27 July 2023

Scholium Group plc

('Scholium' or the 'Group')

Preliminary Results for the year ended 31 March 2023

Scholium is pleased to announce the Group's audited results for the year ended 31 March 2023.

Scholium is engaged in the business of rare books, modern prints, art and collectibles. Its wholly-owned operating subsidiary, Shapero Rare Books Limited, is one of the leading UK dealers trading internationally in rare and antiquarian books and works on paper, and also trades as Shapero Modern, a leading UK dealer in the growing marketplace for modern and contemporary prints.      

Operating Highlights  

·           An encouraging 12% increase in revenue to £9,060k from £8,129k

·           Profit before tax restored last year at £177k increases to £231k this year

·           Group net asset value per share continues to rise from 69p per share to 71p this year

·           Group continues to trade profitably in the first three months of the current year

Financial Highlights 

Years ended 31 March (£'000)		2023	2022
Revenue		9,060	8,129
Gross Profit		3,447	3,071
Gross Margin		38.1%	37.8%
Profit before tax		231	177
Total earnings pence per share		1.70p	1.13p
NAV/Share		71p	69p

A copy of the 2022 Annual Report (including the notice of Annual General Meeting ("AGM") will be sent to shareholders and will also be available on the Company's website in due course at www.scholiumgroup.com.

The Company's AGM will be held at 10.00am at 106 New Bond Street, London W1S 1DN on 26 September 2022.

David Harland, Chairman of Scholium, noted "The Board is delighted with the continued turnaround and remains focused on further enhancing shareholder value to build upon this pleasing result." 

For further information, please contact:

Scholium Group plc                                                David Harland, Chairman   Bernard Shapero, Chief Executive Philip Tansey, Finance Director	+44 (0)20 7493 0876
WH Ireland Ltd - Nominated Adviser                            Chris Fielding, Darshan Patel, Andrew de Andrade	+44 (0)20 7220 1666

I am delighted to present my statement and to report that the Group's revenues for the year ended 31 March 2023 increased by 12% to £9.1 million (2022: £8.1 million). The Board's focus on driving revenue in both books and art has been successfully pursued and has resulted in a second successive profitable year, with a profit before tax of £231k (2022: £177k).  

The Board is pleased with the continuing turnaround of the business and remains focused on further enhancing shareholder value through evolving revenue channels, keener cost management, incentivising its staff and continuing to search for further opportunities in related areas.

Staff 

The Group's operations continue to rely on the hard work and dedication of our small number of employees and I would like to take this opportunity of thanking them for their contribution and effort, during the year. 

Current Trading and Prospects 

Trading conditions initially improved in the year under review, particularly for the first eight months. The trading environment then became far more challenging for the last four. However, trading for the first three months of the current year has been profitable, which is encouraging. Although the global outlook continues to be challenging, we remain cautiously optimistic.

Strategy

I and my Board are certain that there is still significant value that is not fully reflected in these financials which we are focused on quantifying and exploiting in the coming year with, it is anticipated, enhanced shareholder value. The first part of our 'job' which has been to secure the business and stabilize its platform following its exit from the problematic Covid era is nearing an end and now the second part, the drive towards that enhanced value, is in progress.

We can never be certain of the continuing effects on our businesses of Russia's war on Ukraine, or the general political and financial destablisation of the world. Interest rates continue to rise and the effects on consumers will be severe. But all of this is not necessarily bad for us, for our position as a trader in what might be termed alternative investments could be our salvation.

 

DAVID HARLAND

Chairman

27 July 2023

This has been a year of achievement but also one that has presented its challenges which I expand on below and I am most thankful for the excellent team with whom I work and who have been so dedicated and proactive over the year resulting in a second consecutive year of increased annual Group profit.  

Overview

Scholium Group has built upon the success of the financial year 2021/22 with the highlights being;

-     12% increase in revenue;

-     Group profitability increased for a second consecutive year;

-     A return to a full calendar of major book and art fairs and exhibitions; and

-     The securing of our Bond Street offices and shop through to August 2024.

The Year 2022/23

Despite the war in Ukraine, the general state of the market for Books and Art remained encouraging as the year progressed over the first eight months. However, the market turned noticeably worse over the last four months, particularly in Art. Overall revenue increased by a robust 12% to £9,060k (2021: £8,129k) which could have been significantly higher but for the last four months of the year.

The return to a full calendar year of fairs clearly benefitted sales but not in all cases, and not without a major increase in distribution costs that were severely impacted by inflationary pressures in associated costs of carriage, insurance and others.  

Taking all this into account, the Group recorded an increased profit before tax of £231k (2022: £177k).  

Looking forward

It is encouraging to report that the performance of the business in the first three months of the new financial year has been in line with our expectations and remains profitable. Global economic headwinds that really came to the fore in the latter part of the financial year ended March 2023 still present major challenges but a more forensic focus on costs, particularly around fairs and marketing, and the promotion of our multi-channel sales routes of retail premises, an extensive online presence and exhibitions at international trade fairs will, I believe, maintain the positive momentum going forward, in the current year.

Staff

I have a fabulous team around me without whom the positive results for the year could not have been achieved and I thank them for their dedication and hard work throughout the year.

Shareholders

I am delighted with the support and guidance received from my fellow Board members and our major shareholders and look forward to taking the Group to future success.

 

BERNARD SHAPERO

 

Group Chief Executive

 

 

27 July 2023

 

Strategic Report

This report provides an overview of the Group's strategy and business model; gives a review of the performance of the operating entities and of the financial position at 31 March 2023 and it sets out the principal risks to which the Group is exposed. In addition, it comments briefly on the future prospects of the business.  

Principal Activities & Review of the Business 

The Group comprises four legal entities; Scholium Group PLC (the "Company") which is the publicly traded holding company which incurs the central costs of the group and its three wholly owned subsidiaries, Shapero Rare Books Limited which is the only trading entity as detailed below and two dormant companies, Scholium Trading Limited and Mayfair Philatelic Limited. The four together are referred to as the "Group".

The Group is engaged in the business of dealing in rare books and fine art. The majority of the business transacted is as a dealer - buying, owning and selling items, either on its own or together with third parties who also deal as principals. The Group also conducts auctions where both its own stock and third-party consignments are available for sale.  The Group generates value through its expertise, astute buying and the profitable sale of stock. 

Shapero Rare Books is the main business of the Group.  It is a leading international dealer in rare and collectible books and works on paper with special expertise in Natural History, Illustrated, Travel and Exploration and Literature trading under the name of Shapero Rare Books. The business also trades as Shapero Modern in modern and contemporary prints and limited editions by established artists.    

Strategy & Key Objectives 

The Group's strategy is to:

•       build, organically or by acquisition, a portfolio of rare books and art focused businesses to enable further growth of its revenue and profit streams;

•       attract individuals or teams of specialists in markets complementary to the Group's existing businesses;

•       optimise working capital in existing businesses to provide funds for new business development; and,

•       trade alongside other dealers in high value rare books and art and participate in the acquisition for onward sale of large consignments.

Review of the year from continuing operations  

The Group's revenues increased to £9.1m from £8.1m in the prior year due to increased sales in each of the constituent businesses. The Group's core business was profit making during the both the first and second half of the financial year. Gross profit increased by 12% compared with the prior year ended 31 March 2022, and the margin made on sales rose from 37.8% last year to 38.1% in the year ended 31 March 2023 as a result of increased activity in the market and the active drive by management to improve such margins.  

Total expenses rose 22% to £3,175k (2022: £2,602k) driven by direct costs with the return of art fairs and accompanying marketing costs increasing over the year. Central costs, including the costs of the Company's membership of AIM, were reduced on account of the prior year incurring a one-off director payment.

The Group's profit before tax for the year to 31 March 2023 was £231k (2022: £177k).

An analysis of the Group's profit before tax for the year to 31 March 2023 between the two halves of the financial year is set out in the table below:

(£'000)	H1*	H2	Full year total
Revenue	4,454	4,606	9,060
Gross Profit	1,731	1,716	3,447
Profit before tax	179	52	231

*H1 Unaudited figures published November 2022

The value of the Group's stock at 31 March 2023 was £9,812k compared with the prior year's total of £9,584k and Group cash at 31 March 2023 was in net overdraft at £(54)k. Furthermore, the original £250k Covid bank loan, that was taken in 2020, was reduced by repayment over the year from £235k to £187k. The Group's overdraft facility of £500k remains in place and from time-to-time, depending on timing differences in significant purchases and onward sales, was drawn during the year.

Key Performance Indicators 

The Group is managed by and reports on a few key performance indicators (KPIs).  

The current principal KPIs are:

•               sales, gross profit, gross margin and profit before tax;

•               the breadth and distribution of the stock of rare books held by the Group;

•               stock turnover; and

•               cash position.

Key Performance Indicators (on continuing business)

Years ended 31 March (£'000)				2023		2022		Variance
Revenue			9,060		8,129		12%
Gross Profit			3,447		3,071		12%
Gross Margin			38.1%		37.8%		1%
Stock Turnover (months)			21.0		22.8		-8%
Net (borrowings) / Net cash			(241)		466		n/a
Net Profit before tax			231		177		64%

Group Performance 

Shapero Rare Books 

Shapero Rare Books Limited (SRB) traded profitably through the year ended 31 March 2023 off the back of increased activity in physical as well as on-line sales and an increasingly busy and full calendar of trade fairs. The year's sales were £9,060k, 12% above the prior year's sales of £8,129k, and gross profit at £3,447k for the year ended 31 March 2023 was, again, 12% above the prior year of £3,071k.  

Direct costs, including the attendance at fairs, exhibitions, and catalogues, increased from £340k in the prior year to £815k in the year to 31 March 2023. This reflected the increasing return of exhibiting at fairs in the first full calendar year of events since exiting Covid. Administrative costs increased 4% from £1,853k in the prior year to £2,026k in the year to 31 March 2023. Financial expenses for the year were £41k (2022: £33k).

SRB therefore recorded a profit before tax of £565k compared with the £904k in the prior year.

Mayfair Philatelics - closed

The Board took the decision in the prior financial year to close the business. The results of that business have been presented and treated as discontinued business within these report and accounts and the impact of this treatment is fully explained in note 14 to these accounts. The full provision against future costs of closure taken in the prior year was sufficient to offset any incurred actual costs and consequently, with the exception of some immaterial items, there is no discontinued business impact in the results for this financial year.

Central Costs

Central costs, which are incurred by the holding company, Scholium Group PLC, include the Board members as well as those costs associated with the Group's AIM public status.  The central costs were £334k in the year to 31 March 2023, a decrease of £75k from the prior year's total of £409k on account of a one-off payment in the prior year, including associated social security costs, to a former director of £90k. These costs include the cost of managing the Group, its audit, tax and professional fees, as well as the costs of maintaining the AIM membership for the Company's shares.

Year ended 31 March 2023 (£'000) 

	Shapero Rare Books             Books                Gallery		Scholium Trading*	Central	Continuing business
Revenue	7,283	1,777	-	-	9,060
Gross Profit	2,841	606	-	-	3,447
Gross Margin	39%	34%	-	-	38%
Profit/(Loss) before tax	565		-	(334)	231

*Following the closure of the legal entity in 2020 the trading name of Scholium Trading was discontinued with any residual sales and costs being taken through the results of Shapero Rare Books.

Year ended 31 March 2022 (£'000) 

	Shapero Rare Books              Books             Gallery		Scholium Trading	Central	Continuing business
Revenue	6,088	1,823	218	-	8,129
Gross Profit	2,418	648	63	-	3,071
Gross Margin	39%	35%	29%	-	38%
Profit/(Loss) before tax	850		54	(409)	494

Dividend 

The Board does not propose to declare a dividend for the financial year ended 31 March 2023. (2022: £Nil)

Alternative accounting presentation 

The Board is focused on enhancing shareholder return. It is important therefore for an analysis of the core performance of the Group's trading business to be prepared excluding those costs that are more concerned with the non-trading elements such as the costs of maintaining its public company status and other non-directly related or one-off costs not typically expected to be incurred in a 'normal' year.

 

Year ended 31 March (£'000)	2023	2022	2021
Pre-tax Profit / (Loss) for the year	231	177	(434)
Add back:
Central costs	334	409	314
Discontinued business losses	-	317	3
Depreciation & amortisation (Note 6)	347	231	322
Finance expenses (Note 11)	41	33	30
Re-stated EBITDA for the year	953	1,167	235

Principal Risks & Uncertainties 

Continuing supply of rare books, works on paper and prints.  

By definition, rare books and other works on paper and prints are not commonly available. The availability of fresh stock of such items onto the market is often driven by major life events, such as inheritance, unrecovered debt, divorce or downsizing due to economic malaise. The business of Shapero Rare Books is reliant upon individual works and collections of works coming onto the market and upon the Group being able to access those business opportunities. There is no guarantee that fresh stock will come onto the market in sufficient quantities to meet the Group's plans for continued growth.  

When works become available for sale or purchase, they are often dealt with privately and discretely and, accordingly, there is no guarantee that the Group's employees will be able to access such business opportunities or to negotiate successfully the purchase of fresh stock coming onto the market.  

Reliance on key international trade fairs  

A significant proportion of the Group's sales are made at international trade fairs. If these fairs were to be discontinued it would have a material effect on the ability of the Group to sell its stock. There are a limited number of stands at international trade fairs and as a result places are highly sought after. Whilst the Group have been exhibiting at these fairs for many years, there can be no certainty that it will continue to secure places in the future.  

Competition  

The market in the books and works on paper and prints in which the Group trades is competitive and the Group faces various competitive pressures from auctioneers as well as a wide range of dealers and smaller operators.  

The Group is likely to face continued and/or increased competition in the future both from established competitors and/or from new entrants to the market. The Group's competitors include businesses with greater financial and other resources than the Group. Such competitors may be in a better position than the Group to compete for future business opportunities. If the Group is unable to compete effectively in the markets in which it operates, it could lead to a material adverse effect on the Group's business, financial condition, and operations.  

 

Co-owned goods  

In the case of high value items or collections, the Group will often acquire the items jointly with another third-party bookseller or dealer and if not expressly provided for there is a risk that the Group will not be able to sell the entire asset without the agreement of all joint owners. In this and other respects the Group relies on the honesty and integrity of other dealers. Whilst the Group takes care to deal only with established counterparties and experienced dealers who are well known to senior management and/or the Directors, there can be no guarantee that co-owners will comply with the agreed terms (including, for example not changing the items) or that such co-owners will not enter into administration or other insolvency procedure, and in the event there is a loss of the co-owned goods it is uncertain the Group could claim on its insurance policy in relation thereto.  

Stock valuation and liquidity  

The Group trades in rare items, which may be highly illiquid. The value of goods acquired is difficult to assess and it may not be possible for the Group to sell the assets at or above the price for which they were acquired. The value of assets may not always represent the actual resale value achievable.  

Theft, loss or damage  

Rare and collectible items are highly mobile goods. Furthermore, such goods are frequently transported internationally for trade shows or other marketing opportunities. Whilst precautions are taken to ensure safe passage, the Group's assets may be lost, damaged or stolen. While the Group carries specialist insurance, there is no guarantee that the Group's insurance cover will be adequate in all circumstances. Assets of the Group will be placed with third parties for sale on commission. While the Group intends to take appropriate precautions when placing assets with third parties, there is a risk that these assets outside of the Group's direct control may be stolen or replaced by unscrupulous third parties with fakes or forgeries.  

Authenticity and export authority  

The Directors of the Group will ensure that due diligence is undertaken on the authenticity of the assets acquired for sale. Nonetheless fakes and forgeries do exist in the market and despite due diligence the Group may acquire these believing them to be authentic. Further, the attribution of works to a writer or artist is not always an exact science, and there can be no guarantee that assets of the Group will not have been mistakenly attributed in this way. Lack of authenticity is not covered by the Group's insurance. Whilst the Group takes appropriate care when acquiring works which may be of material importance in the state of origin, there can be no guarantee that works acquired by the Group are not subject to restrictions on export or sale.  

Insurance  

The Group carries a specialist insurance policy under the Antiquarian Booksellers Association Insurance Scheme which covers each of the businesses. The Directors believe that the Group carries appropriate insurance for a business of its size and nature but there can be no guarantee that the extent or value of the cover will be sufficient, in relation to stock in transit or on consignment. The Directors review the Group's insurance arrangements on an annual basis and endeavour to insure its stock adequately, but there is no certainty that future claims will not fall within the exclusions under the policy or that the insurer will pay out any claim if made. Further, there can be no guarantee that the necessary insurance will be available to the Group in the future at an acceptable cost or at all.  

Premises  

Like many of the established dealers in the market, the Group has publicly accessible galleries in Mayfair, London from where it operates and sells both books and works of art. Although there is a risk that the increasing demand for online retail will render 'high street' premises uneconomic, the Directors believe that a central London location is an important factor in the success of the business as a whole.  

Terms of sale  

In the past, the contractual arrangements which the Group has entered into with clients, customers and other dealers have not always included (amongst other things) terms dealing specifically with:  

1.   transfer of ownership and risk,  

2.   contract formation,  

3.   price and payment,  

4.   limitations and exclusions of liability, and  

5.   governing law and jurisdiction.  

There is no guarantee that the Group's arrangements with its customers will not be terminated on short notice or that the Group will not at some future time face challenges or disputes regarding the contractual or other arrangements with its clients.  

If the Group became involved in a contractual dispute and/or a third party was successful in any contractual dispute with the Group, any resultant loss of revenues or exposure to litigation costs or other claims could have a material adverse effect on the Group's reputation, business, financial condition and/or operations or financial results. The Group has revised its standard terms of sale to seek to ensure that, henceforth, the arrangements with clients, customers, dealers and others will include terms dealing with each of the aforementioned areas.  

Employees 

The Group is reliant on a small number of key employees, and in particular the Chief Executive Officer, for their knowledge and the reliance customers place on their integrity and service.  If a key employee was to leave, the business may suffer a short term decrease in performance whilst it adjusts to the level of resources available to it. 

Currency risk  

The Group conducts certain transactions other than in Pounds Sterling, its functional currency. Movements in foreign exchange rates may impact the Group's performance. The Group does not enter into any hedging contracts in respect of currency positions.  

Pandemics and government-imposed trading restrictions

The recent Covid-19 pandemics led to the closure of the Group's retail premises for several months and the cancellation of all fairs and exhibitions. The Group has other ways to market, including the internet, telephone and post, but it may be difficult for the Group to trade profitably while such a pandemic is present.

Future prospects

The Group has traded profitably in the first three months of the current year. The core business of Shapero Rare Books is one of the leading UK rare book dealers, with a solid international customer base. Further attention will be required in order to continue to improve its return on capital employed, particularly stock turnover. The Board has implemented several initiatives to target this.  

The Board continues to review the opportunity for further cost savings to improve the Group's profitability and create improved shareholder value. During the year ending 31 March 2024 the Board will assess opportunities for future property, enhanced selling channels and improving the sales of slower-moving and aged stock.

 

Consolidated Statement of Comprehensive Income

					Year ended	Year ended
					31 Mar	31 Mar
					2023	2022
				Note	£000	£000
Revenue				5	9,060	8,129
Cost of Sales					(5,613)	(5,058)
Gross profit					3,447	3,071
Distribution expenses					(815)	(340)
Administrative expenses					(2,360)	(2,262)
Total expenses					(3,175)	(2,602)
Profit from operations					272	469
Financial (expense)				11	(41)	(33)
Other income				12	-	58
Profit before taxation					231	494
Income tax (expense)				13	-	-
Profit for the year from continuing operations and total comprehensive income attributable to equity holders of the parent company					231	494
Loss from discontinued operations				14	-	(317)
Profit for the year and total comprehensive income attributable to equity holders of the parent company					231	177
Earnings per share (in pence):				15
From continuing operations					1.70	3.63
From discontinued operations					-	(2.33)
Total Earnings per share					1.70	1.30

 

Scholium Group Plc         Company number 08833975

Consolidated Statement of Financial Position

					31 Mar	31 Mar
					2023	2022
				Note	£000	£000
Assets
Non-current assets
Property, plant and equipment				16	877	970
Intangible assets				17	-	4
Deferred corporation tax asset				19	-	-
					877	974
Current assets
Inventories				20	9,812	9,584
Trade and other receivables				21	2,058	2,219
Cash and cash equivalents				23	110	705
					11,980	12,508
Total assets					12,857	13,482
Current liabilities
Bank overdrafts				23	164	-
Trade and other payables				24	1,973	2,868
Loans and borrowings				25	47	47
Right-of-use asset lease liabilities				28	227	193
Total current liabilities					2,411	3,108
Non-current liabilities
Loans and borrowings				25	140	188
Right-of-use asset lease liabilities				28	676	787
Total non-current liabilities					816	975
Total liabilities					3,217	4,083
Net assets/liabilities					9,630	9,399
Equity and liabilities
Equity attributable to owners of the parent
Ordinary shares				26	136	136
Share Premium					9,516	9,516
Merger reserve				27	82	82
Retained (loss)					(104)	(335)
Total equity					9,630	9,399

 

 

Consolidated Statement of Changes in Equity

		Share	Share	Merger	Retained	Total
		Capital	Premium	reserve	earnings	equity
		£000	£000	£000	£000	£000
Balance at 31 March 2020		136	9,516	82	(75)	9,659
(Loss) for the year from continued and discontinued operations		-	-	-	(437)	(437)
Total comprehensive income for the period		-	-	-	(437)	(437)
Balance at 31 March 2021		136	9,516	82	(512)	9,222
Profit for the year from continued and discontinued operations		-	-	-	177	177
Total comprehensive income for the period		-	-	-	177	177
Balance at 31 March 2022		136	9,516	82	(335)	9,399
Profit for the year from continued and discontinued operations		-	-	-	231	231
Total comprehensive income for the period		-	-	-	231	231
Balance at 31 March 2023		136	9,516	82	(45)	9,630

 

 

 

 

 

There were no transactions with owners in the year.

The following describes the nature and purpose of each reserve within owners' equity:
Share capital	Amount subscribed for shares at nominal value.
Share premium	Amount subscribed for share capital in excess of nominal value less attributable share issue expenses.
Merger reserve	Amounts attributable to equity in respect of merged subsidiary undertakings.
Retained earnings	Cumulative profit/(loss) of the Group attributable to equity shareholders.

 

 

Consolidated Statement of Cash Flows

					31 Mar	31 Mar
					2023	2022
					£000	£000
Cash flows from operating activities
profit before tax					231	177
Depreciation of property, plant and equipment					353	231
Amortisation of intangible assets					4	4
Interest paid					41	33
					629	445
(Increase)/decrease in inventories					(228)	(559)
Decrease/(increase) in trade and other receivables					161	(530)
Increase/(decrease) in trade and other payables					(895)	1,560
Net cash generated from operating activities					(333)	916
Cash flows from investing activities
Purchase of property, plant and equipment					(21)	(26)
Purchase of right-to -use assets					(239)	-
Net cash (used) in investing activities					(260)	(26)
Cash flows from financing activities
Lease repayments for right-of-use assets					(77)	(165)
Bank loan					(48)	(15)
Interest paid					(41)	(7)
Net cash (used) from financing activities					(166)	(187)
Net increase/(decrease) in cash and cash equivalents					(759)	703
Cash and cash equivalents at the beginning of the year					705	2
Cash and cash equivalents at the end of the year					(54)	705

Scholium Group Plc         Company number 08833975

Company Statement of Financial Position

					31 Mar	31 Mar
					2023	2022
				Note	£000	£000
Assets
Non-current assets
Group Investments				18	2,391	2,391
Deferred tax asset					-	-
					2,391	2,391
Current assets
Trade and other receivables				21	7,559	7,115
Cash and cash equivalents				22	(164)	(160)
					7,395	6,955
Total assets					9,786	9,346
Current liabilities
Trade and other payables				24	143	59
Loans and borrowings				25	47	47
Total current liabilities					190	106
Non-current liabilities
Loans and borrowings				25	140	188
Total liabilities					330	294
Net assets/liabilities					9,456	9,052
Equity and liabilities
Equity attributable to owners of the parent
Ordinary shares				26	136	136
Share Premium					9,516	9,516
Merger reserve				27	-	-
Retained earnings/(deficit)					(196)	(600)
Total equity					9,456	9,052

 

Statement of Changes in Company Equity

		Share	Share	Merger	Retained	Total
		Capital	Premium	reserve	earnings	equity
		£000	£000	£000	£000	£000
Balance at 1 Apr 2020		136	9,516	-	40	9,962
Loss for the year		-	-	-	(231)	(231)
Total comprehensive income for the period		-	-	-	(231)	(231)
Write-off of merger reserve Write-off of merger reserve		-	-	(2,809)	-	(2,809)
Balance at 31 March 2021		136	9,516	-	(191)	9,461
(Loss) for the year		-	-	-	(409)	(409)
Total comprehensive income for the period		-	-	-	(231)	(231)
Balance at 31 March 2022		136	9,516	-	(600)	9,052
Profit for the year		-	-	-	404	404
Total comprehensive income for the period		-	-	-	404	404
Balance at 31 March 2023		136	9,516	-	(196)	9,456

 

The following describes the nature and purpose of each reserve within owners' equity:
Share capital	Amount subscribed for shares at nominal value.
Share premium	Amount subscribed for share capital in excess of nominal value less attributable share-issue expenses.
	issue expenses.
Merger reserve	Amounts attributable to equity in respect of merged subsidiary undertakings.
Retained earnings	Cumulative profit/(loss) of the Group attributable to equity shareholders.