Page 81 - Beeks Financial Cloud Group Annual Report 2021

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

Acquired Development Trade
Customer Costs Name Goodwill Total
9. INTANGIBLE ASSETS
Lists £000 £000 £000 £000 £000
Cost
Balance at 1 July 2019 1,383 821 - 519 2,723

Acquisition of trading assets 1,097 1,253 137 1,846 4,333
Additions - 720 - - 720
Grant funding received - (221) - - (221)
Foreign exchange movements 53 - - - 53
Balance at 30 June 2020 2,533 2,573 137 2,365 7,608
Additions - 1,977 - 28 2,005
Grant funding received - (560) - - (560)
Foreign exchange movements (150) - - (57) (207)
As at 30 June 2021 2,383 3,990 137 2,336 8,846

Accumulated Depreciation
Balance at 1 July 2019 (402) (101) - 9 (494)
Charge for the year (150) (230) (7) - (387)
Foreign exchange movements - - - 14 14
Balance at 30 June 2020 (552) (331) (7) 23 (867)
Charge for the year (277) (733) (27) - (1,037)
Impairment - - - (994) (994)

Foreign exchange movements 56 - - 3 59
As at 30 June 2021 (773) (1,064) (34) (968) (2,839) FINANCE
N.B.V. 30 June 2020 1,981 2,242 130 2,388 6,741
N.B.V. 30 June 2021 1,611 2,926 103 1,368 6,008

Included within Customer lists are IAS 38 in relation to the creation of during the preliminary stages of
customer relationships in relation the company’s self-service portal, development projects are charged
to the acquisition of CNS of £1.0m. website and cyber-attack prevention to the income statement.
During the year, the Group has software (DDoS). As at 30 June 2021
elected to reduce the remaining the remaining useful lives of these IMPAIRMENT TEST FOR GOODWILL
useful life of the asset, which has assets are 1 year and 7 months, 1 For this review, goodwill was
been revised from 8 to 4 years. year and 6 months and 1 year and 5 allocated to individual cash
The impact on the current and months respectively. Development generating units (CGU) on the
remaining 4 years is an additional costs also include £1.3m of acquired basis of the Group’s operations
annual depreciation charge of VMX software which is being as disclosed in the segemental
£0.07m. Also included are customer amortised over a useful life of five analysis. As the Board reviews
relationships in relation to the VMX years. In addition, there are £1.3m of results on a segmental level, the
business of £1.1m with a useful life development costs relating to the Group monitors goodwill and
of 10 years. network automation project and annually asseses it on the same
£0.6m development costs relating basis for impairment..
Development costs have been to analytics development, which has
recognised in accordance with yet to be amortised. All costs incurred

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