Annual Financial Report
DXS INTERNATIONAL PLC
ANNUAL
RESULTSfor the year ended 30 April
2021
The Board of DXS International plc (“the
Company”), the AQSE Growth Market quoted healthcare information and
digital clinical decision support systems provider, is pleased to
announce its audited Final Results for the year ended 30 April
2021.
Financial Highlights
- Turnover increased by 10% to
£3,605,766 (2020: £3,279,787). In spite of the unprecedented
interruption to business during the financial year, revenue
increased by £325,979. This is attributed to an increase in both
NHS and Pharmaceutical sales revenue supplemented by a one off
contribution of £100,323 for the EU Hypertension initiative.
- Operating Profit £288,016 (2020:
£304,025).
- Profit after tax is £496,913,
compared to £428,502 in the previous year, an increase of 16%.
- Cash at bank £792,318 (2020:
£1,010,645).
- Over £1.5m invested in R&D
during the period.
Operational Highlights
- We have completed 14 ExpertCare
Hypertension pilots. Data from these pilots has reinforced the need
for a solution such as ExpertCare which can significantly
contribute towards a higher percentage of Hypertensive patients
being treated in compliance with NICE, best evidence treatment
guidelines, resulting in reduced incidents of heart attacks and
strokes and saving the NHS and healthcare providers money.
- The Company received CE
accreditation as a Class 1A device for the Hypertension solution
and also ISO accreditation for the Company.
- Our CompleteCare Templates and
Toolkits are generating positive interest among GP practices as a
solution to helping to manage the significant backlog of “business
as usual”.
- DXS is starting to look more
internationally to other markets where our products could have a
positive impact.
Post Period Highlights
- The ExpertCare Hypertension solution
achieved accreditation for the new NHS Digital Framework, GPIT
Futures. This provides the ability for potential ExpertCare
customers to have the Hypertension solution funded from a central
NHS fund.
- The CompleteCare team has reacted to
the current enormous primary care backlog for care reviews and
treatment and created specialised tools to help clinicians expedite
the management of long term conditions such as cancer and learning
disability.
- Trading for the first three months
is on a par with the previous year but is expected to show growth
as the COVID situation normalises and we are able to begin to
realise revenue growth with our new solutions.
David Immelman, Chief Executive of DXS commented:
“Although the COVID situation has continued to delay commercial
operations for our suite of new solutions, ExpertCare, MyVytalCare
and CompleteCare, the time has been used to redirect resources into
ongoing R&D. These initiatives are expected to begin reaping
rewards early in 2022. We have also started looking at more of an
overseas approach to our products and explore different healthcare
systems in various countries to see how DXS’s solutions could be
applied across the world.
We remain focused on our overall strategy of building
significant revenue over the next 4-5 years through our Expert
Long-Term Care solutions into which we have been heavily investing
for the past 5 years. We remain confident and optimistic about the
future growth of the business and this is supported by our own
organic investment into increased development of £1,529,762 during
the year.”
The Directors of DXS International plc accept
responsibility for this announcement.
Contacts :
David
Immelman 01252
719800DXS International plcwww.dxs-systems.com
AQSE Corporate BrokerHybridan
LLP 020 3764
2341Claire Louise Noyce
Corporate AdvisorCity &
Merchant 020 7101
7676David Papworth
Notes to Editors
About DXS:
DXS International presents up to date treatment
guidelines and recommendations, from Clinical Commissioning Groups
and other trusted NHS sources, to doctors, nurses and pharmacists
in their workflow and during the patient consultation. This
effective clinical decision support ultimately translates to
improved healthcare outcomes delivered more cost effectively and
which should significantly contribute towards the NHS achieving its
projected efficiency savings.
The following information is extracted from the
DXS International plc audited accounts for the year ended 30 April
2021.
Report of the Directors
The directors present their annual report and
the audited financial statements for the year ended 30 April 2021.
The Chairman’s statement which is included in this report includes
a review of the achievements of the Company, the trading
performance, financial position and trading prospects.
DIRECTORS
The directors for the year were:
- David Immelman – CEO
- Steven Bauer – COO
PRINCIPAL ACTIVITIES
The group's principal activities during the period were the
development and distribution of clinical decision support to
General Practitioners, Nurses and Retail Pharmacies in the United
Kingdom. The commercial side included the licensing of DXS to
various Clinical Commissioning Groups (CCGs) and the sale of
e-detailing opportunities to the Pharmaceutical Industry.
The group continues to invest in research and development both
locally and internationally and during this financial year has
invested £1,529,762 into R&D for the introduction, continuation
and completion of a number of new DXS solutions. These are mainly
targeted at providing clinicians and patients with solutions to
long term conditions. These products are aligned with the NHS
strategy of “Connected Care” and the hypertension solution,
ExpertCare, and the specialised template and toolkit solution,
CompleteCare, while delayed due to COVID-19, are market ready.
During the period we repaid £117,164 on bank and personal
loans.
FINANCIAL INSTRUMENTS
The Directors believe that there is no material risk arising in
respect of interest rates on loans, credit and liquidity.
DIVIDEND
The Directors do not recommend a dividend.
DIRECTORS’ RESPONSIBILITIES
The directors are responsible for preparing the financial
statements for each financial year. The directors have elected to
prepare the financial statements in accordance with United Kingdom
Generally Accepted Accounting Practice (United Kingdom Accounting
Standards and applicable law). Under company law the directors must
not approve the financial statements unless they are satisfied that
they give a true and fair view of the state of affairs of the
Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required
to:
- Select suitable accounting policies
and apply them consistently.
- Make judgments and accounting
estimates that are reasonable and prudent.
- State whether UK accounting
principles have been followed subject to any material departures
disclosed and explained in the financial statements and,
- Prepare the financial statements on
the going concern basis unless it is inappropriate to presume that
the Company will continue in the business.
The directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Company's
transactions and disclose with reasonable accuracy at any time the
financial position of the Company and enable them to ensure that
the financial statements comply with the Companies Act 2006. They
are also responsible for safeguarding the assets of the Company and
hence for taking reasonable steps for the prevention and detection
of fraud and other irregularities.
DIRECTORS’ RESPONSIBILITIES TO
AUDITORS
The directors have taken all the necessary steps that they ought
to have taken as directors in order to make themselves aware of all
relevant audit information and to establish that the Company's
auditors are aware of that information.
So far as the directors are aware, there is no
relevant audit information of which the Company’s auditor is
unaware.
Approved by the board and signed on its behalf by:
DA Immelman
Director
4 August 2021
Strategic Report
SECTION 172 REPORT
Section 172 of the Companies Act requires that a director of the
Company is managing in the best interests of all stakeholders –
Customers, Employees and Shareholders.
In the spirit of above, the Directors of DXS International plc,
strive to maintain a reputation for high but fair standards in the
best interest of its stakeholders.
Our primary focus is on our customers and here we regard our
relationships and channels of communications of paramount
importance. We operate in a sensitive environment, healthcare, and
as such ensure that we meet all the standards required by our
customers, such as Information Governance and Clinical Safety. In
addition, we comply with ISO standards which assures an overarching
good governance approach to all operations.
The Board is focused on delivering value for Shareholders
underpinned by motivated Employees delivering above average
delivery of solutions and service to Customers. In achieving the
foregoing, the Company focuses on continued innovation via a policy
of research and development funded through organic investment plus
capital raises, as agreed at shareholder meetings, noting it has
not as a Company raised any external equity financing in the year
to April 2021, and supported by clearly communicated vision and
direction.
In our communication to Shareholders the Board is clear in terms
of its short, medium and long-term strategy and maintains an
open-door approach to Shareholders seeking additional clarity on
any issue. The Board release notices on a regular basis informing
Shareholders of developments in areas of business progress,
non-confidential strategic decisions and any change to company
policy. Risks and opportunities are set out in this strategic
review.
The Group is small and while clear management structures are in
place all Employees, if required, have direct access to the
Executive Directors on a daily basis and, if necessary, to the
Chairman. The group retains HR services to ensure the fair and
equitable treatment of Employees. The Company promotes a policy of
promoting from within supported by training and mentorship. We
encourage diverse thinking and recognise strengths and contribution
to the business.
REVIEW OF THE GROUP’S
BUSINESS
The Group Profit after Tax is £496,913 (2020 - £428,502). The
Operating Profit amounts to £288,016 (2020 - £304,025). This
decrease was largely due to an increase in depreciation of
£409,121. The Group has a credit of £243,240 for UK Corporation Tax
(2020 credit- £189,195) for the year.
The profit after tax for the year increased by £68,411 after a
significant investment into R&D of £1,529,762. Considering the
overall impact of COVID-19, revenue remained robust with an
increase of 16% in revenue.
Being an accredited NHS solutions provider, DXS has
well-established business continuity and disaster recovery
protocols in place. These were triggered during the early stages of
the COVID-19 outbreak and at this point, all our staff with the
exception of one, both in the United Kingdom and South Africa are
successfully working from home and the Company remains fully
operational.
The expected revenue increase due to increased pricing as a
result of GPITF accreditation has not materialised as expected due
to operational NHS delays. These may be expected to become
effective in April 2022.
On the upside, one of our new solutions, ExpertCare Hypertension
has received GPIT Futures accreditation.
We have utilised the delays in commercialisation caused by COVID
to add certain enhancements to our Expert solutions namely
ExpertCare and CompleteCare which we believe will increase the
attractiveness of our offering and pricing in our favour once the
market reopens for business as usual.
Our strategy remains aligned with both the new NHS Long Term
Plan and opportunities abroad.
PRINCIPAL RISKS AND
UNCERTAINTIES
The principal risk to the Company in the UK is that the NHS
dramatically changes its plans or cuts its budgets. This seems
unlikely, particularly with the current pandemic highlighting the
need for clinicians to operate using digital technologies. We are
also confident that our new Hypertension solution can play a
significant role in assisting already overloaded clinicians to
manage patient backlogs as the situation begins to normalise.
Failure to achieve predicted quantities of DXS contracts, and
slower development of additional revenue streams may result in
revenues growing more slowly than anticipated. These may be
mitigated due to the launch of market ready new products once the
current situation normalises.
While the country is moving to the easing of restrictions, the
impact of COVID-19 on business going forward remains uncertain and
can impact the GPIT Futures accreditation of our new solutions as
well as a slower than anticipated access to market of our new
Hypertension solution.
In addition, our plans for expansion outside of the UK mitigate
this risk. Here we continue with our research and development plans
to take our new Expert Hypertension solution into international
markets where improved management of Hypertension and other long
term conditions are a top priority.
ANALYSIS OF BUSINESS DURING YEAR ENDING
APRIL 2021
Revenue was above expectations increasing by £325,979 while
Operating Profit decreased marginally by £16,009. Increased revenue
was attributable to increases in business-as-usual revenue
supplemented by £110,323 from an EU hypertension sale.
FINANCIAL KPI
- Group Revenue of £3,605,766 has
increased by 10%. Definition: Total Group sales including
distribution of clinical decision support to General Practitioners
and the licensing of DXS to CCGs and healthcare publishers. Group
Revenue includes the sale of medicine education slots to the
pharmaceutical industry.
- Underlying Group Profit after Tax
was £496,913, a 16% increase. This was mainly due to an increased
Tax credit realised by increased investment in R&D for the
period. Definition: Underlying profit provides information on the
underlying performance of the business.
- Depreciation and amortisation of
deferred Research and Development expenditure in 2021 was £980,683
and in 2020 was £571,562.
- Earnings Per Share 2021 1.0p, 2020
1.1p. Definition: Earnings per share is the underlying profit
divided by the weighted average number of ordinary shares in
issue.
- ROE 2021 12 %, 2020 12%. Definition:
Return on Equity (ROE) is the ratio of net profit of a company to
its shareholders funds. It measures the profitability of a company
by expressing its net profit as a percentage of its shareholders
funds which include share capital, share premium, provision for
costs of share option awards and retained earnings
CORPORATE GOVERNANCE
We are committed to establish, maintain, and continually improve
an Integrated Management System (IMS) that conforms to ISO
22301:2012, ISO 20000-1:2018 and ISO 27001:2013 requirements.
To achieve this objective, we commit to:
- continual improvement in our
performance and services to our stakeholders.
- Identify, assess, reduce, and
eliminate hazards and risks pertaining to our business.
- Setting risk-based objectives and
targets to meet applicable statutory, business, information
security and service level obligations.
- Comply with mutually agreed quality
and service level requirements of our customers
- Develop our people and provide
sufficient resources to meet our objectives and targets.
We communicate the IMS Policy to all personnel working for or on
behalf of DXS to ensure that they are made aware of their
individual IMS obligations.
Approved by the board and signed on its behalf by:
D Immelman
Director
4 August 2021
FINANCIAL STATEMENTS
INCOME STATEMENT
Year ended 30 April
2021
|
|
2021Continuing
Operations |
|
2020Continuing
Operations |
|
|
|
|
|
|
|
£ |
|
£ |
Turnover |
|
3,605,766 |
|
3,279,787 |
Cost of
Sales |
|
(419,757) |
|
(318,424) |
|
|
_________ |
|
_________ |
Gross Profit |
|
3,186,009 |
|
2,961,363 |
Administration
Costs |
|
(1,917,310) |
|
(2,085,776) |
Depreciation and
Amortisation |
|
(980,683) |
|
(571,562) |
|
|
_________ |
|
_________ |
Operating
profit |
|
288,016 |
|
304,025 |
Interest
received and similar income |
|
- |
|
4,398 |
Sundry
income |
|
9,539 |
|
- |
|
|
_________ |
|
_________ |
|
|
297,555 |
|
308,423 |
Interest
payable and similar expenses |
|
(43,882) |
|
(69,116) |
|
|
_________ |
|
_________ |
Profit on
ordinary activities before taxation |
|
253,673 |
|
239,307 |
Tax on profit
on ordinary activities |
|
243,240 |
|
189,195 |
|
|
_________ |
|
_________ |
Profit for the
year |
|
496,913 |
|
428,502 |
|
|
========= |
|
========= |
Profit per share |
|
|
|
|
|
|
1.0p |
|
1.1p |
|
|
1.0p |
|
1.1p |
|
|
========= |
|
========= |
Statement of Other Comprehensive Income
Year ended 30 April 2021
|
|
2021£ |
|
2020£ |
|
|
|
|
|
Profit for the
year |
|
496,913 |
|
428,502 |
Other
comprehensive income |
|
- |
|
- |
Tax
on components of other comprehensive income |
- |
|
- |
|
|
_________ |
|
_________ |
Total comprehensive income for the year |
496,913 |
|
428,502 |
|
|
========= |
|
========= |
Statement of Financial Position
Year ended 30 April 2021
|
Group 2021 |
Group 2020 |
Company
2021 |
Company 2020 |
|
|
£ |
£ |
£ |
Fixed
Assets |
|
|
|
|
Intangible
Assets |
4,557,969 |
4,007,411 |
- |
- |
Tangible Assets |
1,333 |
1,105 |
- |
- |
Investments |
- |
- |
2,348,899 |
2,010,500 |
|
_________ |
_________ |
_________ |
_________ |
|
4,559,302 |
4,008,516 |
2,348,899 |
2,010,500 |
|
_________ |
_________ |
_________ |
_________ |
Current
assets |
|
|
|
|
Debtors: amounts
falling due within one year |
850,258 |
759,405 |
43,471 |
91,051 |
Cash at bank and in
hand |
792,318 |
1,010,645 |
642,377 |
911,854 |
|
_________ |
_________ |
_________ |
_________ |
|
1,642,576 |
1,770,050 |
685,848 |
1,002,905 |
Creditors: amounts
falling due within one year |
(951,673) |
(1,180,704) |
(38,227) |
(37,360) |
|
_________ |
_________ |
_________ |
_________ |
Net current
assets |
690,903 |
589,346 |
647,621 |
965,545 |
|
_________ |
_________ |
_________ |
_________ |
|
|
|
|
|
Total assets less
current liabilities |
5,250,205 |
4,597,862 |
2,996,520 |
2,976,045 |
|
|
|
|
|
Creditors: |
|
|
|
|
Amounts falling due
after more than one year |
(449,125) |
(376,289) |
- |
- |
Deferred
income |
(653,688) |
(571,094) |
- |
- |
|
_________ |
_________ |
_________ |
_________ |
|
4,147,392 |
3,650,479 |
2,996,520 |
2,976,045 |
|
========= |
========= |
========= |
========= |
Capital and
reserves |
|
|
|
|
Called up share
capital |
159,246 |
159,246 |
159,246 |
159,246 |
Share Premium |
2,676,321 |
2,676,321 |
2,676,321 |
2,676,321 |
Share option
reserve |
173,808 |
173,808 |
173,808 |
173,808 |
Retained
earnings |
1,138,017 |
641,104 |
(12,855) |
(33,330) |
|
_________ |
_________ |
_________ |
_________ |
Shareholders’
funds |
4,147,392 |
3,650,479 |
2,996,520 |
2,976,045 |
|
========= |
========= |
========= |
========= |
|
|
|
|
|
As permitted by Section 408 of the Companies Act 2006, the
Income Statement of the parent company is not presented as part of
these financial statements. The Company made a profit of £20,475
(2020 - £80,099) for the year.
The financial statements were approved and
authorized for issue by the Board on 4 August 2021.
D ImmelmanDirector |
R SutcliffeDirector |
Company Registration number
: 06311313
STATEMENT OF CASH FLOWS
Year ended 30 April 2021
|
|
Group2021 |
|
Group
2020 |
|
|
£ |
|
£ |
Cash flow from
operating activities |
|
1,088,409 |
|
777,709 |
Interest paid |
|
(43,882) |
|
(69,116) |
Interest
received |
|
- |
|
4,398 |
Sundry Income |
|
9,539 |
|
- |
R&D tax credit
received |
|
186,240 |
|
257,195 |
|
|
_________ |
|
_________ |
Net cash flow from
operating activities |
|
1,240,306 |
|
970,186 |
|
|
_________ |
|
_________ |
|
|
|
|
|
Cash flow from
investing activities |
|
|
|
|
Payments to acquire
intangible fixed assets |
|
(1,529,762) |
|
(904,503) |
Payments to acquire
tangible fixed assets |
|
(1,707) |
|
- |
Disposal of fixed
tangible assets |
|
- |
|
626 |
|
|
_________ |
|
_________ |
|
|
(1,531,469)_________ |
|
(903,877)_________ |
Financing
Activities |
|
- |
|
|
Net Proceeds on
issue of shares |
|
- |
|
978,397 |
Repayment of long
term loans |
|
(117,164) |
|
(89,303) |
Advance of long
term loans |
|
190,000 |
|
- |
|
|
_________ |
|
_________ |
|
|
72,836 |
|
889,094 |
|
|
_________ |
|
_________ |
|
|
|
|
|
Net (decrease)/
increase in cash and cash equivalents |
|
(218,327) |
|
955,403 |
Cash and Cash
equivalents at 1 May 2020 |
|
1,010,645 |
|
55,242 |
|
|
_________ |
|
_________ |
Cash and Cash
equivalents at 30 April 2021 |
|
792,318 |
|
1,010,645 |
|
|
========= |
|
========= |
Cash and Cash
equivalents consists of:Cash at bank and in hand |
|
792,318 |
|
1,010,645 |
|
|
========= |
|
========= |
Net Debt
Reconciliation |
Current Debt |
Non Current Debt |
Cash |
Total |
|
£ |
£ |
£ |
£ |
At 30 April
2019 |
(665,212) |
(464,951) |
55,242 |
(1,074,921) |
Cash Flow |
244,440 |
89,303 |
955,403 |
1,289,146 |
Transfer from
Current to Non Current Debt |
641 |
(641) |
- |
- |
|
_________ |
_________ |
________ |
_________ |
At 30 April
2020 |
(207,139) |
(449.125) |
792,318 |
136,054 |
|
========= |
========= |
========= |
========= |
Notes to the Financial
Statements
Year ended 30 April
2021
1 Summary of significant accounting policies
(a) General information and basis of
preparation.
DXS International PLC is a public company limited by shares
incorporated in England and Wales. The address of the registered
office is given in the Company information on Page 1 of these
financial statements.
The group's principal activities during the year were the
development and distribution of clinical decision support to
General Practitioners, Nurses and Retail Pharmacies in the United
Kingdom and South Africa. The commercial side includes the
licensing of DXS products to various CCG’s (Central Commissioning
Groups), the sale of e- detailing opportunities to the
pharmaceutical industry, the UK Primary Care sector and the
licencing of DXS technology to healthcare publishers.
The financial statements have been prepared in accordance with
applicable accounting standards including Financial Reporting
Standard 102 Applicable in the UK and Republic of Ireland (FRS 102)
and the Companies Act 2006. The financial statements have been
prepared on a going concern basis under the historical cost
convention. The financial statements are prepared in sterling which
is the functional currency of the Company.
In the opinion of the Directors the group has sufficient funding
to continue as a going concern for at least twelve months from the
date of approval of the financial statements.
Should the group be unable to continue trading, adjustments
would have to be made to reduce the value of assets to their
recoverable amounts and to provide for any further liabilities that
might arise. The financial statements do not reflect any such
adjustments.
The significant accounting policies applied in the preparation
of these financial statements are set out below. These policies
have been consistently applied to all years presented unless
otherwise stated.
(b) Intangible
assets
Intangible assets acquired separately from a business are
capitalised at cost. Research and development expenditure, other
than specific identifiable development expenditure, is written off
against profits in the year in which it is incurred.
Identifiable development expenditure is capitalised to the
extent that the technical, commercial and financial feasibility can
be demonstrated. Developed products are for use within the NHS and
other medical institutions within both the UK and internationally.
The Group is already a supplier of services to the NHS.
Goodwill arising on business combinations is capitalised,
classed as an asset on the balance sheet and amortised over its
useful life. The period originally chosen for writing off the
current goodwill was 20 years because the directors believed that
this was the period of time for the benefit to be received. The
Directors reviewed the anticipated future life of the goodwill
during 2020. It was considered that the anticipated future life of
the goodwill would not exceed 3 years from 1 May 2020.
Accordingly the Net Book Value of the goodwill at 30 April 2020
is being amortised over 3 years. Intangible assets are amortised
over a straight line basis over their useful lives. The useful
lives of intangible assets are as follows:
Intangible type |
Useful
life |
Reasons |
Development
expenditure |
5 years form the
date that the specific product is completed and available for
distribution |
Period of time
for benefit to be received |
Provision is made for any impairment.
(c)
Tangible fixed
assets
The Company capitalises items purchased as
Tangible Fixed Assets which have a cost in excess of £500.
Tangible fixed assets are stated at cost less
accumulated depreciation.
Depreciation is provided on all tangible fixed
assets at rates calculated to write off the cost , less estimated
residual value, of each asset on a systematic basis over its
expected useful life as follows:
Plant and
equipment 3-4 years
straight line.
(d)
Debtors and
creditors receivable/ payable within one year
Debtors and creditors with no stated interest
rate and receivable or payable within one year are recorded at
transaction price. Any losses arising from impairment are
recognised in the profit and loss account in other administration
expenses.
(e )
Loans and
borrowings
Loans and borrowings are initially recognised at
the transaction price including transaction costs. Subsequently
they are measured at amortised cost using an effective interest
rate method, less impairment. If an arrangement constitutes a
finance transaction it is measured at present value.
(f)
Grants
Government Grants, including non - monetary
grants, shall not be recognised until there is reasonable assurance
that :
(a) the entity will comply with the conditions
attached to them; and
(b) the grants will be received.
An entity shall recognise grants either based on
the performance model or the accrual model. This policy choice
shall be applied on a class-by-class basis.
(g)
Tax
Current tax represents the amount of tax payable
or receivable in respect of the taxable profit for the current or
past reporting periods. It is measured at the amount expected to be
paid or recovered using the tax rates and laws that have been
enacted or substantively enacted by the balance sheet date.
(h)
Turnover and other
income
Turnover is measured at the fair value of the
consideration received or receivable net of VAT and trade
discounts. The policy adopted for the recognition of turnover is as
follows -
Sale of services
Turnover is from the sale of opportunities to
the pharmaceutical industry and the UK Primary Care sector and is
recognised over the term of service contract and is apportioned on
a time basis representing the delivery of the service.
(i)
Foreign
currency
Foreign currency transactions are initially
recognised by applying to the foreign currency amount the exchange
rate between the functional currency and the foreign currency at
the date of the transaction.
Monetary assets and liabilities denominated in a
foreign currency at the balance sheet date are translated using the
closing rate.
(j )
Employee
benefits
When employees have rendered service to the
Company, short term employee benefits to which the employees are
entitled are recognised at the undiscounted amount expected to be
paid in exchange for that
service.
The Company operates a defined contribution plan
for the benefit of its employees. Contributions are expensed as
they become
payable.
(k)
Leases
Rentals payable and receivable under operating
leases are charged to the profit and loss account on a straight
line basis over the period of the
lease.
(l)
Share option
reserve policy
The Company recognised as an expense, the fair
value of share options granted over their vesting period. The fair
value is calculated by applying an option pricing
model.
Factors affecting the model are expected
volatility, exercise price, weighted average share price, option
life and risk free interest rate. In respect of options granted by
the Company -
- use of the Black Scholes calculator
as the option pricing model,
- calculated volatility using the
Adam Greene Volatility method using an average share price over the
previous 104 weeks,
- the directors base their
calculations on an option life of 2 years
(m)
Key judgements and
Key accounting estimates
There are no Key judgements or Key Accounting
estimates with a material effect on the carrying value of assets
and liabilities.
The Group has used a level of judgement around
key assumptions on the technical feasibility of products under
development, the consideration of the estimated useful lives of
these products and a degree of estimate in respect of the
capitalised attributable cost.
(n)
Reduced
disclosure
DXS International PLC meets the definition of a
qualifying under FRS 102 paragraph 1.12(b) and has therefore taken
advantage of the disclosure exemption in relation to the parent
cash flow statement.
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