TIDMBBSN
RNS Number : 7776H
Brave Bison Group PLC
06 August 2021
6 August 2021
Brave Bison Group plc
("Brave Bison", "the Group" or "the Company")
Interim results for the six months ended 30 June 2021
Brave Bison Group plc (AIM: BBSN), the social media and
marketing group, today announces its unaudited interim results for
the six months ended 30 June 2021.
Highlights
-- Increase in revenue of 32% to GBP7.3 million (H1 2020: GBP5.5 million)
-- Adjusted EBITDA(1) was a profit of GBP0.5 million (H1 2020:
negative adjusted EBITDA of GBP0.4 million)
-- Net cash as at 30 June 2021 of GBP2.9 million (30 June 2020: GBP2.1 million)
-- Profit before tax of GBP0.2 million (H1 2020: loss of GBP1.4
million), and profit before tax and acquisition costs of GBP0.4
million (H1 2020: loss of GBP1.4 million)
-- Ranked 2(nd) in the Drum's UK Digital Agency Census
-- Significant client wins and contract renewals during the
period, including Panasonic, Vodafone, Suntory, Hero Caribbean
Premier League, DAMAC Properties, Hyprr and the BBC
-- Launched the second series of the UK's biggest TikTok content house, The Wave House
Oliver Green, Executive Chairman, commented:
" I am pleased to report strong results for the first half of
the year despite the impact of lockdowns across the UK and
Singapore. During the period we saw our revenues grow and were able
to a generate a pre-tax profit during the half year for the first
time in recent years. Our Group continues to be profitable on a
month by month basis and has now been cash generative in two
consecutive half year periods. I look forward to continued momentum
in the second half of the year, which is historically a stronger
trading period as a result of Christmas related advertising
budgets."
For further information please contact:
Brave Bison Group plc via Cenkos
Oliver Green, Executive Chairman
Theo Green, Chief Growth Officer
Philippa Norridge, Chief Financial Officer
Cenkos Securities plc (NOMAD and Broker)
Nicholas Wells / Ben Jeynes / Dan Hodkinson
(Corporate Finance) +44 (0) 20 7397
Dale Bellis (Sales) 8900
This announcement is available on the Group's website,
www.bravebison.com
(1) Adjusted EBITDA is a non-IFRS measure that the Company uses
to measure its performance and is defined as earnings before
interest, taxation, depreciation and amortisation and after add
back of costs related to restructuring, acquisitions and share
based payments.
Chairman's Statement
Operating Review
Brave Bison is a social media and marketing group with offices
in London and Singapore. The Group generates advertising revenue
from a network of over 650 social media channels across YouTube,
Snapchat, Facebook and TikTok and produces social media advertising
campaigns for global brands such as Vodafone, Uniqlo and
Samsung.
Brave Bison started 2021 in much better shape than the previous
year, following the restructuring and rationalisation of its cost
base over the course of 2020, and further benefiting from renewed
focus around the Group's 3 key pillars of a social marketing
agency, a network of YouTube channels managed by the Company on
behalf of our partners, and a portfolio of social first media
brands.
During the period our social marketing agency in the UK gained
well-deserved recognition by securing second place in the Drum's UK
Digital Agency Census list of top 50 digital agencies, which is
based on scores from polls of both clients and peers, as well as
awards. We are delighted that our social marketing agency is viewed
so positively by the Group's clients and peers.
We also saw some key contract renewals and new business in the
first half of the year, with Vodafone extending our partnership,
and our refined social media management proposition generating new
business in the form of DAMAC Properties and Hyprr. In APAC,
Panasonic signed a new 4 year contract in the first half of 2021,
which is a testament to the strength of our team and the
relationship.
Our YouTube network continues to go from strength to strength,
with our YouTube channel management revenues growing by over 38%
when compared to the same period in 2020. While this increase is
partly due to the impact of the pandemic on advertising revenue in
April and May 2020, we can still see underlying revenue growth in
the region of 20%.
We continued to develop our original content capabilities and
social-first content credentials in the first half of the year. We
launched the second series of the Wave House - the UK's biggest
TikTok content house in partnership with talent agency, Yoke
Network. As well as generating TikTok content, we produced a weekly
reality show to air on YouTube, with the housemates taking on
challenges in each episode.
Our creator led approach also saw success on Snapchat, where we
had two new shows commissioned under The Hook brand, working with
popular YouTuber stars Josh & Archie and Zac & Jay.
Financial Review
Total revenue for the period was GBP7.3 million, an increase of
32% compared to the equivalent period last year (H1 2020: GBP5.5
million). The majority of the increase in revenues was attributable
to the increase in advertising revenue across the Group's media
network, comprising channels across YouTube, Snap, and Facebook.
The network generated GBP6.4m of revenue for the period, an
increase of 40% year on year (H1 2020: GBP4.6m).
Fee based revenues reduced to GBP0.5m in H1 2021 (H1 2020:
GBP1.0 million) predominantly as a result of H1 2020 benefiting
from significant fee based revenues from two large campaigns which
pre-dated lockdowns and pandemic related budget cuts. We are
pleased to report that we are seeing a recovery in this area with
clients preferring to sign off smaller individual projects, or
ongoing partnerships, rather than large individual projects that we
were seeing before the pandemic.
Administrative expenses have reduced by 40% to GBP1.5 million
(H1 2020: GBP2.6 million). This is a result of the restructuring
that took place towards the end of H1 2020, resulting in a
significant reduction in staff costs. We also carried out a full
review of other costs and renegotiated terms or switched suppliers
in a number of cases in order to realise savings.
Headcount has decreased to 40 as at 30 June 2021 (30 June 2020:
55). There were no restructuring costs in H1 2021 (H1 2020: GBP0.6
million).
The Group had GBP3.0 million of cash and cash equivalents at 30
June 2021 ( 30 June 2020: GBP2.1 million ) and the only debt was a
Bounce Back Loan of GBP0.1m (30 June 2020: GBPnil). Cash inflows
from operations were GBP0.5 million in the period (H1 2020: GBP2.0
million outflow).
Outlook
Brave Bison is now consistently profitable month on month, and
is well positioned to maintain that profitability as it grows its
revenue. We feel there is good momentum in the business, and we
should be able to grow our fee-based revenue in the second half of
the year, as well as capitalise on the increased advertising spend
in the run up to Christmas.
We remain acquisitive and are pursuing attractive opportunities
to expand the Group, with a number of discussions ongoing. Our
strategy of combining social advertising and creative services
means we have a particular interest in acquiring profitable digital
and social marketing businesses, as well as high-growth media
assets and social communities.
We continue to adapt to an exciting as well as challenging
environment and look forward to the years ahead with confidence.
I'd like to take this opportunity, on behalf of the Board, to thank
all our staff for their contribution and dedication to the Group's
continued progress.
On behalf of the Board
Oliver Green
Executive Chairman
5 August 2021
BRAVE BISON GROUP PLC
CONDENSED CONSOLIDATED INCOME STATEMENT AND CONSOLIDATED
STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 June 2021
(unaudited) (unaudited) (audited)
6 months 6 months Year to
to to 31
30 June 30 June December
Note 2021 2020 2020
GBP000's GBP000's GBP000's
Revenue 3 7,316 5,541 14,486
Cost of sales (5,374) (3,693) (10,510)
------------------ ----------- -----------------
Gross profit 1,942 1,848 3,976
Administration expenses (1,549) (2,600) (5,211)
Restructuring and acquisition costs (207) (616) (718)
Impairment charge 6 - - (248)
------------------ ----------- -----------------
Operating profit/(loss) 186 (1,368) (2,201)
Share of loss from equity accounted - -
investment -
Finance income - 5 4
------------------ ----------- -----------------
Finance costs (14) (36) (61)
------------------ ----------- -----------------
Profit/(Loss) before tax 172 (1,399) (2,258)
Analysed as
Adjusted EBITDA before restructuring
and acquisition costs 543 (368) 133
Restructuring costs 4 - (616) (718)
Acquisition costs (207) - -
Equity settled share based payments (30) (9) 7
------------------ ----------- -----------------
EBITDA 306 (993) (578)
Finance income - 5 4
Finance costs (14) (36) (61)
6,
Impairment charge 7 - - (248)
Depreciation 7 (103) (261) (527)
Amortisation (17) (114) (848)
------------------ ----------- -----------------
Profit/(Loss) before tax 172 (1,399) (2,258)
-------------------------------------------- ---- ------------------ ----------- -----------------
Income tax (charge)/credit (5) (1) 227
------------------ ----------- -----------------
Profit/(Loss) attributable to equity
holders of the parent 167 (1,400) (2,031)
================== =========== =================
Statement of Comprehensive Income
Profit/(Loss) for the period/year 167 (1,400) (2,031)
Items that may be reclassified subsequently
to profit or loss
Exchange (loss)/gain on translation
of foreign subsidiaries (9) 9 2
------------------ ----------- -----------------
Total comprehensive profit/(loss)for
the period/year attributable to owners
of the parent 158 (1,391) (2,029)
================== =========== =================
Loss per share (basic and diluted)
Basic and diluted profit/(loss) per
ordinary share (pence) 5 0.03p (0.23p) (0.33p)
BRAVE BISON GROUP PLC
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2021
(unaudited) (unaudited) (audited)
At At At 31
30 June 30 June December
Note 2021 2020 2020
as restated
GBP000's GBP000's GBP000's
Non-current assets
Intangible assets 6 127 878 144
Property, plant and equipment 7 70 648 151
Investment in associates - - -
----------- ----------- ---------
197 1,526 295
Current assets
Trade and other receivables 2,570 2,207 3,036
Cash and cash equivalents 2,986 2,071 2,754
----------- ----------- ---------
5,556 4,278 5,790
Current liabilities
Trade and other payables (4,613) (3,597) (4,859)
Lease Liabilities 9 (142) (520) (416)
----------- ----------- ---------
(4,755) (4,117) (5,275)
Non-current liabilities
Deferred tax - (136) -
Lease Liabilities 9 - (137) -
Bank loan 12 (50) - (50)
----------- ----------- ---------
(50) (273) (50)
Net assets 948 1,414 760
=========== =========== =========
Equity
Share capital 8 613 613 613
Share premium 78,762 78,762 78,762
Capital redemption reserve 6,660 6,660 6,660
Merger reserve (24,060) (24,060) (24,060)
Merger relief reserve 62,624 62,624 62,624
Retained deficit (123,791) (123,341) (123,988)
Translation reserve 140 156 149
----------- ----------- ---------
Total equity 948 1,414 760
=========== =========== =========
BRAVE BISON GROUP PLC
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 30 June 2021
(unaudited) (unaudited) (audited)
6 months 6 months Year to
to to 31
30 June 30 June December
2021 2020 2020
GBP000's GBP000's GBP000's
Operating activities
Profit./(Loss) before tax 172 (1,399) (2,258)
Adjustments:
Depreciation, amortisation and impairment 120 121 1,623
Finance income - (5) (4)
Finance costs 14 - 61
Share based payment charges 30 9 (7)
Decrease/(increase) in trade and other
receivables 466 404 (425)
(Decrease)/increase in trade and other
payables (260) (1,115) 101
Tax (paid)/received (5) (6) 85
---------------- ---------------- ---------
Cash inflow/(outflow) from operating
activities 537 (1,991) (824)
Investing activities
Purchase of property, plant and equipment (22) - -
Purchase of intangible assets - (166) (166)
Interest received - 5 4
---------------- ---------------- ---------
Cash outflow from investing activities (22) (161) (162)
Cash flows from financing activities
Issue of share capital - 1 1
Bank loan - - 50
Repayment of lease (274) - (562)
Interest paid - (36) -
---------------- ---------------- ---------
Cash outflow from financing activities (274) (35) (511)
Net change in cash and cash equivalents 241 (2,187) (1,497)
================ ================ =========
Movement in net cash
Cash and cash equivalents, beginning
of period 2,754 4,249 4,249
Increase/(decrease) in cash and cash
equivalents 241 (2,187) (1,497)
Movement in foreign exchange (9) 9 2
Cash and cash equivalents, end of period 2,986 2,071 2,754
================ ================ =========
BRAVE BISON GROUP PLC
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 June 2021
Capital Merger
Share Share redemption Merger relief Translation Retained Total
capital premium reserve reserve reserve reserve deficit equity
GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's
As restated for the period
ended
30 June 2020
At 1 January 2020 as
previously
restated 612 78,762 6,660 (24,060) 62,624 (751) (121,052) 2,795
FX reserve movement on
liquidation
of subsidiaries - - - - - 898 (898) -
--------- -------- ----------- --------- --------- ------------- --------- --------
At 1 January 2019
(audited)as
restated 612 78,762 6,660 (24,060) 62,624 147 (121,950) 2,795
--------- -------- ----------- --------- --------- ------------- --------- --------
Shares issued during the
period 1 - - - - - - 1
Equity settled share based
payments - - - - - - 9 9
--------- -------- ----------- --------- --------- ------------- --------- --------
Transactions with owners 1 - - - - - 9 10
--------- -------- ----------- --------- --------- ------------- --------- --------
Other Comprehensive Income
Loss and total
comprehensive income
for the period - - - - - 9 (1,400) (1,391)
--------- -------- ----------- --------- --------- ------------- --------- --------
At 30 June 2020
(unaudited) as
restated 613 78,762 6,660 (24,060) 62,624 156 (123,341) 1,414
--------- -------- ----------- --------- --------- ------------- --------- --------
At 1 January 2020
(audited) 612 78,762 6,660 (24,060) 62,624 147 (121,950) 2,795
Shares issued during the
year 1 - - - - - - 1
Equity settled share based
payments - - - - - - (7) (7)
--------- -------- ----------- --------- --------- ------------- --------- --------
Transactions with owners 1 - - - - - (7) (6)
--------- -------- ----------- --------- --------- ------------- --------- --------
Other Comprehensive Income
Loss and total
comprehensive income
for the period - - - - - 2 (2,031) (2,029)
--------- -------- ----------- --------- --------- ------------- --------- --------
At 31 December 2020
(audited) 613 78,762 6,660 (24,060) 62,624 149 (123,988) 760
--------- -------- ----------- --------- --------- ------------- --------- --------
At 1 January 2021
(audited) 613 78,762 6,660 (24,060) 62,624 149 (123,988) 760
Shares issued during the - - - -
year - - - -
Equity settled share based
payments - - - - - - 30 30
--------- -------- ----------- --------- --------- ------------- --------- --------
Transactions with owners - - - - - - 30 30
--------- -------- ----------- --------- --------- ------------- --------- --------
Other Comprehensive Income
Loss and total
comprehensive income
for the period - - - - - (9) 167 158
--------- -------- ----------- --------- --------- ------------- --------- --------
At 30 June 2021
(unaudited) 613 78,762 6,660 (24,060) 62,624 140 (123,791) 948
--------- -------- ----------- --------- --------- ------------- --------- --------
BRAVE BISON GROUP PLC
NOTES TO THE UNAUDITED INTERIM FINANCIAL STATEMENTS
For the six months ended 30 June 2021
1 General information
The information for the year ended 31 December 2020 does not
constitute statutory accounts as defined in section 435 of the
Companies Act 2006. A copy of the statutory accounts has been
delivered to the Registrar of Companies. The auditors reported on
those accounts: their report was unqualified, did not draw
attention to any matters by way of emphasis and did not contain a
statement under section 498 (2) or (3) of the Companies Act 2006.
The interim financial statements have not been audited or reviewed
by the Group's auditor.
2 Accounting policies
Basis of preparation
The annual financial statements of Brave Bison Group plc are
prepared in accordance with IFRS as adopted by the European Union.
The condensed set of financial statements included in this half
yearly report has been prepared in accordance with International
Accounting Standard 34 "Interim Financial Reporting", as adopted by
the European Union.
The interim statement has been prepared on a going concern
basis, which assumes that the Group will be able to meet its
liabilities for the foreseeable future. The Group is dependent for
its working capital requirements on cash generated from operations,
cash holdings and from equity markets. The cash holdings of the
Group at 30 June 2021 were GBP3.0 million.
The Directors have prepared detailed cash flow projections ("the
Projections") which are based on their current expectations of
trading prospects. The board forecasts that the Group will continue
to achieve positive cash inflows in the second half of 2021 and
2022. Accordingly, the Directors have concluded that it is
appropriate to continue to adopt the going concern basis in
preparing these financial statements. The Directors are confident
that the Group's forecasts are achievable, and are committed to
taking any actions available to them to ensure that any shortfall
in forecast revenues is mitigated by cost savings.
The Directors also continue to monitor the impact of the
COVID-19 pandemic, and maintain rolling forecasts which are
regularly updated. Advertising revenues have recovered well after
the initial impact of the pandemic, and while project budgets
remain smaller, we are seeing signs of recovery in this area as
well.
Significant accounting policies
The accounting policies applied by the Group in this condensed
set of consolidated financial statements are the same as those
applied by the Group in its consolidated financial statements as at
and for the year ended 31 December 2020.
Other pronouncements
Other accounting pronouncements which have become effective from
1 January 2021 and therefore have been adopted do not have a
significant impact on the Group's financial results or
position.
3 Segment reporting
Management identify only one operating segment in the business,
being monetising online video content. This single operating
segment is monitored and strategic decisions are made on the basis
of this segment alone.
As a result, only the geographic reporting of revenue analysis
has been included in this note.
Geographic reporting
The information is presented based on the customers'
location.
(audited)
(unaudited) (unaudited) 12 months
6 months 6 months ended 31
ended ended December
June 2021 June 2020 2020
GBP000's GBP000's GBP000's
United Kingdom & Europe 5,197 4,061 10,022
Asia Pacific 634 696 881
Rest of the World 1,485 784 3,583
----------- ----------- ----------
Revenue 7,316 5,541 14,486
=========== =========== ==========
The group identifies two revenue streams, Advertising and Fee
based services. The analysis of revenue and gross profit by each
stream is detailed below.
(audited)
(unaudited) (unaudited) 12 months
6 months 6 months ended 31
ended ended December
June 2021 June 2020 2020
Revenue GBP000's GBP000's GBP000's
Advertising 6,390 4,565 13,092
Fee based services 547 976 1,394
Total revenue 7,316 5,541 14,486
=============== =========== ==========
(audited)
(unaudited) (unaudited) 12 months
6 months 6 months ended 31
ended ended December
June 2021 June 2020 2020
Gross profit GBP000's GBP000's GBP000's
Advertising 1,395 1,160 2,962
Fee based services 547 688 1,014
Total gross profit 1,942 1,848 3,976
=============== =========== ==========
Timing of revenue recognition
The following table includes revenue from contracts
disaggregated by the timing of recognition.
(audited)
(unaudited) (unaudited) 12 months
6 months 6 months ended 31
ended ended December
June 2020 June 2020 2020
GBP000's GBP000's GBP000's
Products and services transferred
at a point in time 6,460 5,439 13,437
Products and services transferred
over time 856 102 1,049
Total revenue 7,316 5,541 14,486
=========== =========== ==========
4 Restructuring
The Group did not incur any restructuring costs in the period
(H1 2020: GBP0.6 million)
5 Loss per share
Both the basic and diluted loss per share have been calculated
using the loss after tax attributable to shareholders of Brave
Bison Group plc as the numerator, i.e. no adjustments to losses
were necessary in 2021 or 2020. The calculation of the basic loss
per share is based on the loss attributable to ordinary
shareholders divided by the weighted average number of shares in
issue during the period.
(audited)
(unaudited) (unaudited) 12 months
6 months 6 months ended 31
ended ended December
June 2021 June 2020 2020
GBP000's GBP000's GBP000's
Profit/(loss) for the year attributable
to ordinary shareholders 167 (1,400) (2,031)
Equity settled share based payments 30 9 (7)
Amortisation, depreciation and impairment 121 375 1,623
Adjusted profit/(loss) for the period
attributable to the equity shareholders 318 (1,016) (415)
=========== =========== ===========
Brave Bison Group plc
Weighted average number of ordinary
shares 612,821,228 612,511,149 612,667,036
Dilution due to share options 41,367,914 46,267,556 41,367,914
----------- ----------- -----------
Total weighted average number of ordinary
shares 654,189,142 658,778,705 654,034,950
=========== =========== ===========
Basic and diluted profit/(loss) per
ordinary share (pence) 0.03p (0.23p) (0.33p)
=========== =========== ===========
Adjusted basic profit/(loss) per ordinary
share (pence) 0.05p (0.17p) (0.07p)
=========== =========== ===========
Adjusted diluted profit/(loss) per
ordinary share (pence) 0.15p (0.15p) (0.06p)
=========== =========== ===========
6 Intangible Assets
Online Channel Customer
Goodwill Content Technology Brands Relation-ships Total
GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's
Cost
At 30 June 2020 35,075 2,034 5,213 273 19,332 61,927
Additions - - - - - -
-------- -------------- ---------- -------- --------------- --------
At 31 December
2020 35,075 2,034 5,213 273 19,332 61,927
-------- -------------- ---------- -------- --------------- --------
Additions - - - - - -
-------- -------------- ---------- -------- --------------- --------
At 30 June 2021 35,075 2,034 5,213 273 19,332 61,927
-------- -------------- ---------- -------- --------------- --------
Amortisation and impairment
At 30 June 2020 35,075 1,873 5,213 273 18,615 61,049
Charge for the
period - 17 - - 717 734
Impairment charge - - - - - -
At 31 December
2020 35,075 1,890 5,213 273 19,332 61,783
-------- -------------- ---------- -------- --------------- --------
Charge for the
period - 17 - - - 17
Impairment charge - - - - - -
-------- -------------- ---------- -------- --------------- --------
At 30 June 2021 35,075 1,907 5,213 273 19,332 61,800
-------- -------------- ---------- -------- --------------- --------
Net Book Value
At 30 June 2020 - 161 - - 717 878
======== ============== ========== ======== =============== ========
At 31 December
2020 - 144 - - - 144
======== ============== ========== ======== =============== ========
At 30 June 2021 - 127 - - - 127
======== ============== ========== ======== =============== ========
7 Property, plant and equipment
Fixtures
Right of Computer &
Use asset Equipment Fittings Total
GBP000's GBP000's GBP000's GBP000's
Cost
At 30 June 2020 1,018 902 220 2,140
Additions 17 - - 17
At 31 December 2020 1,035 902 220 2,157
Additions - 22 - 22
---------- ---------- --------- --------
At 30 June 2021 1,035 924 220 2,179
---------- ---------- --------- --------
Depreciation and
impairment
At 30 June 2020 381 898 213 1,492
Charge for the period 260 1 5 266
Impairment charge 248 - - 248
At 31 December 2020 889 899 218 2,006
Charge for the period 97 4 2 103
At 30 June 2021 986 903 220 2,109
Net Book Value
At 30 June 2020 637 4 7 648
========== ========== ========= ========
At 31 December 2020 146 3 2 151
========== ========== ========= ========
At 30 June 2021 49 21 - 70
========== ========== ========= ========
Included in the net carrying amount of property, plant and
equipment are right-of-use assets as follows:
(audited)
(unaudited) (unaudited) 12 months
6 months 6 months ended 31
ended ended December
June 2021 June 2020 2020
GBP000's GBP000's GBP000's
Right-of-use-asset 49 637 146
----------- ----------- ----------
Total right-of-use asset 49 637 146
=========== =========== ==========
8 Share capital
Ordinary share capital At 30 June 2021
Number GBP000's
Ordinary shares of GBP0.001 612,821,228 613
Total ordinary share capital of the
Company 613
========
Rights attributable to ordinary shares
The holders of ordinary shares are entitled to receive notice of
and attend and vote at any general meeting of the Company.
9 Leases
Lease liabilities are presented in the statement of financial
position as follows:
(unaudited) (unaudited) (audited)
At At At 31
30 June 30 June December
2021 2020 2020
GBP000's GBP000's GBP000's
Current 142 520 416
Non-current - 137 -
----------- ----------- ---------
142 657 416
=========== =========== =========
The Group entered into a two year lease for an office on 1
October 2019. With the exception of short-term leases and leases of
low-value underlying assets, each lease is reflected on the balance
sheet as a right-of-use asset and a lease liability.
The table below describes the nature of the Group's leasing
activities by type of right-of-use asset recognised on the
statement of financial position:
No. of right-of-use Range of remaining Average remaining No. of leases No. of leases
assets leased term lease term with extension with termination
options options
Office building 1 0.25 years 0.25 years - -
The lease liabilities are secured by the related underlying
assets. Future minimum lease payments at 30 June 2021 were as
follows:
Within one One to two Total
year years
GBP000's GBP000's GBP000's
Lease payments 144 - 144
Finance charges (2) - (2)
---------- ---------- --------
Net present values 142 - 142
========== ========== ========
The Group has elected not to recognise a lease liability for
short terms leases (leases with an expected term of 12 months or
less). Payments made under such leases are expensed on a
straight-line basis.
The expense relating to payments not included in the measurement
of the lease liability is as follows:
(audited)
(unaudited) (unaudited) 12 months
6 months 6 months ended 31
ended ended December
June 2021 June 2020 2020
GBP000's GBP000's GBP000's
Short-term leases - 27 28
The Group received a Covid-19 related rent concession during the
period of GBP72,030 (2020: GBP69,750). It has applied the exemption
granted by the Covid-19-Related Rent Concessions (Amendment to IFRS
16) and has therefore not assessed this as a lease modification but
has included it within administration expenses.
At 30 June 2021 the Group had not committed to any leases which
had not yet commenced excluding those recognised as a lease
liability.
10 Financial Instruments
(unaudited) (unaudited) (audited)
Categories of financial instruments As at 30 As at 30 As at 31
June June December
2020 2020 2020
GBP000's GBP000's GBP000's
Financial assets
Loans and other receivables 2,411 2,207 2,872
Cash and bank balances 2,986 2,071 2,754
------------------ ----------- ---------
5,397 4,278 5,626
================== =========== =========
Financial liabilities
Trade and other payables at
amortised cost (4,394) (3,597) (4,715)
Lease liabilities (142) (520) (416)
------------------ ----------- ---------
(4,536) (4,117) (5,131)
================== =========== =========
Brave Bison categorises all financial assets and liabilities as
level 1 for fair value purposes which means they are valued using
quoted prices (unadjusted) in active markets for identical assets
or liabilities.
11 Contingent liabilities
There were no contingent liabilities at 30 June 2021 (30 June
2020 and 31 December 2020: None).
12 Bank Loan
(audited)
(unaudited) (unaudited) 12 months
6 months 6 months ended 31
ended ended December
June 2021 June 2020 2030
GBP000's GBP000's GBP000's
Loan 50 - 50
----------- ----------- ----------
50 - 50
=========== =========== ==========
During the year the Group continued to have a Bounce Back Loan
Agreement which is due to be fully repaid in 2026. The repayment
amount and timing of each instalment is based on a fixed interest
rate of 2.5% payable on the outstanding principal amount of the
loan and applicable until the final repayment date. The Company has
been granted an interest and capital holiday for twelve months from
the date of drawdown. The loan is unsecured
13 Transactions with Directors and other related parties
Transactions with associates during the year were:
(audited)
(unaudited) (unaudited) 12 months
6 months 6 months ended 31
ended ended December
June 2021 June 2020 2020
GBP000's GBP000's GBP000's
Recharge of Philippa Norridge's
salary from Tangent Marketing
Services Limited during the
period 5 February 2020 to 30
April 2020 while acting as interim
CFO - 34 34
Recharge for IT related salary
from Tangent Marketing Services
Limited 8 - 3
Recharge of website support
services from Tangent Marketing
Services Limited 15 - -
Recharge for HR related salary
to Tangent Marketing Services
Limited 11 - 9
(unaudited) (unaudited) (audited)
6 months 6 months
to to Year to 31
30 June December
30 June 2021 2020 2020
GBP000's GBP000's GBP000's
Amounts owed to Tangent Marketing
Services Limited 13 - 3
Amounts owed by Tangent Marketing
Services Limited 6 - 5
Tangent Marketing Services Limited is a related party by virtue
of its shareholding in Brave Bison Group Plc. All of the above
transactions were conducted at arms length.
14 Prior year adjustment
The amendment to the balance sheet as at 30 June 2020 was as
follows:
As previously Adjustment As restated
reported
GBP000's GBP000's GBP000's
Non-current assets
Intangible assets 878 - 878
Property, plant and equipment 648 - 648
Investment in associates - - -
------------- ---------- -----------
1,526 - 1,526
Current assets
Trade and other receivables 2,207 - 2,207
Cash and cash equivalents 2,071 - 2,071
------------- ---------- -----------
4,278 - 4,278
Current liabilities
Trade and other payables (3,597) - (3,597)
Lease Liabilities (520) - (520)
------------- ---------- -----------
(4,117) - (4,117)
Non-current liabilities
Deferred tax (136) - (136)
Lease Liabilities (137) - (137)
Bank loan - - -
------------- ---------- -----------
(273) - (273)
Net assets 1,414 - 1,414
============= ========== ===========
Equity
Share capital 613 - 613
Share premium 78,762 - 78,762
Capital redemption reserve 6,660 - 6,660
Merger reserve (24,060) - (24,060)
Merger relief reserve 62,624 - 62,624
Retained deficit (122,443) (898) (123,341)
Translation reserve (742) 898 156
------------- ---------- -----------
Total equity 1,414 - 1,414
============= ========== ===========
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IR VELFBFVLLBBE
(END) Dow Jones Newswires
August 06, 2021 02:00 ET (06:00 GMT)
Brave Bison (LSE:BBSN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Brave Bison (LSE:BBSN)
Historical Stock Chart
From Jul 2023 to Jul 2024
