Manchester Drinks Company Ltd - Limited company accounts 18.2

REGISTERED NUMBER: 05475848 (England and Wales)

MANCHESTER DRINKS COMPANY LTD

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2018

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Income Statement

6

Other Comprehensive Income

7

Balance Sheet

8

Statement of Changes in Equity

9

Cash Flow Statement

10

Notes to the Cash Flow Statement

11

Notes to the Financial Statements

12

DIRECTORS:

R M Benjamin

B C Levine

SECRETARY:

B C Levine

REGISTERED OFFICE:

15 Oakdale Close

Whitefield

Manchester

Lancashire

M45 7LU

REGISTERED NUMBER:

05475848 (England and Wales)

AUDITORS:

Corporate Audit Solutions, Statutory Auditor

Georges Court

Chestergate

Macclesfield

Cheshire

SK11 6DP

The directors present their strategic report for the year ended 30th June 2018.

REVIEW OF BUSINESS

Turnover decreased during the year by 7%, from £13,087,963 to £12,127,148.

The profit and loss account on page 6 shows an operating profit for the year of £659,577 (2017: £1,112,698), a decrease

of 41% from last year, and a profit before tax of £743,444 (2017: £1,163,488, a decrease of 36% on the prior year.

Gross profit margin was down to 7% (2017: 10%), as was operating profit margin to 5.4% (2017: 8.5%).

The decline in turnover, gross profit, and operating profit resulted from the transfer of a number of product lines to

another connected company. The decline in gross and operating margins arose mainly as a result of some of the costs

associated with the revenue now generated in the connected company, being retained in Manchester Drinks Company

Ltd.

The net assets of the company have increased to £4,541,139 (2017: £3,931,489), an increase of 16% on last year, as

shown on the balance sheet on page 8. This uplift arose largely as a result of a reduction in connected company balances

in the year.

During the year the company continued to supply retailers with alcoholic beverages. The company has no branches

outside of the UK.

The directors are satisfied with the financial results achieved and are optimistic about the future performance of the

company. There have been no significant post balance sheet events.

PRINCIPAL RISKS AND UNCERTAINTIES

The risks facing the company are assessed on an on-going basis. The directors evaluate the likelihood and potential

impact of each risk and ensure appropriate action is taken to mitigate them. The principal risk and uncertainty facing the

company is that it continues to trade in a challenging market. The company has taken significant steps to reduce the risk

by undertaking a continual review of costs.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The company is exposed to the usual credit risk and cash flow risks associated with selling on credit terms and manages

this risk using tight credit control procedures. The company makes little use of financial instruments.

FUTURE DEVELOPMENTS

Going forward the directors are seeking to achieve organic growth and increase the company's activity.

ON BEHALF OF THE BOARD:

B C Levine - Director

12th March 2019

The directors present their report with the financial statements of the company for the year ended 30th June 2018.

DIVIDENDS

No dividends will be distributed for the year ended 30th June 2018.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st July 2017 to the date of this report.

R M Benjamin

B C Levine

STRATEGIC REPORT

The directors have chosen to include in the Strategic Report information concerning future developments, post balance

sheet events, the location of branches and the use of financial instruments rather than including this information within

the Directors' Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements

in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors

have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting

Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not

approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the

company and of the profit or loss of the company for that period. In preparing these financial statements, the directors

are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the

company's transactions and disclose with reasonable accuracy at any time the financial position of the company and

enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for

safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud

and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act

2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken

as a director in order to make himself aware of any relevant audit information and to establish that the company's

auditors are aware of that information.

AUDITORS

The auditors, Corporate Audit Solutions, Statutory Auditor, will be proposed for re-appointment at the forthcoming

Annual General Meeting.

ON BEHALF OF THE BOARD:

B C Levine - Director

12th March 2019

Opinion

We have audited the financial statements of Manchester Drinks Company Ltd (the 'company') for the year ended

30th June 2018 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of

Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements,

including a summary of significant accounting policies. The financial reporting framework that has been applied in their

preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102

'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted

Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 30th June 2018 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law.

Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the

financial statements section of our report. We are independent of the company in accordance with the ethical

requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard,

and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit

evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to

you where:

-	the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

-

the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic

Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors

thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise

explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing

so, consider whether the other information is materially inconsistent with the financial statements or our knowledge

obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or

apparent material misstatements, we are required to determine whether there is a material misstatement in the financial

statements or a material misstatement of the other information. If, based on the work we have performed, we conclude

that there is a material misstatement of this other information, we are required to report that fact. We have nothing to

report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit,

we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you

if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are

responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and

for such internal control as the directors determine necessary to enable the preparation of financial statements that are

free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a

going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of

accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic

alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from

material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs

(UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are

considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic

decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting

Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the

Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those

matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent

permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's

members as a body, for our audit work, for this report, or for the opinions we have formed.

Julian Roylance BSc ACA (Senior Statutory Auditor)

for and on behalf of Corporate Audit Solutions, Statutory Auditor

Georges Court

Chestergate

Macclesfield

Cheshire

SK11 6DP

12th March 2019

TURNOVER

12,127,148

13,087,953

Cost of sales

11,287,795

11,714,307

GROSS PROFIT

839,353

1,373,646

Administrative expenses

363,066

260,948

476,287

1,112,698

Other operating income

183,290

-

OPERATING PROFIT

5

659,577

1,112,698

Income from fixed asset investments

6,175

4,037

Interest receivable and similar income

77,692

46,753

83,867

50,790

PROFIT BEFORE TAXATION

743,444

1,163,488

Tax on profit

7

133,794

228,177

PROFIT FOR THE FINANCIAL YEAR

609,650

935,311

PROFIT FOR THE YEAR

609,650

935,311

OTHER COMPREHENSIVE INCOME

Investment revaluation

(31,350

)

28,025

Transfer investment revaluation to fair

value reserve

31,350

(28,025

)

Revaluation reserve movement on

revaluation of plant & machinery

Income tax relating to components of other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

609,650

935,311

FIXED ASSETS

Intangible assets

8

38,329

33,580

Tangible assets

9

89,176

76,063

Investments

10

190,950

222,300

318,455

331,943

CURRENT ASSETS

Stocks

11

1,701,841

1,878,764

Debtors

12

3,729,589

4,068,111

Cash at bank and in hand

544,495

624,464

5,975,925

6,571,339

CREDITORS

Amounts falling due within one year

13

1,743,051

2,951,998

NET CURRENT ASSETS

4,232,874

3,619,341

TOTAL ASSETS LESS CURRENT LIABILITIES

4,551,329

3,951,284

PROVISIONS FOR LIABILITIES

16

10,190

19,795

NET ASSETS

4,541,139

3,931,489

CAPITAL AND RESERVES

Called up share capital

17

120

120

Revaluation reserve

18

19,023

19,023

Fair value reserve

18

39,980

71,330

Retained earnings

18

4,482,016

3,841,016

SHAREHOLDERS' FUNDS

4,541,139

3,931,489

The financial statements were approved by the Board of Directors on 12th March 2019 and were signed on its behalf by:

B C Levine - Director

R M Benjamin - Director

Called up

Fair

share

Retained

Revaluation

value

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1st July 2016

120

2,933,730

19,023

43,305

2,996,178

Changes in equity

Total comprehensive income

-

907,286

-

28,025

935,311

Balance at 30th June 2017

120

3,841,016

19,023

71,330

3,931,489

Changes in equity

Total comprehensive income

-

641,000

-

(31,350

)

609,650

Balance at 30th June 2018

120

4,482,016

19,023

39,980

4,541,139

Cash flows from operating activities

Cash generated from operations

1

90,779

418,648

Tax paid

(224,963

)

(128,821

)

Net cash from operating activities

(134,184

)

289,827

Cash flows from investing activities

Purchase of intangible fixed assets

(4,895

)

(8,285

)

Purchase of tangible fixed assets

(24,757

)

(1,527

)

Interest received

77,692

46,753

Dividends received

6,175

4,037

Net cash from investing activities

54,215

40,978

(Decrease)/increase in cash and cash equivalents

(79,969

)

330,805

Cash and cash equivalents at beginning of year

2

624,464

293,659

Cash and cash equivalents at end of year

2

544,495

624,464

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2018

2017

£

£

Profit before taxation

743,444

1,163,488

Depreciation charges

11,790

10,239

Fair value gain/(loss) on investment

31,350

(28,025

)

Finance income

(83,867

)

(50,790

)

702,717

1,094,912

Decrease in stocks

176,923

8,000

Decrease/(increase) in trade and other debtors

338,522

(703,679

)

(Decrease)/increase in trade and other creditors

(1,127,383

)

19,415

Cash generated from operations

90,779

418,648

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these

Balance Sheet amounts:

Year ended 30th June 2018

30/6/18

1/7/17

£

£

Cash and cash equivalents

544,495

624,464

Year ended 30th June 2017

30/6/17

1/7/16

£

£

Cash and cash equivalents

624,464

293,659

1.	STATUTORY INFORMATION

Manchester Drinks Company Ltd is a private company, limited by shares, registered and domiciled in England

and Wales. The company's registered number and registered office details can be found on the Company

Information Page. The presentational and functional currency is sterling. These financial statements contain

information about the entity as an individual.

2.	STATUTORY INFORMATION

Manchester Drinks Company Ltd is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates

and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other

sources. The estimates and associated assumptions are based on historical experience and other factors that are

considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates

are recognised in the period in which the estimate is revised where the revision affects only that period, or in the

period of revision and future periods where the revision affects both current and future periods.

Accounting estimates included within the financial statements are depreciation and provisions for bad debts and

obsolete stock. All estimates are made on a line-by-line basis using the directors' knowledge and expertise.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the

normal course of business and is shown excluding discounts, rebates, value added tax and other sales taxes.

Sales are recognised at the point at which the company has fulfilled its contractual obligation.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Computer software is being amortised evenly over its estimated useful life of nil years.

Intangible assets - patents and licences

Patents and licences are initially measured at cost and subsequently measured at cost or valuation, net of

amortisation and impairment losses.

Patents and licences are amortised on a straight line basis over 10 years, which is the lifetime of the asset.

Intangible assets - software

Software assets are initially measured at cost and subsequently measured at cost, net of amortisation and any

impairment losses.

Computer software has not been amortised in the current year as the asset is not yet in use. The development of

this bespoke software is not yet complete.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of

depreciation and any impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful

life.

Plant and machinery - 10% on reducing balance

Fixtures and fittings - 25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sales proceeds

and the carrying value of the asset, and is recognised in the profit and loss account.

At each balance sheet date, the company reviews the carrying amounts of its tangible assets to determine whether

there is any indication that those assets have suffered an impairment loss. If any such indication exists, the

recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where

it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount

of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the

asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately in profit and

loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a

revaluation decrease.

Recognised impairment losses are reversed if the reasons for the impairment loss have ceased to apply. Where an

impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its

recoverable amount to the extent that the increased carrying amount does not exceed the carrying amount that

would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior

years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is

carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation

increase.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Cost is calculated on a first-in first-out basis and is based on invoiced cost.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the

related revenue is recognised.

At each reporting date, an assessment is made for impairment.The amount of any write-down of stocks to net

realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or

loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount

of stocks recognised as an expense in the period in which the reversal occurs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates

of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign

currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on

translation are included in the profit and loss account for the period.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Financial instruments

The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section 12

"Other Financial Instruments Issues" of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company

becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is

a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to

realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured

at transaction price including transaction costs and are subsequently carried at amortised cost using the effective

interest method, unless the arrangement constitutes a financing transaction where the transaction is measured at

the present value of the future receipts discounted at a market rate of interest.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint

ventures, are initially measured at fair value, which is normally the transaction price. Such assets are

subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that

investments in equity instruments, which are not publically traded and whose fair value cannot be measured

reliably, are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of

impairment at each reporting date. Financial assets are impaired where there is objective evidence that, as a result

of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash

flows have been affected. The impairment loss is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or

when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Classification of financial liabilities

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 company after

deducting all of its liabilities.

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies

and preference shares that are classified as debt, are initially recognised at transaction price unless the

arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the

future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or

less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction

price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial

instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and

are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit

or loss in finance costs or finance income as appropriate, unless they are included in a hedging arrangement.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company's obligations are discharged, cancelled

or they expire.

4.	EMPLOYEES AND DIRECTORS

2018

2017

£

£

Wages and salaries

98,400

98,401

Social security costs

1,594

1,446

99,994

99,847

The average number of employees during the year was as follows:

2018

2017

Number of operations staff

4

4

2018

2017

£

£

Directors' remuneration

24,000

24,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

2

5.	OPERATING PROFIT

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

2018

2017

£

£

Other operating leases

84,918

70,411

Depreciation - owned assets

11,644

10,093

Patents and licences amortisation

146

146

Director's pension costs

50,400

50,400

Auditor's costs

6,000

6,000

Exchange rate (profit) / loss

(22,265

)

(32,840

)

6.	EXCEPTIONAL ITEMS

2018

2017

£

£

Insurance claim received

183,290

-