TIDMMIN
RNS Number : 6673J
Minoan Group PLC
28 April 2022
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
28 April 2022
Minoan Group Plc
("Minoan", the "Group" or the "Company")
Preliminary Results Announcement
Minoan Group Plc announces its Preliminary Results for the year
ended 31 October 2021
Project highlights
-- George Mergos appointed Chairman of Loyalward Limited, the Project owner.
-- A revised Masterplan has been produced by the Company's professional team.
-- Management and Deloitte have re-examined the key assumptions
and numbers in the Business Plans, which show stabilised Project
turnover, once the resort becomes fully operational, in excess of
EUR100m.
-- In the last few months the Company has presented the new
Masterplan and Business Plans to the Foundation.
-- Next stage discussion now underway with the Foundation.
Financial highlights
-- Reduced loss before taxation of GBP749,000 (2019/20:
GBP876,000) despite large non-cash credit last year.
-- Operating costs fell by over 69% to GBP511,000 (2019/20:
GBP864,000) due to reductions in UK salary costs and legal and
professional fees.
-- Net assets increased to GBP42,406,000 (2019/20: GBP41,942,000).
"My team and I are very satisfied with the progress made and the
potential returns of the Project. We are now engaged in the process
of discussing the next stages of the Project with the Foundation
."
George Mergos, Chairman, Loyalward Limited
Minoan Group Plc's Report and Financial Statements for the year
ended 31 October 2021 can be viewed on the Company's website with
effect from 28 April 2022.
For further information visit www.minoangroup.com or
contact:
Minoan Group Plc
Christopher Egleton christopher.egleton@minoangroup.com
George Mergos georgios.mergos@minoangroup.com
Bill Cole william.cole@minoangroup.com
W H Ireland Limited
James Joyce/Megan Liddell 020 7220 1666
Peterhouse Capital Limited
Duncan Vasey 020 7469 0930
Sapience Communications Limited 020 3195 3240
Richard Morgan Evans
Statement of the Chairman of Loyalward Limited, the Project
Owner
I was very pleased to accept the invitation to join the Boards
of both Minoan Group Plc ("Minoan") and Loyalward Limited
("Loyalward"). Further, I was delighted to take on the role of
Chairman of Loyalward at this time of major progress and as it
approaches the culmination of the long and sometimes difficult
journey to the start of the development of what, undoubtedly, will
be one of the best luxury projects in the Mediterranean.
The past few months have, amongst other things, enabled me to
oversee the completion of the new business plans as we move forward
with the Foundation regarding adjustments to the existing Contract
and associated legal documentation. I am looking forward to the
next period as the one which will enable me and my team to complete
the steps necessary to see the Project's partners contracted and
start to see real progress on site.
Masterplan
As shareholders will be aware, the main planning legislation for
the Project is the Presidential Decree ("PD") which was issued in
2016 and became unappealable in the following year.
The PD sets out detailed guidelines which govern the Project and
include, inter alia, its size (108,000 square metres of built
space) and the environmental terms and conditions to be followed at
all times. More detail is given on Minoan's website at
www.minoangroup.com .
After taking into account recent trends in the tourism and
hospitality market including, most recently, the effects of the
pandemic, our architects, land planners, designers and engineers
have produced a revised Masterplan for what I believe will become
the best resort in Greece and the Eastern Mediterranean.
The key points of the design are that all buildings will be low
rise and consist largely of independent units with this combination
leading to a level of privacy not usually available in such
resorts. Allied to the planned level of luxury, with an emphasis on
wellbeing as well as wellness and the multitude of activities which
will be available, Itanos Gaia at Cavo Sidero will create new
standards for modern tourism as well as appeal to new types of
demand now becoming evident, particularly in relation to the
working from home trend. It will be a unique place for all
visitors, whether for a few days, weeks, months, or even years.
As we move forward it is my intention to ensure that the
Company's website reflects as much of our thinking as possible,
both in terms of the Project design and the commercial arrangements
being discussed and completed.
The Business Plans
With the revised Masterplan now complete, we and Deloitte have
re-examined all the key assumptions and numbers included in the
Business Plans for the Project.
I refer to Plans rather than Plan in order to make it clear that
we have examined the Project and the flexibility which the
architects have incorporated into the design to allow for changes
in the composition of the hotel and tourist residence elements. The
purpose of these exercises has been to ensure that we can adjust to
market forces as we move forward in the post pandemic and 'working
from home' world.
In December 2021 the Company submitted the new Masterplan and
detailed designs to the Foundation. This was followed in March 2022
by the presentation of proposals for adjustments to the Contract
for the lease of the Cavo Sidero site together with a full
presentation of the Business Plans prepared by Deloitte.
The proposals included one which was based on an acceptance by
Loyalward of a set of principles and documentation set out by the
Foundation as being their preferred basis of cooperation.
All of the models chosen produce good returns even though we
have used a conservative approach and a Gross Operating Profit
which is below the industry standard, particularly in the early
years. The following should be taken in context as a guide only and
will depend on the final choice of hotel partners and the normal
risks associated with long term forecasts. In order to give some
idea of the scale of the Project, the current business plans
forecast, once the resort becomes fully operational, a stabilised
turnover for hotel and villa rental rooms in excess of EUR100m.
Statement of the Chairman of Loyalward Limited, the Project
Owner (continued)
My team and I are very satisfied with the progress made and the
potential returns of the Project. We are now engaged in the process
of discussing the next stages of the Project with the
Foundation.
George Mergos
Chairman, Loyalward Limited
28 April 2022
Chairman's Statement
Introduction
For the year ended 31 October 2021, against the backdrop of the
ongoing global pandemic, the Group continued to progress
significantly its Crete project (the "Project") whilst reducing its
overall cost base. Since the year end, the progress on the Project
has accelerated and includes, inter alia, senior executive
management changes, completion of a new Project Masterplan, revised
Business Plans, constructive negotiations with our Foundation
partners and a welcome return of site visits with potential
commercial partners.
The Board recognises the need to demonstrate unequivocal
progress in terms of the Project's development in the immediate
future. We fully acknowledge that such progress has been slower
than expected and we are grateful to shareholders and stakeholders
for their patience. The Board now believes that this patience will
be rewarded; with a new Chairman of our wholly owned subsidiary now
in place, our business plans updated to reflect the current market
potential, a resilient investment environment, encapsulated in the
new Development law and with Covid restrictions receding, Minoan is
now exceptionally well placed to finally progress the Project
towards activation.
Financial Review
The loss before taxation for the year of GBP749,000 was improved
compared to the GBP876,000 recorded for the year to 31 October 2020
despite a large credit last year relating to the non-cash fair
value adjustment for warrants.
Operating costs fell by over 69% to GBP511,000 from GBP864,000
as a result of reductions in UK salary costs and in legal and
professional fees. The Company's net assets at 31 October 2021
increased to GBP42,406,000 from GBP41,942,000.
The Company is continuing discussions with its major lender and
reports that both parties are working towards a mutually acceptable
solution to help to ensure the Company has sufficient working
capital for the next year. The Board fully expects, subject to
detailed agreement, that the repayment date of the borrowing will
be further extended.
The Project and Greece
During the year, new studies for the detailed environmental
assessment of the Project and the Project Site were commissioned
which, in part, enabled the preparation of the Masterplan for the
new and more luxurious development as envisaged when the Project
was successful in being granted its coveted 'Strategic Investment'
status. The Company worked extensively with Deloitte in Greece,
with both the financial advisory and specialist hospitality
divisions, on the financial modelling and business case to inform
its discussions with the Public Welfare Ecclesiastical Foundation
Panagia Akrotiriani (the "Foundation") concerning the Contract and
the lease agreement as well as with different types of commercial
partners for the Project.
Further details of the new Masterplan, the accompanying Business
Plans and the Project generally are set out in the statement by
George Mergos as Chairman of the Project Company, Loyalward
Limited.
Boards and Management
In February this year the Board was pleased to welcome George
Mergos to the boards of both Minoan Group Plc and Loyalward
Limited, the Group's wholly owned subsidiary and owner of the
Project. In March we announced that George had also been appointed
Chairman of Loyalward Limited. With his extensive management
experience at the highest levels in the public and the private
sector within Greece in both complex projects and finance, George
is ideally qualified to lead the Project as it moves towards its
development stage.
Chairman's Statement (continued)
Although my thanks to Barry Bartman were set out in the
announcement at the time, I would like to repeat them here. Barry,
who retired as a director in February, has been a stalwart of the
Company for many years providing invaluable advice and support to
the Group during what have sometimes been difficult times as we
have overcome numerous obstacles including, most recently, the
delays caused by the Covid pandemic.
The skills, competence and balance of the Boards and the
management teams are regularly under review to ensure they serve
the companies appropriately. As we move to the next phase of the
Project, I expect to be announcing further changes to ensure that
the right balance is achieved both within Minoan and Loyalward.
Outlook
The Group continues to discuss and work with the Foundation to
bring the Contract and the leas e of the site more into line with
modern practice and the new Project. As this work progresses, the
Company will pursue and then complete discussions with hotel and
other commercial partners.
George Mergos and I are looking forward to updating shareholders
on what we believe will be substantive progress over the coming
weeks and months .
Christopher W Egleton
Chairman
28 April 2022
Consolidated Statement of Comprehensive Income
Year ended 31 October 2021
2021 2020
GBP'000 GBP'000
--------------------------- ---------------------------
Revenue - -
Cost of sales - -
Gross profit - -
--------------------------- ---------------------------
- -
--------------------------- ---------------------------
Operating expenses (511) (864)
Other operating expenses:
Corporate development costs - -
Operating loss (511) (864)
Finance costs (238) (12)
Loss before taxation (749) (876)
Taxation - -
--------------------------- ---------------------------
Loss after taxation (749) (876)
Other Comprehensive income for - -
the year
--------------------------- ---------------------------
Total Comprehensive income for
the year (749) (876)
--------------------------- ---------------------------
Loss for year attributable to
equity holders of the Company (749) (876)
Loss per share attributable to
equity holders of
the Company: Basic and diluted (0.14)p (0.20)p
--------------------------- ---------------------------
Consolidated Statement of Changes in Equity
Year ended 31 October 2021
Year ended 31 October 2021
Share Merger Warrant Retained Total
Share capital premium reserve Reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------- --------------- --------- -------- ------------ ----------------- ----------------------
Balance at 1 November
2020 17,959 36,476 9,349 2,527 (24,369) 41,942
Loss for the year - - - - (749) (749)
Issue of ordinary
shares
at a premium 1,062 107 - - - 1,169
Increase in Warrant
Reserve
(note 17) - - - 44 - 44
Balance at 31 October
2021 19,021 36,583 9,349 2,571 (25,118) 42,406
----------------------- --------------- --------- -------- ------------ ----------------- ----------------------
Year ended 31 October 2020
Share Share Merger Warrant Retained Total
capital premium reserve Reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------- ---------------- --------- -------- ----------- ----------------- --------------------
Balance at 1 November
2019 17,188 36,119 9,349 3,094 (23,493) 42,257
Loss for the year - - - - (876) (876)
Issue of ordinary
shares
at a premium 771 357 - - - 1,128
Reduction in Warrant
Reserve (note 17) - - - (567) - (567)
Balance at 31 October
2020 17,959 36,476 9,349 2,527 (24,369) 41,942
------------------------- ---------------- --------- -------- ----------- ----------------- --------------------
Consolidated Statement of Financial Position as at 31 October
2021
2021 2020
GBP'000 GBP'000
-------- --------
Assets
Non-current assets
Intangible assets 3,583 3,583
Property, plant and equipment 157 157
Total non-current assets 3,740 3,740
-------- --------
Current assets
Inventories 46,758 46,431
Receivables 162 225
Cash and cash equivalents 20 6
Total current assets 46,940 46,662
-------- --------
Total assets 50,680 50,402
-------- --------
Equity
Share capital 19,021 17,959
Share premium account 36,583 36,476
Merger reserve account 9,349 9,349
Warrant reserve 2,571 2,527
Retained earnings (25,118) (24,369)
-------- --------
Total equity 42,406 41,942
-------- --------
Liabilities
Current liabilities 8,274 8,460
Total equity and liabilities 50,680 50,402
-------- --------
Consolidated Cash Flow Statement
Year ended 31 October 2021
2021 2020
GBP'000 GBP'000
--------------------------- ---------------------------
Cash flows from operating activities
Loss before taxation (749) (876)
Finance costs 238 12
Depreciation - -
Increase in inventories (327) (583)
Decrease / (Increase) in receivables 63 (14)
(Decrease) / Increase in current
liabilities (514) 894
--------------------------- ---------------------------
Net cash (outflow) from operations (1,289) (567)
Finance costs (194) (12)
Net cash used in operating
activities (1,483) (579)
--------------------------- ---------------------------
Cash flows from investing activities
Purchase of property, plant - -
and equipment
Net cash used in investing
activities - -
--------------------------- ---------------------------
Cash flows from financing activities
Net proceeds from the issue
of ordinary shares 1,169 1,128
Loans received / (repaid) 328 (567)
--------------------------- ---------------------------
Net cash generated from financing
activities 1,497 561
--------------------------- ---------------------------
Net increase / (decrease) in
cash 14 (18)
14 (18)
Cash at beginning of year 6 24
--------------------------- ---------------------------
Cash at end of year 20 6
--------------------------- ---------------------------
Notes to the Financial Statements
Year ended 31 October 2021
1 General information
The financial information set out in this announcement does not
constitute statutory financial statements for the year ended 31
October 2021 or 31 October 2020. The report of the auditors on the
statutory financial statements for the year ended 31 October 2021
and 31 October 2020 was not qualified.
The report of the auditors on the statutory financial statements
for each of the years ended 31 October 2021 and 31 October 2020 did
not contain statements under section 498(2) or (3) of the Companies
Act 2006. The statutory financial statements for the year ended 31
October 2020 have been delivered to the Registrar of Companies. The
financial statements for the year ended 31 October 2021 will be
delivered to the Registrar of Companies following the Company's
Annual General Meeting.
The Company is a public limited company incorporated in England
and Wales. The Company's principal activity in the year under
review was that of a holding and management company of a Group
involved in the design, creation, development and management of
environmentally friendly luxury hotels and resorts plus the
provision of general management services.
2 Accounting policies
Basis of preparation
The financial statements are prepared under the historical cost
convention except for where financial instruments are stated at
fair value.
Adoption of new and revised Standards
The International Accounting Standards Board and IFRIC have
issued the following new and revised standards and interpretations
with an effective date after the date of these financial
statements, which have been endorsed and issued by the European
Union at 31 October 2021.
Standard Details of amendment Effective
date
IFRS Business Combinations Amendments updating a reference 1 January
3 to the Conceptual Framework 2022
IAS 1 Presentation of Amendments regarding the 1 January
Financial statements classification of liabilities 2023
IAS 1 Presentation of IASB defers effective date 1 January
Financial statements of Classification of Liabilities 2023
as Current or Non-current
(Amendments to IAS 1) to
1 January 2022
IAS 12 Income Taxes Amended by Deferred Tax 1 January
related to Assets and Liabilities 2023
arising from a Single Transaction
(Amendments to IAS 12)
IAS 16 Property, Plant Amendments prohibiting a 1 January
and Equipment company from deducting from 2022
the cost of property, plant
and equipment amounts received
from selling items produced
while the company is preparing
the asset for its intended
use
IAS 37 Provisions, Contingent Amendments regarding the 1 January
Liabilities and costs to include when assessing 2022
Contingent Assets whether a contract is onerous
Notes to the Financial Statements (continued)
Year ended 31 October 2021
2 Accounting policies (continued)
Going concern
The directors have considered the financial and commercial
position of the Group in relation to its project in Crete (the
"Project"). In particular, the directors have reviewed the matters
referred to below.
Following the unanimous approval of a Plenum of the Greek
Council of State, the highest court in Greece, the Presidential
Decree granting land use approval for the Project was issued on 11
March 2016 and was published in the Government Gazette. The
planning rules for the Project are now enshrined in law. The
appeals lodged against the Presidential Decree have been rejected
by the Greek Supreme Court. Accordingly, the directors consider
that they will conclude further Project joint venture agreements in
the near term.
In addition to specific Project related matters as noted above,
and as has been the case in the past, the Group continues to need
to raise capital in order to meet its existing finance and working
capital requirements. While the directors consider that any
necessary funds will be raised as required, the ability of the
Company to raise these funds is, by its nature, uncertain.
Having taken these matters into account, the directors consider
that the going concern basis of preparation of the financial
statements is appropriate.
Basis of consolidation
The consolidated financial statements incorporate the financial
statements of the Company and all its subsidiaries as at 31 October
2021 using uniform accounting policies. The Group's policy is to
consolidate the result of subsidiaries acquired in the year from
the date of acquisition to the Group's next accounting reference
date. Intra-group balances are eliminated on consolidation.
Acquisitions of subsidiaries and businesses are accounted for
using the acquisition method. The consideration for each
acquisition is measured at the aggregate of the fair values of the
assets given, liabilities incurred and equity instruments issued by
the Group in exchange for control of the acquired business.
Acquisition related costs are recognised in the consolidated
statement of comprehensive income as incurred.
Critical accounting estimates and judgements
The preparation of the financial statements in accordance with
generally accepted financial accounting principles requires the
directors to make critical accounting estimates and judgements that
affect the amounts reported in the financial statements and
accompanying notes. The estimates and assumptions that have a
significant risk of causing material adjustments to the carrying
value of assets and liabilities within the next financial year are
discussed below:
-- in capitalising the costs directly attributable to the
Project (see inventories below), and continuing to recognise
goodwill relating to the Project, the directors are of the opinion
that the Project will be brought to fruition and that the carrying
value of inventories and goodwill is recoverable; and
-- as set out above, the directors have exercised judgement in
concluding that the Company and Group is a going concern.
Goodwill
Goodwill arising on acquisitions represents the difference
between the fair value of the net assets acquired and the
consideration paid and is recognised as an asset.
Goodwill arising on acquisition is allocated to cash-generating
units. The recoverable amount of the cash-generating unit to which
goodwill has been allocated is tested for impairment annually, or
on such other occasions that events or changes in circumstances
indicate that it might be impaired. Any impairment is recognised
immediately as an expense and is not subsequently reversed.
Property, plant and equipment
Property, plant and equipment is stated at historical cost less
accumulated depreciation and any recognised impairment loss.
Depreciation is provided in order to write off the cost of each
asset, less its estimated residual value, over its estimated useful
life on a straight line basis as follows:
Plant and equipment: 3 to 5 years
Fixtures and fittings: 3 years
Where the carrying amount of an asset is greater than its
estimated recoverable amount, it is written down immediately to its
recoverable amount.
Notes to the Financial Statements (continued)
Year ended 31 October 2021
2 Accounting policies (continued)
Investments
Investments in subsidiaries are stated at cost less any
impairment deemed necessary.
Inventories
Inventories represent the actual costs of goods and services
directly attributable to the acquisition and development of the
Project and are stated at the lower of cost and net realisable
value.
Foreign currency
A foreign currency transaction is recorded, on initial
recognition in Euros, by applying to the foreign currency amount
the spot exchange rate between the functional currency and the
foreign currency at the date of the transaction.
At the end of the reporting period:
- foreign currency monetary items are translated using the
closing rate;
- non-monetary items that are measured in terms of historical
cost in a foreign currency are translated using the exchange rate
at the date of the transaction; and
- non-monetary items that are measured at fair value in a
foreign currency are translated using the exchange rates at the
date when the fair value was determined.
Exchange differences arising on the settlement of monetary items
or on translating monetary items at rates different from those at
which they were translated on initial recognition during the period
or in previous annual financial statements are recognised in profit
or loss in the period in which they arise.
When a gain or loss on a non-monetary item is recognised to
other comprehensive income and accumulated in equity, any exchange
component of that gain or loss is recognised to other comprehensive
income and accumulated in equity. When a gain or loss on a
non-monetary item is recognised in profit or loss, any exchange
component of that gain or loss is recognised in profit or loss.
Cash flows arising from transactions in a foreign currency are
recorded in Euros by applying to the foreign currency amount the
exchange rate between the Euros and the foreign currency at the
date of the cash flow.
Cash and cash equivalents
Cash and cash equivalents include cash in hand and short-term
deposits, with a maturity of less than three months, held with
banks.
Trade and other receivables
Trade and other receivables are recognised initially at fair
value and shown less any provision for amounts considered
irrecoverable. They are subsequently measured at an amortised cost
using the effective interest rate method, less irrecoverable
provision for receivables.
Trade and other payables
Trade and other payables are recognised initially at fair value
and subsequently measured at amortised cost using the effective
interest rate method.
Loans
Loan borrowings are recognised initially at fair value net of
transaction costs incurred. Borrowings are subsequently stated at
amortised cost and any difference between the proceeds (net of
transaction costs) and the redemption value is recognised as a
borrowing cost over the period of the borrowings using the
effective interest method.
Share-based payments
The Company has granted options and warrants to purchase
Ordinary Shares. The fair values of the options and warrants are
calculated using the Black-Scholes and Binomial option pricing
models as appropriate at the grant date. The fair value of the
options is charged to profit or loss with a corresponding entry
recognised in equity. This charge does not involve any cash payment
by the Group.
Where warrants are issued in conjunction with a loan instrument,
the fair value of the warrants forms part of the total finance cost
associated with that instrument and is released to profit or loss
through finance costs over the term of that instrument using the
effective interest method.
Notes to the Financial Statements (continued)
Year ended 31 October 2021
2 Accounting policies (continued)
Taxation
Current taxes, where applicable, are based on the results shown
in the financial statements and are calculated according to local
tax rules using tax rates enacted, or substantially enacted, by the
statement of financial position date and taking into account
deferred taxation. Deferred tax is computed using the liability
method. Under this method, deferred tax assets and liabilities are
determined based on temporary differences between the financial
reporting and tax bases of assets and liabilities and are measured
using enacted rates and laws that will be in effect when the
differences are expected to reverse. Deferred tax is not accounted
for if it arises from initial recognition of an asset or liability
in a transaction that at the time of the transaction affects
neither accounting, nor taxable profit or loss. Deferred tax assets
are recognised to the extent that it is probable that future
taxable profits will arise against which the temporary differences
will be utilised.
Deferred tax is provided on temporary differences arising on
investments in subsidiaries except where the timing of the reversal
of the temporary difference is controlled by the Group and it is
probable that the temporary difference will not reverse in the
foreseeable future. Deferred tax assets and liabilities arising in
the same tax jurisdiction are offset.
The Group is entitled to a tax deduction for amounts treated as
compensation on exercise of certain employee share options. As
explained under "Share-based payments" above, a compensation
expense is recorded in the Group's statement of comprehensive
income over the period from the grant date to the vesting date of
the relevant options. As there is a temporary difference between
the accounting and tax bases a deferred tax asset is recorded. The
deferred tax asset arising is calculated by comparing the estimated
amount of tax deduction to be obtained in the future (based on the
Company's share price at the statement of financial position date)
with the cumulative amount of the compensation expense recorded in
the statement of comprehensive income. If the amount of estimated
future tax deduction exceeds the cumulative amount of the
remuneration expense at the statutory rate, the excess is recorded
directly in equity against retained earnings.
3 Information regarding directors and employees
Directors' and key management remuneration
Costs taken
Costs taken to
to profit or
inventories loss Total
GBP'000 GBP'000 GBP'000
------------- ------------ --------
Year ended 31 October 2021
Fees 35 155 190
Sums charged by third parties
for
directors' and key management
services 2 70 72
Share-based payments (note - - -
17)
37 225 262
------------- ------------ --------
Year ended 31 October 2020
Fees 35 144 179
Sums charged by third parties
for
directors' and key management
services 134 70 204
Share-based payments (note - - -
17)
169 214 383
------------- ------------ --------
The total directors' and key management remuneration shown above
includes the following amounts in respect of the directors of the
Company. No director has a service agreement with a notice period
that exceeds twelve months.
Notes to the Financial Statements (continued)
Year ended 31 October 2021
3 Information regarding directors and employees (continued)
2021 2020
Fees/Sums Fees/Sums
charged by Share-based charged by Share-based
third parties payments third parties payments
GBP'000 GBP'000 GBP'000 GBP'000
-------------- ----------- -------------- -----------
C W Egleton (Chairman) 40 - 134 -
B D Bartman 35 - 35 -
G D Cook 35 - 35 -
T R C Hill 35 - 35 -
145 - 239 -
-------------- ----------- -------------- -----------
2021 2020
No. No.
------------------------------ ------------------------------
Group monthly average number of persons
employed
Directors 7 7
Management, administration and sales - -
------------------------------ ------------------------------
4 Loss before taxation
The loss before taxation is stated after charging:
2021 2020
GBP'000 GBP'000
Depreciation - -
Auditor's remuneration 17 20
Foreign exchange variances - -
------------------------------ ------------------------------
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