Page 111 - Beeks Financial Cloud Group Annual Report 2021

Beeks Financial Cloud Group PLC
Notes to the Company Financial Statements For the year ended 30 June 2021

2021 2020
7. Current liabilities – Trade and other payables £000 £000

Trade payables 23 14
Accruals 148 53
Other taxes 205 189
Other payables 7 5
Deferred consideration - 552

Contingent consideration - 488
383 1,301

8. EQUITY – ISSUED CAPITAL Financial Cloud Group Limited 12. CONTINGENT LIABILITIES
For details of the issued share and the value of The Group being The Company had no material
capital see note 19 in the acquired, Beeks Financial Cloud contingent liabilities at 30 June 2021.
Group notes. Limited.
13.POST BALANCE SHEET EVENTS
9. EQUITY - RESERVES During the prior year £333,000 Beeks headquarters will move
Ordinary shares are classified was recognised within the merger from the existing leased office to the
as equity. An equity instruments reserve, which arose on the share nearby Riverside Business Park, King’s
is a contract that evidences a for share exchange reflecting the Inch Road, Braehead, PA4 8YU in
residential interest in the assets difference between the nominal early 2022. In September 2021, The
of Beeks Financial Cloud Group Plc value of the share capital issued Group finalised the purchase of
after deducting all of its liabilities. from Beeks Financial Group plc the property for £2.1m which was
Every instrument issued by Beeks and the value of the shares issued funded out of existing Company
Financial Cloud Group Plc are to the owners of Velocimetrics Ltd cash balances and a new debt
recorded at the proceeds received at the date of acquisition. facilities of £1.5m taken post
net of direct issue costs. year end. FINANCE
10. RELATED PARTY
The share capital amount TRANSACTIONS 14. ULTIMATE
represents the amount subscribed As permitted by FRS 101, related CONTROLLING PARTY
for shares at nominal value. Any party transactions by wholly The Directors have assessed
transactional costs associated with owned members of The Group that there is no ultimate
the issuing of share are deducted have not been disclosed. Related controlling party.
from the share premium, net of party transactions regarding
any related taxation benefits. The remuneration and dividends
accounting policies set out above paid to key management of the
have, unless otherwise stated, have company have been disclosed
been applied consistently by The in note 23 of The Group financial
Group to all periods presented. statements.

The merger reserve arose on the 11. CAPITAL COMMITMENTS
share for share exchange reflecting The Company had no material
the difference between the nominal capital commitments at 30
value of the share capital in Beeks June 2021.

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