Racelogic Limited - Limited company accounts 20.1

REGISTERED NUMBER: 02743719 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 September 2021

for

Racelogic Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

J A D Thomas

H F Thuillier

C Smith

K Bursnall

Mrs A J Clifton

G R Mackie

I M Jones

SECRETARY:

M J Marshall

REGISTERED OFFICE:

Swan Business Park

Unit 10 -11 Osier Way

Buckingham

MK18 1TB

REGISTERED NUMBER:

02743719 (England and Wales)

SENIOR STATUTORY AUDITOR:

Nicola Beeson

AUDITORS:

NB Consulting Limited

Chartered Accountants and Statutory Auditors

2 Foxglove Close

Buckingham

MK18 1FU

The directors present their strategic report for the year ended 30 September 2021.

REVIEW OF BUSINESS

The company's principal activity during the year continued to be the design and manufacture of electronic systems for the automotive, motorsport and satellite receiver industries. Investment was also made into more research and market development for our unique indoor positioning systems in new sectors such as motion pictures, TV production and sports broadcasting.

Whilst the global spread of COVID-19 continued to dominate the news during this financial year with local lockdowns and reduced travel impacting business we are pleased to report an uplift in both sales and profit from the previous year. Key markets such as the USA, China and Germany started to return to more normal levels of trading during the year particularly in the areas of automotive R&D and GNSS testing. This appears to be fuelled by an increase in consumer demand post pandemic.

Unfortunately, this increase in demand also created new challenges in the form of electronic component shortages and supply chain issues.

Despite this our outlook for the next financial year remains positive and our diverse range of products, along with our wide geographic sales spread should see us continue to grow and expand our market reach .

Usually we consider our key financial performance indicators are those that communicate the financial performance and strength of the company. These indicators are revenue, gross profit margins and net profits. All three of these indicators improved over the period with sales revenues up 19%, gross profit up by 17% and net profit before tax increased by £896,793 (35%)

Stock values increased to £ 2,588,004 (2020 - £ 1,983,989) to support this growth.

Whilst the company has still not yet returned to pre-pandemic levels it has entered the new financial year in a strong and stable position. On this basis it is considered appropriate to prepare the accounts on an ongoing basis.

PRINCIPAL RISKS AND UNCERTAINTIES

All comments regarding future plans reflect the knowledge and information available to the directors as at the date of this report and may be subject to the effect of unforeseen events outside of their control.

Global outlook

The long-term effect of the COVID-19 pandemic are still being felt with global supply chain issues and electronic component shortages having a significant impact on trading. The war in Ukraine will also have long term consequences for global trade as Russia and Ukraine are key suppliers and refiners of the precious metals and inert gases used in the production of electronics.

Rising inflation and increased cost of borrowing within the Western economies will also have an effect on trading and consumer spending, although the global demand for new cars and trucks does not seem to be slowing with all manufacturers reporting a backlog of orders - fuelled in part by the global switch to electric vehicles.

Customers

As China was the first to recover to 'normality' post pandemic it was no surprise to see sales to this region return first with sales of £3.6m in the period representing 22% of our annual sales. Other traditionally strong markets such as Japan and India have taken longer to recover.

PRINCIPAL RISKS AND UNCERTAINTIES

Customers (continued)

Our strength remains in our diversity with the combination of innovative solutions for different markets and a wide geographic spread providing resilience to local lockdown issues and component shortages. This year also saw significant growth in the sales of our indoor positioning system (VIPS) with several large customers, such as Asta Zero the worlds largest indoor test track, installing a VIPS solution.

Suppliers

Our largest supplier continued to work at full capacity during the year and worked closely with us to navigate the issues around the supply chain. This often meant the forward purchasing of key components to ensure supply. All our global suppliers of electronics continue to report demand outstripping supply which means that we will often have to modify a design to accommodate an alternative part or redesign a product to take an alternative part. We continue to work closely with our largest suppliers to mitigate this and reduce the risk to production wherever possible.

Staff

Post lockdown we have retained a hybrid working model with production, administration and customer support staff working in the office and software developers and engineers working from home when possible. This has allowed us to recruit new skills from further afield and meet the changing expectations of the UK work force around work life balance. Headcount also increased during the year in response to the need for more engineers and software developers.

We anticipate that the forecast increases in inflation and the cost of living will put some pressure on salaries in the coming year.

Cashflow

Whilst cash reserves remain healthy the board are conscious that the requirement to secure scarce components and the rising cost of these components will have an impact on future cashflow. We will continue to be prudent in our management of cash and the timing of any dividend payments to mitigate this.

RESEARCH AND DEVELOPMENT

The next year will see us launch new variants of our VBOX VB3i data logger product that specifically targets the Adaptive Safety market along with updates to our combined GNSS and Inertial products. New updates to our LabSat GNSS testing solutions and a virtual production specific version of our indoor positioning systems will also be launched.

The company will continue to invest in research and development and intends to continue to diversify outside of its traditional automotive and motorsport sectors into new and emerging markets.

ON BEHALF OF THE BOARD:

G R Mackie - Director

21 June 2022

The directors present their report with the financial statements of the company for the year ended 30 September 2021.

DIVIDENDS

During the year the following interim dividends were paid:

9/4/2021 - £1,500,000

25/08/2021 - £1,000,000

The directors recommend that no final dividend be paid on either the Ordinary or B Ordinary shares.

The total distribution of dividends for the year ended 30 September 2021 will be £2,500,000. £2,374,535 on Ordinary shares and £125,465 on B Ordinary shares.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 October 2020 to the date of this report.

J A D Thomas

H F Thuillier

C Smith

K Bursnall

Mrs A J Clifton

G R Mackie

I M Jones

DISCLOSURE IN THE STRATEGIC REPORT

Future developments and details of research and development as required under Schedule 7 of the Companies Act 2006 to be disclosed in the Directors' Report are set out in the Strategic Report in accordance with section 414C(11) of the Companies Act 2006.

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, NB Consulting Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

G R Mackie - Director

21 June 2022

Opinion

We have audited the financial statements of Racelogic Limited (the 'company') for the year ended 30 September 2021 which comprise the Statement of 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 30 September 2021 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

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

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 this gives rise to a material misstatement in the financial statements themselves. 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 four, 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the company. The most significant which are directly relevant to the specific assertions in the financial statements are those related to the financial reporting frameworks (UK Generally Accepted Accounting Practice, the Companies Act 2006) and the relevant tax compliance regulations in the jurisdiction in which the company operates;

- We enquired of management, whether they are aware of any instances of non-compliance with laws and regulations or whether they had any knowledge of actual, suspected or alleged fraud;

- We assessed the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur;

- Our testing considered unusual or unexpected journal entries;

- We reviewed the financial statements and tested the disclosures against supporting documentation.

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.

Nicola Beeson (Senior Statutory Auditor)

for and on behalf of NB Consulting Limited

Chartered Accountants and Statutory Auditors

2 Foxglove Close

Buckingham

MK18 1FU

21 June 2022

TURNOVER

3

16,478,071

13,876,300

Cost of sales

7,009,240

5,763,588

GROSS PROFIT

9,468,831

8,112,712

Administrative expenses

6,044,282

5,692,664

3,424,549

2,420,048

Other operating income

4

6,186

112,231

OPERATING PROFIT

6

3,430,735

2,532,279

Interest receivable and similar income

10,724

12,387

PROFIT BEFORE TAXATION

3,441,459

2,544,666

Tax on profit

7

208,142

78,748

PROFIT FOR THE FINANCIAL YEAR

3,233,317

2,465,918

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

3,233,317

2,465,918

FIXED ASSETS

Tangible assets

9

1,381,768

1,414,286

Investments

10

21,789

21,789

1,403,557

1,436,075

CURRENT ASSETS

Stocks

11

2,588,004

1,983,989

Debtors

12

1,876,497

1,822,953

Cash at bank

1,589,451

1,347,309

6,053,952

5,154,251

CREDITORS

Amounts falling due within one year

13

834,158

773,270

NET CURRENT ASSETS

5,219,794

4,380,981

TOTAL ASSETS LESS CURRENT LIABILITIES

6,623,351

5,817,056

PROVISIONS FOR LIABILITIES

15

67,000

58,000

NET ASSETS

6,556,351

5,759,056

CAPITAL AND RESERVES

Called up share capital

16

114

113

Share premium

17

825,435

761,458

Capital redemption reserve

17

10

10

Retained earnings

17

5,730,792

4,997,475

SHAREHOLDERS' FUNDS

6,556,351

5,759,056

The financial statements were approved by the Board of Directors and authorised for issue on 21 June 2022 and were signed on its behalf by:

G R Mackie - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 October 2019

113

6,047,332

772,463

10

6,819,918

Changes in equity

Issue of share capital

-

-

(11,005

)

-

(11,005

)

Dividends

-

(3,515,775

)

-

-

(3,515,775

)

Total comprehensive income

-

2,465,918

-

-

2,465,918

Balance at 30 September 2020

113

4,997,475

761,458

10

5,759,056

Changes in equity

Issue of share capital

1

-

63,977

-

63,978

Dividends

-

(2,500,000

)

-

-

(2,500,000

)

Total comprehensive income

-

3,233,317

-

-

3,233,317

Balance at 30 September 2021

114

5,730,792

825,435

10

6,556,351

Cash flows from operating activities

Cash generated from operations

1

2,939,714

3,507,588

Government grants

6,186

112,231

Tax paid

(134,180

)

(140,000

)

Net cash from operating activities

2,811,720

3,479,819

Cash flows from investing activities

Purchase of tangible fixed assets

(144,598

)

(106,152

)

Sale of tangible fixed assets

318

791

Interest received

10,724

12,387

Net cash from investing activities

(133,556

)

(92,974

)

Cash flows from financing activities

Share issue

76,269

-

Share buyback

(12,291

)

(11,005

)

Equity dividends paid

(2,500,000

)

(3,515,775

)

Net cash from financing activities

(2,436,022

)

(3,526,780

)

Increase/(decrease) in cash and cash equivalents

242,142

(139,935

)

Cash and cash equivalents at beginning of year

2

1,347,309

1,487,244

Cash and cash equivalents at end of year

2

1,589,451

1,347,309

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

30.9.21

30.9.20

£

£

Profit before taxation

3,441,459

2,544,666

Depreciation charges

177,116

167,847

Profit on disposal of fixed assets

(318

)

(791

)

Government grants

(6,186

)

(112,231

)

Finance income

(10,724

)

(12,387

)

3,601,347

2,587,104

(Increase)/decrease in stocks

(604,015

)

380,488

(Increase)/decrease in trade and other debtors

(118,506

)

169,724

Increase in trade and other creditors

60,888

370,272

Cash generated from operations

2,939,714

3,507,588

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 30 September 2021

30.9.21

1.10.20

£

£

Cash and cash equivalents

1,589,451

1,347,309

Year ended 30 September 2020

30.9.20

1.10.19

£

£

Cash and cash equivalents

1,347,309

1,487,244

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.10.20

Cash flow

At 30.9.21

£

£

£

Net cash

Cash at bank

1,347,309

242,142

1,589,451

1,347,309

242,142

1,589,451

Total

1,347,309

242,142

1,589,451

1.	STATUTORY INFORMATION

Racelogic 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.

2.	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.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that the actual outcomes could differ from those estimates. The estimates and assumptions are reviewed on an ongoing basis. Any revisions to estimates are recognised in the period of the revision and future periods if applicable.

There are not considered to be any key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised when the significant risks and rewards of ownership have been passed to the buyer, the Group retains no continuing involvement or control over the goods and it is probable that the future economic benefit of the goods will flow to the entity.

Tangible fixed assets

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price and costs directly attributable to bringing the asset to its working condition for its intended use.

Depreciation is provided on all fixed assets other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

Freehold property - 2.5% straight line

Plant and machinery - 33.3% straight line

The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

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

Cost is based on a first-in, first-out basis and includes an addition for labour and overheads where appropriate.

Net realisable value is based on estimated selling price less any further costs expected to be incurred on disposal.

When stocks are sold the carrying amount of these stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any allowance for obsolete or slow moving items is recognised as an expense in the period in which the write-down or loss occurs.

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 balance sheet date.

Deferred tax

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

The company's functional and presentational currency is pounds sterling.

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.

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.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within in borrowings in current liabilities.

3.

TURNOVER

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

An analysis of turnover by geographical market is given below:

30.9.21

30.9.20

£

£

United Kingdom

2,095,321

1,669,904

Europe

4,130,704

3,544,718

Asia

5,985,493

5,068,593

Americas

3,725,631

3,109,911

Rest of world

540,922

483,174

16,478,071

13,876,300

4.	OTHER OPERATING INCOME

30.9.21

30.9.20

£

£

Government grants

6,186

112,231

During the year the company received government payroll support grants in response to the covid-19 pandemic.

5.	EMPLOYEES AND DIRECTORS

30.9.21

30.9.20

£

£

Wages and salaries

2,564,999

2,434,959

Social security costs

230,564

278,540

Other pension costs

128,291

159,811

2,923,854

2,873,310

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

30.9.21

30.9.20

Administration

10

9

Development

54

51

Distribution

5

5

Manufacturing

12

12

Sales

5

6

86

83

30.9.21

30.9.20

£

£

Directors' remuneration

616,333

589,837

Directors' pension contributions to money purchase schemes

25,747

34,581

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

Money purchase schemes

5

5

Information regarding the highest paid director is as follows:

30.9.21

30.9.20

£

£

Emoluments etc

190,529

241,723

Pension contributions to money purchase schemes

2,592

2,567

6.	OPERATING PROFIT

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

30.9.21

30.9.20

£

£

Other operating leases

42,678

48,814

Depreciation - owned assets

177,116

167,847

Profit on disposal of fixed assets

(318

)

(791

)

Auditors' remuneration

10,000

15,607

Foreign exchange differences

97,608

100,547

7.

TAXATION

Analysis of the tax charge

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

30.9.21

30.9.20

£

£

Current tax:

UK corporation tax

199,142

78,748

Deferred tax

9,000

-

Tax on profit

208,142

78,748