The business to be conducted at the meeting will be to review the audited accounts for the year to 30 June 2020 and to vote on resolutions, including the re-election of directors
As in previous years, the AGM will be conducted "virtually", and you are encouraged to submit your vote using this proxy form. You are welcome to participate in the webcast and ask any questions live to the Chairman i.e. me Although of course you can ask questions at any time during the year using our forum
General guidance with regard to our AGMs can be found here
Below is my "Review of business" which is also included in the accounts:
If you have any questions on the accounts, no need to wait until the AGM - ask away!REVIEW OF BUSINESS
During the year, our revenues were £87,323 compared with £191,211 the previous year. Total administrative expenses were £57,098. The accounts show a loss after tax of £4,785 compared with a profit of £45,521 the previous year.
In recent years, over 90% of the company's net revenues have been generated from travel-related offers. Some of the most lucrative deals had disappeared even before Coronavirus had hit the travel sector. This explains the fall in revenue, and and even more significant drop is inevitable in the current financial year. In the short term, this will severely limit the extent to which we can develop new features and offers on the site.
On the plus side, the company is able to operate on very low overheads and last year's conversion from PLC to private company status will help in this regard.
The company reported a loss after tax of £4,785 and the closing reserves were £60,475. Members should
note that the directors have given a written undertaking to provide ongoing financial support for the company.
Additionally, cashback balances (which represent the overwhelming proportion of company creditors) are explicitly protected by a Directors Guarantee.
PLANS FOR FUTURE PERIODS
Due to the severe impact of Covid-19 on our main sources of revenue, we will focus on day-to-day operations in the short term and there are unlikely to be any significant new features or initiatives. However, the company is well-placed to bounce back once market conditions return to normal.
The Board wishes to thank all customer shareholders for their ongoing loyalty and support. We look forward to working with them next year to help our unique company to grow and achieve its full potential.