1Spatial (AIM: SPA) Announces Final Results for the year ended 31 January 2021

The tax credit for the year is higher (2020: lower) than the standard rate of corporation tax in the UK. The differences are explained below:

 

2021

£’000

2020

£’000

Loss on ordinary activities before tax

(1,433)

(1,733)

 

(1,433)

(1,733)

Loss on ordinary activities before tax multiplied by the effective rate of corporation tax in the UK of 19% (2020: 19%)

(272)

(330)

Effect of:

Expenses not deductible for tax purposes

22

157

Adjustment in respect of R&D tax credits

(191)

(153)

Effect of movement in deferred tax rate

27

(80)

Utilisation of losses not previously recognised for tax purposes

(170)

(19)

Deferred tax not recognised on losses carried forward

440

20

Adjustments in respect of prior years

(94)

34

Differences in tax rates applicable to overseas subsidiaries

(70)

123

Total credit for year

(308)

(248)

The relevant deferred tax balances have been measured at 19% for the current year-end, being the tax rate enacted by the reporting date (2020: 17%).

In the Spring Budget 2021, the Government announced that from 1 April 2023 the corporation tax rate would increase to 25%. As the proposal to change the rate had not been substantively enacted at the balance sheet date, its effects are not included in these financial statements. However, it is likely that the overall effect of the change, had it been substantively enacted by the balance sheet date, would be to increase the deferred tax charge for the period of

£71,500 and to increase the deferred tax liability by £71,500.

  • Intangible assets including goodwill

     

    Goodwill

    £'000

    Brands

    £’000

    Customers

    and related contracts

    £’000

    Software

    £’000

    Development

    costs

    £’000

    Website costs

    £’000

    Intellectual property

    £’000

    Total

    £’000

    Cost

    At 1 February 2020

    17,291

    452

    4,579

    6,487

    16,932

    30

    66

    45,837

    Additions

    -

    -

    -

    75

    2,039

    -

    6

    2,120

    Written-off

    -

    -

    -

    -

    -

    (30)

     

    (30)

    Effect of foreign exchange

    156

    12

    185

    195

    314

    -

    -

    862

    At 31 January 2021

    17,447

    464

    4,764

    6,757

    19,285

    -

    72

    48,789

    Accumulated impairment and amortisation

    At 1 February 2020

    11,363

    204

    3,113

    4,185

    11,374

    30

    8

    30,277

    Amortisation

    -

    47

    422

    445

    1,889

    -

    3

    2,806

    Written-off

    -

    -

    -

    -

    -

    (30)

    -

    (30)

    Effect of foreign exchange

    185

    1

    106

    66

    191

    -

    -

    549

    At 31 January 2021

    11,548

    252

    3,641

    4,696

    13,454

    -

    11

    33,602

    Net book amount at 31 January 2021

    5,899

    212

    1,123

    2,061

    5,831

    -

    61

    15,187

    The net book amount of development costs includes £5,831,000 (2020: £5,558,000) internally generated capitalised software development costs that meet the definition of an intangible asset. The amortisation charge of £2,806,000 (2020: £2,058,000) is included in the administrative expenses in the statement of comprehensive income.

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