Cerillion logo

CER - Cerillion News Story

415p 1.0  0.2%

Last Trade - 05/03/21

Sector
Technology
Size
Small Cap
Market Cap £121.7m
Enterprise Value £119.5m
Revenue £20.8m
Position in Universe 958th / 1807

Cerillion PLC - Final Results - Part 2

Mon 28th November, 2016 7:00am
- Part 2: For the preceding part double click  ID:nRSb2323Qa 

                                                                           
 Gross profit                                                                            6,102,075                             -                                               
                                                                                                                                                                               
 Administrative expenses                                                                 (4,209,334)                           -                                               
 Depreciation and amortisation                                                           (714,250)                             -                                               
                                                                                                                                                                               
 Operating profit before exceptional items - all from acquisition                        1,178,491                             -                                               
                                                                                         (746,055)                                                                             
 Exceptional item - IPO costs                                                                                       (580,500)  
                                                                                                                                                                               
 Operating profit/(loss)                                                        4        432,436                               (580,500)                                       
                                                                                                                                                                               
 Finance income                                                                 6        6,059                                 -                                               
 Finance costs                                                                  7        (199,559)                             -                                               
                                                                                                                                                                               
 Profit/(loss) before taxation                                                           238,936                               (580,500)                                       
                                                                                                                                                                               
 Taxation                                                                       8        68,032                                -                                               
                                                                                                                                                                               
 Profit/(loss) for the year/period                                                       306,968                               (580,500)                                       
                                                                                                                                                                               
 Other comprehensive income                                                                                                                                                    
 Exchange difference on translating foreign                                              145,913                               -                                               
 operations                                                                                                                                                                    
 Total comprehensive profit/(loss) for the year/period                                   452,881                               (580,500)                                       
 Earnings/(loss) per share                                                                                                                                                     
 Basic and diluted earnings/(loss) per share - continuing and total operations  11       1.3 pence                             (4.9) pence                                     
                                                                                                                                                                               
 
 
All transactions are attributable to the owners of the parent. 
 
The group has no other recognised gains or losses for the current year. 
 
* Comprises the plc Parent Company only, as the Group came into existence on
18 March 2016. 
 
Consolidated Statement of Financial Position 
 
                                               Group                      
                                               As at 30 September 2016    As at 30 September 2015*  
                                      Notes    £                          £                         
 ASSETS                                                                                             
 Non-current assets                                                                                 
 Goodwill                             12       2,053,141                  -                         
 Intangible assets                    12       6,979,370                  -                         
 Property, plant and equipment        13       411,505                    -                         
 Deferred tax assets                  15       320,546                    -                         
                                               9,764,562                  -                         
 Current assets                                                                                     
 Trade and other receivables          16       9,164,872                  44,523                    
 Cash and cash equivalents                     5,006,185                  14,841                    
                                               14,171,057                 59,364                    
                                                                                                    
 TOTAL ASSETS                                  23,935,619                 59,364                    
                                                                                                    
 LIABILITIES                                                                                        
 Non-current liabilities                                                                            
 Borrowings                           19       (3,572,602)                -                         
 Other payables                       18       (120,000)                  -                         
 Deferred tax liabilities             15       (1,280,805)                -                         
                                               (4,973,407)                -                         
 Current liabilities                                                                                
 Trade and other payables             17       (5,007,214)                (624,204)                 
 Borrowings                           17       (1,000,000)                -                         
                                               (6,007,214)                (624,204)                 
 TOTAL LIABILITIES                             (10,980,621)               (624,204)                 
 NET ASSETS/ (LIABILITIES)                     12,954,998                 (564,840)                 
                                                                                                    
 EQUITY ATTRIBUTABLE TO SHAREHOLDERS                                                                
 Share capital                        22       147,567                    15,660                    
 Share premium account                         13,318,725                 -                         
 Foreign exchange reserve                      145,913                    -                         
 Retained loss                                 (657,207)                  (580,500)                 
                                                                                                    
 TOTAL EQUITY                                  12,954,998                 (564,840)                 
                                                                                                      
                                                                                                        
 
 
The financial statements were approved and authorised for issue by the Board
of Directors on 25 November 2016. Signed on behalf of the Board of Directors
by: 
 
L T Hall   -   Director 
 
Company Number 09472870 
 
The accompanying accounting policies and notes form an integral part of these
financial statements. 
 
* Comprises the plc Parent Company only, as the Group came into existence on
18 March 2016. 
 
Company Statement for Financial Position 
 
                                               Company                  
                                               As at 30 September 2016    As at 30 September 2015  
                                      Notes    £                          £                        
 ASSETS                                                                                            
 Non-current assets                                                                                
 Investments in subsidiaries          14       14,651,571                 -                        
                                               14,651,571                 -                        
 Current assets                                                                                    
 Trade and other receivables          16       57,490                     44,523                   
 Cash and cash equivalents                     3,457,157                  14,841                   
                                               3,514,647                  59,364                   
                                                                                                   
 TOTAL ASSETS                                  18,166,218                 59,364                   
                                                                                                   
 LIABILITIES                                                                                       
 Non-current liabilities                                                                           
 Borrowings                           19       (3,572,602)                -                        
                                               (3,572,602)                -                        
 Current liabilities                                                                               
 Trade and other payables             17       (72,146)                   (624,204)                
 Borrowings                           17       (1,000,000)                -                        
                                               (1,072,146)                (624,204)                
 TOTAL LIABILITIES                             (4,644,748)                (624,204)                
 NET ASSETS/ (LIABILITIES)                     13,521,470                 (564,840)                
                                                                                                   
 EQUITY ATTRIBUTABLE TO SHAREHOLDERS                                                               
 Share capital                        22       147,567                    15,660                   
 Share premium account                         13,318,725                 -                        
 Retained profit/(loss)                        55,178                     (580,500)                
                                                                                                   
 TOTAL EQUITY                                  13,521,470                 (564,840)                
                                                                                                   
 
 
The financial statements were approved and authorised for issue by the Board
of Directors on 25 November 2016. Signed on behalf of the Board of Directors
by: 
 
L T Hall   -   Director 
 
Company Number 09472870 
 
The accompanying accounting policies and notes form an integral part of these
financial statements. 
 
Consolidated Statement of Cashflows 
 
                                                                                     Group                      
                                                                                     Year to 30 September 2016    Period from 5 March 2015 to 30 September 2015*  
                                                                              Notes  £                            £                                               
 Cash flows from operating activities                                                                                                                             
 Profit/(loss) for the year/period                                                   306,968                      (580,500)                                       
 Adjustments for:                                                                                                                                                 
 Taxation                                                                            (68,032)                     -                                               
 Finance income                                                                      (6,059)                      -                                               
 Finance costs                                                                       199,559                      -                                               
 Depreciation                                                                        142,695                      -                                               
 Amortisation                                                                        571,555                      -                                               
                                                                                     1,146,686                    (580,500)                                       
 Increase in trade and other receivables                                             (1,765,866)                  (44,523)                                        
 (Decrease)/increase in trade and other payables                                     (101,524)                    624,204                                         
 Cash used in operations                                                             (720,704)                    (819)                                           
 Finance costs                                                                       (72,981)                     -                                               
 Finance income                                                                      6,059                        -                                               
 Tax paid                                                                            (30,511)                     -                                               
 NET CASH USED IN OPERATING ACTIVITIES                                               (818,137)                    (819)                                           
                                                                                                                                                                  
 Cash flows from investing activities                                                                                                                             
 Acquisition of subsidiary undertakings, net of cash and overdrafts acquired  2      (11,129,200)                 -                                               
 Capitalisation of development costs                                                 (601,111)                    -                                               
 Purchase of property, plant and equipment                                           (136,993)                    -                                               
 NET CASH USED IN INVESTING ACTIVITIES                                               (11,867,304)                 -                                               
                                                                                                                                                                  
 Cash flows from financing activities                                                                                                                             
 Proceeds from issue of equity shares                                                13,450,632                   15,660                                          
 Borrowings repaid                                                                   (427,398)                    -                                               
 Borrowings received                                                                 5,000,000                    -                                               
 Dividends paid                                                                      (383,675)                    -                                               
                                                                                                                                                                  
 NET CASH GENERATED FROM FINANCING ACTIVITIES                                        17,639,559                   15,660                                          
                                                                                                                                                                  
 NET INCREASE IN CASH AND CASH EQUIVALENTS                                           4,954,118                    14,841                                          
 Translation differences                                                             37,226                       -                                               
 Cash and cash equivalents at beginning of year/period                               14,841                       -                                               
                                                                                                                                                                  
 CASH AND CASH EQUIVALENTS AT END OF YEAR/PERIOD                                     5,006,185                    14,841                                          
                                                                                                                                                                    
                                                                                                                                                                    
                                                                                                                                                                                      
 
 
The accompanying accounting policies and notes form an integral part of these
financial statements.
* Comprises the plc Parent Company only, as the Group came into existence on
18 March 2016. 
 
Company Statement of Cash Flows 
 
                                                                Company                    
                                                                Year to 30 September 2016    Period from 5 March 2015 to 30 September 2015  
                                                         Notes  £                            £                                              
 Cash flows from operating activities                                                                                                       
 Profit/(loss) for the year/period                              1,019,353                    (580,500)                                      
 Adjustments for:                                                                                                                           
 Finance costs                                                  77,770                       -                                              
                                                                1,097,123                    (580,500)                                      
 Increase in trade and other receivables                        (12,967)                     (44,523)                                       
 (Decrease)/increase in trade and other payables                (557,226)                    624,204                                        
 Cash generated from/(used in) operations                       526,930                      (819)                                          
 Finance costs                                                  (72,602)                     -                                              
 NET CASH GENERATED FROM/(USED IN) OPERATING ACTIVITIES         454,328                      (819)                                          
                                                                                                                                            
 Cash flows from investing activities                                                                                                       
 Acquisition of subsidiary undertakings                  2      (14,651,571)                 -                                              
 NET CASH USED IN INVESTING ACTIVITIES                          (14,651,571)                 -                                              
                                                                                                                                            
 Cash flows from financing activities                                                                                                       
 Proceeds from issue of equity shares                           13,450,632                   15,660                                         
 Borrowings repaid                                              (427,398)                    -                                              
 Borrowings received                                            5,000,000                    -                                              
 Dividends paid                                                 (383,675)                    -                                              
                                                                                                                                            
 NET CASH GENERATED FROM FINANCING ACTIVITIES                   17,639,559                   15,660                                         
                                                                                                                                            
 NET INCREASE IN CASH AND CASH EQUIVALENTS                      3,442,316                    14,841                                         
 Cash and cash equivalents at beginning of year/period          14,841                       -                                              
                                                                                                                                            
 CASH AND CASH EQUIVALENTS AT END OF YEAR/PERIOD                3,457,157                    14,841                                         
                                                                                                                                              
                                                                                                                                              
                                                                                                                                              
                                                                                                                                              
                                                                                                                                                                
 
 
Consolidated Statement of changes in Equity 
 
 Group                               Ordinary share capital    Share premium    Foreign exchange reserve    Retained Earnings    Total        
                                     £                         £                £                           £                    £            
                                                                                                                                              
 Balance at 5 March 2015             -                         -                -                           -                    -            
                                                                                                                                              
 Loss for the period                 -                         -                -                           (580,500)            (580,500)    
 Total comprehensive income*         -                         -                -                           (580,500)            (580,500)    
 Transactions with owners:                                                                                                                    
 Issue of shares on incorporation    15,660                    -                -                           -                    15,660       
                                                                                                                                              
 Balance as at 30 September 2015*    15,660                    -                -                           (580,500)            (564,840)    
 
 
                                                           Ordinary share capital    Share premium    Foreign exchange reserve    Retained Earnings    Total         
                                                           £                         £                £                           £                    £             
                                                                                                                                                                     
 Balance at 1 October 2015                                 15,660                    -                -                           (580,500)            (564,840)     
                                                                                                                                                                     
 Profit for the year                                       -                         -                -                           306,968              306,968       
 Other comprehensive income:                                                                                                                                         
 Exchange differences on translating foreign operations    -                         -                145,913                     -                    145,913       
 Total comprehensive income                                -                         -                145,913                     306,968              452,881       
 Transactions with owners:                                                                                                                                           
 Issue of shares                                           131,907                   13,318,725       -                           -                    13,450,632    
 Dividends                                                 -                         -                -                           (383,675)            (383,675)     
 Total transactions with owners                            131,907                   13,318,725       -                           (383,675)            13,066,957    
 Balance as at 30 September 2016                           147,567                   13,318,725       145,913                     (657,207)            12,954,998    
 
 
Company Statement of Changes in Equity 
 
 Company                             Ordinary share capital    Share premium    Retained Earnings    Total        
                                     £                         £                £                    £            
                                                                                                                  
 Balance at 5 March 2015             -                -        -                -                    -            
                                                                                                                  
 Loss for the period                 -                         -                (580,500)            (580,500)    
 Total comprehensive income          -                         -                (580,500)            (580,500)    
 Transactions with owners:                                                                                        
 Issue of shares on incorporation    15,660                    -                -                    15,660       
                                                                                                                  
 Balance as at 30 September 2015     15,660                    -                (580,500)            (564,840)    
 
 
                                    Ordinary share capital    Share premium    Retained Earnings    Total         
                                    £                         £                £                    £             
                                                                                                                  
 Balance at 1 October 2015          15,660                    -                (580,500)            (564,840)     
                                                                                                                  
 Profit for the year                -                         -                1,019,353            1,019,353     
 Total comprehensive income         -                         -                1,019,353            1,019,353     
 Transactions with owners:                                                                                        
 Issue of shares                    131,907                   13,318,725       -                    13,450,632    
 Dividends                          -                         -                (383,675)            (383,675)     
 Total transactions with owners     131,907                   13,318,725       (383,675)            13,066,957    
 Balance as at 30 September 2016    147,567                   13,318,725       55,178               13,521,470    
 
 
Notes to the Financial Statements 
 
1       Critical accounting estimates and judgements 
 
The preparation of Financial Statements under IFRS requires the use of certain
critical accounting assumptions, and requires management to exercise its
judgment and to make estimates in the process of applying Cerillion's
accounting policies. 
 
Judgements 
 
(i) Capitalisation of development costs 
 
Development costs are capitalised only after the technical and commercial
feasibility of the asset for sale or use have been established. This is
determined by our intention to complete and/or use the intangible asset. The
future economic benefits of the asset are reviewed using detailed cash flow
projections. The key judgement is whether there will be a market for the
products once they are available for sale. 
 
(ii) Revenue recognition 
 
Revenue is recognised on the basis of implementation of the project. In
respect of long term contracts the revenue is in line with percentage
completed in terms of effort to date as a percentage of total forecast effort.
Total forecast is prepared by project managers on a monthly basis and reviewed
by the project office and senior management team on a monthly basis. The key
judgement is accurately forecasting the effort required to complete the
project. 
 
(iii) Business combinations 
 
The legal and accounting acquirer is Cerillion plc. Cerillion plc acquired
Cerillion Technologies Limited on 18 March 2016 for £14.6m, which was funded
by a new fund raise and bank debt. The acquisition was to facilitate an exit
for Cerillion's previous venture capital majority shareholders who were bought
out in full for cash. 
 
Estimates 
 
(i) Business combinations 
 
Management uses valuation techniques in determining the fair values of various
elements of a business combination. 
 
On initial recognition, the assets and liabilities of the acquired business
are included in the consolidated statement of financial position at their
provisional fair values. In measuring fair value, management uses estimates
about future cash flows and discount rates, however, actual results may vary.
See note 2. 
 
(ii) Depreciation and amortisation 
 
Depreciation and amortisation rates are based on estimates of the useful
economic lives and residual values of the assets involved. The assessment of
these useful economic lives is made by projecting the economic lifecycle of
the asset. The key judgement is estimating the useful economic life of the
development costs capitalised, a review is conducted annually by project.
Depreciation and amortisation rates are changed where economic lives are
re-assessed and technically obsolete items written off where necessary. Refer
to notes 12 and 13. 
 
2       Acquisitions 
 
The Company's controlling interest in its directly held subsidiary, Cerillion
Technologies Limited, was acquired through a business combination as defined
in IFRS 3 Business Combinations. As such the acquisition method of accounting
for this transaction has been followed. 
 
The details of the business combination are as follows: 
 
                                                                      Fair value adjustments                             
                                                       Book value                             Fair value               
                                                       £              £                                   £              
 Recognised amounts of identifiable net assets                                                                           
 Property, plant and equipment                         400,799                                            400,799        
 Intangible assets                                     80,000         6,949,814                           7,029,814      
 Deferred tax                                          354,054                                            354,054        
 Total non-current assets                              834,853        6,949,814                           7,784,667      
                                                                                                                         
 Trade and other receivables                           7,354,483      -                                   7,354,483      
 Cash and cash equivalents                             3,522,371      -                                   3,522,371      
 Total current assets                                  10,876,854     -                                   10,876,854     
                                                                                                                         
 Other non-current liabilities                         (120,000)                                          (120,000)      
 Deferred tax liabilities                              (70,660)       (1,320,465)                         (1,391,125)    
 Total non-current liabilities                         (190,660)      (1,320,465)                         (1,511,125)    
                                                                                                                         
 Trade and other payables                              (4,471,966)    -                                   (4,471,966)    
 Total current liabilities                             (4,471,966)    -                                   (4,471,966)    
                                                                                                                         
 Identifiable net assets                               7,049,081      5,629,349                           12,678,430     
                                                                                                                         
 Goodwill arising on acquisition (note 12)                                                                1,973,141      
                                                                                                                         
 Fair value of consideration transferred                                                                                 
 Amount settled in cash                                                                                   14,651,571     
 Total purchase consideration                                                                             14,651,571     
                                                                                                                         
 Analysis of cash flows on acquisition                                                                                   
 Purchase consideration transferred settled in cash                                                       14,651,571     
 Cash and cash equivalents acquired                                                                       (3,522,371)    
 Net cash flow on acquisition                                                                             11,129,200     
                                                                                                                         
 Acquisition costs charged to expenses                                                                    746,055        
                                                                                                                       
                                                                                                                                 
 
 
The legal and accounting acquirer is Cerillion plc. Cerillion plc acquired
Cerillion Technologies Limited on 18 March 2016 for £14.6m, which was funded
by a new fund raise and bank debt. The acquisition was to facilitate an exit
for Cerillion's previous venture capital majority shareholders who were bought
out in full for cash. 
 
Consideration transferred 
 
Cerillion plc paid £14,651,571 cash on 18 March 2016 for 100% of the share
capital and voting rights of Cerillion Technologies Limited. 
 
IPO costs amounting to £746,055 (2015: £580,500) are not included as part of
consideration transferred and have been recognised as an expense in the
consolidated statement of profit or loss and are disclosed as exceptional
items on the face of the income statement. 
 
Identifiable net assets 
 
Net assets excluding intangibles of £5,648,616 and separately identified
intangible net assets of £7,029,814 were acquired. 
 
The separately identified intangible net assets were made up of the current
fair value of existing support and maintenance contracts (£4.38m) and IPR
(£2.57m). The current fair value was calculated based on an estimate of future
profits from these sources using a Weighted Average Cost of Capital (WACC) of
12.7%. 
 
Goodwill 
 
Goodwill arising on this transaction amounted to £1,973,141, of which
£1,320,465 related to deferred tax arising on the provisional intangible
assets recognised on the acquisition.  The remaining goodwill of £652,676 is
primarily related to growth expectations, expected future profitability, the
substantial skill and expertise of Cerillion Technologies' workforce and
expected cost synergies. 
 
Goodwill has not been allocated to a particular segment and is not expected to
be deductible for tax purposes. 
 
Cerillion Technologies Limited's contribution to the Group results 
 
In consequence, the consolidated financial statements for Cerillion plc report
the result of operations for the period from date of acquisition being 18
March 2016 to 30 September 2016. Similarly, the consolidated balance sheet and
other financial information have been presented as though the assets and
liabilities were acquired on 18 March 2016. 
 
Cerillion Technologies Limited group generated revenues of £8,364,774 and a
profit of £1,578,822 for the period from 18 March 2016 to 30 September 2016.
If Cerillion Technologies Limited group had been acquired on 1 October 2015,
revenue of the Group for 2015 would have been £14,809,939, and profit for the
year would have been £2,154,308. 
 
3       Segment information 
 
During the year ended 30 September 2016, the Group was organised into four
main business segments for revenue purposes. 
 
Under IFRS 8 there is a requirement to show the profit or loss for each
reportable segments and the total assets and total liabilities for each
reportable segment if such amounts are regularly provided to the chief
operating decision maker. 
 
In respect of the profit or loss for each reportable segment the expenses are
not reported by segment and cannot be allocated on a reasonable basis and, as
a result, the analysis is limited to the Group revenue. 
 
Assets and liabilities are used or incurred across all segments and therefore
are not split between segments. 
 
                        Year to 30 September2016    Period from 5 March 2015 to 30 September 2015*  
                        £                           £                                               
 Revenue                                                                                            
 Services               5,358,998                   -                                               
 Software               2,467,507                   -                                               
 Software as a Service  147,266                     -                                               
 3rd party              391,003                     -                                               
 Total revenue          8,364,774                   -                                               
                                                                                                      
                                                                                                          
 
 
(a) Geographical information
As noted above, the internal reporting of the Group's performance does not
require that the statement of financial position information is gathered on
the basis of the business streams. However, the Group operates within discrete
geographical markets such that capital expenditure, total assets and net
assets of the Group are split between these locations as follows: 
 
                               Europe        MEA        Americas     Asiapac  
                               £             £          £            £        
 Year ended 30 September 2016                                                 
 Revenue                       1,851,745     888,575    4,835,022    789,432  
 Capital expenditure           686,774       -          -            51,330   
 Total assets                  23,392,783    -          -            542,836  
 Net assets                    12,397,168    -          -            557,830  
 
 
* Comprises the plc Parent Company only, as the Group came into existence on
18 March 2016. 
 
Cerillion receives greater than 10% of revenue from individual customers in
the following geographical regions: 
 
                   Operating    2016       
                   segment      £          
 Customer                                  
 No. 1             Americas     4,239,879  
 No. 2             MEA          859,256    
 
 
The group had no revenue or capital expenditure for the year ended 30
September 2015 and all the assets and liabilities were within the UK based
Parent Company (Europe segment). 
 
4       Operating profit/(loss) 
 
                                                                Year to 30 September 2016    Period from 5 March 2015 to 30 September 2015*  
                                                                £                            £                                               
 Operating profit/(loss) is stated after (crediting)/charging:                                                                               
 Depreciation                                                   142,695                      -                                               
 Amortisation of intangibles                                    571,555                      -                                               
 Research and development costs                                 172,978                      -                                               
 Exceptional item - IPO costs                                   746,055                      580,500                                         
 Bad debt expense                                               495,649                      -                                               
 Foreign exchange gains                                         (544,389)                    -                                               
 Operating leases                                               412,852                      -                                               
 Fees payable to Cerillion's principal auditor:                                                                                              
 - Audit of Cerillion PLC's annual accounts                     5,000                        5,000                                           
 - Audit of subsidiaries                                        40,000                       -                                               
 - Non-audit services - tax services                            12,400                       -                                               
 - Non-audit services - corporate finance                       145,000                      -                                               
 - Non-audit services - other                                   8,000                        -                                               
 Fees payable to associates of principal auditor:                                                                                            
 - Audit of subsidiaries                                        8,000                        -                                               
 - Non-audit services - tax services                            13,200                       -                                               
                                                                                                                                               
                                                                                                                                                   
 
 
The Company did not generate revenue during the period to 30 September 2015. 
Expenses in that period related to professional fees in relation to the
admission of the Company to AIM. 
 
* Comprises the plc Parent Company only, as the Group came into existence on
18 March 2016. 
 
5       Directors and employees 
 
                                                     Year to 30 September 2016    Period from 5 March 2015 to 30 September 2015  
 Group                                               £                            £                                              
 Employee costs (including Directors):                                                                                           
 Wages and salaries                                  4,079,149                    -                                              
 Social security costs                               311,036                      -                                              
 Payments into defined contribution pension schemes  170,521                      -                                              
                                                     4,560,706                    -                                              
                                                                                                                                   
                                                                                                                                       
 
 
                                                                                                Year to 30 September 2016    Period from 5 March 2015 to 30 September 2015  
                                                                                                Number                       Number                                         
 The average number of employees (including Directors) during the year was made up as follows:                                                                              
 Management and administration                                                                  20                           -                                              
 Sales and marketing                                                                            12                                                                          
 Support and development staff                                                                  125                          -                                              
 Executive Directors                                                                            3                            3                                              
 Non-executive Directors                                                                        2                            -                                              
                                                                                                162                          3                                              
 
 
For details of Directors' remuneration, refer to the Remuneration report on
pages 16 and 17. Key management personnel is covered in note 24. None of the
Company's directors received or were entitled to receive any remuneration from
the Company for their services during the period from incorporation to 30
September 2015. 
 
There were no employees during the period ended 30 September 2015. 
 
6       Finance income 
 
                           Year to 30 September 2016    Period from 5 March 2015 to 30 September 2015  
                           £                            £                                              
 Finance income:                                                                                       
 Bank interest receivable  6,059                        -                                              
                                                                                                       
 
 
7       Finance costs 
 
                                                Year to 30 September 2016    Period from 5 March 2015 to 30 September 2015  
                                                £                            £                                              
 Finance costs:                                                                                                             
 Interest payable in respect of loans           (78,149)                     -                                              
 Fair value loss on forward exchange contracts  (121,410)                    -                                              
                                                (199,559)                    -                                              
                                                                                                                              
                                                                                                                                  
 
 
8       Taxation 
 
(a) Analysis of tax charge for the year/period 
 
The tax charge for the group is based on the profit/(loss) for the year/period
and represents: 
 
                                                                                                                                                                              Year to 30 September 2016  Period from 5 March 2015 to 30 September 2015    
                                                                                                                                                                              £                          £                                                
 Current tax (credit)/expense                                                                                                                                                 (3,804)                    -                                                
 Deferred tax (credit)/charge                                                                                                                                                 (64,228)                   -                                                
 Total tax (credit)/charge                                                                                                                                                    (68,032)                   -                                                
                                                                                                                                                                                                                                                          
 (b) Factors affecting total tax for the year/period                                                                                                                                                                                                    
 The tax assessed for the year/period differs from the standard rate of corporation tax in the United Kingdom 20.0% (2015: 20.0%). The differences are explained as follows:  
 
 
The tax assessed for the year/period differs from the standard rate of
corporation tax in the United Kingdom 20.0% (2015: 20.0%). The differences are
explained as follows: 
 
                                                                                                                                                         
 Profit/(loss) on ordinary activities before tax                                                                                   238,936    (580,500)  
                                                                                                                                                         
 Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the United Kingdom of 20.0% (2015: 20.0%)  47,787     (116,100)  
                                                                                                                                                         
 Effect of:                                                                                                                                              
 Expenses not deductible for tax purposes                                                                                          195,446    116,100    
 Difference in tax rates                                                                                                           23,506     -          
 Other temporary differences                                                                                                       (120,470)  -          
 Surrender of tax losses                                                                                                           29,113     -          
 Losses carried forward                                                                                                            26,918     -          
 R&D tax credit payable                                                                                                            (21,107)   -          
 Enhanced relief for research and development                                                                                      (249,225)  -          
 Total tax (credit)/charge                                                                                                         (68,032)   -          
 
 
- 
 
There are currently no deferred tax assets or liabilities recognised within
the parent company accounts. Taxable losses within the parent company
totalling £134,591 (2015: £nil) have been carried forward, but no deferred tax
asset has been recognised in relation to these losses due to the uncertainty
surrounding the timing of their recovery. 
 
9       Profit/(loss) attributable to Cerillion plc 
 
The profit/(loss) for the financial year/period of the Parent Company,
Cerillion plc was £1,019,353  (2015: loss £580,500). As permitted by section
408 of the Companies Act 2006, no separate income statement is presented in
respect of the Parent Company. 
 
10     Dividends 
 
(a)   Dividends paid during the reporting period 
 
The Board declared a maiden interim dividend of 1.3p (2015: nil pence) per
share totalling £383,675 (2015: £nil) in line with the Company's dividend
policy, which was paid on 23 June 2016. 
 
(b)   Dividends not recognised at the end of the reporting period 
 
Since the year end the Directors have proposed the payment of a dividend in
respect of the full financial year of 2.6p per fully paid Ordinary share
(2015: £nil). The aggregate amount of the proposed dividend expected to be
paid out of retained earnings at 30 September 2016, but not recognised as a
liability at the year end is £767,351 (2015: £nil). 
 
11     Earnings/(loss) per share 
 
Basic earnings/(loss) per share is calculated by dividing the profit/(loss)
attributable to equity holders of the Company by the weighted average number
of Ordinary Shares in issue during the year/period. The A Ordinary Shares in
existence as at 30 September 2015 have been classified as a liability and are
therefore excluded from the earnings per share calculation. 
 
                                                                    Year to 30 September 2016    Period from 5 March 2015 to 30 September 2015  
                                                                                                                                                
 Profit/(loss) attributable to equity holders of the Company (£)    306,968                      (580,500)                                      
                                                                                                                                                
 

- More to follow, for following part double click  ID:nRSb2323Qc
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.