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)

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

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