Fizz Experience Limited - Limited company accounts 18.2

REGISTERED NUMBER: 02031289 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019

FOR

FIZZ EXPERIENCE LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Comprehensive Income

8

Statement of Financial Position

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

DIRECTORS:

D W Pinner

D R Curtis

SECRETARY:

D W Pinner

REGISTERED OFFICE:

The Atrium

Curtis Road

Dorking

Surrey

RH4 1XA

REGISTERED NUMBER:

02031289 (England and Wales)

AUDITORS:

Vista Audit LLP

Chartered Accountants

Statutory Auditor

Chancery House

3 Hatchlands Road

Redhill

Surrey

RH1 6AA

The directors present their strategic report for the year ended 31 March 2019.

PRINCIPAL ACTIVITIES AND REVIEW OF BUSINESS

The principal activity of the company during the year was that of the provision of promotion and demonstration services.

The business has continued to deepen its relationship with existing long standing customers. Growth is an organisational

goal but the directors are focussed on ensuring it is never at the expense of current operations.

The directors are closely involved in the day to day running of the business and whilst pleased with progress will not

become complacent and continue to look at ways to improve efficiencies and reduce costs.

The directors consider the principal risks and uncertainties facing the business to be:

1. Exposure to bad debts

The directors minimise the exposure to this risk by regular management reviews of trade debts and the credit worthiness

of key customers.

2. Economic recession/worsening financial markets

The company operates with low fixed overheads so it is able to respond quickly to changes in the economic

environment.

FINANCIAL RISK MANAGEMENT

The company's working capital requirements are met principally out of its invoice discounting arrangement. The

company's key financial risks and the measures taken to mitigate them are outlined below:

Price risk

Due to the nature of the financial instruments used by the company there is no exposure to price risk.

Interest rate risk

The company's interest rate exposure arises mainly from its interest-bearing borrowings. The company regularly reviews

its funding arrangements to ensure they are competitive within the marketplace.

Credit risk

The company manages its exposure to risk from credit sales by the terms of its invoice discounting facility and through

continuous monitoring of new and existing customers credit worthiness, taking into account customer protection limits.

Liquidity/cashflow risk

The directors monitor cash flow carefully, and the company has agreed overdraft facilities with its bankers in order to

manage cash flow fluctuations.

KEY PERFORMANCE INDICATORS

The company uses a series of key performance indicators to monitor the performance of the business. They include, but

are not limited to, the following;

a) the number of demos achieved

b) the gross profit margin

c) the net profit margin

2019

2018

Number of Demos

76,231

72,364

Gross Profit Margin

14.10%

14.64%

Net Profit Margin

1.43%

1.49%

Gross profit margin has decreased due to the increase in the National Living Wage.

ON BEHALF OF THE BOARD:

D W Pinner - Director

16 December 2019

The directors present their report with the financial statements of the company for the year ended 31 March 2019.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of promotions and demonstrations services.

DIVIDENDS

Interim dividends were issued during the year on 31 March 2019 as follows:

Ordinary 20p per share £44.44 per share Paid on 22 March 2019

The total distribution of dividends for the year ended 31 March 2019 is £4,000.

RESEARCH AND DEVELOPMENT

The company continued its investment in research and development during the year. Further costs in respect of this have

been capitalised in the balance sheet. The amount capitalised in the year was £118,392.

An amount of £96,077 has been written off costs previously capitalised recognising developments in technology.

FUTURE DEVELOPMENTS

The directors are confident that with continued investment to improve efficiencies and reduce costs in 2019/20 the

business will continue to go from strength to strength.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2018 to the date of this report.

D W Pinner

D R Curtis

Other changes in directors holding office are as follows:

Mrs J F Pinner - resigned 19 September 2018

FINANCIAL INSTRUMENTS

The company's financial risk management objectives consist of identifying and monitoring those risks which have an

adverse impact on the value of the company's financial assets and liabilities or on the reported profitability and on the

cash flows of the company. The company's principal financial instruments are cash and invoice discounting facility from

its bank.

GOING CONCERN

The company meets its day-to-day working capital requirements through its cash reserves. The company's forecasts and

projections, taking account of reasonable changes in trading performance, show that the company is able to operate

within the level of its current facilities and has adequate resources to continue in operational existence for the

foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial

statements.

DISABLED EMPLOYEES

The company gives full consideration to applications for employment from disabled persons where the requirements of

the job can be adequately fulfilled by a handicapped or disabled person. Where existing employees become disabled, it

is the company's policy wherever practicable to provide continuing employment under normal terms and conditions and

to provide training and career development and promotion to disabled employees wherever appropriate.

EMPLOYEE INVOLVEMENT

During the year, the policy of providing employees with information about the company has been continued through

internal media methods in which employees have also been encouraged to present their suggestions and views on the

company's performance. Regular meetings are held between local management and employees to allow a free flow of

information and ideas. Certain employees participate directly in the success of the business through the company's profit

sharing schemes.

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and

Directors' Report) Regulations 2013 to set out within the company's Strategic Report the Company's Strategic Report

Information Required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports)

Regulation 2008. This includes information that would have been included in the business review and details of the

principal risks and uncertainties.

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, Vista Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

D W Pinner - Director

16 December 2019

Opinion

We have audited the financial statements of Fizz Experience Limited (the 'company') for the year ended 31 March 2019

which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in

Equity and 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 31 March 2019 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.

Opinions 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 five, 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.

Susan Jones FCA (Senior Statutory Auditor)

for and on behalf of Vista Audit LLP

Chartered Accountants

Statutory Auditor

Chancery House

3 Hatchlands Road

Redhill

Surrey

RH1 6AA

16 December 2019

TURNOVER

4

13,764,130

13,326,792

Cost of sales

11,823,908

11,376,373

GROSS PROFIT

1,940,222

1,950,419

Administrative expenses

1,743,578

1,752,851

196,644

197,568

Other operating income

-

649

OPERATING PROFIT and

PROFIT BEFORE TAXATION

196,644

198,217

Tax on profit

8

4,635

5,595

PROFIT FOR THE FINANCIAL YEAR

192,009

192,622

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

192,009

192,622

FIXED ASSETS

Intangible assets

10

174,955

203,066

Tangible assets

11

38,127

31,167

Investments

12

11

3,583

213,093

237,816

CURRENT ASSETS

Debtors

13

3,029,654

2,489,118

Cash at bank and in hand

49,316

148,791

3,078,970

2,637,909

CREDITORS

Amounts falling due within one year

14

1,797,962

1,569,633

NET CURRENT ASSETS

1,281,008

1,068,276

TOTAL ASSETS LESS CURRENT LIABILITIES

1,494,101

1,306,092

CAPITAL AND RESERVES

Called up share capital

18

18

18

Capital redemption reserve

19

20

20

Retained earnings

19

1,494,063

1,306,054

SHAREHOLDERS' FUNDS

1,494,101

1,306,092

The financial statements were approved and authorised for issue by the Board of Directors on 16 December 2019 and were signed on its behalf by:

D W Pinner - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2017

18

1,163,432

20

1,163,470

Changes in equity

Dividends

-

(50,000

)

-

(50,000

)

Total comprehensive income

-

192,622

-

192,622

Balance at 31 March 2018

18

1,306,054

20

1,306,092

Changes in equity

Dividends

-

(4,000

)

-

(4,000

)

Total comprehensive income

-

192,009

-

192,009

Balance at 31 March 2019

18

1,494,063

20

1,494,101

1.	STATUTORY INFORMATION

Fizz Experience Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The directors have considered the company's financial operating requirements for the forthcoming year and

expect the company will have sufficient cash reserves to meet those requirements and this is why they continue to

adopt the going concern basis of accounting.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial

statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of

Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of Section 33 Related Party Disclosures paragraph 33.7.

Preparation of consolidated financial statements

The financial statements contain information about Fizz Experience Limited as an individual company and do

not contain consolidated financial information as the parent of a group. The company is exempt under Section

400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its

subsidiary undertakings are included by full consolidation in the consolidated financial statements of its ultimate

parent, Fizz Holdings Limited, The Atrium, Curtis Road, Dorking, England RH4 1XA.

Significant judgements and estimates

In preparing these financial statements, the directors have made the following judgements:

- Determine whether leases entered into by the company either as a lessor or a lessee are operating lease or

finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have

been transferred from the lessor to the lessee on a lease by lease basis.

- Determine whether there are indicators of impairment of the company's tangible and intangible assets, including

goodwill. Factors taken into consideration in reaching such a decision include the economic viability and

expected future financial performance of the asset and where it is a component of a larger cash-generating unit,

the viability and expected future performance of that unit.

Other key sources of estimation uncertainty

- Intangible fixed assets

Intangible fixed assets, are amortised over their useful life taking into account the probable future economic

benefits, where appropriate. The economic useful lives of the assets and probable future economic benefits are

assessed annually and may vary depending on a number of factors.

- Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where

appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on

a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and

maintenance programmes are taken into account. Residual value assessments consider issues such as future

market conditions, the remaining life of the asset and projected disposal values.

Turnover

The turnover shown in the profit and loss represents amounts receivable for services provided during the year in

the normal course of business, net of trade discounts, VAT and other sales and related taxes.

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.

An impairment loss has been recognised in the Statement of Comprehensive Income, following an assessment at

the Statement of Financial Position date indicating the recoverable amount was less than its carrying value.

Development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and

accumulated impairment losses.

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

life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery - 33% on cost

Fixtures and fittings - 20% on cost

Motor vehicles - 20% on cost

Computer equipment - 33% on cost and 20% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

Basic financial assets, including trade debtors, other debtors, loans to fellow group companies, loans to directors,

cash and bank balances and investments in shares, are initially measured at the transaction price including

transaction costs and are subsequently recognised at amortised cost.

Basic financial liabilities, including trade creditors, other creditors and trade finance, are initially recognised at

transaction price and are subsequently recognised at amortised cost.

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 entity after deducting all of its financial liabilities.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive

Income, 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 statement of financial position date.

Intangible fixed assets - research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future

economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred.

Intangible assets are recognised from the development phase of a project if and only if certain specific criteria

are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be

reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over

their expected useful economic lives, which is 5 years.

The expected useful economic life of development costs are estimated based on business plans which set out the

development plan and time to market for the associated project.

If it is not possible to distinguish between the research phase and the development phase of an internal project

the expenditure is treated as if it were all incurred in the research phase only.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the

operating profit.

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.

Where assets are financed by leasing agreements that give rights approximately to ownership (finance leases), the

assets are treated as if they has been purchased outright. The amount capitalised is the present value of the

minimum lease payments payable over the term of the lease. The corresponding leasing commitments are shown

as amounts payable to the lessor. Depreciation on the relevant assets is charged to profit or loss over the shorter

of estimated useful economic life and the term of the lease.

Lease payments are analysed between capital and interest components so that the interest element of the payment

is charged to profit or loss over the term of the lease and is calculated so that it represents a constant proportion

of the balance of capital repayments outstanding. The capital part reduces the amounts payable to the lessor.

Pension costs

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held

separately from those of the company. The annual contributions payable are charged to the profit and loss

account.

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance

sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future

holiday entitlement so accrued at the balance sheet date.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised

when paid. Final equity dividends are recognised when approved by the shareholders at an annual general

meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest

payable.

4.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2019

2018

£

£

Sales of goods

3,107,075

3,226,814

Rendering of services

10,657,055

10,099,978

13,764,130

13,326,792

5.	EMPLOYEES AND DIRECTORS

2019

2018

£

£

Wages and salaries

7,637,096

7,178,586

Social security costs

386,685

358,396

Other pension costs

72,683

51,394

8,096,464

7,588,376

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

2019

2018

Number of head office staff

26

24

Number of other staff

798

802

Number of directors

3

3

827

829

2019

2018

£

£

Directors' remuneration

286,514

360,623

Directors' pension contributions to money purchase schemes

3,416

4,285

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

Money purchase schemes

3

3

Information regarding the highest paid director is as follows:

2019

2018

£

£

Emoluments etc

159,528

174,089

Pension contributions to money purchase schemes

1,207

1,169

6.	OPERATING PROFIT

The operating profit is stated after charging:

2019

2018

£

£

Other operating leases

96,421

56,331

Depreciation - owned assets

30,806

46,469

Loss on disposal of fixed assets

-

4,112

Development costs amortisation

50,426

64,220

Auditors' remuneration

24,770

24,860

Foreign exchange differences

450

-

7.	AMOUNT WRITTEN OFF

2019

2018

£

£

Bad debts

(3,833

)

(172,981

)

The bad debts written off above is relating to the debts due from its wholly owned subsidiary.

8.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2019

2018

£

£

Current tax:

UK corporation tax

4,635

5,682

Over/under provision in prior

-

(87

)

Tax on profit

4,635

5,595

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is

explained below:

2019

2018

£

£

Profit before tax

196,644

198,217

Profit multiplied by the standard rate of corporation tax in the UK of 19% (2018 - 19%)

37,362

37,661

Effects of:

Expenses not deductible for tax purposes

29,430

46,589

Capital allowances in excess of depreciation

(2,178

)

-

Depreciation in excess of capital allowances

-

2,877

Adjustments to tax charge in respect of previous periods

-

(87

)

Group relief

(851

)

(18,317

)

Enhanced Research & Development deduction

(59,128

)

(63,128

)

Total tax charge

4,635

5,595

9.

DIVIDENDS

2019

2018

£

£

Ordinary shares of 20p each

Interim

4,000

50,000

10.	INTANGIBLE FIXED ASSETS

Development

costs

£

COST

At 1 April 2018

321,098

Additions

118,392

Impairments

(187,361

)

At 31 March 2019

252,129

AMORTISATION

At 1 April 2018

118,032

Amortisation for year

50,426

Impairments

(91,284

)

At 31 March 2019

77,174

NET BOOK VALUE

At 31 March 2019

174,955

At 31 March 2018

203,066