17th Jan 2006 08:00
NCC Group PLC17 January 2006 NCC Group Transition to International Financial Reporting Standards NCC Group plc, the provider of Escrow Solutions, Testing Solutions andConsultancy, has adopted International Financial Reporting Standards (IFRS) witheffect from 1 June 2005 and will on Monday 23 January 2006 report its InterimResults for the six month period ended 30 November 2005 under IFRS basis. This statement explains the audited results of the Group restated from UKGenerally Accepted Accounting Principles (UK GAAP) under IFRS for the year ended31 May 2005. The key changes for the Group are: • the non-amortisation of goodwill, • the inclusion of fair value charge in relation to employee share schemes, and • the timing of dividend recognition. The net impact of these changes for the year ended 31 May 2005 was that GroupOperating profit increased by £1,188,000 to £5,789,000 and basic earnings pershare increased from 6.10p to 10.2p. Full details are annotated below. 17 January 2006 Enquiries: NCC Group (www.nccgroup.com) 0161 209 5200 Paul Edwards, Group Finance Director College Hill Adrian Duffield/Corinna Dorward 020 7457 2020 1. Introduction As a London Stock Exchange AIM listed company NCC Group plc will be required toprepare its consolidated accounts in accordance with International AccountingStandards (IAS) and International Financial Reporting Standards (IFRS) asadopted for use in the European Union (EU) from the 1 January 2007, havingpreviously prepared its accounts using UK Generally Accepted AccountingPrinciples (UK GAAP). The group have adopted the standards early and thereforethe NCC Group will report under IFRS for the year ended 31 May 2006. This report together with its appendices shows the impact of the transition toIFRS on NCC Group plc's reported performance and financial position andreconciles this to previously reported financial information with relevantexplanations and reasons for the adjustments. The directors are responsible for the preparation of the restated financialinformation and the IFRS restatement report was approved by the board ofdirectors on 16 January 2006. 2. Preliminary consolidated income statements for the year ended 31 May 2005 andsix months ended 30 November 2004 May 2005 November 2004 £000 £000 Revenue 17,971 8,513Cost of sales (9,415) (4,584) Gross profit 8,556 3,929Administrative expenses (2,767) (1,307) Operating profit 5,789 2,622 Financial income 162 55Financial expenses- Float related finance costs (861) (861)- Other financial expense (534) (365)Total financial expenses (1,395) (1,226)Net financing costs (1,233) (1,171) Profit before taxation 4,556 1,451Income tax expense (1,379) (458) Profit for the period 3,177 993 Attributable to Equity holders of the company 3,177 993Profit for the period 3,177 993 Earnings per shareBasic earnings per share 10.2p 3.3p Diluted earnings per share 10.0p 3.3p 3. Preliminary consolidated balance sheets for years ended 31 May 2005, 1 June2004 and six months ended 30 November 2004 31 May 30 November 1 June 2005 2004 2004 £000 £000 £000Non current assetsProperty, plant and equipment 1,002 761 546Intangible assets 27,401 27,401 27,401Deferred tax assets 166 110 71Total non-current assets 28,569 28,272 28,018 Current assetsTrade and other receivables 3,595 3,815 3,453Cash and cash equivalents 5,103 2,581 4,278Total current assets 8,698 6,396 7,731Total assets 37,267 34,668 35,749 EquityIssued capital 326 326 100Share premium 19,819 19,824 219Retained earnings 3,755 1,648 526Total equity attributable to equityholders of the parent 23,900 21,798 845 Minority interest (23) (23) (23)Total equity 23,877 21,775 822 Non current liabilitiesInterest bearing loans 3,882 4,478 26,566Lease incentives 137 69 -Total non current liabilities 4,019 4,547 26,566 Interest bearing loans 1,200 1,200 1,362Trade and other payables 2,563 2,214 2,265Deferred revenue 4,885 4,428 4,033Current tax payable 723 504 701Total current liabilities 9,371 8,346 8,361Total liabilities 13,390 12,893 34,927Total liabilities and equity 37,267 34,668 35,749 4. Statement of changes in equity Share Share P&L Total Minority Total Capital Premium Reserve Interest Equity £000 £000 £000 £000 £000 £000 Balance at 1 June 2004 100 219 526 845 (23) 822Share based charges - - 129 129 - 129Profit for the period - - 993 993 - 993Shares issued 226 19,605 - 19,831 - 19,831Balance at 30 November 2004 326 19,824 1,648 21,798 (23) 21,775 Balance at 1 June 2004 100 219 526 845 (23) 822Share based charges - - 297 297 - 297Profit for the period - - 3,177 3,177 - 3,177Shares issued 226 19,600 - 19,826 - 19,826Dividends to shareholders - - (245) (245) - (245)Balance at 31 May 2005 326 19,819 3,755 23,900 (23) 23,877 5. Preliminary consolidated cash flow statements for the year ended 31 May 2005and the six months ended 30 November 2004. May November 2005 2004 £000 £000Cash flows from operating activitiesProfit for the period 3,177 993Adjustments for:Depreciation charge 354 150Share based payments 297 129Finance expense 1,233 1,171Income tax expense 1,379 458Operating cash flow before changes in working capital 6,440 2,901Increase in receivables (142) (362)Increase in payables 1,374 500Profit on sale of fixed assets (11) (5)Cash generated from operations before interest and tax 7,661 3,034Interest paid (1,059) (894)Income taxes paid (1,041) (284)Net cash generated from operating activities 5,561 1,856 Cash flows from investing activitiesInterest received 123 55Proceeds from the sale of plant and equipment 34 7Acquisition of property, plant and equipment (834) (367)Net cash used in investing activities (677) (305) Cash flows from financing activitiesProceeds from the issue of ordinary share capital 19,826 19,831Proceeds from borrowings 5,975 5,975Payment of bank loans (12,875) (12,275)Receipt on disposal of interest rate swap 39 -Payment of loan notes (16,779) (16,779)Equity dividends paid (245) -Net cash from financing activities (4,059) (3,248) Net increase / (decrease) in cash and cash equivalents 825 (1,697) Cash and cash equivalents at beginning of period 4,278 4,278 Cash and cash equivalents at end of period 5,103 2,581 6. Basis of preparation The restated information has been prepared on the basis of all InternationalFinancial Reporting Standards (IFRS), Standing Interpretations Committee (SIC),International Financial Reporting Interpretations Committee (IFRIC) andinterpretations issued by the International Accounting Standards Board (IASB)that are either, endorsed by the EU and effective (or available for earlyadoption) or, are expected to be endorsed and effective (or available for earlyadoption) for the Group's first IFRS annual financial statements for the yearending 31 May 2006. Based on these IFRS standards, the directors have madeassumptions about the accounting policies expected to be applied when the firstannual IFRS consolidated accounts are prepared for the year ending 31 May 2006(the first annual IFRS consolidated accounts). 7. Transitional arrangements The requirements for first time adoption of IFRS are set out in IFRS 1, firsttime adoption of International Financial Reporting Standards. In general, acompany is required to define its IFRS accounting policies and apply theseretrospectively to determine its opening balance sheet as at 1 June 2004. Toassist companies in their transition to reporting under IFRS, IFRS1 sets outvarious exceptions and exemptions from this principle of full retrospectiveadoption. The exemptions that NCC Group plc has applied under IFRS are asfollows: a) Business combinations (IFRS 3) The Group has elected to apply IFRS 3 from the date of transition to IFRS ratherthan to restate previous business combinations. b) Share based payments (IFRS 2) The Group has elected not to apply the provisions of IFRS2, Share basedpayments, to share options granted on or before 7 November 2002 which had notvested on or before 1 January 2005. c) Foreign exchange differences (IAS 21) The Group has elected to apply IAS 21 and deem the cumulative exchangedifferences to be zero at the date of transition. 8. Significant changes in accounting policies Significant changes in accounting policies, which have arisen from NCC Group'stransition to IFRS, are discussed below. The impact of the changes in policy isquantified by each standard in the attached appendices. IFRS 2 Share-based payments IFRS 2 requires that an expense for all equity-settled share based payments isrecognised. The expense is calculated with reference to the fair value of the award on thedate of grant and is spread over the period during which the employee becomesunconditionally entitled to the award, adjusted to reflect actual and expectedlevels of vesting. Black-Scholes, Binomial and Monte Carlo simulation modelshave been used to calculate the fair values of options on their grant date forall options issued after 7 November 2002 which had not vested by 1 January 2005. The impact of this is to reduce profit for the year ended 31 May 2005 by£297,000 (six months ended 30 November 2004: £129,000) together with anassociated tax credit of £89,000 (six months ended 30 November 2004: £39,000). 8. Significant changes in accounting policies (continued) IFRS 3 Business combinations Under UK GAAP, goodwill arising on acquisitions made post 1 January 1998 wascapitalised and amortised, on a straight line basis, over its useful economiclife. Under IFRS 3, positive goodwill is considered to have an indefinite life andconsequently is not amortised, but instead is subject to impairment testing bothannually and when there are indications that the carrying value may not berecoverable in full. As permitted by IFRS 1, NCC Group plc has applied IFRS 3 from the transitiondate, rather than restating all previous business combinations. The impact of IFRS 3 on NCC Group plc is that the amortisation of goodwill isreversed increasing profit for the year ended 31 May 2005 by £1.5m (six monthsended 30 November 2004 £0.752m) IAS 10 Events after the balance sheet date Under UK GAAP, dividends declared after the period end are recognised as aliability of the company at the balance sheet date. Under IAS 10, dividends declared after the period end represent a non-adjustingpost balance sheet event and therefore no liability is recognised at the balancesheet date. Consequently, there is an adjustment as at 31 May 2005 to remove the liabilityof £571,000 (30 November 2004 interim dividend £245,000) SIC 15 Leasehold incentives Under UK GAAP the policy was to defer the incentive of a year's rent free periodup to the first break clause in the lease. Under SIC 15 leasehold incentives must be spread over the whole of the leaseterm. Consequently the effect is to reduce profit for the year ended 31 May 2005 by£15,000 (six months ended 30 November 2004: £8,000) together with an associatedtax credit of £5,000 (six months ended 30 November 2004: £3,000). Presentation of financial information The layout of the primary financial information has been amended in accordancewith IAS 1 'Presentation of Financial Statements' from that presented under UKGAAP. This format and presentation may require modification as practice andindustry consensus develops. 9. Revised accounting policies under IFRS Basis of preparation The consolidated accounts have been prepared in accordance with the recognitionand measurement requirements of International Financial Reporting Standards inissue that are either endorsed by the EU and effective (or available for earlyadoption) at 31 May 2006 or are expected to be endorsed and effective (oravailable for early adoption) at 31 May 2006, the Group's first annual reportingdate at which IFRS are to be adopted. The preparation of this financialinformation resulted in changes to the accounting policies as compared with themost recent annual financial statements prepared under previous GAAP. Theaccounting policies set out below have been applied consistently to all periodspresented in this financial information. 9. Revised accounting policies under IFRS (continued) Basis of consolidation (i) Subsidiaries Subsidiaries are entities controlled by the company. Control exists where thecompany has the power, directly or indirectly, to govern the financial andoperating policies of an entity so as to obtain benefits from its activities.The financial statements of subsidiaries are included in the consolidatedfinancial statements from the date control commences until the date that controlceases. (ii) Transactions eliminated on consolidation Intra-group balances, and any unrealised gains and losses or income and expensesarising from intra-group transactions, are eliminated in preparing theconsolidated financial information. Goodwill Goodwill represents the difference between the cost of acquisition and the fairvalue of net identifiable assets acquired. Goodwill arising on acquisitions is capitalised and subject to an impairmentreview, both annually and when there are indication that its carrying value maynot be recoverable. Property, plant and equipment Items of property, plant and equipment are stated at cost less accumulateddepreciation and impairment losses. Depreciation is charged to the income statement to write off the cost less theestimated residual value of tangible fixed assets by equal instalments overtheir estimated useful economic lives as follows: Computer equipment 20% to 33%Plant and equipment 20%Fixtures and fittings 20%Motor vehicles 25% Revenue recognition Turnover represents the invoiced value of goods and services provided during theperiod, excluding VAT and after deferred income. The results of partiallycompleted contracts whether fixed price or on a time and materials basis aredealt with on a percentage completion basis by including the profit or lossearned on work completed to the balance sheet date. Provisions are made for anylosses on uncompleted contracts expected to be incurred after the balance sheetdate. Maintenance and Escrow Solution agreement revenue is recognised on astraight-line basis over the life of the related agreement. Foreign currencies Transactions in foreign currencies are translated at the exchange rate ruling atthe date of the transaction. Monetary assets and liabilities in foreigncurrencies are translated at the rates of exchange ruling at the balance sheetdate. The balance sheets of overseas undertakings are also translated at the rates ofexchange ruling at the balance sheet date. Income statements of overseasundertakings are translated at the average rates of exchange for the accountingperiod. The exchange differences arising from the retranslation of the openingbalance sheet amounts are dealt with through equity. All other exchangedifferences are dealt with through the income statement. Under IAS 21, exchange differences resulting from the translation of the openingnet investment in foreign operations that arise after the transition date arerecognised as a separate reserve. 9. Revised accounting policies under IFRS (continued) Leases Operating lease rentals are charged to the income statement on a straight-linebasis over the period of the lease. Lease incentives received are recognised inthe income statement as an integral part of the total lease expense. Pension benefits The Group operates a defined contribution pension scheme. The assets of thescheme are kept separately from those of the Group in an independentlyadministered fund. The amount charged against profits represents thecontributions payable to the scheme in respect of the accounting period. Share-based payments The fair value of equity instruments granted to employees is charged to theincome statement with a corresponding increase in equity. The fair value ismeasured at grant date, using an appropriate valuation model, and spread overthe period during which the employee becomes unconditionally entitled to anaward. The charge is adjusted to reflect the actual number of shares or optionsthat vest, except where forfeiture is due to a market based criteria. Taxation Tax for the period comprises current and deferred tax. Tax is recognised in theincome statement except to the extent that it relates to items recogniseddirectly in equity, in which case it is recognised in equity. Current tax is the expected tax payable on the taxable income for the year,using tax rates enacted at the balance sheet date, and any adjustment to taxpayable in respect of previous years. Deferred tax is provided using the balance sheet liability method, providing fortemporary differences between the carrying amounts of assets and liabilities forfinancial reporting purposes and the amounts used for taxation purposes. Theamount of deferred tax provided is based on the expected manner of realisationor settlement of the carrying amounts of assets and liabilities, using tax ratesenacted at the balance sheet date. A deferred tax asset is only recognised to the extent that it is probable thatfuture taxable profits will be available against which the asset can beutilised. Deferred tax assets are reduced to the extent that it is probable thatthe related deferred tax benefit will be realised. Cash and cash equivalents Cash and cash equivalents, for the purpose of the cash flow statement, comprisescash in hand and deposits repayable on demand less overdrafts payable on demand. Appendix 1 - Reconciliation of consolidated income statement from UK GAAP toIFRS for the year ended 31 May 2005 Previously IFRS 2 Share IFRS 3 IAS 10 SIC 15 31 May reported based charges Goodwill Dividends Leasehold 2005 under UK Incentives IFRS GAAP £000 £000 £000 £000 £000 £000 Revenue 17,971 17,971Cost of sales (9,118) (297) (9,415) Gross profit / 8,853 (297) 8,556(loss)Administrative (4,252) 1,500 (15) (2,767)expenses Operating profit / 4,601 (297) 1,500 (15) 5,789(loss) Float related (861) (861)finance costsFinancial income 162 162Financial expense (534) (534)Net financing costs (1,233) (1,233) Profit / (loss) on 3,368 (297) 1,500 (15) 4,556ordinary activitiesbefore taxationTax on profit / (1,473) 89 5 (1,379)(loss) on ordinaryactivities Profit / (loss) on 1,895 (208) 1,500 (10) 3,177ordinary activitiesafter taxationDividends (816) 571 (245)Profit / (loss) for 1,079 (208) 1,500 571 (10) 2,932the year Attributable to Equity holders 1,079 (208) 1,500 571 (10) 2,932of the company Equity minority - -interestProfit / (loss) on 1,079 (208) 1,500 571 (10) 2,932ordinary activities Earnings per shareBasic earnings per 6.1p 10.2pshare Diluted earnings per 6.0p 10.0pshare Appendix 2 - Reconciliation of consolidated income statement from UK GAAP toIFRS for the period ended 30 November 2004 Previously IFRS 2 Share IFRS 3 IAS 10 SIC 15 30 November reported based Goodwill Dividends Leasehold 2004 under UK charges Incentives IFRS GAAP £000 £000 £000 £000 £000 £000 Revenue 8,513 8,513Cost of sales (4,455) (129) (4,584) Gross profit / 4,058 (129) 3,929(loss)Administrative (2,051) 752 (8) (1,307)expenses Operating profit / 2,007 (129) 752 (8) 2,622(loss) Float related (861) (861)finance costsFinancial income 55 55Financial expense (365) (365)Net financing costs (1,171) (1,171) Profit / (loss) on 836 (129) 752 (8) 1,451ordinary activitiesbefore taxationTax on profit / (500) 39 3 (458)(loss) on ordinaryactivities Profit / (loss) on 336 (90) 752 (5) 993ordinary activitiesafter taxationDividends (245) 245 -Profit / (loss) for 91 (90) 752 245 (5) 993the period Attributable to Equity holders 91 (90) 752 245 (5) 993of the company Equity minority - -interestProfit / (loss) on 91 (90) 752 245 (5) 993ordinary activities Earnings per shareBasic earnings per 1.1p 3.3pshare Diluted earnings per 1.1p 3.3pshare Appendix 3 - Reconciliation of consolidated balance sheet from UK GAAP to IFRSat 31 May 2005 31 May IAS 1 IFRS 2 IFRS 3 IAS 10 SIC 15 31 May 2005 Reclassification Share based Goodwill Dividends Leasehold 2005 UK GAAP adjustment charges incentives IFRS £000 £000 £000 £000 £000 £000 £000Non current assetsProperty, plant and 1,002 1,002equipmentIntangible assets 25,901 1,500 27,401Deferred tax assets - 77 89 166Total non current 26,903 77 89 1,500 28,569assets Current assetsTrade and other 3,672 (77) 3,595receivablesCash and cash 5,103 5,103equivalentsTotal current assets 8,775 (77) 8,698Total assets 35,678 89 1,500 37,267 EquityIssued capital 326 326Share premium 19,819 19,819Retained earnings 1,605 89 1,500 571 (10) 3,755Shareholders' funds 21,750 89 1,500 571 (10) 23,900 Minority interest (23) (23)Total equity and 21,727 89 1,500 571 (10) 23,877reserves Non currentliabilitiesInterest bearing 3,900 3,900loansLease incentives 122 15 137Issue costs (18) (18)Total non current 4,004 15 4,019liabilities Interest bearing 1,200 1,200loansTrade and other 2,563 2,563payablesDividends payable 571 (571) -Deferred revenue 4,885 4,885Current tax payable 728 (5) 723Total current 9,947 (571) (5) 9,371liabilitiesTotal liabilities 13,951 (571) 10 13,390Total liabilities 35,678 89 1,500 37,267and equity Appendix 4 - Reconciliation of consolidated balance sheet from UK GAAP to IFRSat 30 November 2004 31 May 2005 IAS 1 IFRS 2 IFRS 3 IAS 10 SIC 15 30 November Reclassification Share based Goodwill Dividends Leasehold 2005 UK GAAP adjustment charges incentives IFRS £000 £000 £000 £000 £000 £000 £000Non current assetsProperty, plant and 761 761equipmentIntangible assets 26,650 751 27,401Deferred tax assets - 71 39 110Total non current 27,411 71 39 751 28,272assets Current assetsTrade and other 3,886 (71) 3,815receivablesCash and cash 2,581 2,581equivalentsTotal current assets 6,467 (71) 6,396Total assets 33,878 39 751 34,668 EquityIssued capital 326 326Share premium 19,824 19,824Retained earnings 618 39 751 245 (5) 1,648Shareholders' funds 20,768 39 751 245 (5) 21,798 Minority interest (23) (23)Total equity and 20,745 39 751 245 (5) 21,775reserves Non currentliabilitiesInterest bearing 4,500 4,500loansLease incentives - 61 8 69Issue costs (22) (22)Total non current 4,478 61 8 4,547liabilities Interest bearing 1,200 1,200loansTrade and other 2,275 (61) 2,214payablesDividends payable 245 (245) -Deferred revenue 4,428 4,428Current tax payable 507 (3) 504Total current 8,655 (61) (245) (3) 8,346liabilitiesTotal liabilities 13,133 - (245) 5 12,893Total liabilities 33,878 - 39 751 34,668and equity Appendix 5 - Reconciliation of consolidated balance sheet from UK GAAP to IFRSat 1 June 2004 1 June IAS 1 Reclassification 1 June 2004 2004 adjustment IFRS UK GAAP £000 £000 £000Non current assetsProperty, plant and equipment 546 546Intangible assets 27,401 27,401Deferred tax assets - 71 71Total non-current assets 27,947 71 28,018 Current assetsTrade and other receivables 3,524 (71) 3,453Cash and cash equivalents 4,278 4,278Total current assets 7,802 (71) 7,731Total assets 35,749 35,749 EquityIssued capital 100 100Share premium 219 219Retained earnings 526 526Shareholders' funds 845 845 Minority interest (23) (23)Total equity and reserves 822 822 Non current liabilitiesInterest bearing loans 27,354 27,354Issue costs (788) (788)Total non current liabilities 26,566 26,566 Interest bearing loans 1,362 1,362Trade and other payables 2,261 2,261Dividends payable 4 4Deferred revenue 4,033 4,033Current tax payable 701 701Total current liabilities 8,361 8,361Total liabilities 34,927 34,927Total liabilities and equity 35,749 35,749 Appendix 6 - Reconciliation of consolidated cash flow from UK GAAP to IFRS forthe period ended 30 November 2004 30 November IFRS 2 Share IFRS 3 SIC 15 30 November 2004 based Goodwill Leasehold 2004 UK GAAP charges incentives IFRS £000 £000 £000 £000 £000Cash flows from operating activitiesProfit for the period 336 (129) 752 (8) 951Adjustments for:Depreciation charge 150 150Amortisation of goodwill 752 (752) -Share based charges - 129 129Finance expense 1,171 1,171Income tax expense 500 500Operating cash flow before changes in 2,909 (8) 2,901working capitalIncrease in receivables (362) (362)Increase in payables 492 8 500Profit on sale of fixed assets (5) (5)Cash generated from operations 3,034 3,034Interest paid (894) (894)Income taxes paid (284) (284)Net cash generated from operating 1,856 1,856activities Cash flows from investing activitiesInterest received 55 55Receipt on disposal of interest rate swap - -Proceeds from the sale of plant and 7 7equipmentAcquisition of property, plant and (367) (367)equipmentNet cash used in investing activities (305) (305) Cash flows from financing activitiesProceeds from the issue of ordinary share 19,831 19,831capitalProceeds from borrowings 5,975 5,975Payment of bank loans (12,275) (12,275)Payment of loan notes (16,779) (16,779)Equity dividends paid - -Net cash from financing activities (3,248) (3,248) Net increase / (decrease) in cash and cash (1,697) (1,697)equivalents Cash and cash equivalents at beginning of 4,278 4,278periodCash and cash equivalents at end of period 2,581 2,581Cash and cash equivalents comprise:Cash at bank and in hand 2,581 2,581 Appendix 7 - Reconciliation of consolidated cash flow from UK GAAP to IFRS forthe year ended 31 May 2005 31 May IFRS 2 Share IFRS 3 SIC 15 31 May 2005 2005 based Goodwill Leasehold UK GAAP charges incentives IFRS £000 £000 £000 £000 £000Cash flows from operating activitiesProfit for the period 1,895 (297) 1,500 (15) 3,083Adjustments for:Depreciation charge 354 354Amortisation of goodwill 1,500 (1,500) -Share based charges - 297 297Finance expense 1,233 1,233Income tax expense 1,473 1,473Operating cash flow before changes in working 6,455 (15) 6,440capitalIncrease in receivables (142) (142)Increase in payables 1,359 15 1,374Profit on sale of fixed assets (11) (11)Cash generated from operations 7,661 7,661Interest paid (1,059) (1,059)Income taxes paid (1,041) (1,041)Net cash generated from operating activities 5,561 5,561 Cash flows from investing activitiesInterest received 123 123Proceeds from the sale of plant and equipment (834) (834)Acquisition of property, plant and equipment 34 34Net cash used in investing activities (677) (677) Cash flows from financing activitiesProceeds from the issue of ordinary share 19,826 19,826capitalProceeds from borrowings 5,975 5,975Payment of bank loans (12,875) (12,875)Receipt on disposal of interest rate swap 39 39Payment of loan notes (16,779) (16,779)Equity dividends paid (245) (245)Net cash from financing activities (4,059) (4,059) Net increase / (decrease) in cash and cash 825 825equivalents Cash and cash equivalents at beginning of 4,278 4,278periodCash and cash equivalents at end of period 5,103 5,103Cash and cash equivalents comprise:Cash at bank and in hand 5,103 5,103 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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