The business to be conducted at the meeting will be to review the accounts for the year to 30 June 2021 and to vote on resolutions, including the re-election of directors. Note there is a special resolution to adjust the company's share capital, which requires at least 75% of shareholders to vote in favour. This does not have any detrimental effect on member shareholdings but is a necessary step following on from our conversion to private company status. I urge you to support this resolution.
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 £15,960 compared with £87,323 the previous year. Total administrative expenses were £38,440 though these were offset by £20,479 in Coronavirus-related grants . The accounts show a loss after tax of £12,754 compared with a loss after tax of £4,785 the previous year.
Prior to the Coronavirus pandemic, over 90% of the company's net revenues have been generated from travel-related offers. Inevitably, the resulting restrictions on the travel sector and advertising in general had a huge affect our sources of income. This explains the fall in revenue over the past two years. 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 the directors will continue to keep costs low in order to maintain a solid financial position.
FINANCIAL POSITION
The company reported a loss after tax of £12,754 and the closing reserves were £47,721. 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 have had to focus on day-to-day operations in the short term and there are unlikely to be any significant new features or initiatives in the near future. However, there are signs that market conditions are returning to normal and we hope to see an improvement in the company's fortunes in the future.
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.