Page 83 - 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
Leasehold
Computer Office Property and
10. NON-CURRENT ASSETS -

equipment equipment improvement Total
PROPERTY, PLANT AND EQUIPMENT £000 £000 £000 £000
Balance at 1 July 2019 4,839 23 - 4,862
Acquisition of subsidiaries 6 - - 6
Additions 2,784 35 2,993 5,811
Disposals (39) - - (39)
Balance at 30 June 2020 7,590 58 2,993 10,641

Exchange adjustments (12) - - (12)
Additions 4,733 13 915 5,661
As at 30 June 2021 12,311 71 3,908 16,290
Depreciation
Balance at 1 July 2019 (2,411) (11) - (2,422)
Charge for the year (873) (12) (589) (1,474)
Disposals 10 - - 10

Balance at 30 June 2020 (3,274) (23) (589) (3,886)
Charge for the year (1,381) (15) (626) (2,022)
Exchange adjustments 8 - - 8
As at 30 June 2021 (4,647) (38) (1,215) (5,900)
N.B.V. 30 June 2020 4,316 35 2,404 6,755
N.B.V. 30 June 2021 7,664 33 2,693 10,390

Of the total additions in the year of of sales. Non-revenue generating the year and tax losses carried
£5.6m, £0.9m relates to right-of-use depreciation charges are included forward in both UK and overseas FINANCE
assets. with admin costs. companies. Deferred tax assets
and liabilities on balance sheets
Short term leases have been 11. NON-CURRENT ASSETS - prepared after the substantive
accounted for in accordance with DEFERRED TAX enactment of the new tax rate are
the recognition exemption in IFRS 16 Deferred tax is recognised at the calculated using a tax rate of 25%
and hence related payments are standard UK corporation tax of 25% to the extent that the temporary
expensed as incurred. The Group for fixed assets in the UK (2019: 19%). differences will reverse after 2023
has also made use of the option to Deferred tax in the US is recognised useful lives of these assets are 1
apply the recognition exemption at an average rate of 21% for 2020 year and 7 months, 1 year and 6
for low value assets, which means (2019: 21%). The deferred tax asset months and 1 year and 5 months
that related payments have been relates to the difference between
expensed as incurred. the amortisation period of the US
acquisitions for tax and reporting
All revenue generating depreciation purposes as well as the impact of
charges are included within cost the share options exercised during

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