribed for share capital in excess of nominal value and is a capital reserve required by UK company law.

The merger reserve is a non-statutory reserve and represents the difference between the fair value and nominal value of the shares exchanged for shares on acquisition of Reverse Take-Over Investments Plc which took place in 2003.

The fair value reserve represents the cumulative surplus and deficits on recognition of available-for-sale investments at fair value, less tax attributable to the net surplus.

 

29.       Related parties

Details of the remuneration of directors is given in note 10. In addition to the information given in that note, the following provides further details of related party transactions involving the company and its directors.

 

The directors are the key management personnel of the group.

 

Simmonds & Co 

The group made payments of £26,500 (2017-£38,904) as contributions towards office and secretarial costs to Simmonds & Co, Chartered Accountants, a practice in which G Simmonds is sole proprietor. No amounts were due at 31 December 2018 (2017 - £Nil).

 

In March 2017, G Simmonds was issued with 125,000 A Warrants and 125,000 B Warrants. Further details relating to these new warrants are given in note 30.

 

R Owen

The company paid for office facilities to R Owen of £13,611 (2017- £ 23,686). No amounts were due to R Owen at the 31 December 2018 (2017- Nil).

 

In March 2018, R Owen was issued with 125,000 A Warrants and 125,000 B Warrants. Further details relating to these new warrants are given in note 30.

 

30.          Share-based payment transactions

 

Warrants

In March 2018, the company issued new warrants to subscribe for shares. 750,000 A Warrants and 750,000 B Warrants were issued exercisable at a price of 10p and 25p respectively per new ordinary share.

 

Warrants are valued using the Black-Scholes option pricing model. The fair value per option granted and the assumptions used in the calculation are as follows:

 

Grant date

13 March 2018

13 March 2018

Share price at grant date

15p per share

15p per share

Exercise price

10p per share

25p per share

Shares under warrant

250,000

250,000

Expected volatility

100.0%

100.0%

Option life (years)

3 years

3 years

Expected life (years)

3 years

3 years

Risk-free interest rate

1.25%

1.25%

Fair value per option

3.15p

2.8p

 

In accordance with IFRS2, the fair value of the warrants issued and recognised as a charge in the accounts for the year is £10,800. In arriving at this amount, the expected volatility is based on historical volatility, the expected life is the average expected period to exercise and the risk-free rate of return is the yield on a zero-coupon UK government bond for a term consistent with the assumed option life.

 

30.          Share-based payment transactions (continued).

 

Options

 

At the date of this report, options to acquire 577,500 ordinary shares share have been granted to employees or key executives involved in the group's trading operations. To date options over 270,000 shares have lapsed and there remain options over 307,500 shares that are exercisable.

 

Grant date

17 January 2011

6 March 2014

30 April 2014

Share price at grant date

25p per share

27.5p per share

27.5p per share

Exercise price

25p per share

27.5p per share

27.5p per share

Shares under option

210,000

167,500

200,000

Expected volatility

17.0%

20.9%

20.9%

Option life (years)

10 years

7 Years

7 Years

Expected life (years)

10 Years

7 Years

7 Years

Risk-free interest rate

2.0%

2.0%

2.0%

Fair value per option

0.4p

0.07p

0.07p

 

In accordance with IFRS2, the fair value of the share options issued and recognised as a charge in the accounts for the year is £Nil (2017 - £Nil). In arriving at the amount, the expected volatility is based on historical volatility, the expected life is the average expected period to exercise and the risk-free rate of return is the yield on a zero-coupon UK government bond for a term consistent with the assumed option life.

 

31.          Capital management and financial instruments 

 

The group is solely equity funded which represents the group's capital.

 

The group's objectives when maintaining capital are:

 

-      To safeguard the entity's ability to continue as a going concern, so that it can begin to provide returns for shareholders and benefits for other stakeholders; and

-      To provide an adequate return to shareholders by pricing products and services commensurately with the level of risk.

 

The group sets the amounts of capital it requires in proportion to risk. The group manages its capital structure and makes adjustments to it in light of changes in economic conditions and risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt.

 

Capital for the group comprises all components of equity - share capital of £2,388,664 (2017: £2,281,164), share premium of £782,031 (2017: £393,454), other reserves of £325,584 (2017: £325,584), the retained deficit of £2,979,116 (2017: £2,840,795) and debts which comprises loans of £Nil (2017: £2,000).

 

During the year ended 31 December 2018 the group's strategy was to preserve net cash resources by limiting cash absorbed from losses and through good cash management.

Financial assets and financial liabilities are recognised in the group's balance sheet when the group becomes a party to the contractual provision of the instrument.

At 31 December 2018 and 31 December 2017, there were no material differences between the fair value and the book value of the group's financial assets and liabilities. All financial assets and liabilities are measured at amortised cost.  Relevant financial assets and liabilities are set out below.

 

 

31.          Capital management and financial instruments (continued).

 

 

 

 

Group


 

Company

               

2018

 


2017

 


2018


2017


£


£


£


£

Financial assets








Cash and cash equivalents

535,329


129,611


413,656


81,459

Due from subsidiary undertakings

-


-


347,102


318,053

Trade and other short- term receivables

70,395


32,571


-


-


605,724


162,182


760,758


399,512

Financial liabilities (which are included at amortised cost)








Trade and other short- term payables

34,432


2,198


-


-

Due to subsidiary undertakings

-


-


287,793


273,573

Loans

-


2,000


-


-


34,432


4,198


287,793


273,573

 

 

The group's financial instruments comprise cash and cash equivalents, receivables, payables, loan obligations that arise directly from its operations

 

 

Amounts shown in trade and other short term receivables exclude prepayments and deferred expenditure for the group of £8,311 (2017: £27,235) and VAT recoverable of £11,054 (2017: £9,175) for the group and for the company £4,522 (2017: £Nil) of short term receivables and VAT recoverable of £10,166 (2017: £7,430).

 

Trade and short- term payables exclude deferred income and accruals of £106,020 (2017: £96,482), tax and social security creditors of £99,459 (2017: £74,981). For the company - for tax and accruals of £31,922 (2017: £10,744).

 

The group has not adopted a policy of using financial derivatives and does not rely on the use of interest rate hedges.

 

In common with other businesses, the group is exposed to risks that arise from its use of financial instruments.  There have been no substantive changes to the group's response to financial instrument risk and the methods used to measure them from previous periods.

 

The main risks arising from the group's financial instruments are market, credit and liquidity risks.

 

Market risk arises mainly from uncertainty about future prices of available-for-sale investments held by the group. The board monitors movements in the carrying value of its investments on a regular basis. As there are no remaining investments there is no longer any market risk attributable to investments.

 

Credit risk arises from trade receivables where the party fails to discharge their obligation in relation to the instrument. To minimise this risk, management have appropriate credit assessment methods to establish credit worthiness of new customers and monitor receivables by regularly reviewing aged receivable reports. There is no concentration of credit risk other than in respect to cash held on deposit at the company's bank as set out above.

 

 

The amount exposed to risk in respect of trade receivables at 31 December 2018 was £62,768 (2017: £24,371).

 

Liquidity risk arises in relation to the group's management of working capital and the risk that the company or any of its subsidiary undertakings will encounter difficulties in meeting financial obligations as and when they fall due.  To minimise this risk the liquidity position and working capital requirements are regularly reviewed by management.

 

The directors do not consider changes in interest rates have a significant impact on the group's cost of finance or operating performance.

 

As the group's operations are conducted in the United Kingdom, risks associated with foreign currency fluctuations are not relevant.

 

32.         Notes to statement of cash flows

 

a)             Analysis of net funds


At 1 January

2018

£

Cash Flow

£

At 31 December

2018

£

Group




Cash and cash equivalents

129,611

405,718

535,329

Borrowings 

(2,000)

2,000

-

Net funds

127,611

407,718

535,329





Company




Cash and cash equivalents

81,459

332,197

413,656

Net funds

81,459

332,197

413,636

 

 (b) Reconciliation of net cash flow to movement in net funds




 

Group

£


Company

£

Increase in cash and cash equivalents in the year



405,718


332,197

Cash outflow on borrowings repaid in the year



2,000


-







Movement in net funds



407,718


332,197

 

(c) Statement of cash flows from discontinued activities





2018


2017





£


£

Cash flow from discontinued activities







Profit/(loss) before tax




-


53,567








Adjustments for:







Gain on disposal of trade




-


(82,600)

Movements in working capital







Increase in debtors




-


(914)

Decrease/(Increase) in creditors




13,865


(42,084)

Cash generated/absorbed from operations




13,865


(72,031)








Investing activities







Net proceeds on disposal of trade




-


82,600

Net cash used in investing activities




-


82,600








Financing activities







Repayment of borrowings




-


(2,000)

Net cash used in financing activities






(2,000)

 

Net cash increase in cash and cash equivalents




 

13,865


 

8,569

Cash and cash equivalents at the beginning of the year




(13,865)


(22,434)

Cash and cash equivalents at the end of the year




-


(13,865)

 


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

a d v e r t i s e m e n t