Information  X 
Enter a valid email address

Brave Bison Grp PLC (BBSN)

  Print   

Friday 06 August, 2021

Brave Bison Grp PLC

Half-year Report

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  

· Net cash as at 30 June 2021 of £2.9 million (30 June 2020: £2.1 million)

· Ranked 2nd in the Drum's UK Digital Agency Census

 

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 

Oliver Green, Executive Chairman

Theo Green, Chief Growth Officer

Philippa Norridge, Chief Financial Officer

via Cenkos

 

 

 

Cenkos Securities plc (NOMAD and Broker)

Nicholas Wells / Ben Jeynes / Dan Hodkinson (Corporate Finance)

Dale Bellis (Sales)

+44 (0) 20 7397 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 £7.3 million, an increase of 32% compared to the equivalent period last year (H1 2020: £5.5 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 £6.4m of revenue for the period, an increase of 40% year on year (H1 2020:  £4.6m). 

 

Fee based revenues reduced to £0.5m in H1 2021 (H1 2020: £1.0 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 £1.5 million (H1 2020: £2.6 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: £0.6 million).

 

The Group had £3.0 million of cash and cash equivalents at 30 June 2021 (30 June 2020: £2.1 million) and the only debt was a Bounce Back Loan of £0.1m (30 June 2020: £nil). Cash inflows from operations were £0.5 million in the period (H1 2020: £2.0 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 to

6 months to

Year to 31

 

Note

30 June

 2021

30 June

 2020

December

 2020

 

 

£000's

£000's

£000'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)

Impairment charge

6, 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)

 

Note

At

30 June

2021

At

30 June

2020

At 31

December 2020

 

 

 

as restated

 

 

 

£000's

£000's

£000'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 to

6 months to

Year to 31

 

30 June  2021

30 June  2020

December  2020

 

£000's

£000's

£000'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

 

 

Share

capital

Share

premium

Capital redemption

reserve

 

Merger reserve

 

Merger relief reserve

 

Translation

reserve

Retained

deficit

Total

equity

 

£000's

£000's

£000's

£000's

£000's

£000's

£000's

£000'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 £3.0 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 ended

June 2021

6 months ended

June 2020

 ended 31

December

 2020

 

 

£000's

£000's

£000'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 ended

June 2021

6 months ended

June 2020

 ended 31

December

 2020

Revenue

 

£000's

£000's

£000'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 ended

June 2021

6 months ended

June 2020

 ended 31

December

 2020

Gross profit

 

£000's

£000's

£000'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 ended

June 2020

6 months ended

June 2020

 ended 31

December

 2020

 

 

£000's

£000's

£000'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: £0.6 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 ended

June 2021

6 months ended

June 2020

 ended 31

December

 2020

 

£000's

£000's

£000'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

 

 

Goodwill

Online Channel Content

Technology

 

 

Brands

Customer Relation-ships

Total

 

 

£000's

£000's

£000's

£000's

£000's

£000'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

 

 

Right of Use asset

Computer Equipment

Fixtures &

 Fittings

Total

 

£000's

£000's

£000's

£000'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 ended

June 2021

6 months ended

June 2020

 ended 31

December

 2020

 

£000's

£000's

£000'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

£000's

 

 

 

 

Ordinary shares of £0.001

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

30 June

2021

At

30 June

2020

At 31

December 2020

 

 

£000's

£000's

£000'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 assets leased

Range of remaining term

Average remaining lease term

No. of leases with extension options

No. of leases with termination 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 year

One to two years

Total

 

 

£000's

£000's

£000'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 ended

June 2021

6 months ended

June 2020

 ended 31

December

 2020

 

£000's

£000's

£000's

 

 

 

 

Short-term leases

-

27

28

 

 

 

 

 

The Group received a Covid-19 related rent concession during the period of £72,030 (2020: £69,750).  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

June

 2020

 As at 30

June

 2020

As at 31

 December

2020

 

 

£000's

£000's

£000'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 ended

June 2021

6 months ended

June 2020

 ended 31

December

 2030

 

 

£000's

£000's

£000'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 ended

June 2021

6 months ended

June 2020

 ended 31

December

 2020

 

 

£000's

£000's

£000'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 to

6 months to

Year to 31

 

 

30 June  2021

30 June  2020

December  2020

 

 

£000's

£000's

£000'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 reported

Adjustment

As restated

 

£000's

£000's

£000'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 [email protected] 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

a d v e r t i s e m e n t