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Daniel Stewart – finally files 2015 accounts, almost a year and three months late

By Nigel Somerville, the Deputy Sheriff of AIM | Saturday 7 January 2017


Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.


Oh joy upon joy, the accounts of ex-AIM Cesspit posterboy Daniel Stewart Securities plc and its subsidiary Daniel Stewart & Co plc have been published. As plcs they should have filed accounts to Companies House for the year to 31 March 2015 by the end of September that year, so the date stamp of Companies House of 22 December 2016 means that they were filed almost a year and three months late. But what joys there are to be had!

Let us start with the boardroom rewards – after all, as we all know, you have to pay for the very best talent.

The parent company gives us consolidated numbers for the entire group, where we see a loss of £1.56 million on revenues of £3.9 million. Ouch.

Looking at the balance sheet we see accumulated losses of a whopping £17.6 million and net assets of £1.7 million. But of that, £1.4 million is goodwill and looking at trade receivables we see only £80,533 of 334,288 is noted as being not past due. £244,781 is noted as being over 60 days. One might suggest that lot already leaves the tangible net assets looking paper thin.

We also see current assets of £1.16 million versus current liabilities of £1.15 million. As I said, paper thin.

Moving on to the cashflow statement, we see this rather parlous state of affairs was achieved despite the group raising £434,000 from share issuances and £775,000 from the issue of a non-redeemable convertible bond, together bringing in £1.2 million. But the group saw a net cash inflow for the period of just £346,453. In other words that was £0.86 million of cold, hard cash heading to the great central bank in the sky.

Just to add to the fun and games, the auditor – PWC – plunges the knife in with an emphasis of matter statemkent, indicating the existence of a material uncertainty which may cast significant doubt about the group and company’s ability to continue as a going concern. Ouch and double ouch.

So with this fine performance now revealed, how did head honcho Peter Shea do out of it all?

2014 saw him trouser £141,342 in salary and a further £53,604 in benefits in kind – a total of 194,946.

And the stellar performance for the period to 31 March 2015? That’ll be £253,019 in salary (up by a very well-deserved 79% - way to go!) topped up with £27,753 of benefits in kind. A total of £280,772 for a year of whopping losses, a train-wreck of a balance sheet and the loss of the company’s AIM listing, following the resignation of the Nomad, Beaumont Cornish. It seems that this lot was too much even for Roland "Fatty" Cornish to stomach.

As I said….you have to pay for talent.

PS. Of course Rob Terry invested vast amounts of Quob Park cash in this company. The old fraudster sure can pick 'em


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