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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Guscio | LSE:GUSC | London | Ordinary Share | GB00BPT23R97 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.75 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
Premium
TIDMGUSC
This announcement contains inside information as stipulated under the Market
Abuse Regulation (EU) No 596/2014 (MAR).
Guscio plc / Index: AIM / Epic: GUSC.L / Sector: Software
23 December 2016
Guscio plc
("Guscio", the "Company" or the "Group")
Final Results & Notice of AGM
Guscio plc, the technology company focused on programmes in physical literacy
and sporting assessment, announces its final audited results for the year ended
30 September 2016.
OVERVIEW
· Successful transformation into a technology company focused on innovation
in physical education and sport tracking and performance, a fast-growing sector
· Sales of Skills2Achieve ("S2A"), a web-based programme which can track
and assess progress in physical literacy in schools, have not increased at the
rate that the Board had expected but proactive steps are being taken to try to
address this issue
· A new initiative named the Champions Programme has been launched. The
Saracens Sport Foundation, Haileybury School, and a high-net-worth individual
have signed up to this philanthropic programme to roll-out S2A. Ryman, the high
street stationer, has also sponsored a number of schools with a view to
increasing these numbers in 2017
· Board and management strengthened
For further information, please visit www.guscioplc.com or contact:
Gail Ganney Guscio plc Tel: +44 (0) 1707 659111
David Worlidge Allenby Capital Limited Tel: +44 (0) 20 3328
James Reeve 5659
Liz Kirchner
Graham Bell
Duncan Vasey Peterhouse Corporate Finance Tel: +44 (0) 20 7220
Lucy Williams 9797
Lottie Brocklehurst St Brides Partners Tel: +44 (0) 20 7236
Grace-Anne Marius 1177
CHAIRMAN'S STATEMENT
The Group's results for the year ended 30 September 2016 are the first results
since completion of the acquisition of the remaining 70% of Sportsdata Limited
("Sportsdata") and 100% of Dataplay Holdings Limited ("Dataplay") and the
re-admission of the Company's shares to trading on AIM. The Company completed
these acquisitions on 24 May 2016 and the consolidated results therefore
reflect the inclusion of these two businesses from that date.
The Company originally acquired 30% of Sportsdata, a technology company that
has developed and implemented a website application for monitoring and
improving the physical literacy of children in association with the Youth Sport
Trust ("YST"), in February 2015. During the financial year, the directors
decided, after consultation with the Company's main shareholders, to proceed
with the acquisition of the remaining 70% of Sportsdata and the acquisition of
a complementary business, Dataplay. Dataplay has developed a white-label
platform for the tracking, assessment and impact-evidencing of performance in
sports.
The Group's loss for the year was GBP3,910,000 (2015 - GBP812,000), which includes
an impairment charge of GBP2,838,000 (2015 - GBPNil) in respect of the goodwill in
Sportsdata and Dataplay and GBP517,000 (2015 - GBPNil) of costs incurred in respect
of the acquisition of the two businesses and the re-admission of the Company's
shares to trading on AIM.
As Sportsdata and Dataplay both had net liabilities as at 30th September 2016,
the decision was taken to make a full provision in the Company's accounts
against the Company's investments in both companies. This treatment is
consistent with last year and does not necessarily reflect the directors' view
of the underlying value of the two businesses. In a similar way, the goodwill
arising on the acquisition of the two businesses has not been recognised as an
asset in the Group accounts at the year end with a full provision being made in
the Group accounts.
Since the acquisition of Sportsdata, the level of its sales has not increased
at the rate that had been hoped for. This trend has continued into the current
year with the result that current trading remains behind budget. The board has
taken certain steps to try to improve the level of sales, including taking over
responsibility for the sales process from the YST, which had been selling the
licence previously and appointing Jim Morris as a dedicated sales executive.
Jim was previously Development Manager at the YST with considerable experience
of working with the primary school sector. We have also commenced a
sponsorship programme, the "Champions Programme", which enables philanthropic
organisations, corporate sponsors and high net worth individuals ("HNWIs") to
acquire packages of licences for the benefit of clusters of primary schools.
We are delighted that Saracens Sports Foundation and Haileybury School have
become the first organisations to purchase licences under this programme. In
addition, Ryman, the high street stationer, has sponsored a small number of
schools as part of an initial test programme, which we anticipate will be
extended in 2017.
Dataplay has undertaken two development contracts, which will both result in a
satisfactory profit, and new contracts are being sought and need to be secured
if this year's budget is to be achieved. Our new sales executive's
responsibilities include securing this new business.
The board is therefore still focusing on making a success of the businesses
acquired in May 2016 with the initiatives outlined above. However, if sales do
not grow from current levels then the board will take the necessary steps to
run the Group in a prudent way to preserve value for shareholders. This will
include seeking to reduce the cost base of the Group and to look at what other
business initiatives might be pursued within this sector to try to supplement
the existing businesses in order to achieve profitability.
Merger of Sportsdata and Dataplay
One of the reasons for acquiring the businesses of both Sportsdata and Dataplay
was, and remains, the fact that there are considerable commercial synergies
between both businesses as they operate in the same sports technology sector.
Following their acquisitions, it became apparent to the Directors that the
most efficient way to harness these synergies and to save costs is to
amalgamate both businesses within one company. Consequently, on 22 September
2016 the Dataplay business was transferred to Sportsdata and, as such, all
commercial activities from 1 October 2016 have been conducted through
Sportsdata. The Directors consider that the merger of Sportsdata and Dataplay
will lead to a cost saving of approximately GBP10,000 for the Group annually.
Board changes
On 23 September 2016, the Board was pleased to announce the appointment of
Professor Michael Caine to the Board as non-executive director.
As Dean and Professor of Sports Technology and Innovation at Loughborough
University and a founding director of two university spin-out technology
companies, Professor Caine brings considerable experience in the growth and
development of innovative technology companies, as well as an extensive network
within the academic and commercial sport, education and technology communities,
to the role.
Proposed Change of Name
The Board considers, particularly in light of the above merger of the
underlying businesses, that it is appropriate to change the Company's name to
Sportsdata Group plc and the Board will implement this change following the
Annual General Meeting ("AGM").
A Humphreys
Chairman
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEARED 30 SEPTEMBER 2016
Notes 2016 2015
GBP'000 GBP'000
Revenue 2 40 -
Cost of sales (51) -
Gross loss (11) -
Administrative expenses 2 (878) (286)
Operating loss (889) (286)
Share of loss of associate undertakings 7 (57) (46)
Impairment charge 6, 7 (2,964) (483)
Finance income - 3
Loss before taxation (3,910) (812)
Income tax expense 4 - -
Loss for the year (812)
(3,910)
Other comprehensive income - -
(3,910) (812)
Comprehensive loss for the year
Earnings per share attributable to the equity holders
of the Company during the year:
2015
2016
Basic loss per share 5 (5.52p) -- (6.17p)
Diluted loss per share 5 (5.52p) (6.17p)
There are no recognised gains or losses other than the results for the period
as set out above.
All of the Group's activities are classified as continuing.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AT 30 SEPTEMBER 2016
2016 2015
Notes GBP'000 GBP'000 GBP'000 GBP'000
Assets
Non-Current Assets
Intangible Assets 6 - -
Investments 7 - -
- -
Current Assets
Trade Receivables 8 121 68
Cash & Cash equivalents 9 714 6
835 74
Total Assets 835 74
Equity and liabilities
Equity
Share capital 6,501 6,382
Share premium 16,987 12,718
Share option reserve 4 3
Retained earnings (22,972) (19,062)
Total Equity 520 41
Current Liabilities
Trade & other payables 10 315 33
Total Liabilities 315 33
Total equity & liabilities 835 74
CONSOLIDATED STATEMENT OF CASH FLOW
FOR THE YEAR TO 30 SEPTEMBER 2016
2016 2015
GBP'000 GBP'000
Cash flows from continuing operations
Operating loss before taxation (889) (286)
Adjustments for:
Share-based payment expense 1 -
(Increase)/Decrease in trade & other (48) (2)
receivables
(Decrease) in trade & other payables (273) (40)
Interest received 4 - 3
Net cash outflow from operating (1,209) (325)
activities
Cash flows from investing activities
Acquisition of associates - (543)
Acquisition of subsidiaries (13) -
Add cash acquired on acquisition of 42 -
subsidiaries
Sale proceeds of investments - 14
Net cash inflow / (outflow) from 29 (529)
investing activities
Cash flows from financing activities
Issue of new shares net of expenses 1,888 860
Net cash inflow from financing 1,888 860
activities
Net increase in cash & cash equivalents 9 708 6
Cash and cash equivalents at 1 October 9 6 -
Cash and cash equivalents at 30 9 714 6
September
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 30 SEPTEMBER 2016
Group Share Share Share Retained Total GBP
Capital Premium Option Earnings '000
GBP'000 GBP'000 Reserve GBP'000
GBP'000
Balance at 1 October 2014 6,369 11,871 3 (18,250) (7)
Comprehensive loss for the - - - (812) (812)
year
Issue of shares 13 847 - - 860
Balance as at 30 September 6,382 12,718 3 (19,062) 41
2015
Balance as at 1 October 2015 6,382 12,718 3 (19,062) 41
Comprehensive loss for the - - - (3,910) (3,910)
year
Issue of shares 119 4,269 - - 4,388
Equity warrants issued - - 1 - 1
At 30 September 2016 6,501 16,987 4 (22,972) 520
Share capital relates to the nominal value of shares issued. Share premium
relates to the amounts subscribed for share capital in excess of the nominal
value of the shares.
The share option reserve arose on the grant of warrants to employees and
directors.
Retained earnings relates to cumulative profits and losses recognised in the
statement of comprehensive income.
Notes to the consolidated financial statements for the year ended 30 September
2016
1. General information
While the financial information included in this preliminary announcement has
been prepared in accordance with International Financial Reporting Standards
(IFRSs), this announcement does not itself contain sufficient information to
comply with IFRSs. The Group has also published full financial statements that
comply with IFRSs available on its website and to be circulated shortly.
The financial information set out in the announcement does not constitute the
company's statutory accounts for the years ended 30 September 2016 or 2015.
The financial information for the year ended 30 September 2015 is derived from
the statutory accounts for that year, which were prepared under IFRSs, and
which have been delivered to the Registrar of Companies. The auditors reported
on those accounts, their report was unqualified and did not contain a statement
under either Section 498(2) or Section 498(3) of the Companies Act 2006.:
We draw your attention to note 1.2, which was included in the financial results
for the year ended 30 September 2015, which describes the uncertainty
surrounding the Group's ability to continue as going concern. The proposed
transactions outlined in note 1.2 are considered likely to happen. If the
proposed transactions do not proceed, then this could cast doubt over the
Group's ability to continue as a going concern. Our opinion is not qualified
in respect of this matter.
The financial information for the year ended 30 September 2016 is derived from
the audited statutory accounts for the year ended 30 September 2016 on which
the auditors have given an unqualified report, that did not contain a statement
under section 498(2) or 498(3) of the Companies Act 2006 and included the
following matter to which the auditors drew attention by way of emphasis.
Material uncertainty relating to going concern
We draw attention to note 1.2 in the financial statements, which indicates the
conditions identified that may cast significant doubt on the entity's ability
to continue as a going concern.
As explained in note 1.2 to the financial statements, the directors have
confirmed that the Group has sufficient cash resources to support the business
for a period of at least 12 months from the signing of the accounts. In the
Group financial statements, the directors have taken the decision to impair the
goodwill and the intangible asset to GBPnil. In the Parent Company accounts, the
directors have taken the decision to impair the investments in subsidiaries and
the amounts due from the subsidiaries to the Company to GBPnil. These
impairments at the Group level and Parent Company level, suggest that the value
of these assets cannot be substantiated.
We have reviewed the working capital projections and assumptions made about the
level of income the Group will generate in the period up until 31 December 2017
and beyond and the level of expenses that it will occur. Although the income
projections are subjective, the expenses to run the business are able to be
predicted with reasonable certainty, and therefore we have satisfied ourselves
that the Group have sufficient cash resources in order for the company to meet
its liabilities as they fall due in the 12 months following the signing of
these financial statements. Furthermore, we have received assurances from the
directors that the company have considered a cost saving strategy, should the
need for this arise.
As stated in note 1.2, these events or conditions indicate that a material
uncertainty exists that may cast significant doubt on the company's ability to
continue as a going concern. Our opinion is not modified in respect of this
matter."
The statutory accounts will be delivered to the Registrar of Companies
following the Company's annual general meeting.
The accounting policies adopted in the preparation of this preliminary
announcement are consistent with those set out in the latest Group Annual
financial statements. There is no material seasonality associated with the
Group's activities.
1.1 Basis of preparation and consolidation
The financial statements are prepared under the historical cost convention and
have been prepared in accordance with International Financial Reporting
Standards (IFRSs) as adopted by the European Union and applied in accordance
with the provisions of the Companies Act 2006 applicable to companies reporting
under IFRS.
The Group financial statements consolidate the financial statements of the
Company and its subsidiary undertakings made up to 30 September 2016.
The principal accounting policies adopted by the Group are set out below.
1.2 Going concern
The Group has reported a loss of GBP3,910,000 for the year (2015 - GBP812,000).
During the year the Company has acquired Sportsdata Limited and Dataplay
Holdings Limited through a reverse takeover. At 30 September 2016 the Company
held 100% of the ordinary shares of both of these businesses. Full details
about the acquisition are disclosed in note 6 in the Company's Annual Report
and Financial Statements for the year ended 30 September 2016. A significant
proportion of the costs incurred during the year relate to the acquisition of
these businesses. The current year loss has been further increased as the
directors have taken the decision to impair the Goodwill in respect of the
acquisition of these two subsidiary companies in the Group accounts. They have
also impaired the investment in the two subsidiary companies in the parent
Company accounts. Although the principal activity of the parent Company is
that of an investment company, there are no further investments expected to
take place in the short term, and therefore similar costs are not expected in
the near future.
The Group's revenue for the year ended 30 September 2016 was below expectations
and since the year end, revenue is underperforming compared to the budget for
the year ended 30 September 2017. At the date the financial statements are
signed, the directors have no visibility that the Group will be able to
generate sufficient revenues to achieve the budgeted profit and cashflow for
the year ended 30 September 2017. If the budget is not achieved and if
mitigating steps were not taken then there would be a material uncertainty
surrounding going concern. However, the directors believe that steps can be
taken to ensure the Group has sufficient cash to trade as a going concern in
the short to medium term.
The directors are taking steps to try accelerate the Group's revenue growth but
there are no guarantees that these steps will be successful. Should the
anticipated revenue growth not be achieved, the directors have already reviewed
the costs of the business and believe that they will be able to rationalise the
cost base of the business. The directors' current focus, however, is to ensure
steps are followed so that they can execute the current Group business plan and
grow revenue.
At the year end the Group had cash resources of GBP714,000. The Directors have
prepared detailed working capital projections for the Company, Sportsdata
Limited and Dataplay Holdings Limited which includes the Group's committed
costs covering a period up until 31 December 2017. Based on these projections,
the directors have a reasonable expectation that the Group's current cash
resources are adequate to allow the Group to continue in operational existence
for the foreseeable future and meet its liabilities as they fall due for at
least a period of 12 months from the signing of these financial statements. The
Group therefore continues to adopt the going concern basis in preparing its
financial statements.
1.3 Joint operations
Sportsdata Limited operates under a joint contractual arrangement with Youth
Sport Direct Limited whereby revenues are shared equally. The arrangement is
not structured through a separate vehicle and each party to the arrangement
accounts for the assets, liabilities, revenues and expenses relating to its
involvement in the joint operation.
1.4 Revenue recognition
Revenue is recognised when the right to receive payment is established, to the
extent that it is probable that the economic benefits will flow to the Group
and the revenue can be reliably measured, regardless of when the payment is
made. Revenue is measured at the fair value of the consideration received or
receivable, excluding Value Added Tax.
The directors are of the opinion that this accounting policy accurately
reflects commercial reality and the recording of revenue.
1.5 Impairment
(a) Impairment of Financial Assets
All financial assets (other than those categorised at fair value through profit
or loss), are assessed at the end of each reporting period as to whether there
is any objective evidence of impairment as a result of one or more events
having an impact on the estimated future cash flows of the asset. For an equity
instrument, a significant or prolonged decline in the fair value below its cost
is considered to be objective evidence of impairment.
An impairment loss in respect of loans and receivables financial assets is
recognised in profit or loss and is measured as the difference between the
asset's carrying amount and the present value of estimated future cash flows,
discounted at the financial asset's original effective interest rate.
If, in a subsequent period, the amount of the impairment loss decreases and the
decrease can be related objectively to an event occurring after the impairment
was recognised, the previously recognised impairment loss is reversed through
profit or loss to the extent that the carrying amount of the financial asset at
the date the impairment is reversed does not exceed what the amortised cost
would have been had the impairment not been recognised.
(b) Impairment of Non-Financial Assets
The carrying values of assets, other than those to which IAS 36 - Impairment of
Assets does not apply, are reviewed at the end of each reporting period for
impairment when there is an indication that the assets might be impaired.
Impairment is measured by comparing the carrying values of the assets with
their recoverable amounts. The recoverable amount of the assets is the higher
of the assets' fair value less costs to sell and their value in use, which is
measured by reference to discounted future cash flow.
An impairment loss is recognised in profit or loss immediately.
When there is a change in the estimates used to determine the recoverable
amount, a subsequent increase in the recoverable amount of an asset is treated
as a reversal of the previous impairment loss and is recognised to the extent
of the carrying amount of the asset that would have been determined (net of
amortisation and depreciation) had no impairment loss been recognised. The
reversal is recognised in profit or loss immediately, unless the asset is
carried at its revalued amount, in which case the reversal of the impairment
loss is treated as a revaluation increase.
2 Revenue and loss on continued activities before taxation
By geographical origin
For the year to 30 September 2016:
Revenue Loss Total Total
before tax assets liabilities
GBP'000 GBP'000 GBP'000 GBP'000
United Kingdom 40 (3,910) 835 (315)
40 (3,910) 835 (315)
For the year to 30 September 2015:
Revenue Loss before tax Total assets Total
GBP'000 GBP'000 liabilities
GBP'000 GBP'000
United Kingdom - (812) 74 (33)
- (812) 74 (33)
2016 2015
GBP'000 GBP'000
Loss before taxation is arrived at after charging /
(crediting):
Impairment of fixed asset investments (57) 483
Impairment of goodwill 2,838 -
Impairment of other intangible fixed assets 183 -
Auditor's remuneration:
- audit of the annual accounts of the Group 10 5
- other services relating to taxation 8 3
Provision for bad debt - 13
3 Directors and employees
2016 2015
GBP'000 GBP'000
Staff costs, including director's emoluments during
the year were as follows:
Wages, salaries and emoluments 122 94
Social security costs 9 6
131 100
4 Taxation
2016 2015
GBP'000 GBP'000
Domestic current year tax
UK corporation tax - -
- -
Factors affecting the tax charge for the period:
Loss on ordinary activities before taxation (3,910) (812)
Loss on ordinary activities multiplied by the (782) (162)
standard rate of Corporation tax in the UK of 20%
(2015 - 20%)
Non-tax deductible impairment of goodwill 568 -
Non-tax deductible impairment of investments - 96
Non-tax deductible impairment of intangible assets 36 -
Expenses not deductible for tax purposes 115 29
Deferred tax not recognised 63 37
Current tax charge - -
The Company has estimated tax losses of GBP1,567,000 (2015 - GBP1,375,000)
available to offset against future profits.
A deferred tax asset for the Company of GBP431,000 (2015 - GBP275,000) at a rate of
17% (2015 - 20%) has not been recognised in these financial statements on the
basis of uncertainty over the availability of future taxable profits of the
Company.
5 Loss per share
(a) Basic
Basic loss per share is calculated by dividing the loss attributable to equity
holders of the Company by the weighted average number of ordinary shares in
issue during the year.
The calculation of the basic loss per ordinary share is based on:
2016 2015
Number Number
Weighted average number of Ordinary shares in 70,772,462 13,160,582
issue during the period
Loss for the year (GBP'000) (3,910) (812)
(b) Diluted
Diluted earnings per share is calculated by adjusting the weighted average
number of ordinary shares outstanding to assume conversion of all dilutive
potential ordinary shares. The Company has one category of dilutive potential
shares and warrants. A calculation is performed to determine the number of
shares that could have been acquired at fair value (determined as to the
average annual market share price of the Company's shares) based on the
monetary value of the subscription rights attached to outstanding warrants.
The number of shares calculated as above is compared with the number of shares
that would have been issued assuming the exercise of the warrants.
The calculation of diluted earnings per share is based on:
2016 2015
Number Number
Weighted average number of Ordinary shares in 70,772,462 13,160,582
issue
Adjustments for dilutive effect of:
- Employee warrants - -
Weighted average number of ordinary shares 70,772,462 13,160,582
for diluted earnings per share
Employee warrants could in future have a dilutive effect, however, they are
antidilutive in the current year as the Company is loss making.
6 Intangible assets
Computer
Goodwill platform Total
GBP'000 GBP' 000 GBP' 000
Cost
At 1 October 2015 - - -
Additions 2,838 - 2,838
On acquisition of a subsidiary - 183 183
At 30 September 2016 2,838 183 3,021
Impairment
At 1 October 2015 - - -
Impairment for the year 2,838 183 3,021
Disposals - - -
At 30 September 2016 2,838 183 3,021
Net book value at 30 September 2016
- - -
Book Value Fair
Goodwill on acquisition of Sportsdata Limited GBP'000 Value
GBP' 000
Debtors 5 5
Cash at bank and in hand 6 6
Creditors (294) (294)
Net liabilities at acquisition (283) (283)
On 23 May 2016 the Company acquired the remaining 70% Ordinary
share capital of Sportsdata Limited for GBP1,500,000 by the issue of Ordinary
0.1p shares in Guscio Plc. See note 6 in the Company's Annual Report and
Financial Statements for the year ended 30 September 2016 for further details.
With associated stamp duty of GBP8,000, the fair value of consideration was GBP
1,508,000. The fair value of the net liabilities acquired amounted to GBP283,000
resulting in goodwill of GBP1,791,000.
Goodwill on acquisition of Dataplay Holdings Limited Book Value Fair
GBP'000 Value
GBP' 000
Intangible fixed assets 183 183
Cash at bank and in hand
36 36
Creditors (261) (261)
Net liabilities at acquisition (42) (42)
On 23 May 2016 the Company acquired 100% of the Ordinary share
capital of Dataplay Holdings Limited for GBP1,000,000 by the issue of Ordinary
0.1p shares in Guscio Plc. See note 6 in the Company's Annual Report and
Financial Statements for the year ended 30 September 2016 for further details.
With associated stamp duty of GBP5,000, the fair value of consideration was GBP
1,005,000. The fair value of the net liabilities acquired amounted to GBP42,000
resulting in goodwill of GBP1,047,000.
The primary reason for the business combinations outlined above was to achieve
the strategy set out in the Chairman's report of focussing activities on the
sports information sector. Goodwill on both acquisitions represent the
directors' assessment of the underlying value of the intangible assets and
business plans of the two businesses at the date of acquisition.
The effect on revenue and the loss for the year of the group as a result of the
two business combinations are as follows:
Sportsdata Dataplay Total
Limited Holdings
GBP'000 Limited
GBP'000 GBP' 000
Increase in revenue 12 28 40
Increase in loss for the year 301 30 331
Impairment of goodwill
As a result of the losses made by Sportsdata Limited and Dataplay Holdings
Limited to date, the directors have taken the prudent view and provided against
the goodwill value in full at 30 September 2016. The impairment charged in the
current year is included within the statement of comprehensive income.
7 Fixed asset investments
Associated Investments
undertakings
GBP' 000 GBP' 000
Cost
At 1 October 2014 - -
Additions 529 14
Loss for the year (46) -
Impairment (483) (14)
Disposals - -
Net book value at 30 September 2015
- -
Cost
At 1 October 2015
483 -
Loss for the year (57) -
Disposals (426) -
At 30 September 2016
- -
Impairment
At 1 October 2015 (483) -
Impairment for the year 57 -
Disposals 426 -
At 30 September 2016
- -
Net book value at 30 September 2016
- -
8 Trade and other receivables
2016 2015
GBP'000 GBP'000
Due within one year:
Other receivables 108 51
Prepayments and accrued 13 17
income
121 68
9 Cash and cash equivalents
2016 2015
GBP'000 GBP'000
Cash at bank and in hand 714 6
714 6
10 Trade and other payables: Amounts falling due within one year
2016 2015
GBP'000 GBP'000
Amounts owed to related 183 -
parties
Trade payables 56 -
Accruals and deferred income 76 33
315 33
With the exception of social security and other taxes, the above items
represent financial liabilities (financial instruments) of the Group.
At 30 September 2016, an amount of GBP183,000 is owed to Starnevesse Limited, a
company in which R C Thompson is a director and shareholder (note 6). This
amount is unsecured and interest free and is payable from the profits generated
by the Dataplay business division of Sportsdata Limited as and when they arise
but with an end payment date of 1 May 2018.
11 Notice of Annual General Meeting ("AGM") and availability of Annual
Report and Financial Statements
The Company hereby announces that its AGM will be held at the offices of Brown
Rudnick LLP, 8 Clifford Street, London W1S 2LQ at 2.00 p.m. on 18 January
2017.
The Company's Annual Report and Financial Statements for the year ended 30
September 2016 are expected to be posted to shareholders, along with the Notice of AGM, on 23 December 2016 and will be available thereafter at the Company's registered office, 27/28 Eastcastle Street, London, W1W 8DH and on its website: http://www.guscioplc.com/key-corporate-documents. END
(END) Dow Jones Newswires
December 23, 2016 02:00 ET (07:00 GMT)
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