Resultados finales
La Compañía considera que cierta información contenida en este Anuncio constituye información privilegiada según lo estipulado en el Reglamento de abuso de mercado (UE) No. 596/2014 ("MAR") según se aplica en el Reino Unido. Tras la publicación de este anuncio, esta información ahora se considera de dominio público.
29 enero 2024
PLC del grupo Smarttech247
("Smarttech247", el "Grupo" o la "Empresa")
Resultados finales
Smarttech247 (AIM: S247), a multi-award-winning provider of AI-enhanced cybersecurity services providing automated managed detection and response for a portfolio of international clients, is pleased to announce its audited final results for the 12 months ended 31 July 2023.
Aspectos operacionales destacados
· Admitted to trading on AIM in December 2022, raising £3.7 million via a placing of new ordinary shares
· A number of new contracts have been won during the period, and since the period end, spearheaded by the Group's Managed Detection and Response (MDR) platform, VisionX
· In April 2023 the Company announced its participation in Managed Security Service Provider Program by its partner, Forcepoint, a global security leader
· Named as Cybersecurity Company of the Year by Chambers of Ireland InBusiness Recognition Awards in May 2023
· In July 2023 Smarttech247 partnered with SentinelOne, a cybersecurity platform company, to deliver cybersecurity solutions
· The Group has expanded, with headcount increased significantly, to be positioned to deliver growth and develop new products
· Continued development of new products, including new VisionX features with further development of ThreatHub and NoPhish
Finalización posterior al período
· Listing of VisionX on the Amazon Web Services (AWS) Marketplace in August 2023
· Strategic partnership with Abnormal Security, a leading behavioural AI-based email security platform in August 2023
· In October 2023 Smarttech247 announced a strategic partnership with Splunk, a cybersecurity platform company, to deliver automation-driven and human-led MDR capabilities to global clients
· Won a tender contract from an existing Government of Ireland department client and secured a contract renewal with AutoNation, the largest automotive retailer in the United States, in October 2023
· New three-year contract secured with a global pharmaceutical solutions organisation in November 2023
· Ranked as a Deloitte Fast 50 Technology Company and won the 'Email Security Solution of the Year' at The Computing Security Award 2023 for the Company's NoPhish product
· Announced the launch of Aio, a new AI Assistant and the launch of the Company's Mid-Market MDR solution for its VisionX platform in January 2024
Aspectos financieros más destacados
· Revenue increased by 19.3% to ?12.18 million (31 July 2022: ?10.21 million)
· Gross profit increased by 22.7% to ?6.81 million (31 July 2022: ?5.55 million)
· Adjusted EBITDA increased by 36% to ?2.70 million (31 July 2022: ?1.98 million)
· Adjusted operating profit of ?2.15 million (31 July 2022: ?1.76 million)
· Cash of ?6.06 million at the period end (31 July 2022: ?2.36 million)
Raluca Saceanu, CEO of Smarttech247, commented:
"I am pleased to announce our first, full-year results as an AIM-quoted company, marking a major milestone for Smarttech247. We have entered into several new contracts during the period, and since the period end, with large, international organisations, and hope to continue this momentum with our larger sales capacity to further increase our revenue and profit growth going forward.
"The year under review, and the period to date, has been marked by significant strides in our Research and Development as well as forming strategic partnerships with top companies like Forcepoint, SentinelOne, Abnormal Security, and Splunk. These synergies have empowered us to offer our clients a comprehensive security ecosystem, one that is not only robust, but also dynamically tailored to meet the evolving demands of their unique business landscapes.
"Smarttech247 now has the platform in place to support and accelerate its growth in the cybersecurity sector. We are confident as we enter 2024 and look forward to updating the market on our further progress in due course."
- Termina -
The Annual Report and Accounts for the financial year ended 31 July 2023 will be available to download from the Group's website via: https://www.smarttech247.com/aim-rule-26/
Para más información, póngase en contacto con:
PLC del grupo Smarttech247 | Tel: +353 21 206 6033 |
Ronan Murphy, presidente ejecutivo Raluca Saceanu, Directora Ejecutiva Nicholas Lee, director financiero | |
SPARK Advisory Partners Limited - Asesor designado | Teléfono: + 44 (0) 20 3368 3550 |
Mark Brady/Adam Dawes | |
Fragmento de capital - Conjunto Broker | Tel: + 44 (0) 20 7186 9900 |
maldito damon | |
Valores Fortificados - Conjunto Broker | Tel: +86 571 82867702 |
Guy Wheatley, CFA | |
Jersey amarillo PR Sarah Hollins/Annabelle Wills/Bessie Elliot | Tel: + 44 (0) 20 3004 9512
|
Acerca de Smarttech247
Smarttech247 es una empresa de MDR (Detección y respuesta gestionada) automatizada galardonada con múltiples premios. Su plataforma cuenta con la confianza de organizaciones internacionales y proporciona inteligencia de amenazas con detección y respuesta gestionadas para proporcionar información procesable, detección, investigación y respuesta de amenazas las 24 horas del día, los 7 días de la semana.
The Group's services are geared towards proactive prevention and it achieves this by utilising the latest in cloud, big data analytics and machine learning, along with an experienced incident response team. In recognition of its innovative technology, Smarttech247 was named by Chambers Ireland InBusiness Recognition Awards as Cyber Security Company of the Year 2023.
Las oficinas de Smarttech247 están ubicadas en Irlanda, Reino Unido, Rumania, Polonia y EE. UU. La Sociedad fue admitida a cotización en AIM el 15 de diciembre de 2022.
Para más información, visite www.smarttech247.com
Declaración del presidente
Introducción
Smarttech247 Group plc (the "Company") is a public limited company whose shares are quoted on the AIM market of the London Stock Exchange. The Company is a multi-award-winning provider of AI-enhanced cybersecurity services providing automated managed detection and response for a portfolio of international clients. It has four directly and indirectly owned subsidiaries, Zefone Limited, Smart Systems Security Limited, Smarttech 247 Cyber Security Sarl incorporated and Smarttech Sp z.o.o. (together "Smarttech247" or the "Group").
We are pleased to report our results for the year to 31 July 2023.
Destacados
The key highlights for the year are as follows:
Año terminado | 31 Julio 2023 auditado | 31 Julio 2022 Sin auditar | Cambios |
| ? 000 | ? 000 | % |
Ingresos | 12,180 | 10,206 | +19.3 |
Beneficio bruto | 6,806 | 5,545 | +22.7 |
Margen de beneficio bruto | 55.9% | 54.3% | |
Los costos de operación | 6,981 | 3,850 | |
Adjusted EBITDA (Note 6)* | 2,698 | 1,984 | + 36.0% |
Beneficio operativo | 303 | 1,756 | |
Beneficio antes de impuestos | 204 | 1,534 | |
Como en | |||
efectivo | 6,062 | 2,358 | |
Activos netos | 11,483 | 4,533 |
* Adjusted EBITDA is a non-IFRS measure and has been reconciled to the underlying IFRS numbers in Note 6
· Listing achieved on the London Stock Exchange, raising £3.7 million
· Los ingresos y los beneficios siguen creciendo con fuerza
· A number of new contracts have been won during the period, spearheaded by the Group's Managed Detection and Response ("MDR") VisiónX
· A number of significant partnerships have been entered into with leading players in the industry
· The platform has been expanded and headcount increased in order to be in a position to deliver growth and develop new products
· New sales capacity established to increase the rate of revenue growth
· New products are being developed including a new VisionX product with further development of ThreatHub and NoPhish
Revisión del año
2023 has had a transformational year for the Group with a listing being achieved on the London Stock Exchange in December 2022 and funds successfully raised from new investors. At the same time, the business has continued to grow significantly, building out its platform and headcount to service demand.
The Group now has the platform in place to support and accelerate its revenue growth. We have also launched new products and won multiple new contracts with major global companies and institutions. These contracts are important as they provide clear validation of the service that we provide and clear reference points for new customers. We are often competing with global companies to win new business and succeeding, more details on which will be covered in the Chief Executive Officer's ("CEO") Statement.
We firmly believe that our listing will give Smarttech247 greater visibility and credibility in overseas geographies, including the USA and Europe, and will support our growth plans in the short and long term. I am extremely proud of the team that we now have in place and would like to thank them for their hard work and dedication in getting the Group to its current position. I would also like to welcome our new investors.
Perspectiva y estrategia
Cyber-attacks continue to increase with serious implications for the companies concerned. There is no simple solution to defend an organisation against everything that it can be exposed to but our combination of managed detection and response capabilities can help to significantly reduce the impact of an attack and manage the situation. We therefore see clear opportunities for future growth.
We have started FY2024 well with more contracts being won and a number of existing contracts being renewed so we are very much looking forward to continuing this progress in FY2024.
Ronan murphy
Presidente Ejecutivo
26 de enero de 2024
Declaración del director ejecutivo
During the year under review, the Group made notable progress on a number of fronts. It has focused on building out its platform and launching new products and is now extremely well-placed to grow revenue. As we embark on a new era at Smarttech247, we are pleased with the Group's prospects and the strategic advances that we are making.
Productos
To support its extensive capabilities for Managed Detection and Response ("MDR"), the Group launched its VisionX technology during the year. This technology, together with our award-winning capabilities and expertise, provides 24/7 proactive threat detection and response, using cloud data analytics, machine learning and an incident response capability.
This AI-enabled platform is used in tandem with human-led monitoring from Smarttech247's expert team, empowering organisations to leverage AI and intelligent automation to enhance their security operations.
During the year, we have also embarked on the development of a new version of the VisionX product. This offers a very different functionality in that it is multi-tenancy and has a completely new User Interface - this is a very important element of the VisionX platform as it is heavily relied upon by product users to enable them to assess the effectiveness of their security operations in real time. This new design offers users an intuitive approach that simplifies complex security operations. With improved functionality, advanced analytics, threat hunting and customisable dashboards, customers will gain unprecedented insights into their organisation's security posture.
Post period end in August 2023, the Group also announced that its VisionX platform is available on the Amazon Web Services ("AWS") Marketplace. AWS's well-established, trusted platform allows us to showcase VisionX to a wider range of customers, demonstrating our commitment to delivering leading security solutions to a global audience.
The Group is continuing to develop its threat and vulnerability software called Threathub. Threathub has attack surface intelligence management features which allow organisations to manage their risk continuously by providing them with automated threat modelling and dynamic risk governance capabilities based on their internal and external attack surface.
We are progressing with the revamping of our Managed Phishing Response Platform, NoPhish, underscoring our steadfast commitment to addressing the dynamic landscape of cybersecurity threats. The latest developments represent a pivotal advancement, facilitating expeditious responses to phishing incidents through a streamlined and intuitive user experience. This enhancement is poised to significantly contribute to the efficacy of our platform by minimising response times and optimising operational agility.
Contratos
Smarttech247 holds a strong position within the cybersecurity market, and we are pleased to be able to deliver revenue and adjusted EBITDA growth. Just prior to joining AIM, the Group won a three-year contract with a total sales value of US$800,000 with a Fortune 150 leading automotive retailer in the USA with annual revenues of over US$20 billion. This was followed by a three-year agreement with a large US tech company headquartered in Massachusetts and a two-year agreement with a prestigious university in Ireland worth circa US$400,000 and US$450,000 respectively over the length of the contracts. All these contracts are centred on the Group's MDR platform, VisionX.
In July 2023, the Group announced that it had received an order from an existing client, a global, automotive technology company, worth in total circa US3 millones de dólares over three years. This order includes the provision and implementation of the Group's cutting-edge security intelligence technology, VisionX to provide enhanced visibility and threat detection. Once integrated, it provides a unified and proactive security solution by combining real-time threat monitoring, rapid incident response and advanced analytics. This will enable the digital resilience of the client's assets to be strengthened thereby safeguarding them more effectively.
Post period end in August 2023, as part of Smarttech247's partnership with Abnormal Security a multi-year contract worth nearly ?400k, over two years, was won with a global organisation within the aviation industry sector.
In October 2023, the Group won a tender contract from an existing Gobierno de Irlanda department client, worth circa ? 400,000 más de dos años. This deal will see Smarttech247 leverage its strategic partnership with IBM to provide its IBM QRadar Security Information and Event Management ("SIEM") solution. The technology is designed to provide security teams with centralised visibility into enterprise-wide security data. This resource empowers Smarttech247 clients with actionable insight into the most critical threats, enabling more effective threat management, near real-time visibility and the production of detailed data access and user activity reports.
Smarttech247's client, and the largest automotive retailer in the United States, AutoNation, has recently extended its existing partnership for a further three years. This will allow Smarttech247 to continue supporting this Fortune 150 global enterprise in its cybersecurity solutions and is a testament to the success of the ongoing partnership. Furthermore, AutoNation's Vice President and CISO, Chip Regan, recently explained in a recent case study why Smarttech247 was the obvious choice when it came to its cybersecurity needs and specifically how partnering with Smarttech247 has allowed AutoNation to achieve a granular level of security and monitoring on a scale that suits such a large, global enterprise.
In November 2023, the Group announced that it had signed a new deal with a global pharmaceutical solutions organisation, based in the USA, worth approximately ? 900,000 over three years, deploying its AI-enhanced VisionX platform.
Combining the VisionX MDR platform with the managed services offering creates competitive differentiation for the Group. Major new customers have highlighted factors like this as the reason for selecting Smarttech247.
Smarttech247 actualmente tiene múltiples contratos con organizaciones globales líderes. The majority of these contracts are multi-year thereby providing greater certainty of revenue. Also, with contracts now in place with such prestigious organisations, this represents an excellent source of reference for new business.
Alianzas y partenariados
In the dynamic field of cybersecurity, our strategic technology alliances play a pivotal role in providing best-of-breed solutions to our clients. These collaborations and integrations with our platform VisionX represent a proactive approach to addressing evolving threats, incorporating cutting-edge technologies such as Secure Access Service Edge ("SASE"), Data Loss Prevention ("DLP"), autonomous security, and AI-driven email protection.
In April 2023, the Group announced its participation in the newly released Managed Security Service Provider Program ("MSSP") by its partner, Forcepoint, a global security leader. El programa is centred on Forcepoint ONE SSE cloud-native and Forcepoint enterprise data security solutions. As a partner of Forcepoint, Smarttech247 will be able to quickly incorporate Secure Access Service Edge ("SASE") and DLP managed services into its offerings through the MSSP program. Partners of this service can also benefit from flexible consumption of Forcepoint converged, cloud-delivered security solutions, update customer configurations and offer multi-tenant services, all with a few clicks.
With the Group's hosted and managed services centred on Forcepoint ONE SSE cloud-native and Forcepoint enterprise data security solutions, this will allow today's enterprises to manage risk holistically and simplify security operations. This is a potential game-changer when adversaries are constantly finding new ways to steal confidential data.
In July 2023, the Group announced that it had joined forces with SentinelOne (NYSE: S), the autonomous cybersecurity platform company, to deliver comprehensive cybersecurity solutions to businesses of all sizes.
SentinelOne, a recognised leader in protecting endpoints, cloud, networks and identities in an intelligent, holistic way. Its technology is at the forefront of the industry and combined with Smattech247's expertise in cybersecurity consulting and MDR services, businesses can be provided with a complete security solution that can adapt and scale with their changing needs.
The partnership combines Smarttech247's expertise in cybersecurity consulting, MDR services and threat intelligence with SentinelOne's market-leading autonomous security technology to provide a comprehensive security solution that protects against cyber threats.
Smarttech247 will maximise the benefits and value of SentinelOne's leading technology for its customers with specialist-managed endpoint protection and response services, whilst SentinelOne will provide Smarttech247 with access to its latest threat intelligence and research.
Post period end, in August 2023, the Group announced a strategic partnership agreement with Seguridad anormal, una plataforma líder de seguridad de correo electrónico basada en inteligencia artificial conductual. A diferencia de las puertas de enlace de correo electrónico seguras tradicionales, Abnormal Security adopta un enfoque diferente para detener los ataques de correo electrónico. La arquitectura API nativa de la nube incorpora miles de señales en múltiples plataformas para crear una base de referencia del buen comportamiento conocido de cada empleado y proveedor en una organización en función de patrones de comunicación, eventos de inicio de sesión y miles de otros atributos. Luego aplica modelos avanzados de IA, incluido el procesamiento del lenguaje natural ("NLP") y análisis de comportamiento para detectar anomalías en el comportamiento del correo electrónico que indican una amenaza potencial y evitar que los ataques lleguen a los usuarios finales.
La seguridad anormal se integrará en Smarttech247's comprehensive MDR service, VisionX, to provide a unified and proactive security solution.
In October 2023, the Group announced a strategic partnership agreement with Splunk Inc. Splunk Inc. (NASDAQ: SPLK), a cybersecurity and observability leader, helps make organisations more digitally resilient. Businesses use Splunk's unified security and observability platform to keep digital systems secure and reliable. This partnership brings together Smarttech247's automation-driven and human-led VisionX MDR capabilities and Splunk's powerful SIEM technology solutions.
The Group also works with a number of other leading industry players whose products can be incorporated within its MDR platform as required. Such partners include Microsoft, IBM and Crowdstrike among many others.
People and platform
During FY2023, the Group has increased its headcount significantly in order to provide the capacity for future revenue growth. This in itself is a significant achievement given the demand for suitably qualified high-quality personnel. This has also been implemented against the background of tight control over costs to maintain existing margins.
During FY2023, one key area of focus was to build out the Group's sales capability and operations. Investment has now been made in this area and progress achieved which will support the Group's revenue growth going forward.
Also, during the period Paul Garvey was appointed to the Group's Advisory Board. Paul Garvey is currently Vice President and Head of Global Accounts at Check Point Software Technologies Ltd, a leading provider of cyber security solutions to over 100,000 global customers, where he oversees the entire Go To Market capability for Check Point's largest customers. Subsequently, and post period end, Sascha Maier was also appointed to the Group's Advisory Board. Sascha is currently the Group Chief Information and Security Officer at Grupo SV, a leading hospitality and catering group in Europa. In this role, he oversees the Cyber Resilience strategy for the entire group, including all brands, subsidiaries, and the foundation.
Awards and profile
On 9 de marzo de 2023, the Group hosted its annual Zero Day Con conference at the Dublin Convention Centre, bringing together leading technology firms, industry experts and government officials to allow business leaders to learn more about the latest cybersecurity trends. This year, over 500 international cybersecurity industry leaders attended, and speakers included senior professionals from the FBI, la Gobierno de Irlanda, and top cybersecurity and medical companies.
In May 2023, the Group was named Cyber Security Company of the Year by Chambers Ireland InBusiness Recognition Awards 2023. This is a prestigious award and an important recognition for Smarttech247 to receive in its first year as a publicly quoted organisation.
The Group has once again been nominated as a Deloitte rápido 50 Empresa de tecnología para el 2023. Deloitte rápido 50 es uno de De Irlanda foremost technology award programs, each year highlighting the 50 fastest-growing technology companies across Irlanda.
The Group also secured the 'Email Security Solution of the Year' title at The Computing Security Awards 2023 for its product 'NoPhish'. This cutting-edge solution operates in real-time, detecting and responding to phishing attempts. By analysing reported emails and identifying malicious elements, such as attachments or URLs, NoPhish enables organisations to stay ahead of cyber threats. Phishing remains a critical concern for companies globally and NoPhish offers clients a defence through its proactive approach and intelligence. The 'Email Security Solution of the Year' award signifies Smarttech247's commitment to innovation and the security of its clients.
Furthermore, Smarttech247 has been recognised as a finalist for the 'Scale Up of the Year' award at the prestigious Tech Industry Alliance Awards and has also received a nomination for the 'Cyber Security Solution Provider of the Year' award at the 2023 EU Cyber Awards. Smarttech247 was also shortlisted for the 'Best Newcomer' Award at the AIM Awards 2023, for seven awards at the Computing Security Awards 2023 (these include New Product/Solution of the Year, One to Watch Security and Data Protection as a Service Provider of the Year) and for Tech Scale up of the Year award at the Tech Industry Alliance Awards in October 2023.
comentario financiero
In terms of financial performance, the revenue of the Group increased by around 20% over the prior year as a result of winning several new contracts during FY2023. Gross profit margins improved slightly leading to a gross profit increase of around 23%.
Operating costs increased significantly, principally as a result of the costs of the Company's Initial Public Offering on AIM ("IPO") and other costs incurred during the year. Underlying operating costs, after adjusting for IPO related and other costs increased during the period reflecting the increase in the scale of operations and the commencement of amortisation of certain of the Group's new products.
Underlying adjusted EBITDA (as reconciled in Note 6), after adjusting for certain costs and amortisation/depreciation, grew by over 36% during the period. The Group's underlying cash generation was strong, providing cash to deploy in the development of new products which is fundamental to a business like Smarttech247.
The Group's financial position also improved significantly over the period as a result of the conversion of the convertible loan note and the funds raised at IPO. Consequently, the Group is very well positioned to fund future growth.
FY2024 has started well with both new contracts being won and a number of existing clients renewing their contracts.
Raluca Saceanu
CEO
26 de enero de 2024
DECLARACIÓN CONSOLIDADA DE INGRESO COMPRENSIVO
Por el año terminado el 31 de julio de 2023
Note | 2023 | 2022 Sin auditar | |
Operaciones continuas |
| ||
Ingresos | 4 | 12,180 | 10,206 |
El costo de ventas | 5 | (5,374) | (4,661) |
Beneficio bruto | 6,806 | 5,545 | |
Gastos administrativos | 6 | (6,981) | (3,850) |
Otros ingresos operativos | 7 | 478 | 61 |
Beneficio operativo | 303 | 1,756 | |
Ingreso de inversión | 10 | - | 2 |
Otras ganancias y pérdidas | 11 | 1 | (8) |
Costos financieros | 12 | (100) | (216) |
Beneficio antes de impuestos | 204 | 1,534 | |
Impuesto sobre la renta | 13 | (371) | (156) |
Beneficio del año por operaciones continuas | (167) | 1,378 | |
Beneficio total del ejercicio atribuible a los accionistas de la dominante | |||
Otro resultado integral | - | (1) | |
Resultado global total del ejercicio atribuible a los accionistas de la dominante | (167) | 1,377 | |
| |||
Basic earnings per share - ? cents | 14 | (0.1662) | 1.5749 |
ESTADO DE SITUACIÓN FINANCIERA
Al 31 de julio de 2023
| Note | 2023 | 2022 Sin auditar |
Activos no corrientes | |||
Activos intangibles | 15 | 3,934 | 1,739 |
Propiedad, planta y equipo. | 16 | 153 | 97 |
Activo por derecho de uso | 21 | 331 | 64 |
Activos financieros | 17 | 1,162 | 1,161 |
Total del activo no corriente | 5,580 | 3,061 | |
Activos circulantes | |||
Cuentas comerciales y otras cuentas por cobrar | 19 | 6,423 | 6,153 |
Efectivo y equivalentes de efectivo | 20 | 6,062 | 2,358 |
Total de activos corrientes | 12,485 | 8,511 | |
LOS ACTIVOS TOTALES | 18,065 | 11,572 | |
Patrimonio atribuible a los propietarios de la matriz | |||
Llamado capital social | 22 | 1,436 | - |
Compartir premium | 22 | 6,365 | - |
Reserva de pago basada en acciones | 23 | 554 | - |
Otras reservas | 24 | (1,215) | 23 |
Reserva de divisas | 34 | 34 | |
Ganancias retenidas | 4,309 | 4,476 | |
Equidad total | 11,483 | 4,533 | |
Pasivos no corrientes | |||
Préstamos | 26 | - | 2,342 |
Responsabilidad por arrendamiento | 21 | 260 | 4 |
Total pasivo no corriente | 260 | 2,346 | |
Pasivo circulante | |||
Comerciales y otras cuentas a pagar | 27 | 6,231 | 4,629 |
Responsabilidad por arrendamiento | 21 | 91 | 64 |
Total pasivo corriente | 6,322 | 4,693 | |
Pasivos totales | 6,582 | 7,039 | |
PATRIMONIO TOTAL Y PASIVO | 18,065 | 11,572 |
These Financial Statements were approved by the Board of Directors on 26 January 2024 and were signed on its behalf by:
Raluca Saceanu
Director
número de la compañía: 14385467
COMPAÑÍA | Note | 2023 |
|
Activos no corrientes | |||
Inversiones | 18 | 1,116 | |
Total del activo no corriente | 1,116 | ||
Activos circulantes | |||
Cuentas por cobrar entre empresas | 3,166 | ||
Cuentas comerciales y otras cuentas por cobrar | 19 | 184 | |
Efectivo y equivalentes de efectivo | 20 | 2,949 | |
Total de activos corrientes | 6,299 | ||
LOS ACTIVOS TOTALES | 7,415 |
| |
Patrimonio atribuible a los propietarios de la matriz | |||
Llamado capital social | 22 | 1,436 | |
Compartir premium | 22 | 6,365 | |
Reserva de pago basada en acciones | 23 | 554 | |
Reserva de divisas | 22 | ||
Ganancias retenidas | (1,016) | ||
Equidad total | 7,361 | ||
Pasivo circulante | |||
Comerciales y otras cuentas a pagar | 27 | 54 | |
Total pasivo corriente | 54 | ||
Pasivos totales | 54 | ||
PATRIMONIO TOTAL Y PASIVO | 7,415 |
|
Under section 408 of the Companies Act 2006, the Company is exempt from the requirement to present its own income statement or statement of comprehensive income. The Company's loss for the year was ?1,016K.
These Financial Statements were approved by the board of Directors on 26 January 2024 and were signed on its behalf by:
Raluca Saceanu
Director
STATEMENT OF CASHFLOW
Por el año terminado el 31 de julio de 2023
| Notas | 2023 | 2022 Sin auditar |
El flujo de efectivo de las actividades de operaciones | |||
(Pérdida)/beneficio del ejercicio | (167) | 1,378 | |
Ajustes para: | |||
Intereses por pagar | 64 | 1 | |
Costos financieros | 36 | 215 | |
Impacto de las divisas | (9) | (270) | |
Taxation | 371 | 156 | |
Pagos basados en acciones | 554 | - | |
IPO costs in shares | 608 | - | |
depreciación y amortización | 549 | 228 | |
Impuestos pagados | (148) | - | |
Fair value loss / (gain) on investments | (1) | 8 | |
Cambios en el capital de trabajo: | |||
Disminución / (aumento) de cuentas por cobrar comerciales y otras | (241) | (1,622) | |
(Disminución) / aumento de cuentas comerciales y otras cuentas por pagar | 1,532 | 611 | |
Entrada neta de efectivo de las actividades operativas | 3,148 | 705 | |
Flujo de caja de las actividades de inversión | |||
Efectivo adquirido en la adquisición | 7 | 13 | |
Compra de activos fijos intangibles | (2,625) | (1,434) | |
Compra de inmovilizado material | (112) | (38) | |
Sale / (purchase) of financial assets | - | (2) | |
Entrada / (salida) neta de efectivo de actividades de inversión | (2,730) | (1,461) | |
Flujos de efectivo de actividades de financiación | |||
Ingresos netos de la emisión de acciones | 3,373 | - | |
Reembolso de los pasivos por arrendamiento | 21 | (76) | (101) |
Otros costos financieros | (7) | - | |
Entrada neta de efectivo por actividades de financiación | 3,290 | (101) | |
Aumento / (disminución) neto de efectivo y equivalentes de efectivo | 3,708 | (857) | |
Efectivo y equivalentes de efectivo al comienzo del período | 2,358 | 3,215 | |
Impacto del tipo de cambio en el efectivo | (4) | - | |
Efectivo y equivalentes de efectivo al final del período | 20 | 6,062 | 2,358 |
Transacciones significativas no monetarias
The only significant non-cash transactions that are included in the cash flow were the issue of shares and share options as detailed in Notes 22 and 23.
COMPAÑÍA | Notas | 2023 |
|
El flujo de efectivo de las actividades de operaciones | |||
(Pérdida)/beneficio del ejercicio | (1,016) | ||
Ajustes para: | |||
Pagos basados en acciones | 450 | ||
IPO costs in shares | 608 | ||
Cambios en el capital de trabajo: | |||
(Aumento) / disminución de cuentas por cobrar comerciales y otras | (521) | ||
Aumento / (disminución) de cuentas comerciales y otras cuentas por pagar | 55 | ||
Salida neta de efectivo de las actividades operativas | (424) | ||
Flujos de efectivo de actividades de financiación | |||
Ingresos netos de la emisión de acciones | 3,373 | ||
Entrada neta de efectivo por actividades de financiación | 3,373 | ||
Aumento / (disminución) neto de efectivo y equivalentes de efectivo | 2,949 | ||
Efectivo y equivalentes de efectivo al comienzo del período | - | ||
Impacto del tipo de cambio en el efectivo | - | ||
Efectivo y equivalentes de efectivo al final del período | 20 | 2,949 |
Transacciones significativas no monetarias
The only significant non-cash transactions that are included in the cash flow were the issue of shares and share options as detailed in Notes 22 and 23.
STATEMENT OF CHANGE IN EQUITY
Al 31 de julio de 2023
| Capital social | Compartir premium | Reserva PAS | Reserva de fusión | Reserva de divisas | Ganancias retenidas |
| Equidad total |
?'000 | ?'000 | ?'000 | ?'000 | ?'000 | ?'000 |
| ?'000 | |
| ||||||||
A 1 de agosto de 2021 | - | - | - | - | 35 | 3,098 | 3,133 | |
Ganancias del año | - | - | - | - | - | 1,378 | 1,378 | |
Otro resultado integral | - | - | - | - | (1) | - | (1) | |
Resultado integral total del año | - | - | - | - | (1) | 1,378 | 1,377 | |
Adquisición de Smarttech Polonia | - | - | - | 23 | - | - | 23 | |
Transacción total con propietarios | - | - | - | 23 | - | - | 23 | |
Saldo al 31 de julio de 2022 (no auditado) | - | - | - | 23 | 34 | 4,476 | 4,533 | |
Pérdida del año | - | - | - | - | - | (167) | (167) | |
Otro resultado integral | - | - | - | - | - | - | - | |
Resultado integral total del año | - | - | - | - | - | (167) |
| (167) |
Reorganización de capital | 1,012 | - | - | (1,012) | - | - | - | |
Emisión de acciones para liquidar el CLN adquirido | 159 | 2,577 | - | - | - | - | 2,736 | |
Emisión de acciones | 265 | 4,108 | - | - | - | - | 4,373 | |
Acquisition of Smart Securities | - | - | - | (226) | - | - | (226) | |
Pagos basados en acciones | - | - | 554 | - | - | - | 554 | |
Costes de emisión de acciones | - | (320) | - | - | - | - | (320) | |
Transacción total con propietarios | 1,436 | 6,365 | 554 | (1,238) | - | - | 7,117 | |
Saldo al 31 de julio de 2023 | 1,436 | 6,365 | 554 | (1,215) | 34 | 4,309 | 11,483 |
COMPAÑÍA | Capital social | Compartir premium | Reserva PAS | Reserva de divisas | Ganancias retenidas |
| Equidad total |
?'000 | ?'000 | ?'000 | ?'000 | ?'000 |
| ?'000 | |
| |||||||
Pérdida del año | - | - | - | - | (1,016) | (1,016) | |
Otro resultado integral | - | - | - | 22 | - | 22 | |
Resultado integral total del año | - | - | - | 22 | (1,016) | (994) | |
Issue of shares as part of capital reorganisation | 1,012 | - | - | - | - | 1,012 | |
Emisión de acciones para liquidar el CLN adquirido | 159 | 2,577 | - | - | - | 2,736 | |
Emisión de acciones | 265 | 4,108 | - | - | - | 4,373 | |
Pagos basados en acciones | - | - | 554 | - | - | 554 | |
Costes de emisión de acciones | - | (320) | - | - | - | (320) | |
Transacción total con propietarios | 1,436 | 6,365 | 554 | - | - | 8,355 | |
Saldo al 31 de julio de 2023 | 1,436 | 6,365 | 554 | 22 | (1,016) | 7,361 |
NOTAS A LA INFORMACIÓN FINANCIERA
Por el año terminado el 31 de julio de 2023
1. INFORMACIÓN GENERAL
Smartech247 Group plc ("Smartech247") is a public limited company incorporated and registered in England and Wales with its registered office at 165 Fleet Street, London, EC4A 2DY. The Company's registered number is 14385467. The Company has four direct and indirectly 100% owned subsidiaries, Zefone Limited incorporated and registered in Ireland, Smart Systems Security Limited, incorporated and registered in England and Wales, Smarttech 247 Cyber Security Sarl incorporated and registered in Romania and Smartech Sp z.o.o. incorporated and registered in Poland (together "the Group").
The Group's principal activities consist of providing Managed Detection and Response capabilities to global organisations, and associated services including penetration testing, governance risk and compliance and cyber consultancy.
The consolidated Financial Statements were approved for issue by the Board of Directors on 26 January 2024.
2 POLÍTICAS CONTABLES
La NIC 8 requiere que la administración utilice su juicio al desarrollar y aplicar políticas contables que den como resultado información que sea relevante para las necesidades de toma de decisiones económicas de los usuarios, que sea confiable, libre de sesgos, prudente, completa y que represente fielmente la situación financiera. rendimiento financiero y los flujos de efectivo de la entidad.
2.1 Base de preparación
The financial statements for the period ended 31 July 2023 have been prepared in accordance with UK-adopted International Accounting Standards ('IFRS') and in accordance with the requirements of the Companies Act 2006 with the principal accounting policies applied in the preparation of the Financial Statements as set out below. These policies have been consistently applied to the period presented, unless otherwise stated.
On 18 November 2022, Smarttech247 Group plc which had never traded, acquired 100% of Zefone Limited. The Group has used merger accounting to account for this acquisition as there was no change in the shareholders or holdings, and therefore it is accounted for as a common control transaction with no change in the book values of assets and liabilities and no fair value accounting applied. No goodwill arises as a result. Consequently, FY2023 incorporates the full year results for Zefone Limited and its subsidiaries as well as the trading of the parent Company from incorporation on 29 September 2022 to 31 July 2023, prepared under IFRS. See Note 2.6 for further information.
The comparative financial information for the year ended 31 July 2022 has been derived from the unaudited IFRS financial information included in the Group's regulatory news service announcement of 4 April 2023. This comprises the results of Zefone Limited which is the Group's principal trading subsidiary and its other subsidiaries. Zefone Limited's Irish GAAP financial statements were audited during this period whilst any necessary IFRS adjustments made and the consolidation with its subsidiaries were subject to a formal review by Group's auditors.
The preparation of financial statements in conformity with UK IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts in the financial statements. The areas involving a higher degree of judgement or complexity, or areas where assumptions or estimates are significant to the Financial Statements, are disclosed in Note 2.23.
The principal accounting policies are set out below and have, unless otherwise stated, been applied consistently in the Financial Statements.
The consolidated financial statements are presented in Euros (?) unless otherwise stated, which is Zefone's functional currency and the Group and Company's presentational currency, and presented to the nearest ?'000.
2.2 Nuevas normas, modificaciones e interpretaciones
El Grupo y la Compañía han adoptado todas las normas e interpretaciones nuevas y modificadas emitidas por el Consejo de Normas Internacionales de Contabilidad que son relevantes para sus operaciones y efectivas para los períodos contables que comienzan a partir del 1 de julio de 2021.
No Standards or Interpretations that came into effect for the first time for the financial year beginning 1 July 2021 have had an impact on the Group or Company.
2.3 Nuevas normas e interpretaciones aún no adoptadas
Standards and amendments to standards that have been issued that are applicable to the Group but are not effective for 2023 and have not been early adopted are:
Estándar | Impacto en la aplicación inicial | Fecha efectiva |
Mejoras Anuales | Ciclo 2018-2020 | 1 de enero de 2023 |
NIIF 17 | Contratos de seguros | 1 de enero de 2023 |
NIC 1 | Clasificación de pasivos en Corriente o No Corriente | 1 de enero de 2023 |
NIC 8 | Estimaciones contables | 1 de enero de 2023 |
NIC 12 | Impuesto diferido derivado de una sola transacción | 1 de enero de 2023 |
NIIF 16 | Modificaciones a la NIIF 16 | 1 de enero de 2024 |
NIC 1 | Modificaciones a la NIC 1 | 1 de enero de 2024 |
No se espera que el efecto de estas Normas e Interpretaciones nuevas y modificadas que están en circulación pero que aún no son obligatoriamente efectivas sea significativo.
The directors are evaluating the impact that these standards may have on the financial statements of Group.
2.4 Empresa en marcha
Management has prepared the Financial Statements on a going concern basis. The Directors are satisfied that adequate resources are held by the Group, taking into consideration the successful AIM listing, and associated fundraise, during the year, and consequently they have no reason to believe that any material uncertainty exists that would cast a doubt about the ability of the Group and Company to continue as a going concern.
In making this judgement management considered the Group's budgets and cash flow forecasts for a period of at least twelve months from the date of approval of the financial information and the level of existing cash resources which demonstrates that the Group will be in a position to meet its liabilities as they fall due.
The Group and Company have therefore adopted the going concern basis in preparing the Financial Statements.
2.5 Base de consolidación
Las subsidiarias son todas las entidades (incluidas las entidades estructuradas) sobre las que el Grupo tiene control. El Grupo controla una entidad cuando el Grupo está expuesto a, o tiene derecho a, rendimientos variables derivados de su participación en la entidad y tiene la capacidad de afectar esos rendimientos a través de su poder sobre la entidad. Las subsidiarias se consolidan por integración global desde la fecha en que se transfiere el control al Grupo. Se desconsolidan desde la fecha en que cesa el control.
Se eliminan las transacciones intercompañías, los saldos y las ganancias no realizadas por transacciones entre empresas del Grupo. Las pérdidas no realizadas también se eliminan.
The Group has used merger accounting as described in more detail below in note 2.6 for the combination of Smarttech247 Group plc and its direct and indirectly held subsidiaries.
2.6 Merger accounting
The Company was incorporated on 29 September 2022 with one £0.01 ordinary share and on 18 November 2022, became the parent company of the Group when it issued 87,499,999 £0.01 ordinary shares in exchange for 100% of the ordinary shares in Zefone Limited as part of a share for share exchange.
This transaction is not considered to be a business combination within the scope of IFRS3 as the transaction was between entities under common control. This is a key judgement, and as a transaction where there was no change in the shareholders or holdings, is accordingly accounted for using merger accounting with no change in the book values of assets and liabilities and no fair value accounting applied.
As permitted, the Group has applied 'predecessor' accounting and although the consolidated financial statements have been issued in the name of Smarttech247 Group plc, the legal parent, it represents a continuation of the financial information of the legal subsidiary. As such, the comparative information presented for the year ended 31 July 2022 is that of the Company's subsidiary which has been derived from the unaudited IFRS financial information included in the Group's regulatory news service announcement of 4 April 2023.
Further information on the transaction is included in Note 24.
Merger accounting was applied in relation to the acquisition of Smart Systems Security Limited andSmarttech247 so. z o.o. These transactions have not been presented as a continuation of trade and the subsidiary's net assets and trading results have been included in the consolidation at their book value from the date of acquisition.
2.7 Conversión de moneda extranjera
(i) Functional and presentation currency
Items included in the financial information for each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates ('the functional currency'). The consolidated financial information is presented in ? Euro, which is the Group's presentation and functional currency. The individual financial statements of each of the Company's wholly owned subsidiaries are prepared in the currency of the primary economic environment in which it operates (its functional currency). IAS 21 The Effects of Changes in Foreign Exchange Rates requires that assets and liabilities be translated using the exchange rate at period end, and income, expenses and cash flow items are translated using the rate that approximates the exchange rates at the dates of the transactions (i.e. the average rate for the period). The foreign exchange differences on translation is recognised in other comprehensive income (loss).
(ii) Transacciones y saldos
Transactions denominated in a foreign currency are translated into the functional currency at the exchange rate at the date of the transaction. Assets and liabilities in foreign currencies are translated to the functional currency at rates of exchange ruling at statement of financial position date. Gains or losses arising from settlement of transactions and from translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income for the period.
(iii) Group companies
Los resultados y situación financiera de todas las entidades del Grupo que tienen una moneda funcional diferente a la moneda de presentación se convierten a la moneda de presentación de la siguiente manera:
- los activos y pasivos de cada estado de situación financiera presentado se convierten a la tasa de cierre a la fecha del estado de situación financiera;
- income and expenses for each statement of comprehensive income are translated at the average exchange rate; and
- todas las diferencias de cambio resultantes se reconocen como un componente separado del patrimonio.
On consolidation, exchange differences arising from the translation of the net investment in foreign operations are taken to shareholders' equity. When a foreign operation is partially disposed or sold, exchange differences that were recorded in equity are recognised in the statement of comprehensive income as part of the gain or loss on sale.
2.8 Presentación de informes por segmentos
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 Board of Directors.
2.9 Deterioro de activos no financieros
Los activos no financieros y los activos intangibles no sujetos a amortización se someten anualmente a pruebas de deterioro en cada fecha de presentación y siempre que eventos o cambios en las circunstancias indiquen que el valor en libros puede no ser recuperable.
Una revisión de deterioro se basa en flujos de efectivo futuros descontados. Si el flujo de efectivo futuro descontado esperado por el uso de los activos y su eventual disposición es menor que el valor en libros de los activos, se reconoce una pérdida por deterioro en resultados y no se revierte posteriormente.
A efectos de evaluar el deterioro, los activos se agrupan en los niveles más bajos para los que existen flujos de efectivo en gran medida independientes (unidades generadoras de efectivo o 'UGE').
2.10 Efectivo y equivalentes de efectivo
El efectivo y los equivalentes de efectivo comprenden el efectivo en bancos y en caja, los depósitos a la vista en bancos y otras instituciones financieras y los sobregiros bancarios.
2.11 Fair value measurement
Fair value measurement IFRS 13 establishes a single source of guidance for all fair value measurements. IFRS 13 does not change when an entity is required to use fair value, but rather provides guidance on how to measure fair value under IFRS when fair value is required or permitted. The resulting calculations under IFRS 13 affected the principles that the Company uses to assess the fair value, but the assessment of fair value under IFRS 13 has not materially changed the fair values recognised or disclosed. Further information is set out at Note 2.12 (c).
IFRS 13 mainly impacts the disclosures of the Company. It requires specific disclosures about fair value measurements and disclosures of fair values, some of which replace existing disclosure requirements in other standards.
2.12 Instrumentos financieros
La NIIF 9 requiere que una entidad aborde la clasificación, medición y reconocimiento de activos y pasivos financieros.
a) Clasificación
El Grupo clasifica sus activos financieros en las siguientes categorías de valoración:
- those to be measured at amortised cost;
- At fair value through profit or loss.
La clasificación depende del modelo de negocio del Grupo para gestionar los activos financieros y los términos contractuales de los flujos de efectivo.
El Grupo clasifica los activos financieros a costo amortizado solo si se cumplen los dos criterios siguientes:
- el activo se mantiene dentro de un modelo de negocio cuyo objetivo es cobrar flujos de efectivo contractuales; y
- los términos contractuales dan lugar a flujos de efectivo que son únicamente pago de principal e intereses.
b) Reconocimiento
Las compras y ventas de activos financieros se reconocen en la fecha de negociación (es decir, la fecha en la que el Grupo se compromete a comprar o vender el activo). Los activos financieros se dan de baja cuando los derechos a recibir flujos de efectivo de los activos financieros han expirado o se han transferido y el Grupo ha transferido sustancialmente todos los riesgos y beneficios inherentes a la propiedad.
c) Measurement
En el reconocimiento inicial, el Grupo mide un activo financiero a su valor razonable más, en el caso de un activo financiero que no esté a valor razonable con cambios en resultados (FVPL), los costos de transacción que son directamente atribuibles a la adquisición del activo financiero.
Los costos de transacción de los activos financieros registrados a FVPL se registran como gastos en utilidad o pérdida.
Instrumentos de deuda
Amortised cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as a separate line item in the statement of comprehensive income.
Inversiones financieras
Listed investments are valued at closing bid price on 31 July of each year. Unlisted investments that are not publicly traded and whose fair value cannot be measured reliably, are measured at fair value through profit and loss. For details of the key assumptions used and the impact of changes to these assumptions, see note 17.
Medición del valor razonable
El valor razonable es el precio que se recibiría por vender un activo o que se pagaría por transferir un pasivo en una transacción ordenada entre participantes del mercado en la fecha de medición. La medición del valor razonable se basa en la presunción de que la transacción para vender el activo o transferir el pasivo tiene lugar:
- En el mercado principal del activo o pasivo; o
- En ausencia de un mercado principal, en el mercado más ventajoso para el activo o pasivo
El mercado principal o más ventajoso debe ser accesible para el Grupo.
El valor razonable de un activo o pasivo se mide utilizando los supuestos que los participantes del mercado usarían al fijar el precio del activo o pasivo, asumiendo que los participantes del mercado actúan en su mejor interés económico.
Una medición del valor razonable de un activo no financiero tiene en cuenta la capacidad de un participante del mercado para generar beneficios económicos utilizando el activo en su mejor y más alto uso o vendiéndolo a otro participante del mercado que usaría el activo en su mayor y mejor uso. .
The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:
- Nivel 1: precios de mercado cotizados (no ajustados) en mercados activos para activos o pasivos idénticos
- Nivel 2 - Técnicas de valoración para las que el dato de entrada de nivel más bajo que es significativo para la medición del valor razonable es directa o indirectamente observable.
- Nivel 3: técnicas de valoración para las que el dato de nivel más bajo que es significativo para la medición del valor razonable es inobservable.
Para los activos y pasivos que se reconocen en los estados financieros de manera recurrente, el Grupo determina si se han producido transferencias entre niveles en la jerarquía al reevaluar la categorización (basándose en el dato de nivel más bajo que sea significativo para la medición del valor razonable como un en su totalidad) al final de cada período sobre el que se informa.
A efectos de las revelaciones del valor razonable, el Grupo ha determinado clases de activos y pasivos sobre la base de la naturaleza, características y riesgos del activo o pasivo y el nivel de la jerarquía del valor razonable, como se explicó anteriormente.
d) Discapacidad
The Group assesses, on a forward looking basis, the expected credit losses associated with any debt instruments carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
In response to increased risk of credit losses due to Covid, the Group has included the following procedures:
- Performing credit checks on existing, new or prospective customers
- Maintaining regular dialogue with senior staff of existing customers to discuss payments of invoices
For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables. The Group's most significant clients are public or regulated industry entities which generally have high credit ratings or are of a high credit quality due to the nature of the client.
Expected credit losses are assessed on an individual customer basis, based on the historical payment profiles of the customers, the current and historic relationship with the customer, and the industry in which the customer operates. There have been no impairments of trade receivables in the periods.
2.13 Arrendamientos
Los arrendamientos se reconocen como un activo por derecho de uso y un pasivo por arrendamiento correspondiente en la fecha en que el activo arrendado está disponible para su uso por parte del Grupo.
Los activos y pasivos que surgen de un arrendamiento se miden inicialmente sobre la base del valor presente. Los pasivos por arrendamiento incluyen el valor actual neto de los siguientes pagos por arrendamiento:
- Pagos fijos (incluidos los pagos fijos en esencia), menos cualquier incentivo de arrendamiento por cobrar;
- Pagos de arrendamiento variables que se basan en un índice o una tasa, medidos inicialmente utilizando el índice o tasa en la fecha de inicio;
- Montos que se espera que sean pagaderos por el Grupo bajo garantías de valor residual;
- El precio de ejercicio de una opción de compra si el Grupo está razonablemente seguro de ejercer esa opción; y
- Pagos de sanciones por resolución del arrendamiento, si el plazo del arrendamiento refleja que el Grupo ejerce dicha opción.
Los pagos de arrendamiento a realizarse bajo ciertas opciones de extensión razonablemente determinadas también se incluyen en la medición del pasivo.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the lessee's incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. In all instances the leases were discounted using the incremental borrowing rate.
Los pagos de arrendamiento se distribuyen entre el principal y el costo financiero. El costo financiero se carga a resultados durante el período de arrendamiento. Los activos por derecho de uso se miden al costo que comprende lo siguiente:
- El monto de la medición inicial del pasivo por arrendamiento;
- Cualquier pago de arrendamiento realizado en o antes de la fecha de inicio menos los incentivos de arrendamiento recibidos;
- Cualquier costo directo inicial; y
- Costos de restauración.
Los activos por derecho de uso se deprecian durante la vida útil del activo y el plazo del arrendamiento, el que sea menor, de forma lineal. Si el Grupo está razonablemente seguro de ejercer una opción de compra, el activo por derecho de uso se deprecia durante la vida útil del activo subyacente.
Payments associated with short-term leases (term less than 12 months) and all leases of low-value assets (generally less than ?5k) are recognised on a straight-line basis as an expense in profit or loss.
2.14 Patrimonio
El capital social se determina utilizando el valor nominal de las acciones que han sido emitidas.
Share premium account includes any premiums received on the initial issuing of the share capital. Any transaction costs associated with the issuing of shares are deducted from the Share premium account, net of any related income tax benefits.
Las pérdidas retenidas incluyen todos los resultados del período actual y anterior tal como se revelan en el estado de resultados integrales.
2.15 Pagos basados en acciones
The Group has made awards of warrants and options on its unissued share capital to certain parties in return for services provided to the Group. Under IFRS 2, these share based payments are either valued at the value of the services provided or where this data is not available a fair value should be calculated using the Black Scholes Option Pricing model and/or the Monte Carlo valuation model which is how they have been valued in this case The valuation of these warrants and options involve making a number of critical estimates relating to price volatility, future dividend yields, expected life of the options and interest rates. These assumptions have been integrated into the Black Scholes Option Pricing model and the Monte Carlo valuation model to derive a value for these share-based payments. These assumptions are described in more detail in Note 23.
2.16 Ingresos
Bajo la NIIF 15, Ingresos por Contratos con Clientes, se han evaluado cinco puntos clave para el reconocimiento de los ingresos:
Paso 1: Identificar el(los) contrato(s) con un cliente;
Paso 2: Identificar las obligaciones de desempeño en el contrato;
Paso 3: Determinar el precio de la transacción;
Paso 4: Asignar el precio de la transacción a las obligaciones de desempeño del contrato; y
Step 5: Recognise revenue when (or as) a Group entity satisfies a performance obligation.
The Group recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the Group, and specific criteria have been met for each of the Group's activities, as described below.
Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for services provided in the normal course of business, net of discounts, VAT and other sales related taxes.
The Group bases its estimates on all available information including historical results and experience taking into consideration the type of customer, the type of transaction and the specifics of each arrangement. Where the Group makes sales relating to a future financial period, these are deferred and recognised under 'accrued expenses and deferred income' in the Statement of Financial Position.
The Group derives revenue from the provision of managed detection and response and other cyber security services, whereby revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- el importe de los ingresos puede medirse de forma fiable;
- es probable que la Compañía reciba la contraprestación adeudada en virtud del contrato;
- el grado de realización del contrato al final del periodo sobre el que se informa puede medirse con fiabilidad; y
- los costos incurridos y los costos para completar el contrato pueden ser medidos confiablemente.
In arrangements where fees are invoiced ahead of revenue being recognised, deferred income is recorded.
2.17 Subvenciones gubernamentales
Capital grants received and receivable are treated as deferred income and amortised to the Income Statement annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Income Statement when received.
2.18 Fiscalidad
The taxation expense for the year comprises current and deferred tax and is recognised in the statement of comprehensive income except to the extent that it relates to items recognised in other comprehensive income, or directly in equity, in which case the tax expense is also recognised in other comprehensive income or directly in equity.
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.
Deferred tax arises from timing differences that are differences between the taxable profits and total comprehensive income as stated in the financial statements. The timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
El impuesto diferido se prueba en su totalidad sobre las diferencias temporarias que surgen entre las bases fiscales de los activos y pasivos y sus valores en libros en el estado financiero. El impuesto diferido se determina utilizando tasas impositivas (y leyes) que han sido promulgadas o sustancialmente promulgadas a la fecha del balance general y que se espera que se apliquen cuando se realice el activo por impuesto sobre la renta diferido relacionado del pasivo por impuesto diferido.
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which temporary differences can be utilised. Current or deferred taxation assets and liabilities are not discounted.
2.19 Propiedad, planta y equipo
Property, plant and equipment are recorded at historical cost or deemed cost, less accumulated depreciation and impairment losses.
Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their estimated useful lives as follows:
Plant and machinery - 12.5% straight line
Fixtures and fittings - 12.5% straight line
The Group's policy is to review the remaining useful economic lives and residual values of property, plant and equipment on an on-going basis and to adjust the depreciation charge to reflect the remaining estimated useful economic useful life and residual value.
Fully depreciated property, plant and equipment are retained in the cost of property, plant & equipment and related accumulated depreciation until they are removed from service. In the case of disposals, assets and related depreciation are removed from the financial statements and the net amounts, less proceeds from disposal, is charges or credited to the income statement.
2.20 Activos intangibles
Intangible asset impairment reviews are undertaken annually, or more frequently if events or changes in circumstances indicate a potential impairment. The method and useful lives of finite life intangible assets, or assets not yet available for use, are reviewed annually. Changes in the expected pattern of consumption or useful life are accounted for prospectively by changing the amortisation method or period.
Gastos de investigación y desarrollo
Development expenditure is written off in the same period unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is capitalised and amortised over the period from which the Group is expected to benefit.
Amortisation is provided on all intangible assets so as to write off the cost of an asset over its estimated useful life as follows:
Development costs - 20-33.3% straight line
Licencia de software
Software licenses are valued at cost less accumulated amortisation
Website and software licenses - 33.3% straight line or over the term of the licence
2.21 Pagarés convertibles, empréstitos y costos de endeudamiento
Convertible loan notes are assessed for whether they are a compound financial instrument. In the current year, the convertible loan notes were classified as financial liabilities and recognised initially at fair value, net of transaction costs. After initial recognition, loans are subsequently carried at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the statement of comprehensive income over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities are capitalised as a prepayment for liquidity services and amortised over the period of the loan to which it relates.
Los préstamos se clasifican como pasivo corriente a menos que el Grupo tenga el derecho incondicional de diferir el pago del pasivo o al menos 12 meses después del final del período sobre el que se informa.
Further details on the convertible loan notes and borrowings are set out in Note 26.
2.22 Beneficios para empleados
Beneficios a corto plazo
Short-term benefits, including holiday pay and other similar non-monetary benefits are recognised as an expense in the period in which the employee's entitlement to the benefit accrues.
Plan de pensiones de contribución definida
The Group makes contribution to a defined contribution plan. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate fund. Under defined contribution plans, the Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee services in the current and prior periods.
For defined contribution plans, the Group pays contributions to privately administered pension plans on a contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or reduction in the future payments is available.
2.23 Non-current investments
Investments made in subsidiaries by the Company are carried at the cost of investment less any provision for impairment within the Company's balance sheet. The carrying values are reviewed at each period end to determine whether there is any indication that these investments have suffered an impairment loss.
2.24 Juicios contables críticos y fuentes clave de incertidumbre en la estimación
The preparation of these Financial Statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses.
Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
El Grupo realiza estimaciones y supuestos sobre el futuro. Las estimaciones contables resultantes, por definición, rara vez serán iguales a los resultados reales relacionados. Las estimaciones y suposiciones que tienen un riesgo significativo de causar un ajuste material a los valores en libros de los activos y pasivos dentro del próximo año financiero se analizan a continuación.
Basis of acquisition accounting
The Group has applied the merger accounting method to account for the acquisitions within the Group. With this method, assets and liabilities of the acquired entity are recognised at their book value and any difference between the consideration paid and net assets is recognised in the merger reserve. Merger accounting has been applied as the entities are considered to be commonly controlled which is a key judgement in the preparation of the Financial Statements.
Establishing useful economic lives for depreciation purposes of property, plant and equipment
Long-lived assets, consisting primarily of property, plant and equipment, comprise a significant portion of the total assets. The annual depreciation charge depends primarily on the estimated useful economic lives of each type of asset and estimates of residual values. The directors regularly review these asset useful economic lives and change them as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in asset useful lives can have a significant impact on depreciation and amortisation charges for the period. Detail of the useful economic lives is included in the accounting policies.
Providing for doubtful debts
The Group makes an estimate of the recoverable value of trade and other receivables. The Group uses estimates based on historical experience in determining the level of debts, which the Company believes, will not be collected. These estimates include such factors as the current credit rating of the debtor, the ageing profile of receivables and historical experience. Any significant reduction in the level of customers that default on payments or other significant improvements that resulted in a reduction in the level of bad debt provision would have a positive impact on the operating results. The level of provision required is reviewed on an ongoing basis.
Amortización de activos intangibles
The annual amortisation of intangible assets depends primarily on the estimated useful lives of assets and estimates of residual value. The directors regular review these assets useful lives and change them as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation. Changes in asset useful lives can have a significant impact on amortisation charges for the period. Detail of the useful life is included in the accounting policy.
Carrying Value of Intangible Assets
In determining whether impairment of the Group's intangible assets is required, the factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. The Directors are satisfied that the carrying value of the Group's intangible assets are at least equal to their recoverable amounts.
Valuation of unlisted investments
The fair value of financial instruments that are not traded in an active market is determined using valuation techniques. The company uses its judgement to select a variety of methods and make assumptions that are mainly based on market conditions existing at the end of each reporting period. For details of the key assumptions used and the impact of changes to these assumptions, see Note 17.
Pagos basados en acciones
The Group has made awards of warrants and options on its unissued share capital to certain parties in return for services provided to the Group. Under IFRS 2, these share based payments are either valued at the value of the services provided or where this data is not available a fair value should be estimated using a model such as the Black Scholes Option Pricing model and/or the Monte Carlo valuation model which is how they have been valued in this case The valuation of these warrants and options involve making a number of critical estimates relating to price volatility, future dividend yields, expected life of the options and interest rates. These assumptions have been integrated into the Black Scholes Option Pricing model and the Monte Carlo valuation model to derive a value for these share-based payments. These assumptions are described in more detail in Note 23.
3. INFORMES POR SEGMENTOS
La siguiente información se proporciona sobre los segmentos reportables del Grupo:
The Chief Operating Decision Maker is the Executive Board of Directors. The Board reviews the Group's internal reporting in order to assess performance of the Group. Management has determined the operating segment based on the reports reviewed by the Board.
The Board considers that during the years ended 31 July 2022 and 31 July 2023 the Group operated in the single business segment of Managed Detection and Response capabilities to global organisations.
4. INGRESOS
| 2023 | 2022 | |
Ingresos | 12,180 | 10,206 | |
The vast majority of the Group's revenue is recognised in the Republic of Ireland and is derived from the principal activity of providing Managed Detection and Response capabilities to global organisation, and associated services including penetration testing, governance risk and compliance and cyber consultancy.
The Group recognises revenue both at the point of sale and over time. The following table sets out the amount of revenue that is recognised at a point in time and the revenue that is recognised over time.
| 2023 | 2022 | |
Ingresos reconocidos en un momento determinado | 5,720 | 5,908 | |
Ingresos reconocidos a lo largo del tiempo | 6,460 | 4,298 | |
12,180 | 10,206 |
In 2023, the Group had two customers that represented 37% of total revenue. In 2022, the Group had one customer that represented 31% of total revenue.
5. EL COSTO DE VENTAS
| 2023 | 2022 | |
Cost sales - purchases | 5,374 | 4,622 | |
Cost sales - direct costs | - | 39 | |
5,374 | 4,661 |
6. GASTOS ADMINISTRATIVOS
| 2023 | 2022 | |
Sueldos y salarios (incluidos los directores) | 3,186 | 3,154 | |
Consultancy and professional fees | 395 | 286 | |
Gastos exagerados | 924 | 322 | |
Amortización de inmovilizado intangible | 430 | 113 | |
Depreciación de activos por derecho de uso | 63 | 80 | |
Depreciación de activos fijos tangibles | 56 | 35 | |
Costos relacionados con la OPI | 977 | - | |
Costos de liquidación de CLN | 315 | - | |
Pagos basados en acciones | 554 | - | |
(Profit)/loss on foreign currencies | (9) | (272) | |
Otros gastos | 90 | 132 | |
6,981 | 3,850 |
Included above within Administrative Expenses are certain costs that principally relate to IPO costs, the issue of share options/warrants and the CLN settlement costs, as follows:
| 2023 | 2022 | |
Costos relacionados con la OPI | 977 | - | |
Pagos basados en acciones | 554 | - | |
Costos de liquidación de CLN | 315 | - | |
Total | 1,846 | - | |
Beneficio operativo | 303 | 1,756 | |
Beneficio operativo ajustado | 2,149 | 1,756 | |
Suma la depreciación y la amortización | 549 | 228 | |
EBITDA ajustado | 2,698 | 1,984 |
The following auditors' fees are included in Administrative Expenses:
| 2023 | 2022 | |
Audit of Group and Company | 50 | - | |
For audit work in relation to subsidiary companies | 25 | - | |
For audit related services | 33 | - | |
Para servicios que no son de auditoría | 85 | - | |
Total | 193 | - |
7. OTRO INGRESO OPERATIVO
| 2023 | 2022 | |
Ingresos de subvenciones del gobierno | 478 | 61 | |
478 | 61 |
During the year, the Group received:
(i) Market Discovery Fund grant of ?34,900 from Enterprise Ireland (2022: ?nil).
(ii) GradStart grant of ?28,327 from Enterprise Ireland (2022: ?nil).
(iii) Research and Development grant of ?414,572 from Enterprise Ireland (2022: ?14,500).
(iv) R&D tax rebate of ?nil (2022: ?46,187).
8. EMPLEADOS
Staff costs (inclusive of director's salaries) comprise:
|
| 2023 | 2022 |
Sueldos y salarios | 2,838 | 2,952 | |
Costos de pensión | 75 | 13 | |
Pagos basados en acciones | 443 | - | |
Other costs and taxes | 272 | 189 | |
3,628 | 3,154 |
The average monthly number of employees, including the Directors, during the year was 135 (2022: 67)
9. REMUNERACIÓN DEL DIRECTOR
| 2023 | 2022 | |
Remuneración del Director | 313 | 132 | |
Costos de pensión | 18 | 10 | |
Pagos basados en acciones | 296 | - | |
Other costs and taxes | 11 | - | |
638 | 142 |
During the year retirement benefits accruing to Directors were ?nil (2022: ?nil) in respect of defined contribution pension schemes.
The highest paid Director received remuneration of ?157K (2022: ?132K).
During the year, R Saceanu received an additional ?32K from Zefone Limited, although she was not a director of that company.
The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to ?14K (2022: ?10K).
10. INGRESOS DE INVERSIONES
| 2023 | 2022 | |
Investment income - dividends received | - | 2 | |
- | 2 |
11. OTRAS GANANCIAS Y PÉRDIDAS
| 2023 | 2022 | |
Unrealised (loss) / gain on investments in shares | 1 | (8) | |
1 | (8) |
12. COSTOS FINANCIEROS
| 2023 | 2022 | |
Interés | 64 | 205 | |
Lease liability finance charges (Note 21) | 29 | 11 | |
Otros costos financieros | 7 | - | |
100 | 216 |
13. IMPUESTOS
| 2023 | 2022 | |
El cargo por año se integra de la siguiente manera: | |||
impuesto de sociedades | |||
Impuesto sobre Sociedades sobre los resultados del ejercicio | 371 | 156 | |
| 371 | 156 | |
Impuesto diferido | |||
Impuesto diferido | - | - | |
| - | - | |
Carga tributaria sobre las utilidades de actividades ordinarias | 371 | 156 |
In the previous period to 31 Jul 2022, prior to 1 April 2022, the main rate of UK corporation tax was 19%. The headline rate of UK corporation tax for the year ended 31 July 2023 is 25%, however, within the onset of the UK's marginal Relief Rules from 1 April 2023. This rate applies broadly where a company has augmented profits in excess of £250K.
Factors affecting tax change for the year
| 2023 | 2022 | |
Beneficio de actividades ordinarias antes de impuestos | 204 | 1,534 | |
Tax calculated at domestic tax rates applicable to profits in the respective countries
| 37 | 191 | |
Efectos de: | |||
Gastos no deducibles a efectos fiscales | 365 | - | |
Socorro grupal entregado/(reclamado) | (3) | - | |
Foreign tax - other | 3 | - | |
Nueva medición del impuesto diferido por cambios en la tasa impositiva | (2) | ||
Ajustes con respecto al año anterior | 30 | 1 | |
Diferencia en las tasas impositivas en el extranjero | (109) | - | |
Otros movimientos | 50 | (38) | |
Income tax on medical insurances | - | 4 | |
Carga tributaria sobre las utilidades de actividades ordinarias | 371 | 156 |
The weighted average applicable tax rate was 18% (2021: 12%). The increase is caused by the change in group structure and introduction of the loss making parent company and subsidiaries.
14. GANANCIAS POR ACCIÓN
El cálculo de las ganancias por acción básicas y diluidas se calcula dividiendo el resultado del ejercicio entre el número medio ponderado de acciones ordinarias en circulación durante el ejercicio.
2023 | 2022 | |
(Loss) / profit for the year from continuing operations - ? | (167,000) | 1,378,000 |
Número ponderado de acciones ordinarias en emisión | 100,500,026 | 87,500,000 |
Basic earnings per share from continuing operations - ? cents | (0.1662) | 1.5749 |
The weighted average number of ordinary shares in issue for the prior year has been used as the total number of shares swapped for the purchase of Zefone Limited as if those shares were in issue during the prior year. No diluted earnings per share is calculated in 2022 as it is assumed that there were no dilutive instruments.
15. ACTIVOS INTANGIBLES
Grupo procesos | Website & software licenses | Costos de desarrollo |
| Total ?'000 |
Cost | ||||
A 1 de agosto de 2021 | 947 | 377 | 1,324 | |
Adiciones | 280 | 1,156 | 1,436 | |
Al 31 de julio de 2022 | 1,227 | 1,533 | 2,760 | |
Adiciones | - | 2,625 | 2,625 | |
Al 31 de julio de 2023 | 1,227 | 4,158 | 5,385 | |
Amortización | ||||
Al 31 de julio de 2021 | 805 | 103 | 908 | |
Cobrar por el año | 107 | 6 | 113 | |
Al 31 de julio de 2022 | 912 | 109 | 1,021 | |
Cobrar por el año | 241 | 189 | 430 | |
Al 31 de julio de 2023 | 1,153 | 298 | 1,451 | |
Valor neto contable | ||||
31 Julio 2022 | 315 | 1,333 | 1,739 | |
31 Julio 2023 | 74 | 3,860 |
| 3,934 |
The Directors have considered the carrying value of these balances in order to determine whether any impairment of the Group's intangible assets is required. This has included considering the economic viability and expected future financial performance of the products relating to these assets by modelling the expected net future cash flows expected to be generated. The Directors are satisfied that the carrying value of the Group's intangible assets are at least equal to their recoverable amounts.
16. PROPIEDAD, PLANTA Y EQUIPO
Grupo procesos | Planta y Maquinaria ?'000 | Fixtures & fittings ?'000 |
| Total ?'000 |
Cost | ||||
A 1 de agosto de 2021 | 27 | 164 | 191 | |
Adiciones | 8 | 30 | 38 | |
Disposiciones | - | - | - | |
Al 31 de julio de 2022 | 35 | 194 | 229 | |
Adiciones | 20 | 92 | 112 | |
Al 31 de julio de 2023 | 55 | 286 | 341 | |
Depreciación | ||||
A 1 de agosto de 2021 | 13 | 84 | 97 | |
Cobrar por el año | 13 | 22 | 35 | |
Al 31 de julio de 2022 | 26 | 106 | 132 | |
Cobrar por el año | 11 | 45 | 56 | |
Al 31 de julio de 2023 | 37 | 151 | 188 | |
| ||||
Valor neto contable | ||||
Al 31 de julio de 2022 | 9 | 88 | 97 | |
Al 31 de julio de 2023 | 18 | 135 |
| 153 |
17. FINANCIAL FIXED ASSETS
Grupo procesos |
| Level 3- Unlisted investments ?'000 | Level 1- Listed investments ?'000 |
| Total ?'000 |
Inversión | |||||
Costo de valoración | |||||
A 1 de agosto de 2021 | 1,039 | 130 | 1,169 | ||
Adiciones | - | - | - | ||
Revalorizaciones | - | (8) | (8) | ||
Al 31 de julio de 2022 | 1,039 | 122 | 1,161 | ||
Adiciones | - | - | - | ||
Revalorizaciones | - | 1 | 1 | ||
Al 31 de julio de 2023 | - | 123 | 123 | ||
| |||||
Importe en libros | |||||
Al 31 de julio de 2022 | 1,039 | 122 | 1,161 | ||
Al 31 de julio de 2023 |
| 1,039 | 123 |
| 1,162 |
IFRS 13 valuation hierarchy:
Level 1 represents those assets, which are measured using unadjusted quoted prices for identical assets.
Level 2 applies inputs other than quoted prices that are observable for the assets either directly (as prices) or indirectly (derived from prices).
Level 3 applies inputs, which are not based on observable market data.
Unlisted investments comprise the investment in Visibility Blockchain Limited of 35,940 B Preference Shares. These shares do not give rights to receive notice of any general meeting of Visibility Blockchain Limited, or to attend or vote on any resolution at a general meeting. Unlisted investments are valued using level 3 inputs under the IFRS 13 Fair Value Hierarchy. These include the value at which the most recent funding round involving third party investors took place where over ?10 million in new equity was raised, together with management's view of the likely proceeds from the sale of this company based on indications received to date and growth in revenue. As a result of the above analysis, the revaluation during the year is ?nil (2022: ?nil).
Listed investments relate to a portfolio investment comprising of various equities, bonds and alternative financial instruments. These are valued using the share price at each reporting date, which is a level 1 input under the IFRS 13 Fair Value Hierarchy.
18. INVERSIONES
Compañía |
| 2023 |
Acquisition of Zefone Limited | 1,012 | |
Further investments in subsidiaries | 104 | |
1,116 |
Empresas subsidiarias de la empresa
The Group includes interests in the following subsidiary undertakings, which are included in the consolidated financial statements. Zefone Limited is owned directly by the Company whilst the other companies are owned indirectly through Zefone Limited.
Nombre | Actividad de negocios | País de incorporación | Dirección registrada | Participación porcentual |
Zefone limitada | Provision of cybersecurity products and services | Irlanda | Unidad 17A, Building 4700 Cork Airport Business Park, Cork | 100% |
Smart Systems Security Limited | Provision of cybersecurity products and services | Inglaterra y Gales | 85 Great Portland Street, Londres W1W 7LT | 100% |
Smartech 247 sp. z.o.o. | Provision of cybersecurity products and services | Polonia | Krakovie Przy ul., Podole 60, 30-394 Krakov | 100% |
Smartech247 Cyber Security SRL | Provision of cybersecurity products and services | Rumania | Bd Iancu de Hunedoara 54 B, Etaj 2, Bucuresti - Sectorul 1 | 99% |
19. COMERCIALES Y OTRAS CUENTAS A COBRAR
Grupo procesos |
| 2023 | 2022 |
Cuentas por cobrar comerciales | 5,194 | 5,237 | |
Ingresos devengados | 53 | 54 | |
Tax and other receivables | 278 | 517 | |
cuenta corriente del director | 57 | 53 | |
Prepagos | 841 | 292 | |
6,423 | 6,153 |
Compañía |
| 2023 |
|
Otros ingresos | 167 | ||
Prepagos | 17 | ||
184 |
Other receivables principally comprise amounts due from the EBT and other tax recoverable.
In terms of trade receivables, the majority of the amounts receivable are in Euros and USD, and are current in terms of age profile with the majority of the balance having now been received post year end.
| 2023 | 2022 | |
Due in less than 30 days | 2,103 | 3,266 | |
Due between 30 and 60 | 2,333 | 970 | |
Due between 60 and 90 days | 341 | 527 | |
Durante días 90 | 417 | 474 | |
5,194 | 5,237 |
Further details with regard to the Directors current account are set out in Note 32.
| 2023 | 2022 | |
Currency of receivables | |||
Euro | 1,726 | 1.869 | |
USD | 3,340 | 2,787 | |
GBP | 128 | 581 | |
5,194 | 5,237 |
20. EFECTIVO Y EQUIVALENTES DE EFECTIVO
Cash and cash equivalents consist of cash on hand and short term deposits held with banks with a A-1+ rating. The carrying value of these approximates to their fair value. Cash and cash equivalents included in the cash flow statement comprise the following statement of financial position amounts.
Grupo procesos |
| 2023 | 2022 |
Efectivo y equivalentes de efectivo | 6,062 | 2,358 | |
6,062 | 2,358 |
Compañía |
| 2023 |
|
Efectivo y equivalentes de efectivo | 2,949 | ||
2,949 |
La siguiente tabla muestra los perfiles monetarios del efectivo y equivalentes de efectivo:
Grupo procesos |
| 2023 | 2022 |
Euro | 289 | 778 | |
USD | 2,714 | 1,440 | |
GBP | 3,002 | 113 | |
Zloty polaco | 49 | 13 | |
Leu rumano | 8 | 14 | |
6,062 | 2,358 |
Compañía |
| 2023 |
GBP | 2,949 | |
2,949 |
21. ARRENDAMIENTOS
The Group had the following right of use assets and lease liabilities:
Grupo procesos |
| 2023 | 2022 |
Activos por derecho de uso | |||
Propiedades | 331 | 64 | |
331 | 64 | ||
Pasivos por arrendamiento | |||
Current | 91 | 64 | |
No corriente | 260 | 4 | |
351 | 68 |
| 2023 | 2022 | |
Los vencimientos de los pasivos por arrendamiento son los siguientes: | |||
Current | 91 | 64 | |
Vencimiento entre 1-2 años | 68 | 4 | |
Vencimiento entre 2-5 años | 105 | - | |
Vencimiento más allá de 5 años | 87 | - | |
351 | 68 |
Activos por derecho de uso
La conciliación del importe en libros del activo por derecho de uso es la siguiente:
| 2023 | 2022 | |
Propiedades | |||
Saldo de apertura | 64 | 43 | |
Adiciones por adquisición de filial | - | 5 | |
Adiciones | 330 | 96 | |
Depreciación | (63) | (80) | |
331 | 64 |
Pasivos por arrendamiento
La conciliación del importe en libros de los pasivos por arrendamiento es la siguiente:
| 2023 | 2022 | |
Saldo de apertura | 68 | 58 | |
Adiciones por adquisición de filial | - | 4 | |
Adiciones | 330 | 96 | |
Pago realizado | (76) | (101) | |
Finance charge (Note 12) | 29 | 11 | |
351 | 68 |
The Group leases captured under IFRS 16 relate predominant to the office premises in both Ireland and Romania, with an office lease in Poland coming to an end in 2023, which was extended on a short-term basis.
The Group also incurred the following expenses during the year of ?nil (2022: ?nil) which related to leases that were either short term in nature (12 months of less) or of low value in nature, thus being excluded from treatment under IFRS 16: Leases.
22. CAPITAL SOCIAL
| Número de acciones de £0.01 | Share Capital | Compartir premium | |
|
| ?'000 | ?'000 | |
Una acción de £0.01 emitida en la incorporación | 1 | - | - | |
Acciones emitidas a cambio de acciones de Zefone Limited 1 | 87,499,999 | 1,012 | - | |
Acciones emitidas en la conversión de una nota de préstamo convertible a £0.1732 2 | 13,646,441 | 158 | 2,577 | |
Acciones suscritas por EBT 3 | 10,546,713 | 122 | - | |
Colocación de acciones emitidas a £0.2966 | 12,385,828 | 144 | 4,108 | |
Costes de emisión de acciones | - | - | (320) | |
124,078,982 | 1,436 | 6,365 |
1 The issue of shares with a nominal value of ?1,012,000 (£875,000) in exchange for the 2 £1 shares in Zefone Limited with a nominal value of £2 results on elimination of the difference in a credit to a merger reserve (within other reserves) of ?1,012,000 (£875,000) in accordance with the merger accounting principles as set out in note 2.
2 The issue price for the issue of shares to convert the convertible loan notes was based on the conversion terms which specified a particular valuation at which the conversion should take place. The liability to be settled amounted to ?2,683,562 and the number of shares issued amounted to 13,646,441 which therefore gave an effective issue price of £0.1732.
3 During the period, the Company established an Employee Benefit Trust ("EBT") and issued 10,546,713 shares to the EBT at nominal value. The subscription of these shares was funded through a loan provided by the Group to the EBT.
During the period certain costs associated with the IPO amounting to ?868K were also settled by the issue of new shares, of which ?260k was included in share issue costs.
The number of shares authorised to be issued at the time of Admission was 66.8 million, although this authority has now lapsed, and a new authority will be put in place at the Company's next AGM.
23. RESERVA DE PAGO BASADO EN ACCIONES
|
| 2023 | 2022 |
Órdenes de asesor emitidas 1 | 107 | - | |
Opciones de empleado emitidas 2, 3 | 447 | - | |
554 | - |
1 On 15 December 2023, 863,115 warrants were issued to advisors and have been fair valued in accordance with IFRS 2. The warrants have an exercise price of £0.2966 and a time to expiry of 4 years from grant.
2 A 30 de noviembre de 2022 se concedieron 4,541,290 opciones de empleados bajo el LTIP del Grupo. Estas opciones tienen diferentes condiciones de adjudicación basadas en hitos de desempeño que se pueden ver a continuación.
3 On 28 April 2023 and 23 May 2023 2,425,291 and 177,195 employee options were granted under the Group's LTIP. These options have different vesting conditions based on performance milestones as outlined below.
Valoración de pagos basados en acciones
Las siguientes tablas resumen las técnicas de valoración y los insumos utilizados para calcular los valores de los pagos basados en acciones en el período:
Warrants
Fecha de concesión
| Número
| Precio de la acción £ | Precio de ejercicio £ | Volatilidad % | Tasa de radiofrecuencia % | Tecnologia
|
15 Dec 2022 | 863,115 | 0.2966 | 0.2966 | 41.0 | 3.00 | Scholes negro |
Opciones
On 30 November 2022, 28 April 2023 and 23 May 2023 4,541,290, 1,446,735 y 147,589 employee options were granted under the Group's LTIP respectively. The option vesting details are listed below:
Evento de adquisición de derechos | Activador para la adquisición de derechos | Número de opciones otorgadas en la fecha de otorgamiento |
1 | - First anniversary date of the date of Admission | 50% |
2 | - Second anniversary date of date of Admission; and - The date if any on which the placing price has increased by 200% | 25% |
3 | - Third anniversary date of date of Admission; and - The date if any on which the placing price has increased by 200% | 25% |
On 28 April 2023 and 23 May 2023 978,556 y 29,606 employee options were granted under the Group's LTIP respectively. The option vesting details are listed below:
Evento de adquisición de derechos | Activador para la adquisición de derechos | Número de opciones otorgadas en la fecha de otorgamiento |
1 | - First anniversary date of the date of Admission | 50% |
2 | - Second anniversary date of date of Admission; and - The date if any on which the placing price has increased by 200% | 50% |
All of the options issued subject to vesting condition 1 were valued using the Black Scholes methodology, whilst the options issued subject to vesting conditions 2 and 3 were value using the Monte Carlo technique. Additionally, a non-marketable discount rate of 7.94% has been applied across all of the employee warrants when calculating their value.
Vesting Condition 1
Fecha de concesión
| Número
| Precio de la acción £ | Precio de ejercicio £ | Volatilidad % | Tasa de radiofrecuencia % | Tecnologia
|
Noviembre 30 2022 | 2,270,645 | 0.2966 | 0.2966 | 48.5 | 3.24 | Scholes negro |
28 de abril de 2023 | 1,212,645 | 0.3600 | 0.2966 | 48.6 | 3.72 | Scholes negro |
23 de mayo de 2023 | 88,597 | 0.3600 | 0.2966 | 48.6 | 4.38 | Scholes negro |
Vesting Condition 2
Fecha de concesión
| Número
| Precio de la acción £ | Precio de ejercicio £ | Volatilidad % | Tasa de radiofrecuencia % | Tecnologia
|
Noviembre 30 2022 | 1,135,323 | 0.2966 | 0.2966 | 48.5 | 3.24 | Monte Carlo |
28 de abril de 2023 | 850,962 | 0.3600 | 0.2966 | 48.6 | 3.72 | Monte Carlo |
23 de mayo de 2023 | 51,700 | 0.3600 | 0.2966 | 48.6 | 4.38 | Monte Carlo |
Vesting Condition 3
Fecha de concesión
| Número
| Precio de la acción £ | Precio de ejercicio £ | Volatilidad % | Tasa de radiofrecuencia % | Tecnologia
|
Noviembre 30 2022 | 1,135,323 | 0.2966 | 0.2966 | 48.5 | 3.24 | Monte Carlo |
28 de abril de 2023 | 361,684 | 0.3600 | 0.2966 | 48.6 | 3.80 | Monte Carlo |
23 de mayo de 2023 | 36,897 | 0.3600 | 0.2966 | 48.6 | 4.38 | Monte Carlo |
The number and average exercise price of share options and warrants as follows:
| 2023 | ||
Precio de ejercicio promedio ponderado | Number of options/ warrants | ||
Granted during the year (options) | £0.2966 | 863,115 | |
Granted during the year (warrants) | £0.2966 | 7,143,776 | |
Sobresaliente al final del año | £0.2966 | 8,006,891 | |
Ejercitable al final del año | £0.2966 | 863,115 |
Share options and warrants outstanding at 31 July 2023 had a weighted average exercise price of £0.2966 and a weighted average contractual life of 3.48 years. To date no share options and warrants have been exercised.
There are no market based vesting conditions attaching to any of the warrants.
24. RESERVA DE FUSIÓN
|
| 2023 | 2022 |
Reserva de fusión | (1,215) | 23 | |
(1,215) | 23 |
As referred to in Note 2, on 18 November 2022, the Company became the parent company of the Group when it issued 87,499,999 £0.01 ordinary shares in exchange for 100% of the ordinary shares in Zefone Limited. Zefone Limited has been shown as the continuing entity and its comparative financial information shown for 2022. Intercompany transactions and balances between Group companies are therefore eliminated in full. The equity presented is that of the Company with the difference on elimination of Zefone Limited's capital of ?1,012,000 (£875,000) being shown as a merger reserve.
In the current year, Zefone acquired Smart Systems Security Limited for ?1,190 (£1,000) with the total identifiable net liabilities acquired being ?225,000, resulting in ?226,000 being recorded to the merger reserve.
In the prior year, Zefone acquired Smarttech247 sp. z o.o. for ?2,112 (10,000 Polish Zloty) with the total identifiable net assets acquire being ?26,000, resulting in the ?23,000 being recorded to the merger reserve.
25. OTRAS RESERVAS
Reserva de divisas
Foreign exchange differences arising on translating into the reporting currency.
Reserva de pago basada en acciones
Cumulative charge recognised under IFRS 2 in respect of share based payment awards.
Ganancias retenidas
Retained earnings represents cumulative profits and losses net of dividends and other adjustments.
26. PRESTAMOS
Grupo procesos |
| 2023 | 2022 |
No corriente | |||
Notas de préstamo garantizadas convertibles | - | 2,342 | |
- | 2,342 |
Refer to note 30 for movements in borrowings.
El análisis del vencimiento de los préstamos se presenta a continuación:
| 2023 | 2022 | |
Cantidades que vencen 1-2 años | |||
Otros préstamos | - | 2,342 | |
- | 2,342 |
Convertible Secured Loan Notes
The convertible secured loan notes were issued by Zefone Limited in May 2021 to provide the company with additional funding for the development of its business. They carried an interest rate at 5% per annum with a requirement to redeem the outstanding loan notes on 7 May 2024 unless converted or repaid prior to that date.
The holders of the convertible secured loan notes had the right to convert the loan notes into ordinary shares in the event of a sale or listing. The holder could also elect to convert the loan notes into ordinary shares prior to any such event based on a conversion rate.
The convertible secured loan notes were secured by a debenture incorporating fixed and floating charges over the Group's assets both present and future.
During the year, at the time of the acquisition of Zefone Limited by the Company and subsequent IPO, the convertible loan notes and associated interest was assigned to the Company as it was intended that the loan notes would be settled through the issue of new shares in the Company. On the listing of the Group, the convertible loan notes and accrued interest were converted by the issue of 13,646,441 new shares in the Company. Further details are set out in in note 22.
?
27. COMERCIALES Y OTRAS CUENTAS A PAGAR
Grupo procesos |
| 2023 | 2022 |
Acreedores comerciales | 3,183 | 1,880 | |
impuesto de sociedades | 220 | 50 | |
Otros impuestos y seguridad social | 753 | 633 | |
Acumulaciones | 56 | 658 | |
Ingreso diferido | 1,869 | 1,333 | |
Otras cuentas por pagar | 150 | 75 | |
6,231 | 4,629 |
Compañía |
| 2023 |
|
Acreedores comerciales | 7 | ||
Otros impuestos y seguridad social | 5 | ||
Acumulaciones | 10 | ||
Pagadero intercompañía | 32 | ||
54 |
The table below sets out the maturity profile of the trade payables at 31 July 2023:
| 2023 | 2022 | |
Due in less than 30 days | 2,201 | 185 | |
Due in between 30 and 60 days | 772 | 1,608 | |
Due in more than 60 days | 210 | 87 | |
3,183 | 1,880 |
The table below sets out the maturity profile of the deferred income balance at 31 July 2023:
| 2023 | 2022 | |
Vencimiento dentro de 1 año | 1,449 | 1,015 | |
Vencimiento después de 1 año | 420 | 318 | |
1,869 | 1,333 |
28. INSTRUMENTOS FINANCIEROS Y GESTIÓN DE RIESGOS
Gestión de riesgos de capital
La Compañía administra su capital para garantizar que las entidades del Grupo puedan continuar como un negocio en marcha mientras maximiza el retorno para las partes interesadas. La estrategia general de la Sociedad y del Grupo es minimizar los costes y el riesgo de liquidez.
La estructura de capital del Grupo consiste en patrimonio atribuible a los accionistas de la controladora, que comprende el capital social emitido, las reservas de divisas y las ganancias acumuladas como se revela en el Estado Consolidado de Cambios en el Patrimonio Neto.
The Group is exposed to a number of risks through its normal operations, the most significant of which are interest, credit, foreign exchange, and liquidity risks. The management of these risks is vested to the Board of Directors.
Riesgo crediticio
Credit risk arises on financial instruments such as trade receivables, short-term bank deposits.
Policies and procedures exist to ensure that customers have an appropriate credit history. The Group's most significant clients are public or regulated industry entities which generally have high credit ratings or are of a high credit quality due to the nature of the client.
Counterparty exposure positions are monitored regularly so that credit exposures to any one counterparty are within acceptable limits.
At the balance sheet date there were no significant concentrations of credit risk.
Trade and other receivables and contract assets included in the balance sheet are stated net of expected credit loss (ECL) provisions which have been estimated on a customer-by-customer basis, based on the relationship with the customer and its historical payment profile. There are no provisions held against trade receivables at the balance sheet date.
La exposición máxima del Grupo al crédito por clase de instrumento financiero individual se muestra en la siguiente tabla:
| 2023 Valor en libros | 2023 Exposición máxima | 2022 Valor en libros | 2022 Exposición máxima |
| ?'000 | ?'000 | ?'000 | ?'000 |
Efectivo y equivalentes de efectivo | 6,062 | 6,062 | 2,358 | 2,358 |
Cuentas por cobrar comerciales | 5,194 | 5,194 | 5,237 | 5,237 |
11,256 | 11,256 | 7,595 | 7,595 | |
|
|
|
|
|
Riesgo de cambio
The Group operates in a global market with income and costs possibly arising in a number of currencies and is exposed to foreign currency risk primarily in respect of entities within the Group entering into commercial transactions arising from sales or purchases in currencies other than the Companies' functional currency. Currency exposures are reviewed regularly.
The Group has a limited level of exposure to foreign exchange risk through their foreign currency denominated cash balances and a portion of the Group's costs being incurred in Euro, Polish Zloty and Romanian Leu. Accordingly, movements in the Euro exchange rate against these currencies could have a detrimental effect on the Group's results and financial condition. Such changes are not considered likely to have a material effect on the Group's financial position at 31 July 2023.
El riesgo de tipo de cambio se gestiona manteniendo algunos depósitos en efectivo en monedas distintas de la libra esterlina. La siguiente tabla muestra los perfiles de moneda del efectivo y equivalentes de efectivo:
| 2023 | 2022 | |
Efectivo y equivalentes de efectivo | |||
Euro | 289 | 778 | |
USD | 2,714 | 1,440 | |
GBP | 3,002 | 113 | |
Zloty polaco | 49 | 13 | |
Leu rumano | 8 | 14 | |
6,062 | 2,358 |
Riesgo de liquidez
El riesgo de liquidez es el riesgo de que el Grupo tenga dificultades para cumplir con las obligaciones asociadas a sus pasivos financieros que se liquidan mediante la entrega de efectivo u otro activo financiero. El enfoque del Grupo para administrar la liquidez es asegurar, en la medida de lo posible, que tendrá suficiente liquidez para cumplir con sus obligaciones a su vencimiento, tanto en condiciones normales como de tensión, sin incurrir en pérdidas inaceptables o arriesgar la reputación del Grupo.
El Grupo trata de gestionar el riesgo de liquidez mediante la revisión periódica de los presupuestos y previsiones de flujo de efectivo para garantizar que haya suficiente liquidez disponible para satisfacer las necesidades previsibles e invertir los activos en efectivo de forma segura y rentable. El Grupo considera que existe liquidez suficiente para el futuro previsible.
The Group had cash and cash equivalents at year end as below:
| 2023 | 2022 | |
Efectivo y equivalentes de efectivo | 6,062 | 2,358 | |
6,062 | 2,358 |
Riesgo de tipo de interés
El Grupo está expuesto al riesgo de tipo de interés, por lo que el riesgo puede ser una reducción de los intereses recibidos sobre los excedentes de efectivo mantenidos y un aumento de los intereses sobre los préstamos que el Grupo pueda tener. La exposición máxima al riesgo de tasa de interés a la fecha de reporte por clase de activo financiero fue:
| 2023 | 2022 | |
Saldos bancarios | 6,062 | 2,358 | |
6,062 | 2,358 |
29. ACTIVOS FINANCIEROS Y PASIVOS FINANCIEROS
Grupo procesos 2023 |
| Activos financieros a costo amortizado | Pasivos financieros a costo amortizado | Total | |
Activos / pasivos financieros |
| ?'000 | ?'000 | ?'000 | |
Cuentas comerciales y otras cuentas por cobrar 1 | 5,582 | - | 5,582 | ||
Efectivo y equivalentes de efectivo | 6,062 | - | 6,062 | ||
Comerciales y otras cuentas a pagar 2 | - | (6,175) | (6,175) | ||
Pasivos por arrendamiento (corrientes y no corrientes) | - | (351) | (351) | ||
11,644 | (6,526) | 5,118 |
1 Clientes y otras cuentas por cobrar excluye pagos anticipados
2 Cuentas comerciales y otras cuentas por pagar excluye devengos
Grupo procesos 2022 |
| Activos financieros a costo amortizado | Pasivos financieros a costo amortizado | Total | |
Activos / pasivos financieros |
| ?'000 | ?'000 | ?'000 | |
Cuentas comerciales y otras cuentas por cobrar 1 | 5,861 | - | 5,861 | ||
Efectivo y equivalentes de efectivo | 2,358 | - | 2,358 | ||
Comerciales y otras cuentas a pagar 2 | - | (3,971) | (3,971) | ||
Pasivos por arrendamiento (corrientes y no corrientes) | - | (68) | (68) | ||
Préstamos | - | (2,342) | (2,342) | ||
8,219 | (6,381) | (1,838) |
1 Trade and other receivables excludes prepayments.
2 Trade and other payables excludes accruals.
Compañía 2023 |
| Activos financieros a costo amortizado | Pasivos financieros a costo amortizado | Total | |
Activos / pasivos financieros |
| ?'000 | ?'000 | ?'000 | |
Cuentas comerciales y otras cuentas por cobrar 1 | 167 | - | 167 | ||
Efectivo y equivalentes de efectivo | 2,949 | - | 2,949 | ||
Comerciales y otras cuentas a pagar 2 | - | (8) | (8) | ||
3,116 | (8) | 3,108 |
1 Trade and other receivables excludes prepayments.
2 Trade and other payables excludes accruals.
30. CONCILIACIÓN DEL MOVIMIENTO DE LA DEUDA NETA
2023 | A 1 de agosto de 2022 | Cambios no monetarios | Flujo de fondos | Al 31 de julio de 2023 |
?'000 | ?'000 | ?'000 | ?'000 | |
Efectivo en el banco | 2,358 | (4) | 3,708 | 6,062 |
Préstamos - no corrientes | (2,342) | 2,342 | - | - |
Pasivos por arrendamiento - corrientes y no corrientes | (68) | (359) | 76 | (351) |
Deuda neta | (52) | 1,979 | 3,784 | 5,711 |
2022 | A 1 de agosto de 2021 | Cambios no monetarios | Flujo de fondos | Al 31 de julio de 2022 |
?'000 | ?'000 | ?'000 | ?'000 | |
Efectivo en el banco | 3,215 | - | (857). | 2,358 |
Préstamos - no corrientes | (2,263) | (79) | - | (2,342) |
Pasivos por arrendamiento - corrientes y no corrientes | (58) | (111) | 101 | (68) |
Deuda neta | 894 | (190) | (756) | (52) |
*Non-cash movements in cash related to the foreign exchange impact on non ? denominated cash balances, whilst on the lease liabilities relates to the finance charges incurred on the lease liabilities plus additional leases executed during the year.
The non-cash movements on borrowings principally relate to the conversion of the CLN which took place during the year.
31. MERGER ACQUISITIONS
Smart Systems Security Limited
On 18 November 2022, Zefone acquired Smart Systems Security Limited for ?1,190 (£1,000). The book value of the assets acquired and liabilities assumed of Smarttech Systems Security Limited at the date of acquisition based upon the balance sheet at 18 November 2022 are as follows:
|
|
| ?'000 |
efectivo | 1 | ||
Consideración total | 1 | ||
Recognised amounts of assets and liabilities acquired: | |||
Cuentas comerciales y otras cuentas por cobrar | 5 | ||
efectivo | 8 | ||
Pasivos comerciales y otros | (241) | ||
Activos netos identificables totales | (226) | ||
Net difference taken to merger reserve | (225) |
Zefone limitada
On 18 November 2022, through the Share Exchange Agreement, Smarttech247 Group plc acquired 100% of the shares of Zefone Limited.
On 18 November 2022, the convertible loan notes described in Note 26 were novated up to Smarttech247 Group plc under the Deed of Novation, conditional on the share for share exchange noted above and admission to the AIM market.
For more detail, please refer to note 24 and note 2.6 for information on the presentation of the Financial Statements.
32. TRANSACCIONES CON PARTES RELACIONADAS
The Group's investments in subsidiaries have been disclosed in Note 18 and details of directors' emoluments are set out in the directors remuneration report beginning on page [x].
Ronan Murphy, who is a director of the Group, is also a director of and has a significant indirect interest in Visibility Blockchain Limited of 21.4%. Consequently, Visibility Blockchain Limited is regarded as a related party by virtue of Ronan Murphy's ability to exert significant influence over Visibility Blockchain Limited.
The following amounts are receivable at the financial year end:
| 2023 | 2022 | |
Visibilidad Blockchain Limited | 89 | 26 | |
89 | 246 |
The following amounts are due to related parties:
| 2023 | 2022 | |
Visibilidad Blockchain Limited | 441 | 296 | |
441 | 296 |
Net balance with related parties:
| 2023 | 2022 | |
Visibility Blockchain Limited` | (352) | (269) | |
(352) | (50) |
Certain revenue is recognised between Zefone Limited and Visibility Blockchain Limited under a reseller agreement. During the year the total amount of services charged under a reseller agreement by Visibility Blockchain Limited to Zefone Limited amounted to ?446,789 (2022: ?503,174).
Certain operating expenses are allocated 40%/60% based on an intercompany overhead agreement. During the year the total amount of expenses allocated to Visibility Blockchain Limited by Zefone Limited amounted to ?365,475 (2022: ?150,570).In the opinion of the Directors, these amounts arise in the ordinary course of business and the terms of the amounts due are in accordance with the terms ordinarily offered by the Group.
On 18 November 2022, Amplified Technologies Limited, which is 100% owned by Ronan Murphy, a director of the Company, sold its 100% shareholding in Zefone Limited to the Company in return for new shares in the Company, effectively exchanging 100% ownership of Zefone Limited for 100% ownership of the Company as a precursor to the IPO of the Company.
Nicholas Lee, who is a director of the Group, is also a director of RiverFort Global Opportunities plc which has a 6.16% shareholding in the Group.
Ronan Murphy has a loan outstanding with the Group amounting to ?57,000. This loan is unsecured, interest free and is repayable on demand.
33. PENSION COMMITMENTS
The Group operates a defined contribution scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to ?75,307 (2022: ?12,553). ?10,480 (2022: ? nil) was payable to the fund at the statement of financial position date and is included with creditors.
34. COMPROMISOS DE CAPITAL
No había compromisos de capital al 31 de julio de 2023 ni al 31 de julio de 2022.
35. PASIVOS CONTINGENTES
There were no contingent liabilities at 31 July 2023 or 31 July 2022.
36. HECHOS POSTERIORES AL FINAL DEL PERÍODO
There have been no further events subsequent to period end.
37. CONTROL
In the opinion of the Directors as at the year end and the date of the financial statements, Ronan Murphy is the ultimate controlling party.
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