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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Ultimate Sports Group Plc | LSE:USG | London | Ordinary Share | GB00BYV31355 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 27.50 | 27.00 | 28.00 | 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
TIDMCTNA
RNS Number : 7975X
Catena Group PLC
02 September 2020
PLEASE NOTE THIS ANNOUNCEMENT REPLACES RNS NO. 7458X
The headline has been amended. The content remains unchanged
2 September 2020
Catena Group Plc
("Catena" or the "Company" or the "Group")
Final Results and Notice of AGM
Catena Group PLC, is pleased to announce its audited results for the year ended 31 December 2019. The Company also gives notice that its Annual General Meeting ('AGM') will be held as a closed meeting, due to the ongoing COVID-19 pandemic, at 10.00 a.m. on 30 September 2020. Copies of the Notice of AGM together with the Annual Report for the year ended 31 December 2019 will be posted to shareholders and be available on the Company's website www.catenagroup.co.uk later today.
The financial information set out in this announcement does not constitute statutory accounts as defined in the Companies Act 2006.
The Group Statement of Comprehensive Income, Group Statement of Financial Position, Group Statement of Changes in Equity, Group Statement of Cash Flows and associated notes have been extracted from the Group's 2019 statutory financial statements upon which the auditor's opinion is unqualified, which includes an emphasis of matter paragraph for going concern and does not include any statement under section 498 of the Companies Act 2006.
Those financial statements will be delivered to the Registrar of Companies following the release of this announcement.
A copy of the report and accounts will be sent to shareholders who have elected to receive a printed copy with details of the annual general meeting in due course.
Chairman's Statement and Chief Executive's Review
We are reporting a total comprehensive loss from all activities of GBP218,208 before tax against a total comprehensive loss of GBP144,485 in the previous year. This year's results include GBP30,058 of losses from discontinued activities (2018: GBP32,399). Catena's consolidated cash balances as at 31 December 2019 were GBP636,779 (2018: GBP535,329). The directors are not recommending the payment of a dividend.
FUNDRAISE
As set out in the circular to shareholders issued in July 2019, the Company raised GBP290,000 (before legal and other professional expenses) by the issue of 2,000,000 new shares at 14.5p per share in order to assist with the Group's working capital requirements.
SPORT IN SCHOOLS LIMITED
Our focus in 2019 in terms of trading was the ongoing development of our sports coaching trading activities through Sport in Schools Ltd. The company's turnover increased by almost 9% to GBP1,683,272 producing a profit of GBP119,705 representing an increase of 19% on the previous year. The improved financial performance results from a combination of increased turnover by virtue of additional schools engaged, (142 schools in the academic year 2019/20 as compared with 133 schools in the previous academic year), increased income from existing schools and tighter control of overheads.
As indicated in our Strategic Review, since the end of year, trading has been severely impacted by school closures in March 2020 brought on by the Covid-19 pandemic. This has had an adverse impact on cash flows. In response, the Group has taken aggressive action to reduce costs, claim under the Government job support schemes and raise further funds under the Government backed loan scheme. These actions will enable the business to resume full operations when schools re-open in September 2020 and mitigate against further curtailment in sports activity in schools or indeed further school closures.
With regards to the Sport in Schools activities, the directors anticipate a return to profitability provided that no further restrictions in school operations arise as described above.
PANTHEON LEISURE PLC ("PANTHEON")
Catena, holds 85.87% of the issued share capital of Pantheon Leisure Plc which in turn owns 100% of the operating business of the Sport and Leisure division trading as Sport in Schools Ltd also known as The Elms Sport in Schools ("ESS"). Pantheon as a group made a loss of GBP35,477 for the year ended 31 December 2019 (2018: profit of GBP32,817). The group profit took into account GBP99,490 of non-recurring professional fees associated with land and drainage issues at the Elms Sport in Schools recognised in the year, which have now been fully resolved.
CORPORATE GOVERNANCE CODE
In accordance with changes to the AIM Rules regarding corporate governance our Annual Report & Accounts and Company website reflect compliance with (and any departures from) the guidance set out in the QCA Corporate Governance Code.
PROSPECTS AND INVESTMENT OPPORTUNITIES
In late 2019, Catena identified the enormous growth potential of businesses operating in the machine learning and artificial intelligence (AI) sector; announcing in January 2020 the change of our name and the refocused strategy toward investment and acquisitions in this sector. In March 2020, Catena began its strategic transformation by acquiring a 9.1% stake in Insight Capital Partners Ltd ("Insight"), as well as a six-month option to increase our ownership to 30%, funded by a GBP1.5 million share placing and GBP0.5 million issue of convertible loan notes. We have been very satisfied with the progress made by Insight to date and are continuing to build our engagement and strategy with Insight.
M Farnum-Schneider
Chief Executive Officer and Interim Chairman
Consolidated statement of comprehensive income for the year ended 31 December 2019
Hot Features
Premium
2019 2018
Notes GBP GBP
Continuing activities
Revenue 6 1,683,272 1,546,733
Cost of sales (818,158) (719,067)
------------- -----------
Gross profit 865,114 827,666
Administrative expenses (1,051,971) (939,842)
------------- -----------
Operating loss 7 (186,857) (112,176)
Finance income 9 1,273 718
Finance costs 10 (2,566) (628)
Loss before taxation (188,150) (112,086)
Taxation 11 - -
------------- -----------
Loss after taxation from continuing
activities (188,150) (112,086)
Loss for the year from discontinued
activities 6 (30,058) (32,399)
------------- -----------
Loss for the year and total
comprehensive loss (218,208) (144,485)
------------- -----------
Attributable to:
Equity holders of the parent
company (213,197) (149,121)
Non-controlling interests (5,011) 4,636
------------- -----------
(218,208) (144,485)
------------- -----------
Loss per share (basic and diluted)
Loss from continuing activities
per share 12 (0.0053) (0.0040)
Loss from discontinued activities
per share 12 (0.0010) (0.0011)
Loss for the year and total
comprehensive loss per share (0.0063) (0.0051)
========= =========
Consolidated statement of financial
position as at 31 December 2019 Notes 2019 2018
GBP GBP
Non-current assets
Goodwill and other intangibles 14 59,954 59,954
Property, plant and equipment 16 72,104 13,168
Total non-current assets 132,058 73,122
------------ ------------
Current assets
Trade and other receivables 17 109,635 89,760
Cash and cash equivalents 636,779 535,329
------------ ------------
Total current assets 746,414 625,089
------------ ------------
Total assets 878,472 698,211
Current liabilities
Trade and other payables 18 275,495 239,911
Non-current liabilities
Leasing commitments 18 49,294 -
Total liabilities 324,789 239,911
Net assets 553,683 458,300
Equity
Share capital 21 2,408,664 2,388,664
Share premium account 23 1,048,031 782,031
Merger reserve 23 325,584 325,584
Retained earnings (3,164,722) (2,979,116)
Equity attributable to shareholders
of the parent company 617,557 517,163
Non- controlling interests (63,874) (58,863)
Total Equity 553,683 458,300
============ ============
The financial statements were approved and authorised for issue by the board on 1 September 2020 and signed on its behalf by:
D Hillel
Director
M Farnum-Schneider
Director
Company registration number 03882621
Consolidated statement of changes in equity
To equity
holders
of the
Share Share Merger Retained parent Non-controlling
capital premium reserve earnings company interest Total
GBP GBP GBP GBP GBP GBP GBP
Balance at 1
January 2018 2,281,164 393,454 325,584 (2,840,795) 159,407 (63,499) 95,908
Issue of new
shares 107,500 430,000 - - 537,500 - 537,500
Share issue
costs - (41,423) - - (41,423) - (41,423)
Share based
payments - - - 10,800 10,800 - 10,800
Loss for the
year - - - (149,121) (149,121) 4,636 (144,485)
Reserves at
1 January 2019 2,388,664 782,031 325,584 (2,979,116) 517,163 (58,863) 458,300
Adjustment for
the adoption
of IFRS 16 in
relation to
leased assets - - - 8,591 8,591 - 8,591
Issue of new
shares 20,000 270,000 - - 290,000 - 290,000
Share issue
costs - (4,000) - - (4,000) - (4,000)
Share based
payments - - - 19,000 19,000 - 19,000
Loss for the
year - - - (213,197) (213,197) (5,011) (218,208)
At 31 December
2019 2,408,664 1,048,031 325,584 (3,164,722) 617,557 (63,874) 553,683
========== ========== ========= ============ =========== ================ ==========
The financial statements were approved and authorised for issue by the board on 1 September 2020 and signed on its behalf by:
D Hillel
Director
M Farnum Schneider
Director
Company registration number 03882621
Consolidated statement of cash
flows for the year ended 31 December
2019 Note 2019 2018
GBP GBP
Cash flow from all operating activities
Loss before taxation from continuing
activities (188,150) (112,086)
Loss before taxation from discontinued
activities (30,058) (32,399)
---------- ----------
(218,208) (144,485)
Adjustments for:
Finance income (1,273) (718)
Finance expense 2,566 628
Impairment and amortisation of
intangible assets - 100
Share based payments 19,000 10,800
Depreciation 18,764 7,507
Loss on disposal of tangible assets - 1
Operating cash flow before working
capital movements (179,151) (126,167)
Increase in receivables (19,875) (20,779)
Increase in payables 27,251 66,250
Net cash absorbed by operations (171,775) (80,696)
---------- ----------
Taxation - -
---------- ----------
Cash flow from investing activities
Finance income 1,273 718
Property, plant and equipment
acquired (3,180) (7,753)
Net cash absorbed by investing
activities (1,907) (7,035)
---------- ----------
Cash flow from financing activities
Funds from share issues 286,000 496,077
Finance expense (2,566) (628)
Repayment of leasing liabilities
and borrowings (8,302) (2,000)
Net cash from financing activities 275,132 493,449
---------- ----------
Net increase in cash and cash
equivalents in the year 29 101,450 405,718
Cash and cash equivalents at the
beginning of the year 535,329 129,611
Cash and cash equivalents at the
end of the year 636,779 535,329
========== ==========
A statement of cash flows from discontinued activities is set out in note 29 (b).
1. General information
Catena Group Plc is a public company limited by shares, domiciled and incorporated in England and Wales and its activities are as described in the strategic report.
These financial statements are prepared in pounds sterling being the currency of the primary economic environment in which the Group operates.
2. Basis of Accounting
The consolidated financial statements of the Group and the financial statements of the parent company for the year ended 31 December 2019 have been prepared under the historical cost convention and are in accordance with International Financial Reporting standards ("IFRS") as adopted by the EU. These policies have been applied consistently except where otherwise stated.
For the purpose of the preparation of these consolidated financial statements, the Group has applied all standards and interpretations that are effective for accounting periods beginning on or after 1 January 2019. Except for IFRS 16, the adoption of new standards and interpretations in the year has not had a material impact of the Group's financial statements.
IFRS 16
The Group has adopted IFRS 16 in the financial statements for the first time for the year ended 31 December 2019. IFRS 16 has been applied under the modified retrospective approach and as such there has been no restatement of the prior year figures. IFRS 16 replaces all existing lease requirements under IAS 17. Under IFRS 16 there is no longer any distinction between an operating and a finance lease, all leases now result in the recognition of a financial liability and a 'Right-of-Use' asset for the lessee. Details of the impact upon transition and on the results and net assets for the year are shown in Note 22.
Future standards in place but not yet effective:
No new standards, amendments or interpretations to existing standards that have been published and that are mandatory for the Group's accounting periods beginning on or after 1 January 2020, or later periods, have been adopted early. The following standards and amendments are not yet applied at the date of authorisation of these financial statements:
- Amendments to References to the Conceptual Framework in IFRS
Standards (effective 1 January 2020)
- Definition of a Business (Amendments to IFRS 3) (effective
1 January 2020)
- Definition of Material (Amendments to IAS 1 and IAS 8) (effective
1 January 2020)
- Interest Rate Benchmark Reform (Amendments to IFRS 9, IAS 39
and IFRS 7) (effective 1 January 2020)
- Classification of Liabilities as Current or Non-Current (Amendments
to IAS 1) (effective 1 January 2022)
3. Significant accounting policies
(a) Basis of consolidation
The financial statements of the Group incorporate the financial statements of the Company and entities controlled by the Company, which are its subsidiary undertakings, in accordance with IFRS 10. Control is achieved where the Company has the power to govern the financial and operating policies of its subsidiary undertakings so as to benefit from their activities.
Details of subsidiary undertakings are set out in note 15.
All intra-group transactions and balances have been eliminated in preparing the consolidated financial statements.
(b) Revenue recognition
Revenue arises from income from sports and leisure activities undertaken by the Group; representing invoiced and accrued amounts for services supplied in the year, exclusive of Value Added Tax.
Consideration received from customers in respect of services is only recorded as revenue to the extent that the Group has performed its contractual obligations in respect of that consideration. Management assess the performance of the Group's contractual obligations against the sports and leisure activities as they are delivered.
Revenue from sports and leisure activities is recognised as the activity is provided, with payment due in advance of the performance obligations.
The IFRS 15 practical expedient has been applied whereby the promised amount of consideration has not been amended for the effects of a significant financing component as at the contract inception there are no contracts where the period between transfers of promised services and customer payment is expected to exceed one year.
Under the Group's standard contract terms, customers may be offered refunds for cancellation of sports and leisure activities. It is considered highly probable that a significant reversal in the revenue recognised will not occur given the consistent low level of refunds in prior years.
(c) Intangible assets
Goodwill arising on consolidation represents the excess of the cost of acquisition over the Group's interest in the fair value of the identifiable assets and liabilities of subsidiary entities at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. Goodwill which is recognised as an asset is reviewed for impairment at least annually. Any impairment is recognised immediately in the statement of comprehensive income and is not subsequently reversed.
For the purpose of impairment testing, goodwill is allocated to each of the Group's cash generating units expected to benefit from synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is not reversed in a subsequent period.
On disposal of a subsidiary, associate or jointly controlled entity, the amount of goodwill is included in the determination of the profit or loss on disposal.
Goodwill arising on acquisitions before the date of transition to IFRS's has been retained at the previous UK GAAP amounts subject to being tested for impairment at that date.
Development costs are expensed in arriving at the operating profit or loss for the year unless the directors are satisfied as to the technical, commercial and financial viability of individual project. In this situation, the expenditure is recognised as an asset and is reviewed for impairment on an annual basis.
Any impairment is recognised immediately in the income statement in administrative expenses and is not subsequently reversed.
(d) Plant and equipment
Plant and equipment is stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less their estimated residual value over their expected useful lives.
The rates applied to these assets are as follows: Plant & equipment 25% & 10% straight line Motor vehicles 33.3% - straight line
(e) Operating leases
Prior to 1 January 2019: Rentals applicable to operating leases, where substantially all of the benefits and risks of ownership remain with the lessor, are charged against revenue as and when incurred.
Post 1 January 2019: Assets held under leases are recognised as assets of the Group at the fair value at the inception of the lease or if lower, at the present value of the minimum lease payments. The related liability to the lessor is included in the Statement of Financial Position as a finance lease obligation. Lease payments are apportioned between interest expenses and capital redemption of the liability. Interest is recognised immediately in the Consolidated Income Statement, unless attributable to qualifying assets, in which case they are capitalised to the cost of those assets.
Exemptions are applied for short life leases and low value assets, with payment made under operating leases charged to the Consolidated Statement of Comprehensive Income on a straight- line basis of the period of the lease.
(f) Deferred taxation
Deferred taxation is provided in full in respect of timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance is not discounted.
The recognition of deferred tax assets is limited to the extent that the group anticipates making sufficient taxable profits in the future to absorb the reversal of the underlying timing differences.
(g) Trade receivables
Trade receivables are recognised at fair value. A provision for impairment of trade receivables is established where there is objective evidence that the company or group will not be able to collect all amounts due according to the original terms of the receivables. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or liquidation and default or delinquency of payments are considered indicators that the trade receivable is impaired. The amount of the provision is the difference between the asset's carrying amount and the present value of estimated future cash flows. The carrying amount of the asset is reduced through the use of an allowance account and the amount of the loss is recognised in the income statement within administrative expenses. When a trade receivable is uncollectable it is written off against the allowance account for trade receivables.
(h) Investments
Investments in subsidiary undertakings are stated at cost less provision for impairment in the parent company balance sheet.
(i) Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks. Bank overdrafts are shown as borrowings within current liabilities.
(j) Financial liabilities and equity
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements 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.
Ordinary shares are classified as equity. Incremental costs directly attributable to new shares are shown in equity as a deduction from the proceeds.
Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated 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 borrowing using the effective interest method.
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the date of the statement of financial position.
4. Critical accounting judgements and key sources of estimation uncertainty
The preparation of the Group's financial statements requires the directors to make judgements, estimates and assumptions that effect the application of policies and reported amounts in the financial statements. These judgements and estimates are based on the director's best knowledge of the relevant facts and circumstances. Information about such judgements and estimation is contained in the accounting policies and/or notes to the financial statements.
Deferred tax asset
At the present time the directors' do not consider that there is sufficient certainty regarding the utilisation of tax losses available in the Group. As a result, no deferred tax asset has been recognised.
Impairment of goodwill
Determining whether goodwill is impaired requires an estimation of the value in use of the cash generating units to which the goodwill has been allocated. The value in use calculation requires the entity to estimate the future cash flows expected to arise from the cash generating unit and a suitable discount rate in order to calculate present value. The carrying amount of goodwill is the deemed cost on first time application of IFRS.
Details of the carrying value of goodwill at the year end and the impairment review calculation are given in note 14.
Impairment of intangible assets
The carrying value of intangible assets comprising unamortised website costs are determined by reference to an assessment of future income generated by the UltimatePlayer.me platform. Having regard to the Board's decision in 2017 to delay future plans for further website development, all unamortised costs have already been fully impaired.
Valuation of share-based payments
The Company has granted options to acquire its shares to a director. On valuing the fair value of the share options granted and hence the cost charged to profit or loss, judgements are required regarding key assumptions applied. See note 25 for further information relating to the assumptions applied.
5. Going concern
The directors have considered the financial impact of the Covid-19 pandemic having prepared financial forecasts covering the 12 months following approval of these financial statements. The forecasts take into account both turnover and cost expectations, Central and local government assistance and a business interruption bank loan of GBP240,000 repayable over a five-year period commencing in July 2021. The forecasts show the Group can continue to carry on trading within its existing finance facilities over that period. There are however uncertainties regarding the forecasts, relating to the reopening of UK schools in the Autumn 2020 and the full sports offering being available. At the date of signing the financial statements the Directors have every expectation that schools will re-open and physical education will be a permitted subject and recognise the priority the Government has placed on the normal operation of schools. In view of the this, the directors consider it appropriate to prepare the financial statements on a going concern basis.
The directors are however not able to predict any ongoing developments in relation to the Global Covid 19- pandemic and in particular whether the current plans relating to the re-opening of schools and the provision of sports education will proceed as planned, or indeed whether further closures could be imposed in the future. Any curtailment of activities would impact cash flows generated by the Group and, without any further external funds being raised, if the curtailment were wide-spread and long-term could cast doubt on the Group's ability to continue as a Going Concern without further external funds being raised or government support. This could also impact the carrying value of the investment by the parent company in its subsidiary companies.
If the Group was unable to continue as a going concern then adjustments would be necessary to re-classify fixed assets as current assets, to write down the value of assets to their recoverable amount and to make provision for further liabilities that would arise on discontinuance of the business.
6. Business segment analysis
Business segments are identified based on the different trading activities of the Group. Segmental information also details the continuing and discontinued activities in the Group. All turnover, profits, losses, assets and liabilities relate to operations undertaken in the UK.
Sports Social media
and leisure website
(continuing (discontinued
Year ended 31 December 2019 activity) activity) Consolidated
GBP GBP GBP
Revenue from services 1,683,272 71 1,683,343
============= =============== =============
Segment operating profit/(loss)* 20,215 (30,058) (9,843)
============= ===============
Group operating expenses** (207,072)
-------------
Operating loss (216,915)
Finance revenues less finance
costs (1,293)
Loss before taxation (218,208)
Taxation -
Loss after taxation from
all activities (218,208)
Sports Social media
and leisure website
(continuing (discontinued
Year ended 31 December 2018 activity) activity) Consolidated
GBP GBP GBP
Revenue from services 1,546,733 273 1,547,006
============= =============== =============
Segment operating profit/(loss)* 100,754 (32,399) 68,355
============= ===============
Group operating expenses** (212,930)
-------------
Operating loss
Other gains and losses (144,575)
Finance revenues less finance
costs 90
Loss before taxation (144,485)
Taxation -
-------------
Loss after taxation from
continuing activities (144,485)
=============
*Segment operating profit in relation to Sports and Leisure is after charges for depreciation of GBP8,485 (2018: GBP7,507) and exceptional professional fees relating to a drainage issue of GBP99,490.
** 'Group operating expenses' represent the costs of running the Group as a whole. The directors consider that the costs of running Pantheon Leisure Plc of GBP57,192 (2018: GBP68,824) form part of these costs as opposed to forming part of the segmental costs of the sports and leisure division.
Sports Social
and leisure media website
Financial position at 31 (continuing (discontinued
December 2019 activity) activity) Consolidated
GBP GBP GBP
Segment assets 174,818 1,946 176,764
============= ===============
Non segmental assets 701,708
-------------
Consolidated total assets 878,472
=============
Segmental liabilities 294,769 3,577 298,346
============= ===============
Non segmental corporate liabilities 26,443
-------------
324,789
Capital additions and leased 3,180 -
assets
Depreciation/amortisation 8,485 -
and impairment
============= ===============
Financial position at 31
December 2018
Sports Social
and leisure media website
(continuing (discontinued
activity) activity) Consolidated
GBP GBP GBP
Segment assets 86,555 1,388 87,943
============= ===============
Non segmental assets 610,268
-------------
Consolidated total assets 698,211
=============
Segmental liabilities 203,071 - 203,071
============= ===============
Non segmental corporate liabilities 36,840
-------------
239,911
Capital additions 7,753 -
Depreciation/amortisation 7,507 -
and impairment
============= ===============
Non segmental assets include group cash balances of GBP636,779 (2018: GBP535,329), goodwill of GBP59,954 (2018: GBP59,954), other assets and receivables of GBP4,975 (2018: GBP14,985). Non segmental liabilities include trade and other payables of GBP26,443 (2018: GBP36,840).
7 . Operating loss
2018 2018
The operating loss is stated after GBP GBP
charging /(crediting):
Auditors' remuneration - audit services 18,700 18,900
Operating lease rentals - land and buildings
(short term leases) 15,600 17,635
Depreciation of property, plant and
equipment 18,764 7,753
Included in the audit fee for the Group is an amount of GBP7,150 (2018: GBP7,000) in respect of the Company.
The auditors received fees of GBP900 (2018: GBP1,630) in respect of the provision of services in connection with advice relating to the Group's interim results, and general advice.
8. (a) Staff Costs
Employee benefit costs were
as follows:
2019 2018
GBP GBP
Wages and salaries 1,270,709 1,152,825
Social security costs 74,001 58,061
Pension contributions 22,363 12,634
Share based payment 19,000 10,800
1,388,482 1,234,320
========== ==========
The average numbers of employees, including directors during the year, were
No. Re-stated
No.
Directors of the Company 6 5
Directors of subsidiary undertakings 2 2
Senior management and operatives 2 4
Sports coaches 117 101
Sales 3 2
Administration 3 5
---- ----------
Average number of personnel
in the year 133 119
==== ==========
The comparative figures for average number of employees has been restated to enable comparability.
(b) Directors' remuneration - Catena Group Plc
2019 2018
An analysis of directors' remuneration
(who are the key management personnel) GBP GBP
is set out below:
Salary and consultancy fees 45,753 21,250
Pension contributions 50 -
Share based payments 19,000 -
------- -------
64,803 21,250
======= =======
Executive directors 54,803 16,250
Non-executive directors 10,000 5,000
------- -------
64,803 21,250
======= =======
The total cost of key management personnel being the executive directors and including employers' national insurance was GBP45,753 (2018: GBP21,250).
8. (a) Staff Costs
The following amounts were paid for the services of the directors in the year:
2019 2018
Salaries and benefits GBP GBP
R L Owen 20,000 13,750
M Farnum-Schneider 5,336 -
G Simmonds 2,917 -
D Hillel 7,500 2,500
J Zucker 5,000 2,500
D J Coldbeck 5,000 2,500
------- -------
45,753 21,250
------- -------
There were no directors' benefits in 2019 (2018: Nil).
The share options to which the cost indicated above referred were issued to M Farnum-Schneider.
There was one director for who defined contribution pension contributions of GBP50 was paid in the year (2018: Nil).
9 . Finance income
2019 2018
GBP GBP
Interest revenue - bank deposits 1,273 718
------ -----
10 . Finance costs
2019 2018
GBP GBP
Bank overdraft interest - 628
Interest on IFRS 16 lease liability 2,566 -
----------------- -----
2,566 628
----------------- -----
11 . Taxation
2019 2018
GBP GBP
Deferred tax (credit)/charge
Origination and reversal of
temporary differences - -
Tax charge for the year - -
----- -----
Tax charge/credit in income
statement - -
===== =====
No income tax charge arises based on the loss for the year (2018: nil).
The Group has unutilised tax losses of GBP5,245,000 (2018: GBP6,443,000) which includes GBP960,000 (2018: GBP2,380,000) in relation to the Company's subsidiary undertakings. Where it is anticipated that future taxable profits will be available to utilise these losses a deferred tax asset or a reduction in deferred tax liability is recognised as appropriate.
Factors affecting the tax charge in the year
2019 2018
GBP GBP
Loss on ordinary activities before taxation (218,208) (144,485)
========== ==========
Loss on ordinary activities before taxation
at the standard rate of UK corporation
tax of 19% (2018: 19%) (41,460) (27,452)
Effects of:
Expenses not deductible for tax purposes 18,816 5,370
Share based payments 3,610 2,052
Dividend income - 3,943
Temporary differences in respect of depreciation
and capital allowances not reflected in
deferred tax 1,008 (79)
Unutilised tax losses not recognised as
a deferred tax asset 18,025 16,166
Tax charge/credit - -
========== ==========
12. Loss per share
Basic loss per share has been calculated on the Group's loss attributable to equity holders of the parent company of GBP213,197 (2018: GBP149,121) and on the weighted average number of shares in issue during the year, which was 34,438,352 (2018: 29,174,996).
Comprehensive loss per share is based on the same number of shares and on the comprehensive loss for the year attributable to the equity holders in the parent company of GBP213,197 (2018: GBP149,121).
In view of the Group loss for the year, share warrants and options to subscribe for ordinary shares in the Company are anti-dilutive and therefore diluted earnings per share information is not presented. There are options outstanding at 31 December 2019 on 4,160,000 ordinary shares and on 1,500,000 share warrants. Post year end 4,000,000 new ordinary shares were subscribed for, which would have significantly changed the number of shares in calculating the loss per share if the transaction had happened before the year end.
13. Loss for the financial year
As permitted by Section 400 of the Companies Act 2006, the profit and loss account for the parent company is not presented as part of these financial statements.
The consolidated loss for the year of GBP218,208 (2018: loss of GBP144,485) includes a loss of GBP234,595 (2018: loss of GBP201,202) dealt with in the accounts of the parent company.
14. Goodwill, intangibles and development costs
2019 2019 2019 2018
GBP GBP GBP GBP
Goodwill
Website and other
development intangibles Total Total
Cost at 1 January 587,187 60,054 647,241 647,241
Additions in the year - - - -
------------- ------------- -------- --------
Cost at 31 December 587,187 60,054 647,241 647,241
------------- ------------- -------- --------
Amortisation at 1 January 587,187 100 587,287 587,187
Impairment write off - - - 100
------------- ------------- -------- --------
Amortisation at 31 December 587,187 100 587,287 587,287
------------- ------------- -------- --------
Carrying value at 31 December - 59,954 59,954 59,954
============= ============= ======== ========
- Goodwill of GBP59,954 included above relates to the acquisition
of Pantheon Leisure Plc which is included at its deemed cost
on first time application of IFRS.
- The Group acquired intangible assets costing GBP100 in 2013
following the acquisition of a subsidiary. The asset was fully
impaired and written off in 2018.
Goodwill acquired in a business combination is allocated, at acquisition, to cash generating units ("CGUs") that are expected to benefit from that business combination. The carrying amount of goodwill relates wholly to the leisure activities business segment.
The recoverable amounts of the CGUs are determined from value in use calculations. The key assumptions for the value in use calculations are those regarding forecast revenues and operating costs. Management have taken into account the following two elements:
(i) Based on current assessments of the Sport in Schools activities
made by the directors they consider that, without the financial
impact of the Covid -19 pandemic, revenues would have continued
to grow in 2020 and 2021; and
(ii) Operational costs are monitored and controlled
Development costs
Ultimate Player Limited continued to operate the UltimatePlayer.me platform during the year. As a result of the decision taken by the Board in 2017 to delay future plans for further website development, unamortised development costs were fully impaired and written off in in that year.
15. Investments in subsidiaries
Parent Company 2019 2018
Cost GBP GBP
Shares 1,947,932 1,947,932
Loan notes 220,000 220,000
---------- ----------
Total cost at beginning
and end of year 2,167,932 2,167,932
========== ==========
Provision for impairment
At 1 January 1,662,177 1,651,464
Increase of provision in
year - 10,713
---------- ----------
At 31 December 1,662,177 1,662,177
========== ==========
Carrying value at 31 December 505,755 505,755
========== ==========
Included in investments is GBP220,000 of loan notes which carry an interest coupon of 7.5% and are repayable on demand at par.
The following companies were subsidiaries at the balance sheet date and the results and year end position of these companies has been included in these consolidated financial statements. The registered office for all the companies listed below is at 30 City Road, London EC1Y 2AB.
Description
and proportion Country of
of share capital incorporation
Subsidiary undertakings owned or registration Nature of business
Westside Acquisitions Ordinary 100% England & Holding company
Limited Wales
Reverse Take-Over Investments Ordinary 100% England & Acquisition and development
Limited * Wales of shell companies
Westsidetech Limited Ordinary 100% England & Dormant
Wales
Westside Mining Plc Ordinary 100% England & Investment - inactive
Wales
Westside Sports Limited Ordinary 100% England & Holding company
Wales
Ultimate Player Limited Ordinary 100% England & Social media website
Wales
Football Data Services Ordinary 100% England & Website data services
Limited Wales - inactive
FootballFanatix Limited Ordinary 100% England & Social media website
Wales - inactive
Pantheon Leisure Plc ** Ordinary 85.87% England & Holding company
Wales
Sport in Schools Limited Ordinary 85.87% England & Sports coaching in
*** Wales schools
Football Partners Limited Ordinary 85.87% England & Dormant
*** Wales
The Elms Group Limited Ordinary 85.87% England & Inactive
*** Wales
Footballdirectory.co.uk Ordinary 85.87% England & Dormant
Limited **** Wales
* 33(1) /(3) % held indirectly through Westside Acquisitions Limited
** held indirectly through Westside Sports Limited
*** held indirectly through Pantheon Leisure Plc
**** held indirectly through The Elms Group Limited
The segmental reporting for sports and leisure provides details of assets,liabilities and results for the year for the Pantheon Leisure sub-group. Details are given in note 6.
Since the year end, the following dormant or inactive companies listed below are in the process of being removed from the Register at Companies House:
Westside Acquisitions Limited, Reverse Take-Over Investments Limited, Westsidetech Limited, Football Data Services Limited, Footballfanatix Limited, Football Partners Ltd and Football Directory.co.uk Limited.
16. Property, plant and equipment
Right
of Use
Plant and Assets:
Group equipment Property Total
GBP GBP GBP
Cost
At 1 January 2018 94,572 - 94,572
Additions 7,753 - 7,753
Disposals (1,848) - (1,848)
Cost at 1 January 2019 100,477 - 100,477
Adjustment for leased assets - 154,180 154,180
Additions 3,180 - 3,180
At 31 December 2019 103,657 154,180 257,837
Depreciation
At 1 January 2018 81,649 - 81,649
Charge for the year 7,507 - 7,507
Disposals (1,847) - (1,847)
At 1 January 2019 87,309 - 87,309
Adjustment for leased assets - 79,660 79,660
Charge for the year 8,485 10,279 18,764
At 31 December 2019 95,794 89,939 185,733
=========== ========== ========
Carrying value
At 31 December 2019 7,863 64,241 72,104
=========== ========== ========
At 31 December 2018 13,168 - 13,168
=========== ========== ========
Right of Use Assets represent premises from which the Group operates in relation to its sports and leisure activities.
Right of
Plant and Use Assets:
Parent Company equipment Property Total
GBP GBP
Cost
At 1 January 2018 1,848 - 1,848
Disposals (1,848) - (1,848)
Cost at 1 January and 31 December 2019 - - -
Depreciation
At 1 January 2018 1,847 - 1,847
Disposals (1,847) - (1,847)
At 1 January 2019 and 31 December 2019 - - -
----------- ------------- --------
Carrying value
At 1 January and 31 December 2019 - - -
=========== ============= ========
17 Receivables and loan notes
Non-current assets
Parent company
In 2019, amounts due within one year included GBP220,000 of loan notes (2018: GBP220,000). The loan notes are convertible into 50 million new shares in Pantheon Leisure Plc at any time before redemption. The loan notes carry an interest coupon of 7.5% and are repayable on demand at par.
Pantheon Leisure Plc is a subsidiary undertaking of Catena Group Plc.
The loan notes are included in investments.
Group
The Group has no receivables and loan notes classified as non-current assets.
Current assets
Group
2019 2018
GBP GBP
Trade receivables 81,575 62,768
Other receivables 22,314 18,681
Amounts due from subsidiary undertakings - -
Prepayments and deferred expenditure 5,746 8,311
109,635 89,760
======== =======
The average credit period given for trade receivables at the end of the year is 18 days (2018: 15 days). Trade receivables are stated net of a provision for irrecoverable amounts of GBPNil (2018: GBPNil).
Amounts due from subsidiary undertakings are stated net of provisions for irrecoverable amounts which total GBP1,536,742 (2018: GBP1,454,629).
The total charge in the year in respect of irrecoverable receivables in the group accounts was GBPNil (2018: GBPNil).
As at 31 December, the ageing analysis of trade receivables, all of which are due and not impaired is as follows:
GBP
<3 months
2019 81,575
2018 62,768
==========
18. Trade and other payables
Due within one year: Group
2019 2018
GBP GBP
IFRS 16 lease liability 8,333 -
Trade payables 5,048 9,760
Other payables 14,564 24,672
Taxes and social security 98,656 99,459
Amounts due to subsidiary undertakings - -
Accruals and deferred income 148,894 106,020
275,495 239,911
======== ========
The average credit period taken for trade payables at the end of the year is 12 days (2018: 8 days).
Due after one year: Group
2019 2018
GBP GBP
IFRS 16 lease liability 49,294 -
49,294 -
======= =====
Further information regarding IFRS 16 lease liabilities is provided in note 22.
19. Bank overdraft
Sport in Schools Limited has a bank overdraft facility secured by a guarantee of up to GBP50,000 by Catena Group Plc. The overdraft is repayable on demand.
20. Deferred tax
There were no deferred tax liabilities or assets recognised by the Group during the current and previous year.
21. Issued and fully paid share capital
Number of Number of Number of
ordinary ordinary deferred
Ordinary shares 10p shares 1p shares 9p shares GBP
At 1 January 2018 22,811,638 - - 2,281,164
Subdivision of ordinary
shares (22,811,638) 22,811,638 22,811,638 -
New 1p shares issued in
the year - 10,750,000 - 107,500
------------- ----------- ------------ ----------
At 1 January 2019 - 33,561,638 22,811,638 2,388,664
New shares issued in the
year - 2,000,000 - 20,000
------------- ----------- ------------
At 31 December 2019 - 35,561,638 22,811,638 2,408,664
============= =========== ============ ==========
In July 2019, the Company raised GBP290,000 (before issue costs of GBP4,000) from the issue of 2,000,000 1p shares for 14.5p per share.
Ordinary shares of 1p each:
Shareholders are entitled to receive dividends or distributions in the event of a winding up with rights to attend and vote at general meetings.
Deferred shares of 9p each :
Shareholders are entitled to receive 0.1p for each GBP999,999 of dividends or other distributions in the event of a winding up with no rights to attend and vote at general meetings.
As at 31 December 2019 the Company's issued shares carry no rights to fixed income.
The market price of the Company's shares at 31 December 2019 was 26p and the price range during the financial year was between 12.5p and 29p.
22. Obligations under leases
Group
As at 31 December 2018, under IAS 17, the Group was committed to making the following future minimum lease payments under non-cancellable operating leases which fell due as follows:
2018
GBP
Within one year
Land and buildings 10,868
Other 5,636
Between two and five years
Land and buildings 43,472
Other 6,417
After five years
Land and buildings 24,453
-------------
90,846
-------------
The amount of non-cancellable operating lease payments recognised as an expense during 2018 was GBP17,635.
IFRS 16
For the year ended 31 December 2019, the following amounts have been recognised under IFRS 16 in relation to property leases:
2019
GBP
Additions to 'right-of-use' assets upon adoption
of IFRS 16 154,180
Depreciation adjustment upon adoption of IFRS
16 79,660
Depreciation charged on 'right-of-use' assets
recognised 10,279
Interest expense recognised on lease liability 2,566
Expenses incurred in relation to 'short-term'
leases 20,572
Obligation at the year end in relation to 'short-term'
leases 2,650
Total cash outflow in the year in relation
to leases 31,440
23. Reserves
Retained earnings represent the cumulative retained profit or loss of the Group.
Share premium is the amount subscribed for share capital in excess of nominal value and is a capital reserve required by UK company law.
The merger reserve is a non-statutory reserve and represents the difference between the fair value and nominal value of the shares exchanged for shares on acquisition of Reverse Take-Over Investments Plc which took place in 2003.
24. Related parties
Details of the remuneration of directors is given in note 8. In addition to the information given in that note, the following provides further details of related party transactions involving the Company and its directors.
The directors are the key management personnel of the Group.
Simmonds & Co
The Group made monthly payments totalling GBP8,750 (2018: GBP26,500) as contributions towards office and secretarial costs to Simmonds & Co, Chartered Accountants, a practice in which G Simmonds is sole proprietor. Following his resignation as a director on 1 August 2019, his practice continued to receive monthly fees for consultancy services totalling GBP6,250 to December 2019. Amounts due at 31 December 2019 totalled GBP2,500 (2018: GBPNil).
In March 2017, G Simmonds was issued with 125,000 A Warrants and 125,000 B Warrants. Further details relating to these new warrants are given in note 25.
M Farnum - Schneider
Following his appointment as a director on 1 August 2019, the company granted options to acquire 4,000,000 ordinary shares in the Company with exercise prices ranging from 20 pence per share to 60 pence per share between 2020 and 2025. More detailed information is given in note 25 below.
R Owen
The Company paid for office facilities to R Owen of GBP168 (2018: GBP 13,611). No amounts were due to R Owen at the 31 December 2019 (2018: GBPNil).
In March 2018, R Owen was issued with 125,000 A Warrants and 125,000 B Warrants. Further details relating to these new warrants are given in note 25.
25 . Share-based payment transactions
Warrants
In March 2018, the Company issued new warrants to subscribe for shares. 750,000 A Warrants and 750,000 B Warrants were issued exercisable at a price of 10p and 25p respectively per new ordinary share.
Warrants are valued using the Black-Scholes option pricing model. The fair value per option granted and the assumptions used in the calculation are as follows:
Grant date 13 March 2018 13 March 2018 Share price at grant date 15p per share 15p per share Exercise price 10p per share 25p per share Shares under warrant 250,000 250,000 Expected volatility 100.0% 100.0% Warrant life (years) 3 years 3 years Expected life (years) 3 years 3 years Risk-free interest rate 1.25% 1.25% Fair value per warrant 3.15p 2.8p
In accordance with IFRS2, the fair value of the warrants issued and recognised as a charge in the accounts for the year is GBPNil (2018: GBP10,800). In arriving at this amount, the expected volatility is based on historical volatility, the expected life is the average expected period to exercise and the risk-free rate of return is the yield on a zero-coupon UK government bond for a term consistent with the assumed option life.
Options
In January 2011, the Company adopted an unapproved share option scheme and on 1 August 2019, the Company granted options over 4,000,000 ordinary shares in the Company as part of a director's compensation agreement. Details of the options are set out below:
2019 2018
GBP GBP
Outstanding at start of year 307,500 307,500
Granted during the year 4,000,000 -
Lapsed during the year (147,500) -
---------- --------
Outstanding at the end of the year 4,160,000 307,500
Exercisable at the end of the year 160,000 307,500
The movements in the weighted average exercise price of the options were as follows:
2019 2018
GBP GBP
Outstanding at start of the year 26.4 26.4
Granted during the year 45.0 -
Lapsed during the year 26.2 -
----- -----
Outstanding at the end of the year 44.3 26.4
Exercisable at the end of the year 26.6 26.4
The fair value of the equity instruments granted was determined using the Black Scholes Model. This model was selected as it is an industry standard model. The only conditions attached to the options is continuing employment. The inputs into the model for options outstanding at the year-end were as follows:
Grant date 17 January 2011 6 March 2014 30 April 2014 Share price at grant 25p per share 27.5p per share 27.5p per share date Exercise price 25p per share 27.5p per share 27.5p per share Shares under option 210,000 167,500 200,000 Expected volatility 17.0% 20.9% 20.9% Option life (years) 10 years 7 Years 7 Years Expected life (years) 10 Years 7 Years 7 Years Risk-free interest rate 2.0% 2.0% 2.0% Fair value per option 0.4p 0.07p 0.07p
Share options granted in the year to M Farnum-Schneider
Grant date 1 August 2019 1 August 2019 1 August 2019 Share price at grant 17p per share 17p per share 17p per share date Exercise price 20p per share 40p per share 60p per share Shares under option 1,000,000 1,000,000 2,000,000 Expected volatility 43.1% 43.1% 43.1% Option life (years) 3 years 3 years 3 years Expected life (years) 3 Years 3 Years 3 Years Vesting period (years) 0.5 to 1 Years 1 to 2 years 2 to 3 Years Risk-free interest rate 0.57% 0.57% 0.57% Small company discount factor 35% 35% 35% Fair value per option 2.5p 2.5p 0.7p
The expected volatility is based on historical volatility, the expected life is the average expected period to exercise and the risk-free rate of return is the yield on a zero-coupon UK government bond for a term consistent with the assumed option life.
In accordance with IFRS 2, the fair value of the share options issued and recognised as a charge in the accounts for the year is GBP19,000 (2018: GBPNil).
26. Transition to IFRS 16
The financial statements for the year ended 31 December 2019 are prepared applying IFRS 16 'Leases', using the modified retrospective approach and as such there has been no restatement of prior year figures. The following table details the initial impact of applying IFRS 16 as at the transition date of 1 January 2019:
Assets and liabilities included at 31 December 2018 1 January 2019
GBP
Finance lease obligations at 31 December 2018 -
Operating lease obligations as at 31 December 2018 90,846
Relief option for short-term and low value leases (12,053)
---------------
Gross lease liabilities at 1 January 2019 78,793
Discounting (12,864)
Lease liabilities at 1 January 2019 65,929
Present value of finance lease liabilities as at 31 December 2018 -
Additional lease liabilities as a result of the initial application of IFRS 16 as at 1 January
2019 65,929
===============
The lease liabilities were discounted at the borrowing rate as at 1 January 2019, which was determined to be 5%.
Effect on group net assets
GBP
Group net assets at 31 December 2018 as stated 458,300
Right of Use Asset recognised 74,520
IFRS 16 lease liability adjustments referred to above (65,929)
Revised carrying value at 1 January 2019 466,891
=========
27. Capital management and financial instruments
The Group is solely equity funded which represents the Group's capital.
The Group's objectives when maintaining capital are:
- To safeguard the entity's ability to continue as a going concern,
so that it can begin to provide returns for shareholders and
benefits for other stakeholders; and
- To provide an adequate return to shareholders by pricing products
and services commensurately with the level of risk.
The Group sets the amounts of capital it requires in proportion to risk. The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions and risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt.
Capital for the Group comprises all components of equity - share capital of GBP2,408,664 (2018: GBP2,388,664), share premium of GBP1,048,031 (2018: GBP782,031), other reserves of GBP325,584 (2018: GBP325,584), and the retained deficit of GBP3,164,722 (2018: GBP2,979,116).
During the year ended 31 December 2019 the Group's strategy was to preserve net cash resources by limiting cash absorbed from losses and through good cash management.
Financial assets and financial liabilities are recognised in the Group's balance sheet when the Group becomes a party to the contractual provision of the instrument.
At 31 December 2019 and 31 December 2018, there were no material differences between the fair value and the book value of the Group's financial assets and liabilities. All financial assets and liabilities are measured at amortised cost. Relevant financial assets and liabilities are set out below.
Group
2019 2018
GBP GBP
Financial assets
Cash and cash equivalents 636,779 535,329
Due from subsidiary undertakings - -
Trade and other short- term receivables 98,943 70,395
-------- --------
735,722 605,724
-------- --------
Financial liabilities (which are included at amortised cost)
Trade and other short- term payables 19,612 34,432
IFRS 16 lease liabilities 57,627 -
Due to subsidiary undertakings - -
77,239 34,432
======== ========
The Group's financial instruments comprise cash and cash equivalents, receivables, payables, loan obligations that arise directly from its operations
Amounts shown in trade and other short term receivables exclude prepayments and deferred expenditure for the Group of GBP5,746 (2018: GBP8,311) and VAT recoverable of GBP4,946 (2018: GBP11,054) for the Group and for Catena of GBP2,775 (2018: GBP4,522) of short term receivables and VAT recoverable of GBP2,200 (2018: GBP10,166).
Trade and short-term payables referred to above excludes deferred income and accruals of GBP148,894 (2018: GBP106,020), and tax and social security creditors of GBP98,656 (2018: GBP99,459).
For the parent company, trade and short-term payables excludes tax and accruals of GBP26,442 (2018: GBP31,922).
The Group has not adopted a policy of using financial derivatives and does not rely on the use of interest rate hedges.
In common with other businesses, the group is exposed to risks that arise from its use of financial instruments. There have been no substantive changes to the Group's response to financial instrument risk and the methods used to measure them from previous periods.
The main risks arising from the Group's financial instruments are credit and liquidity risks.
Credit risk arises from trade receivables where the party fails to discharge their obligation in relation to the instrument. To minimise this risk, management have appropriate credit assessment methods to establish credit worthiness of new customers and monitor receivables by regularly reviewing aged receivable reports. There is no concentration of credit risk other than in respect to cash held on deposit at the company's bank as set out above.
The amount exposed to risk in respect of trade receivables at 31 December 2019 was GBP81,575 (2018: GBP62,768).
Liquidity risk arises in relation to the Group's management of working capital and the risk that the Company or any of its subsidiary undertakings will encounter difficulties in meeting financial obligations as and when they fall due. To minimise this risk the liquidity position and working capital requirements are regularly reviewed by management. As explained in note 5 the subsidiary company, Sport in Schools Limited is susceptible to any further impact on the provision of sports teaching in schools, which in turn could negatively impact both the liquidity of that parent company and the group.
The directors do not consider changes in interest rates have a significant impact on the Group's cost of finance or operating performance.
All financial assets are due within one year. The maturity analysis can be seen in note 17.
As the Group's operations are conducted in the United Kingdom, risks associated with foreign currency fluctuations are not relevant.
28. Post balance sheet events
Since the year end the Group has been affected by the Covid-19 pandemic. See the Strategic Report and Note 5 for further details of the impact of this on the Group.
In March 2020 GBP1.5 million before expenses was raised by way of an issue of 4,000,000 new Ordinary Shares at a price of 25 pence per shares and the issue of GBP0.5 million convertible loan notes. GBP1.5 million of the net proceeds were used to finance an investment in Insight Capital Partners Limited.
29. Notes to statement of cash flows
a) Analysis of net funds
At 1 January At 31 December
2019 Cash Flow 2019
GBP GBP GBP
Group
Cash and cash equivalents 535,329 101,450 636,779
Borrowings - - -
Net funds 535,329 101,450 636,779
============= ========== ===============
Company
Cash and cash equivalents 413,656 96,882 510,538
Net funds 413,636 96,882 510,538
============= ========== ===============
(b) Statement of cash flows from discontinued activities
Ultimate Player Limited
2019 2018
GBP GBP
Cash flow from discontinued activities
(loss) before tax (30,058) (32,399)
Adjustments for:
Increase in debtors (538) 357
Decrease/(Increase) in creditors 30,012 32,917
Cash generated/absorbed from operations (584) 875
--------- ---------
Investing activities - -
Net cash used in investing activities - -
--------- ---------
Financing activities
Additional borrowings - -
Net cash from financing activities - -
--------- ---------
Net cash decrease in cash and cash equivalents (584) 875
Cash and cash equivalents at the beginning
of the year 2,090 1,215
Cash and cash equivalents at the end
of the year 1,506 2,090
========= =========
Football Partners Limited
2019 2018
GBP GBP
Cash flow from discontinued activities
(loss) before tax - -
Adjustments for:
Increase in debtors - -
Decrease/(Increase) in creditors - 13,865
Cash generated/absorbed from operations - 13,865
----- ---------
Investing activities - -
Net cash used in investing activities - -
------ ---------
Financing activities
Additional borrowings - -
Net cash from financing activities - -
------ ---------
Net cash decrease in cash and cash
equivalents - 13,865
Cash and cash equivalents at the beginning
of the year - (13,865)
Cash and cash equivalents at the end - -
of the year
===== =========
For enquiries, please contact:
Catena Group PLC Matthew Farnum-Schneider, Chief Executive +44 (0) 20 3744 0900 Zeus Capital Limited (Nominated Adviser & Sole Broker) David Foreman / Daniel Harris / Benjamin Robertson +44 (0) 203 829 5000 Newgate (Financial PR) +44 (0) 7540 106 366 Giles Croot / Robin Tozer catena@newgatecomms.com
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