Financial Report for the Half-Year to 30 Sept 2020

RNS Number : 3345N
BigDish PLC
29 January 2021
 

 

 

 

 

 

 

 

BigDish Plc

( " BigDish " or the " Company")

 

Financial Report for the Half-Year to 30 September 2020

 

BigDish Plc (LON: DISH), a technology   development   company is pleased to announce the publication of its Financial Report for the Half-Year period to 30 September 2020 which is laid below this announcement.

The Company announced on 24 September 2020 securing an agreement for short term funding of £ 540,000.  The Company requested and received £ 200,000 of this funding after the 30 September 2020. The majority of this amount has yet to be utilised.  The Company is confident that this amount along with the balance of the short term funding will be more than adequate to stretch the funding runway beyond the end of the second quarter of 2020.

The Company will provide a further update to the market early next week with regards to its business.

 

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014 ("MAR")

 

 

Enquiries:

 

Zak Mir, Digital Communications Officer, BigDish

+44 (0) 7867 527659

 

zak@bigdish.com

 

 

Jonathan Morley-Kirk, Non-Executive Chairman

jmk@bigdish.com

 

 

 

 

 

 

 

 

BigDish PLC

 

 

 

Financial Report

For the Half-Year Ended 30 September 2020

(Unaudited)

 

 

 

 

REPORT OF THE DIRECTORS

 

The Directors present the report together with the unaudited interim financial statements for the Group for the half-year ended 30 September 2020.

 

The Company

 

BigDish Plc, the parent Company, is registered (registered number 121041) and domiciled in Jersey. It was incorporated on 11 April 2016.

 

Principal Activity and Business Review

 

The Company's principal activity during the period ended 30 September 2020 was a holding company, holding subsidiaries trading under the " BigDish " brand in United Kingdom and a technology development centre in the Philippines.

 

Results and Dividends

 

The results of the Group for the half-year ended 30 September 2020 show a loss before taxation of GBP 426,142 (30 September 2019 showed a loss of GBP 1,050,255).

 

No dividends have been paid during the half-year ended 30 September 2020 or during the comparative period.

 

Operational Activities

 

The Company continued to develop its technology platform during the reporting period despite Covid-19  impacting the Company's progression.

 

 

On 12 October 2020, the Company announced a business diversification in that it was developing a venture builder model that would develop technology in return for equity stakes in up-and-coming technology companies.

 

Principal Risks and Uncertainties

 

The principal business risks that have been identified are as below.

 

COVID-19 Risks

 

The restaurant sector has experienced significant disruption from COVID-19. This has impacted the Company's business and the Company continues to monitor the impact of COVID-19 on an ongoing basis. The Company announced diversifying its strategy after the reporting period to mitigate against these risks.

 

Marketplace Risk

 

The Company is operating in a competitive market and faces competition from other companies who do or may in the future

offer a similar service on similar terms. Competitors may have much greater access to capital than the Company.

 

If the Company is unable to attract sufficient restaurants and potential customers at the rate expected, the Company may be

unable to successfully compete in the market which may have a material adverse impact on its future prospects.

 

Funding Risk

 

The Company has not reached breakeven due to the early stage of business development. This therefore requires that the

Company raises additional capital periodically. On 24 September 2020, the Company announced entering into a short term funding for GBP 540,000. As of the publication date only GBP 200,000 has been drawn down from this agreement, which has largely not been utilised. 

 

Technology Risk

 

The success of the Company is dependent on the technical capabilities of its app and appeal to users. If technical issues arise or the technology is not as appealing as competitors' technology, this may have a significant impact on the Company's

ability to attract and retain restaurants and attract customers to use BigDish. The costs associated with remaining competitive may be disproportionate to the revenues generated by the Company which may result in an adverse impact on the Company's financial position.

 

 

 

Key Personnel Risk

 

The loss of/inability to attract key personnel could adversely affect the business of the Company. The Company is dependent

on the experience and abilities of its executive Directors and certain Senior Managers and technology staff. The Company will continue to look to attract suitably experienced personnel to mitigate any negative impact on the growth of the business.

 

Security Risk

 

Any unauthorised intrusion, malicious software infiltration, network disruption, denial of service or similar act by a malevolent party could disrupt the integrity, continuity, security and trust of the Enlarged Group's platform. These security risks could create costly litigation, significant financial liability, increased regulatory scrutiny, financial sanctions and a loss of confidence

in the Company's business.

 

Compliance Risk

 

The Company may process personal data (names, emails and telephone numbers), which may be considered sensitive, as part of its business. The Company may be subject to investigative or enforcement action by regulatory authorities in the Company's countries of operations if it acts or is perceived to be acting inconsistently with the terms of its privacy policy, customer expectations or the law. The Company will continue to monitor its policies to ensure on-going compliance with the

General Data Protection Regulation (GDPR) regulations.

 

Brexit Risk

 

The main focus of the business is the United Kingdom and the Company does not expect to be affected adversely by Brexit. Any on-going risks will be mitigated through on-going review by Management and reporting of KPIs to the Board for periodic review and strategy amendment as required.

 

Events after the Reporting Period

 

Refer note 9 of the unaudited interim financial statements.

 

Company Directors

 

 

 

Position

 

Appointment Date

Audit

Committee

Remuneration Committee

Jonathan Morley-Kirk

Non-Executive Chairman

16 April 2016

Chair

Member

Simon Perrée*

Non-Executive Director

30 July 2018

Member

Chair

Aidan Bishop

Executive Director

16 April 2016

-

-

 

 

 *Resigned on 24 September 2020

 

The Directors note that the search for a replacement NED is on-going and that the process is being hindered by the third UK Covid-19 lockdown.

 

Share Capital

 

At 30 September 2020, the issued share capital of the Company stood at 373,620,823 - with 24,670,468 new shares having been issued during the period. The issuances are detailed in note 5 to the unaudited financial statements.

 

This Directors' Report was approved by the Board of Directors on 28 January 2021 and is signed on its behalf.

 

By Order of the Board

 

 

 

 

 

Jonathan Morley-Kirk

Chairman

28 January 2021
 

CONSOLIDATED INCOME STATEMENT

For the half-year ended 30 September 2020

 

30 Sep 2020            30 Sep 2019

(unaudited)              (unaudited)

  Note                          GBP                       GBP 

Income -                        11,766

Cost of sales  -                          (696)

 

Gross profit  -                        11,070

 

Administrative expenses  (515,875)  (735,077)

Impairment loss  -                          (396,277)

Fair value gain  7  89,733  70,029

 

Loss before taxation  (426,142)  (1,050,255)

 

Income tax expense  -  - 

 

Loss for the period    4  (426,142)  (1,050,255)

 

Earnings per share:

Basic and diluted loss per share  6  (0.0012)  (0.0033)

 

The accompanying notes form an integral part of these financial statements.

 

 

 

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the half-year ended 30 September 2020

 

30 Sep 2020            30 Sep 2019

(unaudited)              (unaudited)

  Note          GBP                        GBP 

 

Loss for the period                                                                                                                     (426,142)  (1,050,255)

Exchange difference on translating foreign operations*                                                             (11,887)  (45,195)

 

 

Total comprehensive loss for the period                                                                                 (438,029)  (1,095,450)

*To be reclassified to Profit and Loss if the foreign entity is sold.

 

The accompanying notes form an integral part of these financial statements.

 

 

 

 

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

For the half-year ended 30 September 2020

 

30 Sep 2020  30 Sep 2019

(unaudited)  (unaudited)

  Note                          GBP                     GBP 

 

 

Non-current assets

 

Property, plant and equipment 6,739  13,053

 

 6,739  13,053

Current assets

 

Trade and other receivables  5 237,346  37,387

Cash and cash equivalents                                                                                                              156,424  1,296,042

 

 393,770  1,333,429

Current liabilities

 

Trade and other payables  (258,180)  (205,730)

Borrowings (13,403)  (4,744)

 

 

 (271,583)  (210,474)

 

Non-current liabilities

 

Trade and other payables  -                                 (3,581)

Borrowings  - (10,128)

 

 

   (13,709)

 

 

Net assets/(liabilities)    128,926  1,122,299

 

Equity

 

Issued share capital  6  6,444,670  6,273,887

Retained earnings  (7,242,334)  (5,916,067)

Other Reserves  8  926,590  764,479

 

 

Total equity    128,926  1,122,299

 

 

The accompanying notes form an integral part of these financial statements.

 

These financial statements were approved by the Board of Directors.

 

 

 

 

 

Jonathan Morley-Kirk

Chairman

28 January 2021

 

 

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the half-year ended 30 September 2020

 

                                                                                         Share    Retained             Other  Total                                                                                                                           Capital        Earnings              Reserves                Equity

      GBP    GBP GBP                        GBP

 

 

At 31 March 2019                                                                                 3,239,914     (4,865,812)          879,703               (746,195)

 

 

Loss for the period                                                                           -   (1,050,255)               -                   (1,050,255)

Other comprehensive income for the period                                              -                         -                   (45,195)  (45,195)

 

Total comprehensive income for the period                                                  -  (1,050,255)          (45,195)             (1,095,450)

 

Warrants reserves                                                                                  -                                         (70,029)  (70,029)

Issue of new ordinary shares (net)                                                         3,033,973             -  - 3,033,973

 

 

Total transactions with owners                                                               3,033,973       (1,050,255)      (115,224)  1,868,494

 

 

At 30 September 2019 (unaudited)                                                      6,273,887       (5,916,067)         764,479           1,122,299

 

 

Loss for the period                                                                                   -   (405,202)                  -                  (405,202)

Other comprehensive income for the period                                                        -                         - 90,558 90,558 

 

Total comprehensive income for the period                                                          -    (405,202)  90,558  (314,644)

 

Warrants reserves                                                                                                  -                         - 70,029               70,029

Share options reserves                                                                                           -                         - 103,144             103,144

Shares to be issued                                                                                               -                         -                   246,937               246,937

Issue of new ordinary shares (net) - adjustment                                              (300,907)                -                          -                   (300,907)

 

 

Total transactions with owners                                                                         (300,907)             (405,202)             510,668              (195,441)

 

 

Prior period adjustment                                                                                           -                  (494,923)                                         (494,923)   

 

At 31 March 2020                                                                                              5,972,980          (6,816,192)         1,275,147            431,935

 

 

Loss for the period                                                                                           -    (426,142)                  -               (426,142)

Other comprehensive income for the period                                                               -                           -                   (11,887)             (11,887)

 

Total comprehensive income for the period                                                                  -                      (426,142)           (11,887)         (438,029)

 

Warrants reserves                                                                                                       -                                  -               (89,733)         (89,733)

Shares to be issued                                                                                                     -                                  -             (246,937)       (246,937)

Issue of new ordinary shares (net)                                                                         471,690                         -                    -                  471,690

 

 

Total transactions with owners                                                                                 471,690                     (426,142) (348,557)       (303,009)

 

 

At 30 September 2020                                                                                             6,444,670               (7,242,334)        926,590      128,926

 

 

The accompanying notes form an integral part of these financial statements.
 

CONSOLIDATED CASH FLOW STATEMENT

For the half-year ended 30 September 2020

 

30 Sep 2020           30 Sep 2019

(unaudited)             (unaudited)

                                                                                                              Note                            GBP                       GBP

 

 

Cash flows from operating activities

 

Cash received from customers  -                           6,875

Cash paid to suppliers & employees                                                                                               (278,822) (670,921)

 

 

Net cash from operating activities  (278,822)            (664,046)

 

 

Cash flows from financing activities

 

Loan repayments                                                                                                                              (2,370)                (2,370)

Cash received from loan receivable                                                                                                 50,000               -

Net proceeds from share capital issue                                                                                               -                         1,952,988

 

 

Net cash used in financing activities  47,630  1,950,618

 

 

Net increase (decrease) in cash  (231,192)  1,286,572

 

 

Cash and cash equivalents at start of period                                                                                   387,616  9,470

Cash and cash equivalents at end of the period                                                                              156,424   1,296,042

 

 

The accompanying notes form an integral part of these financial statements.

 

 

 

 

 

 

NOTES TO THE FINANCIAL STATEMENTS

For the half-year ended 30 September 2020

 

1. BASIS OF PREPARATION AND ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

 

The consolidated interim financial statements have been prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards as endorsed by the European Union ("IFRS") and expected to be effective at the year-end of 31 March 2021. The accounting policies are unchanged from the financial statements for the year ended 31 March 2020. The interim financial statements, which have been prepared in accordance with International Accounting Standard 34 (IAS 34) as adopted by the European Union, are unaudited. Accounts for the year ended 31 March 2020, prepared in accordance with IFRS, have been filed.  The Auditors' Report on these accounts was unqualified, but did include a material uncertainty in respect of going concern.

 

The consolidated interim financial statements are for the six months to 30 September 2020. The interim consolidated financial information does not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's annual financial statements for the year ended 31March 2020, which were prepared in accordance with IFRS's as adopted by the European Union.

 

 

2. GOING CONCERN

 

The balance of the loan from Lloyds Bank loan (GBP 13,403 at 30 September 2020) was repaid this on 16 October 2020.

 

The Group made a consolidated loss in the half-year ended 30 September 2020 of GBP 426,142. At 30 September 2020, the consolidated cash held was GBP 156,424 and the Group had consolidated liabilities of GBP 271,583, which includes GBP 55,982 due to related parties. The related parties liabilities are expected to be settled via equity under the Company's salary sacrifice scheme in February 2021.

 

The Company has entered into a short-term funding agreement for GBP540,000. As of the publication date of this report, only GBP 200,000 has been drawn down and largely not been utilised. It is expected that this funding will extend the funding runway beyond the second quarter of 2021. Further, the Company obtained a Letter of Intent from an Investor to fund the progression of the BigDish business via a Special Purpose Vehicle subject to conditions precedent, which, if met, will be sufficient to fund the business over the longer term.

 

Whilst the company is confident that it can stretch the short-term funding beyond the second quarter of 2021, there remains material uncertainty and the company will require further funding at some point during the 12 months from the date of this report. The Financial Statements have been prepared on a Going Concern basis. 

 

 

3. SEGMENTAL REPORTING

 

3.1 For the half-year ended 30 September 2020

 

Income Statement

for the half-year ended

30 Sep 2020 (unaudited)

Jersey

GBP

Hong Kong

GBP

Indonesia

GBP

Philippines

GBP

UK

GBP

Total

GBP

 

Revenue

 

-

 

-

 

-

 

-

 

-

 

-

Cost of sales

-

-

-

-

-

-

 

Gross Profit

 

-

 

-

 

-

 

-

 

-

 

-

 

Administration expenses

 

(251,612)

 

-

 

-

 

(114,442)

 

(60,088)

 

(426,142)

 

Loss for the Period

 

(251,612)

 

-

 

-

 

(114,442)

 

(60,088)

 

(426,142)

 

 

Statement of Financial Position

at 30 Sep 2020

(unaudited)

Jersey

GBP

Hong Kong

GBP

Indonesia

GBP

Philippines

GBP

UK

GBP

Total

GBP

 

Non-current assets

 

-

 

-

 

-

 

6,739

 

-

 

6,739

Trade and other receivables

207,840

285

-

21,421

7,800

237,346

Cash and cash equivalents

79,489

-

-

8,495

68,440

156,424

 

Total assets

 

287,329

 

285

 

-

 

36,655

 

76,240

 

400,509

Current liabilities

(95,157)

-

(5,506)

(138,201)

(32,719)

(271,583)

Non-current liabilities

-

-

-

-

-

-

 

Net assets/(liabilities)

 

192,172

 

285

 

(5,506)

 

(101,546)

 

43,521

 

128,926

 

 

 

 

3.2 For the half-year ended 30 September 2019

 

Income Statement

for the half-year ended

30 Sep 2019 (unaudited)

Jersey

GBP

Hong Kong

GBP

Indonesia

GBP

Philippines

GBP

UK

GBP

Total

GBP

 

Revenue

 

-

 

-

 

-

 

-

 

11,766

 

11,766

Cost of sales

-

-

-

-

(696)

(696)

 

Gross Profit

 

-

 

-

 

-

 

-

 

11,070

 

11,070

Administration expenses

(532,914)

(935)

(4,840)

(83,396)

(112,992)

(735,077)

Impairment loss

Fair value gain

-

70,029

-

-

-

-

(32,575)

-

(363,702)

-

(396,277)

70,029

 

Loss for the Period

 

(462,885)

 

(935)

 

(4,840)

 

(115,971)

 

(465,624)

 

(1,050,255)

 

 

 

 

Statement of Financial Position

at 30 Sep 2019

(unaudited)

Jersey

GBP

Hong Kong

GBP

Indonesia

GBP

Philippines

GBP

UK

GBP

Total

GBP

 

Non-current assets

 

-

 

-

 

-

 

11,891

 

1,162

 

13,053

Trade and other receivables

-

-

-

12,767

24,620

37,387

Cash and cash equivalents

1,263,148

369

-

18,838

13,687

1,296,042

 

Total assets

 

1,263,148

 

369

 

-

 

43,496

 

39,469

 

1,346,482

Current liabilities

(93,163)

-

(6,034)

(110,160)

(1,117)

(210,474)

Non-current liabilities

(10,128)

-

-

(3,581)

-

(13,709)

 

Net assets/(liabilities)

 

1,159,857

 

369

 

(6,034)

 

(70,245)

 

38,352

 

1,122,299

 

 

 

 

 

 

4. LOSS FOR THE PERIOD BEFORE TAX

 

  30 Sep 2020  30 Sep 2019

  (unaudited)   (unaudited)

    GBP  GBP

 

 

Loss for the period has been arrived at after charging:

 

Directors remuneration                                                                                                                     80,000  80,000

Staff costs                                                                                                                                         200,915  252,961

 

 

 

5. TRADE AND OTHER RECEIVABLES

 

  30 Sep 2020  30 Sep 2019

(unaudited)  (unaudited)

GBP  GBP

 

 

Trade and Other Receivables                                                                                                  29,506  37,387

Loan Receivables                                                                                                                    207,840  -

 

 

Balance at end of period                                                                                                         237,346  37,387

 

 

All receivables are current assets and due within 12 months - GBP 50,000 repayment of the loan receivables was received by the Company in the half-year to 30 September 2020.

 

 

6. SHARE CAPITAL

 

6.1 Share Capital

  30 Sep 2020    30 Sep 2019

  (unaudited)    (unaudited / re-stated)

  Number            GBP    Number              GBP

 

 

Opening balance  348,950,355       5,977,980          285,847,519  3,239,914 

Audit adjustment - 31 March 2020                                                        -    -                         -   (300,907)

Ordinary shares - new shares issued during the period                      24,670,468         471,690             63,102,836  3,033,973

 

 

Closing balance  373,620,823       6,444,670         348,950,355  5,977,980

 

 

The shares have no par value. At 30 September 2020, included in the total share issuance of 373,620,823, 24,670,468 shares were issued as final payment of the Table Pouncer acquisition and to Directors as settlement of outstanding salaries as at 30 June 2020 under the Salary Sacrifice Scheme. The Group holds 11,000,000 shares in treasury.

 

6.2 Earnings Per Share

 

30 Sep 2020

(unaudited)

GBP

30 Sep 2019 (unaudited)

GBP

 

Basic and diluted earnings per share

 

(0.0012)

 

(0.0033)

Loss used to calculate basic and diluted earnings per share

(426,142)

(1,050,255)

Weighted average number of shares used in calculating basic and diluted earnings per share

360,622,075

314,039,187

    

 

 

Earnings per share is calculated by dividing the loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding and shares to be issued during the period.

 

In 2020 and 2019, the potential ordinary shares were anti-dilutive as the Group was in a loss making position and therefore the conversion of potential ordinary shares would serve to decrease the loss per share from continuing operations. Where potential ordinary shares are anti-dilutive a diluted earnings per share is not calculated and is deemed to be equal to the basic earnings per share.

 

The warrants noted in note 7 could potentially dilute EPS in the future.

 

 

7. SHARE WARRANTS

 

Warrants are denominated in Sterling and are issued for services provided to the Group or as part of the acquisition of a subsidiary.
 

Warrants at 30 September 2020:

 

 

 

Exercise price

No. issued and exercisable at 01 Apr 2020

 

No. exercised in period

 

No. lapsed in period

No. outstanding and exercisable at 30 Sep 2020

 

Expiry date

4.50p

2,654,585

-

-

2,654,585

02 August 2021

9.00p

11,111,111

-

(11,111,111)

-

02 August 2020

4.50p

444,444

-

(444,444)

-

02 August 2020

4.156p

6,851,116

-

-

6,851,116

02 February 2021

Closing balance

21,061,256

-

(11,555,555)

9,505,701

 

 

 

 

The charge for the period to 30September 2020 is GBP nil (30 September 2019: GBP 19,074).

 

 

8. RESERVES

 

30 Sep 2020

(unaudited)

GBP

30 Sep 2019

(unaudited)

GBP

 

 

Translation reserve

 

66,811

 

(11,860)

Share options reserve

Warrants reserve

859,779

-

756,635

19,704

 

Balance at end of period

 

926,590

 

764,479

 

 

 

 

9. EVENTS AFTER THE REPORTING PERIOD

 

The Company announced on 12 October 2020 the development a Venture Builder model - a technology platform to develop technology in return for equity in exciting up and coming technology companies. To facilitate this, the Company announced that the technology development platform would be moved to India, which has a lower cost base than the Philippines.

 

The Company also announced on 16 November 2020 that as a result of the Venture Builder model, it expected to extend its funding runway. Changes in management also took place and the Company will identify a new CEO with suitable experience. 

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 UKSVRAKUAURR
UK 100

Latest directors dealings