Final Results for the year ended 31 December 2023

Source: RNS
RNS Number : 1729Q
Silver Bullet Data Services Grp PLC
29 May 2024
 

29 May 2024

 

Silver Bullet Data Services Group plc

("Silverbullet" or the "Company", or, together with its subsidiaries, the "Group")

Final Results for the year ended 31 December 2023

 

 

Silverbullet (AIM: SBDS), a provider of AI driven digital transformation services and products, is pleased to announce its audited results for the year ended 31 December 2023.

 

FINANCIAL HIGHLIGHTS.

 

 

YE December 2023

YE December 2022

Y-O-Y





Revenue

£8.36m

£5.82m

+44%

Gross Profit

£6.36m

£4.22m

+51%

Headline Loss before tax*

£3.31m

£6.10m

-46%

Reported Loss before tax

£3.45m

£7.54m

-54%

Loss Per Share

£0.20

£0.49

-61%

 

* Headline results are calculated before exceptional items and share option charges, reconciliation per note 5 of the consolidated financial statements.

 

Operational Highlights:

 

·     

Group revenue increased 44% to £8.36m (2022: £5.82m).

 

·     

Services revenue increased 29% to £5.55m (2022: £4.30m).

 

·     

4D revenue increased 85% to £2.81m (2022: £1.52m) driven by US demand for the product.

 

·     

US and globally operating clients now account for more than 50% of total Group revenues.



·     

Losses significantly reduced due to revenue acceleration and cost reductions.

 

 

Post-Period End Highlights



·     

Total Group bookings year to date are approximately £6.2m.

 

·     

Committed and earned services revenues represent 69% of targeted revenues for the year to date.

 

·     

4D bookings more than doubled in Q1 24 compared to Q1 23.



·     

Growth in services top two clients has increased (2024 vs 2023) by 43% and 26% respectively, reflecting growing demand and increased client spending on data transformation.

 

·     

US and global clients contribute approximately 73% of total revenue (2023: 50%).



·     

Net margin year to date has increased by 35% versus the corresponding period in FY 23.



·     

Group overheads and costs remain flat year over year.



·     

A robust pipeline of over £4m providing strong confidence for the rest of the year.



·     

Silverbullet expects to achieve its objective of an EBITDA positive run rate entering the second half and commence generating positive operating cashflow in the current financial year.



·     

Based on current demand for the Group products and services, the Board views the future of the business with confidence.

 

Ian James, Chief Executive Officer of Silverbullet, commented: "I am delighted to see Silverbullet's remarkable growth trajectory. Our revenue increase of 44% to £8.36m underscores the growing demand for our AI-driven digital transformation services and products. Notably, our 4D revenue increased by 85%, a testament to the continued interest in our products, particularly in the US market. Moreover, with over 50% of our revenue now stemming from US and global clients, we are solidifying our position as a key player in the international arena.

"Looking ahead, our post-period end highlights paint a promising picture, with total bookings at approximately £6.2m and a robust pipeline exceeding £4m. With our sights set on achieving an EBITDA positive run rate entering the second half of the year and positive operating cashflow in the current financial year, I am very excited about the future prospects of Silverbullet. Our unwavering confidence in the Group's trajectory is grounded in our steadfast commitment to innovation, client satisfaction, and sustained growth."

 

 

Annual Report

 

The Annual Report for the year ended 31 December 2023 will be available to shareholders and investors on the Company's website from Friday 31st May 2024 at:

 https://investors.wearesilverbullet.com/investors/financial-reports.

 

 

For further information please contact:

Silverbullet


via IFC

Ian James (CEO) / Chris Ellis (CFO)

 






Strand Hanson Limited - Financial and Nominated Adviser


0207 409 3494

James Spinney / James Bellman / Robert Collins






Oberon Capital - Joint Broker


0203 179 5344

Mike Seabrook / Chris Crawford / Nick Lovering



CMC Markets - Joint Broker


0203 003 8632

Douglas Crippen






IFC Advisory


020 3934 6630

Graham Herring / Tim Metcalfe / Florence Chandler


07793 839 024

 

About Silverbullet

Silverbullet's proprietary 4D AI advertising solution is designed to help advertisers target consumers in a "post cookie world". The product is a natural extension to its existing services business which already serves a blue-chip client base such as a leading UK hospitality brand and a Global Brewing company, amongst many others. The removal of third-party cookies has already been implemented by web browsers such as Firefox and Safari, with Google expected to phase out the use of cookies in 2025. 

 

Headquartered in London, the Group employs 75+ data specialists across five regions across the globe, including, the UK, Italy, Australia, USA and Latin America. The Group continues to look at other opportunities for expansion worldwide.

 

The Company has an established and growing solutions business with significant accumulated industry experience and a proven track record of delivering strategic digital transformation and activation services to its clients. The majority of the Board have held senior positions at global software companies and have significant industry experience across data engineering, SAAS product development and marketing.

 

The Group has close technical and commercial partnerships with multiple global technology providers, all of which have existing sales channels and are already delivering to clients.

 

The Group has established a strategic partnership and an entity with Local Planet, a scaled network of over 60 agencies across the globe.  Local Planet Data Services Limited was established in December 2020 and presents a significant opportunity to provide data services and the 4D product to the Local Planet agency network.

 



 

CHAIRMAN'S STATEMENT

 

It is my pleasure to present the annual results of Silverbullet Data Services Group Group PLC ("Silverbullet", the "Company" or, together with its subsidiaries, the "Group"). I am very pleased with the development made in in 2023, yet again delivering impressive revenue growth but also significantly reducing our cost base. I am delighted with how the management team have grown the business and the tightly controlled costs in what remained a challenging global economic environment in 2023.

 

4D, our AI contextual data platform that sits within our CX Product Studio is showing true maturity and it is starting to generate the interest and activity that we anticipated when we decided to launch the product. Equally, our strategic managed services within our CX Solutions Suite continue to grow and develop delivery first-class results and service to significant blue chip client base.

 

Results

Revenue for the year was £8.36m (2022: £5.82m), driven primarily by growth in our data-driven transformation services business, providing data consultancy advice to numerous clients across the world.  Loss before tax was £3.45m (2022: £7.54m) leading to a loss per share of 20p (2022: 49p).  Cash as at 31 December 2023 was £0.68m (2022: £1.35m).

 

People.

I have the honour of leading an excellent Board of Directors for the Group.

With respect to our non-executive directors, Steven Clarke and Martyn Rattle both provide a raft of industry insights and experience, as well as relevant governance experience. Following the Keith Sadler's departure as an Non-Executive Director in 2023, AnnaMaria Khan-Rubalcaba joined the Board as an Independent NED in April 2024 (post period end). AnnaMaria brings further industry experience to the board, having served as Chief Executive of HYD, an Omnicom Group Digital Product Agency, for over five years. AnnaMaria has joined Steven Clarke on the audit and remuneration committee and will focus on Board governance in the privacy first era and on the adoption of AI into our own and client's organisations.

 

During 2023, our three executive directors, Ian James, Chief Executive Officer, Umberto Torrielli, Chief Strategy Officer and Darren Poynton, Chief Financial Officer showed true focus and commitment in leading the Group and driving growth and successfully executing the agreed strategy of business. On 9th April 2024, we announced that Darren Poynton would be stepping down as Group CFO and Company Secretary to move to a new role and opportunity. Darren has been an integral part of the business for the past five years, playing a crucial role in driving business growth. Under his financial leadership, the Group successfully navigated an IPO in June 2021 and maintained a trajectory of strong financial performance. I would like to thank Darren for his significant contribution and commitment to the Company.

 

On the 8th April 2024 we were delighted to announce that Chris Ellis joined the Group as Group CFO and Company Secretary. Chris Ellis is a qualified chartered accountant and an accomplished, target-driven senior executive with extensive experience gained from leading complex global private equity and publicly owned businesses. I would like to welcome Chris to the board at this exciting time for the Group.

 

I would like to thank all our employees across the world for their dedication, expertise, and commitment to generating significant growth and delivering excellent work for all of our clients.

 

Overview.

In an environment where global clients are seeking innovative solutions to data driven customer experience challenges, I believe Silverbullet is perfectly placed to deliver truly bespoke and agile solutions. The success that the Group has achieved to date and the significant historic investment in product, people and processes put the Company in an ideal position to continue to be successful and grow in the future. The Board will continue to work with the executive and management teams in 2024 to develop and deliver on the strategy and to create value for our shareholders.

 

Nigel Sharrocks

Non-Executive Chairman

28th May 2024



CEO STATEMENT

 

I am delighted to report our Annual Accounts for 2023. Our full year results show strong, sustained growth on the backdrop of a once in a generation shift to data and AI driven marketing transformation. The demise of a generation-old AdTech ecosystem which is based on non-compliant data sources (such as the third-party cookies), is being rapidly replaced by a first-party data driven, privacy-first marketing environment.

 

98 per cent. of marketers report they're concerned about the disappearance of the third-party cookie, as traditional ways of working are no longer fit for purpose. We have reached an inflection point in the industry where first-party data marketing methods, accelerated by AI, are radically transforming marketing insights targeting, measurement, and organisational efficiencies.  

 

This transformation requires clients and their agencies to seek new solutions driven by a combination of innovative new enterprise MarTech and AdTech platforms, and the guidance and support of specialist human expertise, to lead them through the data integrations and engineering required to evolve their organisational set-up to remain competitive.

Silverbullet has continually evolved its offering to meet this global client demand for bespoke solutions rather than individual data products. By combining the proprietary data platforms of 4D AI and Silverbullet Cloud with specialist skillsets in data strategy, technology implementation, and data integration; Silverbullet provides a one-stop shop for data driven marketing transformation and is trusted by some of the world's biggest brands.

 

With its unique blend of products and services, Silverbullet is perfectly positioned to deliver this transformation, at global scale. 4D AI has grown significantly in the last 12 months, with the final demise of the third-party cookie and a continued tightening of global data regulations presenting a perfect backdrop to unlock new value for our global client base.

Business Growth:

As more global clients shift towards adopting transformational strategies to adapt to the new marketing era, Silverbullet continues to grow. We have witnessed a rise in the employment of customer-experience led infrastructures with the core goal of unlocking data to improve marketing ROI and the overall customer experience.

 

Furthermore, as more businesses seek cookieless, privacy-first and brand-safe solutions to solve for the new digital advertising era, contextual insights and targeting continues to rise in importance. The Company's proprietary product, 4D AI, is positioned perfectly to support leading brands with scaled AI accelerated post-cookie digital advertising.

 

Total Group revenue increased by 44% to £8.36m (FY22: £5.82m) and revenue from 4D increased by 85% to £2.81m (FY22: £1.52m), with US and Global clients now accounting for more than 50% of total Group revenue. This growth can be attributed to the expanding number of global brands adopting 4D and other AI-driven marketing models to structure customer data in a way that improves direct customer experience and marketing ROI.  

 

Silverbullet has strategically consolidated key global client relationships such as Mars and Heineken to position itself for accelerated growth and scalable cross-pollination of 4D AI in 2024. Clients worked with during the year include, Disney, Progressive, Thomson Reuters, Aramco, Heineken, ITV and Mars.

 

As a result of the significant increase in revenues and a reduced cost base, Silverbullet has significantly reduced losses for the year ended 31 December 2023, compared to the prior year.

 

4D Highlights:

4D AI is now available for brands and agencies to use in a variety of ways, from "self-service" and private data marketplaces for sophisticated media agencies, to a full managed service for those brands who would prefer to outsource the execution of full insights, targeting and measurement of campaigns.

 

Since inception, a key strategy for 4D AI is to embed its proprietary data and technology into partner platforms who have established market scale and client demand. In 2023, the Company successfully achieved several 4D AI technology integrations, including a leading contract with OpenX Technologies, Inc., and PubMatic, Inc., two of the world's leading independent supply-side platforms (SSPs) for audience, data and identity led digital advertising targeting.

 

In line with the final deprecation of the third-party cookie in the near future, Open X has recently launched its Cookieless Deal Library, allowing advertisers to easily test and scale campaigns against the full universe of cookieless targeting options and activate in their Demand-Side Platform (DSP) of choice. Contextual Deals in the Open X Cookieless Deal Library will be powered by 4D AI.

 

These integrations have enhanced the technological capabilities of 4D AI, expanding its recurring revenue generating distribution. This in turn has set the foundations for continued partnership deals and 4D AI platform development moving forwards in line with market demand.

 

Geographical and Network Expansion:

During 2023, the Company successfully delivered on its goal to expand the business in the US and Latin America, predominantly driven by the expansion key global client relationships and the US growth of 4D. During FY23 we successfully launched a client delivery hub in Mexico City. The team of data specialists in Mexico City will enable continued growth in the US and LATAM in a cost-efficient scalable way.

 

The Company's strong enterprise technology partner relationships continue to grow, with key partners Salesforce and Treasure Data. In fact, the 2024 Gartner® Magic Quadrant™ for Customer Data Platforms sees Treasure Data recognized as a Leader within the MarTech ecosystem. Silverbullet has been certified with Gold Partnership status with Treasure Data, and has also seen further recognition with Salesforce, being awarded the Salesforce ANZ Innovation & Impact Partner of the Year in 2023.

 

Information security management

During the year, the Company successfully achieved ISO 27001 certification. This ensures that the Company's information security management system and information security controls have been thoroughly reviewed and updated to the latest requirements and expectations. This ensures that the Company's information security needs are met and closely monitored on an ongoing basis.

 

Outlook.

The business is perfectly aligned to the market's need for first-party data and privacy-first future.

 

In January 2024, Google announced the launch of its third-party cookie deprecation initiative to be completed in Q1 FY25. Meanwhile, Apple continues to tighten their regulation on the use of individuals data in their ecosystem, setting a high bar of consumer privacy expectation for the industry at large to meet. These radical changes in privacy regulation and approach accelerates the importance of alternative privacy-safe insight and targeting tools such as 4D AI and a brands first-party data enablement, making Silverbullet's position in the market stronger than ever.

 

This backdrop ultimately requires brands to transform their customer experience. 4D AI combined with first-party data transformation demand is already accelerating, with a strong start to 2024 in terms of committed revenue with has bookings of over £6.2m.

 

Clients are increasingly expecting their partners to offer more customised approaches to meet their specific business transformation needs. Silverbullet is well placed to adapt its proprietary products, partnerships, and core human capital to evolve data solutions which meet its clients needs whilst maintaining a solid business model through an increase in the adoption of AI to enable organisational efficiency for repeatable tasks, ultimately reducing cost base and improving margins.

 

The business continues to manage its cost base tightly whilst investing in talent to secure and deliver outstanding work to our clients.  This, together with the increase in revenues, allows the business to continue to move towards a position of profitability.

 

Ian James,

CEO Silverbullet

28th May 2024

 

 

FINANCIAL REVIEW

 

 

Year ended

Year ended

 

December 2023

December 2022

 

£

£

Revenue

8,356,090

 5,818,255

Cost of sales

(1,994,497)

 (1,598,973)

Gross Profit

6,363,593

 4,219,282

 

 

 

Personnel costs

(6,010,035)

 (8,092,999)

Depreciation and amortisation

(836,403)

 (790,274)

Other operating expenditure

(2,476,278)

 (2,726,385)

Exceptional Items

-

 42,154  

Operating Loss

(2,959,123)

 (7,348,222)

 

 

 

Finance Expense

(488,653)

 (188,551)

Loss before taxation

(3,447,776)

 (7,536,773)

 

 

 

Tax

276,092

 314,740

Loss after taxation

(3,171,684)

 (7,222,033)

 

 

 

Currency translation differences

(48,874)

 (84,236)

Total Comprehensive Loss for the year

(3,220,558)

 (7,306,269)

 

 

Revenue and Gross Profit

Overall revenue of £8.36m represents growth of 44 per cent. compared to 2022. During 2023, our customer experience services division continued to grow and expand with revenue increasing by 29 per cent to £5.55m. We added nine new clients during the year and expanded the remit with our most significant clients including Mars, Heineken and Sony. Our 4D division continues to show significant momentum and revenues have increased by 85 per cent in the year to £2.81m. The managed service 4D offering is the key element that is driving this growth, with strong demand in the US for this type of service.  The self-service 4D offering continues to gain traction, with increased take up from Global Media Agencies and direct client usage, and we expect this to provide increasing contribution to revenues going forward.

 

Gross profit of £6.36m represents growth of 51 per cent compared to 2022. Gross profit margin has improved from 73% to 76%. The growth in services revenue which has little cost of sales and the reductions that have been achieved in 4D hosting costs have helped to deliver this improvement.  

 

Operating Expenditure

Total Adjusted Operating Expenditure (Adjusted to exclude depreciation, amortisation, share option expenses, exceptional items) was £8.27m, which represents a reduction of 11.5% compared to 2022 (£9.43m).

 

 


Year ended

Year ended


December 2023

December 2022

 

£

£

Operating Expenses

9,322,716

11,567,504

Less



Depreciation

 (28,117)

 (29,208)

Amortisation

 (808,287)

 (761,065)

Share option Charge

 (217,921)

 (1,476,183)  

Exceptional items

 -

 42,154

Adjusted Operating Expenses

 8,268,391

 9,343,202

 

 

Staff costs of £5.79m (excluding share option expenses) continue to make up most of the operating expenses, this is a reduction of 12.5 per cent. on 2022 (£6.62m). The reduction in staff cost is largely a result of reducing the 4D product, engineering and support team following the completion of the core product in 2022 and the product reaching development maturity. The core 4D engineering team continue to develop key enhancements to the product as well as working on specific AI and development work for our CX services client when requested. By the start of 2024, the Company has 75 employees world-wide.

 

Other operating expenses have fallen 9.2 per cent. to £2.48m from £2.73m in 2022, which reflects management tightly controlling costs in 2023 whilst delivering significant revenue growth.

 

Taxation

As a loss-making Group, we do not currently incur corporation tax. We do however benefit from a research and development tax relief related to the continued development of 4D. The total tax relief for the year was £0.28m.

 

Balance Sheet and cashflow

The development and investment in 4D AI, our privacy-first contextual targeting and insights platform, has significantly reduced in 2023 due to the product reaching development maturity. We have enhanced the product during 2023 and these costs £0.23m (2022 £1.10m) have been capitalised as an intangible asset in the year. Goodwill relates to the acquisition of Silver Bullet Data Services Limited and Videobeet Italia Srl. We have reviewed the carrying value of these investments and we are comfortable that no impairment is required against these assets.

 

•     In November 2023, the Group announced it had successfully raised £1m through a placing of 1,428,571 new ordinary shares of 1 pence each in the Company.

•     Net cash flow used in operating activities was £2.16m (2022: £5.14m).  The decrease versus the prior year relates to the reduction in losses during the period.

•     The Group's cash balance decreased by £0.67m to £0.68m at 31 December 2023 (2022: £1.35m).

 

 

Chris Ellis

Chief Financial Officer

28th May 2024

 

 



 

Consolidated statement of comprehensive income

As at 31 December 2023

 

 



Group

 

Note

2023

2022

Continuing operations

 

£

£

 




Revenue

3, 4

8,358,090

5,818,255

Cost of sales


(1,994,497)

(1,598,973)

Gross profit

 

6,363,593

4,219,282

 




Personnel costs


(6,010,035)

(8,092,999)

Depreciation and amortisation


(836,403)

(790,274)

Other operating expenditure


(2,476,278)

(2,726,385)

Exceptional items 

5

-

42,154

Operating (loss)

6

(2,959,123)

(7,348,222)

 




Finance expense

9

(488,653)

(188,551)

(Loss) before taxation

 

(3,447,776)

(7,536,773)

 




Taxation

10

276,092

314,740

(Loss) after taxation

 

(3,171,684)

(7,222,033)

 




Other comprehensive income / (loss) net of taxation

 



Currency translation differences


(48,874)

(84,236)

Total comprehensive (loss) for the year

 

(3,220,558)

(7,306,269)

 




Total comprehensive (loss) attributable to:

 



Equity shareholders of the company


(3,218,024)

(7,307,215)

Non-controlling interest


(2,534)

946



(3,220,558)

(7,306,269)

 




(Loss) after taxation attributable to:

 



Equity shareholders of the company


(3,169,150)

(7,222,979)

Non-controlling interest


(2,534)

946



(3,171,684)

(7,222,033)

 




Earnings per share

 



Basic earnings

25

(0.20)

(0.49)

Diluted earnings

25

(0.20)

(0.49)

 

 

 

 



 

Consolidated and company statement of financial position

Year ended 31 December 2023



Group

 

Company

 


2023

2022

 

2023

2022

 

Note

£

£

 

£

£

Non-current assets

 






Goodwill

11

4,349,662

4,349,662


-

-

Intangible assets

11

1,963,343

2,544,739


-

-

Investments

12

4,999

4,999


8,572,015

8,354,094

Tangible assets

13

35,269

53,809


-

-

Total non-current assets

 

6,353,273

6,953,209

 

8,572,015

8,354,094

 







Current assets

 






Trade and other receivables

15

3,333,562

2,487,844


298,222

285,574

Cash and cash equivalents

16

677,855

1,352,221


152,477

8,572

Total current assets

 

4,011,417

3,840,065

 

450,699

294,146

 







Total Assets

 

10,364,690

10,793,274

 

9,022,714

8,648,240

 







Current liabilities

 






Trade and other payables  

17

2,833,856

2,311,754


4,174,316

3,827,085

Loans and other borrowings

18

425,002

41,227


233,862

-

Total current liabilities

 

3,258,858

2,352,981

 

4,408,178

3,827,085

 







Non-current liabilities

 






Loans and borrowings

18

2,621,472

1,797,992


2,554,673

1,687,697

Deferred tax liability

19

487,991

632,190


-

-

Total non-current liabilities

 

3,109,463

2,430,182

 

2,554,673

1,687,697

 







Total liabilities

 

6,368,321

4,783,163


6,962,851

5,514,782



 

 

 

 

 

Net assets

 

3,996,369

6,010,111

 

2,059,863

3,133,454

 







Equity

 






Share capital

21

173,908

159,367


173,908

159,367

Share premium


11,742,897

10,821,021


11,742,897

10,821,021

Share option reserve

22

2,433,195

2,396,396


2,433,195

2,396,396

Other reserves

23

451,432

398,954


451,432

398,954

Retained earnings


(10,667,211)

(7,679,183)


(12,741,619)

(10,642,334)

Capital redemption reserve


50

50


50

50

Foreign exchange reserve


(141,615)

(92,741)


-

-

Equity attributable to the equity shareholders of the company

 

3,992,656

6,003,864

 

2,059,863

3,133,454

Non-controlling interest


3,713

6,247


-

-

 







Total equity

 

3,996,369

6,010,111

 

2,059,863

3,133,454

 

The loss for the company for the year was £2,280,407 (2022: £5,850,480). The financial statement were approved by the Board for issue on 28th May 2024.

 

 

 

Ian James                                                                     Company Number: 08525481

Chief Executive Officer

Consolidated statement of cash flows



Group

 

Company

 


2023

2022

 

2023

2022

 

Note

£

£

 

£

£

Cash flows from operating activities

 






(Loss) after tax from continuing operations


(3,171,684)

(7,222,033)


(2,280,410)

(5,850,480)

Adjustments for:

 






Depreciation

13

28,117

29,209


-

-

Amortisation

11

808,287

761,065


-

-

Impairments

24

-

-


1,156,223

5,450,737

Finance expense

9

488,653

188,551


450,033

166,650

Share option charge

22

217,921

1,476,183


-

-

Taxation credit

10

(276,092)

(314,740)


-

-

(Increase) in trade and other receivables

15

(863,438)

(80,151)


(30,368)

(64,332)

(Decrease) / increase in trade and other payables

17

397,385

(467,779)


269,897

(195,363)

Increase / (decrease) in deferred tax liability

19

(144,199)

84,298


-

-

Cash used in operations

 

(2,515,050)

(5,545,397)

 

(434,625)

(492,788)

Taxation refunded


351,936

401,008


-

-

Net cash used in operating activities

 

(2,163,114)

(5,144,389)

 

(434,625)

(492,788)

 







Cash flows from investing activities

 






Purchase of tangible assets

13

(9,577)

(40,903)


-

-

Purchase of intangible assets

11

(226,891)

(1,099,062)


-

-

Purchase of investments

12

-

(4,999)


-

(4,999)

Net cash used in investing activities

 

(236,468)

(1,144,964)

 

-

(4,999)

 







Cash flows from financing activities

 






Proceeds from borrowings

18

1,334,595

1,516,126


1,133,861

-

Repayment of borrowings

18

(546,795)

(3,263)


(452,478)

-

Equity in convertible loan notes issued

23

52,478

398,954


52,478

-

New equity issued (net of transaction costs)

21

954,137

2,063,848


954,137

-

Intercompany transactions


-

-


(1,078,889)

506,299

Interest paid


(69,199)

(21,900)


(30,579)

-

Net cash from financing activities

 

1,725,216

3,953,765

 

578,530

506,299

 







Net increase / (decrease) in cash and cash equivalents

 

(674,366)

(2,335,588)


143,905

8,512

Cash and cash equivalents at beginning of period


1,352,221

3,687,809

 

8,572

60

Cash and cash equivalents at end of period

 

677,855

1,352,221

 

152,477

8,572

Year ended 31 December 2023

 

 

 


Consolidated statement of changes in equity attributable to the shareholders

Year ended 31 December 2023

 

Group

 











Share Capital

Share premium

Share Option Reserve

Other reserves

Retained earnings        

Capital redemption reserve

Foreign exchange reserve

Total equity        attributable to shareholders

Non-controlling interest

Total equity     

 

£

£

£

£

£

£

£

£

£

£

As at 1 January 2022

134,227

8,639,593

1,275,363

-

(811,354)

50

(8,505)

9,229,374

5,301

9,234,675

Total comprehensive loss for the year

-

-

-

-

(7,222,979)

-

(84,236)

(7,307,215)

946

(7,306,269)

Convertible loan notes issued

-

-

-

398,954

-

-

-

398,954

-

398,954

Share option charge

-

-

1,476,183

-

-

-

-

1,476,183

-

1,476,183

Share option exercised

200

-

(46,739)

-

46,739

-

-

200

-

200

Share options lapsed

-

-

(308,411)

-

308,411

-

-

-

-

-

Shares issued during period (net of transaction costs)

24,940

2,181,428

-

-

-

-

-

2,206,368

-

2,206,368

As at 31 December 2022

159,367

10,821,021

2,396,396

398,954

(7,679,183)

50

(92,741)

6,003,864

6,247

6,010,111

 











Total comprehensive loss for the year

-

-

-

-

(3,169,150)

-

(48,874)

(3,218,024)

(2,534)

(3,220,558)

Convertible loan notes issued

-

-

-

52,478

-

-

-

52,478

-

52,478

Share option charge

-

-

217,921

-

-

-

-

217,921

-

217,921

Share option exercised

255

-

(65,316)

-

65,316

-

-

255

-

255

Share options lapsed

-

-

(115,806)

-

115,806

-

-

-

-

-

Shares issued during period (net of transaction costs)

14,286

921,876

-

-

-

-

-

936,162

-

936,162

As at 31 December 2023

173,908

11,742,897

2,433,195

451,432

(10,667,211)

50

(141,615)

3,992,656

3,713

3,996,369

 

 



 

 

Company

 








Share Capital

Share premium

Share Option Reserve

Other reserves

Retained earnings        

Capital redemption reserve

Total equity     

 

£

£

£

£

£

£

£

As at 1 January 2022

134,227

8,639,593

1,275,363

-

(5,147,004)

50

4,902,229

Total comprehensive loss for the year

-

-

-

-

(5,850,480)

-

(5,850,480)

Convertible loan notes issued

-

-

-

398,954

-

-

398,954

Share option charge

-

-

1,476,183

-

-

-

1,476,183

Share options exercised

200

-

(46,739)

-

46,739

-

200

Share options lapsed

-

-

(308,411)

-

308,411

-

-

Shares issued during period (net of transaction costs)

24,940

2,181,428

-

-

-

-

2,206,368

As at 31 December 2022

159,367

10,821,021

2,396,396

398,954

(10,642,334)

50

3,133,454

 








Total comprehensive loss for the year

-

-

-

-

(2,280,407)

-

(2,280,407)

Convertible loan notes issued

-

-

-

52,478

-

-

52,478

Share option charge

-

-

217,921

-

-

-

217,921

Share options exercised

255

-

(65,316)

-

65,316

-

255

Share options lapsed

-

-

(115,806)

-

115,806

-

-

Shares issued during period (net of transaction costs)

14,286

921,876

-

-

-

-

936,162

As at 31 December 2023

173,908

11,742,897

2,433,195

451,432

(12,741,619)

50

2,059,863

 

 

 

 

 

 

 

 

                                                                                                                


Notes to the financial statements

 

1.       Description of business, basis of preparation and going concern

 

GENERAL INFORMATION

 

Silver Bullet Data Services Group PLC ("SBDS") was incorporated on 13 May 2013. SBDS is a public limited company incorporated in England and Wales and domiciled in the UK.  The address of the registered office is The Harley Building, 77 New Cavendish Street, London, England, W1W 6XB.

 

SBDS is the ultimate parent company to the subsidiaries listed at Note 14, together referred to as "the Group". The principal activity of the SBDS Group is marketing services through the application of big data technologies to reduce friction.

 

Silver Bullet Data Services Group PLC is registered with Companies House (Company Number: 08525481).

 

BASIS OF PREPARATION

 

These financial statements have been prepared in accordance with UK-adopted International Accounting Standards, interpretations issued by the International Financial Reporting Standards Interpretations Committee ("IFRIC"), and the Companies Act 2006.  The accounting policies have been applied consistently throughout the period.

 

The Company has taken advantage of the exemption under S408 of the Companies Act 2006 not to include a separate Statement of Comprehensive Income as group statements have been prepared.

 

The consolidated financial statements have been prepared under the historical cost convention. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

 

The presentational currency of the Group is GBP with functional currencies of the subsidiaries disclosed at Note 14 being GBP, EUR, AUD, and USD.

 

GOING CONCERN

 

The Directors have prepared and reviewed detailed budgets and forecasts covering the period to 31 December 2026 which are based on the strategic business plan. These consider all reasonably foreseeable circumstances and include consideration of trading results, cash flows and the level of facilities the Group requires on a month-by-month basis.

 

Management is in the process of completing a working capital facility. The directors are confident that the Group will be able to raise any required funds to meet their strategic objectives however there is an uncertainty over how much funding may be raised when required. However as securing new funding cannot be assured, a material uncertainty exists related to the Group or Company's ability to continue as a going concern.

 

Based on their enquiries and the information available to them and considering the other risks and uncertainties set out herein, the Directors have a reasonable expectation that the Company and the Group has or will be able to secure adequate resources to continue operating for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing this financial information.

 

 

2.       Material accounting policies

 

REVENUE RECOGNITION

 

IFRS 15 - Revenue from Contracts with Customers has been applied for all periods presented within the financial statements. The timing of all revenue recognised by the Group during the reporting period was satisfied over time in accordance with IFRS 15 recognition criteria. None of the Group's activities result in the transfer of control of a product at a point in time for revenue recognition purposes.

 

During the period under review the Group recognised revenue from the following activities:

 

Customer Experience Services

Revenue relating to service contracts is invoiced according to milestones defined within each contract, the terms of which vary on a case-by-case basis. In all cases the revenue is recognised in line with the provision of the services or, where the quantum and timing of the services cannot be reliably predicted, rateable over the period of the agreement.

 

Invoices against services contracts are raised on a monthly basis with adjustments for accrued or deferred income where the agreed invoicing timescale does not match the valuation of provision of services.

 

4D contextual targeting and insights platform

Amounts received or receivable for campaigns, typically invoiced on a monthly basis, recognise revenue in proportion to the quantum of advertising units delivered according to the contracted service. Units and metrics deliverable under each contracted services will vary on a case-by-case basis.

 

Contract liabilities

Contract liabilities are recognised when payment from a customer is received in advance of performance obligations being satisfied. Contract liabilities are recognised in trade and other payables.

 

Contract assets

Contract assets are recognised when revenue is recognised but payment is conditional on a basis other than the passage of time. Contract assets are included in trade and other receivables.

 

BUSINESS COMBINATIONS

                                                     

Silver Bullet Data Services Group PLC applies the acquisition method of accounting to account for business combinations in accordance with IFRS 3, 'Business Combinations'.

 

The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred and the equity interests issued by Silver Bullet Data Services Group PLC. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The excess of the consideration transferred over the fair value of Silver Bullet Data Services Group PLC's share of the identifiable net assets acquired is recorded as goodwill. All transaction-related costs are expensed in the period they are incurred as exceptional operating expenses.

 

TAXES

 

Corporation tax, where payable, is provided on taxable profits at the current rate.

 

Deferred tax is provided on all temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.

 

Deferred tax assets are recognised for all deductible temporary differences, carry-forward of unused tax assets and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry-forward of unused tax assets and unused tax losses can be utilised. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised.

 

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities, and when the deferred tax assets and liabilities relate to taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.

 

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.

 

FOREIGN CURRENCY TRANSLATION

 

Transactions in currencies other than the functional currency (foreign currencies) are initially recorded at the exchange rate prevailing on the date of the transaction.

 

Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction.

 

All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income.

 

Subsidiaries using a functional currency other than the presentation currency of the group are retranslated at each period end. Any translation differences are held within the group foreign exchange reserve.

 

INTANGIBLE ASSETS AND GOODWILL

 

Goodwill

 

Goodwill is initially measured as the excess of the aggregate of the consideration transferred over the fair value of the net assets acquired, and any previous interest held over the net identifiable assets acquired and liabilities assumed.  After initial recognition, goodwill is measured at cost less any accumulated impairment losses. The goodwill is tested annually for impairment irrespective of whether there is an indication of impairment.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired.  If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

 

 

Intangible assets (other than goodwill)

Intangible assets acquired separately from a business combination are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date if the fair value can be measured reliably.

 

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

 

Development costs                            -              Straight line basis over 5 years

Customer lists                                    -              Straight line basis over 4 years

 

PROPERTY PLANT AND EQUIPMENT

 

Property, plant and equipment are stated at cost net of accumulated depreciation and accumulated impairment losses. Cost comprises purchase cost together with any incidental costs of acquisition.

 

Depreciation is provided to write down the cost less the estimated residual value of all tangible fixed assets by equal instalments over their estimated useful economic lives on a straight-line basis. The following rates are applied:

 

Computer equipment                          -              Straight line over 3 years

Fixtures, fittings and equipment             -                       Reducing balance over 4 years

 

INVESTMENTS

All investments are accounted for at cost and reviewed for impairment at each reporting period end date. Where share options are issued to employees of subsidiary companies this is treated as a capital contribution in the subsidiary with a corresponding increase in the cost of investment in the parent company.

 

IMPAIRMENT OF NON-CURRENT ASSETS

 

At each reporting period end 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 it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

Recoverable amount is the higher of fair value 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 estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in the statement of comprehensive income.

 

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or 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 (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

 

RESEARCH AND DEVELOPMENT EXPENDITURE

 

Research 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.

 

Development costs relate to the 4D Platform developed internally by the group which are continuing to generate revenue streams.

 

FINANCIAL INSTRUMENTS

 

Silver Bullet Data Services Group PLC classifies financial instruments, or their component parts, on initial recognition as a financial asset, a financial liability or an equity instrument in accordance with the substance of the contractual arrangement. Financial instruments are recognised on the date when the Group becomes a party to the contractual provisions of the instrument. Financial instruments are recognised initially at fair value plus, in the case of a financial instrument not a fair value through profit and loss, transaction costs that are directly attributable to the acquisition or issue of the financial instrument. Financial instruments are derecognised on the settlement date when the Group is no longer a party to the contractual provisions of the instrument.

 

          Non-derivative financial instruments comprise trade and other receivables, cash and cash equivalents, loans and borrowings, and trade and other payables.

 

Trade and other receivables and trade and other payables

Trade and other receivables are recognised initially at transaction price less attributable transaction costs. Trade and other payables are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any expected credit losses in the case of trade receivables. Impairments of the trade receivable balances are based on a review of individual receivable balances, their ageing and management's assessment of realisation.

 

If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

 

Interest-bearing borrowings

Interest-bearing borrowings are recognised initially at the present value of future payments discounted at a market rate of interest. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised costs using the effective interest method.

 

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand form an integral part of the Group's cash management and are included as a component of cash and cash equivalents for the purpose only on the cash flow statement.

 

EMPLOYEE BENEFITS

 

During the period the Group operated a defined contribution money purchase pension scheme under which it pays contributions based upon a percentage of the members' basic salary. The Group also paid other employee benefits including medical insurance.

 

All employee benefits are charged to the Statement of Comprehensive Income and differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.

 

LEASES

 

The Group leases a number of properties in various locations in Europe, Australia, USA, and the UK from which it operates.

 

All leases are accounted for by recognising a right-of-use asset and a lease liability except for:

- Leases of assets below £1,000; and

- Leases with a duration of twelve months or less.

 

All leases signed by the Group during the reporting period were for a period of less than twelve months so no right-of-use assets have been recognised.

 

GRANT INCOME

 

Grant income is recognised where there is reasonable assurance that the grant will be received, and all attached conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognised as income in equal amounts over the expected useful life of the related asset.

 

SHARE-BASED PAYMENTS

 

The Group operates a share option programme which allows employees of the subsidiary companies to be granted options to purchase shares in this company. The fair value of options granted is recognised as an employment expense in the corresponding subsidiary company. The Group recognises a corresponding increase in subsidiary investment value and equity to recognise the capital contribution made for share option charges.

 

The fair value of the options is measured at the grant date and spread over the vesting period. The fair value is measured based on an option pricing model taking into account the terms and conditions upon which the instruments were granted.

 

Vesting periods in each share option agreement vary from vesting immediately on grant date to vesting over a period of four years.

 

EXCEPTIONAL ITEMS

 

Where items of income and expense included in the statement of comprehensive income are considered to be material and exceptional in nature, separate disclosure of their nature and amount is provided in the financial statements. These items are classified as exceptional items. The Group considers the size and nature of an item both individually and when aggregated with similar items when considering whether it is material, for example impairment of intangible assets or restructuring costs.

 

FINANCE INCOME AND EXPENSES

 

Finance expenses comprise interest payable recognised in the statement of comprehensive income using the effective interest method.

 

Interest income and interest payable are recognised in the statement of comprehensive income as they accrue, using the effective interest method.

 

ADOPTION OF NEW AND REVISED STANDARDS

 

The following standards and interpretations relevant to the Group are in issue but are not yet effective and have not been applied in the financial statements. In some cases these standards and guidance have not been endorsed for use in the United Kingdom.

 

·      IAS 1 Presentation of liabilities as current or non-current

 

The above standards are not expected to materially impact the Group.

 

CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

 

The preparation of these financial statements requires the Directors to make estimates and judgements that affect the reported amounts of assets, liabilities, costs and revenue in the financial statements. Actual results could differ from these estimates. The judgements, estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant.

 

Key sources of estimation uncertainty that could cause an adjustment to be required to the carrying amount of assets or liabilities within the next accounting period are:

 

Critical accounting estimates:

 

Impairment of intangible fixed assets

Impairment tests have been undertaken in respect of goodwill and intangible fixed assets using an assessment of the value in use of the respective cash generating units (CGUs). This assessment requires a number of assumptions and estimates to be made including the allocation of assets to CGUs, the expected future cash flows from each CGU and also the selection of a suitable discount rate in order to calculate the present value of those cash flows. Impairments of intangible assets are explained in more detail at note 11.

 

Critical accounting judgements:

 

Amortisation

The assessment of the useful economic lives, residual values and the method of depreciating or amortising intangible (excluding goodwill) fixed assets requires judgement. Amortisation is charged to profit or loss based on the useful economic life selected, which requires an estimation of the period and profile over which the group expects to consume the future economic benefits embodied in the assets. Useful economic lives and residual values are re-assessed, and amended as necessary, when changes in their circumstances are identified.

 

Capitalised development costs

Development costs incurred in building the Group's key platform for future expansion have been capitalised in accordance with the requirements of IAS38. The majority of these costs consist of salary expenses to which an estimated proportion of development time has been applied.

 

Convertible loan notes

The equity portion of the convertible loan notes have been valued using the Black-Scholes model. This gives equivalent discount rates on the liability components ranging from 14% to 21%. The directors consider this rate to be an approximation of the rate on a similar loan without the conversion feature. The directors consider this method is used as a practical measure to estimate the value of the debt.

 

Going concern

As discussed more fully in the Directors' Report these financial statements have been prepared on the going concern basis. This treatment is based on management's judgement that cashflow requirements for the continued development can be achieved through operating activities and through additional fundraising if required.

 

3.       Operating segments

 

IFRS 8 requires that operating segments be identified on the basis of internal reporting and decision-making. The Board of Directors is the chief operating decision maker for the Group.

 

The Group has two business segments outlined below. The business analyses these streams by revenue and gross profit.  Overheads, assets and liabilities are not separately allocated across the business streams.

 

The business monitors operating segments using gross profit as the key measurement. Group profitability is measured using earnings before interest, tax, depreciation and amortisation (EBITDA) which is used to represent operating cashflow generated by the business.

 


2023

 

2022

 

Revenue

Gross profit

 

Revenue

Gross profit

 

£

£

 

£

£

Customer Experience Services

5,551,586

5,314,225


4,302,431

4,011,972

4D Platform

2,806,504

1,049,368


1,515,824

207,310

Total

8,358,090

6,363,593


5,818,255

4,219,282







EBITDA from continuing operations

 





Operating (loss)


(2,959,124)



(7,348,222)

Depreciation and amortisation


836,403



790,274

Total

 

(2,122,721)

 


(6,557,948)

 

4.       Geographical analysis

 

Revenue analysed by geographical market:


2023

 

2022

 

£

 

£

United Kingdom

2,126,778


1,066,801

Rest of Europe

1,158,692


1,553,243

Rest of the world

5,072,620


3,198,211


8,358,090

 

5,818,255

 

The timing of all revenue recognised by the Group during the reporting period was satisfied over time in accordance with IFRS 15 recognition criteria. None of the Group's activities result in the transfer of control of a product at a point in time for revenue recognition purposes.

 

Three major customers are included within revenue totalling £3,805,304 representing 13%, 16%, and 17% of total group revenue respectively (2022: two major customer totalling £1,512,875, each representing 13%).

 

Non-current assets analysed by geographical market:


2023

 

2022

 

£

 

£

United Kingdom

6,341,362


6,934,199

Rest of Europe

-


4,506

Rest of the world

11,911


14,504


6,353,273

 

6,953,209

 

 

5.       Exceptional items


Group

 

2023

2022

 

£

£

Amounts recovered relating to a historic fraud

-

(42,154)


-

(42,154)

 

          Reported loss before tax for the group is reconciled to the headline loss before tax below. This figure is a non-GAAP measure used for internal purposes and may not be comparable to other non-GAAP measures.

 


Group

 

2023

2022

 

£

£

Reported (loss) before tax

(3,447,776)

(7,536,773)

Share option charges

217,921

1,476,183

Amounts recovered relating to a historic fraud

-

(42,154)

Headline (loss) before tax

(3,229,855)

(6,102,744)

 

 

6.       Operating (loss)

 

          The operating loss is arrived at after charging:

 


Group

 

2023

2022

 

£

£

Depreciation of property plant and equipment

28,117

29,209

Amortisation of intangible assets

808,287

761,065

Short-term leases

259,330

237,388

Foreign exchange losses

83,763

24,334

Auditor's remuneration in respect of:



- audit of the consolidated financial statements

79,200

72,000

- other audit related assurance services

2,500

5,000

 

7.       Staff costs

 


Group

 

2023

2022

 

£

£

Wages and salaries

5,006,201

5,594,877

Share-based payments

217,921

1,476,183

Social security costs

497,419

786,795

Pension costs - defined contribution

260,639

215,546

Termination payments

27,855

19,598


6,010,035

8,092,999

                     

Average number of staff


Group

 

Company

 

2023

2022

 

2023

2022

Customer Experience Services

36

36


-

-

4D Platform

23

32


-

-

Central

9

12


-

-


68

80

 

-

-

 

8.       Directors' remuneration

 

          Key management personnel are considered to be the directors and their remuneration, employer's national insurance, and pension contributions are disclosed below:

 


Group

 

2023

2022

 

£

£

Directors' remuneration

691,728

763,237

Share-based payments

175,773

637,430

Social security costs

67,520

79,133

Pension costs - defined contribution

20,533

20,526

Invoiced services

-

17,920


955,554

1,518,246

 

The directors are remunerated, in respect of their services to the Group, through subsidiary companies. During the year three directors (2022: three) were accruing benefits under the company defined contribution pension scheme.

 

Remuneration disclosed above includes the following amounts paid to the highest paid director:

 


Group

 

2023

2022

 

£

£

Directors' remuneration

225,000

225,000

Share-based payments

71,552

229,757

Social security costs

28,243

29,744

Pension costs - defined contribution

6,750

6,750

 

 

9.       Finance expenses


Group

 

2023

2022

 

£

£

On convertible loan notes

419,455

166,651

On bank loans

69,198

21,900


488,653

188,551

 

10.     Income tax provision

         

          A deferred tax asset in respect of the Group's losses to date has not been recognised due to the uncertainty of the timing of future loss relief.

 


Group

 

2023

2022

Current tax

£

£

UK corporation tax charge from prior periods

698

-

UK corporation tax charge/(credit) for R&D from prior years

8,064

(41,009)

UK corporation tax credits for R&D for current year

(143,676)

(360,000)

Foreign taxation

3,021

1,971

Total current tax

(131,893)

(399,038)

 



Deferred tax

(144,199)

84,298




Total tax credit

(276,092)

(314,740)

 

 

Reconciliation of tax expense

 

The tax assessed on the loss on ordinary activities for the year is lower than the standard rate of corporation tax in the UK of 19% (2022: 19%).

 


Group

 

2023

2022

 

£

£

Loss on ordinary activities before taxation

(3,447,777)

(7,512,440)




Loss on ordinary activities by rate of tax

(655,077)

(1,427,364)

Non-allowable expenses

158,917

150,152

Enhanced R&D expenditure

(143,676)

(360,000)

Deferred tax movement on intangible assets

(144,199)

84,298

Movement in deferred tax not recognised

496,160

1,277,212

Adjustments in respect of prior periods

8,762

(41,009)

Foreign taxation

3,021

1,971

Tax on loss

(276,092)

(314,740)

 

 

Deferred tax assets have not been recognised on cumulative losses for the group totalling £43,151,563 (2022: £40,012,779).

 

 

11.     Goodwill and intangible assets

 


Customer lists

Development Costs

Goodwill

Total

 

£

£

£

£

COST

 




At 1 January 2022

595,708

2,498,004

4,349,662

7,443,374

Additions

-

1,099,062

-

1,099,062

At 31 December 2022

595,708

3,597,066

4,349,662

8,542,436

 





At 1 January 2023

595,708

3,597,066

4,349,662

8,542,436

Additions

-

226,891

-

226,891

At 31 December 2023

595,708

3,823,957

4,349,662

8,769,327

 





AMORTISATION

 




At 1 January 2022

362,790

524,180

-

886,970

Amortisation charge

148,927

612,138

-

761,065

At 31 December 2022

511,717

1,136,318

-

1,648,035

 





At 1 January 2023

511,717

1,136,318

-

1,648,035

Amortisation charge

83,991

724,296

-

808,287

At 31 December 2023

595,708

1,860,614

-

2,456,322

 





NET BOOK VALUE

 




At 31 December 2022

83,991

2,460,748

4,349,662

6,894,401

At 31 December 2023

-

1,963,343

4,349,662

6,313,005

 

 

          Amortisation is charged within administrative expenses in the Statement of Comprehensive Income.

 

Cash Generating Unit (CGU) impairment reviews

 

The Group has identified two CGUs: Customer Experience Services and 4D Platform (as reported in Note 3). The intangible assets are allocated to these CGUs as follows:

 


Goodwill

Development costs

Total

Customer Experience Services

 3,076,826

-

 3,076,826

4D Platform

 1,272,836

 1,963,343

 3,236,179

 

 4,349,662

 1,963,343

 6,313,005

 

1.   Customer Experience Services

 

The key assumptions for the value in use calculation are considered separately below.

 

Number of years of cash flows used and budgeted growth rate

The recoverable amount is based on a value in use calculation using specific cash flow projections over a five-year period with a growth rate of 2% for a further 3 years. The five-year forecast is prepared considering the directors' expectations based on market knowledge, numbers of new engagements and the pipeline of opportunities.

 

 

Discount rate

The Group's pre-tax weighted average cost of capital has been used to calculate a discount rate, which reflects current market assessments of the time value of money for the period under review and the risks specific to the Group. A discount rate of 19% was applied for each of the periods under review.

 

Future growth rate

An appropriate growth rate is selected, based on the directors' expectations of growth beyond the budgeted period.  The growth rate used for the period following the detailed forecast period is 2%, which is within the expected growth for the industry.

 

The discounted cashflows expected compares to the carrying value as follows:

 


Net Book Value

Recoverable Amount

Impairment Headroom

As at 31 December 2022

            3,160,817

          13,788,238

          10,627,421

As at 31 December 2023

            3,076,826

            8,732,408

            5,655,582

 

Sensitivity analysis has been conducted on each of management's key assumptions to assess the volatility of the impairment head room against the Group's Cash Generating Units.

 

A discount factor of 19% has been applied by management in order to calculate the net present value of each CGUs recoverable amount. For the Impairment Headroom to reduce to £nil this discount factor would need to increase to 74%. This discount factor is an estimate of the Group's cost of capital based on the capital asset pricing model using the beta value from similar listed businesses.

 

Management have used a sales pipeline to assess likely revenue for the proceeding three years, with a medium-term sales growth rate at 5% for three financial years with a growth rate forecast at 2% for years 2029 to 2031. Sensitivity analysis on these revenue estimates show that a reduction in forecast revenue of 17% would not result in any impairment.

 

For the purposes of reviewing goodwill impairments, the tangible fixed assets acquired in business combinations are not considered to be material.

 

 

2.   4D Platform

 

The carrying value of amortised intangible assets and the key assumptions used in performing the annual impairment assessment and sensitivities are disclosed below:

 


Net Book Value

Recoverable Amount

Impairment Headroom

 

 £

 £

 £

As at 31 December 2022

3,733,584

4,557,679

824,095

As at 31 December 2023

3,236,179

4,066,574

830,395

 

The key assumptions applied by management in assessing these recoverable amounts are:

 

-     a discount rate of 19% to calculate the present value of future cashflows;

-     revenue growth assumptions used in development costs averaging 50% per year over the first two years to 31 December 2025.

 

Sensitivity analysis has been conducted on these management assumptions to show that an increased discount rate of 24% would not result in any impairments being recognised.

 

Cashflow forecasts used in this analysis have been prepared by management based on best estimates of future activity and expected profit margins. Reduction of future revenue streams by a factor of 6% would not result in any impairment without considering any cost control measures.

 

12.     Investments

 

          All investments held by the group relate to investments in trading companies as detailed in Note 14.

 

COST

Group

 

Company

At 1 January 2022

-


6,872,911

Additions

4,999


1,481,183

At 31 December 2022

4,999

 

8,354,094

 




At 1 January 2023

4,999


8,354,094

Additions

-


217,921

At 31 December 2023

4,999

 

8,572,015

 

 

Impairment review of investments

Using the assumptions applied in reviewing intangible assets for impairment (see Note 11) the Company's investments in subsidiaries have also been compared to the discounted future cashflows expected from the subsidiary CGUs.

 

At the period end no impairment charges (2022: £nil) were necessary given the headroom below:

 

 


Net Book Value

Recoverable Amount

Impairment Headroom

As at 31 December 2022

 £

 £

 £

Investments in subsidiaries

        8,354,094

      18,345,917

      9,991,823


        8,354,094

      18,345,917

      9,991,823

 




As at 31 December 2023

 



Investments in subsidiaries

        8,572,015

      12,798,982

      4,226,967


        8,572,015

      12,798,982

      4,226,967

 

 

13.      Tangible assets

 


 Fixtures, fittings and equipment

 Computer equipment

 Total 

 

 £

 £

 £

 COST

 



 At 1 January 2022

8,297

142,725

151,022

 Additions

11,814

29,089

40,903

 At 31 December 2022

20,111

171,814

191,925

 




 At 1 January 2023

20,111

171,814

191,925

 Additions

471

9,106

9,577

 At 31 December 2023

20,582

180,920

201,502

 




 DEPRECIATION

 



 At 1 January 2022

4,973

103,934

108,907

 Charge for the period

4,237

24,972

29,209

 At 31 December 2022

9,210

128,906

138,116

 




 At 1 January 2023

9,210

128,906

138,116

 Charge for the period

4,868

23,249

28,117

 At 31 December 2023

14,078

152,155

166,233

 




 NET BOOK VALUE

 



 At 31 December 2022

10,901

42,908

53,809

 At 31 December 2023

6,504

28,765

35,269

 

Depreciation is charged to administrative expenses within the Statement of Comprehensive Income.

 

14.      Investments in subsidiaries

 

As at 31 December 2023 Silver Bullet Data Services Group PLC owned an interest in the ordinary share capital of the companies below.

 

All companies are 100% owned with the exceptions of Local Planet Data Services Ltd (51% owned) and Silver Bullet Data Science Limited (49.99% owned).

 

Silver Bullet Data Science Limited has not been consolidated into these financial statements as the Group does not exercise control over the company's activities.

 

During the period steps were taken to close and liquidate the German-registered subsidiary Silver Bullet Data Services GmbH which is expected to be completed during 2024.

 

Subsidiary undertaking

Country of incorporation

Registered office

Principal activity

Silver Bullet Media Services Limited

England and Wales

The Harley Building, 77 New Cavendish Street, London, W1W 6XB

Marketing services and data technologies

IOTEC Native Limited

England and Wales

The Harley Building, 77 New Cavendish Street, London, W1W 6XB

Dormant

Silver Bullet Data Services Limited

England and Wales

The Harley Building, 77 New Cavendish Street, London, W1W 6XB

Marketing services and data technologies

Silver Bullet Data Services GmbH

Germany

Herzogspitalstraße 24, 80331, Munich

Dormant

Silver Bullet Data Services Pty Ltd

Australia

452 Flinders St, Melbourne, 3000, Victoria

Marketing services and data technologies

Silver Bullet Data Services S.r.l

Italy

20161, Via Gian Rinaldo, Carli n. 47, Milan

Marketing services and data technologies

Technobeet S.r.l.

Italy

20161, Via Gian Rinaldo, Carli n. 47, Milan

Dormant

Silver Bullet USA Inc.

United States of America

1250 Broadway, 36th Floor, New York, New York, 10001

Marketing services and data technologies

Local Planet Data Services Ltd

England and Wales

The Harley Building, 77 New Cavendish Street, London, W1W 6XB

Marketing services and data technologies

 

15.     Trade and other receivables


Group

 

Company

 

2023

2022

 

2023

2022

 

£

£

 

£

£

Trade receivables

2,202,850

1,307,790


-

-

Other receivables

440,560

448,798


177,827

227,439

Prepayments

249,292

225,537


120,395

58,135

Contract assets

297,184

170,855


-

-

Corporation tax receivable

143,676

334,864


-

-


3,333,562

2,487,844

 

298,222

285,574

 

In determining the recoverability of accounts receivable, the Group considers any changes in the credit quality of the accounts receivable from the date credit was initially granted up to the reporting date.

 

Those receivable balances that are passed due have been assessed by management on an individual basis and provisions for bad debts has been made as necessary.

 

Contract assets represent agreements with customers against which revenue has been recognised but not yet invoiced in accordance with the contract terms. All accrued revenue at each period end has been invoiced within a maximum of three months of the reporting period.

 

16.     Cash and cash equivalents


Group

 

Company

 

2023

2022

 

2023

2022

 

£

£

 

£

£

Cash at bank

677,855

1,352,221


152,477

8,572


677,855

1,352,221

 

152,477

8,572

 

Cash at bank earns interest at floating rates based on daily bank deposit rates. Bank interest received is not material.

 

17.     Trade and other payables


Group

 

Company

 

2023

2022

 

2023

2022

 

£

£

 

£

£

Trade payables

1,221,776

530,257


166,823

34,448

Tax and social security

551,163

497,631


21,027

20,613

Other payables

339,670

345,496


10,051

5,050

Accruals

516,847

647,382


1,464

4,607

Contract liabilities

204,400

290,988


-

-

Amounts owed to group undertakings

-

-


3,974,951

3,762,367


2,833,856

2,311,754

 

4,174,316

3,827,085

 

The fair value of trade and other payables approximates to book value at each year-end. Trade payables are non-interest bearing and are normally settled monthly.

 

Contract liabilities represent agreements with customers against which revenue has not yet been recognised for payments that have been received in advance during the report period. All such deferred revenue at each period end has been released to the Statement of Comprehensive Income within a maximum of three months of the reporting period.

 

18.        Loans and borrowings


Group

 

Company

 

2023

2022

 

2023

2022

 

£

£

 

£

£

Current liabilities

 





Bank loans

75,002

41,227


33,862

-

Term loans

350,000

-


200,000

-


425,002

41,227

 

233,862

-

 







2023

2022

 

2023

2022

 

£

£

 

£

£

Non-current liabilities

 





Convertible loan notes

2,554,672

1,687,697


2,554,673

1,687,697

Bank loans

66,800

110,295


-

-


2,621,472

1,797,992

 

2,554,673

1,687,697

 

As at 31 December 2023 the Group had two bank loans of £141,801 (2022: £151,522). One loan accrues interest at 1.95% repayable over six years to 2026. Other loan balances are payable in equal instalments over a period of six months accruing annual interest rate of 11.2%.

 

As at 31 December 2023 the group had two short-term loan facilities totalling £350,000 (2022: £nil). The loans were lent without security and accrue interest at rates of 8.5% and 12%.

 

Convertible loan notes are in issue which are convertible by the option holder into new ordinary shares at any point during the three-year term of the loan, the latest of which expires 31 May 2026. Conversion prices are fixed at £1.10 for the June 2022 convertible loan note instruments and £0.50 for the May 2023 convertible loan note instrument.

 

The loan notes attract interest at a rate of 12% per annum, which is payable commencing on the date of issue either:

i)          at the Company's option of 8% per annum paid monthly plus 4% payable via the issue of additional Convertible Loan Notes as payment in kind.

ii)          12% payable via the issue of additional Convertible Loan Notes as payment in kind.

 

The loan notes may be redeemed in cash at the option of company at any point at a premium equal to 15% of the principal amount of the Notes.

 

The equity element of the convertible loan note is recognised within other reserves (see Note 23). Market interest rates of between 14% and 21% have been applied to calculate the residual equity value of the financial instrument.

 

19.     Deferred tax liability


Group

 

Company

 

2023

2022

 

2023

2022

 

£

£

 

£

£

Movements in the year:

 





Liability brought forward

632,190

547,892


-

-

Charge / (credit) to profit or loss

(144,199)

84,298


-

-

Liability carried forward

487,991

632,190

 

-

-

 

All deferred tax liabilities are recognised in respect of intangible and tangible asset timing differences. No deferred tax assets have been recognised by the Group.

 

20.     FINANCIAL INSTRUMENTS

 

Financial instruments and risk management

The Group's financial instruments may be analysed as follows:


Group

 

Company

 

2023

2022

 

2023

2022

 

£

£

 

£

£

Financial assets measured at amortised cost

 





Cash and cash equivalents

677,855

1,352,221


152,477

8,571

Trade receivables

2,202,850

1,307,790


-

-

Contract assets

297,184

170,855


-

-

Other receivables

440,560

448,798


177,827

227,439


3,618,450

3,279,664

 

330,304

236,010

Financial liabilities measured at amortised cost

 





Trade payables

1,221,776

530,257


166,823

34,448

Accruals

516,847

647,382


1,467

4,609

Other payables

339,670

345,496


3,985,002

3,767,417

Loans

3,046,474

1,839,219


2,554,673

1,687,697


5,124,767

3,362,354

 

6,707,964

5,494,171

 

Financial assets measured at amortised cost comprise cash, trade receivables, contract assets and other receivables.

 

Financial liabilities measured at amortised cost comprise bank loans and overdrafts, other loans, trade payables, convertible loan notes and other payables.

 

The debt instruments, excluding convertible loan notes, were initially recognised at fair value, and subsequently they were measured at amortised cost using the effective interest rate method, whereby the fair value of the debt approximates their carrying value.

 

The Group is exposed to a variety of financial risks through its use of financial instruments which result from its operating activities. All of the Group's financial instruments are classified as loans and receivables.

 

The Group does not actively engage in the trading of financial assets for speculative purposes. The most significant financial risks to which the Group is exposed are described below:

 

Credit risk

       

Generally, the Group's maximum exposure to credit risk is limited to the carrying amount of the financial assets recognised at the reporting date, as summarised above.

 

Credit default risk is the financial risk to the Group if a counter party to a financial instrument fails to meet its contractual obligation. The nature of the Group's receivable balances, the time taken for payment by entities and the associated credit risk are dependent on the type of engagement.

 

Credit risk is minimised substantially by ensuring the credit worthiness of the entities with which it carries on business. Credit terms are provided on a case-by-case basis. The Group's trade and other receivables are actively monitored. The Group has not experienced any significant instances of non-payment from its customers.

 

Unbilled revenue is recognised by the Group only when all conditions for revenue recognition have been met in line with IFRS 15.

 

Liquidity risk

 

Liquidity risk represents the contingency that the Group is unable to gather the funds required with respect to its financial obligations at the appropriate time and under reasonable conditions in order to meet their current obligations. The Group attempts to manage this risk so as to ensure that it has sufficient liquidity at all times to be able to honour its current and future financial obligations under normal conditions and in exceptional circumstances. Financing strategies to ensure the management of this risk include the issuance of equity or debt securities as deemed necessary.

 

The group's financial liabilities mature to the following profile:

 


2024

2025

2026

Total

 

£

£

£

£

Trade payables

1,221,776

-

-

1,221,776

Accruals

516,847

-

-

516,847

Other payables

339,670

-

-

339,670

Loans

425,001

2,102,482

518,990

3,046,474

 

2,503,294

2,102,482

518,990

5,124,767

 

Foreign currency risk

       

The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily Australian Dollars, United States Dollars and Euros. The Group monitors exchange rate movements closely and ensures adequate funds are maintained in appropriate currencies to meet known liabilities.

 

The Group's exposure to foreign currency risk at the end of the respective reporting periods were as follows:


2023

 

2022

 

AUD

USD

EUR


AUD

USD

EUR









Assets and liabilities

172,852

1,681,089

(537,629)


299,236

244,995

(515,938)

 

Assets and liabilities include the monetary assets and liabilities of subsidiaries denominated in foreign currency.

 

The Group is exposed to foreign currency risk on the relationship between its functional currencies and other currencies in which the Group's material assets and liabilities are denominated. The table below summaries the effect on reserves had the functional currencies of the Group weakened or strengthened against these other currencies, with all other variables held constant.

 


Group

 

Company

 

2023

2022

 

2023

2022

 

£

£

 

£

£

 






10% strengthening of functional currency

(7,876)


-

-







10% weakening of functional currency

16,539


-

-

 

The impact of a change of 10% has been selected as this has been considered reasonable given the current level of exchange rates and the volatility observed both on a historical basis and market expectations for future movements.

 

21.     Share capital and premium

         

Ordinary share capital

 


Issued and fully paid

No.

£

 



As at 1 Jan 2023

15,936,687

159,367

Shares issued

1,454,081

14,541

As at 31 Dec 2023

17,390,768

173,908

In December 2023 investment funding was raised for 1,428,571 new shares issued at £0.70. At the reporting date deferred share subscriptions were outstanding of £125,000 (2022: £142,720) and are held within other receivables.

22.     Share Option Reserve

 

The Group operates a programme for employees of its subsidiaries to acquire shares in the company under an EMI scheme. All options are settled by the physical delivery of shares once the options have vested and are exercised.

 

The number and weighted average exercise price of share options during the year were as follows:


2023

2022

 

Weighted average exercise price

Share options

Weighted average exercise price

Share options

 

£

No.

£

No.

Outstanding at start of period

1.49

1,569,620

1.56

1,679,607

Forfeited/expired during period

1.01

(196,626)

1.50

(198,987)

Granted during period

0.04

111,000

0.27

109,000

Exercised during period

0.01

(25,510)

0.01

(20,000)

Outstanding at end of period

1.47

1,458,484

1.49

1,569,620

 

Share options have been valued at grant date based on the Black Scholes valuation model using an estimated volatility of 40%. Options vest over varying terms according to individual option agreements from vesting in full on grant date to a period of three years.

 

All options expire after seven years and an expected take-up rate of 100% has been applied. A dividend yield of 0% has been applied to option valuation models as the Group focuses on capital growth through this period. Risk-free rates have been applied ranging from 0.26% to 3.62% based on UK 10-year gilt rates since 2014.

 

The movement in option valuation during the year ended 31 December 2023 resulted in a staffing cost being recognised by the Group of £217,921 (2022: £1,476,183), with a corresponding increase in the Group's equity.

 

The valuation of options exercised, lapsed, and forfeited during the year totalled £181,122 (2022: £355,150) which has been transferred to Retained Earnings.

 

The contractual life for outstanding options runs for a number of periods, the latest of which being to 26th October 2030.

 

23.     Other reserves

 



2023

 

2022

 


£

 

£

Convertible loan notes


451,432


398,954



451,432

 

398,954

 

Loan notes are in issue which are convertible into new ordinary shares at prices ranging from £0.50 to £1.10 per new ordinary share at any point during the three-year term of the loan.

 

The equity element of the convertible loan note is recognised within other reserves. Market interest rates varying from 14% to 21% have been applied to calculate the residual equity value of the financial instrument.

 

24.     Related party transactions

 

Key management personnel and directors' remuneration is detailed at note 8.

 

Local Planet International Limited: is a related party to the group by virtue of having Directors in common.  Ian James, Martyn Rattle and Nigel Sharrocks are directors of both companies.

 

Recharges for shared services totalling £124,668 (2022: £146,293) are included in revenue for the year ended 31 December 2023. Amounts outstanding at the year end included in trade receivables totals £9,857 (2022: £29,611).

 

Recharges for direct costs incurred were processed during the year ended 31 December 2023 totalling £100,100 (2022: £114,009). Amounts outstanding at 31 December 2023 totalled £37,800 (2022: £32,400).

 

Marmalade Consultants Limited: is a related party to the group by virtue of having Directors in common. Martyn Rattle is a director of both companies Consultancy services were provided during the year ended 31 December 2023 totalling £nil (2022: £17,920).

 

Educated Solutions Limited: is a related party to the group by virtue of having Directors in common. Ian James and Martyn Rattle are directors of both companies. Costs of £nil (2022: £3,462) were recognised in respect of a profit share agreement.

 

Umberto Torrielli: A director of the Group company relocated to the USA in order to establish a new presence in this territory in 2020. For this purpose a loan was issued of £151,969 which is held within other debtors at the end of the reporting period (2022: £150,000). The loan is repayable within 12 months and attracts interest at the Bank of England interest rate.

 

Transactions with group companies

 

As a holding company for the subsidiaries listed at Note 14, all funds raised are distributed to subsidiary companies as required. A summary of balances outstanding at the period end are provided below. All balances are repayable on demand and are lent without security or accruing any interest.

 

A provision for bad debts has been included in the Company financial statements for all amounts receivable from subsidiaries in both the current and previous year.

 

Amounts owed to subsidiary companies

2023

2022

 

£

£

Silver Bullet Media Services Limited

2,921,809

2,960,236

Iotec Native Limited

 802,131

 802,131

Silver Bullet Data Services Limited

 196,011

-

Local Planet Data Services Ltd

 55,000

-





3,974,951

3,762,367

25.     Earnings per share

 

Earnings per share (EPS) is calculated on the basis of profit attributable to equity shareholders divided by the weighted average number of shares in issue for the year. The diluted EPS is calculated on the treasury stock method and the assumption that the weighted average EMI share options outstanding during the period are exercised.


2023

2022

 

£

£

 



Loss after taxation

(3,171,684)

(7,222,033)

Non-controlling interest

(2,534)

946

Loss after taxation attributable to shareholders

(3,169,150)

(7,222,979)




Number of shares

 


Weighted average number of ordinary shares in issue

16,057,860

14,889,187

Dilutive effect of in-the-money share options

656,832

589,590

Diluted weighted average number of shares

16,714,692

15,478,777




Earnings per share

 


Basic earnings per share

(0.20)

(0.49)

Diluted earnings per share

(0.20)

(0.49)

 

As there is a loss for the year the options are antidilutive and therefore the basic and the diluted EPS are the same.

 

26.     Other financial commitments

 

          The Company has provided a guarantee in respect of the outstanding liabilities of the subsidiary companies listed below in accordance with Sections 479A - 479C of the Companies Act 2006, as these subsidiary companies of the Group are exempt from the requirements of the Companies Act 2006 relating to the audit of the accounts by virtue of Section 479A of this Act.

 

Silver Bullet Media Services Limited (06216702)

IOTEC Native Limited (08286180)

Silver Bullet Data Services Limited (10081847)

Local Planet Data Services Ltd (13123941)

 

27.     Subsequent events

         

          No other significant events have occurred between the end of the reporting period and the date of signature of the Annual Report and Accounts.

         

28.     Ultimate controlling party

 

Management consider there is no ultimate controlling party of the Group.

 

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