Governance
It’s an exciting time to be part of a growing digital economy and data driven sector and whilst promoting the use of data is important, safeguarding the use of location data is absolutely key. Governments globally have set guidelines around areas such as data access, privacy, ethics and security. We adhere to these standards globally and good governance over customer data is central to everything we have been doing for a numbers of years. More and more we work with our customers on their projects directly through the cloud and so we do not have to take local copies of data which improves security around this. We take significant steps to ensure high security around our IT systems with adoption of security standards such as Cyber Essentials.
In the UK and USA we are ISO 9001 accredited. This means that we have stringent quality processes ensuring governance in all our processes, projects and efforts. Quality processes are well documented and followed by all teams.
At 1Spatial we are committed to good Corporate Governance and adhere to the standards contained in the Corporate Governance Code for Small and Mid-Size Quoted Companies (QCA Code).
Consolidated statement of comprehensive income For the year ended 31 January 2021
Note |
2021 £’000 |
2020 £’000 |
|
Revenue |
3 |
24,600 |
23,385 |
Cost of sales |
(11,451) |
(11,123) |
|
Gross profit |
13,149 |
12,262 |
|
Administrative expenses |
(14,395) |
(13,800) |
|
(1,246) |
(1,538) |
||
Adjusted EBITDA * |
3,632 |
3,226 |
|
Less: depreciation |
(202) |
(152) |
|
Less: depreciation on right of use asset |
11 |
(1,106) |
(878) |
Less: amortisation and impairment of intangible assets |
6 |
(2,806) |
(2,169) |
Less: share-based payment charge |
(272) |
(398) |
|
Less: strategic, integration and other non-recurring items |
4 |
(492) |
(1,167) |
Operating loss |
(1,246) |
(1,538) |
|
Finance income |
39 |
40 |
|
Finance costs |
(226) |
(235) |
|
Net finance cost |
(187) |
(195) |
|
Loss before tax |
(1,433) |
(1,733) |
|
Income tax credit |
5 |
308 |
248 |
Loss for the year |
(1,125) |
(1,485) |
|
Loss for the year attributable to: |
|||
Equity shareholders of the Parent |
(1,125) |
(1,485) |
|
(1,125) |
(1,485) |
||
Other comprehensive (expense)/income |
|||
Items that may subsequently be reclassified to profit or loss: |
|||
Actuarial (losses)/gains arising on defined benefit pension, net of tax |
(15) |
40 |
|
Exchange differences arising on translation of net assets of foreign operations |
148 |
(120) |
|
Other comprehensive income/(loss) for the year, net of tax |
133 |
(80) |
|
Total comprehensive loss for the year |
(992) |
(1,565) |
|
Total comprehensive loss attributable to the |
|||
equity shareholders of the Parent |
(992) |
(1,565) |
Note |
2021 £’000 |
2020 £’000 |
|
Loss per ordinary share attributable to the owners of the Parent during the year (expressed in pence per ordinary share ): |
|||
Basic and diluted loss per share |
15 |
(1.0) |
(1.4) |
* Adjusted EBITDA is a company-specific measure which is calculated as operating loss before depreciation (including right of use asset depreciation), amortisation and impairment of intangible assets, share-based payment charge and strategic, integration, and other non-recurring items (see note 4) |
Consolidated statement of financial position As at 31 January 2021
Note |
2021 £’000 |
2020 £’000 |
|
Assets |
|||
Non-current assets |
|||
Intangible assets including goodwill |
6 |
15,187 |
15,560 |
Property, plant and equipment |
392 |
374 |
|
Right of use assets |
11 |
2,694 |
3,272 |
Total non-current assets |
18,273 |
19,206 |
|
Current assets |
|||
Trade and other receivables |
7 |
10,890 |
9,930 |
Current income tax receivable |
164 |
233 |
|
Cash and cash equivalents |
8 |
7,278 |
5,108 |
Total current assets |
18,332 |
15,271 |
|
Total assets |
36,605 |
34,477 |
|
Liabilities |
|||
Current liabilities |
|||
Bank borrowings |
9 |
(470) |
(135) |
Trade and other payables |
10 |
(13,418) |
(11,439) |
Lease liabilities |
11 |
(925) |
(957) |
Deferred consideration |
12 |
- |
(599) |
Total current liabilities |
(14,813) |
(13,130) |
|
Non-current liabilities |
|||
Bank borrowings |
9 |
(2,542) |
(1,086) |
Lease liabilities |
11 |
(1,743) |
(2,340) |
Deferred consideration |
12 |
(390) |
(370) |
Defined benefit pension obligation |
(1,606) |
(1,417) |
|
Deferred tax |
13 |
(776) |
(679) |
Total non-current liabilities |
(7,057) |
(5,892) |
|
Total liabilities |
(21,870) |
(19,022) |
|
Net assets |
14,735 |
15,455 |
|
Share capital and reserves |
|||
Share capital |
14 |
20,150 |
20,150 |
Share premium account |
14 |
30,479 |
30,479 |
Own shares held |
14 |
(303) |
(303) |
Equity-settled employee benefits reserve |
3,604 |
3,332 |
|
Merger reserve |
16,465 |
16,465 |
|
Reverse acquisition reserve |
(11,584) |
(11,584) |
|
Currency translation reserve |
332 |
184 |
|
Accumulated losses |
(43,931) |
(42,791) |
|
Purchase of non-controlling interest reserve |
(477) |
(477) |
|
Total equity |
14,735 |
15,455 |
For the year ended 31 January 2021 £’000 |
Share capital |
Share premium account |
Own shares held |
Equity- settled employee benefits reserve |
Merger reserve |
Reverse acquisition reserve |
Currency translation reserve |
Purchase of non- controlling interest reserve |
Accumulated losses |
Total equity |
Balance at 1 February 2019 |
18,971 |
28,661 |
(303) |
2,934 |
16,030 |
(11,584) |
304 |
(477) |
(41,346) |
13,190 |
Comprehensive income/(loss) |
||||||||||
Loss for the year |
- |
- |
- |
- |
- |
- |
- |
- |
(1,485) |
(1,485) |
Other comprehensive income/(loss) |
||||||||||
Actuarial gains arising on defined benefit pension |
- |
- |
- |
- |
- |
- |
- |
- |
40 |
40 |
Exchange differences on translating foreign operations |
- |
- |
- |
- |
- |
- |
(120) |
- |
- |
(120) |
Total other comprehensive income/(loss) |
- |
- |
- |
- |
- |
- |
(120) |
- |
40 |
(80) |
Total comprehensive income/(loss) |
- |
- |
- |
- |
- |
- |
(120) |
- |
(1,445) |
(1,565) |
Transactions with owners |
||||||||||
Issue of share capital, net of share issue costs |
1,179 |
1,818 |
- |
- |
435 |
- |
- |
- |
- |
3,432 |
Recognition of share-based payment expense |
- |
- |
- |
398 |
- |
- |
- |
- |
- |
398 |
1,179 |
1,818 |
- |
398 |
435 |
- |
- |
- |
- |
3,830 |
|
Balance at 31 January 2020 |
20,150 |
30,479 |
(303) |
3,332 |
16,465 |
(11,584) |
184 |
(477) |
(42,791) |
15,455 |
Comprehensive loss |
||||||||||
Loss for the year |
- |
- |
- |
- |
- |
- |
- |
- |
(1,125) |
(1,125) |
Other comprehensive loss |
||||||||||
Actuarial gains arising on defined benefit pension |
- |
- |
- |
- |
- |
- |
- |
- |
(15) |
(15) |
Exchange differences on translating foreign operations |
- |
- |
- |
- |
- |
- |
148 |
- |
- |
148 |
Total other comprehensive (loss)/income |
- |
- |
- |
- |
- |
- |
148 |
- |
(15) |
133 |
Total comprehensive loss |
- |
- |
- |
- |
- |
- |
148 |
- |
(1,140) |
(992) |
Transactions with owners |
||||||||||
Recognition of share-based payment expense |
- |
- |
- |
272 |
- |
- |
- |
- |
- |
272 |
- |
- |
- |
272 |
- |
- |
- |
- |
- |
272 |
|
Balance at 31 January 2021 |
20,150 |
30,479 |
(303) |
3,604 |
16,465 |
(11,584) |
332 |
(477) |
(43,931) |
14,735 |
Consolidated statement of changes in equity
Consolidated statement of cash flows For the year ended 31 January 2021
Note |
2021 £'000 |
2020 £'000 |
|
Cash flows from operating activities |
|||
Cash generated from operations |
8 (a) |
3,983 |
572 |
Interest received |
39 |
40 |
|
Interest paid |
(218) |
(184) |
|
Tax received |
484 |
313 |
|
Net cash generated from operating activities |
4,288 |
741 |
|
Cash flows from investing activities |
|||
Acquisition of subsidiary (net of cash acquired) |
12 |
- |
(2,151) |
Purchase of property, plant and equipment |
(192) |
(132) |
|
Capitalisation of development costs and other intangibles |
6 |
(2,120) |
(2,188) |
Net cash used in investing activities |
(2,312) |
(4,471) |
|
Cash flows from financing activities |
|||
New borrowings |
1,800 |
672 |
|
Repayment of borrowings |
(146) |
(133) |
|
Repayment of lease obligations |
11 |
(1,069) |
(792) |
Payment of deferred consideration on acquisition |
12 |
(585) |
- |
Net proceeds of share issue |
14 |
- |
2,805 |
Net cash generated from financing activities |
- |
2,552 |
|
Net increase/(decrease) in cash and cash equivalents |
1,976 |
(1,178) |
|
Cash and cash equivalents at start of year |
5,108 |
6,358 |
|
Effects of foreign exchange on cash and cash equivalents |
194 |
(72) |
|
Cash and cash equivalents at end of year |
8 (b) |
7,278 |
5,108 |
Notes to the financial statements For the year ended 31 January 2021
1.
Basis of preparation