REG - PCI-PAL PLC - Final Results <Origin Href="QuoteRef">PCIPP.L</Origin> - Part 2
23/11/2016 07:05
- Part 2: For the preceding part double click ID:nRSW8564Pa
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2016Heads 2015Heads
Average number of employees during the year 329 255
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Remuneration in respect of directors was as follows:
2016£ 2015£
Emoluments 482,145 466,231
Pension contributions to money purchase pension schemes 29,255 35,871
─────── ───────
511,400 502,102
═══════ ═══════
During the year 3 (2015: 3) directors participated in money purchase pension
schemes.
The amounts set out above include remuneration in respect of the highest paid
director as follows:
2016 2015
£ £
Emoluments 179,486 162,442
Pension contributions to money purchase pension schemes 7,552 14,734
═══════ ═══════
A detailed breakdown of the Directors' Emoluments, in line with the AIM rules,
appears in the Directors' Report.
Key management compensation:
2016£ 2015£
Short term employee benefits 650,593 721,095
Post employment benefits 36,380 52,996
─────── ───────
686,973 806,049
═══════ ═══════
9. SEGMENTAL INFORMATION
PCI-PAL PLC operates three business sectors, Ansaback, CallScripter and Ancora
Solutions (the discontinued activity). These divisions are the basis on which
the Group reports its segment information. IP3 Telecom and PCI-PAL are part of
the Ansaback division. The results of these two activities are not reported
separately to management and are not treated as separate segments. The
inter-segment sales are insignificant. Segment results, assets and liabilities
include items directly attributable to a segment as well as those that can be
allocated on a reasonable basis. Unallocated assets comprise items such as
cash and cash equivalents, taxation and borrowings. All liabilities, other
than the bank loan, are unallocated. Segment capital expenditure is the total
cost incurred during the year to acquire segment assets that are expected to
be used for more than one period.
Ansaback CallScripter Central Continuing Activities DiscontinuedActivities Total
£ £ £ £ £ £
2016
Revenue 7,592,621 673,334 - 8,265,955 (311) 8,265,644
─────── ─────── ─────── ─────── ─────── ───────
Segment result 1,006,743 (229,631) (726,430) 50,682 36,460 87,142
Finance income - - 2,892 2,892 - 2,892
Finance costs - - (32,411) (32,411) - (32,411)
─────── ─────── ─────── ─────── ─────── ───────
Profit/(loss) before tax 1,006,743 (229,631) (755,949) 21,163 36,460 57,623
═══════ ═══════ ═══════ ═══════ ═══════ ═══════
Segment assets 3,146,266 153,893 931,114 4,231,273 - 4,231,273
Segment liabilities (1,115,256) - (1,094,036) (2,209,292) - (2,209,292)
Other segment items:
Capital Expenditure
- Plant and Equipment 179,875 1,730 - 181,605 - 181,605
Depreciation(note 13) 143,277 10,600 - 153,877 - 153,877
Depreciation of Buildings(note 14) 52,704 - - 52,704 - 52,704
9. SEGMENTAL INFORMATION (continued)
Ansaback CallScripter Central Continuing Activities DiscontinuedActivities Total
£ £ £ £ £ £
2015
Revenue 5,441,094 1,045,847 - 6,486,941 362,803 6,849,744
─────── ─────── ─────── ─────── ─────── ───────
Segment result 424,508 (31,466) (612,585) (219,543) (53,856) (273,399)
Finance income - - 2,323 2,323 - 2,323
Finance costs - - (41,024) (41,024) - (41,024)
─────── ─────── ─────── ─────── ─────── ───────
Profit/(loss) before tax 424,508 (31,466) (651,286) (258,244) (53,856) (312,100)
═══════ ═══════ ═══════ ═══════ ═══════ ═══════
Segment assets 2,715,970 256,894 1,145,223 4,118,087 - 4,118,087
Segment liabilities (1,189,246) - (1,016,600) (2,205,846) - (2,205,846)
Other segment items:
Capital Expenditure
- Plant and Equipment 58,443 962 - 59,405 3,784 63,189
Depreciation(note 13) 146,696 13,282 - 159,978 20,674 180,652
Amortisationof intangibleassets (note 12) - - - - 14,150 14,150
Depreciation of Buildings(note 14) 49,743 - - 49,743 - 49,743
9. SEGMENTAL INFORMATION (continued)
Revenue can be split by location of customers as follows:
2016 2015
£ £
Continuing activities
Ansaback division
United Kingdom 7,466,994 5,396,625
Denmark 66,260 3,129
Australia 36,549 27,428
France 7,140 4,779
Greece 5,980 -
Ireland 4,877 3,129
United States 2,501 2,793
Netherlands 2,093 -
Other countries 227 3,211
─────── ───────
7,592,621 5,441,094
─────── ───────
CallScripter division
United Kingdom 300,200 404,313
United States 294,666 522,941
Australia 34,001 47,500
Ireland 20,607 6,109
Luxembourg 15,938 -
Greece 7,922 -
Netherlands - 36,838
Belgium - 12,136
Denmark - 7,637
Cyprus - 4,838
France - 3,535
─────── ───────
673,334 1,045,847
─────── ───────
Continuing activities 8,265,955 6,486,941
Discontinued activities
Ancora Solutions division
United Kingdom (311) 362,803
─────── ───────
8,265,644 6,849,744
═══════ ═══════
One single external customer generates 22% - £1,651,961 (2015: 14% - £772,622)
of the Ansaback division's revenues.
All non-current assets are located in the United Kingdom.
10. EARNINGS PER SHARE
The calculation of the earnings per share is based on the profit after
taxation added to reserves divided by the weighted average number of ordinary
shares in issue during the relevant period as adjusted for treasury shares. No
diluted profit per share is shown because all options are non-dilutive as the
vesting conditions were not met at the year ended 30 June 2015 and the options
had expired by 30 June 2016. Details of potential share options are disclosed
in note 20.
12 monthsended30 June2016 12 months ended30 June2015
Profit/(loss) after taxation added to reserves 157,055 (591,878)
Weighted average number of ordinary sharesin issue during the period 31,553,949 31,553,949
Basic and diluted earnings per share 0.50p (1.88)p
11. TAXATION
2016 2015
£ £
Analysis of charge in the year
Current tax:
In respect of the year:
UK Corporation tax based on the results for the yearat 20% (2015: 20.75%) - 222
Adjustments in respect of prior periods 99,432 -
─────── ───────
Total current tax credited 99,432 222
─────── ───────
Movement on recognition of tax losses - (280,000)
─────── ───────
Total deferred tax charged - (280,000)
─────── ───────
Credit/(charge) 99,432 (279,778)
═══════ ═══════
═══════
11. TAXATION (continued)
Factors affecting current tax charge
The tax assessed on the profit on ordinary activities for the year was lower
than the standard rate of corporation tax in the UK of 20% (2015: 20.75%).
2016 2015
£ £
Profit/(loss) on ordinary activities before tax 21,163 (258,244)
═══════ ═══════
Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 20% (2015: 20.75%) 11,525 (64,762)
Expenses not deductible for tax purposes 3,090 3,462
Depreciation (less than)/in excess of capital allowancesfor the year 28,538 23,177
Utilisation of tax losses (50,341) -
Unrelieved tax losses - 33,547
Other 7,188 4,576
Research and Development claim - -
Movement on deferred tax timing differences - (280,000)
Prior year adjustment 99,432 222
─────── ───────
Total tax credit/(charge) for the year 99,432 (279,778)
═══════ ═══════
The company has unrecognised tax losses carried forward of £1.8 million (2015:
£2.0 million).
During the year to 30 June 2016 the Group submitted a Research and Development
claim to HMRC relating to the year ended 30 June 2015 and a payment was
received of £99,432. This credit was recognised in the Income Statement.
12. INTANGIBLE ASSETS
In calculating the value in use of the capitalised internal salaries in the
CallScripter division, management make judgements and estimates of future cash
flows. In the previous year, due to these negative cash flow forecasts, the
directors fully impaired the Intangible Assets in this division.
2016 Cost Goodwill£ Purchased intangibles £ Capitalised development costs £ Total £
Goodwill - - - -
Ancora brand - - - -
Ancora client relationships - - - -
CallScripter internal salaries - - 1,083,711 1,083,711
──────── ──────── ──────── ────────
Cost at 1 July 2015 - - 1,083,711 1,083,711
──────── ──────── ──────── ───────
Goodwill - - - -
Ancora brand - - - -
Ancora client relationships - - - -
CallScripter internal salaries - - 1,083,711 1,083,711
──────── ──────── ──────── ────────
Cost at 30 June 2016 - - 1,083,711 1,083,711
──────── ──────── ──────── ────────
12. INTANGIBLE ASSETS (continued)
2016 Goodwill£ Purchased intangibles £ Capitalised development costs £ Total £
Amortisation and impairment(included within administrative expenses):
Goodwill - - - -
Ancora brand - - - -
Ancora client relationships - - - -
CallScripter internal salaries - - 1,083,711 1,083,711
──────── ──────── ──────── ───────
Amortisation at 1 July 2015 - - 1,083,711 1,083,711
──────── ──────── ──────── ───────
Goodwill - - - -
Ancora brand - - - -
Ancora client relationships - - - -
CallScripter internal salaries - - 1,083,711 1,083,711
──────── ──────── ──────── ────────
Amortisation at 30 June 2016 - - 1,083,711 1,083,711
──────── ──────── ──────── ────────
Net book amount
Goodwill - - - -
Ancora brand - - - -
Ancora client relationships - - - -
CallScripter internal salaries - - - -
──────── ──────── ──────── ────────
Net book amount at 30 June 2016 - - - -
════════ ════════ ═════════ ═══════
12. INTANGIBLE ASSETS (continued)
2015 Goodwill£ Purchased intangibles £ Capitalised development costs £ Total £
Cost
Goodwill 32,500 - - 32,500
Ancora brand - 3,000 - 3,000
Ancora client relationships - 280,000 - 280,000
CallScripter internal salaries - - 1,083,711 1,083,711
──────── ──────── ──────── ────────
Cost at 1 July 2014 32,500 283,000 1,083,711 1,399,211
──────── ──────── ──────── ───────
Goodwill (32,500) - (32,500)
Ancora brand - (3,000) - (3,000)
Ancora client relationships - (280,000) - (280,000)
CallScripter internal salaries - - - -
──────── ──────── ──────── ───────
Disposals (32,500) (283,000) - (315,500)
──────── ──────── ──────── ───────
Goodwill - - - -
Ancora brand - - - -
Ancora client relationships - - - -
CallScripter internal salaries - - 1,083,711 1,083,711
──────── ──────── ──────── ───────
Cost at 30 June 2015 - - 1,083,711 1,083,711
──────── ──────── ──────── ───────
12. INTANGIBLE ASSETS (continued)
2015 Goodwill£ Purchased intangibles £ Capitalised development costs £ Total £
Amortisation(included within administrative expenses):
Goodwill - - - -
Ancora brand - 700 - 700
Ancora client relationships - 93,633 - 93,633
CallScripter internal salaries - - 1,083,711 1,083,711
──────── ──────── ──────── ───────
Amortisation at 1 July 2014 - 94,333 1,083,711 1,178,044
──────── ──────── ──────── ───────
Goodwill - - - -
Ancora brand - 150 - 150
Ancora client relationships - 14,000 - 14,000
CallScripter internal salaries - - - -
──────── ──────── ──────── ───────
Charge for the year - 14,150 - 14,150
──────── ──────── ──────── ────────
Goodwill - - - -
Ancora brand - (850) - (850)
Ancora client relationships - (107,633) - (107,633)
CallScripter internal salaries - - - -
──────── ──────── ──────── ──────
Written out in the year - (108,483) - (108,483)
──────── ──────── ──────── ──────
Goodwill - - - -
Ancora brand - - - -
Ancora client relationships - - - -
CallScripter internal salaries - - 1,083,711 1,083,711
──────── ──────── ──────── ────────
Amortisation at 30 June 2015 - - 1,083,711 1,083,711
──────── ──────── ──────── ────────
Goodwill - - - -
Ancora brand - - - -
Ancora client relationships - - - -
CallScripter internal salaries - - - -
──────── ──────── ──────── ────────
Net book amount at 30 June 2015 - - - -
════════ ════════ ═════════ ═══════
13. PLANT AND EQUIPMENT
2016 Plant£ Motor Vehicles£ Fixtures and Fittings£ Computer Equipment£ Total£
Cost:
At 1 July 2015 25,154 59,108 423,430 511,102 1,018,794
Additions - - 19,922 161,683 181,605
Disposals - - (33,381) (62,193) (95,574)
──────── ──────── ──────── ──────── ────────
At 30 June 2016 25,154 59,108 409,971 610,592 1,104,825
──────── ──────── ──────── ──────── ────────
Depreciation (included within administrative expenses):
At 1 July 2015 10,204 47,028 369,802 367,427 794,461
Charge for the year 3,526 4,999 33,971 111,381 153,877
Disposals - - (33,172) (62,193) (95,365)
──────── ──────── ──────── ──────── ────────
At 30 June 2016 13,730 52,027 370,601 416,615 852,973
──────── ──────── ──────── ──────── ────────
Net book amount at 30 June 2016 11,424 7,081 39,370 193,977 251,852
════════ ════════ ════════ ════════ ════════
2015 Plant£ Motor Vehicles£ Fixturesand Fittings£ Computer Equipment£ Total£
At 1 July 2014 172,502 62,108 447,218 606,529 1,288,357
Additions 3,784 - 2,846 56,559 63,189
Disposals (151,132) (3,000) (26,634) (151,986) (332,752)
─────── ──────── ─────── ─────── ────────
At 30 June 2015 25,154 59,108 423,430 511,102 1,018,794
──────── ──────── ──────── ──────── ────────
Depreciation (included within administrative expenses):
At 1 July 2013 85,200 42,577 358,170 381,154 867,101
Charge for the year 18,698 7,451 37,640 116,863 180,652
Disposals (93,694) (3,000) (26,008) (130,590) (253,292)
──────── ──────── ──────── ──────── ────────
At 30 June 2015 10,204 47,028 369,802 367,427 794,461
──────── ──────── ──────── ──────── ────────
Net book amount at 30 June 2015 14,950 12,080 53,628 143,675 224,333
════════ ════════ ════════ ════════ ════════
13. PLANT AND EQUIPMENT (continued)
Included within the net book amount of £251,852 (2015: £224,333) is £97,929
(2015: £36,015) relating to assets held under finance leases. The depreciation
charged to the financial statements in the year in respect of such assets
amounted to £40,747 (2015: £42,863).
14. LAND AND BUILDINGS
2016 Land£ Buildings£ Total £
Cost:
At 1 July 2015 428,347 1,250,520 1,678,867
Additions - - -
Disposals - - -
──────── ──────── ────────
At 30 June 2016 428,347 1,250,520 1,678,867
──────── ──────── ────────
Depreciation (Included within administrative expenses):
At 1 July 2015 - 25,563 25,563
Charge for the year - 52,704 52,704
Disposals - - -
──────── ──────── ────────
At 30 June 2016 - 78,267 78,267
──────── ──────── ────────
Net book amount at 30 June 2016 428,347 1,172,253 1,600,600
════════ ════════ ════════
2015 Land£ Buildings£ Total£
Cost:
At 1 July 2014 428,347 1,313,687 1,742,034
Additions - 1,500 1,500
Disposals - (64,667) (64,667)
──────── ──────── ────────
At 30 June 2015 428,347 1,250,520 1,678,867
──────── ──────── ────────
Depreciation (Included within administrative expenses):
At 1 July 2014 - 49,265 49,265
Charge for the year - 49,743 49,743
Disposals - (73,445) (73,445)
──────── ──────── ────────
At 30 June 2015 - 25,563 25,563
──────── ──────── ────────
Net book amount at 30 June 2015 428,347 1,224,957 1,653,304
════════ ════════ ════════
15. TRADE AND OTHER RECEIVABLES
2016 2015
£ £
Trade receivables 1,265,861 950,449
Other receivables 500 504
Prepayments and accrued income 217,021 248,675
──────── ────────
Trade and other receivables 1,483,382 1,199,628
════════ ════════
All amounts fall due within one year and therefore the fair value is
considered to be approximately equal to the carrying value. All of the Group's
trade and other receivables are denominated in pounds sterling. The maximum
exposure to credit risk at the reporting date is the carrying value of each
class of receivables mentioned above. The Group holds £12,934 (2015: £14,618)
of deposits as security against certain accounts.
Trade receivables have been reviewed for indicators of impairment and a
provision has been recorded as follows:
2016 2015
£ £
Opening provision 12,900 17,000
Charged/(released) to income 10,200 (4,100)
──────── ────────
Closing provision at 30 June 23,100 12,900
════════ ════════
All of the impaired trade receivables are past due at the reporting dates. In
addition, some of the non-impaired trade receivables are past due at the
reporting date:
2016 2015
£ £
0-30 days past due 32,599 16,312
30-60 days past due 2,292 22,700
Over 60 days past due 1,293 2,630
──────── ────────
36,184 41,642
════════ ══════
Amounts which are not impaired, whether past due or not, are considered to be
recoverable at their carrying value. Factors taken into consideration are past
experience of collecting debts from those customers, plus evidence of post
year end collection.
16. CURRENT LIABILITIES
2016 2015
£ £
Trade payables 289,284 276,415
Social security and other taxes 406,833 319,878
Other payables 303,957 445,973
──────── ────────
Trade and other payables 1,000,074 1,042,266
──────── ────────
Bank loans (note 17) 35,661 32,766
Amounts due under finance leases (note 17) 26,537 18,996
──────── ────────
Current portion of long-term borrowings 62,198 51,762
──────── ────────
1,062,272 1,094,028
════════ ════════
Amounts due under finance leases are secured on the related assets.
17. NON-CURRENT LIABILITES
2016 2015
£ £
Bank loans
1,079,596 1,104,718
Amounts due under finance leases
67,424 7,100
──────── ────────
Long term borrowings
1,147,020 1,111,818
════════ ════════
Borrowings
Bank loans are repayable as follows:
2016 2015
£ £
Within one year 35,661 32,766
After one year and within two years 33,827 33,727
After two years and within five years 145,853 107,231
Over five years 899,916 963,760
──────── ────────
1,115,257 1,137,484
════════ ════════
17. NON-CURRENT LIABILITES (continued)
Borrowings (continued)
On 15 January 2016 the Company obtained a loan of £1,145,529, secured over
Melford Court, The Havens, Ransomes Europark, Ipswich IP3 9SJ repayable over
25 years with a 5 year fixed rate of 2.4% above the base rate from the NatWest
Bank PLC.
Interest on the bank loan falls due as follows:
2016 2015
£ £
Within one year 32,328 32,633
After one year and within two years 31,573 31,672
After two years and within five years 115,744 88,967
Over five years 255,977 298,042
──────── ────────
435,622 451,314
════════ ════════
Amounts due under finance leases are secured on the related assets.
The minimum lease payments due under finance leases fall due as follows:
2016 2015
£ £
Within one year 28,863 20,200
After one year and within five years 70,733 7,244
──────── ────────
99,596 27,444
════════ ════════
The above table includes interest included within the amounts due under
finance leases which falls due as follows:
2016 2015
£ £
Within one year 2,326 1,205
After one year and within five years 3,309 143
──────── ────────
5,635 1,348
════════ ════════
The lease agreements are for various fixed assets and include fixed lease
payments with a purchase option at the end of the lease terms. The agreements
are non-cancellable and do not contain any further restrictions.
18. DEFERRED TAXATION
Deferred taxation is calculated at a rate of 20% (2015: 22.5%).
Tax losses£ Total£
Opening balance at 1 July 2014 280,000 280,000
(Charged)/credited through the statement of comprehensive income in the year (280,000) (280,000)
──────── ───────
At 30 June 2015 - -
Charged through the statement of comprehensive income in the year - -
──────── ───────
At 30 June 2016 - -
════════ ═══════
2016£ 2015£
Unprovided deferred tax assets
Accelerated capital allowances 36,000 (6,000)
Trading losses 283,500 398,000
─────── ───────
319,500 392,000
═══════ ═══════
In the previous year the deferred tax asset in respect of carried forward tax
losses of £280,000 was written off on the basis that the directors believe
that it is more than likely not to be realised against future taxable profits
of the Group in the foreseeable future, since declared profits have become
taxable losses due to Research and Development claims.
The unprovided deferred tax assets are calculated at a rate of 18% (2015:
20%).
19. GROUP UNDERTAKINGS
At 30 June 2016, the Group included the following subsidiary undertakings,
which are included in the consolidated accounts:
Name Country ofIncorporation Class of sharecapital held Proportionheld Nature ofbusiness
IPPlus (UK) Limited England Ordinary 100% Out of hours and overflow telephony services and software company
CallScripter Limited England Ordinary 100% Software reseller
Suffolk Disaster Recovery Limited(previously Ancora Solutions Limited) England Ordinary 100% Dormant
Ansaback Limited England Ordinary 100% Dormant
CallScripter (U.K.) Limited England Ordinary 100% Dormant
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