TIDMDXSP
DXS INTERNATIONAL PLC
ANNUAL RESULTS
for the year ended 30 April 2022
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 2022.
The company has had a challenging year. The principal
contributing factors were a one-off EU order which, as anticipated,
was not repeated in this year and the NHS restructuring the primary
care system. The current 106 CCGs (Clinical Commissioning Groups)
are being merged into 42 ICBs (Integrated Care Boards) which range
from one to nine CCGs per ICB. During this change process, as the
ICBs have rationalised their CCG groups and Digital Tools being
used, some customers were lost. Equally an opportunity exists to
gain new clients.
In the period, turnover, although generally robust, decreased by
8% to GBP3,285,050 (2021: GBP3,605,766). As a result of the reduced
turnover, the Company produced an Operating Loss of GBP57,776
(2021: a profit of GBP288,016). However, the Company managed to
produce a Profit after tax although this was reduced to GBP222,250
compared to GBP496,913 in the previous year. Cash at bank at the
period end was GBP452,329 (2021: GBP792,318).
The drop in turnover is being addressed and has already been
reduced by GBP60,000 p.a. after the period end as some clients have
renewed their current agreements at an increased annual license
fee.
The Covid-19 pandemic continues to place a huge strain on the
NHS creating a massive backlog of usual care treatment. While the
Covid-19 situation, as far as hospital admissions are concerned,
has significantly eased, the number of recognised cases since March
2022, although now declining, have been at their highest levels
ever, bringing new challenges for the NHS. Coupled with the
restructuring in England of 106 CCGs (Clinical Commissioning
Groups) into 42 ICBs (Integrated Care Boards) is the organising of
7,000 GP practices into 1,250 PCNs (Primary care Networks). For NHS
digital solution providers such as ourselves, the current state of
disruption in our main market presents significant challenges in
gaining access to procurement decision-makers.
On the positive side, both Covid and the ensuing health demand
aftermath has spotlighted the importance of using digital and other
technologies to drive greater health care delivery efficiency and
effectiveness. We believe that after many years of lagging behind
other industry sectors regarding the adopting of digital
technologies, health care systems have finally come alive to the
potential benefits digital solutions offerings to both providers
and patients.
During the past 24-months, we have continued to significantly
invest in development and innovation of our existing and new
Digital AI solutions which strongly align with the NHS and global
healthcare providers strategy of Digital First. Our development and
marketing programs feature two key product lines:
-- We are continuing with the improvement of our existing DXS Point of Care
solution which will take this product to the cloud and ensure that it
offers our existing and new customers super digital functionality in line
with their needs. An exciting development is the conclusion of an
agreement with an established AI middleware provider, a spinout company
from Oxford University, University College London and Cancer Research UK
to help develop the Company's AI offerings. Not only has this negated the
need for DXS to build a complex AI layer within our new Point of Care
Cloud Solution, this AI solution takes our future offer to a new level.
This highly sophisticated AI-based platform and applications can be used
in numerous clinical environments to bring significant clinical
compliance benefits and ROI.
-- With regards to the therapeutic management of long-term conditions, where
a significant percent of healthcare costs are incurred, we continue with
our sales and marketing efforts to GP Practices, Primary Care Networks
and the newly formed ICB's. Although the uptake is frustratingly slow, we
are at varying stages of progress of getting our hypertension solution
trials active across nine ICB's (Integrated Care Boards) representing
almost thirteen million registered patients. In parallel to this direct
approach, we are actively engaged with various AHSN's (Academic Health
Science Networks) to help provide endorsement of the potential benefits
of ExpertCare to the UK healthcare sector. Hypertension, which affects 16
million people in the UK, has been our first long term condition to be
added to the engine which aligns with the NHS priority of better managing
cardiovascular disease, particularly when, according to the Royal College
of GPs, there is a backlog of two million untreated hypertensive patients
-- an iceberg under the water.
During the past year, we have increased our development and
sales and marketing efforts into our digitally systemised AI
solutions and we are on track to achieve the aggressive growth in
the UK healthcare market that we have been planning and preparing
for.
Yet, while this market penetration has been slower than
expected, the past two and a half years have changed the healthcare
landscape for ever. It has changed the mindset of clinicians to the
reality and potential benefits of collaborating remotely with
patients. Now it is up to digital healthcare companies like DXS
with world beating AI solutions to provide healthcare workers with
the tools they so desperately need. Tools that will save lives,
optimise clinician resource, and dramatically cut soaring
healthcare costs.
According to Public Health England, the NHS, in England alone,
could save GBP90 million annually on reduced heart attacks and
strokes by optimally managing hypertension! We have the tools to
significantly contribute towards achieving this. Consider the
additional impact by adding Diabetes, Atrial Fibrillation,
Cholesterol, COPD and Asthma to name a few. Therefore, it is
imperative that we continue with an accelerated investment program
into focused development of additional long-term conditions and an
aggressive sales and marketing campaign. With solutions, such as
ours, with high barriers to entry but easily scalable to
international territories the opportunity for significant growth is
clear.
Our existing solution DXS Point of Care, coupled with new Aios
cloud-based AI capability, and our new long term condition medicine
management solution ExpertCare place us firmly in the health care
AI domain and provides us with real world capabilities and market
appeal.
Having accepted that the past thirty months have been
challenging, we remain focused on growing our revenue and profits
and believe that we are now well positioned to take our business to
new heights with a range of advanced and highly competitive
clinical decision support solutions that can deliver measurable ROI
supported by an exceptional team of people, a winning formula.
We are slowly gaining ground and remain extremely positive about
the real benefits our solutions, both existing and new, can provide
to healthcare providers locally and internationally.
David Immelman, Chief Executive of DXS commented:
"Although the past two-and-a-half years have been challenging,
we remain more optimistic than ever about the prospects of
significant future growth for DXS, both in the UK and
Internationally.
This enthusiasm is fuelled by the global healthcare sector
having no alternative but to embrace new ways of working such as
remote and virtual consultations and improving efficiencies to
manage huge backlogs of patient care. The health care market is now
showing unequivocal signs that healthcare organisations and
clinicians have accepted that digital health solutions are
essential to achieving improved healthcare delivery and outcomes.
And that data is fast becoming a key driver of enhanced
efficiencies.
DXS' vision and belief in investing in SMART Expert digital
solutions, that align with current market needs, puts us in a
strong position to begin seeing the revenue growth we have been
planning for and emphatically believe we will achieve. While access
to healthcare decision makers, against the current backdrop of NHS
restructuring and pandemic residual, remains challenging, we are
making progress on the sales and marketing front.
All of this is supported by an amazing and enthusiastic team who
have the vision and belief of our direction of travel and the
competence to achieve the goals we have set for this business."
The Directors of DXS International plc accept responsibility for
this announcement.
Contacts :
David Immelman 01252 719800
DXS International plc
www.dxs-systems.com
AQSE Corporate Broker
Hybridan LLP 020 3764 2341
Claire Louise Noyce
Corporate Advisor
City & Merchant 020 7101 7676
David 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
2022.
REPORT OF THE DIRECTORS
The directors present their annual report and the audited
financial statements for the year ended 30 April 2022. 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:
-- Bob Sutcliffe -- Chairman
-- 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 GBP1,284,961 into R&D for the introduction,
continuation, and completion of a number of new DXS solutions.
These are 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 GBP164,512 on bank and third-party
loans.
FINANCIAL INSTRUMENTS
The Directors believe that there is no material risk arising in
respect of interest rates on loans, credit, and liquidity.
DIVID
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.
As 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:
D A Immelman
Director
8(th) August 2022
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 2022, 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 GROUPS BUSINESS
The Group Profit after Tax is GBP222,250 (2021 - GBP496,913).
The Operating (loss)/Profit amounts to (GBP57,776) (2021
GBP288,016). There was a reduction in amortisation of GBP320,394 to
GBP660,289. The Group has a credit of GBP320,985 for UK Corporation
Tax (2021 credit- GBP243,240) for the year.
The profit after tax for the year decreased by GBP274,663 after
a significant investment into R&D of GBP1,284,961. Considering
the overall impact of COVID-19, revenue remained robust with a
decrease of 8% in revenue. Of this 3% was due to a one-off EU sale
in the previous year. As an accredited NHS solutions provider, DXS
has well-established business continuity and disaster recovery
protocols in place. These ensured business continuity throughout
the COVID-19 pandemic and at this point, staff, both in the United
Kingdom and South Africa are returning to the office albeit in a
controlled way 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 are now becoming effective after
April 2022 and as a result GBP60,000 annual recurring revenue has
been added. This is expected to continue over the coming
months.
We have continued the development of our existing DXS Point of
Care solution into our new Aios cloud-based system. Coupled with
this has been the recent conclusion of a JV agreement with a
leading AI middleware provider, enabling us to include this Oxford
born AI module with Aios.
We have continued to use the delays in commercialisation caused
by COVID to add certain enhancements to our ExpertCare hypertension
solution which we believe will increase the attractiveness of our
offering and pricing in our favour as the market slowly 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 Aios and ExpertCare solutions will 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 NHS begins to normalise, even though current COVID
levels are at their highest ever, we are beginning to engage on a
commercial level -- even if slowly.
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. In this regard, we are in discussion
with both an EU and South African healthcare company to white label
ExpertCare for these territories.
ANALYSIS OF BUSINESS DURING YEARING APRIL 2022
Revenue was 16% below market expectations, decreasing by
GBP320,716 while Operating Profit decreased by GBP345,792.
Decreased revenue was attributable to the one off EU sale of
GBP110,000 in the previous year and a loss of two clients due to
NHS restructuring.
FINANCIAL METRICS
-- Group Revenue of GBP3,285,050 has decreased by 8%. 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 GBP222,250, a 55% decrease. This
was mainly due to a reduction of turnover and increased costs.
Definition: Underlying profit provides information on the underlying
performance of the business.
-- Depreciation and amortisation of deferred Research and Development
expenditure and Goodwill in 2022 was GBP660,280 and in 2021 was
GBP980,683.
-- Earnings Per Share 2022 0.5p, 2021 1.0p. Definition: Earnings per share
is the underlying profit divided by the weighted average number of
ordinary shares in issue.
-- ROE 2022 5 %, 2021 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
8(th) August 2022
FINANCIAL STATEMENTS
INCOME STATEMENT
Year ended 30 April 2022
2022 2021
Continuing Operations Continuing Operations
GBP GBP
Turnover 3,285,050 3,605,766
Cost of Sales (412,904) (419,757)
_________ _________
Gross Profit 2,872,146 3,186,009
Administration Costs (2,269,633) (1,917,310)
Depreciation and Amortisation (660,289) (980,683)
_________ _________
Operating profit (57,776) 288,016
Sundry income 2,153 9,539
_________ _________
(55,623) 297,555
Interest payable and similar
expenses (43,022) (43,882)
_________ _________
Profit on ordinary activities
before taxation (98,645) 253,673
Tax on profit on ordinary
activities 320,895 243,240
_________ _________
Profit for the year 222,250 496,913
========= =========
Profit per share
0.5p 1.0p
-- basic
0.5p 1.0p
-- fully diluted
========= =========
Statement of Other Comprehensive Income
Year ended 30 April 2022
2022 2021
GBP GBP
Profit for the year 222,250 496,913
Other comprehensive income - -
Tax on components of other comprehensive
income - -
_________ _________
Total comprehensive income for
the year 222,250 496,913
========= =========
Statement of Financial Position
Year ended 30 April 2022
Company Company
Group 2022 Group 2021 2022 2021
GBP GBP GBP
Fixed Assets
Intangible Assets 5,183,683 4,557,969 - -
Tangible Assets 2,645 1,333 - -
Investments - 2,815,831 2,348,899
_________ _________ _________ _________
5,186,328 4,559,302 2,815,831 2,348,899
_________ _________ _________ _________
Current assets
Debtors: amounts falling due
within one year 693,702 850,258 32,762 43,471
Cash at bank and in hand 452,379 792,318 195,800 642,377
_________ _________ _________ _________
1,146,081 1,642,576 228,562 685,848
Creditors: amounts falling due
within one year (889,761) (951,673) (50,478) (38,227)
_________ _________ _________ _________
Net current assets 256,320 690,903 178,084 647,621
_________ _________ _________ _________
Total assets less current
liabilities 5,442,648 5,250,205 2,993,915 2,996,520
Creditors:
Amounts falling due after more
than one year (331,330) (449,125) - -
Deferred income (746,676) (653,688) - -
_________ _________ _________ _________
4,364,642 4,147,392 2,993,915 2,996,520
========= ========= ========= =========
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 1,360,267 1,138,017 (10,460) (12,855)
_________ _________ _________ _________
Shareholders' funds 4,364,642 4,147,392 2,993,915 2,996,520
========= ========= ========= =========
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 GBP20,475
(2020 - GBP80,099) for the year.
The financial statements were approved and authorized for issue
by the Board on 8(th) August 2022.
D Immelman S Bauer
Director Director
Company Registration number : 06311313
STATEMENT OF CASH FLOWS
Year ended 30 April 2022
Group Group
2022 2021
GBP GBP
Cash flow from operating activities 907,862 1,088,409
Interest paid (43,022) (43,882)
Sundry Income 2,153 9,539
R&D tax credit received 249,895 186,240
_________ _________
Net cash flow from operating activities 1,116,888 1,240,306
_________ _________
Cash flow from investing activities - -
Payments to acquire intangible fixed
assets 1,284,961 (1,529,762)
Payments to acquire tangible fixed
assets (2,354) (1,707)
_________ _________
(1,287,315) (1,531,469)
_________ _________
Financing Activities -
Expense in respect of share issue
in February 2020 (5,000) -
Repayment of long term loans (164,512) (117,164)
Advance of long term loans - 190,000
_________ _________
(169,512) 72,836
_________ _________
Net (decrease) in cash and cash
equivalents (339,939) (218,327)
Cash and Cash equivalents at 1 May
2021 792,318 1,010,645
_________ _________
Cash and Cash equivalents at 30
April 2022 452,379 792,318
========= =========
Cash and Cash equivalents consists
of:
Cash at bank and in hand 452,379 792,318
========= =========
Current Non Current
Net Debt Reconciliation Debt Debt Cash Total
GBP GBP GBP GBP
At 30 April 2020 (420,131) (376,289) 1,010,645 214,225
Cash Flow 212,992 (72,836) (218,327) (78,171)
_________ _________ ________ _________
At 30 April 2021 (207,139) (449.125) 792,318 136,054
Cash Flow (85,993) 117,795 (339,939) (308,137)
_________ _________ ________ _________
At 30 April 2022 (293,132) (331,330) 452,379 (172,083)
========= ========= ========= =========
NOTES TO THE FINANCIAL STATEMENTS
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 5 years from the date Period of time for benefit
expenditure that the specific product to be received
is completed and available
for distribution.
Provisions 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 GBP550.
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. 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.
A Grant received during the year has been recorded as other
income where receivable
(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 reporting 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 products and services 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.
Foreign exchange gains or losses are recognised in the Income
Statement.
(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 under operating leases are charged to the income
statement on a straight line basis over the period of the
lease.
(l) Share option 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.
(m) Key judgements and Key accounting estimates
The Key judgements or Key Accounting estimates with a material
effect on the carrying value of assets and liabilities are set out
below -.
In regards to the going concern of the company, the directors
have considered cash flow forecasts for the period to April 2024
which include estimates to be earned from the new Aios and
Expertcare A1 solutions which are expected to be revenue generating
from late 2022. Also included are increased costs which, if
forecasted sales are slower than anticipated, can be reduced
accordingly. In addition the forecast include the receipt of new
financing for GBP500,000 which was agreed in July 2022 and is in
the process of being drawn down. Given the additional funds
received and the market potential for the new products, supported
by trial results, the directors consider it appropriate to adopt
the going concern basis of accounting and are satisfied that there
is no material uncertainty.
The Research and Development tax credit received from HMRC is
not a Government grant but a recognition of the costs incurred in
respect of the company's research and development and is received
through an adjustment to the taxable income of the company
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
including the estimated amount of time charged by employees.
(n) Reduced disclosure
DXS International PLC meets the definition of a qualifying
entity under FRS 102 paragraph 1.12(b) and has therefore taken
advantage of the disclosure exemption in relation to the parent
cash flow statement.
(END) Dow Jones Newswires
August 22, 2022 02:00 ET (06:00 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
DXS (AQSE:DXSP)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024
DXS (AQSE:DXSP)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024