TIDMBOX
RNS Number : 1314L
Boxhill Technologies PLC
29 September 2016
Dissemination of a Regulatory Announcement that contains inside
information according to REGULATION (EU) No 596/2014 (MAR).
Boxhill Technologies PLC
("Boxhill" or the "Company" or the "Group")
Half-Yearly Report for the period ended 31 July 2016
29 September 2016
Chairman's Statement
The half year to 31 July 2016 has seen revenue grow 13% to
GBP1.125m (GBP0.993m in the six months to 31 July 2015) delivering
an operating profit for the six months to 31 July 2016 of
GBP296,000. This compares to an operating profit of GBP330,000 for
the six months ended to 31 July 2015.
The first half of the year has seen some additional
administrative expenses through increased board size and ongoing
costs of integrating the two companies acquired at the beginning of
the year. Having said that we see a 39% improvement in
comprehensive income, rising to GBP288,000 (from GBP206,000 in the
first half of 2015) due to no corporation tax being chargeable.
As the Company moves forward it is now able to invest in
strengthening the teams that are responsible for delivery, and we
have appointed a new Head of Finance, reporting to Andrew
Flitcroft, the Company's Finance Director, who will be tasked with
unifying financial organisation within the Company. Additionally we
are continuing to look for a new CEO and will update as and when
appropriate.
The Company continues to improve its existing products as well
as developing new services. . The Company has changed the name of
its subsidiary Freepaymaster Ltd to Emex Technologies Ltd with
effect from 26 September in order to simplify the payments division
branding. Our growing network of corresponding financial
institutions means that Emex Technologies Ltd will soon be able to
issue virtual IBAN numbers to companies and individuals making the
use of our alternative payment platforms as familiar as using an
everyday bank. Integrating the Freepaymaster.com platform with our
credit card gateway, means faster settlements and lower costs for
our existing clients, plus our merchants can offer their customers
an increased number of simple and safe ways to deposit and withdraw
funds. As stated at our annual general meeting, we intend to market
Casino Cash in due course, subject of course to market conditions,
the Freepaymaster.com platform enabling us to manage the real time
balancing of funds for casinos in order to satisfy gambling
regulatory requirements.
Prize Provision Services Limited ("PPS"), which operates The
Weather Lottery, has seen significant positive change over the past
quarter. Although trading decreased slightly, it has begun to make
improvements across the business with many more due to be
introduced in the next six months.
In August, the PPS introduced revamped marketing communications
with its clients. Early indications suggest a positive impact on
player numbers and the company will develop the strategy over the
coming months. In addition, marketing, sales and account management
will be given greater resource in order to increase sales revenue.
There is a small increase in insurance tax (9.5% rising to 10.0% on
1 October 2016) which will increase costs slightly, but following
on from the launch of Direct Debit as a payment method for players,
the company will introduce direct bank payments for clients before
the end of September which will offset this cost.
Direct client payments are the first of a number of improvements
which the clients will see. A revamped admin centre which will give
clients a greater understanding of their lottery and allow clients
to self-serve in a number of areas, is in production and due for
release in October.
In conjunction with greater educational support being offered by
the company, the self-serve elements of the revamped admin centre
is expected to drive an increase player numbers for many
clients.
The joint venture between Soccerdome Ltd and Nineteen Twelve
Holdings Ltd (the "JV") which sees Astro Kings Ltd operating the
football pitches at the Harvey Hadden Sports Village in Nottingham
is in the embryonic phase. The ground is open and marketing
activity being carried out to raise awareness of the facility and
ultimately increase sales.
The JV is expected to reach breakeven in early 2017 with only
minor financial support, if any, needed from the Company in the
interim.
Boxhill's payments division has a healthy sales pipeline and the
Company is actively looking at new opportunities as they occur in
our dynamic market. The Company's goal is to continue to develop or
acquire best-in-class payment and related software whilst
maintaining positive revenue growth.
The Right Honourable Lord E T Razzall CBE
Executive Chairman
For further information, contact:
Boxhill Technologies PLC 020 7493 9644
Tim Razzall, Executive Chairman
Website www.boxhillplc.com
Allenby Capital Limited (Nomad & Broker)
Nick Harriss/Nick Athanas/James Reeve 020 3328 5656
Notes to editors:
Boxhill Technologies PLC (AIM: BOX) is an AIM quoted lottery,
software, gaming and leisure company.
Boxhill has a range of ecommerce products that suit all
merchants' and customers' needs enabling secure payments. The
Company works within both regulated frameworks and in regions where
traditional partners struggle to offer safe, secure services.
In addition, Boxhill operates the Weather Lottery, which has
been in operation since 2002 and the Company holds one of the
limited number of UK external lottery manager's licences. Over
GBP5.4 million has been raised to date for good causes and the
lottery has paid over GBP4.9 million in prizes to winners.
Boxhill also has a joint venture agreement via Soccerdome Ltd
operating a five a side football complex in Nottingham.
CONDENSED CONSOLIDATED INCOME STATEMENT
6 month 6 month 18 month
Period ended Period ended ended
31-Jul 31-Jul 31-Jan
2016 2015 2016
Notes (unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Revenue 1,125 993 3,286
Cost of Sales (296) (243) (863)
-------------------------------- ------------------------------ ---------------------
Gross Profit 829 750 2,423
Administrative
expenses (533) (420) (1,453)
Operating profit before
exceptional items 296 330 970
Loss on disposal of
Leasehold Land &
Buildings (342)
Loss on disposal
of subsidiary - - (430)
Profit before
interest 296 330 198
Finance expenses (8) - -
Finance income - 6 6
Profit before
taxation 288 336 204
Income tax
expense - - -
-------------------------------- ------------------------------ ---------------------
Profit for the period
from continuing
operations 288 336 204
Taxation - (130) (205)
-------------------------------- ------------------------------ ---------------------
Profit / (Loss)
for the period 288 206 (1)
Revaluation of
equity
investment 342
-------------------------------- ------------------------------ ---------------------
Total
comprehensive
income 288 206 341
-------------------------------- ------------------------------ ---------------------
PROFIT/(LOSS)
PER SHARE
Basic
(loss)/profit
per ordinary
share 1 0.02p 0.01p (0.00)p
-------------------------------- ------------------------------ ---------------------
Fully diluted
(loss)/profit per
ordinary share 0.02p 0.01p (0.00)p
-------------------------------- ------------------------------ ---------------------
All results derive from continuing operations.
There are no recognised income or expenses other than the loss
for the period.
CONDENSED CONSOLIDATED BALANCE SHEET
As at As at As at
31-Jul 31-Jul 31-Jan
2016 2015 2016
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Notes
ASSETS
Non-current assets
Property, plant
and equipment 55 354 55
Goodwill 1,673 618 1,673
Intangible assets 121 39 31
Investments in
Equity Instruments 342 - 342
------------------------------- ------------------------------ ---------------------
2,191 1,011 2,101
------------------------------- ------------------------------ ---------------------
Current assets
Inventories 2 2 2
Trade and other
receivables 1,183 1,911 919
Cash and cash
equivalents 364 285 291
------------------------------- ------------------------------ ---------------------
1,549 2,198 1,212
------------------------------- ------------------------------ ---------------------
Total Assets 3,740 3,209 3,313
------------------------------- ------------------------------ ---------------------
LIABILITIES
Current liabilities
Trade and other
payables 886 2,152 748
Bank and other
borrowings 6 18 6
Convertible loan
stock - - 1,600
------------------------------- ------------------------------ ---------------------
892 2,170 2,354
Non-current
liabilities
Bank and other
borrowings - - -
------------------------------- ------------------------------ ---------------------
892 2,170 2,354
------------------------------- ------------------------------ ---------------------
Total
Assets/(Liabilities) 2,848 1,039 959
------------------------------- ------------------------------ ---------------------
EQUITY
Capital and reserves
attributable to
equity
holders
Called up share
capital 3 1,856 1,456 1,456
Share premium
account 3,021 1,738 1,820
Revaluation reserve 342 - 342
Retained earnings (2,371) (2,155) (2,659)
------------------------------- ------------------------------ ---------------------
Total equity 2,848 1,039 959
------------------------------- ------------------------------ ---------------------
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Revaluation Retained
Capital Premium Reserve Earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance
at 1
August
2014 1,427 1,723 - (2,658) 492
Issue of
new
shares
in the
period 29 15 44
Profit
for the
period 503 503
Balance
at 31
July
2015 1,456 1,738 - (2,155) 1,039
Shares
issued
less
costs - 82 82
Revaluation of investment in equity
instrument 342 342
Loss for
the
period (504) (504)
Balance
at 31
January
2016 1,456 1,820 342 (2,659) 959
Issue of
new
shares
in
period 400 1,201 1,601
Profit
for the
period 288 288
Balance
at 31
July
2016 1,856 3,021 342 (2,371) 2,848
------------------------------- ------------------------------ ------------------------------ -------------------- ------------
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
6 month 6 month 18 month
Period ended Period ended Period ended
31-Jul 31-Jul 31-Jan
2016 2015 2016
Notes (unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Net cash
generated from/
(used in)
operations 4 155 34 344
Interest and
financing costs 8 - 6
Tax paid - - (205)
------------------------------- ------------------------------ ---------------------
Net cash (used
by)/generated from
operating activities 163 34 145
Net cash (used
by)/generated from
discontinued
operating
activities - - -
------------------------------- ------------------------------ ---------------------
Net cash (outflow) from
operating activities 163 34 145
Cash flow from
investing
activities:
Acquisition of
subsidiary
undertakings - - -
Purchase of
intangible
assets (90) (10) (10)
Net cash inflow on
acquisition of
subsidiary - - 80
Purchase of property,
plant and equipment - - -
------------------------------- ------------------------------ ---------------------
Net cash (used in)
continuing investing
activities (90) (10) 70
------------------------------- ------------------------------ ---------------------
Cash flows from
financing
activities:
Net proceeds
from issue of
shares - - 44
Proceeds from
sale of
treasury shares - - 257
Proceeds of new
bank and other
loans - - -
Repayment of
borrowings - (18) (483)
------------------------------- ------------------------------ ---------------------
Net cash from
financing
activities - (18) (182)
------------------------------- ------------------------------ ---------------------
(Decrease)/increase in
cash and cash
equivalents:
(Decrease)/increase in
cash and cash
equivalents 73 6 33
Cash and cash
equivalents at
beginning of period 291 279 258
Cash and cash equivalents
at end of period 364 285 291
------------------------------- ------------------------------ ---------------------
Comprising of:
Cash and cash equivalents
per the balance sheet 364 285 291
Less:
Bank overdraft - - -
------------------------------- ------------------------------ ---------------------
Cash and cash
equivalents for
cash flow
statement
purposes 364 285 291
------------------------------- ------------------------------ ---------------------
NOTES TO THE INTERIM FINANCIAL REPORT
1. Accounting policies
Basis of Accounting and Preparation
These interim results for the six months ended 31 July 2016 have
been prepared using the historical cost and fair value conventions
on the basis of the accounting policies set out below. This interim
report has been prepared in accordance with IFRS's, it is not in
accordance with IAS 34 and therefore is not fully compliant with
IFRS.
These interim results have been prepared under the historical
cost convention. Areas where other bases are applied are identified
in the accounting policies below.
The financial information set out in this interim report does
not constitute statutory accounts as defined in the Companies Act
2006. The Company's statutory financial statements for the year
ended 31 January 2016 have been filed with the Registrar of
Companies. The auditor's report on those financial statements was
unqualified.
This announcement contains certain forward-looking statements
with respect to the operations, performance and financial position
of the Group. By their nature, these statements involve uncertainty
since future events and circumstances can cause results and
developments to differ materially from those anticipated. The
forward-looking statements reflect knowledge and information
available at the date of the preparation of this announcement and
the Company undertakes no obligation to update these
forward-looking statements. Nothing in this Interim Financial
Report should be construed as a profit forecast.
The results for the six months ended 31 July 2016 were approved
by the Board on 28 September 2016.
Basis of consolidation
The consolidated financial statements incorporate the financial
statements of the Company and entities controlled by the Company
(its subsidiaries) made up to 31 January and 31 July each year.
Control is achieved where the Company has the power to govern the
financial and operating policies so as to obtain benefits from its
activities.
The results of subsidiaries acquired or disposed of during the
year are included in the consolidated income statement from the
effective date of acquisition or up to the effective date of
disposal, as appropriate.
Where necessary, adjustments are made to the Financial
Statements of subsidiaries to bring the accounting policies used
into line with those used by the Group.
Business combinations
The purchase method of accounting is used for all acquired
businesses as defined by IFRS3 - Business Combinations.
As a result of the application of the purchase method of
accounting, goodwill is initially recognised as an asset being the
excess at the date of acquisition of the fair value of the purchase
acquisition consideration plus directly attributable costs of
acquisition over the net fair values of the identifiable assets,
liabilities and contingent liabilities of the subsidiaries
acquired.
Goodwill arising on acquisitions before the date of transition
to IFRS is subject to alternative policies for valuation as
described below.
All intra-group transactions, balances, income and expenses are
eliminated on consolidation.
Intangible assets
An intangible asset is considered identifiable only if it is
separable or arises from contractual or other legal rights,
regardless of whether those rights are transferable or separable
from the entity or from other rights and obligations.
For intangible assets with finite useful lives, amortisation is
calculated so as to write off the cost of an asset less its
estimated residual value over its economic life as follows:
Software development - 10 years
Website development costs - 3 years
In addition to amortisation, at each balance sheet date the
Group reviews the carrying amounts of its intangible assets to
determine whether there is any indication that those assets have
suffered an impairment loss. If any such indication exists, the
recoverable amount of the asset is estimated in order to determine
the extent of the impairment loss (if any). Recoverable amount is
the higher of fair value less costs to sell and value in use. An
impairment loss is recognised as an expense immediately, unless the
relevant asset is carried at a revalued amount, in which case the
impairment loss is treated as a revaluation decrease. Where an
impairment loss subsequently reverses, the carrying amount of the
asset is increased to the revised estimate of its recoverable
amount, but so that the increased carrying amount does not exceed
the carrying amount that would have been determined had no
impairment loss been recognised for the asset in prior years.
Financial instruments
Financial assets and financial liabilities are recognised on the
Group's balance sheet when the Group becomes a party to the
contractual provisions of the instrument.
Goodwill
Goodwill arising on consolidation represents the excess cost of
acquisition over the group's interest in the fair value of the
identifiable assets and liabilities of a subsidiary, associate or
jointly controlled entity at the date of acquisition.
Goodwill is recognised as an asset and reviewed for impairment
at least annually. Any impairment is recognised immediately in the
income statement and is not subsequently reversed. Goodwill arising
on acquisition before the date of transition to IFRS has been
retained at the previous UK GAAP amounts subject to being tested
for impairment at that date.
On disposal of a subsidiary, associate or jointly controlled
entity, the attributable amount of goodwill is included in the
determination of the profit or loss on disposal.
Revenue recognition
Lottery turnover represents takings received for entry into the
lottery prize draws. Revenue is recognised upon receipt of the
money for the period that the draw takes place. Payment processing
turnover is recognised when transactions are processed.
Taxation
The tax expense represents the sum of the tax currently payable
and deferred tax.
The tax currently payable is based on taxable profits for the
year. Taxable profit differs from net profit as reported in the
income statement because it excludes items of income or expense
that are taxable or deductible in other years and it further
excludes items that are never taxable or deductible. The Group's
liability for current tax is calculated using tax rates that have
been enacted or substantively enacted by the balance sheet
date.
Deferred tax is the tax expected to be payable or recoverable on
differences between the carrying amounts of assets and liabilities
in the financial statements and corresponding tax bases used in the
computation of taxable profit, and is accounted for using the
balance sheet liability method. Deferred tax liabilities are
generally recognised for all taxable temporary differences and
deferred tax assets are recognised to the extent that it is
probable that taxable profits will be available against which
deductible temporary differences can be utilised. Such assets and
liabilities are not recognised if the temporary difference arises
from goodwill or from the initial recognition (other than in a
business combination) of other assets and liabilities in a
transaction that affects neither the tax profit nor the accounting
profit.
The carrying amount of deferred tax assets is reviewed at each
balance sheet date and reduced to the extent that is no longer
probable that sufficient taxable profits will be available to allow
all, or part, of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to
apply in the period when the liability is settled or the asset is
realised. Deferred tax is charged or credited in the income
statement, except when it relates to items charged or credited
directly to equity, in which case the deferred tax is also dealt
with in equity.
Property, plant and equipment
Property, plant and equipment are stated at cost less
accumulated depreciation and any recognised impairment loss. Useful
lives are reviewed annually by the Directors.
Depreciation is charged so as to write off the cost or valuation
of assets over their estimated useful lives using the straight-line
method, on the following bases:
Property - 5% per annum
Fixtures, fittings and equipment - 25% per annum
The gain or loss arising on the disposal or retirement of an
asset is determined as the difference between the sales proceeds
and the carrying amount of the asset and is recognised in income.
Where there is evidence of impairment, fixed assets are written
down to their recoverable amount.
Leased assets
Rentals payable under non-onerous operating leases are expensed
in the income statement on a straight-line basis over the lease
term.
Impairment of tangible and intangible assets excluding
goodwill
At each balance sheet date, the Group reviews the carrying
amounts of its tangible and intangible assets to determine whether
there is any indication that those assets have suffered an
impairment loss. If any such indication exists, the recoverable
amount of the asset is estimated in order to determine the extent
of the impairment loss (if any). Where the asset does not generate
cash flows that are independent from other assets, the Group
estimates the recoverable amount of the cash-generating unit to
which the asset belongs. An intangible asset with an indefinite
useful life is tested for impairment annually and whenever there is
an indication that the asset may be impaired.
Recoverable amount is the higher of fair values less costs to
sell and value in use. In assessing value in use, the estimated
future cash flows are discounted to their present value using a
pre-tax discount rate that reflects current market assessments of
the time value of money and the risks specific to the asset for
which the estimate of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit)
is estimated to be less than its carrying amount, the carrying
amount of the asset (cash-generating unit) is reduced to its
recoverable amount. An impairment loss is recognised as an expense
immediately, unless the relevant asset is carried at a revalued
amount, in which case the impairment loss is treated as a
revaluation decrease.
Where an impairment loss subsequently reverses, the carrying
amount of the asset (cash generating unit) is increased to the
revised estimate of its recoverable amount, but so that the
increased carrying amount does not exceed the carrying amount that
would have been determined had no impairment loss been recognised
for the asset (cash-generating unit) in prior years. A reversal of
an impairment loss is recognised as income immediately, unless the
relevant asset is carried at a revalued amount, in which case the
reversal of the impairment loss is treated as a revaluation
increase.
Foreign currencies
The individual financial statements of each Group company are
presented in the currency of the primary economic environment in
which it operates (its functional currency). For the purpose of the
consolidated financial statements, the results and financial
position of each Group company are expressed in Pounds Sterling,
which is the functional currency of the Group, and the presentation
currency for the consolidated financial statements.
In preparing the financial statements of the individual
companies, transactions in currencies other than the entity's
function currency (foreign currencies) are recorded at the rates of
exchange prevailing on the dates of the transactions. At each
balance sheet date, monetary assets and liabilities that are
denominated in foreign currencies are retranslated at the rates
prevailing on the balance sheet date. Non-monetary items carried at
fair value that are denominated in foreign currencies are
translated at the rates prevailing at the date when the fair value
was determined. Non-monetary items that are measured in terms of
historical costs in a foreign currency are not retranslated.
Exchange differences are recognised in profit or loss in the
period in which they arise.
Share based payments
Other than for business combinations, the only share based
payments of the Group are equity settled share options and certain
liability settlements. The Group has applied the requirements of
IFRS 2 Share-based Payments.
For share options granted an option pricing model is used to
estimate the fair value of each option at grant date. That fair
value is charged on a straight line basis as an expense in the
income statement over the period that the holder becomes
unconditionally entitled to the options (vesting period), with a
corresponding increase in equity.
For shares issued in settlement of fees and/or liabilities, the
Directors estimate the fair value of the shares at issue date and
that value is charged on a straight line basis as an expense in the
income statement (for fees) or reduction in the balance sheet
liability (for liabilities) with a corresponding increase in
equity.
Inventories
Inventories are stated at the lower of cost and net recognised
value. Cost comprises direct materials using the first in first out
(FIFO) basis. Net recognised value represents the estimated selling
price less estimated costs of completion, marketing and
selling.
Cash and cash equivalents
Cash and cash equivalents comprise of cash on hand and demand
deposits and are subject to an insignificant risk of changes in
value.
Trade receivables
Trade receivables are measured at initial recognition at fair
value, and are subsequently measured at amortised cost using the
effective interest rate method. Appropriate allowances for
estimated irrecoverable amounts are recognised in profit and loss
when there is objective evidence that the asset is impaired. The
allowance recognised is measured as the difference between the
asset's carrying amount and the present value of estimated future
cash flows discounted at the effective interest rate compound at
initial recognition.
Trade receivables do not carry any interest and are stated at
their nominal value as reduced by appropriate allowances for
estimated irrecoverable amounts.
Financial liability and equity
Financial liabilities and equity instruments are classified
according to the substance of the contractual agreements entered
into. An equity instrument is any contract that evidences a
residual interest in the assets of the Group after deducting all of
its liabilities. Equity instruments are recognised at the amount of
proceeds received net of costs directly attributable to the
transaction. To the extent that those proceeds exceed the par value
of the shares issued they are credited to a share premium
account.
Bank borrowings
Interest-bearing bank loans and overdrafts are recorded at the
proceeds received, net of direct issue costs. Finance charges,
including premiums payable on settlement or redemption and direct
issue costs, are accounted for on an accrual basis in profit or
loss using effective interest rate method and are added to the
carrying amount of the instrument to the extent that they are not
settled in the period in which they arise.
Trade payables
Trade payables are not interest-bearing and are stated at their
nominal value.
Provisions
Provisions are recognised when the Group has a present
obligation as a result of a past event, and it is probable that the
Group will be required to settle that obligation. Provisions are
measured at the Directors' best estimate of the expenditure
required to settle the obligation at the balance sheet date, and
are discounted to present value where the effect is material.
2. Earnings per ordinary share
The calculation of basic earnings per share and diluted earnings
per share is based on the results and weighted average number of
ordinary shares as follows:
Period ended Period ended Period ended
31-Jul 31-Jul 31-Jan
2016 2015 2016
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Attributable to equity 288 206 (1)
----------------------------- --------------------------- ---------------------
Weighted average number of
ordinary shares:
Basic 1,570,115,484 1,455,829,770 1,452,352,425
----------------------------- --------------------------- ---------------------
Fully diluted 1,578,215,484 1,463,929,770 1,460,452,425
----------------------------- --------------------------- ---------------------
The fully diluted number of ordinary shares includes 8.1 million
options, to subscribe for new Ordinary shares of 0.1p each, which
were issued in June 2010. None of these options have been exercised
in the period.
3. Share capital
As at As at As at
31-Jul 31-Jul 31-Jan
2016 2015 2016
GBP'000 GBP'000 GBP'000
Issued and fully paid:
1,855,829,770 ordinary shares of 0.1p
each 1,856 1,456 1,456
---------------------- --------------------------- ------------------
4. Cash used in Operations
Period ended Period ended Period ended
31-Jul 31-Jul 31-Jan
2016 2015 2016
GBP'000 GBP'000 GBP'000
Profit/(Loss)
attributable to
equity holders 288 205 (1)
Finance costs (8) - -
Finance income - - (6)
Depreciation of
tangible fixed assets 1 9 35
Amortisation of
intangible assets - - 1
Loss on disposal of
subsidiary - - 430
Loss on disposal of
Leasehold Land &
Buildings - - 342
Share based payments - - -
Loss on disposal of
subsidiary - - -
Decrease/(Increase)
in inventories - - -
Decrease/(increase) in
debtors (264) (249) (972)
(Decrease)/increase in
creditors 138 69 515
Cash generated from/
(used in) operations 155 34 344
-------------------------------- ------------------------------ ---------------------
5. Transactions with related parties
The transactions set out below took place between the Group and
certain related parties.
Lord E T Razzall
Lord E T Razzall, a director, charged the Group GBP12,000 (six
months ended Jul 2015: GBP12,000; eighteen months ended Jan 2016:
GBP36,000) in the period, for directorship services provided, via
an entity trading as R T Associates. At the period end R T
Associates was owed GBP16,200 (Jul 2015: GBP21,200; Jan 2016:
GBP16,200).
Andrew J A Flitcroft
Andrew Flitcroft, a director, charged the Group GBP16,500 (six
months ended Jul 2015 GBP16,500; eighteen months ended Jan 2016:
GBP49,500) in the period, for directorship and company secretarial
services provided, via an entity FS Business Limited. At the period
end FS Business Limited was owed GBP52,650 (Jul 2015: GBP47,850;
Jan 2016: GBP52,650).
Mr Flitcroft is a director of SVS Securities PLC, during the
period the Group earned fees of GBPnil (six months ended Jul 2015:
GBP3988; eighteen months ended Jan 2016: GBP9,228) from SVS
Securities PLC.
Philip I Jackson
During the period Philip Jackson was a director of PhilliteD UK
Limited. During the period the Group earned net fees from the
provision of services to Group clients by PhilliteD UK Limited of
GBP314,424 (six months ended Jul 2015 GBP416,952; eighteen months
ended Jan 2016: GBP1,155,466). At the period end the Group was owed
GBP356,444 from PhilliteD UK Limited (Jul 2015: GBP109,643; Jan
2016: GBP727,833). The services provided to the Group's clients by
PhilliteD UK Limited were at cost to the Group with no profit or
uplift being made by PhilliteD UK Limited.
James Rose
James Rose is a director of Prize Provision Services Limited
("PPSL") a wholly owned subsidiary of Boxhill Technologies PLC.
During the period James Rose charged PPSL GBP30,000 for consultancy
services via an entity 1912 Management Limited (six months ended
Jul 2015: GBP31,000; eighteen months ended Jan 2016: GBP90,000). At
the period end 1912 Management Services Limited was owed GBP117,950
(Jul 2015: GBP90,000; Jan 2016: GBP95,458).
6. Interim Financial Report
The unaudited interim financial report, which is the
responsibility of the directors and was approved by them on 28
September 2016, does not constitute statutory accounts within the
meaning of Section 435 of the Companies Act 2006.
This report is available on Boxhill Technologies PLC's website
at www.boxhillplc.com. Copies are available from the Company at its
registered office:
39 St James's Street, London, SW1A 1JD, United Kingdom
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR AKFDPPBKDOCB
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