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JUST LOANS PLC / THE JUST LOANS GROUP PLC : ANNUAL ACCOUNTS TO DECEMBER 2017 . Processed and transmitted by Nasdaq Corporate Solutions. The issuer is solely responsible for the content of this announcement.
Company Registration No. 08062555 (England and Wales)
THE JUST LOANS GROUP PLC
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
Jeffreys Henry LLP
Finsgate
5-7 Cranwood Street
London
EC1V 9EE
COMPANY INFORMATION
Directors Mr Robert Boot
Mr John Davies
Mr John McLellan
Ms Susanne Chishti
Sir Eric Peacock
Lord Timothy Razzall
Secretary Mr Robert Boot
Company number 08062555
Registered office 1 Charterhouse Mews
London
EC1M 6BB
Auditors Jeffreys Henry LLP
5-7 Cranwood Street
London
EC1V 9EE
Bankers Santander Bank Plc
4th Floor
100 Ludgate Hill
London
EC4M 7RE
Solicitors DWF Solicitors
Capital House
85 King William Street
London
EC4N 7BL
John Morse Solicitors
St. Helen's House
156, Helens Road
Swansea
SA1 4DG
CONTENTS
Chairman's statement | 1 | |
Strategic report | 2 | |
Directors' report | 4 | |
Corporate governance statement | 6 | |
Independent auditors' report | 8 | |
Consolidated statement of comprehensive income | 12 | |
Consolidated statement of financial position | 13 | |
Company statement of financial position | 14 | |
Consolidated statement of cash flows | 15 | |
Company statement of cash flows | 16 | |
Consolidated statement of changes in equity | 17 | |
Company statement of changes in equity | 18 | |
Notes to the financial statements | 19 | |
CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2017
I am pleased to present the results of the Group for The Just Loans Group Plc and its subsidiaries (together the "Group") for the 12 months ended 31 December 2017.
I am delighted to report that the Group achieved revenue for the year of almost £9.7m compared with £6.0m for the 12 months to 31 December 2016, a 62% increase, resulting in an reduced operating loss of £16k, compared to an operating loss of £355k.The Group revenue continues to grow and is anticipated to double in the current year whilst administrative costs will remain virtually static. Our proprietary ALFI LMS system continues to evolve with the addition of new Fintech systems that become available or are upgraded. This ensures that our system remains one of the most advanced, highly scalable Fintech, customer acquisition and management systems in operation thus allowing one touch of Data.
I am also delighted to report that loan facility approvals in the first quarter of 2018 are more than two and a half times the same quarter last year. We had a substantial inflow of institutional funds in November and December and this has continued into 2018. We are now confident that the flow of institutional funds will be more than sufficient to meet not only the current demand but also the increase in demand generated by an increase in marketing activity. These substantial funds were too late to have a significant effect on the results for 2017 and our disappointment for the year is that we did not have enough funds available for most of the year to meet the demand for our loan products. If the funds had been available, then we would have been reporting an even greater increase in income and a much improved trading result. We are now confident that we have the necessary funds and continuity of funding to enable us to reach the critical mass of the loan book necessary for us to achieve break-even and profit during 2018.
Our Revolving Credit Facility and Business Builder products have a proven track record and even more importantly we have a proven record of successful repayment. We have a rigidly imposed target of zero capital loss and although we can't claim to be 100% successful in this regard, after having loaned out nearly £60m, we have an enviable bad debt record of less than 0.2%. We have a number of new products in the pipeline some of which will be available during the second quarter of this year but the same credit assessment process will be used for these new products.
Our target for 2018 is to double our loan book and the results for the first quarter show that we are on target to do so. The increase in loan book and the new products will require around 10% additional staff but very little, if any, additional space. Overheads will therefore only show a relatively marginal increase. The two investments through our Just Finance Loans and Investments subsidiary, PWE Holdings and City Fuel Services, are also progressing extremely well and are forecast to contribute to Group results in 2018.
2018 promises to be an exciting year for the Group but the success of a company is a result of the effort and enthusiasm of the management and staff and I would like to thank all members of staff for the tremendous contribution they have made in bringing the Group to such an exciting point in its development.
Sir Eric Peacock
Chairman
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2017
Principal activities and fair review of the business
The principal activity of The Just Loans Group Plc ("the Company") and its subsidiaries (together "the Group") is the provision of loans and equity investments.
The Directors are pleased with the progress made to date. The Group made a loss, after the gain on the bargain purchase of PWE Holdings Plc, of £4,554,415 (2016- Loss of £4,858,091) for the year to 31 December 2017 which was in line with expectations given the delay experienced in receipt of additional funds. All systems are now fully tried and tested though additional and updated functionality is still being added. The severely delayed additional funding which is necessary in order to reach the critical mass required for break-even and profit on a monthly basis has led to a time lag in results. This delay in fundraising meant that customer acquisition was held back and for a significant number of months there was demand for loans that the Group could not meet. During 2017, the shares were admitted to the Vienna stock exchange.
Fund Raising
The Directors realise that there has been a major cash burn in building the process and platforms of the business, but they consider that the Group has adequate resources for ongoing operating expenses due to the revenues now being generated from its operations. The Group focus will be on ensuring additional fundraising is in place to ensure the main trading subsidiaries can achieve the necessary growth for the Group to reach and pass breakeven. Given the substantial demand for the Company's offerings and the additional funds referred to above the Company is targeted to achieve critical mass necessary for breakeven during 2018.
During the year, Just Finance Loans & Investments, a wholly owned subsidiary of Just Loans Plc increased its holdings in Pure World Energy Holdings Plc from 27.5% to 77.5%, resulting in a revaluation of the assets at Group level.
Principal risks and uncertainties
The principal risk to the Group is that the borrowers will default on their interest or capital repayments. The Group is a secured lender and all loans are backed by security of a minimum 150% assets of the customer and/or its shareholder directors. The Group closely monitors the performance of the borrowers and the credit worthiness of the guarantors but the Group remains subject to the risk of fraud by the borrower. The Group also faces risks from economic factors, fluctuations in exchange rates and the ability to secure future investment. Further discussion on risk and sensitivity analysis is discussed within Note 4.
Key performance indicators
The performance indicators relative to revenue and gross margin follows. A large amount of time by staff and external consultants has been spent in developing the processes and IT systems and most of these costs have been written off in the profit and loss account rather than capitalised. It has secured an R &D tax credit, net of costs, of £159,046 (£43,790 - 2016). There are no non-financial performance indicators being used at present. Salient points are:
2017 | 2016 | |
Group turnover | £9,747,759 | £6,037,550 |
Gross profit for the period | £5,873,411 | £3,105,476 |
Profit/(Loss) for the period | (£4,554,415) | (£4,858,091) |
Cash and cash equivalents | £8,333,512 | £1,783,282 |
Dependence on key personnel
Whilst the Group intends to enter into contractual arrangements with the aim of securing the services of its executive Directors, the retention of their services cannot be guaranteed.
Future developments
The Group continues to seek additional funding in order to finance the demand for its loan products. The additional funding will be by way of loans from institutional investors and by sale of the group's quoted debentures.
The Group is also looking to increase the range of funding options that it offers to customers and also to include additional services to help to ensure that customers remain with the Group during their own long term development.
On behalf of the board
Mr Robert Boot
Director
30 April 2018
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2017
The directors present their report and financial statements for the year ended 31 December 2017.
Principal activities
The principal activity of the company is that of the provision of commercial loans. The company provides revolving credit facilities to small and medium enterprises that struggle to obtain traditional sources of funding for a variety of reasons.
Results and dividends
The results for the period are set out on page 12.
Future developments
As per the Strategic Review Report.
Directors
The following directors have held office during the period:
Mr Robert Boot
Mr John Davies
Mr John McLellan
Sir Eric Peacock
Lord Timothy Razzall
Ms Susanne Chishti
Directors' interest
At the date of this report the directors held the following beneficial interest in the ordinary share capital of the Group:
2017 | 2016 | |
Robert Boot | 2,500,000 | 2,500,000 |
John Davies | 14,571,430 | 14,571,430 |
Substantial interests
As at 31 December 2017 the following had an interest of 2017 -3% or more in the ordinary share capital of the Group:
Ordinary shares No. | Percentage | |
John Davies * | 17,243,305 | 61.15 |
Eco Quest Plc | 3,750,000 | 13.30 |
Carly Davies | 3,250,000 | 11.52 |
Robert Boot* | 3,349,536 | 11.88 |
*John Davies and Robert Boot own 71.25% and 22.5% respectively of the shares of Eco Quest Plc and their interest in shares in the Company and percentage is included above
Financial risk and management of capital
The major balances and financial risks to which the Group is exposed to and the controls in place to minimise those risks are disclosed in Note 4. The principal current assets of the business are cash and the loan book. Therefore the principal financial instruments employed by the group are cash or cash equivalents and the Directors ensure that the business maintains surplus cash reserves to minimise liquidity risk.
A description of how the Group manages its capital is also disclosed in Note 4.
The Board considers and reviews these risks on a strategic and day-to-day basis in order to minimise any potential exposure.
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
Financial instruments
The group has not entered into any financial instruments to hedge against interest rate or exchange rate risk.
The debentures are secured by first floating charge over all of the assets of the group, and bear interest as per below. Interest is paid in two half yearly instalments.
Repayment date | Annual interest | |
2018 Debentures | 31 December 2018 | 8.25% |
2019 Debentures | 31 December 2019 | 8.25% |
2020 Debentures | 31 December 2020 | 8.75% |
2021 Debentures | 31 December 2021 | 8.75% |
In December 2017 the Group successfully undertook an exchange of the 2017 Debentures in Just Finance Loans & Investments Plc bearing 8.25% annual interest, with 2021 Debentures in The Just Loans Group Plc, bearing 8.75% annual interest.
Auditors
Jeffreys Henry LLP are auditors to the Group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of directors' responsibilities
The directors are responsible for preparing the Directors' Report and the Group and parent company financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare Group and parent financial statements for each financial period. Under that law the directors have elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the European Union. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and group. They are also responsible for safeguarding the assets of the company and the group hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditors
Each person who is a Director at the date of approval of this Annual Report confirms that:
On behalf of the board
Mr Robert Boot
Director
30 April 2018
CORPORATE GOVERNANCE STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2017
The board has sought to comply with a number of the provisions of the UK Corporate Governance Code ("the Code") in so far as it considers them to be appropriate to company of their size and nature. They make no statement of compliance with the Code overall and do not 'explain' in detail any aspect of the Code with which they do not comply.
The Directors have formed an Audit Committee. The Chairman of the committee is John McLellan. The other members of the Audit Committee are Sir Eric Peacock, the Chairman of the Company, Lord Razzall and Susanne Chishti,. The Chairman of the Audit Committee has the right to require the attendance of the Finance Director of the Company at meetings of the committee.
The audit committee operates with the following terms of reference:
Audit committee
As and when the Company employs staff the Audit Committee is to review arrangements by which such staff may raise concerns about possible improprieties in matters of financial reporting or other matters so that a proportionate and independent investigation of such matters can take place, together with the instigation of appropriate follow up action.
The Audit Committee will also consider annually whether there is any need to put in place an internal audit function which, if put in place, is to be monitored and reviewed by the Audit Committee.
Internal controls
The Board is responsible for maintaining a sound system of internal controls to safeguard shareholders' investment and group assets. The Directors monitor the operation of internal controls. The objective of the system is to safeguard group assets, ensure proper accounting records are maintained and that the financial information used within the business and for publication is reliable. Any such system of internal control can only provide reasonable, but not absolute assurance against material misstatement or loss.
Internal financial control procedures undertaken by the Board include:
The Board has reviewed the operation and effectiveness of the Group's system of internal control for the financial period and the period up to the date of approval of the financial statements.
CORPORATE GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
UK Corporate Governance Code
While the Directors acknowledge the principle of a clear division of responsibilities between the running of the Board of Directors and the executive responsibility for the running of the Company's business, they consider that the Company's business can best be advanced by the Board of Directors acting as one body in making investment decisions.
The Board considers that the principle in the Code relating to relations with shareholders should also apply to relations with holders of Debentures. Although the holders of Debentures will not attend general meetings of the Company the Board believes that communication with holders of Debentures on a regular basis is important.
The Directors have considered the provision in the Code for the appointment of one of the independent Non-Executive Directors to be the senior Independent Director. At the current time the Board is not large enough to accommodate such an appointment. The Directors will however, consider the appointment of a senior Independent Director when appropriate.
.
INDEPENDENT AUDITORS' REPORT
TO THE MEMBERS OF THE JUST LOANS GROUP PLC
Opinion
We have audited the financial statements of The Just Loans Group Plc (the 'company') for the year ended 31 December 2017 which comprise the Statement of Comprehensive Income, the Statements of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union.
In our opinion, the financial statements:
give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2017 and of the group's loss for the year then ended;
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
INDEPENDENT AUDITORS' REPORT
TO THE MEMBERS OF THE JUST LOANS GROUP PLC (continued)
Other information
The directors are responsible for the other information. The other information comprises the information included in the report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if in our opinion:
INDEPENDENT AUDITORS' REPORT
TO THE MEMBERS OF THE JUST LOANS GROUP PLC (continued)
Responsibilities of directors
As explained more fully in the directors' responsibilities statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
INDEPENDENT AUDITORS' REPORT
TO THE MEMBERS OF THE JUST LOANS GROUP PLC (continued)
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Sanjay Parmar (Senior statutory auditor)
For and on behalf of Jeffreys Henry LLP Chartered Accountants, Statutory Auditor
Finsgate
5-7 Cranwood Street
London,
EC1V 9EE
30 April 2018
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2017
Year ended | Year ended | |||
31 December 2017 | 31 December 2016 | |||
Notes | £ | |||
Continuing operations | ||||
Revenue | 5 | 9,747,759 | 6,037,550 | |
Cost of sales | (3,874,348) | (2,932,074) | ||
Gross profit | 5,873,411 | 3,105,476 | ||
Administrative expenses | (5,889,646) | (3,460,387) | ||
Operating Profit/(Loss) | 6 | (16,235) | (354,911) | |
Finance costs | 8 | (6,660,616) | (4,302,403) | |
Gain on revaluation of investment in associate | 13 | 341,232 | (244,567) | |
Gain on bargain purchase | 13 | 1,587,192 | - | |
Loss on ordinary activities before taxation | (4,748,427) | (4,901,881) | ||
R & D tax credit | 9 | 159,046 | 43,790 | |
Deferred Tax | 34,965 | - | ||
Porfit/(Loss) for the period | (4,554,415) | (4,858,091) | ||
Profit / (Loss) attributable to: | ||||
| (4,375,267) | (4,858,091) | ||
| ||||
| 21 | (179,148) | - | |
(4,554,415) | (4,858,091) | |||
Loss per share (expressed in pence per share) | 11 | (15.74p) | (19.43p) | |
The notes on pages 19 to 39 form part of these financial statements.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2017
As at | As at | |||
31 December 2017 | 31 December 2016 | |||
Notes | £ | |||
Assets | ||||
Non-current assets | ||||
Goodwill | 13 | 392,267 | - | |
Property, Plant and Equipment | 14 | 11,743,603 | 56,680 | |
Investments | 13 | - | 6 | |
Loans and advances to customers | 15 | 3,571,942 | 917,900 | |
Trade and other receivables | 15 | 4,881,178 | 9,061,681 | |
20,588,990 | 10,036,267 | |||
Current assets | ||||
Inventory | 17 | 44,275 | 14,828 | |
Loans and advances to customers | 15 | 28,567,200 | 17,653,553 | |
Trade and other receivables | 16 | 569,569 | 339,880 | |
Cash and cash equivalents | 18 | 8,333,512 | 1,783,282 | |
37,514,556 | 19,791,543 | |||
Total assets | 58,103,546 | 29,827,810 | ||
Equity and liabilities | ||||
Equity attributable to owners of the parent | ||||
Ordinary shares | 19 | 56,400 | 50,000 | |
Share premium | 19 | 4,473,600 | - | |
Interest in own shares | (58,474) | - | ||
Other reserves | 29 | 144,877 | 75,049 | |
Accumulated losses | 20 | (18,411,936) | (14,036,669) | |
(13,795,533) | (13,911,620) | |||
Non-controlling interests | 454,948 | - | ||
Total equity | (13,340,585) | (13,911,620) | ||
Liabilities | ||||
Non-current liabilities | ||||
Borrowings | 23 | 52,484,809 | 35,694,647 | |
Current liabilities | ||||
Borrowings | 23 | 14,836,312 | 6,794,814 | |
Trade and other payables | 22 | 4,123,010 | 1,249,969 | |
18,959,322 | 8,044,783 | |||
Total liabilities | 71,444,131 | 43,739,430 | ||
Total equity and liabilities | 58,103,546 | 29,827,810 | ||
The notes on pages 19 to 39 form part of these financial statements.
Approved by the Board and authorised for issue on 30 April 2018
Mr Robert Boot
Director
Company Registration No. 08062555
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2017
As at | As at | |||
31 December 2017 | 31 December 2016 | |||
Notes | £ | |||
Assets | ||||
Non-current assets | ||||
Investments | 13 | 601,216 | 601,112 | |
Other receivables | 16 | 7,672,969 | 2,336,083 | |
Total non-current assets | 8,274,185 | 2,937,195 | ||
Current assets | ||||
Trade and other receivables | 16 | 11,540,067 | 13,600,153 | |
Cash and cash equivalents | 18 | 1,378,196 | 216,608 | |
Total current assets | 12,918,263 | 13,816,761 | ||
Total assets | 21,192,448 | 16,753,956 | ||
Equity and liabilities | ||||
Equity attributable to owners of the parent | ||||
Ordinary shares | 19 | 56,400 | 50,000 | |
Share premium | 19 | 4,473,600 | - | |
Other reserves | 29 | 144,877 | 75,049 | |
Accumulated losses | 20 | (13,219,622) | (9,991,215) | |
Total equity | (8,544,745) | (9,866,166) | ||
Liabilities | ||||
Non-current liabilities | ||||
Borrowings | 23 | 12,628,910 | 23,794,249 | |
Current liabilities | ||||
Borrowings | 23 | 8,009,727 | - | |
Trade and other payables | 22 | 9,098,556 | 2,825,873 | |
17,108,283 | 2,825,873 | |||
Total liabilities | 29,737,193 | 26,620,122 | ||
Total equity and liabilities | 21,192,448 | 16,753,956 | ||
The notes on pages 19 to 39 form part of these financial statements.
Approved by the Board and authorised for issue on 30 April 2018
Mr Robert Boot
Director
Company Registration No. 08062555
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2017
Year ended | Year ended | |||
31 December 2017 | 31 December 2016 | |||
Notes | £ | £ | ||
Cash flows from operating activities | ||||
Cash generated from operations | 24 | (17,193,782) | (14,474,817) | |
Finance costs paid | (4,954,069) | (4,302,403) | ||
R & D Tax receipt | 159,046 | 43,790 | ||
Net cash generated from operating activities | (21,988,805) | (18,733,430) | ||
Cash flows from investing activities | ||||
Acquisition of PWE Holdings net of cash | 14,062 | - | ||
Payments to acquire tangible assets | (54,613) | (56,680) | ||
Net cash generated from investing activities | (40,551) | (56,680) | ||
Cash flows from financing activities | ||||
Net Proceeds from issue of debenture and other loans | 28,579,586 | 17,489,356 | ||
Net cash generated from financing activities | 28,539,035 | 17,489,356 | ||
Net (decrease)/increase in cash and cash equivalents | 6,550,230 | (1,300,754) | ||
Cash and cash equivalents at the beginning of the period | 1,783,282 | 3,084,036 | ||
Cash and cash equivalents at end of period | 8,333,512 | 1,783,282 | ||
The notes on pages 19 to 39 form part of these financial statements.
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2017
Year Ended | Year Ended | |||
31 December 2017 | 31 December 2016 | |||
Notes | £ | £ | ||
Cash flows from operating activities | ||||
Cash generated from operations | 24 | 2,235,137 | (4,511,656) | |
Finance costs paid | (2,397,833) | (2,372,820) | ||
Net cash generated from operating activities | (162,696) | (6,884,476) | ||
Cash flows from investing activities | ||||
Payments to acquire investments | (104) | (7) | ||
Net cash generated from financing activities | (104) | (7) | ||
Cash flows from financing activities | ||||
Net proceeds from issue of debenture loans | 1,324,388 | 7,085,300 | ||
Net cash generated from financing activities | 1,324,388 | 7,085,300 | ||
Net increase in cash and cash equivalents | 1,161,588 | 200,817 | ||
Cash and cash equivalents at the beginning of the period | 216,608 | 15,791 | ||
Cash and cash equivalents at end of period | 1,378,196 | 216,608 | ||
The notes on pages 19 to 39 form part of these financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2017
Attributable to owners of the parent | Non-controlling interest | Total equity | ||||||||
Share capital | Share Premium | Interest in own shares | Other reserves | Accumulated losses | Total | |||||
£ | £ | £ | £ | £ | £ | £ | £ | |||
As at 31 December 2015 | 50,000 | - | - | 15,000 | (9,178,578) | (9,113,578) | - | (9,113,578) | ||
Other reserves | - | 60,049 | - | 60,049 | - | 60,049 | ||||
Loss for the period | - | - | (4,858,091) | (4,858,091) | - | (4,858,091) | ||||
As at 31 December 2016 | 50,000 | - | - | 75,049 | (14,036,669) | (13,911,620) | - | (13,911,620) | ||
Issue of new shares | 6,400 | 4,473,600 | - | - | 4,480,000 | 4,480,000 | ||||
Interest in own shares | (58,474) | (58,474) | (58,474) | |||||||
Non-Controlling interest arising on business combinations | 454,948 | 454,948 | ||||||||
Other reserves | - | 69,828 | 69,828 | 69,828 | ||||||
Profit/(Loss) for the year | - | (4,375,267) | (4,375,267) | (4,375,267) | ||||||
As at 31 December 2017 | 56,400 | 4,473,600 | (58,474) | 144,877 | (18,411,936) | (13,795,533) | 454,948 | (13,340,585) | ||
Share capital is the amount subscribed for shares at nominal value.
Other reserves represent the expenses recognised for share-based payments.
Accumulated losses represent the cumulative loss of the group attributable to equity shareholders.
Share premium reflects the issue of shares in January 2017 on the exchange of Debt to equity at £1.40
The Non-Controlling represents the 22.5% of PWE Holdings. On the 1 August the Group via its 100% owned subsidiary increased its stake from 22.5% to 77.5%
The interest in own shares represent ordinary shares owned by Just Loans Group EB Trustee Limited.
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2017
Share capital | Share premium | Other reserves | Accumulated losses | Total equity | |
£ | £ | £ | £ | £ | |
As at 31 December 2015 | 50,000 | - | 15,000 | (6,617,585) | (6,552,585) |
Other reserves | - | - | 60,049 | 60,049 | |
Loss for the year | - | - | (3,373,630) | (3,373,630) | |
As at 31 December 2016 | 50,000 | - | 75,049 | (9,991,215) | (9,866,166) |
Issue of Shares | 6,400 | 4,473,600 | - | 4,480,000 | |
Charge for the year | - | - | 69,828 | 69,828 | |
Loss for the year | - | - | (3,228,407) | (3,228,407) | |
As at 31 December 2017 | 56,400 | 4,473,600 | 144,877 | (13,219,622) | (8,544,745) |
Share capital is the amount subscribed for shares at nominal value.
Retained losses represent the cumulative loss of the group attributable to equity shareholders.
Other reserves represents the expense recognised for share based payments.
The notes on pages 19 to 39 form part of these financial statements.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
The Just Loans Group Plc ("the Company") and its subsidiaries (together, "the Group") provide Revolving Credit Facilities to Small and Medium Enterprises that struggle to obtain traditional sources of funding for a variety of reasons. The Group is based in the United Kingdom and all entities have been incorporated in the United Kingdom. The address of the registered office is disclosed on the company information page at the front of the annual report.
The Company is a public limited company and is listed on the Cyprus Stock Exchange. The Group also have debentures that are listed on the Cyprus Stock Exchange.
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the periods presented unless otherwise stated.
2.1 Basis of preparation
The consolidated statements of The Just Loans Group Plc have been prepared in accordance with International Financial Reporting Standards (IFRS) and IFRS Interpretations Committee (IFRS IC) applicable to companies reporting under IFRS. The consolidated financial statements have been prepared under the historical cost convention.
Preparation of financial statements
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the group's accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 3.
Going concern
The financial statements have been prepared on a going concern basis, the validity of which is dependent on the Group obtaining additional long-term financing.
The group has secured institutional funding of £62m to date of which £11m has been drawn. Included in the £62m, is a £50m bond raising which has secured a credit rating of A. The Company will continue to seek additional long-term financing via sale of debentures and further institutional funding. The Directors believe that the necessary funding will be available to the group to enable them to trade for the foreseeable future.
The Company has undertaken to provide continuing financial support to its subsidiaries for the foreseeable future and in any event for the next 12 months following the date of approval of the financial statements, so that such subsidiaries can pay their debts as and when they fall due.
The financial statements do not include any adjustments that would results if the necessary long-term financing was not secured by the Group and if the above support by the Company was withdrawn.
New and amended standards adopted by the Group
There are no IFRSs or IFRIC interpretations that are effective for the first time in this financial period that would be expected to have a material impact on the Group.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
2.1 Basis of preparation (Continued)
Standards, interpretations and amendments to published standards that are not yet effective
Reference | Title | Summary | Application date of standard (Periods commencing on or after) |
Amendments to IFRS 1 | First-time adoption of International Financial Reports Standards | Amendments resulting from Annual Improvements 2014-2016 Cycle (removing short-term exemptions) | 1 January 2018 |
Amendments to IFRS 2 | Share-based payments | Amendments to clarify the classification and measurement of share based payment transactions | 1 January 2018 |
Amendment to IFRS 4 | Insurance Contracts | Amendments regarding the interaction of IFRS 4 and IFRS 9 | 1 January 2018 |
IFRS 9 | Financial Instruments | Requirements on the classification and measurement of financial assets and liabilities and includes an expected credit losses model which replaces the current loss impairment model. Also includes the hedging amendment that was issued in 2013 | 1 January 2018 |
IFRS 15 | Revenue from contracts with customers | Specifies how and when to recognize revenue from contracts as well as requiring more information and relevant disclosures | 1 January 2018 |
IFRS 16 | Leases | IFRS 16 replaces IAS 17..The objective is to report information that (a) faithfully represents lease transactions and (b)provides a basis for users of financial statements to assess the amount, timing and uncertainty of cash flows arising from leases | 1 January 2019 |
Amendments to IAS 28 | Investments in Associates and Joint Ventures | Amendments resulting from Annual improvements 2014-2016 cycle (Clarifying certain fair value measurements | 1 January 2018 |
Amendments to IAS 39 | Financial Instruments: Recognition and measurement | Amendments to permit entity to elect to continue to apply the hedge accounting requirements in IAS 39 for a fair value hedge of the interest rate exposure of a portion of a portfolio of financial assets or financial liabilities when IFRS 9 is applied and to extend the fair value option to certain contracts that meet the 'own use' scope exception | 1 January 2018 |
Amendments to IAS 40 | Investment Property | Amendments to clarify transfers or property to or from investment property | 1 January 2018 |
The following new standards, amendments to standards and interpretations have been issued, but are not effective for the financial period beginning 1 January 2017 and have not been early adopted:
The Directors anticipate that the adoption of these standard and the interpretations in future period will have no material impact on the financial statements of the company. However the adoption of the IFRS 9 may have a material impact as it moves from the incurred loss approach to the expected loss model. The Group is still to assess the impact of this and will adopt IFRS 9 from 1 January 2018.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
2.2 Consolidation
The group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest's proportionate share of the recognised amounts of acquiree's identifiable net assets.
Acquisition-related costs are expensed as incurred. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer's previously held equity interest in the acquiree is re-measured to fair value at the acquisition date; any gains or losses arising from such re-measurement are recognised in profit or loss.
Any contingent consideration to be transferred by the group is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is recognised in accordance with IAS 39 either in profit or loss or as a change to other comprehensive income. Contingent consideration that is classified as equity is not re-measured, and its subsequent settlement is accounted for within equity.
Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated. When necessary amounts reported by subsidiaries have been adjusted to conform with the group's accounting policies.
(b) Changes in ownership interest in subsidiaries without change of control
Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions - that is, as transactions with the owners in their capacity as owners. The difference between fair value of any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.
(c) Disposal of subsidiaries
When the group ceases to have control any retained interest in the entity is re- measured to its fair value at the date when control is lost, with the change in carrying amount recognised in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss.
2.3 Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the steering committee that makes strategic decisions.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
2.4 Financial assets and liabilities
The group classifies its financial assets at fair value through profit and loss or as loans and receivables and classifies its financial liabilities as other financial liabilities. Management determines the classification of its investments at initial recognition. A financial asset or financial liability is measured initially at fair value. At inception transaction cost that are directly attributable to its acquisition or issue, for an item not at fair value through profit or loss, is added to the fair value of the financial asset and deducted from the fair value of the financial liability.
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They arise when the group provides money, goods or services directly to a debtor with no intention of trading the receivable. Loans are recognised when the funds are advanced to customers. Loans and receivables are carried at amortised cost using the effective interest method (see below).
Other financial liabilities are non-derivative financial liabilities with fixed or determinable payments. Other financial liabilities are recognised when cash is received from the depositors. Other financial liabilities are carried at amortised cost using the effective interest method. The fair value of other liabilities repayable on demand is assumed to be the amount payable on demand at the Statement of Financial Position date.
Amortised cost measurement
The amortised cost of a financial asset or financial liability is the amount at which the financial asset or liability is measured at initial recognition, minus principal payments, plus or minus the cumulative amortisation using the effective interest method of any difference between the initial amount recognised and maturity amount, minus any reduction for impairment.
Fair value measurement
Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's length transaction on the measurement date. The fair value of assets and liabilities in active markets are based on current bid and offer prices respectively. If the market is not active the group establishes fair value by using appropriate valuation techniques. These include the use of recent arm's length transactions, reference to other instruments that are substantially the same for which market observable prices exist, net present value and discounted cash flow analysis.
Derecognition
Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or where the group has transferred substantially all of the risks and rewards of ownership. In transaction in which the group neither retains nor transfers substantially all the risks and rewards of ownership of a financial asset and it retains control over the asset, the group continues to recognise the asset to the extent of its continuing involvement, determined by the extent to which it is exposed to changes in the value of the transferred asset. There have not been any instances where assets have only been partly derecognised. The group derecognises a financial liability when its contractual obligations are discharged, cancelled or expire.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
2.4 Financial assets and liabilities (continued)
Impairment
The Group assesses at each financial position date whether there is objective evidence that a financial asset or group of financial assets is impaired. If there is objective evidence (such as significant financial difficulty of obligor, breach of contract, or it becomes probable that debtor will enter bankruptcy), the asset is tested for impairment. The amount of the loss is measured as the difference between the asset's carrying amount and the present value of the estimated future cash flows (excluding future expected credit losses that have not been incurred) discounted at the financial asset's original effective interest rate (that is, the effective interest rate computed at initial recognition). The carrying amount of the asset is reduced through use of an allowance account. The amount of loss is recognised in the Statement of Comprehensive Income.
2.5 Revenue
Revenue comprises of interest income, arrangement, management and commission fees on financial assets. Interest income is recognised using the effective interest method. Arrangement, management and commission fees are generally recognised on the accruals basis when the service has been provided.
The effective interest method calculates the amortised cost of a financial asset and allocated the interest income over the relevant period. The effective interest rate is the rate that discounts estimated future cash payments or receipts through the expected life of the financial instrument or, when appropriate, a shorter period to the net carrying amount of the financial asset. When calculating the effective interest rate, the group takes into account all contractual terms of the financial instrument but does not consider future credit losses.
2.6 Cash and cash equivalents
In the consolidated statement of cash flows, cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts.
2.7 Share capital
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.8 Trade payables
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less.
2.9 Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred.
Borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
2.9 Borrowings (continued)
Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.
Borrowings consist of interest bearing debentures which are quoted.
2.10 Borrowing costs
General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.
Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
2.11 Income tax expense
Current income tax which is payable on taxable profits is recognised as an expense in the period in which the profits arise.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill; deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.
Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
2.12 Share-based compensation
The fair value of equity settled share-based payment awards are calculated at grant date and recognised over the period in which the employees become unconditionally entitled to the awards (the vesting period). The amount is recognised as personnel expenses in the profit and loss, with a corresponding increase in equity. The group adopts a Black-Scholes valuations model in calculation in calculating the fair value of the share options as adjusted for an attrition rate of member of the scheme and probability of pay-out reflecting the risk of not meeting the terms of the scheme over the vesting period. The number of share options expected to vest are reviewed annually.
2.13 Investments in subsidiaries
Investments are held as non-current assets at cost less any provision for impairment. Where the recoverable amount of the investment is less than the carrying amount, impairment is recognised.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
2.14 Leases
Leases in which a significant portion of the risk and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to the income statement on a straight-line basis over the period of the lease.
3 Critical accounting estimates and judgments
The group makes certain judgements and estimates which affect the reported amount of assets and liabilities. Critical judgements and the assumptions used in calculating estimates are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
3.1 Impairment of loans and advances to customers and other receivables
The group reviews its portfolio of receivables to assess impairment at least on a half-yearly basis. The basis for evaluating impairment losses is determining whether a loss event has occurred, the criteria used (but which is not limited to) is:
In determining whether an impairment loss should be recognised the Company has made judgements as to whether a loss event indicates that there is a measurable decrease in the estimated future cash flows of the respective receivable. Provisions for impairment have been included in the accounts in accordance with the requirements under IFRS.
No provisions for impairment have been made against the following other receivables as the Directors believe the group to have a positive future outlook which is not reflected in their results to date:
4 Financial risk management
The group's activities expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk, cash flow interest rate risk and price risk), credit risk and liquidity risk. The group's overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the group's financial performance.
4.1 Financial risk factors
The group's activities may expose it to a variety of financial risks: foreign exchange risk, and credit risk. The group's overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the group's financial performance.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
The group take on exposure to credit risk, which is this risk that the counterparty will be unable to pay amounts in full when due. A formal Credit Risk Policy has been agreed by the Board who review credit risk on a monthly basis. Exposure to credit risk is managed through regular analysis of the ability of borrowers and potential borrowers to meet interest and capital repayment obligations and by changing these lending limits when appropriate. Exposure to credit risk is also maintained by obtaining collateral, the loans to customers include a deed of indemnity and personal guarantees and the directors therefore believe there is a low risk of customer default.
4.1 Financial risk factors (continued)
The maximum exposure to credit risk for the Group was as follows:
Group | Company | |||
Credit risk exposure relating to on-balance sheet assets are as follows: | 2017 £ | 2016 £ | 2017 £ | 2016 £ |
Loans and advances to customers | 32,139,142 | 18,571,453 | 1,523,058 | - |
Other receivables | 5,450,747 | 9,401,561 | 62,605 | 444,824 |
Amounts due from Group undertakings | - | - | 19,150,431 | 13,234,685 |
At 31 December 2017 | 37,589,889 | 27,973,014 | 20,736,094 | 13,679,509 |
The Group does not have any borrowings other than its debentures which are at a fixed rate of interest exposing the Group to fair value interest rate risk. The Group does not manage any cash flow interest rate risk.
The Group is careful to ensure that its loans and investments can be realised prior to the due date for the repayment of the debentures. This applies equally to the underlying investments of the companies or projects in which the Group invests.
The Group takes great care to protect its capital investments. Significant due diligence is undertaken prior to making any investment. The investment is closely monitored.
A general economic downturn at a global level, or in one of the world's leading economies, could impact on the group. In addition, terrorism and other hostilities, as well as disturbances in worldwide financial markets, could have a negative effect on the Group. Regulatory requirements, taxes, tariffs and other trade barriers, price or exchange controls or other governmental policies could also limit the Group's operations. These risks are also applicable to most companies and the risk that Group will be more affected than the majority of companies is assessed as small.
The Group's principal activity is provision of loans, the Group does not have a diversified portfolio of services and is therefore at risk.
4.2 Capital risk management
The Group's objectives when managing capital are to safeguard the Group's ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure appropriate for its growth plans.
In order to maintain or adjust the capital structure the Group may issue new shares or alter debt levels.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
5 Segment information
The group's line of business is the provision of loans and equity investments.
All of the group's revenue arises in the UK and all of the Group's non-current assets are held in the UK.
There are no customers who account for over 10% of revenue.
6 Operating loss
2017 | 2016 | ||
£ | £ | ||
Operating loss is stated after charging: | |||
Directors emoluments | 398,800 | 396,600 | |
Directors fees | 64,800 | 64,800 | |
Audit fees (of which £15,000 (2016 - £15,000) relates to the audit of the Parent Company and Consolidated Financial Statements) | 88,014 | 155,297 | |
Operating leases | 64,665 | 20,355 |
7 Employee benefit expense
Employees and Directors | 2017 | 2016 | |
£ | £ | ||
Wages and salaries | 1,297,176 | 919,629 | |
Social security costs | 143,521 | 102,088 | |
Directors fees | 64,800 | 64,800 | |
1,505,497 | 1,086,517 |
During the period a total remuneration of £141,000 (2016 - £141,000) was received by the highest-paid Director, who does not hold any share options.
The average monthly number of employees (including directors) during the period was:
2017 | 2016 | ||
Number | Number | ||
Directors | 7 | 6 | |
Staff | 30 | 15 | |
37 | 21 |
8 Finance income and costs
2017 | 2016 | ||
£ | £ | ||
Finance costs | |||
Finance cost in relation to debentures | 2,790,352 | 2,553,871 | |
Other interest paid | 3,870,264 | 1,748,532 | |
6,660,616 | 4,302,403 |
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
9 Taxation
2017 | 2016 | ||
£ | £ | ||
Total current tax | (159,046) | (43,970) | |
Total deferred tax | (34,965) | - | |
Total tax credit for the year | (194,011) | (43,790) | |
Factors affecting the tax charge for the period | |||
Loss on ordinary activities before taxation | (6,335,619) | (4,901,881) | |
Loss on ordinary activities before taxation multiplied by standard rate of UK corporation tax of 19.25% (2016: 20%) | (1,219,607) | (980,376) | |
Non-deductible expenses | 135,300 | 43,972 | |
Capital allowances in excess of depreciation/amortisation | (40,484) | ||
Income not taxable | (76,943) | ||
Group loss relief surrendered | (159,046) | (43,790) | |
Tax losses carried forward | 1,166,769 | 936,404 | |
Tax credit for the year | (194,011) | (43,790) |
The Group has estimated tax losses of £16,742,927 (2016 - £10,022,636) available for carry forward against future profits.
The deferred tax assets at a rate of 19% (2016 - 20%) at the period-end of £1,166,769 (2016 - £936,404) has not been recognised in the financial statements due to the uncertainty of the recoverability of the amount.
The Group has estimated non-trade loan relationship deficits of £5,215,448 (2016 - £3,084,228) available for carry forward against income from non-trade loan relationships. A deferred tax asset on this deficit has not been recognised in the financial statements due to the uncertainty of the recoverability of the amount.
The Group received an R&D tax credit in the year of £159,046 (2016 - £43,790), in respect of software development.
10 Loss of parent company
As permitted by Section 408 of the Companies Act 2006 the profit and loss account of the parent company is not presented as part of these financial statements. The parent company's loss for the financial period was £ 3,228,407 (2016- £3,373,630).
11 Loss per share
Basic earnings per share is calculated by dividing the earnings attributable to shareholders by the weighted average number of ordinary shares outstanding during the period. Reconciliations are set out below:
2017 | 2016 | ||
Earnings/(losses) attributable to ordinary shareholders | (4,375,267) | (4,858,091) | |
Weighted average number of shares | 27,805,479 | 25,000,000 | |
Basic and diluted earnings/(loss) per share (pence) | (15.74) | (19.43) |
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
11 Loss per share continued
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. Since the Group is loss-making the diluted loss per share is the same as the basic loss per share. The dilutive potential ordinary shares relate to share options issued to employees and are disclosed within Note 29.
12 Dividends
Nil dividends were paid or proposed for the year ended 31 December 2017 (2016- £nil).
13 Fixed Asset Investments & Business Combinations
Group
Internally generated development costs | Investment in associate | Total | |||
£ | £ | £ | |||
Cost | |||||
Brought forward | 37,950 | 62,824 | 100,774 | ||
Additions | |||||
At 31 December 2017 | 37,950 | 62,824 | 100,774 | ||
Depreciation/amortisation | |||||
Brought forward | 37,950 | 62,818 | 100,768 | ||
Disposal of associate | - | 6 | 6 | ||
At 31 December 2017 | 37,950 | 62,818 | 100,774 | ||
Net book value | |||||
At 31 December 2017 | - | - | - | ||
At 31 December 201 | - | 6 | 6 |
Internally generated development cost additions relate to computer software development of the Group's lending system. These costs were fully amortised during the year during 2016
On 1 August 2017 Just Loans Group acquired 55% of PWE Holdings Limited through its subsidiary Just Finance Loans and Investments Plc. The effect of the acquisition was to increase the shareholding in PWE Holdings Plc to 77.5% (2016 - 26.5%). As such the Group ceased recognising the results of PWE Holdings Limited under the equity method and instead the results have been consolidated. Immediately prior to the acquisition the net assets of the Associate were remeasured to fair value with the gain recognised in profit or loss. Goodwill was then determined as the fair value of the consideration plus the non-controlling interest plus the fair value of the previously held investment, less the fair value of net assets. This resulted in a gain on bargain purchase which was immediately recognised in the profit or loss.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
13 Fixed Asset Investments & Business Combinations continued
PWE Holdings Plc | NBV at 31.07.2017 | FV at 31.07.2017 | Fair value uplift |
£ | £ | £ | |
Tangible assets | 4,667,555 | 11,292,555 | 6,625,000 |
Trade and other receivables | 290,828 | 767,126 | 476,298 |
Cash | 14,062 | 14,062 | - |
Trade and other payables | (385,231) | (385,231) | - |
Long term liabilities | (7,696,770) | (8,955,520) | (1,258,750) |
Net assets/(liabilities) | (3,109,556) | 2,732,992 | 5,842,548 |
Plant has been fair valued on the basis of the net present value of future cash flows.
PWE Holdings Plc £ | |||
Fair Value of Consideration Fair value of consideration Non-controlling interest Fair value of previously held investment | 96,500 614,985 434,589 | ||
1,146,074 | |||
Recognised Amounts of Identifiable assets acquired and liabilities assumed 100% of net assets on acquisition | 2,733,266 | ||
Gain on Bargain Purchase | 1,587,192 |
On 9 November 2017 Just Loans Group acquired 70% of Ko-Su Limited, a provider of mobile trading platforms, through its subsidiary Just Finance Loans and Investments Plc for a consideration of £Nil. As such goodwill on acquisition amounted to £756,795 which is recognised on consolidation.
Ko-Su Ltd £ | |||
Fair Value of Consideration | |||
Fair value of consideration Non-controlling interest | - - | ||
- | |||
Recognised Amounts of Identifiable assets acquired and liabilities assumed 100% of net assets on acquisition | 756,795 | ||
Goodwill on acquisition | 756,795 | ||
Impairment at acquisition | (364,528) | ||
Goodwill on consolidation | 392,267 |
Included within the investments above is £450,000 (2016 - £450,000) non-redeemable preference shares with discretionary dividends of Just Cash Flow Plc which have been classified as an investment.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
13 Fixed Asset Investments & Business Combinations continued
The group had the following subsidiaries and associates at 31 December 2017, all of which have been included in the Group consolidation:
Name | Country of incorporation and place of business | Nature of business | Proportion of ordinary shares held by parent and group (%) |
Just Cash Flow Plc | UK | Provision of loans | 100.0 |
Just Finance Loans & Investments Plc | UK | Provision of loans and equity investments | 100.0 |
Just Bridging Loans Plc | UK | Provision of loans | 100.0 |
Just Cash Flow (Agency) Limited | UK | Centralisation of public relation costs | 100.0 |
Just Loans Group Operations Limited | UK | Centralisation of operating costs | 100.0 |
Just Cash Flow (FK) Limited | UK | Provision of loans | 100.0 |
JCF (FK1) Limited * | UK | Provision of loans | 100.0 |
JCF (FK2) Limited * JCF (FK3) Limited * | UK UK | Provision of loans Provision of loans | 100.0 100.0 |
Just Bridging Loans (ABL) Limited | UK | Provisions of loans | 100.0 |
Just ABL 1 Limited | UK | Provisions of loans | 100.0 |
Just Capital(Europe) Limited | UK | Provisions of loans | 100.0 |
JBL (SQN) Limited | UK | Provisions of loans | 100.0 |
JCF SQN 2 Limited | UK | Provision of loans | 100.0 |
JCF (SQN) Limited | UK | Provisions of loans | 100.0 |
JCF (SSIF) Limited | UK | Provision of loans | 100.0 |
City Fuel Services Limited ** | UK | Re-cycling of contaminated fuel | 100.0 |
City Fuel Services (Manchester) Limited ** | UK | Re-cycling of contaminated fuel | 100.0 |
City Oils Group Limited *** | UK | Holding company | 100.0 |
PWE Holdings PLC*** | UK | Holding Company of Pure World Energy Limited | 77.5 |
Just Loans (EBT) Trustee Ltd | UK | Holder of Employee shares | 100.0 |
Ko-Su Limited | UK | Training Platform | 70.0 |
Name | Country of incorporation and place of business | Nature of business | Proportion of ordinary shares held by parent and group (%) |
Just ISAS Limited | UK | Dormant | 100.0 |
Just Development Finance Limited | UK | Dormant | 100.0 |
Just ABL 2 Limited | UK | Dormant | 100.0 |
Wage roller Limited | UK | Dormant | 100.0 |
JCF (FK4) Limited | UK | Dormant | 100.0 |
Just Capital Limited | UK | Dormant | 100.0 |
Just Transact Limited | UK | Dormant | 100.0 |
Just Business Finance (UK) Limited | UK | Dormant | 100.0 |
KO-SU Limited *** | UK | Dormant | 70.0 |
* Shares held by Just Cash Flow (FK) Limited
** Shares held by City Oils Group Limited
*** Shares held by Just Finance Loans & Investments Plc
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
14 Property, plant and equipment
Group | Plant & Machinery | Assets under Construction | Fixtures, fittings & equipment | Total |
£ | £ | £ | £ | |
Cost or fair valuation | ||||
At 1 January 2017 | 58,299 | 8,266 | 66,565 | |
Additions | 1,031,362 | 979,461 | 30,333 | 2,041,156 |
Acquisition | 10,400,000 | 109,264 | 833 | 10,510,097 |
At 31 December 2017 | 11,489,661 | 1,088,725 | 39,432 | 12,617,818 |
Accumulated depreciation | ||||
At 1 January 2017 | 5,958 | - | 3,927 | 9,885 |
Charge for the year | 76,343 | - | 7,530 | 23,198 |
Acquisition | 830,504 | - | 10,628 | 841,132 |
At 31 December 2017 | 852,130 | - | 22,085 | 874,215 |
Carrying amount | ||||
At 1 January 2017 | 52,341 | - | 4,339 | 56,680 |
At 31 December 2017 | 10,637,531 | 1,088,725 | 17,347 | 11,743,603 |
From the 1 August the above reflects the increase in The Group holdings in PWE holdings Plc.
15 Loans and advances to customers
Group
2017 | 2016 | ||
£ | £ | ||
Non-current assets | |||
Loans and advance to customers | 3,571,942 | 917,900 | |
Current | |||
Loans and advance to customers | 28,567,200 | 17,653,553 | |
32,139,142 | 18,571,453 |
Loans and advances to customers relates to the provision of revolving credit facilities to small and medium enterprises. The total balance of £32,139,142 (2016 - £18,571,453) is shown net of provision for impairment of £ 543,338 (2016 - £181,170).
£17,283,672 (2016 - £7,328,957) of loans advanced to customers is secured against 3rd party funding.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
16 Trade and other receivables
Group | Company | |||
2017 | 2016 | 2017 | 2016 | |
£ | £ | £ | £ | |
Non-current | ||||
Other receivables | 4,881,178 | - | - | - |
Amounts due from Group undertakings | - | - | 7,672,969 | 2,336,083 |
4,881,178 | - | 7,672,969 | 2,336,083 | |
Current | ||||
Other receivables | 542,958 | 303,265 | 56,840 | 423,956 |
Prepayments | 26,611 | 36,615 | 5,765 | 20,868 |
Amounts due from Group undertakings | - | - | 11,477,462 | 13,155,329 |
569,569 | 339,880 | 11,540,067 | 13,600,153 | |
5,450,747 | 339,880 | 19,213,036 | 15,936,236 |
17 Inventory
Group | Company | |||
2017 | 2016 | 2017 | 2016 | |
£ | £ | £ | £ | |
Materials | 44,275 | 14,828 | - | - |
44,275 | 14,828 | - | - |
18 Cash and cash equivalent
For the purposes of the Statement of Cash Flows, cash and cash equivalents include cash at banks and on hand and deposits with banks. Cash and cash equivalents at the end of the reporting period as shown in the Statement of Cash Flows can be reconciled to the related items in the Statement of Financial Position as follows:
Group | Company | |||
2017 | 2016 | 2017 | 2016 | |
£ | £ | £ | £ | |
Cash and cash equivalents | 8,333,512 | 1,783,282 | 1,378,196 | 216,608 |
The carrying amount of cash and cash equivalents approximates to its fair value.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
19 Share Capital
2017 | 2016 | |||
£ | £ | |||
Allotted, called up and fully paid | ||||
25,000,000 Ordinary shares of £0.002 | 50,000 | 50,000 | ||
3,200,000 Ordinary shares of £0.002 | 6,400 | - | ||
56,400 | 50,000 |
During the year an additional 3,200,000 shares were issued in exchange for the 2017 Just Cash Flow Debentures. These were issued at £1.40 thus creating a share premium of £4,473,600.
The ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) right; they do not confer any rights of redemption.
20 Accumulated losses
Group | Company | ||
£ | £ | ||
At 31 December 2015 | (9,178,578) | (6,617,585) | |
Loss for the year | (4,858,091) | (3,373,630) | |
At 31 December 2016 | (14,036,669) | (9,991,215) | |
Profit/(Loss) for the year | (4,375,267) | (3,228,407) | |
(18,411,936) | (13,219,622) | ||
Non-controlling interest | 454,948 | - | |
At 31 December 2017 | (17,956,988) | (13,219,622) |
21 Non-controlling interests
2017 | 2016 | ||
£ | £ | ||
Brought forward | - | - | |
Share of loss for the year | (179,148) | - | |
(179,148) | - |
From 1 August the company increased its stake in PWE Holdings to 77.5%. This reflects the share of the loss related to the minority interest in PWE holdings Plc
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
22 Trade and other payables
Group | Company | |||
2017 | 2016 | 2017 | 2016 | |
£ | £ | £ | £ | |
Trade payables | 1,072,318 | 521,497 | 52,229 | 89,567 |
Accruals and deferred income | 816,377 | 143,031 | 85,182 | 92,921 |
Deferred Tax | 747,487 | - | - | - |
Other payables | 1,486,827 | 585,441 | 912,486 | 386,658 |
Amounts due from Group undertakings | - | - | 8,048,659 | |
4,123,009 | 1,249,969 | 9,098,556 | 569,146 | |
Accruals principally comprise amounts outstanding for ongoing expenses and accrued interest on issued debentures. The carrying amount of other payables approximates to its fair value.
The deferred tax arises at 19% on the fair value adjustment on the fixed assets on the acquisition of PWE Holodings Plc.
23 Borrowings
Group | Company | |||
2017 | 2016 | 2017 | 2016 | |
£ | £ | £ | £ | |
Non-current | ||||
Debentures and other loans | 52,484,809 | 35,694,647 | 12,628,910 | 23,794,249 |
Current | ||||
Debentures and other loans | 14,836,321 | 6,794,814 | 8,009,727 | - |
67,321,130 | 42,489,461 | 20,638,637 | 23,794,249 | |
All commissions due on debentures have been deferred against the debentures they relate to and have either been shown as non-current or current borrowings. All non-current borrowings are wholly repayable within five years. The debentures are secured by first floating charge over all of the assets of the group, and bear interest as per below. Interest is paid in two half yearly instalments.
All Companies having loans secured by first floating charges over all of the assets of their relevant companies.
Repayment date | Annual interest | |
2017 Debentures | 31 December 2017 | 8.25% |
2018 Debentures | 31 December 2018 | 8.25% |
2019 Debentures | 31 December 2018 | 8.25% |
2020 Debentures | 31 December 2020 | 8.75% |
2021 Debentures | 31 December 2021 | 8.75% |
In December 2017 the Group successfully undertook an exchange of the 2017 Debentures in The Just Loans Group Plc and Just Cash Flow Plc, both bearing 7.5% annual interest, with 2018 and 2020 Debentures in The Just Loans Group Plc, bearing 8.25% and 8.75% annual interest respectively. Included within Group debentures and other loans is capitalised commission of £1,686,154 (2016 - £2,327,298). Included within Company debentures and other loans is capitalised commission of £942,543 (2016 £1,524,332).
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
23 Borrowings continued
In January 2017, via Bedford Row Capital Advisers Limited, the Company signed an agreement to raise £25m for a 3 year from November 2016 at 7.25% coupon and a further £25m for a 5 year from November 2016 at 8.5% coupon.
To date the company has raised £5.9m on the November 2021 and £22.7m on the November 2019.
Other loans are comprised of the following facilities: £12,196,348 with Escher Marwick at 7.25%, £5,298,375 with Escher Marwick at 8.5%, £16,075,000 with SQN at 10%, £230,407 with Funding Knight at 10% and £49,792 with ABLrate Assets at 10%. The security on these loans is comprised of fixed and floating charges over the assets of the company which holds the loan.
24 Cash generated from operations
Group | Company | |||
2017 | 2016 | 2017 | 2016 | |
£ | £ | £ | £ | |
Reconciliation to cash generated from operations | ||||
Loss before taxation | (4,748,427) | (4,901,881) | (3,228,407) | (3,373,630) |
Adjustments for: | ||||
- Finance costs | 6,555,200 | 4,302,403 | 2,397,833 | 2,372,820 |
- Other reserves | 60,049 | 69,828 | 60,049 | |
- Non-controlling interest | 179,148 | - | - | |
Depreciation | 339,755 | 37,950 | - | - |
Amortisation | - | 37,000 | - | - |
Share based payments | 69,828 | - | - | - |
Gain on bargain purchase | (1,587,192) | - | - | - |
Fair value of investment in associate | (341,232) | - | - | - |
Changes in working capital: | ||||
-(Increase)/ Decrease in inventory | (29,447) | (14,828) | - | |
- (Increase)/ Decrease in loans and trade and other receivable | (9,326,048) | (13,826,960) | (3,276,800) | (5,768,085) |
- Increase/(Decrease) in trade and other payables | (8,305,367) | (168,550) | 6,272,683 | 2,197,190 |
(17,193,782) | (14,474,817) | 2,235,137 | (4,511,656) | |
The group issued shares with a nominal value of £6,400 and share premium of £4,473,600 in exchange for outstanding debentures amounting to £4,480,000.
Included in the statement of cash flows are the results of PWE Holdings Limited and its subsidiaries from 1 August 2017 to the year end. The results of PWE contributed negative operating cash flows of £815,481, negative investing cash flows of £541,845 and positive financing cash flows of £1,383,693.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
25 Control
The Group is controlled by John Davies by virtue of his shareholding in the Company.
26 Related party transactions
Group
The Group has loaned funds to Pure World Energy Limited, an subsidiary company. A loan facility agreement is in place and the group was owed £8,458,923 (2016 - £6,075,345) as at 31 December 2017. The loan is accruing interest at 1% per month (12% per annum). The agreement is dated 30 June 2014. The loan is secured by a fixed and floating charge over all property and assets of the company. The loan is also secured by personal guarantees of the directors and shareholders of the company.
The Interest charged during the year was £815,837 (2016 - £510,205).
The Group has loaned funds to City Oils Limited, a company of which Robert Boot is a common director. A loan facility agreement is in place and the group was owed £3,468,275 (2016 - £2,244,186) as at 31 December 2017. The loan is accruing interest at 1% per month (12% per annum). The agreement is dated 30 June 2014. The loan is secured by a fixed and floating charge over all property and assets of the company. The loan is also secured by personal guarantees of the directors and shareholders of the company. The Interest charged during the year was £319,988 (2016 - £187,155).
The Group has loaned funds to Eco Quest Plc, a company of which John Davies and Robert Boot are common directors. A loan facility agreement is in place and the group was owed £694,462 (2016 -£584,995) as at 31 December 2017. The loan has stopped accruing interest. The agreement is dated 30 June 2014.The Interest charged during the year was £nil (2016 - £33,640).
The Group has loaned funds to Kompli, a company of which John Davies and Robert Boot are common directors. A loan facility agreement is in place and the group was owed £1,289,763 (2016 - £Nil) as at 31 December 2017. Interest is charged at 1.5% per month. The loan is guaranteed by John Davies.
Company
The Company has a loan agreement with Eco Quest Plc, a company of which John Davis and Robert Boot are directors and shareholders for short term loans up to a maximum of £500,000 at an interest, rate of 1% per month. The balance outstanding as at 31 December 2017 was £228,295 (2016, £225,173) due from Eco Quest Plc. No provision has been provided due to the liquidity of its holding of 750,000 shares in Just Loans
Just Cash Flow Plc, Just Finance Loans & Investments Plc, Just Bridging Plc, Just Loans Group Operations Limited and Just Cash Flow (Agency) Limited were formed as subsidiaries of the Group to take advantage of the business opportunities created by the Group.
The Company made advances to its subsidiaries and as at 31 December 2017 was owed £5,991,879 (2016 - £2,336,083) from Just Finance Loans & Investments Plc, £4,901,339 (2016 £3,412,187) from Just Loans Group Operation Limited, £4,343,696 (2016 - £2,793,932) from Just Cash Flow (Agency) Limited, £111,999 (2016 - £56,999) from Just Bridging Loans (ABL) Limited, £249,644 (2016 - £249,644) from JBL (SQN) Limited, £136,819 (2016 - £136,819) from JCF (SQN) Limited, £967,210 (2016 -£477,210) from Just Cash Flow (FK) Limited, £1,559 (2016 - £Nil) from Just Capital Europe Limited and £20,999 (2016 - £Nil) from JCF (SSIF) Limited.
It owes £805,890 to Just Bridging Loans Plc (2016 - £2,256,727) and due £7,242,767 to Just Cash Flow Plc (2016 - due from £6,028,539).
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
The loan to Just Finance Loans & Investments Plc is accruing interest at 12% per annum and is repayable on demand. The loans provided to other subsidiaries carry no interest and is repayable on demand. Except for the loan to Just Finance Loans & Investments Plc, the amounts due from subsidiaries have been classified as current debtors due to the fact the loans are repayable on demand.
The balance as at 31 December 2017 was £5,971,879 (2016 - £2,336,083)
27 Contingent liabilities
The group has no contingent liabilities in respect of legal claims arising from the ordinary course of business.
28 Capital commitments
There was no capital expenditure contracted for at the end of the reporting period but not yet incurred.
29 Share-based payment transaction
The measurement requirement of IFRS 2 has been implemented in respect of share options that were granted after 7 November 2002. The expenses recognised for share based payment made during the year is £69,828 (2016 -£60,049).
Vesting conditions of the options dictate that employees must remain in the employment of the Group for the whole period to qualify.
Movement in issued share options during the period
The below schedule illustrates the number and weighted average exercise price (WAEP) of, and movements in share options during the year. The options outstanding at 31 December 2017 had a WAEP of 3.5p (2016 -3.5p) and a weighted average contracted life of 4.05 years and their exercise prices of 3.5p. All share options are settled in form of equity issued.
2017 | 2016 | ||||
No. of options | WAEP | No. of options | WAEP | ||
Outstanding at the beginning of the period | 575,000 | - | 350,000p | - | |
Granted during the period | 50,000 | 225,000p | 1,097p | ||
Forfeited/cancelled during the period | - | - | - | ||
Exchanged for shares | - | - | - | ||
Outstanding at the end of the period | 625,000 | 1,097p | 575,000 | 1,097p | |
Exercisable at the end of the period | - | - | - | - |
The inputs into the Black-Scholes model are as follows:
31 December 2017 | 31 December 2017 | ||
Number of options granted | 50,000 | 125,000 | |
Share price at grant date | 2.00p | 2.000p | |
Bid price discount | 10% | 10% | |
Exercise price | 2.00p | 2.000p | |
Option life in years | 3.3 | 3.3 | |
Risk free rate | 1.84% | 1.84% | |
Expected volatility | 60% | 60% | |
Expected dividend yield | 0% | 0% | |
Fair value of options after special 20% discounts | £0.691 | £0.691 | |
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
30 Events after the reporting period
During February 2018, Pure World Energy Ltd repaid £4m after a successful fund raise of a £10M Bond issue
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JUST LOANS PLC
1 Charterhouse Mews London UK
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