Page 50 - Beeks Financial Cloud Group Annual Report 2021

48 Beeks Financial Cloud Group PLC For the year ended 30 June 2021

Independent Auditors’ Report to the members of Beeks Financial Cloud Group PLC

Independent

Auditors’ Report

OUR APPROACH TO THE AUDIT Key audit matters were We performed full scope audit
identified as: procedures on the financial
/ Revenue recognition (same as statements of Beeks Financial Cloud
previous year); and Group PLC, the parent company,
/ Impairment of goodwill in and on the financial information of
Velocimetrics Limited (new) Beeks Financial Cloud Limited, the
UK trading company. We performed
Our auditor’s report for the year an audit of one or more account
ended 30 June 2020 included two balances, classes of transactions
key audit matters that have not or disclosures on the financial
been reported as key audit matters information of Velocimetrics
GOVERNANCE
in our current year’s report. These Limited and Beeks FX VPS USA
relate to acquisition accounting, Inc. We performed analytical
and the impact of the Covid-19 procedures on the financial
pandemic on going concern. information of the Japanese
The Group did not undertake component, Beeks Financial Cloud
any acquisitions in the year and Co. Ltd and on Velocimetrics Inc.
therefore this KAM was not relevant
for the current year. For the KAM
relating to the impact of Covid-19
OVERVIEW OF OUR AUDIT on going concern, the risk was
APPROACH rebutted for the current year given
Overall materiality: £174,000, which management’s ability to show no
represents approximately 1.5% of The significant impact of Covid-19 on
Group’s revenue. the performance of the business, in
addition to The Group expanding,
the £5m equity raise carried out in
May 2020, developing new software
and signing new Tier 1 customers
allowing for increased revenue
income and cash balances
going forward.