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Unaudited Financial Statements for the Year Ended 31 March 2021 |
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Storacall Technology Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 March 2021 |
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for |
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Storacall Technology Limited |
Storacall Technology Limited (Registered number: 02578478) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Storacall Technology Limited |
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Company Information |
for the Year Ended 31 March 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Avaland House |
110 London Road |
Hemel Hempstead |
Hertfordshire |
HP3 9SD |
Storacall Technology Limited (Registered number: 02578478) |
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Balance Sheet |
31 March 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Stocks | 6 |
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Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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PROVISIONS FOR LIABILITIES |
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NET (LIABILITIES)/ASSETS | ( |
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CAPITAL AND RESERVES |
Called up share capital | 12 |
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Share payment reserve | 13 |
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Retained earnings | 13 | ( |
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SHAREHOLDERS' FUNDS | ( |
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Storacall Technology Limited (Registered number: 02578478) |
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Balance Sheet - continued |
31 March 2021 |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Storacall Technology Limited (Registered number: 02578478) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2021 |
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1. | STATUTORY INFORMATION |
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Storacall Technology Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Short leasehold | - |
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Plant and machinery | - |
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Motor vehicles | - |
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Government grants |
Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in 'other operating income' within the income statement in the same period as the related expenditure.This includes the Government Coronavirus Job Retention Scheme (‘Furlough’). |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Storacall Technology Limited (Registered number: 02578478) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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Hire purchase and leasing commitments |
Rentals payable under operating leases are charged against income on a straight line basis over the lease term. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Storacall Technology Limited (Registered number: 02578478) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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4. | TANGIBLE FIXED ASSETS |
Short | Plant and | Motor |
leasehold | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2020 |
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Additions |
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Disposals |
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At 31 March 2021 |
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DEPRECIATION |
At 1 April 2020 |
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Charge for year |
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Eliminated on disposal |
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At 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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5. | FIXED ASSET INVESTMENTS |
Other |
investments |
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COST OR VALUATION |
At 1 April 2020 |
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Revaluations | ( |
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At 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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Storacall Technology Limited (Registered number: 02578478) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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5. | FIXED ASSET INVESTMENTS - continued |
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Cost or valuation at 31 March 2021 is represented by: |
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Other |
investments |
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Valuation in 2018 | 17,540 |
Valuation in 2019 | (3,668 | ) |
Valuation in 2020 | 2,710 |
Valuation in 2021 | (90 | ) |
16,492 |
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The value of fixed asset investments has been written down to current market value following the underlying investment fund entering into liquidation. |
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6. | STOCKS |
2021 | 2020 |
£ | £ |
Stocks |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Other debtors |
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Directors' current accounts |
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Tax |
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Deferred tax asset | 64,892 | - |
Prepayments and accrued income |
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Deferred tax asset |
2021 |
£ |
Accelerated capital allowances | ( |
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Tax losses carried forward |
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Storacall Technology Limited (Registered number: 02578478) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Social security and other taxes |
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VAT |
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Other creditors |
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Hardware fund |
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Directors' current accounts | - |
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Accruals and deferred income |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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Banks loans due after 5 years |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Banks loans due after 5 years | 75,000 | - |
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10. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2021 | 2020 |
£ | £ |
Within one year |
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Between one and five years |
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In more than five years |
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Storacall Technology Limited (Registered number: 02578478) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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11. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2021 | 2020 |
£ | £ |
Bank loans |
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The bank loan is secured by way of a fixed and floating charge over all company property and assets (including goodwill) owned now or in the future. |
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12. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
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Ordinary | £1 | 25,000 | 25,000 |
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13. | RESERVES |
Share |
Retained | payment |
earnings | reserve | Totals |
£ | £ | £ |
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At 1 April 2020 |
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550,331 |
Deficit for the year | ( |
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Share based compensation | - | 224 | 224 |
At 31 March 2021 | ( |
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(44,707 | ) |
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14. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31 March 2021 and 31 March 2020: |
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2021 | 2020 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Storacall Technology Limited (Registered number: 02578478) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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15. | SHARE-BASED PAYMENT TRANSACTIONS |
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The only share-based payments that existed during the period were options over ordinary shares. |
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The options currently in existence were those granted in August 2017. |
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Options were issued to a number of individuals under an HMRC approved EMI share option scheme. These options were exercisable after 3 years or on a takeover if sooner. |
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Further details of the share options are as follows:- |
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Year to March | 2021 | 2020 |
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Number |
Weighted
average exercise price (GBP |
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Weighted
average exercise price (GBP |
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Outstanding at start of year | 1,600 | 10.57 | 1,600 | 10.57 |
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Granted | - | - | - | - |
Forfeited | - | - | - | - |
Exercised | - | - | - | - |
Expired during the period | - | - | - | - |
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Outstanding at end of year | 1,600 | 10.57 | 1,600 | 10.57 |
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Exercisable at end of year | 1,600 | 10.57 | - | - |
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The option pricing model used to estimate the fair value of options issued under the EMI scheme is the Black Scholes model. This was selected as it is a well established option pricing methodology and the terms of the options did not require a more complex model. |
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Determination of Expected Volatility |
There is no historical data with regard to the volatility of the price of shares in the Company. Therefore, as the most recent share valuations were based on an earnings basis, the underlying historical earnings of the Company should represent the best guide to movements in share price. |
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These have therefore been used as an indication of volatility, with the changes in earnings, and as such, share value, assumed to take place on a liner basis between each accounting year. |
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2021 | 2020 |
£ | £ |
Profit and loss account |
Share-based employee compensation | 224 | 424 |
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Balance sheet |
Share payment reserve (closing balance) | 1,277 | 1,053 |