Informe financiero anual
26 de marzo de 2024
kooth plc
("Kooth", la "Empresa" o la "Grupo procesos")
Resultados del año completo
2023 revenues up 66% to £33.3 million
Significant US growth and investment in in-market capabilities to expand into additional States
Kooth (AIM: KOO), a global leader in youth digital mental well-being, announces audited results for the 12 months ended 31 December 2023. All figures relate to this period unless otherwise stated.
Strategic and post-period end highlights
· | Successful launch of contract with California Department of Health Care Services (DHCS) to deliver behavioural health care to the State's population of 13-25 year olds, representing an expected $188 million, four-year opportunity with possible revenue upside based on usage levels and product development |
· | Development and launch of Soluna, Kooth's next-generation platform to help build mental health skills-for-life, access peer-support and professional help |
· | First US Medicaid strategic partnership with Aetna Better Health Illinois to support youth in low-income families |
· | Strong uptake in Pennsylvania pilot, with 1-in-10 high school students accessing Kooth |
· | Accelerated investment in US Government sales to expand into additional States |
· | UK CYP services stable despite NHS headwinds with short-term funding pressures |
Aspectos financieros más destacados
· | 2023 revenues of £33.3 million, increasing 66% year-on-year, driven by US growth and continuing adoption of digital-first healthcare |
· | £64.6 million year end Annual Recurring Revenue, representing growth of 206% compared to prior year |
· | 98% of revenue derived from contracts of 12+ months |
· | 98% UK Net Revenue Retention (2022: 107%) |
· | 8.7 percentage point gross margin increase, driven by increased US revenue mix and contribution to product development |
· | £11.0 million net cash compared to £8.6 million prior year Strong, debt-free balance sheet with net cash generated from operations of £1.9 million, bolstered by net proceeds of £9.4 million from Kooth's successful equity fundraise in July 2023 |
Perspectivas y comercio actual
· | Opportunity for Kooth in the US remains unchanged, driven by the continued need from both US State governments and Medicaid payers to invest further in youth mental health |
· | UK headwinds remain, given NHS short-term financial pressures to address the 2023/24 budget deficit. Kooth's focus remains on continuing to demonstrate the impact and savings that it generates when commissioned in a region |
· | Robust balance sheet enabling Kooth to invest to meet long-term, increasing demand for its services |
· | Kooth's proven track record, strong recurring revenue and net cash position give it an excellent platform for profitable growth as it enters 2024 with the expectation of gross margins of >70%, an EBITDA margin in the mid-teens and rising thereafter |
· | The strength of Kooth's model, strategy and market position - allied to long-term demand for digital mental health services in the UK and US - support the Company's confidence of further progress in the year ahead |
· | Revenue and EBITDA expected to be in line with 2024 market expectations |
Tim Barker, Chief Executive of Kooth, commented:
"In 2023 Kooth significantly expanded its services and capabilities. We won the most significant contract in our history in California to deliver behavioural health care to the State's population of 13-25 year olds, representing a $188 million, four-year opportunity. To support this contract, we developed Soluna, our next-generation platform to help build mental health skills-for-life, access peer-support and professional help.
"We have delivered record financials in 2023, with revenue increasing by 66% year on year to £33.3 million, and adjusted EBITDA growing to £2.3 million, an increase of 40%. To support this growth, we have grown our headcount to end 2023 with 585 employees, of which over 200 are based in the US. This means we are well placed to support and expand our services, reflecting the continued need from both US State governments and Medicaid payers to invest further in youth mental health. This need was highlighted when, post-period end, we agreed a partnership with Aetna Better, representing Kooth's first private-sector contract in the US. In Pennsylvania, we were delighted that within a year of launching Kooth over 1-in-10 high school students were accessing Kooth, demonstrating strong uptake during the pilot phase of this contract. Our UK offering remains stable in the face of ongoing headwinds following the shift to the ICS structure and short-term funding pressures, which we anticipate lasting until after 2024's anticipated general election. Kooth remains well placed in the UK, and the experience and data we will generate in the US from our significant new contracts will allow us insights which will differentiate us further from our competition, coupled with the launch of Soluna in the UK which we anticipate will occur within the next 12 months.
"This growth, coupled with our strong balance sheet, ensures we are very well placed to take the available opportunities to continue growing our business. I look forward to working alongside our team to build on our successes in 2023 into 2024 and beyond as we seek to help ever more people in the face of this growing, global crisis."
Consultas: | |
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kooth plc | |
Tim Barker, director ejecutivo | |
Sanjay Jawa, director financiero | |
Stifel, asesor nominado y único Broker | +44 0 20 7710 7600 |
Ben Maddison, Nick Adams, Nicholas Harland, Erik Anderson | |
Consultoría FTI | |
Jamie Ricketts, Alex Shaw, Usama Ali |
Acerca de Kooth plc:
Kooth (AIM:KOO) es un líder mundial en bienestar mental digital juvenil. Nuestra misión es brindar espacios accesibles y seguros para que todos logren una mejor salud mental. Nuestra plataforma es clínicamente sólida y está acreditada para brindar una variedad de intervenciones y apoyo terapéutico. Todos nuestros servicios se basan en un fácil acceso para hacer realidad la intervención temprana y la prevención.
Kooth es una comunidad totalmente protegida y premoderada con una biblioteca de contenido creado por pares y profesionales, junto con acceso a asesores en línea experimentados. No hay umbrales de apoyo ni listas de espera.
Kooth es el proveedor de salud mental digital más antiguo que cuenta con una acreditación en todo el Reino Unido de la Asociación Británica de Consejería y Psicoterapia (BACP) y, según los datos del NHS de Inglaterra para 2022/23, es ahora el mayor proveedor de acceso único para apoyo de salud mental para menores. 18 años.
En 2021, Kooth comenzó a ejecutar su estrategia de expansión internacional, con un enfoque inicial en el mercado estadounidense. Este enfoque se debe al creciente reconocimiento de la importancia de mejorar la salud mental de los jóvenes en este mercado clave de la atención sanitaria mundial, en el que 1 de cada 6 personas de entre 6 y 17 años experimenta un trastorno de salud mental cada año.
Declaración del presidente
Without doubt, 2023 has been a transformational year for Kooth, with significant growth and progress towards our vision to build mentally healthier populations by providing everyone with access to effective digital support from their first moment of need. I want to thank all members of the team in both the UK and US for their incredible hard work in delivering on the opportunities that have presented themselves to us. In addition, I want to record my appreciation to our customers who entrust us as custodians for the mental health of their populations.
Reflecting on the progress we have made in the US since late 2021 - first in Pennsylvania, and then in California - we are grateful for the endorsement of our innovation, clinical efficacy, and scale. The rapid progress we are making in the US would not be possible without the proof points we have developed over decades in the UK.
As a result of our $188m expected value, four-year contract win in California, we upgraded our growth outlook, and I am pleased to report 2023 Group revenues of £33.3 million, a 66% increase over 2022 revenues of £20.1 million, and over 40% increase in EBITDA to £2.3 million.
Given our rapid progress in California in particular, we successfully raised £10m of equity in July, primarily to invest in accelerating our US growth. I'm pleased to report that this has enabled us to expand our Sales and Research efforts, with discussions underway in a number of States, and a partnership with Aetna to pilot Kooth in Illinois to support youth in low-income families that qualify for Medicaid. The latter represents a potentially significant expansion of our modes of funding, and in turn a reinforcement of our market position.
Turning to the UK, 2023 has been a challenging year given the short-term financial and political pressures to reduce spending to pre-pandemic levels, whilst tackling the elective care waiting lists. Given the estimated £7 billion budget deficit at the start of 2023, NHS commissioners have been faced with difficult decisions to scale back services to balance budgets. As a result, churn in the UK has increased to £2.3m, up from £2.0m in 2022, with Kooth Adult pilot contracts being disproportionately impacted.
However, given the unsustainable, continued double-digit increase in demand for mental healthcare, and the political imperative to transform services for the benefit of society, NHS productivity, and the economy, we anticipate an improvement in the UK following the general election as NHS priorities and funding solidify.
Despite these short-term headwinds, Kooth's recurring revenue business model, with 98% of Kooth's contracts having a duration of 12 months or more, gives us strong forward revenue visibility, ending 2023 with £64.6m Annual Recurring Revenue (ARR), up from £21.1m a year ago.
We enter 2024 with significant growth opportunities, a solid financial position - £11.0m in cash, no debt, and an undrawn $9.5m working capital credit facility - a proven business model, and a strong social purpose.
pedro pescadilla
Silla no ejecutiva
25 de marzo de 2024
Declaración del director ejecutivo
Lograr un impacto social positivo, rentable y a escala
What drew me to Kooth in 2020, in addition to its strong social purpose, was the thoughtfulness with which the team approached tackling the ever-growing demand for mental healthcare. In many ways, it was contrary to the thinking at the time:
? Building a tech-enabled service supported by professionals, when everyone was trying to build apps that can scale without human involvement.
? Growing awareness and usage of the service by embedding engagement leads within local communities, where others focused solely on digital promotion.
? Developing a service that could support a whole population, with the goal of reducing demand for acute mental health care, where others were building networks of therapists solely to service the demand for acute care.
A key reason why Kooth chose this path was because the company is ultimately focused on what is going to turn the tide on the growing crisis in mental health: we need to build a mentally healthier population, leaving no-one behind.
Over the four years that I have been at Kooth, from the pandemic to today, every year has seen its own opportunities and challenges. 2023 brought significant opportunities in the US - and challenges in the UK given the political and financial backdrop in the NHS. However, there are clear moments in one's career that can be seen as pivotal to the transformation of a business and its prospects. Based on strategic progress in 2023, I believe this was such a year.
Executing on Kooth's strategy to expand in US States
As is well documented in this year's Annual Report, Kooth is significantly ahead of schedule on its US expansion strategy. Firstly with Pennsylvania, and then with California, it's clear that there was a growing imperative and investment case for addressing youth mental health. Kooth's transformational contract and partnership with California put the company in the spotlight to execute and demonstrate its impact. In discussions with many investors, execution risk was often cited as the key area of concern given the size and scale of the contract. Seeing the hard work that so many people did to launch Soluna (the name of the platform and app in the US) initially in September 2023 and fully on 1st January 2024, I couldn't have wished to work with a more engaged, passionate and expert team. As CEO, given the opportunity that California has entrusted to Kooth, this will remain mine and the team's number one priority throughout 2024 to ensure the company is building a strong foundation for the future. In addition, the £10m fundraise in July 2023 enabled Kooth to engage with a growing pipeline of States to bring its services to their population, and invest in research studies with US academic partners to demonstrate Kooth's impact. I'm optimistic that Kooth will expand into further States in 2024.
Executing on Kooth's strategy to support youth through Medicaid managed care providers
More than 29 million under 18s - almost 40% of the US youth population - are covered by Medicaid, the Federal and State funded insurance programme for low-income families; Annual Medicaid spending on youth behavioural health care exceeds $30.2 billion. A key challenge for Medicaid programmes is providing access to mental health support given the shortage and cost of therapists. Through an innovative partnership and pilot programme with Aetna Better Health of Illinois, agreed post-period end, Kooth aims to demonstrate the impact the company can make in building mentally healthier populations. This is a key pillar to Kooth's US strategy.
Continuing to innovate in technology to transform mental health care, Kooth's partnership and contract with California significantly accelerated the development of the company's product roadmap. It enabled us to build this next-generation platform, incorporating everything Kooth has learnt over time - co-produced with input from over 200 young people to help build 'their dream mental health app'. Soluna will be the platform and brand the company expands into other States, with minimal capital expenditure required to do so. In addition, Kooth will bring its enhanced platform to the UK in the next 12 months to deliver a platform specifically designed for youth that is both engaging and clinically effective.
Focusing on UK renewals and retention given NHS headwinds
2023 was a more challenging year in the UK for Kooth and the many organisations that serve the NHS. With the reorganisation of NHS England from 135 Clinical Commissioning Groups to 42 Integrated Care Systems finalised, their challenge now is to balance the budgets to pre-pandemic levels and address the forecast £7 billion budget deficit. While Kooth's team worked continually to demonstrate its value in each region it serves, the company at times saw highly successful services decommissioned in response to these financial pressures. In a small number of cases, a cheaper substitute - providing an informational portal or peer-support only option - replaced Kooth. The UK is Kooth's home market, and the company will continue to prioritise and focus on its current customers. Post-election, Kooth anticipates priorities and funding to become clearer.
Nuestra gente
When I joined Kooth in early 2020, the company had around 130 employees. Kooth ended 2023 with 585 employees across the US and UK, with staff in 26 States and all corners of the UK. 2023 was a year where everyone at Kooth had to step-up; to deliver on US opportunities, tackle UK headwinds and to provide mental health support to people where the company continued to see a long term increase in acuity, suicidal ideation and self-harm. I couldn't be prouder of the attitude and achievements of the team during these rapidly-changing times.
Outlook
Our proven track record, excellent recurring revenue and net cash position give us a great platform as we enter 2024. The strength of our model, strategy and market position - allied to long-term demand for digital mental health services in the UK and US - support our confidence of further progress in the year ahead.
Tim Barker
Director Ejecutivo
25 de marzo de 2024
Declaración del director financiero
Crecimiento significativo
The results reflect a transformational year for the business as we executed on our strategic plans, delivering significant growth in the US, and built solid foundations to support future growth in the UK and internationally.
Ingresos
I am pleased to report Group revenue grew strongly during the year by a record 66% (2022: 21%) to £33.3 million (2022: £20.1 million). As previously reported, this has been driven primarily by our US growth, predominantly our contracts during the year in California and Pennsylvania, which delivered £14.2 million (2022: £1.5 million) with UK revenue up 3% despite headwinds (2022: 12%)
Recurring revenue comprises income invoiced for services that are repeatable, consumed and delivered on a monthly basis over the term of a customer contract. Annual Recurring Revenue (ARR) of £64.6 million is the annualised revenue of customers engaged or closed at that date (31 December) and is an indication of the upcoming annual value of the recurring revenue. This is used by management to monitor the long term revenue growth of the business and has increased to 98% of total revenues (2022: 95%).
While we have seen an increase in contracts that expand upon renewal to 41% (2022: 38%), gains were offset by £2.3 million of churn, a combination of funding unavailable to continue pilot contracts, reductions as contracts consolidated and a small number of competitive losses. In addition we have excluded £2.6 million from ARR as we continue to negotiate an extension to our contract in Pennsylvania.
Net revenue retention, which is a measure of the depth and longevity of our client relationships, although still strong, fell to 98% in the UK (2022: 107%). This is measured by the total value of ongoing ARR at the year end from customers in place at the start of the year as a percentage of the opening ARR from those clients.
Beneficio bruto
Gross profit grew by 86.6% to £25.9 million (2022: £13.9 million) with gross margin up to 77.6% (2022: 68.9%). Direct costs are the costs of the practitioners directly involved in the delivery of our services, a total of 304 at the year-end (2022: 267 heads). Gross margin benefitted from the contribution within US revenues to product development where costs are either capitalised or included in overheads. This was offset by a small fall in UK gross margin as direct costs continued to see the impact of salary and cost inflation.
Impacto de la moneda extranjera
Whilst foreign currency markets were not as volatile as the previous year our increasing presence in the US impacted the Group which had around 43% of revenues in US Dollars, and 26% of Group expenses. The Group's focus on management of foreign currency risk resulted in a small foreign currency loss of £0.2 million (2022: loss £0.1 million).
Pérdida operativa
The Group's operating loss for the year was £2.3 million (2022: loss of £0.9 million). This was driven by the scaling up of activities in the US as mentioned in the section below.
Gastos administrativos
Excluding depreciation, amortisation, share based payments and exceptional costs, administrative expenses grew by £11.4 million in the year, an 92.8% increase year on year, which whilst well ahead of revenue growth, remains in line with our strategic investment plans. The real (i.e. non inflationary) increase in costs was almost entirely focused on the US where, in addition to increased commissions and bonuses, we strengthened the business development, clinical and customer engagement teams as well as seeing increases in non-staff costs, including legal and consulting expenses.
EBITDA ajustado
Adjusted EBITDA grew by 40% to £2.3 million (2022: £1.6 million) in the year, with increases in revenue and gross profit offset by our investment in the US and higher administrative expenses as outlined above.
Adjusted results are prepared to provide a more comparable indication of the Group's core business performance by removing the impact of certain items including exceptional items (material and non-recurring), and other, non-trading, items that are reported separately.
Adjusted results exclude items as set out in the consolidated statement of profit and loss and below, with further details given in Notes 2, 3, 4, 5, 6, 11, 12 & 13 to the financial statements. In addition, the Group also measures and presents performance in relation to various other non GAAP measures, such as annual recurring revenue and revenue growth.
Los resultados ajustados no pretenden reemplazar los resultados legales. Estos han sido presentados para proporcionar a los usuarios información adicional y análisis del desempeño del Grupo, consistente con la forma en que la Junta monitorea los resultados.
£ 'm | 2023 | 2022 | |
Pérdida operativa | (2.3) | (0.9) | |
Agregar nuevamente: | |||
Depreciación y amortización | 3.8 | 2.2 | |
Gastos de pago basados en acciones | 0.7 | 0.3 | |
Equilibrado Comparable | 2.3 | 1.6 |
Share-based payments are adjusted to reflect the underlying performance of the group as the fair value is impacted by market volatility that does not correlate directly to trading performance. The total charge for share based payments in the year was £0.7 million (2022: £0.3 million). The increase reflects the annual issue of three year grants to staff and a credit in 2022 following a reassessment of those grants subject to performance criteria.
Taxation
There has been a corporation tax charge of £0.3 million (2022: £nil) recognised in the year due to taxable profits accumulated in the US. There continues to be no corporation tax charge in the UK due to accumulated losses combined with the overall current year position (2022: £nil).
The tax credit for the year ended 31 December 2023 and 2022 relates to Research and Development expenditure credits. This has been enhanced in 2023 as the Research and Development claim for 2022 was subsequently carried forward at a higher effective tax rate rather than taking this as a cash credit resulting in a prior year adjustment.
efectivo
The Group has had good cash management in the year with net cash generated from operating activities of £1.9 million (2022: £4.4 million). Free cash flow, after taking account of capital expenditure was a net outflow of £6.8 million in 2023 compared to an inflow of £1.3 million in 2022 as we invested significantly in the Soluna platform.
Overall the Group has net cash inflow due to the net proceeds from financing activities following a successful placing, which resulted in the raise of a net £9.4m. The net cash at year end was £11.0 million (2022: £8.5 million). In addition we recently entered into a working capital credit facility with Citibank of $9.5 million that remains undrawn at this time. The Group continues to be debt free.
Costos de desarrollo capitalizados
The Group significantly increased investment in product and platform development in 2023 to support the launch of our service in California and this is expected to be ongoing in 2024. Costs are a combination of internal and external spend. Where such work is expected to result in future revenue, costs incurred that meet the definition of software development in accordance with IAS38, Intangible Assets, are capitalised in the statement of financial position. During the year the Group capitalised £8.7 million in respect of software development (2022: £3.0 million) with an amortisation charge of £3.6 million (2022: £2.1 million).
Investment in product and development continues to be significant to the Group and we anticipate capitalising software costs at a higher rate over the next year as we continue to invest in the Soluna platform.
Gastos de capital
Dejando a un lado los costos de desarrollo de productos y software, los requisitos continuos de gastos de capital del Grupo siguen siendo modestos en £ 0.3 millones (2022: £ 0.1 millones).
Capital y reservas
La fortaleza del balance del Grupo con activos netos de £20.8 millones (2022: £10.5 millones), los altos niveles de ingresos recurrentes y la fuerte generación de efectivo de las actividades operativas brindan al Grupo solidez financiera con la que ejecutar su estrategia de inversión que continúa para centrarse en la expansión de EE. UU. y la inversión en plataformas.
Política de dividendos
As outlined at the time of the IPO and previous reports, the Group's intention in the short to medium term is to invest in order to deliver capital growth for shareholders. The Board has not recommended a dividend in respect of the year ended 31 December 2023 (2022: Nil) but may do so in future years.
Sanjay Jawa
Director Financiero
25 de marzo de 2024
Estado consolidado de pérdidas y ganancias y otro resultado integral
Por el año terminado el 31 de diciembre de 2023
Note | 2023 | 2022 | ||
000 £ | 000 £ | |||
Ingresos | 4 | 33,337 | 20,120 | |
El costo de ventas | 5 | (7,480) | (6,265) | |
Beneficio bruto | 25,857 | 13,855 | ||
Gastos administrativos | 5 | (28,119) | (14,767) | |
Pérdida operativa | (2,262) | (912) | ||
Analizado como: | ||||
EBITDA ajustado | 2,257 | 1,612 | ||
Depreciación y amortización | 11, 12, 13 | (3,775) | (2,232) | |
Gastos de pago basados en acciones | 6 | (744) | (292) | |
Pérdida operativa | (2,262) | (912) | ||
Ingresos por intereses | 7 | 298 | 81 | |
Pérdida antes de impuestos | (1,964) | (831) | ||
Impuestos | 8 | 1,795 | 115 | |
Pérdida después de impuestos | (169) | (716) | ||
Otros (gastos) / ingresos integrales | ||||
Partidas que se reclasifican o pueden reclasificarse posteriormente a resultados: | ||||
Diferencias de conversión de moneda extranjera | (161) | - | ||
Pérdida integral total del año | (330) | (716) | ||
Loss per share - basic and diluted (£) | 9 | (0.00) | (0.02) |
Estado consolidado de posición financiera
Al 31 de diciembre de 2023
Note | 31 de diciembre 2023 | 31 de diciembre 2022 | ||
000 £ | 000 £ | |||
Activos | ||||
Activos no corrientes | ||||
Goodwill | 10 | 511 | 511 | |
Costos de desarrollo | 11 | 8,750 | 3,681 | |
Activo por derecho de uso | 12 | 42 | 68 | |
Propiedad, planta y equipo. | 13 | 304 | 122 | |
Impuesto diferido | 14 | 2,649 | - | |
Total del activo no corriente | 12,256 | 4,382 | ||
Activos circulantes | ||||
Cuentas comerciales y otras cuentas por cobrar | 15 | 7,174 | 2,618 | |
Activos contractuales | 16 | 251 | 649 | |
Efectivo y equivalentes de efectivo | 17 | 11,004 | 8,492 | |
Total de activos corrientes | 18,429 | 11,759 | ||
los activos totales | 30,685 | 16,141 | ||
Pasivos | ||||
Pasivo circulante | ||||
Comercio a pagar | 18 | (1,555) | (680) | |
Pasivos contractuales | 19 | (5,156) | (2,583) | |
Responsabilidad por arrendamiento | 12 | (44) | (68) | |
Devengos y otros acreedores | 18 | (2,521) | (977) | |
Responsabilidades fiscales | 18 | (651) | (967) | |
Impuesto diferido | 14 | - | (348) | |
Total pasivo corriente | (9,927) | (5,623) | ||
Activos corrientes netos | 8,502 | 6,136 | ||
Activos netos | 20,758 | 10,518 | ||
Equidad | ||||
Capital social | 20 | 1,825 | 1,653 | |
Compartir cuenta premium | 20 | 23,444 | 14,229 | |
Reserva de pérdidas y ganancias | 20 | (2,503) | (2,595) | |
Reserva de pago basada en acciones | 20 | 2,142 | 1,221 | |
Reserva de amortización de capital | 20 | 115 | 115 | |
Reserva de fusión | 20 | (4,104) | (4,104) | |
Reserva de traducción | 20 | (161) | - | |
Equidad total | 20,758 | 10,518 |
The financial statements of Kooth plc (Company registration number 12526594) were approved by the Board of Directors and authorised for issue on 26 March 2024. They were signed on its behalf by:
Sanjay Jawa
Director Financiero
25 de marzo de 2024
Estado de cambios en el patrimonio neto consolidado
Por el año terminado el 31 de diciembre de 2023
Capital social | Compartir premium | Reserva de pago basada en acciones | Reserva de pérdidas y ganancias | Reserva de amortización de capital | Reserva de fusión | Reserva de traducción | Equidad total | |
Saldo al 1 de enero de 2022 | 1,653 | 14,229 | 959 | (1,879) | 115 | (4,104) | - | 10,973 |
Pérdida del año | - | - | - | (716) | - | - | - | (716) |
Total de ingresos integrales | 1,653 | 14,229 | 959 | (2,595) | 115 | (4,104) | - | 10,257 |
Transacciones con propietarios: | ||||||||
Pagos basados en acciones | - | - | 262 | - | - | - | - | 262 |
Al 31 de diciembre de 2022 | 1,653 | 14,229 | 1,221 | (2,595) | 115 | (4,104) | - | 10,519 |
Saldo al 1 de enero de 2023 | 1,653 | 14,229 | 1,221 | (2,595) | 115 | (4,104) | - | 10,519 |
Pérdida del año | - | - | - | (169) | - | - | - | (169) |
Otro resultado integral | - | - | - | - | - | - | (161) | (161) |
Total de ingresos integrales | 1,653 | 14,229 | 1,221 | (2,764) | 115 | (4,104) | (161) | 10,189 |
Transacciones con propietarios: | ||||||||
Opciones sobre acciones ejercidas | 7 | - | (261) | 261 | - | - | - | 7 |
Cargo por pago basado en acciones | - | - | 766 | - | - | - | - | 766 |
Acciones emitidas | 165 | 9,215 | - | - | - | - | - | 9,380 |
Impuesto diferido | - | - | 416 | - | - | - | - | 416 |
Al 31 de diciembre de 2023 | 1,825 | 23,444 | 2,142 | (2,503) | 115 | (4,104) | (161) | 20,758 |
Las notas adjuntas forman parte de los estados financieros.
Estado de flujo de efectivo consolidado
Por el año terminado el 31 de diciembre de 2023
Note | 2023 | 2022 | ||
000 £ | 000 £ | |||
flujos de efectivo por actividades operacionales | ||||
Pérdida del año | (169) | (716) | ||
Ajustes: | ||||
Depreciación y amortización | 11, 12, 13 | 3,775 | 2,232 | |
Impuesto sobre la renta recibido | 8 | 569 | 330 | |
Gastos de pago basados en acciones | 6 | 744 | 292 | |
Impuesto sobre la renta reconocido | 8 | (1,795) | (115) | |
Ingresos por intereses | 7 | (298) | (81) | |
Movimientos de capital circulante | ||||
(Aumento) / disminución de cuentas por cobrar comerciales y otras | 15 | (4,158) | 78 | |
Aumento de cuentas por pagar comerciales y otras | 18, 19 | 3,199 | 2,408 | |
Net cashflow from operating activity | 1,867 | 4,428 | ||
Flujos de efectivo de actividades de inversión | ||||
Compra de propiedad, planta y equipo | 13 | (291) | (100) | |
Adiciones a activos intangibles | 11 | (8,713) | (2,952) | |
Ingresos por intereses | 7 | 298 | 81 | |
Efectivo neto utilizado en actividades de inversión | (8,706) | (2,971) | ||
Flujos de efectivo de actividades de financiación | ||||
Producto de la emisión de capital social | 20 | 9,923 | - | |
Costs incurred from the issue of share capital | 20 | (536) | - | |
Efectivo neto de actividades de financiación | 9,387 | - | ||
Aumento neto de efectivo y equivalentes de efectivo | 2,548 | 1,457 | ||
Ajustes de cambio | (36) | (44) | ||
Efectivo y equivalentes de efectivo al inicio del año | 17 | 8,492 | 7,079 | |
Efectivo y equivalentes de efectivo al final del año | 17 | 11,004 | 8,492 |
Notas a los estados financieros
1. Información corporativa
Kooth plc is a company incorporated in England and Wales. The address of the registered office is 5 Merchant Square, London, England, W2 1AY.
2. Políticas contables importantes
2.1 Base de preparación
The preliminary results for the year ended 31 December 2023 are an abridged statement of the full Annual Report which was approved by the Board of Directors on 25 March 2024. The consolidated financial statements in the full Annual Report are prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006. The auditor's report on those consolidated financial statements were unqualified, did not draw attention to any matters by way of emphasis without qualifying their report and did not contain statements under section 498(2) or 498(3) of the Companies Act 2006. The preliminary results do not comprise statutory accounts within the meaning of section 434(3) of the Companies Act 2006. The Annual Report for the year ended 31 December 2023 will be delivered to the Registrar of Companies following the Company's Annual General Meeting. The financial information included in this preliminary announcement does not itself contain sufficient information to comply with UK-adopted International Accounting Standards. The Annual Report and audited financial statements for the year ended 31 December 2023 will be made available on the Company's website in April 2024.
Convención de medida
The financial statements are prepared on the historical cost basis. These policies have been consistently applied to all years presented unless otherwise stated. All values are presented in Sterling and rounded to the nearest thousand pounds (£'000) except when otherwise indicated.
Preocupación continua
Los Directores tienen una expectativa razonable de que el Grupo en su conjunto tiene los recursos adecuados para continuar en funcionamiento en el futuro previsible. Por este motivo, se sigue adoptando en las cuentas el principio de empresa en funcionamiento.
The company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report on pages 8 to 25 of the 2023 Annual Report. In addition, note 22 to the financial statements include the company's objectives, policies and processes for managing its capital; its financial risk management objectives; and its exposures to credit risk and liquidity risk.
During the 2023 financial year the Group generated a loss of £0.2 million (2022: £0.7 million). Adjusted EBITDA is £2.3 million (2022: £1.6 million). The Group is in a net asset position of £20.8 million (2022: £10.5 million).
Management has performed a going concern assessment for a period of 12 months from signing, which indicates that the Group will have sufficient funds to trade and settle its liabilities as they fall due. This assessment takes into account a number of sensitivities, including a downside scenario and a reverse stress test, which models the scenarios that would lead to a default by the Group. Both the downside scenario and reverse stress test reflect lower activity levels than both the Group forecast and 2023 actual results. The key assumption used in the assessment is revenue and Management has analysed the impact of reduced revenue on the Group's performance.
Si bien la Administración ha concluido que la posibilidad de que ocurra el escenario a la baja es remota, el Grupo aún tendría recursos adecuados para poder negociar y liquidar sus pasivos a medida que vencen en este escenario. La gerencia consideró que la combinación de factores que ocurren según lo establecido en el modelo predeterminado es inverosímil.
The Directors have, at the time of approving the financial statements, a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future and as such continue to adopt the going concern basis of accounting in preparing the financial statements.
2.2 Base de consolidación
The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at 31 December 2023, with the comparatives presented for the previous 12 months being the Group's combined activities for the 12 months ended 31 December 2022.
El control se logra cuando el Grupo está expuesto, o tiene derecho, a rendimientos variables de su participación en la participada y tiene la capacidad de afectar esos rendimientos a través de su poder sobre la participada.
En concreto, el Grupo controla una participada si, y sólo si, el Grupo tiene:
? Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee).
? Exposure, or rights, to variable returns from its involvement with the investee.
? The ability to use its power over the investee to affect its returns. Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:
? The contractual arrangement(s) with the other vote holders of the investee
? Rights arising from other contractual arrangements
? The Group's voting rights and potential voting rights
El Grupo reevalúa si controla o no una participada si los hechos y circunstancias indican que hay cambios en uno o más de los tres elementos de control. La consolidación de una subsidiaria comienza cuando el Grupo obtiene el control sobre la subsidiaria y cesa cuando el Grupo pierde el control de la subsidiaria. Los activos, pasivos, ingresos y gastos de una subsidiaria adquirida o enajenada durante el año se incluyen en los estados financieros consolidados desde la fecha en que el Grupo obtiene el control hasta la fecha en que el Grupo deja de controlar la subsidiaria.
Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group's accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.
A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in profit or loss. Any investment retained is recognised at fair value.
Informes segmentarios
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Executive Directors that make strategic decisions. Kooth plc's operations take place in the UK and the US.
2.3 Summary of significant accounting policies
The following are the significant accounting policies applied by the Group in preparing its consolidated financial statements:
Reconocimiento de ingresos
The Group applies IFRS 15 "Revenue from Contracts with Customers". To determine whether to recognise revenue, the Group follows the five step process as set out within IFRS 15.
1) Identifying the contract with a customer.
2) Identifying the performance obligations.
3) Determining the transaction price.
4) Allocating the transaction price to the performance obligations.
5) Recognising revenue as/when performance obligation(s) are satisfied.
Provision of online counselling contracts
Revenue arises from the provision of counselling services and mental health support services under fixed price contracts. Contracts are typically for a 12 month period and are fixed price based on the population covered and an expected number of hours of counselling provided.
Contracts with customers take the form of signed agreements from customers. There is one distinct performance obligation, being the provision of counselling services, to which all the transaction price is allocated. Revenue from counselling services is recognised in the accounting period in which the services are rendered. The contracts are satisfied monthly over the contract term for an agreed level of support hours. Revenue is recognised over-time, on a systematic basis over the period of the contract, which reflects the continuous transfer of the service to the customer throughout the contracted service period.
In certain circumstances the number of hours of counselling provided may surpass the expected number of hours within the contract. In this circumstance, Management does not recognise additional revenue during the period, as contractually the Group has no right to demand payment for additional hours. In some instances, the Group has recovered additional fees post year end for the additional hours incurred; this additional revenue is recognised at a point in time when the Group has agreed an additional fee and has a right to invoice. At each reporting date there was no significant overprovision of hours noted.
In instances where the number of counselling hours provided is less than the contracted number of hours, the full fixed fee is still payable by the customer.
Platform build and behavioural support services contracts
Revenue arises from the provision of a digital mental health platform alongside supporting behavioural healthcare services, promotional campaigns, reporting and analysis and technical support. The contracts have fixed and variable pricing elements which depend on platform utilisation, with a service period of more than one year. Contracts with customers take the form of signed agreements from customers.
The contracts include an enforceable right by either party to terminate the contract without penalty with a fixed notice period. The contract term is therefore limited up to the end of the notice period. The transaction price is determined as all consideration due within the contract period. The contract term is modified each month if the termination clause is not enacted with the modification being treated on a prospective basis as the incremental transaction price does not reflect the standalone selling price for the additional distinct services.
Under IFRS 15, five distinct performance obligations have been identified for these contracts:
? Providing access to a digital mental health platform.
? Customer contact services to resolve technical issues.
? Collection and analysis of data and reporting.
? Providing on-platform behavioural healthcare services.
? Conducting promotional campaigns to spread awareness.
Revenue from the first three performance obligations is recognised evenly over time using the output method. This is to reflect the continuous consumption of the service by the customer over the contracted service period. For the last two performance obligations revenue is recognised using the input method. This is to reflect how much of the service the customer has used by comparing the actual costs incurred to the total projected costs that are expected to be incurred in delivering the service. These costs include directly attributable labour and external marketing and promotion costs.
The allocation of the transaction price between the five performance obligations included in the contract is based on an expected cost plus margin approach as the standalone selling price is not observable.
The transaction price is determined at contract inception as being the most likely amount of consideration in which the Group is entitled to, including any variable consideration. This has been determined through an expected value calculation modelling various utilisation rate projections against their likely achievement. The variable consideration has been appropriately constrained as the Group has limited historical experience to ensure it can be virtually certain there will be no material reversal of revenue.
El Grupo normalmente recibe efectivo de los clientes 38 días después de facturar a un cliente.
Revenue to come from contracts entered into with performance obligations not fulfilled or only partially fulfilled amounted to £35.5m as at 31 December 2023, all of which is expected to be recognised within one year.
Activos y pasivos contractuales
The Group recognises contract assets in the form of accrued revenue when the value of satisfied or part satisfied performance obligations is in excess of the payment due to the Group, and contract liabilities in the form of deferred revenue when the amount of unconditional consideration is in excess of the value of satisfied or part satisfied performance obligations. Once a right to receive consideration is unconditional, that amount is presented as a trade receivable.
Impuestos
Impuesto corriente
Los activos y pasivos por impuestos corrientes se valoran por el importe que se espera recuperar o pagar a las autoridades fiscales. Las tasas impositivas y las leyes impositivas utilizadas para calcular el monto son aquellas que están promulgadas o sustancialmente promulgadas a la fecha de presentación en los países donde el Grupo opera y genera ingresos gravables.
Current tax relating to items recognised directly in equity is recognised in equity and not in the statement of profit or loss. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.
Impuesto diferido
Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax liabilities are recognised for all taxable temporary differences, except:
? When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.
? In respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint arrangements, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.
Deferred tax assets are recognised for deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised, except:
? When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.
? In respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint arrangements, deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available, against which the temporary differences can be utilised.
El valor en libros de los activos por impuestos diferidos se revisa en cada fecha de presentación de informes y se reduce en la medida en que ya no sea probable que haya suficiente ganancia fiscal disponible para permitir que se utilice todo o parte del activo por impuestos diferidos. Los activos por impuestos diferidos no reconocidos se reevalúan en cada fecha de presentación de informes y se reconocen en la medida en que sea probable que las ganancias fiscales futuras permitan recuperar el activo por impuestos diferidos.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss. Deferred tax items are recognised in correlation to the underlying transaction either in OCI or directly in equity.
Los beneficios fiscales adquiridos como parte de una combinación de negocios, pero que no cumplen los criterios para el reconocimiento por separado en esa fecha, se reconocen posteriormente si cambia nueva información sobre hechos y circunstancias. El ajuste se trata como una reducción de la plusvalía (siempre que no exceda la plusvalía) si se incurrió durante el período de medición o se reconoce en utilidad o pérdida.
El Grupo compensa activos por impuestos diferidos y pasivos por impuestos diferidos si y solo si tiene un derecho legalmente exigible de compensar los activos y pasivos por impuestos corrientes y los activos y pasivos por impuestos diferidos se relacionan con impuestos sobre la renta recaudados por la misma autoridad fiscal sobre ya sea la misma entidad imponible o diferentes entidades imponibles que tengan la intención de liquidar pasivos y activos por impuestos corrientes sobre una base neta, o de realizar los activos y liquidar los pasivos simultáneamente, en cada período futuro en el que se generen cantidades significativas de pasivos o activos por impuestos diferidos que se espera liquidar o recuperar.
El impuesto de ventas
Los gastos y activos se reconocen netos del importe del impuesto a las ventas, excepto:
? When the sales tax incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case, the sales tax is recognised as part of the cost of acquisition of the asset or as part of the expense item, as applicable
? When receivables and payables are stated with the amount of sales tax included
El monto neto del impuesto a las ventas recuperable o pagadero a la autoridad fiscal se incluye como parte de las cuentas por cobrar o por pagar en el estado de situación financiera.
Reclamaciones fiscales de Investigación y Desarrollo
Where Kooth plc has made Research and Development tax claims under the Small and Medium Enterprise scheme and tax losses have been surrendered for a repayable tax credit, a current tax credit is reflected in the income statement.
Propiedad, planta y equipo.
Las propiedades, planta y equipo se presentan en el estado de situación financiera al costo, menos cualquier depreciación acumulada posterior y pérdidas por deterioro acumuladas posteriores.
El costo de propiedad, planta y equipo incluye los costos incrementales directamente atribuibles incurridos en su adquisición e instalación.
La depreciación se carga para cancelar el costo de los activos durante sus vidas útiles estimadas, de la siguiente manera:
Computer and office equipment 33.33% straight line
Fondo de comercio e intangibles
Goodwill
La plusvalía se mide inicialmente al costo (que es el exceso del total de la contraprestación transferida y el monto reconocido para participaciones no controladoras y cualquier participación previa mantenida sobre los activos netos identificables adquiridos y los pasivos asumidos). Si el valor razonable de los activos netos adquiridos supera la contraprestación agregada transferida, el Grupo vuelve a evaluar si ha identificado correctamente todos los activos adquiridos y todos los pasivos asumidos y revisa los procedimientos utilizados para medir los importes a transferir. reconocido en la fecha de adquisición. Si la reevaluación aún resulta en un exceso del valor razonable de los activos netos adquiridos sobre la contraprestación agregada transferida, entonces la ganancia se reconoce en utilidad o pérdida.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group's cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.
Activos intangibles
Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses. Internally generated intangibles, excluding capitalised development costs, are not capitalised and the related expenditure is reflected in profit or loss in the period in which the expenditure is incurred.
La vida útil de los activos intangibles se evalúa como finita o indefinida.
Intangible assets with finite lives are amortised over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in the statement of profit or loss within administrative expenses.
An intangible asset is derecognised upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit or loss.
Los gastos en productos de software desarrollados internamente y mejoras sustanciales a los productos de software existentes se reconocen como activos intangibles solo cuando se cumplen los siguientes criterios:
? The technical feasibility of completing the intangible asset so that the asset will be available for use or sale.
? Its intention to complete and its ability and intention to use or sell the asset.
? How the asset will generate future economic benefits.
? The availability of resources to complete the asset.
? The ability to measure reliably the expenditure during development.
Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete and the asset is available for use. It is amortised over the period of expected future benefit. Amortisation is recorded in the Statement of Profit and Loss.
Durante el período de desarrollo, el activo se evalúa por deterioro anualmente.
La amortización se carga en forma lineal durante la vida útil estimada de tres años.
Expenditure on research activities as defined in IFRS is recognised in the income statement as an expense.
Pruebas de deterioro de activos intangibles y propiedades, planta y equipo
For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately independent cash inflows (CGU). Those intangible assets including goodwill and those under development are tested for impairment at least annually. All other individual assets or CGUs are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
An impairment charge is recognised for the amount by which the asset or CGUs carrying amount exceeds its recoverable amount. The recoverable amount is the higher of fair value, reflecting market conditions less costs to sell, and value in use. All assets, with the exception of goodwill, are subsequently reassessed for indications that an impairment loss previously recognised may no longer exist.
Instrumentos financieros
The Group classifies financial instruments, or their component parts, on initial recognition as a financial asset, a financial liability or an equity instrument in accordance with the substance of the underlying contractual arrangement. Financial instruments are recognised on the date when the Group becomes a party to the contractual provisions of the instrument. Financial instruments are initially recognised at fair value except for trade receivables which are initially accounted for at the transaction price. Financial instruments cease to be recognised at the date when the Group ceases to be party to the contractual provisions of the instrument.
Los activos financieros se incluyen en el balance como deudores comerciales y otras cuentas por cobrar o efectivo y equivalentes de efectivo.
Cuentas por cobrar comerciales
Trade receivables are amounts due from customers for services performed in the ordinary course of business. They are generally due for settlement within 30 days and are therefore all classified as current. Trade receivables are recognised initially at the transaction price. The Group holds the trade receivables with the objective of collecting the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method.
The Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from the initial recognition of the receivable. To measure expected credit losses, trade receivables are analysed based on their credit risk characteristics to determine a suitable historic loss rate. The historical loss rates are adjusted to reflect current and forward looking information on macroeconomic factors that the Group considers could affect the ability of its customers to settle the receivables.
Comercio a pagar
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade payables are recognised initially at fair value and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Efectivo y equivalentes de efectivo
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that have a maturity date of three months or less from the date of acquisition, are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Arrendamientos
Los arrendamientos a corto plazo o arrendamientos de bajo valor se reconocen como gasto de forma lineal durante el plazo del arrendamiento.
The Group recognises right-of-use assets under lease agreements in which it is the lessee. The underlying assets mainly include property and office equipment and are used in the normal course of business. The right-of-use assets comprise the initial measurement of the corresponding lease liability payments made at or before the commencement day as well as any initial direct costs and an estimate of costs to be incurred in dismantling the asset. Lease incentives are deducted from the cost of the right-of-use asset. The corresponding lease liability is included in the consolidated statement of financial position as a lease liability.
The right-of-use asset is depreciated over the lease-term and if necessary impaired in accordance with applicable standards. The lease liability shall initially be measured at the present value of the lease payments that are not paid at that date, discounted using the rate implicit in the lease. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (application of the effective interest method) and by reducing the carrying amount to reflect the lease payments made. No lease modification or reassessment changes have been made during the reporting period from changes in any lease terms or rent charges.
Planes de beneficios para empleados
Planes de contribución definida
The Group operates a defined contribution pension plan. Payments to defined contribution pension plans are recognised as an expense when employees have rendered services entitling them to the contributions.
Pagos basados en acciones
Benefits to employees are provided in the form of share-based payment transactions, whereby employees render services in exchange for shares or rights over shares ('equity settled transactions'). The fair value of the employee services rendered is measured by reference to the fair value of the shares awarded or rights granted, which takes into account market conditions and non-vesting conditions. This cost is charged to the income statement over the vesting period, with a corresponding increase in the share based payment reserve.
The cumulative expense recognised at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the company's best estimate of the number of shares that will ultimately vest. The charge or credit to the income statement for a period represents the movement in the cumulative expense recognised at the beginning and end of that period and is recognised in share based payment expense.
Medidas de desempeño alternativas
Los resultados ajustados se preparan para proporcionar una indicación más comparable del desempeño comercial principal del Grupo al eliminar el impacto de ciertos elementos, incluidos los elementos excepcionales, y otros elementos no comerciales que se informan por separado.
The Group believes that EBITDA before separately disclosed items ("adjusted EBITDA") is the most significant indicator of operating performance and allows a better understanding of the underlying profitability of the Group. The Group defines adjusted EBITDA as operating profit/loss before interest, tax, depreciation, amortisation, exceptional items and share based payments.
El Grupo también mide y presenta el desempeño en relación con otras medidas no GAAP, como el margen bruto, los ingresos recurrentes anuales y el crecimiento de los ingresos.
Los resultados ajustados no pretenden reemplazar los resultados legales. Estos han sido presentados para proporcionar a los usuarios información adicional y análisis del desempeño del Grupo, consistente con la forma en que la Junta monitorea los resultados.
3. Significant accounting judgements, estimates and assumptions
En la aplicación de las políticas contables del Grupo, se requiere que la administración realice juicios, estimaciones y suposiciones sobre el valor en libros de los activos y pasivos que no son fácilmente evidentes a partir de otras fuentes.
Estimaciones y supuestos
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods. No significant estimates have been identified.
Sentencias
The areas of judgement which have the most significant impact on the amounts recognised in the financial statements are as follows:
Reconocimiento de ingresos
Judgements have been taken in the application of IFRS 15 "Revenue from Contracts with Customer". The determination of the transaction price included judgement as to how much variable consideration was expected to be received across the contract and how much those considerations should be constrained based on projected contract performance. There was judgement taken in allocating the transaction price to the identified performance obligations based on the relative stand-alone selling price (SSP) of each distinct service or item within the contract. An observable SSP was not available, therefore judgement was used to estimate the SSP considering all reasonably available information using an expected cost-plus margin approach.
Impuesto diferido
In assessing the requirement to recognise a deferred tax asset, management carried out a forecasting exercise in order to assess whether the Group and Company will have sufficient future taxable profits on which the deferred tax asset can be utilised. This forecast required management's judgement as to the future performance of the Group and Company.
Capitalización de costos de desarrollo
The Group capitalises costs associated with the development of the Kooth platform. These costs are assessed against IAS 38 Intangible Assets to ensure they meet the criteria for capitalisation. After capitalisation, management monitors whether the recognition requirements continue to be met and whether there are any indicators that capitalised costs may be impaired. Capitalised development expenditure is analysed further in note 11.
Development costs largely relate to amounts paid to external developers, consultancy costs and the direct payroll costs of the internal development teams. Any internal time capitalised is the result of careful judgement of the proportion of time spent on developing the platform. Capitalised development expenditure is reviewed at the end of each accounting period for indicators of impairment.
4. Revenue and segmental analysis
In accordance with IFRS 8 "Operating Segments", the Group requires consideration of the Chief Operating Decision Maker ("CODM") within the Group. In line with the Group's internal reporting framework and management structure, the key strategic and operating decisions are made by the Executive Directors, who review internal monthly management reports, budgets and forecast information as part of this. Accordingly, the Executive Directors are deemed to be the CODM.
Accordingly, the CODM determines the Group currently operates under one reporting segment. There are no individual groups of assets generating distinct and separately identifiable cashflows.
The total turnover of Kooth plc has been derived from its principal activity undertaken in the UK and the US. A geographical analysis of revenue by customer location is provided below:
2023 | 2022 | |||
000 £ | 000 £ | |||
Provision of online counselling contracts - UK | 19,143 | 18,648 | ||
Provision of online counselling contracts - US | 1,466 | 1,472 | ||
Platform build and behavioural support services contracts - US | 12,728 | - | ||
33,337 | 20,120 |
The group had one customer (2022: none) that accounted for more than 10% of total revenue in 2023. This customer accounted for 38% of group revenue (2022: 0%)
Segmental reporting of assets and liabilities has not been provided as the information is not available, and the cost to develop it would be excessive.
5. Pérdida operativa
2023 | 2022 | |||
000 £ | 000 £ | |||
Los costes laborales | 7,354 | 6,150 | ||
Gastos de pago basados en acciones | 100 | 65 | ||
Viajes y dietas | 26 | 50 | ||
Costo total de ventas |
| 7,480 |
| 6,265 |
Costos de empleados | 15,855 | 8,701 | ||
Renta y tarifas | 492 | 316 | ||
alojamiento y software de TI | 1,450 | 963 | ||
Honorarios profesionales | 3,948 | 1,307 | ||
Marketing | 1,650 | 490 | ||
Depreciación y amortización | 3,775 | 2,236 | ||
Gastos de pago basados en acciones | 644 | 292 | ||
Otros costos | 305 | 462 | ||
Gastos administrativos totales | 28,119 | 14,767 | ||
Costo total de ventas y gastos administrativos | 35,599 | 21,032 |
Cost of sales represent the costs of our service user facing employees including external contractors.
6. Remuneración de los empleados
2023 | 2022 | |||
000 £ | 000 £ | |||
Salarios | 20,669 | 12,033 | ||
Pensiones | 529 | 317 | ||
Costos de seguridad social | 2,325 | 1,189 | ||
Otros beneficios del personal | 479 | 207 | ||
Pagos basados en acciones | 744 | 304 | ||
24,746 | 14,050 |
Employee remuneration is presented in the financial statements in the following locations:
2023 | 2022 | |||
000 £ | 000 £ | |||
El costo de ventas | 6,837 | 4,763 | ||
Gastos administrativos | 14,988 | 8,539 | ||
Estado de situación financiera | 2,921 | 748 | ||
24,746 | 14,050 |
Números de empleados | 2023 | 2022 | ||
Directo | 259 | 234 | ||
indirecto | 183 | 139 | ||
Desarrolladores | 36 | 33 | ||
478 | 406 |
Employee numbers disclosed represent the average number of employees, including directors, for the year.
The Directors' remuneration and share options are detailed within the Report of the Remuneration Committee within the 2023 Annual Report (pages 85 to 90). This includes detail of the total Directors' remuneration, including bonuses and pension contributions and remuneration of the highest paid Director. No directors exercised share options in the year.
The Executive Directors of the Company control 4.7% of the voting shares of the Company (2022: 4.8%).
Pagos basados en acciones | 2023 | 2022 | ||
000 £ | 000 £ | |||
Premios de incentivos a largo plazo | 744 | 304 |
An element of long term incentive awards are capitalised accounting for the difference in long term incentive awards shown in this note compared to the amount disclosed as an expense in the Statement of Profit and Loss.
Premios de incentivos a largo plazo
Long term incentive awards have been issued to all staff. Performance conditions are attached to the incentive awards of Executives, with 50% linked to adjusted EBITDA growth (ARR growth for grants prior to 2023) and 50% linked to comparative total shareholder return (TSR). Vesting conditions require that all staff remain employed by the business for three years. The shares vest over a three year period with a maximum term of 10 years.
Numero de opciones | Precio de ejercicio promedio ponderado | Numero de opciones | Precio de ejercicio promedio ponderado | |
2023 | 2023 | 2022 | 2022 | |
Destacado a principios de año | 1,873,356 | £0.05 | 1,080,066 | £0.05 |
Concedido | 882,989 | £0.05 | 1,096,464 | £0.05 |
Perdido | (311,520) | £0.05 | (303,174) | £0.05 |
Ejercido | (105,808) | £0.05 | - | £0.05 |
Sobresaliente al final del año | 2,339,017 | £0.05 | 1,873,356 | £0.05 |
The share options outstanding at the end of the year have a weighted average remaining contractual life of 8.6 years (2022: 9.0 years).
Fair value of options granted:
The fair value of the awards has been calculated using the Black Scholes option pricing model and using a Stochastic simulation model for options with TSR performance conditions. The following assumptions were used on options granted in the year:
Options granted on | 15/03/2023 | 24/05/2023 | 02/09/2023 | 14/09/2023 | 27/10/2023 | 16/11/2023 |
Precio de la acción en la fecha de concesión | 171.5p | 247.0p | 329.0p | 323.0p | 300.0p | 301.0p |
Precio de ejercicio | 5.0p | 5.0p | 5.0p | 5.0p | 5.0p | 5.0p |
Período de adquisición (años) | 2.8 | 2.6 | 3 | 2.4 | 2.9 | 2.7 |
Volatilidad esperada | 38.50% | 38.50% | 38.50% | 38.50% | 38.50% | 38.90% |
Vida de la opción (años) | 10 | 10 | 10 | 10 | 10 | 10 |
Vida esperada (años) | 10 | 10 | 10 | 10 | 10 | 10 |
Tasa libre de riesgo | 4.40% | 4.40% | 4.40% | 4.40% | 4.40% | 4.50% |
Dividendos esperados expresados como rendimiento por dividendo | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Valor razonable de las opciones otorgadas | 137.5p | 199.7p | 318.1p | 262.6p | 234.4p | 241.5p |
The expected volatility is based on the historical volatility of the Company's share price. An assessment of the likelihood of market conditions being achieved is made at the time that the options are granted.
7. Interés
2023 | 2022 | |||
000 £ | 000 £ | |||
Ingresos por intereses sobre depósitos en efectivo | 298 | 81 |
8. Taxation
2023 | 2022 | |||
000 £ | 000 £ | |||
Impuesto corriente | ||||
Impuesto de sociedades del Reino Unido | - | (438) | ||
Impuesto extranjero | 336 | - | ||
Ajustes con respecto a años anteriores | 451 | (308) | ||
787 | (746) | |||
Impuesto diferido | ||||
Año corriente | (1,756) | 9 | ||
Ajustes con respecto a años anteriores | (826) | 622 | ||
(2,582) | 631 | |||
Tax credit on losses | (1,795) | (115) |
2023 | 2023 | 2022 | 2022 | ||
000 £ | % | 000 £ | % | ||
Beneficio / (pérdida) antes de impuestos del período | (1,964) |
| (831) | ||
Tax charge/(credit) at standard rate of 23.5% (2022: 19%) | (462) | 23.5 | (158) | 19.0 | |
Efectos de: |
|
| |||
Permanent items / additional relief under R&D scheme | (782) | 39.8 | (398) | 47.9 | |
Diferencia entre las tarifas CT y DT del Reino Unido | (160) | 8.2 | 3 | (0.4) | |
Losses surrendered at 14.5% under SME tax relief scheme | - | 0.0 | 137 | (16.5) | |
Ajustes del año anterior | (375) | 19.1 | 313 | (37.7) | |
Otras diferencias | (16) | 0.8 | (12) | 1.4 | |
Crédito fiscal del año | (1,795) | 91.4 | (115) | 13.8 |
Tasa de impuesto
An increase in the UK corporation rate from 19% to 25% (effective 1 April 2023) was substantively enacted on 24 May 2021. This increases the Group's current tax charge accordingly to a weighted average standard tax rate of 23.5%
Ajuste del año anterior
The prior year adjustment reflects a decision that was made subsequent to the finalisation of the 2022 Annual Report not to surrender losses and claim an R&D tax credit and instead carry forward those losses to be offset against expected future taxable profits. The net impact of the rate used in calculating the deferred tax balance on carried forward losses of 25% (opposed to the tax credit at 14.5%) has resulted in this difference.
9. Beneficio por acción
2023 | 2022 | |||
000 £ | 000 £ | |||
Utilidades utilizadas en el cálculo de las utilidades por acción: | ||||
Sobre las pérdidas totales atribuibles a los accionistas de la controladora | (169) | (716) | ||
2023 | 2022 | |||
Promedio ponderado n. de acciones (Básico) | 34,768,325 | 33,055,776 | ||
Acciones en emisión | ||||
Acciones ordinarias en emisión | 36,480,873 | 33,055,776 | ||
Loss per share (basic and diluted, £) | ||||
Sobre las pérdidas totales atribuibles a los accionistas de la controladora | (0.00) | (0.02) |
While there are options and potentially dilutable instruments, they have not been included due to a loss in the year making them anti-dilutive. The earnings per share figures above are therefore both basic and diluted.
10. Buena voluntad
2023 | 2022 | |||
000 £ | 000 £ | |||
Fondo de comercio al 1 de enero y al 31 de diciembre | 511 | 511 |
La gerencia ha establecido servicios de asesoría como la única UGE durante los períodos relevantes. Todo el fondo de comercio es atribuible a esta UGE.
El Grupo realiza pruebas de deterioro anualmente o con mayor frecuencia si existen indicios de que podría estar deteriorado. No hubo indicadores de deterioro observados durante los períodos presentados.
El Grupo prueba la plusvalía por deterioro revisando el valor en libros contra el monto recuperable de la inversión. La gerencia ha calculado el valor en uso utilizando los siguientes supuestos:
Discount rate 8%
Growth rate 2%
Forecasts are based on past experience and take into account current and future market conditions and opportunities. Using alternative discount (increase to 10%) and growth rates (decrease to nil) as sensitised assumptions does not result in any impairment.
The Group prepares forecasts based on the most recent financial budgets approved by the Board. The forecasts have been used in the value in use calculation along with the assumptions stated above. The forecasts used are consistent with those used in the going concern review and discussed in note 2. The forecasts extended for a period of 12 months from the date of signing.
There were no impairments in the years ended 31 December 2023 and 31 December 2022.
11. Development costs
2023 | 2022 | |||
000 £ | 000 £ | |||
Cost | ||||
Saldo al 1 de enero | 10,315 | 7,363 | ||
Adiciones | 8,713 | 2,952 | ||
Saldo al 31 de diciembre | 19,028 | 10,315 | ||
Amortización | ||||
Saldo al 1 de enero | (6,634) | (4,496) | ||
Amortización | (3,644) | (2,138) | ||
Saldo al 31 de diciembre | (10,278) | (6,634) | ||
Importe en libros 31 de diciembre | 8,750 | 3,681 |
The US Soluna platform has a carrying value of £5.4m and a remaining amortisation period of between 2 and 3 years. The UK platform has a carrying value of £2.8m and a remaining amortisation period of between 1 and 3 years. The US Klassic platform has a carrying value of £0.6m and remaining amortisation period of between 1 and 2 years.
12. Arrendamientos
2023 | 2022 | |||
000 £ | 000 £ | |||
Activo por derecho de uso | ||||
Al 1 de enero | 68 | - | ||
Adiciones | - | 68 | ||
Depreciación | (22) | - | ||
Disposición | - | - | ||
Revalorización de moneda | (4) | - | ||
Al 31 de diciembre | 42 | 68 | ||
Responsabilidad por arrendamiento | ||||
Al 1 de enero | 68 | - | ||
Adiciones | - | 68 | ||
Cargo de Interés | 5 | - | ||
Pago en efectivo | (25) | - | ||
Disposición | - | - | ||
Revalorización de moneda | (4) | - | ||
Al 31 de diciembre | 44 | 68 |
13. Propiedades, planta y equipo
2023 | 2022 | |||
000 £ | 000 £ | |||
Cost | ||||
Saldo al 1 de enero | 551 | 451 | ||
Adiciones | 291 | 100 | ||
Saldo al 31 de diciembre | 842 | 551 | ||
Depreciación | ||||
Saldo al 1 de enero | (429) | (335) | ||
Depreciación | (109) | (94) | ||
Saldo al 31 de diciembre | (538) | (429) | ||
Importe en libros 31 de diciembre | 304 | 122 |
Property, plant and equipment refers to computer and office equipment.
14. Activos y pasivos por impuestos diferidos
Diferencias temporarias de activos fijos | Otras diferencias temporarias | Pérdidas fiscales | Total | ||
A 1 de enero de 2022 - activo / (pasivo) | (458) | 323 | 570 | 435 | |
Movimiento - (cargo) / crédito | (119) | (98) | (566) | (783) | |
A 1 de enero de 2023 - activo / (pasivo) | (577) | 225 | 4 | (348) | |
Movimiento - (cargo) / crédito | (643) | 503 | 2,721 | 2,581 | |
Amounts recognised in equity | - | 416 | - | 416 | |
A 31 de diciembre de 2023 - activo / (pasivo) | (1,220) | 1,144 | 2,725 | 2,649 |
Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences can be utilised.
15. Cuentas por cobrar comerciales y otras
2023 | 2022 | |||
000 £ | 000 £ | |||
Cuentas por cobrar comerciales | 5,801 | 1,110 | ||
Prepagos | 1,084 | 504 | ||
Otros ingresos | 289 | 1,004 | ||
7,174 | 2,618 |
Todos los montos que se muestran arriba son a corto plazo. El valor neto en libros de las cuentas por cobrar comerciales se considera una aproximación razonable del valor razonable.
Included within prepayments are £0.3m of contract costs related to the California contract which will be amortised in line with revenue recognition to be released in 2024.
16. Activos del contrato
2023 | 2022 | |||
000 £ | 000 £ | |||
Ingresos acumulados | 251 | 649 |
17. Efectivo y equivalentes de efectivo
2023 | 2022 | |||
000 £ | 000 £ | |||
Efectivo y equivalentes de efectivo | 11,004 | 8,492 |
18. Trade and other payable
2023 | 2022 | |||
000 £ | 000 £ | |||
Comercio a pagar | 1,555 | 680 | ||
Devengos y otros acreedores | 2,521 | 977 | ||
Responsabilidades fiscales | 651 | 967 | ||
4,727 | 2,624 |
The Group recognises a provision for an obligation when there is a probable outflow of resources and an amount can be reliably estimated. This includes legal disputes the estimated costs of which are provided for in other creditors. Disclosure of the exact details of these claims could prejudice the financial position of the Group and accordingly further information is not disclosed in this report.
19. Pasivos contractuales
2023 | 2022 | |||
000 £ | 000 £ | |||
Pasivos por contrato - corriente | 5,156 | 2,583 |
Revenue recognised in the reporting period that was included in the contract liability balance at the beginning of the year totalled £2.5m (2022: £0.8m).
El siguiente cuadro muestra el movimiento de los pasivos por contratos:
2023 | 2022 | |||
000 £ | 000 £ | |||
Pasivos contractuales reconocidos al comienzo del año | 2,583 | 797 | ||
Montos facturados en el año anterior reconocidos como ingresos en el año actual | (2,525) | (754) | ||
Importes facturados en el ejercicio en curso que se reconocerán como ingresos en ejercicios posteriores | 5,098 | 2,540 | ||
Saldo al final del año | 5,156 | 2,583 |
20. Equidad
2023 | 2022 | |||
000 £ | 000 £ | |||
Acciones ordinarias A | 1,825 | 1,653 | ||
Número de acciones | 2023 | 2022 | ||
Acciones ordinarias A | 36,480,873 | 33,055,776 |
El capital social de Kooth plc consiste en acciones ordinarias totalmente pagadas con un valor nominal de £0.05 por acción.
Las acciones ordinarias A tienen incorporados plenos derechos de voto, dividendo y distribución de capital (incluido el de liquidación). No confieren ningún derecho de redención.
Las siguientes transacciones de acciones han tenido lugar durante el año terminado el 31 de diciembre de 2023:
2023 | 2022 | |||
Número | Número | |||
A principios de año | 33,055,776 | 33,055,776 | ||
Compartir ubicación | 3,305,577 | - | ||
Ejercicio de opciones sobre acciones | 119,520 | - | ||
Al final del año | 36,480,873 | 33,055,776 |
Share capital increased from the prior year following the successful share placement in July 2023 and the exercise of staff share options.
2023 | 2022 | |||
000 £ | 000 £ | |||
Compartir premium | 23,444 | 14,229 |
Share premium represents the funds received in exchange for shares over and above the nominal value. Share premium increased from the prior year following the successful share placement in July 2023. The movement in the reserve represents the amounts received from the placement less the costs incurred.
2023 | 2022 | |||
000 £ | 000 £ | |||
Reserva de pago basada en acciones | 2,142 | 1,221 |
The share based payment reserve represents amounts accrued for equity settled share options granted.
2023 | 2022 | |||
000 £ | 000 £ | |||
Reserva de fusión | (4,104) | (4,104) |
La reserva de fusión se creó como resultado del canje de acciones durante el año terminado el 31 de diciembre de 2020.
2023 | 2022 | |||
000 £ | 000 £ | |||
Reserva de amortización de capital | 115 | 115 |
La reserva de redención de capital se constituyó como consecuencia de la recompra diferida de acciones durante el ejercicio finalizado el 31 de diciembre de 2020.
2023 | 2022 | |||
000 £ | 000 £ | |||
Reserva de traducción | 161 | - |
The translation reserve represents differences on translation of balances in Kooth USA LLC which has a functional currency of USD.
21. Remuneración del auditor
2023 | 2022 | |||
000 £ | 000 £ | |||
Fees payable to the auditor for the audit of the Company and Consolidated financial statements | 130 | 85 | ||
Honorarios a pagar al auditor y sus asociados por otros servicios: | ||||
Otros servicios relacionados con la auditoría | 5 | 5 |
22. Activos y pasivos financieros
2023 | 2022 | |||
000 £ | 000 £ | |||
Activos financieros | ||||
Cuentas por cobrar comerciales | 5,801 | 1,110 | ||
Efectivo y equivalentes de efectivo | 11,004 | 8,492 | ||
Pasivos financieros | ||||
Comerciales y otras cuentas a pagar | 4,120 | 1,725 |
The carrying amount of trade receivables are denominated in the following currencies:
2023 | 2022 | |||
000 £ | 000 £ | |||
GBP | 931 | 1,100 | ||
USD | 4,870 | 10 | ||
Total | 5,801 | 1,110 |
The carrying amount of cash and cash equivalents are denominated in the following currencies:
2023 | 2022 | |||
000 £ | 000 £ | |||
GBP | 6,463 | 6,916 | ||
USD | 4,508 | 1,576 | ||
EUR | 33 | - | ||
Total | 11,004 | 8,492 |
El importe en libros de las cuentas comerciales y otras cuentas por pagar está denominado en las siguientes monedas:
2023 | 2022 | |||
000 £ | 000 £ | |||
GBP | 1,579 | 857 | ||
USD | 2,541 | 868 | ||
Total | 4,120 | 1,725 |
La gerencia ha evaluado que los valores razonables del efectivo, las cuentas por cobrar comerciales, las cuentas por pagar comerciales y otros pasivos circulantes se aproximan a sus valores en libros en gran parte debido a los vencimientos a corto plazo de estos instrumentos.
The Group's principal financial liabilities comprise trade and other payables. The Group has no debt facility as at 31 December 2023 (2022: £nil). The main purpose of these financial liabilities is to finance the Group's operations. The Group's principal financial assets include trade receivables and cash that derive directly from its operations.
The Group is exposed to market risk, credit risk and liquidity risk. The Group's senior management oversees the management of these risks. The Group's senior management is supported by the Board of Directors who advise on financial risks and the appropriate financial risk governance framework for the Group. The Board provides assurance to the Group's senior management that the Group's financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Group's policies and risk objectives.
La Junta Directiva revisa y acuerda políticas para la gestión de cada uno de estos riesgos, las cuales se resumen a continuación.
Riesgo de mercado
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk.
Market risk is deemed to be immaterial to the Group given that the Group has no debt facilities in place at the year ended 31 December 2023 (2022: £nil) that would cause interest rate risk.
Riesgo crediticio
The Group's principal financial assets are cash and trade receivables. The credit risk associated with cash is limited, as the counterparties have high credit ratings assigned by international credit-rating agencies. The credit risk associated with trade receivables is also limited as customers are primarily government backed organisations such as the NHS or State governments. Credit losses historically incurred have been negligible.
Riesgo de liquidez
The Group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs by closely managing its cash balance.
Al año terminado el 31 de diciembre de 2023, el Grupo se financia únicamente con capital y, como resultado, el riesgo de liquidez se considera inmaterial. El Grupo monitorea su riesgo de escasez de fondos a través de procedimientos de revisión y pronóstico.
Riesgo de moneda extranjera
The Group is exposed to the US Dollar through the US subsidiary, Kooth USA LLC, which raises its sales invoices to customers in US Dollars and incurs costs in US Dollars.
With the Group reporting in Sterling, any change to the GBP/USD exchange rate could increase the Group's foreign currency risk. The Group deems the UK and US to be stable economies, thereby significantly reducing foreign currency risk.
If the exchange rate between sterling and the US dollar had been 10% higher/lower at the reporting date, the effect on profit would have been approximately (£635,000)/£780,000 respectively (2022:(£65,000)/80,000). If the exchange rate between sterling and euro had been 10% higher/lower at the reporting date the effect on profit would have been approximately (£3,000)/£4,000 respectively (2022: (£0)/£0).
23. Transacciones con partes relacionadas
La Nota 25 proporciona información sobre la estructura del Grupo, incluyendo detalles de las subsidiarias y la controladora. El Grupo se ha beneficiado de la exención disponible bajo la NIC 24 Información a revelar sobre partes relacionadas para no revelar transacciones entre empresas del Grupo que se eliminan en la consolidación.
Key management personnel are the executive members of the Board of Directors. Remuneration applicable to the Company is disclosed below, with further information disclosed in the Remuneration Committee report.
2023 | 2022 | |||
000 £ | 000 £ | |||
Salarios y bonificaciones | 1,919 | 709 | ||
Costos de pensión | 25 | 21 | ||
Cargos de pago basados en acciones | 227 | 147 | ||
2,171 | 877 |
La siguiente tabla proporciona el monto total de las transacciones que se han realizado con partes relacionadas para el ejercicio financiero correspondiente.
2023 | 2022 | |||
000 £ | 000 £ | |||
Tarifas de seguimiento - ScaleUp Capital Limited | 58 | 50 |
24. Capital management policies and procedures
Los objetivos de gestión de capital del Grupo son:
? To ensure the Group's ability to continue as a going concern.
? To provide an adequate return to shareholders by pricing products and services in a way that reflects the level of risk involved in providing those goods and services.
The Group monitors capital on the basis of the carrying amount of equity, less cash and cash equivalents as presented in the statement of financial position.
El Grupo no tiene líneas de crédito vigentes al 31 de diciembre de 2023 (2022: cero libras esterlinas).
Management assesses the Group's capital requirements in order to maintain an efficient overall financing structure while avoiding excessive leverage. The Group manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. The amounts managed as capital by the Group for the reporting periods under review are summarised as follows:
2023 | 2022 | |||
000 £ | 000 £ | |||
Equidad total | 20,758 | 10,518 | ||
Efectivo y equivalentes de efectivo | 11,004 | 8,492 | ||
Capital | 31,762 | 19,010 | ||
Equidad total | 20,758 | 10,518 | ||
Responsabilidad por arrendamiento | (44) | (68) | ||
Financiación | 20,714 | 10,450 |
25. Empresas subsidiarias y asociadas
Nombre | País de incorporación | Proporción retenida | Actividad | Dirección registrada |
grupo kooth limitado | UK | 100% | Desarrollo de plataforma | 5 Merchant Square, Londres, Inglaterra, W2 1AY |
Kooth Digital Health Limited | UK | 100% | Provision of online services to children, young people and adults in the UK | 5 Merchant Square, Londres, Inglaterra, W2 1AY |
Kooth EE. UU. LLC | US | 100% | Provision of online services to children, young people in the US | 167 North Green Street, Chicago, IL, 60607 |
26. Standards issued but not yet effective
At the date of authorisation of these consolidated financial statements, several new, but not yet effective, Standards and amendments to existing Standards, and Interpretations have been published by the IASB. None of these Standards or amendments to existing Standards have been adopted early by the Group.
Management anticipates that all relevant pronouncements will be adopted for the first period beginning on or after the effective date of the pronouncement. New Standards, amendments and Interpretations not adopted in the current year have not been disclosed as they are not expected to have a material impact on the Group's consolidated financial statements.
27. Partido controlador supremo
Ningún accionista posee la mayoría de las acciones. Los directores no consideran que exista una parte controladora final.
28. Acontecimientos posteriores a la fecha del informe
In January 2024, the Group entered into a working capital credit facility with Citibank of $9.5 million that remains undrawn at the time of issuing this report.
29. Compromisos de capital
The Group's capital commitments at 31 December 2023 are £nil (FY22: £nil).
RNS puede usar su dirección IP para confirmar el cumplimiento de los términos y condiciones, para analizar cómo interactúa con la información contenida en esta comunicación y para compartir dicho análisis de forma anónima con otros como parte de nuestros servicios comerciales. Para obtener más información sobre cómo RNS y la Bolsa de Valores de Londres utilizan los datos personales que nos proporciona, consulte nuestra Política de privacidad.