Page 30 - Beeks Financial Cloud Group Annual Report 2021

28 Beeks Financial Cloud Group PLC

For the year ended 30 June 2021
Directors’ Report

Directors’

Report

The directors are of the opinion that assessment period. Within these each financial year. Under that law
The Group can operate within their scenarios, we have taken into the directors have to prepare the
current debt facilities and comply consideration the acquisition of financial statements in accordance
both with its gross borrowings to the property referenced in the with international accounting
adjusted EBITDA and minimum subsequent events section. After standards in conformity with the
adjusted cash banking covenants. making enquiries, the directors requirements of the Companies
At the end of the financial year, have a reasonable expectation Act 2006 and have chosen to
The Group had net cash of £1.89m that The Group will be able to meet prepare the Parent Company
(2020: Net debt £0.75m) a level its financial obligations and has financial statements in accordance
which the Board is comfortable with adequate resources to continue with United Kingdom Generally
given the strong cash generation in operational existence for the Accepted Accounting Practice
GOVERNANCE
of The Group and low level of debt foreseeable future. For this reason Financial Reporting Standard 101,
to EBITDA ratio. The Group was in they continue to adopt the going ‘Reduced Disclosure Framework’
compliance with all covenants under concern basis in preparing the (FRS 101). Under company law
its banking facility arrangements financial statements. the directors must not approve
throughout the reporting period. the financial statements unless
The Group has a diverse portfolio AIM RULE COMPLIANCE REPORT they are satisfied that they give
of customers with relatively low Beeks Financial Cloud PLC is quoted a true and fair view of the state
customer concentration split across on AIM and the Company has of affairs and profit or loss of the
different geographic areas. As a complied with AIM Rule 31. Further company and group for that
consequence, the directors believe information on AIM compliance period. In preparing these financial
that The Group is well placed to is explained in the Corporate statements, the directors are
manage its business risks. Governance Report on pages 33 to 43. required to:
/ select suitable accounting
The directors have considered The STREAMLINED ENERGY AND policies and then apply them
Group budgets and the cash flow CARBON REPORTING consistently;
forecasts for the next two financial As the Company does not meet / make judgements and
years, and associated risks, including the medium sized threshold, the accounting estimates that are
the potential impact of Covid-19, and directors are not required to disclose reasonable and prudent;
the availability of bank and leasing the reporting requirements of SECR. / state whether applicable
facilities. We have run appropriate international financial reporting
scenario and stress tests applying DIRECTORS’ RESPONSIBILITIES standards adopted pursuant to
reasonable downside sensitivities STATEMENT Regulation (EC) No 1606/2002 as
and are confident we have the The directors are responsible for it applies in the European Union
resources to meet our liabilities as preparing the Strategic Report and and international accounting
they fall due including mitigating Directors’ Report and the financial standards in conformity with the
actions to take should some loan statements in accordance with requirements of the Companies
facilities not be made available applicable law and regulations. Act 2006 have been followed for
at the end of current terms, which The Group financial statements
is December 2022 and coincides Company law requires the directors and whether United Kingdom
with the end of management’s to prepare financial statements for / Generally Accepted Accounting