Half-year Report

RNS Number : 7776H

Brave Bison Group PLC

06 August 2021

 

6 August 2021

Brave Bison Group plc

("Brave Bison", "the Group" or "the Company")

Interim results for the six months ended 30 June 2021

Brave Bison Group plc (AIM: BBSN), the social media and marketing group, today announces its unaudited interim results for the six months ended 30 June 2021. 

Highlights  

· Increase in revenue of 32% to £7.3 million (H1 2020: £5.5 million) 

· Adjusted EBITDA¹ was a profit of £0.5 million (H1 2020: negative adjusted EBITDA of £0.4 million)

· Net cash as at 30 June 2021 of £2.9 million (30 June 2020: £2.1 million)

· Profit before tax of £0.2 million (H1 2020: loss of £1.4 million), and profit before tax and acquisition costs of £0.4 million (H1 2020: loss of £1.4 million)

· Ranked 2^nd in the Drum's UK Digital Agency Census

· Significant client wins and contract renewals during the period, including Panasonic, Vodafone, Suntory, Hero Caribbean Premier League, DAMAC Properties, Hyprr and the BBC

· Launched the second series of the UK's biggest TikTok content house, The Wave House

Oliver Green, Executive Chairman, commented:

" I am pleased to report strong results for the first half of the year despite the impact of lockdowns across the UK and Singapore. During the period we saw our revenues grow and were able to a generate a pre-tax profit during the half year for the first time in recent years. Our Group continues to be profitable on a month by month basis and has now been cash generative in two consecutive half year periods. I look forward to continued momentum in the second half of the year, which is historically a stronger trading period as a result of Christmas related advertising budgets."

For further information please contact:

Brave Bison Group plc  Oliver Green, Executive Chairman Theo Green, Chief Growth Officer Philippa Norridge, Chief Financial Officer via Cenkos Cenkos Securities plc (NOMAD and Broker) Nicholas Wells / Ben Jeynes / Dan Hodkinson (Corporate Finance) Dale Bellis (Sales) [phone]

This announcement is available on the Group's website,  www.bravebison.com    

¹ Adjusted EBITDA is a non-IFRS measure that the Company uses to measure its performance and is defined as earnings before interest, taxation, depreciation and amortisation and after add back of costs related to restructuring, acquisitions and share based payments.

 

Chairman's Statement

Operating Review

Brave Bison is a social media and marketing group with offices in London and Singapore. The Group generates advertising revenue from a network of over 650 social media channels across YouTube, Snapchat, Facebook and TikTok and produces social media advertising campaigns for global brands such as Vodafone, Uniqlo and Samsung.

Brave Bison started 2021 in much better shape than the previous year, following the restructuring and rationalisation of its cost base over the course of 2020, and further benefiting from renewed focus around the Group's 3 key pillars of a social marketing agency, a network of YouTube channels managed by the Company on behalf of our partners, and a portfolio of social first media brands.

During the period our social marketing agency in the UK gained well-deserved recognition by securing second place in the Drum's UK Digital Agency Census list of top 50 digital agencies, which is  based on scores from polls of both clients and peers, as well as awards. We are delighted that our social marketing agency is viewed so positively by the Group's clients and peers.

We also saw some key contract renewals and new business in the first half of the year, with Vodafone extending our partnership, and our refined social media management proposition generating new business in the form of DAMAC Properties and Hyprr.  In APAC, Panasonic signed a new 4 year contract in the first half of 2021, which is a testament to the strength of our team and the relationship.

Our YouTube network continues to go from strength to strength, with our YouTube channel management revenues growing by over 38% when compared to the same period in 2020.  While this increase is partly due to the impact of the pandemic on advertising revenue in April and May 2020, we can still see underlying revenue growth in the region of 20%.

We continued to develop our original content capabilities and social-first content credentials in the first half of the year.  We launched the second series of the Wave House - the UK's biggest TikTok content house in partnership with talent agency, Yoke Network.  As well as generating TikTok content, we produced a weekly reality show to air on YouTube, with the housemates taking on challenges in each episode.

Our creator led approach also saw success on Snapchat, where we had two new shows commissioned under The Hook brand, working with popular YouTuber stars Josh & Archie and Zac & Jay.

Financial Review

Total revenue for the period was £7.3 million, an increase of 32% compared to the equivalent period last year (H1 2020: £5.5 million). The majority of the increase in revenues was attributable to the increase in advertising revenue across the Group's media network, comprising channels across YouTube, Snap, and Facebook.  The network generated £6.4m of revenue for the period, an increase of 40% year on year (H1 2020:  £4.6m). 

Fee based revenues reduced to £0.5m in H1 2021 (H1 2020: £1.0 million) predominantly as a result of H1 2020 benefiting from significant fee based revenues from two large campaigns which pre-dated lockdowns and pandemic related budget cuts.  We are pleased to report that we are seeing a recovery in this area with clients preferring to sign off smaller individual projects, or ongoing partnerships, rather than large individual projects that we were seeing before the pandemic.

Administrative expenses have reduced by 40% to £1.5 million (H1 2020: £2.6 million). This is a result of the restructuring that took place towards the end of H1 2020, resulting in a significant reduction in staff costs.  We also carried out a full review of other costs and renegotiated terms or switched suppliers in a number of cases in order to realise savings.

Headcount has decreased to 40 as at 30 June 2021 (30 June 2020: 55). There were no restructuring costs in H1 2021 (H1 2020: £0.6 million).

The Group had £3.0 million of cash and cash equivalents at 30 June 2021 (30 June 2020: £2.1 million) and the only debt was a Bounce Back Loan of £0.1m (30 June 2020: £nil). Cash inflows from operations were £0.5 million in the period (H1 2020: £2.0 million outflow).

Outlook

Brave Bison is now consistently profitable month on month, and is well positioned to maintain that profitability as it grows its revenue.  We feel there is good momentum in the business, and we should be able to grow our fee-based revenue in the second half of the year, as well as capitalise on the increased advertising spend in the run up to Christmas.

We remain acquisitive and are pursuing attractive opportunities to expand the Group, with a number of discussions ongoing.  Our strategy of combining social advertising and creative services means we have a particular interest in acquiring profitable digital and social marketing businesses, as well as high-growth media assets and social communities.

We continue to adapt to an exciting as well as challenging environment and look forward to the years ahead with confidence. I'd like to take this opportunity, on behalf of the Board, to thank all our staff for their contribution and dedication to the Group's continued progress.

On behalf of the Board

Oliver Green

Executive Chairman

5 August 2021

BRAVE BISON GROUP PLC

CONDENSED CONSOLIDATED INCOME STATEMENT AND CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the six months ended 30 June 2021

		(unaudited)	(unaudited)	(audited)
		6 months to	6 months to	Year to 31
	Note	30 June  2021	30 June  2020	December  2020
		£000's	£000's	£000's
Revenue	3	7,316	5,541	14,486
Cost of sales		(5,374)	(3,693)	(10,510)
Gross profit		1,942	1,848	3,976
Administration expenses		(1,549)	(2,600)	(5,211)
Restructuring and acquisition costs		(207)	(616)	(718)
Impairment charge	6	-	-	(248)
Operating profit/(loss)		186	(1,368)	(2,201)
Share of loss from equity accounted investment		-	-	-
Finance income		-	5	4
Finance costs		(14)	(36)	(61)
Profit/(Loss) before tax		172	(1,399)	(2,258)
Analysed as
Adjusted EBITDA before restructuring and acquisition costs		543	(368)	133
Restructuring costs	4	-	(616)	(718)
Acquisition costs		(207)	-	-
Equity settled share based payments		(30)	(9)	7
EBITDA		306	(993)	(578)
Finance income		-	5	4
Finance costs		(14)	(36)	(61)
Impairment charge	6, 7	-	-	(248)
Depreciation	7	(103)	(261)	(527)
Amortisation		(17)	(114)	(848)
Profit/(Loss) before tax		172	(1,399)	(2,258)
Income tax (charge)/credit		(5)	(1)	227
Profit/(Loss) attributable to equity holders of the parent		167	(1,400)	(2,031)
Statement of Comprehensive Income
Profit/(Loss) for the period/year		167	(1,400)	(2,031)
Items that may be reclassified subsequently to profit or loss
Exchange (loss)/gain on translation of foreign subsidiaries		(9)	9	2
Total comprehensive profit/(loss)for the period/year attributable to owners of the parent		158	(1,391)	(2,029)
Loss per share (basic and diluted)
Basic and diluted profit/(loss) per ordinary share (pence)	5	0.03p	(0.23p)	(0.33p)

BRAVE BISON GROUP PLC

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 30 June 2021

		(unaudited)	(unaudited)	(audited)
	Note	At 30 June 2021	At 30 June 2020	At 31 December 2020
			as restated
		£000's	£000's	£000's
Non-current assets
Intangible assets	6	127	878	144
Property, plant and equipment	7	70	648	151
Investment in associates		-	-	-
		197	1,526	295
Current assets
Trade and other receivables		2,570	2,207	3,036
Cash and cash equivalents		2,986	2,071	2,754
		5,556	4,278	5,790
Current liabilities
Trade and other payables		(4,613)	(3,597)	(4,859)
Lease Liabilities	9	(142)	(520)	(416)
		(4,755)	(4,117)	(5,275)
Non-current liabilities
Deferred tax		-	(136)	-
Lease Liabilities	9	-	(137)	-
Bank loan	12	(50)	-	(50)
		(50)	(273)	(50)
Net assets		948	1,414	760
Equity
Share capital	8	613	613	613
Share premium		78,762	78,762	78,762
Capital redemption reserve		6,660	6,660	6,660
Merger reserve		(24,060)	(24,060)	(24,060)
Merger relief reserve		62,624	62,624	62,624
Retained deficit		(123,791)	(123,341)	(123,988)
Translation reserve		140	156	149
Total equity		948	1,414	760

BRAVE BISON GROUP PLC

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

For the six months ended 30 June 2021

	(unaudited)	(unaudited)	(audited)
	6 months to	6 months to	Year to 31
	30 June  2021	30 June  2020	December  2020
	£000's	£000's	£000's
Operating activities
Profit./(Loss) before tax	172	(1,399)	(2,258)
Adjustments:
Depreciation, amortisation and impairment	120	121	1,623
Finance income	-	(5)	(4)
Finance costs	14	-	61
Share based payment charges	30	9	(7)
Decrease/(increase) in trade and other receivables	466	404	(425)
(Decrease)/increase in trade and other payables	(260)	(1,115)	101
Tax (paid)/received	(5)	(6)	85
Cash inflow/(outflow) from operating activities	537	(1,991)	(824)
Investing activities
Purchase of property, plant and equipment	(22)	-	-
Purchase of intangible assets	-	(166)	(166)
Interest received	-	5	4
Cash outflow from investing activities	(22)	(161)	(162)
Cash flows from financing activities
Issue of share capital	-	1	1
Bank loan	-	-	50
Repayment of lease	(274)	-	(562)
Interest paid	-	(36)	-
Cash outflow from financing activities	(274)	(35)	(511)
Net change in cash and cash equivalents	241	(2,187)	(1,497)
Movement in net cash
Cash and cash equivalents, beginning of period	2,754	4,249	4,249
Increase/(decrease) in cash and cash equivalents	241	(2,187)	(1,497)
Movement in foreign exchange	(9)	9	2
Cash and cash equivalents, end of period	2,986	2,071	2,754

 

BRAVE BISON GROUP PLC

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the six months ended 30 June 2021

	Share capital	Share premium	Capital redemption reserve	Merger reserve	Merger relief reserve	Translation reserve	Retained deficit	Total equity
	£000's	£000's	£000's	£000's	£000's	£000's	£000's	£000's
As restated for the period ended 30 June 2020
At 1 January 2020 as previously restated	612	78,762	6,660	(24,060)	62,624	(751)	(121,052)	2,795
FX reserve movement on liquidation of subsidiaries	-	-	-	-	-	898	(898)	-
At 1 January 2019 (audited)as restated	612	78,762	6,660	(24,060)	62,624	147	(121,950)	2,795
Shares issued during the period	1	-	-	-	-	-	-	1
Equity settled share based payments	-	-	-	-	-	-	9	9
Transactions with owners	1	-	-	-	-	-	9	10
Other Comprehensive Income
Loss and total comprehensive income for the period	-	-	-	-	-	9	(1,400)	(1,391)
At 30 June 2020 (unaudited) as restated	613	78,762	6,660	(24,060)	62,624	156	(123,341)	1,414
At 1 January 2020 (audited)	612	78,762	6,660	(24,060)	62,624	147	(121,950)	2,795
Shares issued during the year	1	-	-	-	-	-	-	1
Equity settled share based payments	-	-	-	-	-	-	(7)	(7)
Transactions with owners	1	-	-	-	-	-	(7)	(6)
Other Comprehensive Income
Loss and total comprehensive income for the period	-	-	-	-	-	2	(2,031)	(2,029)
At 31 December 2020 (audited)	613	78,762	6,660	(24,060)	62,624	149	(123,988)	760
At 1 January 2021 (audited)	613	78,762	6,660	(24,060)	62,624	149	(123,988)	760
Shares issued during the year	-	-	-	-	-	-	-	-
Equity settled share based payments	-	-	-	-	-	-	30	30
Transactions with owners	-	-	-	-	-	-	30	30
Other Comprehensive Income
Loss and total comprehensive income for the period	-	-	-	-	-	(9)	167	158
At 30 June 2021 (unaudited)	613	78,762	6,660	(24,060)	62,624	140	(123,791)	948

BRAVE BISON GROUP PLC

NOTES TO THE UNAUDITED INTERIM FINANCIAL STATEMENTS

For the six months ended 30 June 2021

1  General information

The information for the year ended 31 December 2020 does not constitute statutory accounts as defined in section 435 of the Companies Act 2006.  A copy of the statutory accounts has been delivered to the Registrar of Companies.  The auditors reported on those accounts: their report was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.  The interim financial statements have not been audited or reviewed by the Group's auditor.

2  Accounting policies

Basis of preparation

The annual financial statements of Brave Bison Group plc are prepared in accordance with IFRS as adopted by the European Union.  The condensed set of financial statements included in this half yearly report has been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting", as adopted by the European Union.

The interim statement has been prepared on a going concern basis, which assumes that the Group will be able to meet its liabilities for the foreseeable future. The Group is dependent for its working capital requirements on cash generated from operations, cash holdings and from equity markets. The cash holdings of the Group at 30 June 2021 were £3.0 million.

The Directors have prepared detailed cash flow projections ("the Projections") which are based on their current expectations of trading prospects. The board forecasts that the Group will continue to achieve positive cash inflows in the second half of 2021 and 2022. Accordingly, the Directors have concluded that it is appropriate to continue to adopt the going concern basis in preparing these financial statements.  The Directors are confident that the Group's forecasts are achievable, and are committed to taking any actions available to them to ensure that any shortfall in forecast revenues is mitigated by cost savings.

The Directors also continue to monitor the impact of the COVID-19 pandemic, and maintain rolling forecasts which are regularly updated.  Advertising revenues have recovered well after the initial impact of the pandemic, and while project budgets remain smaller, we are seeing signs of recovery in this area as well.

Significant accounting policies

The accounting policies applied by the Group in this condensed set of consolidated financial statements are the same as those applied by the Group in its consolidated financial statements as at and for the year ended 31 December 2020.

Other pronouncements

Other accounting pronouncements which have become effective from 1 January 2021 and therefore have been adopted do not have a significant impact on the Group's financial results or position.

3  Segment reporting

Management identify only one operating segment in the business, being monetising online video content. This single operating segment is monitored and strategic decisions are made on the basis of this segment alone.

As a result, only the geographic reporting of revenue analysis has been included in this note.

Geographic reporting

The information is presented based on the customers' location.

				(audited)
		(unaudited)	(unaudited)	12 months
		6 months ended June 2021	6 months ended June 2020	ended 31 December  2020
		£000's	£000's	£000's
United Kingdom & Europe		5,197	4,061	10,022
Asia Pacific		634	696	881
Rest of the World		1,485	784	3,583
Revenue		7,316	5,541	14,486

The group identifies two revenue streams, Advertising and Fee based services. The analysis of revenue and gross profit by each stream is detailed below.

				(audited)
		(unaudited)	(unaudited)	12 months
		6 months ended June 2021	6 months ended June 2020	ended 31 December  2020
Revenue		£000's	£000's	£000's
Advertising		6,390	4,565	13,092
Fee based services		547	976	1,394
Total revenue		7,316	5,541	14,486

				(audited)
		(unaudited)	(unaudited)	12 months
		6 months ended June 2021	6 months ended June 2020	ended 31 December  2020
Gross profit		£000's	£000's	£000's
Advertising		1,395	1,160	2,962
Fee based services		547	688	1,014
Total gross profit		1,942	1,848	3,976

Timing of revenue recognition

The following table includes revenue from contracts disaggregated by the timing of recognition.

				(audited)
		(unaudited)	(unaudited)	12 months
		6 months ended June 2020	6 months ended June 2020	ended 31 December  2020
		£000's	£000's	£000's
Products and services transferred at a point in time		6,460	5,439	13,437
Products and services transferred over time		856	102	1,049
Total revenue		7,316	5,541	14,486

4  Restructuring

The Group did not incur any restructuring costs in the period (H1 2020: £0.6 million)

5  Loss per share

Both the basic and diluted loss per share have been calculated using the loss after tax attributable to shareholders of Brave Bison Group plc as the numerator, i.e. no adjustments to losses were necessary in 2021 or 2020.  The calculation of the basic loss per share is based on the loss attributable to ordinary shareholders divided by the weighted average number of shares in issue during the period. 

			(audited)
	(unaudited)	(unaudited)	12 months
	6 months ended June 2021	6 months ended June 2020	ended 31 December  2020
	£000's	£000's	£000's
Profit/(loss) for the year attributable to ordinary shareholders	167	(1,400)	(2,031)
Equity settled share based payments	30	9	(7)
Amortisation, depreciation and impairment	121	375	1,623
Adjusted profit/(loss) for the period attributable to the equity shareholders	318	(1,016)	(415)
Brave Bison Group plc Weighted average number of ordinary shares	612,821,228	612,511,149	612,667,036
Dilution due to share options	41,367,914	46,267,556	41,367,914
Total weighted average number of ordinary shares	654,189,142	658,778,705	654,034,950
Basic and diluted profit/(loss) per ordinary share (pence)	0.03p	(0.23p)	(0.33p)
Adjusted basic profit/(loss) per ordinary share (pence)	0.05p	(0.17p)	(0.07p)
Adjusted diluted profit/(loss) per ordinary share (pence)	0.15p	(0.15p)	(0.06p)

6  Intangible Assets

			Goodwill	Online Channel Content	Technology	Brands	Customer Relation-ships	Total
			£000's	£000's	£000's	£000's	£000's	£000's
Cost
At 30 June 2020			35,075	2,034	5,213	273	19,332	61,927
Additions			-	-	-	-	-	-
At 31 December 2020			35,075	2,034	5,213	273	19,332	61,927
Additions			-	-	-	-	-	-
At 30 June 2021			35,075	2,034	5,213	273	19,332	61,927
Amortisation and impairment
At 30 June 2020			35,075	1,873	5,213	273	18,615	61,049
Charge for the period			-	17	-	-	717	734
Impairment charge			-	-	-	-	-	-
At 31 December 2020			35,075	1,890	5,213	273	19,332	61,783
Charge for the period			-	17	-	-	-	17
Impairment charge			-	-	-	-	-	-
At 30 June 2021			35,075	1,907	5,213	273	19,332	61,800
Net Book Value
At 30 June 2020			-	161	-	-	717	878
At 31 December 2020			-	144	-	-	-	144
At 30 June 2021			-	127	-	-	-	127

7  Property, plant and equipment

	Right of Use asset	Computer Equipment	Fixtures &  Fittings	Total
	£000's	£000's	£000's	£000's
Cost
At 30 June 2020	1,018	902	220	2,140
Additions	17	-	-	17
At 31 December 2020	1,035	902	220	2,157
Additions	-	22	-	22
At 30 June 2021	1,035	924	220	2,179
Depreciation and impairment
At 30 June 2020	381	898	213	1,492
Charge for the period	260	1	5	266
Impairment charge	248	-	-	248
At 31 December 2020	889	899	218	2,006
Charge for the period	97	4	2	103
At 30 June 2021	986	903	220	2,109
Net Book Value
At 30 June 2020	637	4	7	648
At 31 December 2020	146	3	2	151
At 30 June 2021	49	21	-	70

Included in the net carrying amount of property, plant and equipment are right-of-use assets as follows:

			(audited)
	(unaudited)	(unaudited)	12 months
	6 months ended June 2021	6 months ended June 2020	ended 31 December  2020
	£000's	£000's	£000's
Right-of-use-asset	49	637	146
Total right-of-use asset	49	637	146

8  Share capital

Ordinary share capital		At 30 June 2021
		Number	£000's
Ordinary shares of £0.001		612,821,228	613
Total ordinary share capital of the Company			613

Rights attributable to ordinary shares

The holders of ordinary shares are entitled to receive notice of and attend and vote at any general meeting of the Company.

9  Leases

Lease liabilities are presented in the statement of financial position as follows:

		(unaudited)	(unaudited)	(audited)
		At 30 June 2021	At 30 June 2020	At 31 December 2020
		£000's	£000's	£000's
Current		142	520	416
Non-current		-	137	-
		142	657	416

The Group entered into a two year lease for an office on 1 October 2019. With the exception of short-term leases and leases of low-value underlying assets, each lease is reflected on the balance sheet as a right-of-use asset and a lease liability.

The table below describes the nature of the Group's leasing activities by type of right-of-use asset recognised on the statement of financial position:

	No. of right-of-use assets leased	Range of remaining term	Average remaining lease term	No. of leases with extension options	No. of leases with termination options
Office building	1	0.25 years	0.25 years	-	-

The lease liabilities are secured by the related underlying assets. Future minimum lease payments at 30 June 2021 were as follows:

		Within one year	One to two years	Total
		£000's	£000's	£000's
Lease payments		144	-	144
Finance charges		(2)	-	(2)
Net present values		142	-	142

The Group has elected not to recognise a lease liability for short terms leases (leases with an expected term of 12 months or less). Payments made under such leases are expensed on a straight-line basis.

The expense relating to payments not included in the measurement of the lease liability is as follows:

			(audited)
	(unaudited)	(unaudited)	12 months
	6 months ended June 2021	6 months ended June 2020	ended 31 December  2020
	£000's	£000's	£000's
Short-term leases	-	27	28

The Group received a Covid-19 related rent concession during the period of £72,030 (2020: £69,750).  It has applied the exemption granted by the Covid-19-Related Rent Concessions (Amendment to IFRS 16) and has therefore not assessed this as a lease modification but has included it within administration expenses.

At 30 June 2021 the Group had not committed to any leases which had not yet commenced excluding those recognised as a lease liability.

10  Financial Instruments

		(unaudited)	(unaudited)	(audited)
Categories of financial instruments		As at 30 June  2020	As at 30 June  2020	As at 31  December 2020
		£000's	£000's	£000's
Financial assets
Loans and other receivables		2,411	2,207	2,872
Cash and bank balances		2,986	2,071	2,754
		5,397	4,278	5,626
Financial liabilities
Trade and other payables at amortised cost		(4,394)	(3,597)	(4,715)
Lease liabilities		(142)	(520)	(416)
		(4,536)	(4,117)	(5,131)

Brave Bison categorises all financial assets and liabilities as level 1 for fair value purposes which means they are valued using quoted prices (unadjusted) in active markets for identical assets or liabilities.

11  Contingent liabilities

There were no contingent liabilities at 30 June 2021 (30 June 2020 and 31 December 2020: None).

12  Bank Loan

				(audited)
		(unaudited)	(unaudited)	12 months
		6 months ended June 2021	6 months ended June 2020	ended 31 December  2030
		£000's	£000's	£000's
Loan		50	-	50
		50	-	50

During the year the Group continued to have a Bounce Back Loan Agreement which is due to be fully repaid in 2026. The repayment amount and timing of each instalment is based on a fixed interest rate of 2.5% payable on the outstanding principal amount of the loan and applicable until the final repayment date. The Company has been granted an interest and capital holiday for twelve months from the date of drawdown. The loan is unsecured

13  Transactions with Directors and other related parties

Transactions with associates during the year were:

				(audited)
		(unaudited)	(unaudited)	12 months
		6 months ended June 2021	6 months ended June 2020	ended 31 December  2020
		£000's	£000's	£000's
Recharge of Philippa Norridge's salary from Tangent Marketing Services Limited during the period 5 February 2020 to 30 April 2020 while acting as interim CFO		-	34	34
Recharge for IT related salary from Tangent Marketing Services Limited		8	-	3
Recharge of website support services from Tangent Marketing Services Limited		15	-	-
Recharge for HR related salary to Tangent Marketing Services Limited		11	-	9
		(unaudited)	(unaudited)	(audited)
		6 months to	6 months to	Year to 31
		30 June  2021	30 June  2020	December  2020
		£000's	£000's	£000's
Amounts owed to Tangent Marketing Services Limited		13	-	3
Amounts owed by Tangent Marketing Services Limited		6	-	5

Tangent Marketing Services Limited is a related party by virtue of its shareholding in Brave Bison Group Plc. All of the above transactions were conducted at arms length.

14  Prior year adjustment

The amendment to the balance sheet as at 30 June 2020 was as follows:

	As previously reported	Adjustment	As restated
	£000's	£000's	£000's
Non-current assets
Intangible assets	878	-	878
Property, plant and equipment	648	-	648
Investment in associates	-	-	-
	1,526	-	1,526
Current assets
Trade and other receivables	2,207	-	2,207
Cash and cash equivalents	2,071	-	2,071
	4,278	-	4,278
Current liabilities
Trade and other payables	(3,597)	-	(3,597)
Lease Liabilities	(520)	-	(520)
	(4,117)	-	(4,117)
Non-current liabilities
Deferred tax	(136)	-	(136)
Lease Liabilities	(137)	-	(137)
Bank loan	-	-	-
	(273)	-	(273)
Net assets	1,414	-	1,414
Equity
Share capital	613	-	613
Share premium	78,762	-	78,762
Capital redemption reserve	6,660	-	6,660
Merger reserve	(24,060)	-	(24,060)
Merger relief reserve	62,624	-	62,624
Retained deficit	(122,443)	(898)	(123,341)
Translation reserve	(742)	898	156
Total equity	1,414	-	1,414

 

END

 

 

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