Shapero Rare Books Limited

Contents

Page

Strategic report

2

Directors' report

7

Statement of directors' responsibilities

9

Statement of comprehensive income

13

Statement of cash flows

16

Company information:

David Harland

Chairman

Bernard Shapero

Chief executive

Graham Noble

Non-executive director

London W1S 1DN

30 Giles Street

STRATEGIC REPORT

This report provides an overview of our strategy and business model; gives a review of the performance of the business and of our financial position at the year-end; and, sets out the principal risks to which the Company is exposed. In addition, it comments on the future prospects of the business.

Principal activities and review of the business

The Company is involved primarily in the trading and retailing of rare and collectible books and works on paper. It also trades Modern & Contemporary Prints as Shapero Modern.

Strategy

The Company is seeking to grow its businesses, either organically or through acquisition, a portfolio of rare books and art focused businesses to enable further growth of its revenue and profit.

The business model

The Company is a leading international dealer in rare and collectible books and works on paper with special expertise in Natural History, Illustrated, Travel and Exploration and Literature. The business also trades as Shapero Modern in modern and contemporary prints and limited editions by established artists.

Key objectives and key performance indicators (KPIs)

The Company's strategy is to:

·

attract individuals or teams of specialists to develop the Company's existing businesses;

·

optimize working capital in existing businesses to provide funds for new business development; and

·

continue to develop by trading alongside other dealers in high value rare items and by participating in the acquisition for onward sale of large consignments.

The current principal KPIs are:

·

Sales, gross profit and gross margin, profit before tax;

·

the breadth and distribution of the stock of rare books held by the Company;

·

stock turnover

Years ending March 31

2023

2022

Gross Profit (£ millions)

3.45

3.07

Shapero Rare Books Limited

Annual report and financial statements 2023

STRATEGIC REPORT continued

Review of the year from continuing operations

Overall performance

The Company made a profit from trading in the year ended 31 March 2023. The year's sales were £9,061k, above the prior year's sales of £8,129k, while gross profit was higher at £3,447k (2021: £3,071k).

Direct costs including the attendance at fairs, exhibitions, and catalogues increased to £815k in the current year (2022: £340k). This reflected the increased attendance at fairs which, for the first time since Covid-19, enjoyed a full calendar. Administrative expenses were £2,036k compared with £l,793k in the year to 31 March 2022.

Management charges from Scholium Group plc of £741k (2022: £nil) were levied to better reflect the commercial reality of the group structure.

The resulting loss after discontinued business for the year was £175k. (2022: profit of £588k).

Mayfair Philatelies

The Board took the decision in the prior financial year to close the business. The results of that business have been presented and treated as discontinued operations within these report and accounts and the impact of this treatment is fully explained in note 12 to these accounts. The full provision against future costs of closure taken in the prior year was sufficient to offset any incurred actual costs and consequently, with the exception of some immaterial items, there is no discontinued business impact in the results for this financial year.

Financial Position

At 31 March 2023 stock levels were £9.81 million (2022: £9.34 million) and gross assets were £12.78 million (2022: £13.47 million).

Dividend

The Board does not propose to declare a dividend (2021: £nil) for the current year.

Principal risks and uncertainties

Supply of antiquarian books and other items

By definition, rare and antiquarian books and other works on paper are rare. The availability of fresh stock of such items is often driven by major life events, such as inheritance, unrecovered debt, divorce or downsizing due to economic malaise. The business of the Company is reliant upon individual works and collections of works coming onto the market and upon the Company being able to access those business opportunities. There is no guarantee that fresh stock will come onto the market in sufficient quantities to meet the Company's plans for continued growth. When works become available for sale or purchase, such sales are often dealt with privately and discretely and, accordingly, there is no guarantee that the Company's employees will be able to access such business opportunities or to negotiate successfully the purchase of fresh stock coming onto the market.

STRATEGIC REPORT continued

Reliance on key international trade fairs

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

Principal risks and uncertainties continued

Competition

The market in the books and art in which the Company trades is competitive. The Company faces various competitive pressures including from the major auctioneers, Sotheby's, Christie's and Bonhams, as well as smaller auctioneers and a large number of dealers and smaller operators.

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

Co-owned rare goods

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

Stock valuation and liquidity

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

Theft, loss or damage

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

Shapero Rare Books Limited

Annual report and financial statements 2023

STRATEGIC REPORT continued

Principal risks and uncertainties continued

third parties, there is a risk that these assets outside of the Company's direct control may be stolen or replaced by unscrupulous third parties with fakes or forgeries.

Authenticity and export authority

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

Insurance

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

Premises

Like many of the established dealers in the market, the Company has a publicly accessible gallery in Mayfair, London from where Shapero Rare Books operates. Although there is a risk that the increasing demand for online retail will render 'high street' premises uneconomic, the Directors believe that a central London location is an important factor in the success of the business as a whole.

Terms of sale

To date, the contractual arrangements which the Company has entered into with clients, customers and other dealers have not always included (amongst other things) terms dealing specifically with: (i) transfer of ownership and risk,

(ii)

contract formation,

(iii)

price and payment,

(iv)

limitations and exclusions of liability, and

(v)

governing law and jurisdiction.

In light of the foregoing, there can be no guarantee that the Company's arrangements with its customers will not be terminated on short notice or that the Company will not at some future time face challenges or disputes in relation to the contractual or other arrangements with its clients.

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

Shapero Rare Books Limited

Annual report and financial statements 2023

STRATEGIC REPORT continued

Principal risks and uncertainties continued

Employees

The Company is reliant on a small group of key employees, in particular the chief executive officer, for their knowledge and the reliance customers place on their integrity and service. In the event that a key employee was to leave, the business may suffer a short term decrease in performance whilst it adjusts.

Currency risk

The Company conducts certain of its transactions in currencies other than in Pounds Sterling, the Company's functional currency. As a result, movements in foreign exchange rates may impact the Company's performance. The Company does not contract any hedging arrangements in respect of currency positions.

Pandemics and government imposed trading restrictions

The Company's trading capabilities are susceptible to the prevalence of pandemics such as Covid 19 which had resulted in the closure of the Company's retail premises for several months and the cancellation of fairs and exhibitions, together with restrictions on the mobility of its staff, customers and suppliers. The Company has other avenues to market available to it, including the internet, telephone and post, but it may be difficult for the Company to trade profitably while such a pandemic is present.

Future prospects

The Company traded profitably for the year ended, before group management charges, and this has continued into the new financial year.

The core business of the Company is as one of the leading rare book dealers, with a solid international customer base. Further attention will be required in order to improve its return on capital employed, particularly stock turnover. The board has implemented several initiatives to progress this. The board continues to review the opportunity for making further initiatives to improve the Company's profitability and thereby creating improved shareholder value.

On behalf of the Board:

Philip Tansey

Chief Financial Officer

DIRECTORS' REPORT

The Directors present their annual report and the audited financial statements for the period ended 31 March 2023.

Results and dividend

The results of the Company are included in the Strategic Report. Further details are shown in the statement of comprehensive income and the related notes.

The Directors have not declared a dividend for the year to 31 March 2023.

Mayfair Philatelies

The Board determined in the prior year that the market for stamps was not one that could generate the success and profits as witnessed in books and art and therefore the decision was taken to close the business. The results of the business have been presented and treated as discontinued operations within these report and accounts and the impact of this is fully explained in note 12 to these accounts.

Capital structure

The Company is a wholly owned subsidiary of Scholium Group plc and is dependent upon this company for its future financing requirements.

Directors

The Directors of the Company are:

Name

Function

Philip Blackwell

Non-Executive Director

Directors interest in the Company

No director has an interest in the share capital of the Company. The directors' interests for those directors all of whom are also directors of Scholium Group plc are disclosed in the financial statements of that company.

Political and charitable donations

The Company made £5k of charitable donations during the year (2022: £nil).

Post-balance sheet events

The Company's trading continues to build following the cessation of restrictions imposed internationally in response to Covid-19 that so impacted prior years and has traded profitably in the first months of the current year to 31 March 2024. Management remains focussed on generating as many sales as the draining impact of Mayfair has now been eliminated. The outcome for the first half year to 30 September 2023 appears positive though management remains cautious given the current global economic challenges.

DIRECTORS' REPORT continued

The Company took the opportunity to merge the previous separate leases into one for both the shop and offices in New Bond Street with a new expiry date of August 2023 which, in July following the end of the financial year, has been extended to a new expiry date of August 2024.

There have been no other material events directly affecting the Company since the balance sheet date.

Auditor

A resolution to reappoint Wenn Townsend as auditor to the Company will be proposed at the forthcoming Annual General Meeting.

On behalf of the Board

Philip Tansey

Director

27 July 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The Directors are responsible for preparing the annual report in accordance with applicable law and regulations. The Directors consider the annual report and the financial statements, taken as a whole, provide the information necessary to assess the company's performance, business model and strategy and are fair, balanced and understandable.

To the best of our knowledge:

the group financial statements, prepared in accordance with International Accounting Standards in conformity with the requirements of the Companies Act 2006, give a true and fair view of the assets, liabilities, financial position and profit or loss of the company; and

the Strategic Report and Directors' Report include a fair review of the development and performance of the business and the position of the company, together with a description of the principal risks and uncertainties that they face.

On behalf of the Board

Philip Tansey

Director

Independent Auditor's Report to the Members of Shapero Rare Books Limited

Opinion

We have audited the financial statements of Shapero Rare Books Limited (the 'company') for the year ended 31 March 2023 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and the 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 International accounting standards in conformity with the requirements of the Companies Act 2006.

Separate opinion in relation to IFRSs as issued by the IASB

As explained in note 2 to the financial statements, the company in addition to complying with its legal obligation to apply International accounting standards in conformity with the requirements of the Companies Act 2006, has also applied IFRSs as issued by the International Accounting Standards Board (IASB).

In our opinion the financial statements give a true and fair view of the financial position of the company as at 31 March 2023 and of its financial performance and its cash flows for the year then ended in accordance with IFRSs as issued by the IASB.

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 Auditor's 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 director's 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

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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

·

the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the directors' report.

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 an auditor's report 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.

Lee Baker FCA (Senior Statutory Auditor)

For and on behalf of Wenn Townsend, Statutory Auditor, 30 St Giles', Oxford, OX1 3LE

27 July 2023

Annual report and financial statements 2023

There were no other recognised gains and losses in the year.

The notes on pages 17 to 35 form part of these financial statements.

The financial statements were approved by the Board of Directors and authorised for issue on 27 July 2023.

Philip Tansey

Director

The notes on pages 17 to 35 form part of these financial statements.

Statement of changes in equity continued

The following describes the nature and purpose of each reserve within owners' equity:

Share capital

Amount subscribed for shares at nominal value

Share premium

The notes on pages 17 to 35 form part of these financial statements.

31 March

31 March

2023

2022

£000

£000

Cash flows from operating activities

(Loss) / Profit before interest

(145)

621

Depreciation of property, plant and equipment

36

34

Depreciation of right to use asset

317

198

Amortisation of intangible assets

4

4

212

857

(Increase) in inventories

(472)

(314)

(Increase) / decrease in trade and other receivables

314

(637)

Increase in trade and other payables

(437)

1,092

Net cash generated from operating activities

(595)

141

Cash flows from investing activities

Purchase of right to use assets

(239)

-

Purchase of property, plant and equipment

(21)

(26)

Net cash used in investing activities

(260)

(26)

Cash flows from financing activities

Interest paid

(30)

(33)

Lease repayments for right-of-use assets

(77)

(139)

Net cash used in investing activities

(107)

(172)

Net (decrease) / increase in cash and cash equivalents

(750)

800

Cash and cash equivalents at the beginning of the year

861

61

Cash and cash equivalents at the end of the year

111

861

The notes on pages 17 to 35 form part of these financial statements.

1

General information

Shapero Rare Books Limited is engaged in the trading and retailing of rare and antiquarian books and works on paper primarily in the United Kingdom. The Company is a limited company domiciled and incorporated in England and Wales (registered number 06720898). The address of its registered office is 106 New Bond, London W1S 1DN.

2

Basis of preparation and accounting policies

The financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRSs") including standards and interpretations issued by the International Accounting Standards Board and in accordance with International Accounting Standards in conformity with the requirements of the Companies Act 2006.

The financial statements have been prepared on an historical cost basis.

The preparation of financial statements in conformity with IFRSs requires the use of certain accounting estimates. It also requires management to exercise its judgement in the process of applying the Company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 3 below.

The functional and presentational currency of the Company is pounds sterling. The financial information is shown to the nearest £1,000.

The principal accounting policies applied by the Company in the preparation of these financial statements for the years ended 31 March 2023 and 31 March 2022 are set out below. These policies have been consistently applied to all periods presented.

Going concern

The Directors have reviewed the activities of the Company since 1 April 2022 with a view to determining if there are any material uncertainties which may impact whether the Company can be considered to be a going concern. The Company's primary activities can be classified as retail, and therefore the Directors have considered the Company's position in the light of the retail industry as a whole as well as the Company's own circumstances. The Company's leases on its retail premises are at relatively low rents, and in the case of the New Bond Street lease, has a relatively short term date of August 2023 which following the end of the financial year has in July been granted a lease extension through to August 2024. The Company therefore does not have exposure to any onerous leases. The Company has an international customer base and is not dependent on footfall generating sales from its London premises, or its presence at international fairs.

The Group in 2020 made use of a government £250,000 Covid loan, which at the year-end date, following repayments made during the year, has £187,500 outstanding. This is repayable over five years and therefore is not exposed to any liabilities where the terms of repayment may change. The Group has no creditors over one year, and no liabilities to a defined benefit pension scheme.

The Company has enjoyed a second consecutive successful year and continues to expand sales channels with its own online auctions. The Directors have prepared revised "stressed" forecasts taking account of the results to date, current expected demand, and cost savings identified. This has been conducted together with an assessment of the liquidity headroom against the cash and bank facilities including the Covid loan.

The Directors recognise that the current difficult geo-political and resulting economic environment could impact business but have concluded that there are no material uncertainties over the Company's ability to continue as a going concern. Accordingly, these financial statements do not include any adjustments to the carrying amount or classification of assets and liabilities that would result if the Company were unable to continue as a going concern.

New standards and interpretations

Revenue Recognition

Retirement Benefits: Defined contribution schemes

Contributions to defined contribution schemes are charged to the statement of comprehensive income in the year to which they relate.

Property, plant and equipment

Bibliography

- 15% on cost per annum

Inventories

Loans and receivables

Cash and cash equivalents

Cash and cash equivalents comprise cash.

Financial instruments and liabilities

·

Equity instruments

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by a Company are recognised at the proceeds received.

Derivative financial instruments:

The Company enters into derivative financial instruments viz. a residual of the convertible loan instrument. The Company does not hold derivative financial instruments for speculative purposes. Derivatives are initially recognised at fair value at the date the derivative contracts are entered into and are subsequently remeasured to their fair value at the end of each reporting period. The resulting gain or loss is recognised in profit or loss immediately.

Fair value measurement

Share Capital

Financial instruments issued by the Company are treated as equity only to the extent that they do not meet the definition of a financial liability. The Company's ordinary shares are classified as equity instruments.

Leased Assets

Deferred taxation

Foreign currency

Operating Segments

Operating profit and loss

Operating profit and loss comprise revenues less operating costs. Operating costs comprise adjustments for changes in inventories, employee costs including share-based payments, amortisation, depreciation and impairment and other operating expenses.

Expenditure

Expenditure is recognised in respect of goods and services received when supplied in accordance with contractual terms. Provision is made when an obligation exists for a future liability relating to a past event and where the amount of the obligation can be reasonably estimated.

Exceptional items of expense

Exceptional items of expense are administrative costs which are large or unusual in nature and are not expected to recur on a regular basis.

Discontinued operations

The Company present its results from its discontinued operations separately from its continuing operations. In line with IFRS 5, an operation is classed as discontinued if it has been or in the process of being disposed, represents either a separate major line of business or a geographical area of operations or is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operation.

3

Critical accounting estimates and judgements

4

Financial instruments - risk management

Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Company is mainly exposed to credit risk from credit sales. At 31 March 2023 the Company has trade receivables of £1,713,000 (2022: £1,296,000 excluding discontinued operations). The Company is exposed to credit risk in respect of these balances such that, if one or more the customers encounter's financial difficulties, this could materially and adversely affect the Company's financial results. The Company attempts to mitigate credit risk by assessing the credit rating of new customers prior to entering into contracts and by entering contracts with customers with agreed credit terms.

Liquidity risk

Liquidity risk arises from the Company's management of working capital. It is the risk that the Company will encounter difficulty in meeting its financial obligations as they fall due. The Company's policy is to ensure that it will always have sufficient cash and facilities to allow it to meet its liabilities when they become due. To achieve this aim, it seeks to maintain cash balances to meet its expected cash requirements.

Market interest rate risk

The Company is also exposed to market interest rate risk in respect of its cash balances held pending investment in the growth of the Company's operations. The effect of interest rate changes in the Company's interest-bearing assets and liabilities and the re-pricing of its interest-bearing liabilities are set out in note 18.

Capital Management

5

Revenue

31 March

31 March

2023

2022

£000

£000

Sale of stock: Books

7,042

6,016

Sale of stock: Gallery

1,777

1,823

Commissions

177

279

Other Income

65

11

9,061

8,129

All revenues are derived from a single operating segment

6

(Loss) / Profit before taxation

(Loss) / Profit before taxation is after charging/(crediting):

31 March

2023

31 March

2022

£000

£000

Depreciation of property, plant and equipment (note 13)

347

231

Amortisation of intangible assets (note 14)

4

4

Foreign currency (gains) / losses

-

(2)

Employee costs (note 7)

785

733

Fees payable to the Company's auditor (note 9)

25

24

7

Employee costs including Directors

31 March

31 March

2023

2022

£000

£000

Wages and salaries

663

624

Social Security Costs

79

70

Pension costs

35

32

Other employee benefits

8

7

785

733

8

Average number of employees

Shapero Rare Books Limited

Annual report and financial statements 2023

9

Auditors' remuneration

10

Directors' remuneration

31 March

2023

31 March

2022

Pension costs

20

20

Other employee benefits

8

7

260

242

salary and benefits is as follows:

Company Pension contributions to money purchase scheme

20

20

11

Income tax

31 March

31 March

2023

2022

£000

£000

Current tax expense

Current tax

-

-

Deferred tax charge:

Origination and reversal of temporary differences

-

-

Total tax expense

-

-

The reasons for the difference between the actual tax charge for the year and the standard rate of corporation tax in the United Kingdom applied to the profit for the year as follows:

31 March

2023

31 March

2022

£000

£000

(Loss) / Profit before tax

(175)

588

Tax not recognised as deferred tax assets

33

(112)

12

Discontinued Operations

In the prior financial year, the Board determined that Mayfair Philatelic was not key to the future of the Company. In accordance with IFRS5 - Non-current assets held for sale and discontinued business, the results for Mayfair Philatelic are shown as Discontinued operations in the income statement and its assets and liabilities recorded at the lower of the carrying value and fair value less costs to sell in the financial statements for this financial year. An analysis of the individual line items is shown below.

Financial performance and cash flow information

31 March

2023

31 March

2022

£000

£000

-

Profit / (Loss) from discontinued operations after tax

(317)

Assets and liabilities of discontinued operation

No assets or liabilities relating to Mayfair Philatelic are included within the Company statement of financial position as at 31 March 2023. In the prior year however, relevant assets and liabilities, were included at the lower of the carrying value and fair value less costs to sell as follows:

31 March

2022

£000

Current assets - stock

114

Current assets -debtors and prepayments

458

Total assets of discontinued operation

581

Liabilities

Accruals

141

Total liabilities of discontinued operation

377

13

Property, plant and equipment