Business Credit Management UK

ICC Business Report

---

BRITISH TELECOMMUNICATIONS PUBLIC LIMITED COMPANY
STATUTORY INFORMATION
Previous Name(s):	None
Registered Number:	01800000
Registered Office:	81 NEWGATE STREET,	Date of Incorporation:	01/04/1984
	LONDON,	Latest Annual Return:	09/08/1998
	EC1A 7AJ	Date Accounts Lodged:	08/07/1998
		Latest Filed Accounts Date:	31/03/1998
		Date of Analysed Accounts:	31/03/1998
		Accounts Reference Date:	31/03
		Issued Capital (£):	1,613,315,135
Company is:	Quoted
	Public limited with share capital
	English/Welsh companies incorporated under part 1 of the Companies Act
Type of Accounts:	Group
DIRECTORY INFORMATION
Trading Address:	81 Newgate Street,	Telephone Number:	0171 356 5369
	London,	Fax Number:	0171 356 5520
	EC1A 7AJ
Region:	CENTRAL LONDON
Bankers:	MIDLAND BANK
Auditors:	Coopers & Lybrand
Audit Qualification:	The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 31/03/1998.
Principal Activities:	A group engaged in the supply of telecommunication services and equipment.
UK SIC Code(s):	64200 Telecommunications 32201 Manufacture of telegraph and telephone apparatus and equipment
RISK INFORMATION
RISK SCORE
1998	83	Credit Limit (£):	1,400,000,000
1997	63	Contract Limit (£):	2,140,000,000
1996	69
1995	59
The ICC score has been designed to predict the likelihood of a company becoming insolvent within the year. The latest score is 83 and this indicates a risk level for the next year over ten times less than the average rate of 2%. We would expect 5.60% of companies to be at and above this score. The credit limit is £1,400,000,000, which is a reflection of the score and the substantial financial strength of the company.
County Court Judgments:	There are 72 exact unsatisfied CCJs totalling £93067.34, and 4 probable unsatisfied CCJs totalling £1500.00.
Latest Ten Judgments:
On 16/10/1998, a Judgment of £140.00 was made in TRURO court (Case No. TR802135) against BRITISH TELECOMMUNICATIONS PLC of R/O 81 NEWGATE STREET, LONDON, EC1A 7AJ, Ref. No. 2110805135. (Exact) On 12/10/1998, a Judgment of £465.00 was made in GLOUCESTER court (Case No. JW820165) against BRITISH TELECOMMUNICATIONS PLC of B T CENTRE, 81 NEWGATE STREET, LONDON, EC1A 7AJ, Ref. No. 1610804323. (Exact) On 16/09/1998, a Judgment of £50.00 was made in PORTSMOUTH court (Case No. PO806394) against BRITISH TELECOMMUNICATION PLC, trading as T/A B T, of 81 NEWGATE STREET, LONDON, EC1A 7AJ, Ref. No. 0510805708. (Probable) On 14/09/1998, a Judgment of £39.00 was made in MANSFIELD court (Case No. MF852937) against BRITISH TELECOMMUNICATIONS PLC of R/O 81 NEWGATE STREET, LONDON, EC1 A 7, Ref. No. 1809805230. (Exact) On 29/04/1998, a Judgment of £1550.00 was made in MAYORS & CITY (LOND) court (Case No. SD703196) against BRITISH TELECUMMUNICATIONS PLC of R/O 81 NEWGATE STREET, LONDON, EC1 7AJ, Ref. No. 0605803802. (Exact) On 24/03/1998, a Judgment of £2947.00 was made in CENTRAL LONDON court (Case No. CL802471) against BRITISH TELECOMMUNICATIONS PLC of 81 NEWGATE STREET, LONDON, EC1A 7AJ, Ref. No. 3003803895. (Exact) On 17/03/1998, a Judgment of £1110.00 was made in WANDSWORTH court (Case No. WT707406) against BRITISH TELECOMMIACTIONS PLC of R/O NEWGATE STREET, LONDON, EC1A 7AJ, Ref. No. 2703806100. (Probable) On 26/02/1998, a Judgment of £117.00 was made in NORTHAMPTON court (Case No. XT800817) against BRITISH TELECOMMUNICATIONS PLC of TELEPHONE HOUSE, 25-27 ST JOHNS STREET, BEDFORD, MK42 0BA, Ref. No. 0203804526. On 17/04/1998 this Judgment was satisfied. (Exact) On 09/02/1998, a Judgment of £1970.00 was made in LEIGH court (Case No. LG800022) against BRITISH TELECOMMUNICATIONS PLC of R/O 81 NEWGATE ST, LONDON, EC1A 7AJ, Ref. No. 1602805412. (Exact) On 22/01/1998, a Judgment of £124.00 was made in SUNDERLAND court (Case No. SR771948) against BRITISH TELCOM PLC of R/O TELEPHONE HOUSE, 91 LONDON ROAD, MANCHESTER, M60 1HQ, Ref. No. 3001803581. (Exact)
OWNERSHIP
GROUP STRUCTURE
Holding Company:	None
Ultimate Holding Company:	None
ALL LIVE SUBSIDIARIES ON ICC DATABASE BY TURNOVER
Reg. No. Name Sales('000) A/C Date Status 02604354 CELLNET GROUP LIMITED 997,129 31/03/1997 Large 01743099 TELECOM SECURICOR CELLULAR RADIO LIMITED 932,314 31/03/1997 Large 02410818 BT PROPERTY LIMITED 419,518 31/03/1997 Large 02410810 CONCERT GLOBAL NETWORKS LIMITED 289,215 31/03/1997 Large 02840475 CONCERT COMMUNICATIONS COMPANY 268,448 31/03/1997 Large 02216369 BT (WORLDWIDE) LIMITED 266,115 31/03/1997 Large 02712995 CALL CONNECTIONS LIMITED 214,421 31/03/1997 Large 02410798 BT COMMUNICATIONS MANAGEMENT LIMITED 192,805 31/03/1997 Large 02410825 CONCERT COMMUNICATIONS SALES LIMITED 165,154 31/03/1997 Large 01403041 YELLOW PAGES SALES LIMITED 90,574 31/03/1998 Large 02713001 CELLNET TRANSACTIONS LIMITED 59,413 31/03/1997 Large 02002853 BT (CBP) LIMITED 58,462 31/03/1998 Large 01898175 BT LIMITED 41,585 31/03/1997 Large 02191609 SYNTEGRA LIMITED 33,698 31/03/1997 Large 01612599 CELLULAR RADIO LIMITED 33,444 31/03/1997 Large 01814089 CELLNET SOLUTIONS LIMITED 17,424 31/03/1997 Large 02255560 BT SUBSEA CABLES LIMITED 10,198 31/03/1997 Large 02410815 BT PROPERTY SERVICES LIMITED 8,890 31/03/1997 Large 01735641 WESTMINSTER CABLE COMPANY LIMITED 8,051 31/03/1998 Large 01890998 BROADBAND VENTURES LIMITED 6,802 31/03/1998 Large 02196300 SECURE INFORMATION SYSTEMS LIMITED 5,660 31/03/1997 Large 02296498 BT RISK MANAGEMENT LIMITED 2,196 31/03/1998 Large 02603362 BT LUDGATE LIMITED 2,181 31/03/1998 Large 01674826 GENERAL ART SERVICES LIMITED 2,145 31/03/1998 Large 02325912 SOUTHGATE DEVELOPMENTS LIMITED 2,051 31/03/1997 Large 02604348 BT CABLESHIPS LIMITED 2,000 31/03/1997 Large 02653077 MOORGATE (ELEVEN) LIMITED 1,923 31/03/1998 Large 02604357 BT INTERKOM LIMITED 1,249 31/03/1997 Large 02410808 BT NEW TOWNS CABLE TV LIMITED 958 31/03/1997 Large 02653160 MOORGATE (TWO) LIMITED 480 31/03/1998 Small 02653156 MOORGATE (ONE) LIMITED 475 31/03/1998 Small 02653162 MOORGATE (THREE) LIMITED 201 31/03/1998 Small 02653167 MOORGATE (FIVE) LIMITED 118 31/03/1998 Small 02653176 MOORGATE (NINE) LIMITED 118 31/03/1998 Small 02653178 MOORGATE (TEN) LIMITED 118 31/03/1998 Small 02653172 MOORGATE (SEVEN) LIMITED 117 31/03/1998 Small 02653170 MOORGATE (SIX) LIMITED 102 31/03/1998 Small 02653173 MOORGATE (EIGHT) LIMITED 89 31/03/1997 Small 02653164 MOORGATE (FOUR) LIMITED 72 31/03/1998 Small SC115372 NETWORK SERVICES AGENCY LIMITED 30 31/03/1997 Small 02325909 FERNTECH SYSTEMS LIMITED 4 31/03/1997 Small 02216773 BT HOLDINGS LIMITED 0 31/03/1997 Small 02325916 ALDERSGATE LIMITED 0 31/03/1998 Small 02604351 CELLNET NETWORKS LIMITED 0 31/03/1997 Small 02604355 CELLNET SERVICES LIMITED 0 31/03/1997 Small 02653079 CONCERT HOLDINGS LIMITED 0 31/03/1997 Small 03166592 POSTGATE HOLDING COMPANY 0 31/03/1997 Small
MAJOR SHAREHOLDERS
		Directors Report Date:	26/05/1998
SHARE CAPITAL STRUCTURE   Class of Shares Par Value (pence) Issued Capital(£) Nominal Capital(£) SEDOL Ordinary shares 25 1,589,000,000 2,625,000,000 0140843 Total Issued Capital 1,589,000,000   SHAREHOLDERS   Shareholder Name Class of Shares Number of Shares Shares(%) Holder Type Beneficial Owner Prudential Corporation Group of Companies Ordinary shares 247,000,000 3.90 Company Beneficial Name
PROFIT & LOSS ACCOUNT      Date of Accounts 31/03/1998 31/03/1997 31/03/1996 31/03/1995 31/03/1994    Consolidated Yes Yes Yes Yes Yes    Subsidiary No No No No No    No. of Weeks 52 52 52 52 52    Currency (£ '000) (£ '000) (£ '000) (£ '000) (£ '000)      Audit Qualification No No No No No   1  Turnover 15,640,000 14,935,000 14,446,000 13,893,000 13,675,000    Cost of Sales - - - - -    Gross Profit - - - - - 2  Operating Profit 3,752,000 3,313,000 3,107,000 2,904,000 2,982,000    Non Trading Income (119,000) 285,000 283,000 247,000 163,000    Interest Payable 414,000 395,000 371,000 489,000 389,000    Pre-tax Profit 3,219,000 3,203,000 3,019,000 2,662,000 2,756,000    Taxation 1,488,000 1,102,000 1,027,000 926,000 951,000    Profit After Tax 1,731,000 2,101,000 1,992,000 1,736,000 1,805,000    Dividends Payable 1,220,000 3,510,000 1,184,000 1,108,000 1,039,000    Retained Profit 486,000 (1,433,000) 802,000 623,000 728,000      Value Added 9,779,160 9,067,744 8,723,920 8,741,608 8,986,544   BALANCE SHEET      Date of Accounts 31/03/1998 31/03/1997 31/03/1996 31/03/1995 31/03/1994    Consolidated Yes Yes Yes Yes Yes    Subsidiary No No No No No    No. of Weeks 52 52 52 52 52    Currency (£ '000) (£ '000) (£ '000) (£ '000) (£ '000)   3  Tangible Fixed Assets 19,241,000 18,917,000 17,819,000 17,347,000 17,137,000    Intangible Assets 0 0 0 0 0    Total Fixed Assets 19,241,000 18,917,000 17,819,000 17,347,000 17,137,000      Stocks 145,000 180,000 212,000 247,000 216,000    Trade Debtors 1,801,000 1,757,000 1,548,000 1,171,000 1,115,000    Cash 62,000 26,000 2,689,000 599,000 60,000 4  Miscellaneous Current Assets 2,220,000 4,478,000 1,447,000 2,263,000 4,194,000    Total Current Assets 4,228,000 6,441,000 5,896,000 4,280,000 5,585,000   5  Creditors: Amounts falling    due within one year 6,962,000 9,641,000 6,089,000 5,090,000 5,486,000      Total Assets less Current Liabilities 16,507,000 15,717,000 17,626,000 16,537,000 17,236,000   6  Total Long Term Liabilities 5,722,000 4,601,000 4,948,000 4,540,000 4,210,000      Total Liabilities 12,684,000 14,242,000 11,037,000 9,630,000 9,696,000   7  Share Capital & Reserves 3,271,000 3,041,000 2,881,000 2,742,000 2,678,000    P & L Account Reserve 7,514,000 8,075,000 9,797,000 9,255,000 10,348,000    Revaluation Reserve 0 0 0 0 0    Shareholders' Funds 10,785,000 11,116,000 12,678,000 11,997,000 13,026,000    Capital Employed 16,507,000 15,717,000 17,626,000 16,537,000 17,236,000      Net Worth 10,785,000 11,116,000 12,678,000 11,997,000 13,026,000    Working Capital (2,734,000) (3,200,000) (193,000) (810,000) 99,000      Contingent Liabilities - - 0 0 0   CASH FLOW      Date of Accounts 31/03/1998 31/03/1997 31/03/1996 31/03/1995 31/03/1994    Consolidated Yes Yes Yes Yes Yes    Subsidiary No No No No No    No. of Weeks 52 52 52 52 52    Currency (£ '000) (£ '000) (£ '000) (£ '000) (£ '000)      Net Cashflow from Operating Activities 6,076,000 6,192,000 5,834,000 5,113,000 4,914,000    Net Cashflow from Return on Investment    and Servicing of Finance (3,633,000) (1,437,000) (1,288,000) (1,407,000) (1,198,000)    Net Cashflow before Financing (1,805,000) 134,000 (187,000) (330,000) 43,000    Net Cashflow from Financing 1,794,000 (224,000) 215,000 (160,000) 328,000    Increase in Cash (11,000) (90,000) 28,000 (490,000) 371,000   ACCOUNTS NOTES      Date of Accounts 31/03/1998 31/03/1997 31/03/1996 31/03/1995 31/03/1994    Consolidated Yes Yes Yes Yes Yes    Subsidiary No No No No No    No. of Weeks 52 52 52 52 52    Currency (£ '000) (£ '000) (£ '000) (£ '000) (£ '000)   1  Exports - - - - -   2  Operating Profit is after    charging the following    Employees' Remuneration 3,290,000 3,161,000 3,105,000 3,352,000 3,486,000    Directors' Remuneration 3,963 2,707 3,487 2,895 3,667    Audit Fees 1,726 1,563 1,550 1,596 1,735    Non Audit Fees 4,724 4,620 4,004 3,049 -    Depreciation 2,395,000 2,265,000 2,189,000 2,137,000 2,156,000      Average Number of Employees (actual) 129,200 129,600 135,200 148,900 165,700   3  Tangible Assets consist of:    Fixed Assets 17,252,000 16,802,000 16,496,000 16,012,000 15,584,000    Intermediate Assets 1,989,000 2,115,000 1,323,000 1,335,000 1,553,000    which includes:    -Due from Group, Non Current 181,000 20,000 0 0 -   4  Miscellaneous Current Assets includes:    -Due from Group, Current 118,000 72,000 29,000 17,000 - 5  Creditors: Amounts falling due    within one year consists of:    Trade Creditors 1,971,000 1,858,000 1,732,000 1,177,000 1,117,000 a  Bank Overdraft 42,000 11,000 13,000 42,000 52,000    Miscellaneous Current Liabilities includes: 4,949,000 7,772,000 4,344,000 3,871,000 4,317,000 b  -Bank Loans - Current Portion 32,000 0 0 0 0 c  -Other Short Term Finance, including: 846,000 518,000 339,000 171,000 749,000      -Due to Group, Current 39,000 46,000 37,000 23,000 -      -Due to Directors, Current 0 0 0 0 -   -Other Current Liabilities 4,071,000 7,254,000 4,005,000 3,700,000 3,568,000      Short Term Loans (a+b+c) 920,000 529,000 352,000 213,000 801,000   6  Total Long Term Liabilities consists of:    Long Term Loans, which consists of: 3,889,000 2,693,000 3,322,000 3,361,000 3,199,000    -Long Term Bank Loans 792,000 796,000 765,000 590,000 290,000    -Other Long Term Finance, including: 3,097,000 1,897,000 2,557,000 2,771,000 2,909,000      -Due to Group, Non Current 0 0 0 0 -      -Due to Directors, Non Current 0 0 0 0 -    Other Long Term Liabilities 1,833,000 1,908,000 1,626,000 1,179,000 1,011,000   7  Share Capital and Reserves consists of:    Called Up Share Capital 1,603,000 1,589,000 1,573,000 1,559,000 1,553,000    Sundry Reserves 1,668,000 1,452,000 1,308,000 1,183,000 1,125,000   INTERIMS   Date of Interims 30/09/1997 30/09/1996 30/09/1995 Consolidated Yes Yes Yes No. of Weeks 26 26 26 Currency (£ '000) (£ '000) (£ '000)   Turnover 7,749,000 7,366,000 7,048,000 Net Interest 68,000 67,000 88,000 Pre-tax Profit 1,569,000 1,599,000 1,606,000 Taxation 1,004,000 557,000 546,000 Profit After Tax 565,000 1,042,000 1,060,000 Dividends Payable 483,000 502,000 469,000 Retained Profits 84,000 528,000 585,000   BALANCE SHEET Tangible Fixed Assets 16,820,000 16,451,000 16,121,000 Intangible Assets 0 0 0 Intermediate Assets 2,260,000 1,176,000 1,111,000 Total Fixed Assets 19,080,000 17,627,000 17,232,000   Stocks 197,000 214,000 277,000 Trade Debtors 3,628,000 3,346,000 2,925,000 Cash 57,000 91,000 58,000 Miscellaneous Current Assets 1,435,000 2,619,000 2,486,000 Total Current Assets 5,317,000 6,270,000 5,746,000   Creditors: Amounts falling due within one year 7,453,000 5,784,000 5,218,000 Creditors After One Year Provision 5,637,000 4,641,000 4,894,000 Total Liabilities - - - Called Up Share Capital 1,601,000 1,587,000 1,572,000 P & L Account Reserve - - - Revaluation Reserve - - - Other (Sundry) Reserves - - - Shareholders' Funds 11,097,000 13,261,000 12,689,000 Minority Interests 210,000 211,000 177,000   CASHFLOW Net Cashflow from Operations 2,642,000 2,917,000 2,804,000 Net Cashflow before Financing (1,789,000) 293,000 255,000   RATIOS   Date of Accounts 31/03/1998 31/03/1997 31/03/1996 31/03/1995 31/03/1994 Profit/Sales (%) 20.58 21.45 20.90 19.16 20.15 Profit/Capital Employed (%) 19.50 20.38 17.13 16.10 15.99 Profit/Total Assets (%) 13.72 12.63 12.73 12.31 12.13 Profit/Shareholders' Funds (%) 29.85 28.81 23.81 22.19 21.16 P & L Account Reserve/Total Assets (%) 32.02 31.84 41.31 42.79 45.54   Sales/Total Assets (%) 66.64 58.90 60.92 64.24 60.18 Sales/Fixed Assets 0.91 0.89 0.88 0.87 0.88 Sales/Total Fixed Assets (%) 81.28 78.95 81.07 80.09 79.80 Sales/Capital Employed 0.95 0.95 0.82 0.84 0.79 Working Capital/Sales (%) -17.48 -21.43 -1.34 -5.83 0.72   Stock Turnover 107.86 82.97 68.14 56.25 63.31 Credit Period (days) 42.03 42.94 39.11 30.76 29.76 Creditor Days (days) 46.00 45.41 43.76 30.92 29.81 Debtors/Total Assets (%) 7.67 6.93 6.53 5.41 4.91 Net Cash/Current Liabilities (%) 0.29 0.16 43.95 10.94 0.15 Liquid Assets/Total Assets (%) 17.40 24.69 23.97 18.65 23.63   Current Ratio 0.61 0.67 0.97 0.84 1.02 Liquidity Ratio 0.59 0.65 0.93 0.79 0.98 Creditors/Debtors 1.09 1.06 1.12 1.01 1.00 Current Liabilities/Stocks 48.01 53.56 28.72 20.61 25.40 Stocks/Working Capital (%) -5.30 -5.63 -109.84 -30.49 218.18 Current Assets/Total Assets (%) 18.02 25.40 24.86 19.79 24.58 Profit/Current Liabilities (%) 46.24 33.22 49.58 52.30 50.24 Sales/Current Liabilities 2.25 1.55 2.37 2.73 2.49   Interest/Pre-Interest Profit (%) 11.40 10.98 10.94 15.52 12.37 Total Debt/Net Worth (%) 44.59 28.99 28.98 29.79 30.71 Bank Overdraft & Long Term Liabilities/Net Worth 53.44 41.49 39.13 38.19 32.72 Long Term Debt/Net Worth (%) 36.06 24.23 26.20 28.02 24.56 Long Term Liabilities/Net Worth 0.53 0.41 0.39 0.38 0.32 Shareholders' Funds/Total Liabilities (%) 85.03 78.05 114.87 124.58 134.34 Shareholders' Funds/Total Assets 0.46 0.44 0.53 0.55 0.57 Net Worth/Total Assets (%) 45.95 43.84 53.46 55.47 57.33 Net Worth/Total Assets - Intangibles (%) 45.95 43.84 53.46 55.47 57.33 Net Worth/Total Fixed Assets (%) 56.05 58.76 71.15 69.16 76.01   Bank Overdraft & Long Term Liabilities/Working Capital (%) -2.11 -1.44 -25.70 -5.66 43.05 Bank Overdraft & Long Term Liabilities/Total Assets (%) 24.56 18.19 20.92 21.19 18.76 Total Debt/Working Capital -1.76 -1.01 -19.04 -4.41 40.40 Net Worth/Current Liabilities (%) 154.91 115.30 208.21 235.70 237.44 P & L Account Reserve/Net Worth (%) 69.67 72.64 77.28 77.14 79.44 Revaluation Reserve/Shareholders' Funds (%) - - 0.00 0.00 0.00 Bank Overdraft/Current Assets (%) 0.99 0.17 0.22 0.98 0.93   Average Employee Remuneration (£) 25,464 24,390 22,966 22,512 21,038 Wages/Sales (%) 21.04 21.17 21.49 24.13 25.49 Profit per Employee (£) 24,915 24,715 22,330 17,878 16,632 Sales per Employee (£) 121,053 115,239 106,849 93,304 82,529 Capital Employed per Employee (£) 127,763 121,273 130,370 111,061 104,019 Total Fixed Assets per Employee (£) 148,924 145,965 131,797 116,501 103,422 Total Assets per Employee (£) 181,649 195,664 175,407 145,245 137,127   Profit/Value Added (%) 32.92 35.32 34.61 30.45 30.67 Value Added/Sales(%) 62.53 60.71 60.39 62.92 65.72 Value Added per Employee (£) 75,690 69,967 64,526 58,708 54,234 Value Added/Employee Remuneration (%) 2.97 2.87 2.81 2.61 2.58   Exports/Sales (%) - - - - - Sales/Audit Fees 9,061.41 9,555.34 9,320.00 8,704.89 7,881.84 Total Assets/Audit Fees 13,597.33 16,223.93 15,300.00 13,550.75 13,096.25   GROWTH RATES   1 year 2 year 3 year 4 year Sales 5 8 13 14 Pre-tax Profit 1 7 21 17 Audit Fees 10 11 8 -1   Directors' Remuneration 46 14 37 8 Number of Employees -0 -4 -13 -22 Employees' Remuneration 4 6 -2 -6   Fixed Assets 3 5 8 11 Tangible Assets 2 8 11 12 Total Fixed Assets 2 8 11 12 Stocks -19 -32 -41 -33 Trade Debtors 3 16 54 62 Total Current Assets -34 -28 -1 -24 Total Assets -7 -1 9 3   Trade Creditors 6 14 68 77 Short Term Loans 74 161 332 15 Total Current Liabilities -28 14 37 27 Net Cash 33 -99 -96 150 Shareholders' Funds -3 -15 -10 -17 Net Worth -3 -15 -10 -17 Long Term Loans 44 17 16 22 Long Term Liabilities 24 16 26 36 Capital Employed 5 -6 -0 -4
COMPANY/INDUSTRY COMPARISON
This comparison is based on the results of 390 companies in the same industrial sector: 64200 Telecommunications
Company Industry Averages 31/03/1998 Lower Median Upper PERFORMANCE Profit/Sales (%) 20.58 -21.5 1.1 13.1 Profit/Capital Employed (%) 19.50 -14.0 13.8 45.7 Profit/Total Assets (%) 13.72 -12.0 1.4 15.4 Profit/Shareholders' Funds (%) 29.85 -8.1 24.6 85.2   TURNOVER Sales/Total Assets (%) 66.64 44.8 112.1 232.0 Sales/Fixed Assets (%) 0.91 1.0 4.0 17.1 Working Capital/Sales (%) -17.48 13.5 -5.7 -32.8 Stock Turnover 107.86 16.9 52.1 118.5 Credit Period (days) 42.03 79.0 50.8 23.8 Creditor Days (days) 46.00 66.2 33.6 9.2   LIQUIDITY Current Ratio 0.61 0.5 0.9 1.4 Liquidity Ratio 0.59 0.4 0.8 1.3   GEARING Total Debt/Net Worth (%) 44.59 223.9 46.0 5.8 Shareholders' Funds/Total Assets 0.46 0.1 0.3 0.6 Long Term Debt/Net Worth (%) 36.06 43.9 0.3 0.0 Interest/Pre-Interest Profit (%) 11.40 10.8 2.3 0.0 Total Debt/Working Capital -1.76 1.7 0.3 0.0   EMPLOYEE Average Employee Remuneration (£) 25,464 15,488 21,566 29,234 Wages/Sales (%) 21.04 28.4 20.1 11.4 Profit per Employee (£) 24,915 -27,773 350 13,000 Sales per Employee (£) 121,053 66,279 107,571 198,068 Capital Employed per Employee (£) 127,763 4,862 4,862 4,862 Total Fixed Assets per Employee (£) 148,924 7,250 30,818 122,748 Total Assets per Employee (£) 181,649 48,625 115,000 309,167   OTHER Creditors/Debtors 1.09 0.4 1.1 1.9 Debtors/Total Assets (%) 7.67 3.0 21.1 40.3 Current Liabilities/Stocks 48.01 4.0 13.3 32.5 Exports/Sales (%) - 0.0 0.0 0.0 Sales/Audit Fees 9,061.41 278.0 539.4 1,313.7 Total Assets/Audit Fees 13,597.33 172.4 478.4 1,853.1
FILING HISTORY
04/11/1998	Returns of allotments of a public company
08/10/1998	Change among the directors of a company
29/07/1998	Alteration in memorandum or articles of association
03/10/1997	Notification (given under section 122) of the redemption of shares
30/07/1997	Resolutions which give, vary, revoke or renew an authority for the purposes of section 80 (allotment of securities)
12/08/1992	Special resolutions passed under section 95 disapplication of pre-emption rights
06/01/1992	Memorandum of satisfaction
DIRECTORS
COMPANY SECRETARY
COLIN RAYMOND GREEN
Appointment Date:	01/08/1994