Barry Bennett Limited - Limited company accounts 20.1

REGISTERED NUMBER: 01006315 (England and Wales)

BARRY BENNETT LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020

Page

Company Information

1

Strategic Report

2

Report of the Director

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

DIRECTOR:

A Bennett

SECRETARY:

J Warlow

REGISTERED OFFICE:

The Exchange

5 Bank Street

Bury

BL9 0DN

REGISTERED NUMBER:

01006315 (England and Wales)

SENIOR STATUTORY AUDITOR:

Fiona O'Loughlin

AUDITORS:

DTE Business Advisers Limited

Chartered Accountants

Statutory Auditors

The Exchange

5 Bank Street

Bury

BL9 0DN

BANKERS:

Handelsbanken

6 The Courtyard

Calvin Street

Bolton

BL1 8PB

SOLICITORS:

Kippax Beaumont Lewis

28 Mawdsley Street

Bolton

BL1 1LF

The director presents his strategic report for the year ended 31 March 2020.

REVIEW OF BUSINESS

The director is happy with the results for the year. The figures show an increase in revenue and profitability. Our principle activity continues to be the provision of assistive technology hardware and software, training, ergonomic assessments and a full portfolio of ergonomic equipment to students in receipt of the Disabled Student Allowance (DSA). We also have a dedicated team of support workers who provide specialist one-to-one support for disabled students in education throughout the UK.

The increased profits are due to continued efforts to automate and streamline processes and providing exceptional customer service to all stakeholders whilst remaining competitively priced. Growth has been both organic with automated operational processes and increased productivity, and through successful framework opportunities such as the provision of workplace adjustments for the Financial Ombudsman. Our free to attend Spring Workshops have grown during the last 8 years, providing valuable CPD and networking opportunities to DSA stakeholders and our supply chain. These events have supported our growth through building solid relationships and brand awareness in the market.

Our CUDOS end-to-end management system has now been purchased by several institutions and following active marketing and account management activities we have also seen a steady growth in this area. CUDOS has now demerged from BBL following the year end.

Non-Medical Help (NMH) revenue has continued to increase dramatically, exceeding our expectations through expansion into new geographical areas following strategic recruitment campaigns, and marketing initiatives.

Investment in our staff continues to grow with the recruitment of a HR Manager and building a strong working culture throughout the business. We continue to maintain our high standards through our ISO9001, ISO14001 and ISO27001 accreditations in addition to being Cyber Essentials certified, an Intel Technology Gold provider and a Disability Confident Employer.

PRINCIPAL RISKS AND UNCERTAINTIES

The DSA market continues to be extremely competitive and the Government continues to award orders on a cheapest quote wins basis. The DSA market is also still subject to Government review by the Department for Education with several more Assistive Technology Providers exiting the DSA arena. The Government continue to consult with all stakeholders and, as last year, we continue to monitor the position and adjust our strategies if required.

Whilst COVID has had an impact on our business most services have been delivered online with drop off only deliveries carried out within COVID secure processes. Our streamlined processes and infrastructure facilitated an immediate move to home-working and we continue to provide an efficient first class service to all our customers.

FUTURE DEVELOPMENTS

The company continues to expand within the NMH arena and we expect sales of hardware and software to remain similar in the coming year and with continued efficiencies and rationalisation will ensure increased profitability. The result of Brexit has increased the prices of hardware, but to date we have managed to limit any negative impact to the business through our UK procurement network.

KEY PERFORMANCE INDICATORS

Gross Profit Percentage - 34.75% (2019 - 35.66%)

Net Profit (before tax) Percentage - 10.46% (2019 - 10.84%)

Net Assets - £4,326k (2019 - £2,991k)

ON BEHALF OF THE BOARD:

A Bennett - Director

30 November 2020

The director presents his report with the financial statements of the company for the year ended 31 March 2020.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the supply of computer equipment, DSA equipment, and services, stationery and office furniture.

DIVIDENDS

Interim dividends totalling £3,090.90 per share were paid on the Ordinary £1 shares during the year. No dividends were paid on the Preference £1 shares.

The total distribution of dividends for the year ended 31 March 2020 will be £309,090.

DIRECTOR

A Bennett held office during the whole of the period from 1 April 2019 to the date of this report.

A Bennett is also director of the ultimate parent company as disclosed in the accounts of that company.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he 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

DTE Business Advisers Limited has indicated its willingness to be reappointed for another term and appropriate arrangements are being made for it to be deemed reappointed as auditor in the absence of an Annual General Meeting.

ON BEHALF OF THE BOARD:

A Bennett - Director

30 November 2020

Opinion

We have audited the financial statements of Barry Bennett Limited (the 'company') for the year ended 31 March 2020 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 2020 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 director's use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

-

the director has 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 director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director 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 Director.

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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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.

Fiona O'Loughlin (Senior Statutory Auditor)

for and on behalf of DTE Business Advisers Limited

Chartered Accountants

Statutory Auditors

The Exchange

5 Bank Street

Bury

BL9 0DN

30 November 2020

REVENUE

3

18,221,751

14,202,005

Cost of sales

(11,890,367

)

(9,137,862

)

GROSS PROFIT

6,331,384

5,064,143

Administrative expenses

(4,541,469

)

(3,542,736

)

1,789,915

1,521,407

Other operating income

4

121,655

31,768

OPERATING PROFIT

6

1,911,570

1,553,175

Interest payable and similar expenses

7

(5,731

)

(14,082

)

PROFIT BEFORE TAXATION

1,905,839

1,539,093

Tax on profit

8

(263,949

)

(260,616

)

PROFIT FOR THE FINANCIAL YEAR

1,641,890

1,278,477

OTHER COMPREHENSIVE INCOME

Reserves movement

2,164

-

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

2,164

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,644,054

1,278,477

FIXED ASSETS

Intangible assets

10

10,000

10,000

Property, plant and equipment

11

1,665,604

1,608,239

Investments

12

30,003

3

Investment property

13

269,000

269,000

1,974,607

1,887,242

CURRENT ASSETS

Inventories

14

926,190

745,114

Debtors

15

2,092,077

2,765,299

Cash at bank and in hand

3,853,144

1,056,253

6,871,411

4,566,666

CREDITORS

Amounts falling due within one year

16

(4,337,376

)

(3,280,488

)

NET CURRENT ASSETS

2,534,035

1,286,178

TOTAL ASSETS LESS CURRENT LIABILITIES

4,508,642

3,173,420

CREDITORS

Amounts falling due after more than one year

17

(20,273

)

(22,629

)

PROVISIONS FOR LIABILITIES

20

(162,417

)

(159,803

)

NET ASSETS

4,325,952

2,990,988

CAPITAL AND RESERVES

Called up share capital

21

200,100

200,100

Other reserves

22

230,850

228,686

Retained earnings

22

3,895,002

2,562,202

SHAREHOLDERS' FUNDS

4,325,952

2,990,988

The financial statements were approved by the director and authorised for issue on 30 November 2020 and were signed by:

A Bennett - Director

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£

£

£

£

Balance at 1 May 2018

200,100

1,615,997

228,686

2,044,783

Changes in equity

Dividends

-

(332,272

)

-

(332,272

)

Total comprehensive income

-

1,278,477

-

1,278,477

Balance at 31 March 2019

200,100

2,562,202

228,686

2,990,988

Changes in equity

Dividends

-

(309,090

)

-

(309,090

)

Total comprehensive income

-

1,641,890

2,164

1,644,054

Balance at 31 March 2020

200,100

3,895,002

230,850

4,325,952

1.	STATUTORY INFORMATION

Barry Bennett Limited is a private company, limited by shares, registered in England and Wales. The company's registration number is 01006315 and the registered office is The Exchange, 5 Bank Street, Bury, BL9 0DN.

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 as modified by the revaluation of certain assets.

The director has considered the impact of the global Covid-19 pandemic on the company and recognises that the future cannot be predicted with any certainty. However, the director expects the company to continue trading as assessments and training can be provided remotely. Policies are in place to ensure all staff are working safely and in accordance with government guidelines. Should demand for the company's services fall, the company would introduce cost control measures but would be able to retain staff using cash reserves.

The company had net assets of £4.8m and cash reserves of £3.9m at the year end and has generated significant profits post year end. The director believes that the company is well placed to manage the business risks at these challenging times and therefore continues to adopt a going concern basis of accounting in preparing these financial statements.

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 Barry Bennett 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 parent, Antony Bennett Holdings Limited, a company registered in England and Wales.

Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Revenue

Revenue comprises the aggregate of the fair values of the sale of goods and services provided, net of value added tax, rebates and discounts. Revenue is recognised as follows:

Sale of goods are recognised when the company has delivered products to the customer, the customer has accepted the products and collectability of the related receivables is fairly stated.

Service revenues are recognised as those services are provided to the customers. Service revenue includes income relating to warranties which is invoiced in advance at the inception of the agreement. This income is spread evenly over the period of the warranty and recognised in the appropriate period.

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.

Intellectual property is amortised evenly, from the date it is available for use, over its estimated useful life of ten years.

Property, plant and equipment

Depreciation is on assets in order to write off their cost less estimated residual value over their useful economic lives at the following rates:

Leasehold property

- 2% straight line on valuation

Fixtures and fittings

- 15% on reducing balance

Motor vehicles

- 25% on reducing balance

Improvements to property

- 4% on reducing balance

Showroom equipment

- 25% straight line

There is no charge for depreciation on the leasehold property as in the opinion of the director the residual value of the property is in excess of its value in the accounts.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short term liquid investments with original maturities of three months or less.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement.

Rental income generated from the investment property is included as other operating income in the Income Statement.

Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to the income statement as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When inventories are sold, the carrying amount of those inventories is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of inventories to net realisable value and all losses of inventories are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of inventories is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Taxation

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

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

Dividends

Equity dividends are recognised when they become legally payable and are no longer at the discretion of the company.

Hire purchase and leasing commitments

Assets that are held by the company under leases which transfer to the company substantially all the risks and rewards of ownership are classified as being held under finance leases. Leases which do not transfer substantially all the risks and rewards of ownership to the company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in the income statement.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

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 the income statement in the period to which they relate.

Investments

Investments are shown at cost less any provision for permanent diminution in value.

Critical accounting estimates and judgements

In the application of the company's accounting policies, the director is required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Estimating the useful economic life of an asset and the anticipated residual value are considered key judgement in calculating an appropriate depreciation charge.

Estimating the proportion of the leasehold property to be classified as investment property within the accounts is considered a key judgement.

In categorising leases as finance or operating leases, the director makes judgements as to whether significant risks and rewards of ownership have transferred to the company as lessee.

Making judgement based on historical experience on the level of provision required for impairment of inventories. Further information received after the statement of financial position date may impact on the level of provision required.

3.

REVENUE

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

All revenue is generated in the United Kingdom.

4.	OTHER OPERATING INCOME

Period

1.5.18

Year Ended

to

31.3.20

31.3.19

£

£

Rents received

34,655

31,768

Management charge received

87,000

-

121,655

31,768

5.	EMPLOYEES AND DIRECTORS

Period

1.5.18

Year Ended

to

31.3.20

31.3.19

£

£

Wages and salaries

2,926,225

2,208,833

Social security costs

218,110

170,263

Other pension costs

73,309

46,424

3,217,644

2,425,520

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

Period

1.5.18

Year Ended

to

31.3.20

31.3.19

Management

10

10

Administration

17

21

Technical

78

43

Warehouse

9

5

NMH staff (part time)

275

104

389

183

Period

1.5.18

Year Ended

to

31.3.20

31.3.19

£

£

Director's remuneration

15,252

13,975

Director's pension contributions to money purchase schemes

21,528

18,797

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

Money purchase schemes

1

1

6.	OPERATING PROFIT

The operating profit is stated after charging:

Period

1.5.18

Year Ended

to

31.3.20

31.3.19

£

£

Depreciation - owned assets

74,833

68,812

Depreciation - assets on hire purchase contracts

29,342

27,492

Loss on disposal of fixed assets

6,511

2,433

Auditors' remuneration

30,000

18,700

Other lease costs

8,762

4,528

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

Period

1.5.18

Year Ended

to

31.3.20

31.3.19

£

£

Bank interest

-

6,616

Loan interest

639

1,125

HP and finance lease charges

5,092

6,341

5,731

14,082

8.

TAXATION

Analysis of the tax charge

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

Period

1.5.18

Year Ended

to

31.3.20

31.3.19

£

£

Current tax:

UK corporation tax

259,365

195,417

(Over) / under provided in

prior years

(194

)

-

Total current tax

259,171

195,417

Deferred tax

4,778

65,199

Tax on profit

263,949

260,616

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:

Period

1.5.18

Year Ended

to

31.3.20

31.3.19

£

£

Profit before tax

1,905,839

1,539,093

Profit multiplied by the standard rate of corporation tax in the UK of 19% (2019 - 19%)

362,109

292,428

Effects of:

Expenses not deductible for tax purposes

10,524

4,606

Depreciation in excess of capital allowances

2,890

51,718

Adjustments to tax charge in respect of previous periods

(194

)

-

Research and development enhanced expenditure

(111,380

)

(88,136

)

development enhanced

rate

Total tax charge

263,949

260,616

Tax effects relating to effects of other comprehensive income

2020

Gross

Tax

Net

£

£

£

Reserves movement

2,164

-

2,164

9.

DIVIDENDS

Period

1.5.18

Year Ended

to

31.3.20

31.3.19

£

£

Ordinary shares of £1 each

Interim

309,090

332,272