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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Boxhill Tech | LSE:BOX | London | Ordinary Share | GB00B1DWH640 | 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% | 0.055 | 0.04 | 0.07 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMBOX
RNS Number : 0922V
Boxhill Technologies PLC
31 October 2017
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR).
Boxhill Technologies PLC
("Boxhill" or the "Company" or the "Group")
Half-Yearly Report for the period ended 31 July 2017
31 October 2017
Chairman's Statement
The half year to 31 July 2017 has seen significant balance sheet improvements despite a reduction in revenue (GBP559,000 H117 versus GBP1,125,000 in the six months to 31 July 2016) delivering an operating loss for the six months to 31 July 2017 of GBP358,000. This compares to an operating profit of GBP288,000 for the six months ended to 31 July 2016. The operating loss is somewhat offset by the revaluation of equity investment in Timegrand which takes Total Comprehensive Income for H1 2017 to GBP141,000. (GBP288,000 in H1 2016).
The first half of the year has seen continued investment in technology roll out and regulatory and compliance management in the payments division. Unfortunately certain planned H1 revenues have slipped into H2 due to circumstances outside the group's control. Having said that, the independent assessment of Timegrand has valued the software at GBP1.5m contributing to a 27% improvement in total assets rising to GBP3,641,000 (from GBP2,848,000 in the first half of 2016).
The Company continues to expand its geographical reach and roll out new technologies. In H1 2017 we have successfully launched multi-currency vIBANs (virtual international bank account numbers) for individuals and corporations and introduced SMS based two-stage verification of payments from accounts. The total number of accounts is increasing steadily with over 2000 registered users. EmexGo account users have the unique ability to fund by, and pay out to, any card from any issuer world wide.
EmexPay, the credit card processing business, has seen growth in revenues growing at an average of 95% per month as customers reintegrate after the disruption to services last year - and this trend is expected to continue throughout the year. Additionally, new China Union Pay facilities agreed in September opens up further opportunities for existing and new merchants to access what is the largest card payment organisation in the world.
The Emex branded companies have been present at a number of key trade and specialist industry events, including recent attendance at SIBOS (Swift International Banking Operations Seminar) in Toronto and they will be exhibiting at Sigma (Summit of iGaming) in Malta in November.
Our network of corresponding financial institutions continues to grow with new key relationships in Europe, Africa and the Caribbean. New licence applications are in progress in Mauritius and central Europe, both of which are due to be granted in the very near future, improving our ability to deliver services worldwide.
Prize Provision Services Limited ("PPS"), which operates The Weather Lottery, is operating as expected and in line with projections. PPS has recently launched the Sports Club Lottery http://sportsclublottery.com, a sister product to The Weather Lottery, which is focussed solely on helping local sports clubs raise additional funds through the operation of their own subscription lottery. Additional account management staff have been hired by PPS and tasked with increasing participants playing the lotteries which the company administers on behalf of its clients.
Soccerdome Ltd holds a stake in Nineteen Twelve Holdings Ltd, the owner a 5-a-side football centre in Nottingham, operated by Astro Kings Ltd. As outlined in the Full Year Results published 7 July 2017, the football pitch business is no longer considered an operating segment of the Group. The venture faces strong competitive challenges following the expansion in number of all-weather pitches available in the region over recent years. Naturally, this has led to a highly competitive marketplace. The directors do not expect there to be any significant impact upon the group from this venture.
Boxhill's payments division has a very healthy sale pipeline with a number of significant transactions in progress which are expected to close in the coming few weeks which will yield revenues well in excess of the entire business H1 revenues.
Finally, the company is pleased to announce that all historical legal matters have successfully been bought to a close.
The Right Honourable Lord E T Razzall CBE
Executive Chairman
For further information, contact:
Boxhill Technologies PLC 020 7493 9644
Tim Razzall, Executive Chairman
Website www.boxhillplc.com
Allenby Capital Limited (Nomad & Broker)
John Depasquale/Nick Harriss 020 3328 5656
Notes to editors:
Boxhill Technologies PLC (AIM: BOX) is an AIM quoted lottery, software, gaming and leisure company.
Boxhill has a range of ecommerce products that suit all merchants' and customers' needs enabling secure payments. The Company works within both regulated frameworks and in regions where traditional partners struggle to offer safe, secure services.
In addition, Boxhill operates the Weather Lottery, which has been in operation since 2002 and the Company holds one of the limited number of UK external lottery manager's licences. Over GBP5.4 million has been raised to date for good causes and the lottery has paid over GBP4.9 million in prizes to winners.
Boxhill also has a joint venture agreement via Soccerdome Ltd operating a five a side football complex in Nottingham.
CONDENSED CONSOLIDATED INCOME STATEMENT
Hot Features
Premium
6 month 6 month 12 month
Period ended Period ended ended
31-Jul 31-Jul 31-Jan
2017 2016 2017
Notes (unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Revenue 559 1,125 1,728
Cost of Sales (127) (296) (563)
------------------------------- -------------------------------- -----------------------
Gross Profit 432 829 1,165
Administrative
expenses (790) (533) (1,154)
Operating profit before
exceptional items (358) 296 11
Loss on disposal of Leasehold
Land & Buildings -
Loss on disposal of
subsidiary - - -
Profit before
interest (358) 296 11
Finance expenses - (8) (9)
Finance income - - -
Profit before
taxation (358) 288 2
Income tax expense - - -
------------------------------- -------------------------------- -----------------------
Profit for the period from
continuing operations (358) 288 2
Taxation - - -
------------------------------- -------------------------------- -----------------------
Profit / (Loss) for
the period (358) 288 2
Revaluation of equity
investment (62)
Revaluation of
intangible asset on
acquisition 499 - -
------------------------------- -------------------------------- -----------------------
Total comprehensive
income 141 288 (60)
------------------------------- -------------------------------- -----------------------
PROFIT/(LOSS) PER
SHARE
Basic (loss)/profit
per ordinary share 2 (0.00)p 0.02p (0.00)p
------------------------------- -------------------------------- -----------------------
Fully diluted (loss)/profit
per ordinary share (0.00)p 0.02p (0.00)p
------------------------------- -------------------------------- -----------------------
All results derive from continuing operations.
There are no recognised income or expenses other than the loss for the period.
CONDENSED CONSOLIDATED BALANCE SHEET
As at As at As at
31-Jul 31-Jul 31-Jan
2017 2016 2017
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Notes
ASSETS
Non-current assets
Property, plant
and equipment 2 55 1
Goodwill 1,673 1,673 1,673
Intangible assets 1,715 121 67
Investments in
Equity Instruments 280 342 280
------------------------------- ------------------------------- ---------------------
3,670 2,191 2,021
------------------------------- ------------------------------- ---------------------
Current assets
Trade and other
receivables 3,226 1,185 1,949
Cash and cash
equivalents 461 364 818
------------------------------- ------------------------------- ---------------------
3,687 1,549 2,767
------------------------------- ------------------------------- ---------------------
Total Assets 7,357 3,740 4,788
------------------------------- ------------------------------- ---------------------
LIABILITIES
Current liabilities
Trade and other
payables 3,710 886 2,283
Bank and other
borrowings 6 6 6
------------------------------- ------------------------------- ---------------------
3,716 892 2,289
Non-current
liabilities
Bank and other
borrowings - - -
------------------------------- ------------------------------- ---------------------
3,716 892 2,289
------------------------------- ------------------------------- ---------------------
Total
Assets/(Liabilities) 3,641 2,848 2,499
------------------------------- ------------------------------- ---------------------
EQUITY
Capital and reserves
attributable to
equity
holders
Called up share
capital 3 2,356 1,856 1,856
Share premium
account 3,520 3,020 3,020
Revaluation reserve 280 342 280
Retained earnings (2,516) (2,371) (2,657)
------------------------------- ------------------------------- ---------------------
Total equity 3,641 2,848 2,499
------------------------------- ------------------------------- ---------------------
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Revaluation Retained
Capital Premium Reserve Earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at
1 February
2016 1,456 1,820 342 (2,659) 959
Issue of new
shares in
the period 400 1,200 - - 1,600
Profit for
the period - - - 288 288
Balance at
31 July 2016 1,856 3,020 342 (2,371) 2,848
Shares issued
less costs - - - - -
Revaluation
of
investment
in equity
instrument - - (62) - (62)
Loss for the
period - - - (286) (286)
Balance at
31 January
2017 1,856 3,020 280 (2,657) 2,499
Issue of new
shares in
period 500 500 - - 1,000
Operating
profit for
the period - - - (358) (358)
Valuation
of
investment - - - 499 499
Balance at
31 July 2017 2,356 3,520 280 (2,516) 3,641
------------------------------- ------------------------------------- -------------------------------- --------------------- ---------------
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
6 month 6 month 12 month
Period ended Period ended ended
31-Jul 31-Jul 31-Jan
2017 2016 2017
Notes (unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Net cash generated
from/ (used in)
operations 4 (206) 155 546
Interest and
financing costs - 8 (10)
Tax paid - - -
--------------------------------- ------------------------------ -----------------------
Net cash (used by)/generated
from operating activities (206) 163 536
Net cash (used by)/generated
from discontinued operating
activities - - -
--------------------------------- ------------------------------ -----------------------
Net cash (outflow) from
operating activities (206) 163 536
Cash flow from
investing activities:
Acquisition of
subsidiary
undertakings - - -
Purchase of
intangible assets (150) (90) (9)
Net cash inflow on acquisition
of subsidiary - - -
Purchase of property, plant
and equipment (1) - -
--------------------------------- ------------------------------ -----------------------
Net cash (used in) continuing
investing activities (151) (90) (9)
--------------------------------- ------------------------------ -----------------------
Cash flows from
financing activities:
Net proceeds from
issue of shares - - -
Proceeds from sale of
treasury shares - - -
Proceeds of new bank
and other loans - - -
Repayment of
borrowings - - -
--------------------------------- ------------------------------ -----------------------
Net cash from
financing activities - - -
--------------------------------- ------------------------------ -----------------------
(Decrease)/increase in cash
and cash equivalents:
(Decrease)/increase in cash
and cash equivalents (357) 73 527
Cash and cash equivalents at
beginning of period 818 291 291
Cash and cash equivalents at
end of period 461 364 818
--------------------------------- ------------------------------ -----------------------
Comprising of:
Cash and cash equivalents per
the balance sheet 461 364 818
Less:
Bank overdraft - - -
--------------------------------- ------------------------------ -----------------------
Cash and cash
equivalents for cash
flow statement
purposes 461 364 818
--------------------------------- ------------------------------ -----------------------
NOTES TO THE INTERIM FINANCIAL REPORT
1. Accounting policies
Basis of Accounting and Preparation
These interim results for the six months ended 31 July 2017 have been prepared using the historical cost and fair value conventions on the basis of the accounting policies set out below. This interim report has been prepared in accordance with IFRS's, it is not in accordance with IAS 34 and therefore is not fully compliant with IFRS.
These interim results have been prepared under the historical cost convention. Areas where other bases are applied are identified in the accounting policies below.
The financial information set out in this interim report does not constitute statutory accounts as defined in the Companies Act 2006. The Company's statutory financial statements for the year ended 31 January 2017 have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified.
This announcement contains certain forward-looking statements with respect to the operations, performance and financial position of the Group. By their nature, these statements involve uncertainty since future events and circumstances can cause results and developments to differ materially from those anticipated. The forward-looking statements reflect knowledge and information available at the date of the preparation of this announcement and the Company undertakes no obligation to update these forward-looking statements. Nothing in this Interim Financial Report should be construed as a profit forecast.
The results for the six months ended 31 July 2017 were approved by the Board on 30 October 2017.
Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) made up to 31 January and 31 July each year. Control is achieved where the Company has the power to govern the financial and operating policies so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate.
Where necessary, adjustments are made to the Financial Statements of subsidiaries to bring the accounting policies used into line with those used by the Group.
Business combinations
All business combinations are accounted for by applying the acquisition method. Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group.
The Group measures goodwill at the acquisition date as:
the fair value of the consideration transferred; plus
the recognised amount of any non-controlling interests in the acquiree; plus
the fair value of the existing equity interest in the acquiree; less
the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed.
When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss.
Costs related to the acquisition, other than those associated with the issue of debt or equity securities, are expensed as incurred.
Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in profit or loss.
Where fair values are estimated on a provisional basis they are finalised within 12 months of acquisition with consequent changes to the amount of goodwill.
Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group's interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.
Intangible assets
Expenditure on research activities is recognised in the income statement as an expense as incurred.
Expenditure on development activities is capitalised if the product or process is technically and commercially feasible and the Group intends to and has the technical ability and sufficient resources to complete development, future economic benefits are probable and if the Group can measure reliably the expenditure attributable to the intangible asset during its development. Development activities involve a plan or design for the production of new or substantially improved products or processes. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads and capitalised borrowing costs. Other development expenditure is recognised in the income statement as an expense as incurred. Capitalised development expenditure is stated at cost less accumulated amortisation and less accumulated impairment losses.
Expenditure on internally generated goodwill and brands is recognised in the income statement as an expense as incurred.
Other intangible assets that are acquired by the Group are stated at cost less accumulated amortisation and accumulated impairment losses.
For intangible assets with finite useful lives amortisation is charged to the income statement on a straight-line basis over the estimated useful lives of intangible assets unless such lives are indefinite. Intangible assets with an indefinite useful life and goodwill are systematically tested for impairment at each balance sheet date. Other intangible assets are amortised from the date they are available for use. The estimated useful lives are as follows:
Licences, patents and trademarks 25 years
Capitalised development costs 10 years
In addition to amortisation, at each balance sheet date the Group reviews the carrying amounts of its intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Recoverable amount is the higher of fair value less costs to sell and value in use. An impairment loss is recognised as an expense immediately, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years.
Financial instruments
Financial assets and financial liabilities are recognised on the Group's balance sheet when the Group becomes a party to the contractual provisions of the instrument.
Goodwill
Goodwill arising on consolidation represents the excess cost of acquisition over the Group's interest in the fair value of the identifiable assets and liabilities of a subsidiary at the date of acquisition. Goodwill is initially recognised as an asset and reviewed for impairment at least annually. Any impairment is recognised immediately in the income statement and is not subsequently reviewed.
Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is not amortised but is tested annually for impairment. In respect of equity accounted investees, the carrying amount of goodwill is included in the carrying amount of the investment in the investee.
Revenue recognition
Revenue is recognised when the service is rendered:
-- Lottery business revenue represents takings received for entry into the lottery prize draws. Revenue is recognised on the date that the draw takes place.
-- Football pitch revenue represents cash takings received for pitch bookings, recognised on the day of use by the customer.
-- Payment processing revenue is recognised when transactions are processed. -- Digital wallet revenue is recognised at the point when a chargeable transaction occurs.
Taxation
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.
Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised.
Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and any recognised accumulated impairment losses. Useful lives are reviewed annually by the Directors.
Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment.
Leases in which the Group assumes substantially all the risks and rewards of ownership of the leased asset are classified as finance leases. Where land and buildings are held under leases the accounting treatment of the land is considered separately from that of the buildings. Leased assets acquired by way of finance lease are stated at an amount equal to the lower of their fair value and the present value of the minimum lease payments at inception of the lease, less accumulated depreciation and less accumulated impairment losses. Lease payments are accounted for as described below.
Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment. Land is not depreciated. The estimated useful lives are as follows:
-- buildings 20 years -- plant and equipment 4 years -- fixtures and fittings 4 years
Depreciation methods, useful lives and residual values are reviewed at each balance sheet date.
Leased assets
Payments made under operating leases are recognised in the income statement on a straight-line basis over the term of the lease. Lease incentives received are recognised in the income statement as an integral part of the total lease expense.
Finance lease payments
Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding liability. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Financing income and expenses
Financing expenses comprise interest payable, finance charges on shares classified as liabilities and finance leases recognised in profit or loss using the effective interest method, unwinding of the discount on provisions, and net foreign exchange losses that are recognised in the income statement (see foreign currency accounting policy). Borrowing costs that are directly attributable to the acquisition, construction or production of an asset that takes a substantial time to be prepared for use, are capitalised as part of the cost of that asset. Financing income comprise interest receivable on funds invested, dividend income, and net foreign exchange gains.
Interest income and interest payable is recognised in profit or loss as it accrues, using the effective interest method. Dividend income is recognised in the income statement on the date the entity's right to receive payments is established. Foreign currency gains and losses are reported on a net basis.
Impairment of tangible and intangible assets excluding goodwill
At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. An intangible asset with an indefinite useful life is tested for impairment annually and whenever there is an indication that the asset may be impaired.
Recoverable amount is the higher of fair values less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimate of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognised as income immediately, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Foreign currencies
The individual financial statements of each Group company are presented in the currency of the primary economic environment in which it operates (its functional currency). For the purpose of the consolidated financial statements, the results and financial position of each Group company are expressed in Pounds Sterling, which is the functional currency of the Group, and the presentation currency for the consolidated financial statements.
In preparing the financial statements of the individual companies, transactions in currencies other than the entity's function currency (foreign currencies) are recorded at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the balance sheet date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical costs in a foreign currency are not retranslated.
Exchange differences are recognised in profit or loss in the period in which they arise.
Share based payments
Share-based payment arrangements in which the Group receives goods or services as consideration for its own equity instruments are accounted for as equity-settled share-based payment transactions, regardless of how the equity instruments are obtained by the Group.
The grant date fair value of share-based payment awards granted to employees is recognised as an employee expense, with a corresponding increase in equity, over the period that the employees become unconditionally entitled to the awards. The fair value of the options granted is measured using an option valuation model, taking into account the terms and conditions upon which the options were granted. The amount recognised as an expense is adjusted to reflect the actual number of awards for which the related service and non-market vesting conditions are expected to be met, such that the amount ultimately recognised as an expense is based on the number of awards that do meet the related service and non-market performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant date fair value of the share-based payment is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes.
Share-based payment transactions in which the Group receives goods or services by incurring a liability to transfer cash or other assets that is based on the price of the Group's equity instruments are accounted for as cash-settled share-based payments. The fair value of the amount payable to employees is recognised as an expense, with a corresponding increase in liabilities, over the period in which the employees become unconditionally entitled to payment. The liability is remeasured at each balance sheet date and at settlement date. Any changes in the fair value of the liability are recognised as personnel expense in profit or loss.
Other than for business combinations, the only share based payments of the Group are equity settled share options and certain liability settlements. The Group has applied the requirements of IFRS 2 - Share-based Payments.
For share options granted an option pricing model is used to estimate the fair value of each option at grant date. That fair value is charged on a straight line basis as an expense in the income statement over the period that the holder becomes unconditionally entitled to the options (vesting period), with a corresponding increase in equity.
For shares issued in settlement of fees and/or liabilities, the Directors estimate the fair value of the shares at issue date and that value is charged on a straight line basis as an expense in the income statement (for fees) or reduction in the balance sheet liability (for liabilities) with a corresponding increase in equity.
Inventories
Inventories are stated at the lower of cost and net recognised value. Cost comprises direct materials using the first in first out (FIFO) basis. Net recognised value represents the estimated selling price less estimated costs of completion, marketing and selling.
Cash and cash equivalents
Cash and cash equivalents comprise of cash on hand and demand deposits and are subject to an insignificant risk of changes in value.
Trade receivables
Trade receivables are measured at initial recognition at fair value, and are subsequently measured at amortised cost using the effective interest rate method. Appropriate allowances for estimated irrecoverable amounts are recognised in profit and loss when there is objective evidence that the asset is impaired. The allowance recognised is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows discounted at the effective interest rate compound at initial recognition.
Trade receivables do not carry any interest and are stated at their nominal value as reduced by appropriate allowances for estimated irrecoverable amounts.
Financial liability and equity
Financial liabilities and equity instruments are classified according to the substance of the contractual agreements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments are recognised at the amount of proceeds received net of costs directly attributable to the transaction. To the extent that those proceeds exceed the par value of the shares issued they are credited to a share premium account.
Bank borrowings
Interest-bearing bank loans and overdrafts are recorded at the proceeds received, net of direct issue costs. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accrual basis in profit or loss using effective interest rate method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise.
Trade payables
Trade payables are not interest-bearing and are stated at their nominal value.
Provisions
Provisions are recognised when the Group has a present obligation as a result of a past event, and it is probable that the Group will be required to settle that obligation. Provisions are measured at the Directors' best estimate of the expenditure required to settle the obligation at the balance sheet date, and are discounted to present value where the effect is material.
2. Earnings per ordinary share
The calculation of basic earnings per share and diluted earnings per share is based on the results and weighted average number of ordinary shares as follows:
6 month 6 month 12 month
Period ended Period ended ended
31-Jul 31-Jul 31-Jan
2017 2016 2017
(unaudited) (unaudited) (audited)
Attributable to equity 141 288 2
----------------------------- ----------------------------- -------------------
Weighted average number of
ordinary shares:
Basic 2,147,496,437 1,570,115,484 1,722,496,437
----------------------------- ----------------------------- -------------------
In June 2010 the Company issued 24 million options to subscribe for Ordinary Shares of 0.1p each. At the period end 8.1 million options were outstanding. As the exercise price for all of these options was greater than the average share price in both periods, the options are not dilutive and therefore diluted earnings per share is the same as basic earnings per share.
3. Share capital
As at As at As at
31-Jul 31-Jul 31-Jan
2017 2016 2017
GBP'000 GBP'000 GBP'000
Issued and fully paid:
2,355,829,770 ordinary shares of 0.1p
each 2,356 1,856 1,856
---------------------- --------------------------- ------------------
4. Cash used in Operations
Period ended Period ended Period ended
31-Jul 31-Jul 31-Jan
2017 2016 2017
GBP'000 GBP'000 GBP'000
Profit/(Loss)
attributable to
equity holders (358) 288 2
Finance costs - (8) 10
Finance income - - -
Depreciation,
amortisation and
impairment 2 1 26
Loss on disposal of
subsidiary - - -
Loss on disposal of
Leasehold Land &
Buildings - - -
Share based payments - - -
Loss on disposal of
subsidiary - - -
Decrease/(Increase)
in inventories - - -
Decrease/(increase)
in debtors (1,277) (264) (1,028)
(Decrease)/increase
in creditors 1,427 138 1,536
-------------------------------- -------------------------------- ----------------------
Cash generated from/
(used in) operations (206) 155 546
-------------------------------- -------------------------------- ----------------------
5. Transactions with related parties
The transactions set out below took place between the Group and certain related parties.
Lord E T Razzall
Lord E T Razzall, a director, charged the Group GBP12,000 (six months ended Jul 2016: GBP12,000; twelve months ended Jan 2017: GBP24,000) in the period, for directorship services provided, via an entity trading as R T Associates. At the period end R T Associates was owed GBP29,400 (Jul 2016: GBP16,200; Jan 2017: GBP35,400).
Andrew J A Flitcroft
Andrew Flitcroft, a director, charged the Group GBP16,500 (six months ended Jul 2016 GBP16,500; twelve months ended Jan 2017: GBP33,000) in the period, for directorship and company secretarial services provided, via an entity FS Business Limited. At the period end FS Business Limited was owed GBP69,450 (Jul 2016: GBP52,650; Jan 2017: GBP59,550).
Philip I Jackson
Philip Jackson is a director of Emex Technologies Limited and Soccerdome Limited which are wholly owned subsidiaries of Boxhill Technologies PLC. During the period Philip Jackson was also the director and controlling shareholder of PhilliteD UK Limited. During the period the Group earned net fees from the provision of services to Group clients by PhilliteD UK Limited of GBPnil (six months ended Jul 2016 GBP314,424; twelve months ended Jan 2017: GBP626,723). At the period end the Group was owed GBP2,955,392 from PhilliteD UK Limited (Jul 2016: GBP356,444; Jan 2017: GBP1,767,536).
Clive Hyman
Clive Hyman, a Non-Executive director, charged the Group GBP10,000 (six months ended Jul 2016: GBP8,333; twelve months ended Jan 2017: GBP18,333) in the period, for directorship services provided, via an entity trading as Hyman Capital Limited. At the period end Hyman Capital Limited was owed GBP10,000 (Jul 2016: GBPnil; Jan 2017: GBP8,000).
Arno Rudolf
Arno Rudolf, a Non-Executive director, charged the Group GBP10,000 (six months ended Jul 2016: GBP3,978; twelve months ended Jan 2017: GBP13,978) in the period, for directorship services provided. At the period end Mr Rudolf was owed GBP11,667 (Jul 2016: GBP1,667; Jan 2017: GBP8,333).
James Rose
James Rose is a director of Prize Provision Services Limited ("PPSL") a wholly owned subsidiary of Boxhill Technologies PLC. During the period James Rose charged PPSL GBP30,000 for consultancy services via an entity 1912 Management Limited (six months ended Jul 2016: GBP30,000; twelve months ended Jan 2017: GBP60,000). At the period end 1912 Management Services Limited was owed GBP145,700 (Jul 2016: GBP117,950; Jan 2017: GBP134,450).
6. Interim Financial Report
The unaudited interim financial report, which is the responsibility of the directors and was approved by them on 30 October 2017, does not constitute statutory accounts within the meaning of Section 435 of the Companies Act 2006.
This report is available on Boxhill Technologies PLC's website at www.boxhillplc.com. Copies are available from the Company at its registered office:
39 St James's Street, London, SW1A 1JD, United Kingdom
This information is provided by RNS
The company news service from the London Stock Exchange
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(END) Dow Jones Newswires
October 31, 2017 06:03 ET (10:03 GMT)
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