(c 
Contents 
Highlights ........................................................ 02 
Chairman's statement. ......... ..................... .. ....... . 03 
CEO's statement. ............................................... 04 
CFO's statement. ............................................... 08 
Progress report .................................................. 10 
Products .......................................................... 12 
Business model ............................ ..................... 12 
Key market developments ...... .............................. 13 
Directors .......................................................... 14 
Company information .......................................... 16 
Strategic report. ............................. .................... 17 
Directors' report ...................... ........................... 18 
Corporate governance statement. ........................... 20 
Remuneration Committee report. ............................ 21 
)) 
Independent auditor's report to the members of Bango 
PLC ................................................ ................ 22 
Consolidated balance sheet. ................................. 23 
Consolidated statement of comprehensive income .... 24 
Consolidated cash flow statement.. ........................ 25 
Consolidated statement of changes in equity ........... 26 
Notes to the financial statements ........... ............... 27 
Independent auditor's report to the members of Bango 
PLC ................................................................ 45 
Company balance sheet .... .................................. 46 
Notes to the financial statements .......................... 47 
No .I• e 01 Genera M ~et1 g. 
Form of proxy 
Exp anatory 'lotes... .. ...... 
50 
53 
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  28 Notes to the financial statements 
Notes to the financial statements 
The cost of an internally generated intangible asset comprises all 
direct attributable costs necessary to create, produce and prepare 
the intangible asset to be capable of operating in the manner 
intended by management. Directly attributable costs comprise 
employee salary and other employment costs incurred, on a time 
apportioned basis, as well as a proportion of attributable overhead 
costs. These costs are recognized as intangible assets. Development 
costs previously recognized as an expense are not included in the 
amount recognized as an asset. Until completion of the project, 
these assets are subject to impairment testing only. Amortization 
commences upon completion of the asset, and is shown within 
administrative expenses in the statement of comprehensive income. 
3.5 Impairment of property, plant and equipment and intangible 
assets 
At each balance sheet date, the Group reviews the carrying amounts 
of its property, plant and equipment and individual intangible assets 
for 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. The recoverable amount is the higher of the fair value 
less costs to sell and value in use. Until completion of the 
development project, when amortization can be charged on the 
intangible asset, the assets are subject to an annual impairment test. 
3.6 Loans and receivables 
a) Cash and cash equivalents 
Cash and cash equivalents comprise cash in hand and bank 
deposits available on demand, together with other short term highly 
liquid investments. 
b) Trade and other receivables 
Trade and other receivables are recognized initially at fair value and 
are measured subsequent to initial recognition at amortized cost 
using the effective interest method, less provision for impairment. 
Any change in their value through impairment or reversal of 
impairment is recognized in profit or loss. 
Provision against trade receivables is made when there is objective 
evidence that the Group will not be able to collect all amounts due to 
it in accordance with the original terms of those receivables. The 
amount of the write-down is determined as the difference between 
the asset's carrying amount and the present value of estimated 
future cash flows discounted at the original effective interest rate. 
3.7 Trade and other payables 
Trade and other payables are initially measured at fair value, and are 
subsequently measured at amortized cost, using the effective 
interest rate method. 
3.8 Income taxes 
Current income tax liabilities comprise those obligations to fiscal 
authorities relating to the current or prior reporting period, that are 
unpaid at the balance sheet date. They are calculated according to 
the tax rates and tax laws applicable to the fiscal periods to which 
they relate, based on the taxable profit for the year. All changes to 
current tax assets or liabilities are recognized as a component of tax 
expense in the income statement, except where it relates to items 
recognized outside profit or loss. Tax relating to items recognized in 
other comprehensive income is recognized in other comprehensive 
income, and tax relating to items recognized directly in equity is 
recognized directly in equity. 
Deferred income taxes are calculated using the liability method on 
temporary differences. This involves the comparison of the carrying 
amounts of assets and liabilities in the consolidated financial 
statements with their respective tax bases. In addition, tax losses 
Bango PLC Annual Report 2013 
available to be carried forward as well as other income tax credits to 
the Group are assessed for recognition as deferred tax assets. 
However, deferred tax is not provided on the initial recognition of 
goodwill, nor on the initial recognition of an asset or liability unless 
the related transaction is a business combination or affects tax or 
accounting profit. Deferred tax on temporary differences associated 
with shares in subsidiaries and joint ventures is not provided if reversal 
of these temporary differences can be controlled by the Group and it 
is probable that reversal will not occur in the foreseeable future. In 
addition, tax losses available to be carried forward as well as other 
income tax credits to the Group are assessed for recognition as 
deferred tax assets. 
Deferred tax liabilities are always provided for in full. Deferred tax 
assets are recognized to the extent that it is probable that the 
underlying deductible temporary differences will be able to be offset 
against future taxable income. Deferred tax assets and liabilities are 
calculated, without discounting, at tax rates that are expected to apply 
to their respective period of realization, provided they are enacted or 
substantively enacted at the balance sheet date. 
Deferred tax is recognized as a component of tax expense in the 
income statement, except where it relates to items charged or credited 
directly to other comprehensive income, when it is recognized in other 
comprehensive income. Deferred tax relating to items recognized 
directly in equity is recognized directly in equity. 
3.9 Operating lease agreements 
Rentals applicable to operating leases where the risks and rewards of 
ownership are not transferred are charged to profit or loss net of any 
incentives received from the lessor on a straight-line basis over the 
period of the lease. 
3.10 Finance lease agreements 
Assets held by the group under leases which transfer to the Group 
substantially all of the risks and rewards of ownership are classified as 
finance leases. On initial recognition, the leased asset is measured at 
an amount equal to the lower of its fair value and the present value of 
minimum lease payments. 
Minimum lease payments made under finance leases are apportioned 
between the financial expense and the reduction of the outstanding 
liability. The finance expense is allocated to each period during the 
lease term so as to produce a constant periodic rate of interest on the 
remaining balance of the liability. 
3.11 Revenue recognition 
Revenue is measured by reference to the fair value of consideration 
receivable by Bango for services provided, excluding VAT. 
3.11.1 End user activity 
End user activity arises from the provision of mobile internet content to 
end users facilitated through mobile network operators and other 
payment providers. Some end users make a prepayment to Bango 
prior to accessing chargeable mobile internet content. 
Revenue is recognized as turnover at the time at which end users 
access chargeable mobile internet content. 
Where there has been no activity on an end user account for a period 
of 60 days, the balance remaining is released as turnover, in 
accordance with the end user terms and conditions. 
3.11.2 Judgements on end user activity 
When applying the revenue recognition policy consideration is given to 
whether Bango acts as principal or agent in providing content to the 
end user.  Notes to the financial statements 29 
Notes to the financial statements 
The nature of Bango's business is that it facilitates a large volume 
of transactions in which content developed by a range of digital 
merchants is delivered to end users, payment for which is made 
via a number of potential payment routes. 
The assessment as to whether Bango is principal or agent in the 
supply of content to an end user is highly judgemental and in most 
cases, gives rise to mixed indicators under lAS 18. This is because 
the terms and conditions between the numerous transacting 
parties vary significantly, giving rise to many dissimilar 
configurations of risk and rewards attributable to Bango. 
Risks and rewards typically include, to varying degrees, digital 
merchant rate card price variance; payment provider refund risk; 
end user credit risk; foreign currency exposure and dormant 
balance returns. 
In view of the volume and variety of transactions in question, 
management disclose in the turnover figure a blend of end user 
activity as both agent and principal, depending on the substance 
of the underlying contracts. Where Bango is principal the gross 
value of the transaction is shown , with the associated amounts 
due to digital merchants and payment providers separately 
detailed. Under the agency relationships only the margin is 
reported in the turnover figure, therefore there are no associated 
costs displayed. 
Management do not consider accounting as either principal or 
agent for all transactions faithfully presents Bango's role in these 
transactions. Presentation simply as agent would not adequately 
communicate the exposure to the risks and rewards associated 
with all transactions. Conversely, if Bango presented itself as 
principal, this may overstate the risks and rewards to which Bango 
is exposed. If Bango were entirely principal, revenue would be 
turnover, if Bango were entirely agent, revenue would be the net 
amount. 
3.11.3 Platform fees 
Platform fees includes revenue from the sale of access licences to 
digital merchants and is recognized evenly over the period of the 
contract since the services are provided evenly over this period. 
Platform fees includes revenue from service contracts and is 
recognized in the financial statements over the contract period. 
Platform fees also includes revenue from services provided to 
mobile phone operators and digital merchants and is recognized 
in the financial statements over the period of the contract in 
proportion to the element of the services provided at the balance 
sheet date. 
3.12 End user spend 
In order to assist users of the financial statements there has been 
a change in presentation with end user spend in the year being 
reported. This is reported in the consolidated statement of 
comprehensive income, because end user spend is the key 
performance indicator that management use to monitor 
transactions. The end user spend represents the gross end user 
activity through the Bango system, excluding VAT and is the key 
measurement for transactions processed by Bango in a year. 
3.13 Employee benefits 
All accumulating employee-compensated absences that are 
unused at the balance sheet date are recognized as a liability. 
Payments to defined contribution retirement benefit schemes are 
charged as an expense in the period to which they relate. 
3.14 Share-based payment transactions 
Bango issues equity settled share-based compensation to certain 
employees (including Directors). Equity settled share based 
payments are measured at fair value at the date of grant. The fair 
value determined at the grant date of the equity-settled share­
based payment is expensed on a straight-line basis over the 
vesting period, together with a corresponding increase in equity, 
based upon the Bango's estimate of the shares that will eventually 
vest. These estimates are subsequently revised if there is any 
indication that the number of options expected to vest differs from 
previous estimates. Any cumulative adjustment prior to vesting is 
recognized in the current period. No adjustment is made to any 
expense recognized in prior periods. 
Fair value is measured by an external valuer using the Black­
Scholes option pricing model. The expected life used in the model 
has been adjusted, based on management's best estimate, for the 
effects of non-transferability, exercise restrictions and behavioral 
considerations. No adjustment is made for performance conditions 
as these do not form a condition of the option agreement. 
If the terms of an equity-settled transaction were to be modified, 
as a minimum an expense is recognized as if the terms had not 
been modified. In addition, an expense would be recognized for 
any increase in the value of the transaction as a result of the 
modification, as measured by the date of modification , over the 
remaining vesting period. 
Where an equity-settled transaction is cancelled, it is treated as if 
it had vested on the due date of the cancellation, and any expense 
not yet recognized for the transaction is recognized immediately. 
However, if a new transaction is substituted for the cancelled 
transaction, and designated as a replacement transaction on the 
date that it is granted, the cancelled and new transactions are 
treated as if they were a modification of the original transaction, as 
described in the previous paragraph. 
Share-based payment transactions are shown separately in the 
statement of comprehensive income. Additional information is 
provided in note 7. 
3.15 Foreign currencies 
Monetary assets and liabilities in foreign currencies are translated 
into sterling at the rates of exchange prevailing at the balance 
sheet date. Transactions in foreign currencies are translated into 
sterling at the rate of exchange preva iIi ng at the date of the 
transaction. Exchange gains and losses are included in the profit 
or loss for the period. 
3.16 Segment reporting 
In identifying Bango operating segments the chief operating 
decision maker reviews two service lines. These are the provision 
of a mobile payment platform allowing end users to purchase 
content, and the provision of services to digital merchants and 
other organisations. The turnover and margin generated from each 
of these segments is separately reported but where costs and 
assets are managed and utilized on a group basis, these are not 
allocated to a segment. 
3.17 Financial instruments 
Financial liabilities and equity instruments are classified according 
to the substance of the contractual arrangements entered into. An 
equity instrument is any contract that evidences a residual interest 
in the assets of the entity after deducting all of its financial 
I ia bi I ities. 
Bango PLC Annual Report 2013   
30 Notes to the financial statements 
Notes to the financial statements 
Where the contractual obligations of financial instruments 
(including share capital) are equivalent to a similar debt 
instrument, those financial instruments are classed as financial 
liabilities. Financial liabilities are presented as such in the balance 
sheet. Finance costs and gains or losses relating to financial 
liabilities are included in profit or loss. Finance costs are 
calculated so as to produce a constant rate of return on the 
outstanding liability. 
Where the contractual terms of share capital do not have any 
terms meeting the definition of a financial liability then this is 
classed as an equity instrument. 
Dividends and distributions relating to equity instruments are 
debited direct to equity. 
Interest income and expenses are reported on an accrual basis 
using the effective interest method. 
3.18 Share capital and reserves 
Share Capital 
Ordinary shares are classified as equity. Equity instruments issued 
by Bango Pic are recorded at the proceeds received, net of direct 
issue costs. 
Share premium 
Share premium represents the excess over nominal value of the 
fair value of consideration received for equity shares, net of 
expenses of the share issue. 
Merger reserve 
The merger reserve represents the difference between the parent 
company's cost of investment and a subsidiary's share capital and 
share premium where a group reorganisation qualifies as a 
common control transaction. 
Other reserve 
The other reserve represents equity-settled share-based employee 
remuneration recognized over the vesting period. 
Retained earnings 
Retained earnings include all current and prior period retained 
profits. 
3.19 Significant accounting estimates and judgements 
Revenue recognition 
As discussed in policy note 3.11 there are a number of key 
judgements taken by management in determining the most 
appropriate presentation of revenues generated from services to 
end users. Income has been reported gross with the separate 
disclosure of amounts attributable to digital merchants. As set out 
in 3.11.2, due to the variety and complexity of transactions, 
presentation of revenue as simply principal or agent does not 
adequately communicate the role of Bango in the transactions. 
Deferred tax 
A deferred tax asset is recognized where Bango considers it 
probable that a tax credit will be received in the future. This 
specifically applies to tax losses and to outstanding vested share 
options at the balance sheet date. No deferred tax asset is 
currently being recognized due to the unpredictability of future 
taxable trading profits from which these differences may be 
deducted (note 15). 
Bango PLC Annual Report 2013 
Development costs 
Judgement is applied when deciding whether the recognition 
requirements for development costs have been met. Judgements 
are based on the information available at each balance sheet date. 
Economic success of any product development is uncertain at the 
time of recognition as it may be subject to future technical 
problems and therefore impairment reviews are completed by 
project each balance sheet date. The carrying value of capitalized 
development costs is £3,377,872 (2012: £3,277,947). 
No impairment is recognised based on current estimates of future 
revenue streams expected to be derived from the development 
work that has been capitalized. Development costs have been 
derecognised relating to a specific project because no future 
economic benefits are expected from its use beyond 2014. 
3.20 Standards and interpretations not yet applied by the 
Group 
The following new Standards and Interpretations, which are yet to 
become mandatory, have not been applied in the Bango's 
financial statements. 
I FRS 10 Consolidated Financial Statements (effective date 
financial year commencing on/after 1 January 2014). 
lAS 27 (revised) Separate Financial Statements (effective date 
financial year commencing on/after 1 January 2014). 
Amendments to lAS 32 offsetting financial assets and financial 
liabilities (effective date financial year commencing on/after 1 
January 2014). 
Amendments to I FRS 10 transition guide (effective date financial 
year commencing on/after 1 January 2014). 
Amendments to lAS 36 Recoverable amount disclosures for non­
financial assets (effective date financial year commencing on/after 
1 January 2014). 
All standards and interpretations are not expected to have any 
significant impact on the financial statements when applied. 
3.21 Related party transactions 
Bango's related parties include its directors and key management 
personnel. Unless otherwise stated, none of the transactions 
incorporate special terms and conditions and no guarantees were 
given or received. Outstanding balances are usually settled in 
cash. 
The only transactions with directors are noted in the directors 
remuneration note in the accounts, see note 13. There was 
minimal trading in the year with Psonar Ltd whose board includes 
some of the directors of Bango Pic.  Notes to the financial statements 31 
Notes to the financial statements 
4 Segment reporting 
(a) End user spend 
Bango has identified End user spend a non I FRS alternative performance measure as its key performance indicator on which all management 
decisions surrounding investment in the platform and development of intangible assets is based. Due to the complex contracts in place the 
turnover figure in the accounts is a mixture of gross transaction value where Bango is principal and margin only where Bango is the agent. 
This is to comply with relevant accounting rules, however, the key business decisions are based on the total value and volume of transactions 
that Bango has processed in each month through its payment platform. Therefore, to give additional information to key stakeholders of our 
accounts, we have included this additional reporting in order to assist users of our financial statements. 
End user spend 
(b) Turnover and gross profit 
12 months to 
31 Dec 2013 
£ 
15,551,220 
9 months to 
31 Dec 2012 
£ 
6,194,075 
Bango, based on the information reviewed by to the chief operating decision maker, identifies two operating segments. Management reporting 
is based principally on the type of customer and strategic decisions are made on the basis of the gross profit generated from each segment. 
The segments are not separately managed and therefore Bango's headquarters and its research and development activity are considered 
group operations and are not allocated to any operating segment. Segment information can be analyzed as follows for the reporting periods 
under review. 
12 months to 31 December 2013 
Segment turnover 
Attributable to digital merchants 
Cost of sales- payment providers 
Segment gross profit 
Administrative expenses 
Share based payments charge 
Depreciation 
Amortization 
Interest payable 
Interest income 
Segment net profiU (loss) 
Segment assets 
Segment liabilities 
Net assets 
End user 
activity 
£ 
7,074,780 
(5,082,905) 
(1,637,202) 
354,673 
354,673 
1,385,711 
(1 ,086,442) 
299,269 
Platform 
fees 
£ 
1,713,674 
1,713,674 
1,713,674 
44,922 
44,922 
Group 
£ 
(5,086,996) 
(474,958) 
(408,030) 
(1,032,341) 
(31,304) 
35,906 
(6,997,723) 
9,945,828 
(1 ,427,571) 
8,518,257 
Total 
£ 
8,788,454 
(5,082,905) 
(1,637,202) 
2,068,347 
(5,086,996) 
(474,958) 
(408,030) 
(1,032,341) 
(31,304) 
35,906 
(4,929,376) 
11,376,461 
(2,514,013) 
8,862,448 
Bango PLC Annual Report 2013  32 Notes to the financial statements 
Notes to the financial statements 
9 months to 31 December 2012 
End user Platform Group Total 
activity fees 
£ £ £ £ 
Segment turnover 5,994,899 1,357,047 7,351,946 
Attributable to digital merchants (4, 156,457) (4, 156,457) 
Cost of sales- payment providers (1 ,613,514) (1 ,613,514) 
Segment gross profit 224,928 1,357,047 1,581,975 
Administrative expenses (3,291,669) (3,291,669) 
Share based payments charge (252,718) (252,718) 
Depreciation (184,027) (184,027) 
Amortization (423,396) (423,396) 
Interest payable (5,091) (5,091) 
Interest income 6,513 6,513 
Segment net profit/ (loss) 224,928 1,357,047 (4,150,388) (2,568,413) 
Segment assets 1,414,023 229,964 7,150,528 8,794,515 
Segment liabilities (1,477,874) (40,930) (766,514) (2,285,318) 
Net (liabilities)/ assets (63,851) 189,034 6,384,014 6,509,197 
Included within the end user segment turnover is £6.33m (9 months ended 31 December 2012 £4.02m) relating to a major strategic partner, 
whilst there were two partners who contributed £0.28m (9 months ended 31 December 2012 £0.16m) and £0.81m (9 months ended 31 
December 2012 £0.44m) to platform fees revenue. 
End user activity is the content access fees paid by end users for accessing chargeable content provided by digital merchants, adjusted to 
take account of whether Bango is agent or principal in the transactions. Gross profit for this segment is after both digital merchant and 
payment provider charges. Assets for this segment are amounts due from payment providers. Liabilities for this segment are mainly fees 
payable to payment providers for provision of services and fees payable to digital merchants for provision of content sold by Bango to end 
users. 
Platform fees are the amounts paid to Bango by digital merchants and others for package fees and other services including analytics and 
operator connections. Assets for this segment are amounts due for package fees and other services. Liabilities for this segment represent 
deferred income for package fees. Group assets include non-current assets and cash and cash equivalents. Group liabilities relate to 
administrative expenses. 
(c) Geographical analysis 
Bango's turnover from external customers is divided into the following geographical areas. Non-current assets are based in the UK, except for 
£8,462 of property, plant and equipment held at the New York office. 
United Kingdom (country of domicile) 
EU 
USA and Canada 
Rest of World 
12 months to 
31 Dec 2013 
£ 
1,459,475 
528,314 
3,867,595 
2,933,070 
8,788,454 
9 months to 
31 Dec 2012 
£ 
1,819,016 
601,177 
3,447,070 
1,484,683 
7,351,946 
Segment turnover is based on the location of the customers. Of which in platform fees £0.81m (9 months ended 31 December 2012 £0.44m) 
came from a strategic partner based in the USA and Canada, and £0.28m (9 months ended 31 December 2012 £0.16m) came from a 
strategic partner based in the USA and Canada. All turnover from end users is spread over many territories. 
Bango PLC Annual Report 2013  Notes to the financial statements 33 
Notes to the financial statements 
5 Non-current assets 
5.1 Property, plant and equipment 
Cost 
At 1 April 2012 
Additions 
At 31 December 2012 
Depreciation 
At 1 April 2012 
Charge for the 9 month period 
At 31 December 2012 
Net book value 
At 31 December 2012 
Cost 
At 1 January 2013 
Additions 
At 31 December 2013 
Depreciation 
At 1 January 2013 
Charge for the year 
At 31 December 2013 
Net book value 
At 31 December 2013 
Leasehold 
improvements 
£ 
190,922 
190,922 
180,715 
2,136 
182,851 
8,071 
Leasehold 
improvements 
£ 
190,922 
6,733 
197,655 
182,851 
3,185 
186,036 
11,619 
Office 
equipment 
£ 
113,411 
1,246 
114,657 
79,099 
6,420 
85,519 
29,138 
Office 
equipment 
£ 
114,657 
24,227 
138,884 
85,519 
11,369 
96,888 
41,996 
Computer 
equipment 
£ 
1,163,960 
502,062 
1,666,022 
889,098 
175,471 
1,064,569 
601,453 
Computer 
equipment 
£ 
1,666,022 
448,040 
2,114,062 
1,064,569 
393,476 
1,458,045 
656,017 
Total 
£ 
1,468,293 
503,308 
1,971,601 
1,148,912 
184,027 
1,332,939 
638,662 
Total 
£ 
1,971,601 
479,000 
2,450,601 
1,332,939 
408,030 
1,740,969 
709,632 
Included in property, plant and equipment at year end were £305,226 of assets held under finance leases (period ended 31 December 2012: 
£123,808). Depreciation is shown within administrative expenses in the income statement. Financial lease liabilities are secured on the assets 
to which they relate. 
Bango PLC Annual Report 2013  34 Notes to the financial statements 
Notes to the financial statements 
5.2 Intangible assets 
Domain Names Internal Total 
Development 
£ £ £ 
Cost 
At 1 April 2012 32,887 3,366,694 3,399,581 
Additions 904,097 904,097 
At 31 December 2012 32,887 4,270,791 4,303,678 
Amortization 
At 1 April 2012 32,887 569,448 602,335 
Charge for the 9 month period 423,396 423,396 
At 31 December 2012 32,887 992,844 1,025,731 
Net book value 
At 31 December 2012 3,277,947 3,277,947 
Domain Names Internal Total 
Development 
£ £ £ 
Cost 
At 1 January 2013 32,887 4,270,791 4,303,678 
Additions 1,132,266 1,132,266 
De recognition of intangible assets (994,985) (994,985) 
At 31 December 2013 32,887 4,408,072 4,440,959 
Amortization 
At 1 January 2013 32,887 992,844 1,025,731 
Charge for the year 1,032,341 1,032,341 
De recognition of intangible assets (994,985) (994,985) 
At 31 December 2013 32,887 1,030,200 1,063,087 
Net book value 
At 31 December 2013 3,377,872 3,377,872 
Amortization is shown within administrative expenses in the income statement. The company regularly reviews its intangible assets to ensure 
that they are not impaired through regular impairment testing in line with I FRS 34. Assets are reviewed in relation to the revenue that will be 
generated from them as a discreet product. They are therefore separately assessed for signs of impairment. 
During the year Bango accelerated amortization and derecognized some older intangible assets that related to specific developments to the 
Bango payment platform for customers that are not expected to contribute to revenue significantly beyond 2014. 
Bango PLC Annual Report 2013  Notes to the financial statements 35 
Notes to the financial statements 
6 Trade and other receivables 
31 Dec 2013 31 Dec 2012 
£ £ 
Trade receivables 767,170 900,215 
Other receivables 180,250 146,043 
Prepayments and accrued income 1,054,287 1,198,531 
Total 2,001,707 2,244,789 
Impairment of trade receivables (13,020) (53,440) 
1,988,687 2,191,349 
At 31 December 2013, some of the unimpaired trade receivables are past their due date. The age of financial assets past due but not 
impaired is as follows: 
Not more than one month 
One to two months 
Three to twelve months 
More than twelve months 
31 Dec 2013 
£ 
46,963 
88,794 
25,389 
161,146 
31 Dec 2012 
£ 
170,731 
170,731 
Trade and other receivables are usually due within 30-60 days and do not bear any effective interest rate. All trade receivables are subject to 
credit risk exposure. 
Trade receivables from digital merchants consist of numerous accounts with no significant individual balances. Provision for impairment has 
been made where the debt is not considered likely to be recoverable. 
The fair value of these short term financial assets is not individually determined as the carrying amount is a reasonable approximation of fair 
value. There is no material difference between fair value and book value. 
A reconciliation of bad debt provision for trade receivables is provided below: 
Brought forward provision 
Debts written off in the year 
Increase in provision 
Carry forward provision 
31 Dec 2013 
£ 
53,440 
(82,420) 
42,000 
13,020 
31 Dec 2012 
£ 
8,856 
(96,217) 
140,801 
53,440 
Bango PLC Annual Report 2013  36 Notes to the financial statements 
Notes to the financial statements 
7 Share capital and employee share options 
Allotted, called up and fully paid: 
Ordinary shares of 20p each in Bango PLC 
As at 31 March 2012 
Issue of new shares 
Exercise of share options 
Exercise of share warrants 
As at 31 December 2012 
Issue of new shares 
Exercise of share options 
As at 31 December 2013 
No 
38,667,322 
2,355,000 
610,695 
100,000 
41,733,017 
3,250,000 
627,326 
45,610,343 
£ 
7,733,465 
471,000 
122,139 
20,000 
8,346,604 
650,000 
125,465 
9,122,069 
During the year 627,326 share options were exercised at exercise prices between 29 pence and 202 pence and a par value of 20 pence per 
share. The total proceeds were £477,477 of which £125,465 was recognized as share capital and £352,012 as share premium. 
In February 2013 Bango PLC issued 3,250,000 ordinary shares of 20 pence each at market price of 200 pence per share with existing 
investors raising £6.5m gross and £6.1m net of expenses of £0.4m. 
The Group issues share options to Directors and to employees under either an HM Revenue and Customs approved Enterprise Management 
Incentive (EM I) scheme or an unapproved scheme. Employees resident overseas are eligible to participate in the scheme but their options do 
not qualify as HM Revenue and Customs approved. 
The grant price for share options is equal to the average quoted market price of the company shares on the date of grant. Options vest evenly 
over a period of one to three years following grant date. The options lapse if share options remain unexercised after a period of ten years from 
the date of grant or if the employee leaves the Group. 
Movements in the number of share options outstanding and their related weighted average exercise prices are as follows: 
12 months to 31 Dec 2013 9 months to 31 Dec 2012 
Average Options Average Options 
exercise price exercise price 
per share per share 
p No p No 
Outstanding at 1 January 2013 82 2,745,361 89 3,011 ,920 
Granted 184 930,875 181 406,500 
Lapsed 145 (203,914) 120 (62,364) 
Exercised 76 (627,326) 47 (610,695) 
Outstanding at 31 December 2013 132 2,844,996 82 2,745,361 
Exercisable at 31 December 2013 105 1,630,154 73 1,950,192 
The weighted average share price at date of exercise of options exercised during the year was 181.14 pence (2012: 182.91 pence). 
The fair value of options granted during the year, determined using the Black-Scholes valuation model, were between 54.25- 91.13 pence. 
Significant inputs into the model include a weighted average share price of 186.05 pence (31 December 2012: 181.52 pence) at the grant 
date, the exercise prices, volatility of 52.46-54.87% (31 December 2012: 54.81-55.38%), dividend yield of nil (31 December 2012: nil), an 
expected option life of five years (31 December 2012: five years) and an annual risk-free interest rate of 0.75-1.60% (31 December 2012: 
0.63-0. 78%). 
For the most recent share awards there was sufficient share price data for Bango PLC to calculate the company's volatility, which is based on 
five years historical, compounded daily share price variances. 
Bango PLC Annual Report 2013  Notes to the financial statements 37 
Notes to the financial statements 
At 31 December 2013, Bango PLC had the following outstanding options and exercise prices: 
31 Dec 2013 31 Dec 2012 
Average Options Remaining Average Options Remaining 
exercise Contractual exercise Contractual 
price per share Life price per share Life 
Expiry date Pence Number Months Pence Number Months 
27 February 2014 29.00 67,500 2 29.00 92,500 14 
28 August 2014 50.00 14,000 8 50.00 14,000 20 
18 February 2015 50.00 76,000 14 50.00 86,000 26 
1 March 2015 50.00 14 50.00 30,000 26 
21 September 2015 202.00 74,000 21 202.00 124,000 33 
1 March 2016 177.50 30,000 26 177.50 51,000 38 
25 May 2016 140.00 158,250 29 140.00 210,000 41 
9 October 2016 106.50 26,000 33 106.50 33,500 45 
22 March 2017 50.00 39 50.00 76,250 51 
23 March 2017 50.50 107,000 39 50.50 118,750 51 
19 September 2017 41.00 110,250 45 41.00 124,000 57 
31 January 2018 23.00 59,917 51 23.00 159,917 63 
15 October 2018 53.50 58,750 58 53.50 68,750 70 
19 February 2019 44.00 62,500 62 44.00 131,250 74 
1 October 2019 44.50 67,029 70 44.50 96,687 82 
17 March 2020 59.50 84,212 75 59.50 139,786 87 
24 September 2020 167.00 106,100 81 167.00 109,965 93 
10 December 2020 131.50 83 131.50 31,250 95 
7 February 2021 153.00 100,000 85 153.00 100,000 97 
17 March 2021 82.50 106,945 87 82.50 141,142 99 
9 September 2021 82.00 132,705 93 82.00 183,253 105 
27 September 2021 76.50 20,000 93 76.50 20,000 105 
8 December 2021 68.50 20,000 96 68.50 20,000 108 
23 March 2022 142.50 132,650 99 142.50 178,861 111 
13 August 2022 187.50 7,000 104 187.50 17,000 116 
20 September 2022 166.50 214,313 105 166.50 255,000 117 
25 September 2022 178.00 105 178.00 32,500 117 
06 November 2022 218.00 100,000 107 218.00 100,000 119 
26 March 2023 232.50 448,000 110 
02 April 2023 218.50 10,000 111 
27 June 2023 180.00 50,000 113 
04 October 2023 126.00 401,875 117 
At 31 December 2,844,996 82 2,745,361 77 
Bango PLC Annual Report 2013  38 Notes to the financial statements 
Notes to the financial statements 
8 Trade and other payables 
Trade payables 
Social security and other taxes 
Accruals and deferred income 
31 Dec 2013 
£ 
1,799,148 
129,539 
157,798 
2,086,485 
31 Dec 2012 
£ 
1,720,793 
167,103 
258,467 
2,146,363 
Trade and other payables are due within one year and are non-interest bearing. There is no material difference between book value and fair 
value. 
9 Commitments 
Bango leases two offices and some small office equipment under non-cancellable operating leases for which the future aggregate minimum 
lease payments are as follows: 
No later than 1 year 
Later than 1 but no later than 5 years 
More than 5 years 
31 Dec 2013 
£ 
69,700 
128,624 
198,324 
31 Dec 2012 
£ 
225,022 
28,735 
253,757 
The UK lease expired in the year and is currently being renegotiated and the US office lease expires on 30 September 2016. 
During the year Bango entered into an additional sale and leaseback financing arrangement to buy certain technical computer equipment as 
part of the on-going upgrades to the Bango technology to cope with growth in the group. The subsequent leasing arrangement entered into in 
July 2013 is treated as a finance lease and will terminate in June 2016. The lease agreement includes fixed non-cancellable lease payments, 
and does not contain any further restrictions. Finance lease liabilities are secured by the related assets held under finance lease. 
31 Dec 2013 31 Dec 2012 
Gross Lease Liabilities £ £ 
Within one year 167,609 38,889 
Between two and five years 300,025 149,073 
467,634 187,962 
Future interest (40,106) (49,007) 
427,528 138,955 
31 Dec 2013 31 Dec 2012 
The present value of finance lease liabilities is repayable as follows: £ £ 
Within one year 147,246 21,778 
Between two and five years 280,282 117,177 
427,528 138,955 
Bango PLC Annual Report 2013  Notes to the financial statements 39 
Notes to the financial statements 
10 Expenses by nature 
Employee benefit expense 
Depreciation & amortization 
Other expenses 
Analyzed as: 
Administrative expenses 
Share based payments 
Depreciation 
Amortization 
11 Profit or loss before taxation 
Profit or loss before taxation is stated after charging: 
Auditor's remuneration: 
Fees payable to the Company's auditor for the audit of the financial statements 
Fees payable to the Group's auditors for other services: audit of Group's subsidiaries 
Other services relating to taxation compliance services 
Other services relating to taxation advisory services 
Operating lease expenses: 
Land and buildings 
Finance lease charges in year 
Exchange rate variances 
Depreciation on property, plant and equipment- lease assets 
Depreciation on property, plant and equipment- owned assets 
Amortization of intangible assets 
Research and development costs 
12 months to 
31 Dec 2013 
£ 
3,233,380 
1,440,371 
2,328,574 
7,002,325 
5,086,996 
474,958 
408,030 
1,032,341 
7,002,325 
12 months to 
31 Dec 2013 
£ 
3,000 
36,000 
12,810 
15,205 
261,690 
31,304 
123,150 
181,554 
226,476 
1,032,341 
154,018 
9 months to 
31 Dec 2012 
£ 
1,775,001 
607,423 
1,769,386 
4,151,810 
3,291 ,669 
252,718 
184,027 
423,396 
4,151,810 
9 months to 
31 Dec 2012 
£ 
2,500 
34,500 
4,000 
6,650 
195,669 
5,091 
(22,045) 
19,969 
164,058 
423,396 
252,748 
Bango PLC Annual Report 2013  40 Notes to the financial statements 
Notes to the financial statements 
12 Employee benefit expense 
The average number of staff employed by Bango during the financial year amounted to: 
12 months to 9 months to 
31 Dec 2013 31 Dec 2012 
No No 
Administrative staff 6 5 
Marketing staff 5 6 
Sales staff 3 3 
Technical staff 22 20 
Executive Directors 3 3 
Support staff 22 14 
61 51 
The aggregate payroll costs of the above were: 
12 months to 9 months to 
31 Dec 2013 31 Dec 2012 
£ £ 
Wages and salaries 3,063,109 1,924,199 
Social security costs 410,673 210,896 
Other pension costs 68,363 38,537 
Share based remuneration 474,958 252,718 
4,017,103 2,426,350 
Included in the above payroll costs is £783,723 (9 months to 31 December 2012: £651 ,349) capitalized within internal development (note 
5.2) 
The Directors have identified ten (9 months to 31 December 2012: nine) key management personnel, including Directors. Compensation to 
key management is set out below: 
Short term employee benefits 
Employers national insurance 
Post employment benefits 
Share based compensation 
13 Directors 
Remuneration in respect of Directors was as follows: 
Emoluments 
12 months to 31 December 2013 
R Anderson 
A Malhotra 
G Tucker 
M Rigby 
R Burger 
D Sear 
Bango PLC Annual Report 2013 
12 months to 
31 Dec 2013 
£ 
1,067,996 
137,078 
19,905 
194,568 
1,419,547 
12 months to 
31 Dec 2013 
£ 
540,798 
Wages and Pension and other 
salaries benefits 
£ £ 
175,000 
161,178 1,320 
129,800 
15,750 
15,750 
42,000 
539,478 1,320 
9 months to 
31 Dec 2012 
£ 
605,556 
72,807 
20,117 
71,145 
769,625 
9 months to 
31 Dec 2012 
£ 
454,067 
Total 
£ 
175,000 
162,498 
129,800 
15,750 
15,750 
42,000 
540,798  Notes to the financial statements 41 
Notes to the financial statements 
9 months to Wages and Pension and other Sums paid to third Fees Total 
31 December 2012 salaries benefits parties for 
directors services 
£ £ £ £ £ 
R Anderson 161,250 161,250 
A Malhotra 155,385 990 156,375 
P Saxton 58,497 58,497 
G Tucker 17,307 17,307 
M Rigby 11,813 1,575 13,388 
R Burger 11,813 3,937 15,750 
D Sear 31,500 31,500 
447,565 990 1,575 3,937 454,067 
The highest paid director received total salary of £175,000 (9 months to 31 December 2012: £161,250), pension contributions of £nil (9 
months to 31 December 2012: £nil), and share based compensation of £nil (9 months to 31 December 2012: £nil). 
The number of directors who accrued benefits under pension schemes was one (9 months to 31 December 2012: one). 
The total share based compensation for directors was £98,079 (9 months to 31 December 2012: £28,667). 
For details of directors options please see the directors and their interest section of the Directors' report. 
14 Investment income 
Bank interest receivable 
15 Taxation 
Income tax 
R&D tax credits receivable 
Income tax expense for the year differs from the standard rate of taxation as follows: 
Loss on ordinary activities before taxation 
Loss on ordinary activities multiplied by standard rate of tax of 23.25% (9 months to 31 
December 2012: 24%) 
Effect of: 
Expenses not deductible for tax purposes 
Differences between capital allowances and depreciation 
Unutilized tax losses 
Tax deduction on exercise of share options 
Additional deductions for R&D expenditure 
Surrender of tax losses for R&D 
Short term timing differences 
Total tax 
12 months to 
31 Dec 2013 
£ 
(35,906) 
12 months to 
31 Dec 2013 
£ 
(189,904) 
(189,904) 
(4,929,376) 
(1, 146,080) 
144,837 
(49,809) 
871,352 
(222,960) 
211,425 
1,331 
(189,904) 
9 months to 
31 Dec 2012 
£ 
(6,513) 
9 months to 
31 Dec 2012 
£ 
(162,665) 
(162,665) 
(2,405,748) 
(577,380) 
42,946 
(66,360) 
630,127 
(186,112) 
(198,060) 
193,108 
(934) 
(162,665) 
At 31 December 2013 the unutilized tax losses carried forward amounted to £19.4 million (at 31 December 2012: £15.5 million). 
Bango PLC Annual Report 2013  42 Notes to the financial statements 
Notes to the financial statements 
Deferred tax assets/ (liabilities): 
Provided Provided Unprovided Unprovided 
31 Dec 2013 31 Dec 2012 31 Dec 2013 31 Dec 2012 
£ £ £ £ 
Share option deduction 177,106 572,842 
Tax losses 920,828 1,282,132 2,949,325 2,456,071 
Other temporary differences 800 920 
Accelerated capital allowances and capitalised 
development costs (920,828) (1 ,282, 132) 
3,127,231 3,029,833 
All unrecognized deferred tax balances relate to the UK and are expected to offset. No deferred tax asset has been recognized in respect of 
the above temporary differences due to the unpredictability of future taxable trading profits from which these differences may be deducted. 
16 Earnings per share 
(a) Basic 
Basic earnings per share are calculated by dividing the loss attributable to equity holders of Bango PLC by the weighted average number of 
ordinary shares in issue during the year. 
Loss attributable to equity holders of Bango PLC 
Weighted average number of ordinary shares in issue 
Earnings (basic) per share 
(b) Diluted 
12 months to 
31 Dec 2013 
£ 
(4, 739,472) 
45,017,722 
(10.53) p 
9 months to 
31 Dec 2012 
£ 
(2,405,748) 
40,704,567 
(5.91) p 
Diluted earnings per share is calculated by adjusting the weighted average number of shares outstanding to assume conversion of all dilutive 
potential ordinary share options. 
Loss attributable to equity holders of Bango PLC 
Weighted average number of ordinary shares 
Earnings (diluted) per share 
12 months to 
31 Dec 2013 
£ 
(4,739,472) 
45,017,722 
(10.53) p 
9 months to 
31 Dec 2012 
£ 
(2 ,405, 7 48) 
40,704,567 
(5.91) p 
At 31 December 2013 options over 2,844,996 (31 December 2012: 2,745,361) ordinary shares were outstanding. Given the loss for the year, 
these options are considered to be anti-dilutive. Such options could potentially dilute basic loss per share in the future. 
17 Cash used by operations 
Loss for the financial year 
Depreciation and amortization 
Taxation in income statement 
Investment income 
Interest payable 
Foreign exchange movement on cash balances 
Share-based payment expense 
Decrease in receivables 
Decrease in payables 
Corporation tax rebate 
Net cash used by operations 
Bango PLC Annual Report 2013 
12 months to 
31 Dec 2013 
£ 
(4,739,472) 
1,440,371 
(189,904) 
(35,906) 
31,304 
(9,322) 
474,958 
202,662 
(59,878) 
(2,885, 187) 
359,113 
(2,526,074) 
9 months to 
31 Dec 2012 
£ 
(2,405,748) 
607,423 
(162,665) 
(6,513) 
5,091 
(22,045) 
252,718 
662,983 
(728,914) 
(1,797,670) 
216,243 
(1,581,427)  Notes to the financial statements 43 
Notes to the financial statements 
18 Financial assets and liabilities 
Financial assets included in the balance sheet relate to the following lAS 39 categories: 
Loans and receivables 
Total financial assets 
These financial assets are included in the balance sheet within the following headings: 
Current assets 
Trade and other receivables 
Research and development tax credits 
Cash and cash equivalents 
Total financial assets 
Financial liabilities included in the balance sheet relate to the following lAS 39 categories: 
Financial liabilities measured at amortized cost 
T ota I fi na ncia I I ia bi I ities 
These financial liabilities are included in the balance sheet within the following headings: 
Current liabilities 
Trade payables 
Accruals 
Tota I fi na ncia I I ia bi I ities 
19 Credit risk analysis 
31 Dec 2013 
£ 
6,682,069 
6,682,069 
31 Dec 2013 
£ 
1,558,683 
189,904 
5,110,366 
6,858,953 
31 Dec 2013 
£ 
1,957,995 
1,957,995 
31 Dec 2013 
£ 
1,799,147 
158,848 
1,957,995 
31 Dec 2012 
£ 
4,064,036 
4,064,036 
31 Dec 2012 
£ 
1,736,592 
359,113 
2,327,444 
4,423,149 
31 Dec 2012 
£ 
1,938,329 
1,938,329 
31 Dec 2012 
£ 
1,720,793 
217,536 
1,938,329 
Bango's exposure to credit risk is limited to the carrying amount of financial assets and cash and cash equivalents recognized at the balance 
sheet date, as summarized in note 18. 
Bango continuously monitors defaults of customers and other counterparties, identified individually or by group, and incorporates this 
information into its credit risk controls. Where available at reasonable cost, external credit ratings and I or reports on customers and other 
counterparties are obtained and used. Bango's policy is to deal only with creditworthy counterparties. 
Bango's management considers that all the financial assets that are not impaired for each of the reporting dates under review are of good 
credit quality including those that are past due. See note 6 for further information on trade receivables that are past due. The only other 
financial asset that is not cash are tax credits due from HMRC 
None of Bango's financial assets are secured by collateral or other credit enhancements. 
In respect of trade and other receivables, Bango is not exposed to any significant credit risk exposure to any single counterparty or any group 
of counterparties having similar characteristics. Bango completes regular credit checks on those payment providers accounting for significant 
individual balances. In addition, the terms and conditions of trade with some digital merchants allow the group to withhold payment of the 
relevant part of the digital merchant earnings until payment is received from the payment provider. 
The credit risk for liquid funds and other short-term financial assets is considered negligible, since the counterparties are reputable banks 
with high quality external credit ratings. 
Bango PLC Annual Report 2013    
 
 
 
 
 
    Notes to the financial statements 47 
Notes to the financial statements 
1 Accounting policies 
Basis of accounting 
The separate financial statements of Bango PLC are presented as 
required by the Companies Act 2006. They have been prepared 
under the historical cost convention and in accordance with 
applicable United Kingdom accounting standards and law. 
The principal accounting policies are summarized below. They 
have all been applied consistently throughout the year. 
Investments 
Fixed asset investments are shown at cost less provision for 
impairment. 
Share based payments 
Bango PLC issues equity settled share-based compensation to 
certain employees (including Directors) of its trading subsidiaries. 
Equity settled share-based payments are measured at fair value 
at the date of grant. The fair value determined at the grant date of 
the equity-settled share-based payment is credited to reserves on 
a straight-line basis over the vesting period, together with a 
corresponding increase in the book value of Bango PLC's 
investment in subsidiaries, based upon the estimate of the shares 
that will eventually vest. These estimates are subsequently revised 
if there is any indication that the number of options expected to 
vest differs from previous estimates. Any cumulative adjustment 
prior to vesting is recognized in the current period. No adjustment 
is made to any expense recognized in prior periods. 
Fair value is measured by an external valuer using the Black­
Scholes option pricing model. The expected life used in the 
model has been adjusted, based on management's best estimate, 
for the effects of non-transferability, exercise restrictions and 
behavioral considerations. 
Where the terms of an equity-settled transaction are modified, as 
a minimum an expense is recognized as if the terms had not 
been modified. In addition , an expense is recognized for any 
increase in the value of the transaction as a result of the 
modification, as measured by the date of modification, over the 
remaining vesting period. 
Where an equity-settled transaction is cancelled, it is treated as if 
it had vested on the due date of the cancellation, and any 
expense not yet recognized for the transaction is recognized 
immediately. However, if a new transaction is substituted for the 
cancelled transaction, and designated as a replacement 
transaction on the date that it is granted, the cancelled and new 
transactions are treated as if they were a modification of the 
original transaction, as described in the previous paragraph. 
Related party transactions 
In accordance with Financial Reporting Standard Number 8: 
Related Party Disclosures, the company is exempt from disclosing 
transactions with wholly owned entities that are part of the Group 
headed by Bango PLC as it is a parent company publishing 
consolidated financial statements. 
2 Loss for the year 
Bango PLC has made full use of the exemptions as permitted by 
Section 408(1) of the Companies Act 2006 and accordingly the 
profit and loss account of the entity is not presented as part of the 
accounts. The Bango PLC loss for the year ended 31 December 
2013 of £191,803 (9 month period ended 31 December 2012: 
£134,431) is included in the Group result for the financial period. 
The auditor's remuneration for audit and non-audit services to the 
Company was borne entirely by Bango. net Limited, a wholly 
owned subsidiary. 
3 Directors and employees 
Details of Directors' interests in the shares and options of Bango 
PLC are provided in the Directors' report on page 18. 
There are no employees employed directly by Bango PLC. 
Details of Directors' remuneration are disclosed on page 40 of the 
Group accounts. A charge of £54,423 (9 month period ended 31 
December 2012: £37,301) has been recognized within the parent 
company's own figures relating to wages and salaries. 
4 Post balance sheet event 
On 7 February 2014 Bango established a new entity in Brazil 
called Bango do Brasil in order to facilitate growth in the Latin 
Amercia. The company is owned 1% by Bango Pic and 99% by 
Bango Movil another group company. 
Bango PLC Annual Report 2013  48 Notes to the financial statements 
Notes to the financial statements 
4 Investments 
Cost 
Shares in subsidiary undertakings at 31 December 2012 
Share based payments 
Capitalisation of intercompany loan 
Shares in subsidiary undertakings at 31 December 2013 
Net book amount 
At 31 December 2013 
At 31 December 2012 
Details of subsidiary undertakings at 31 December 2013 are as follows: 
Bango.net Limited 
Bango Inc 
Bango Movil 
Bango SP Ltd 
Bango Employee Benefits Ltd 
5 Debtors 
Country of 
incorporation 
England & Wales 
Delaware, USA 
Spain 
England & Wales 
England & Wales 
Amounts due from Group undertakings (due after one year) 
Other debtors (due within one year) 
6 Creditors 
Trade creditors 
Accruals and deferred income 
Amounts owed to group undertakings 
Bango PLC Annual Report 2013 
Class of share 
capital held 
Ordinary 
Common 
Ordinary 
Ordinary 
Ordinary 
Held by the 
company 
£ 
5,680,776 
474,958 
21,613,502 
27,769,236 
27,769,236 
5,680,776 
Nature of business 
100% Development, marketing and sale 
of technology for mobile phone 
users to purchase services for 
their mobile phones 
100% Sales and support office for 
Bango.net Limited services in USA 
100% Support for Bango. net Limited 
100% Non-trading 
100% Non-trading 
31 Dec 2013 
£ 
2,715 
2,715 
31 Dec 2013 
£ 
9,610 
9,610 
31 Dec 2012 
£ 
15,144,782 
49,391 
15,194,173 
31 Dec 2012 
£ 
13,528 
13,528  Notes to the financial statements 49 
Notes to the financial statements 
7 Share capital 
Allotted, called up and fully paid: 
Ordinary shares of 20p each in Bango PLC No £ 
As at 31 March 2012 38,667,322 7,733,465 
Issue of new shares 2,355,000 471,000 
Exercise of share options 610,695 122,139 
Exercise of share warrants 100,000 20,000 
As at 31 December 2012 41,733,017 8,346,604 
Issue of new shares 3,250,000 650,000 
Exercise of share options 627,326 125,465 
As at 31 December 2013 45,610,343 9,122,069 
During the year 627,326 share options were exercised at exercise prices between 29 pence and 202 pence and a par value of 20 pence per 
share. The total proceeds were £477,477 of which £125,465 was recognized as share capital and £352,012 as share premium. 
In February 2013 Bango PLC issued 3,250,000 ordinary shares of 20 pence each at market price of 200 pence per share with existing 
investors raising £6.5m gross and £6.1m net of expenses of £0.4m. 
During the year 930,875 options were granted to employees, including 165,000 to Gerry Tucker, a Director during the year. 
At the year end 2,844,996 options were outstanding. Further details relating to employee share options are provided in note 7 in the Bango 
financial statements. 
8 Reserves 
At 1 January 2013 
Issue of new shares 
Exercise of share options 
Share based payments 
Loss for the year 
At 31 December 2013 
9 Reconciliation of movements in shareholder's funds 
Period opening balance 
Exercise of share options 
Share based payments 
Issue of new shares 
Loss for the period 
Share 
Premium 
Account 
£ 
11,842,076 
5,490,288 
352,012 
17,684,376 
Other Retained 
reserve earnings 
£ £ 
1,493,876 (821,135) 
474,958 
(191,803) 
1,968,834 (1,012,938) 
31 Dec 2013 31 Dec 2012 
£ £ 
20,861,421 
477,477 
474,958 
6,140,288 
(191,803) 
27,762,341 
17,383,444 
308,002 
252,718 
3,051,688 
(134,431) 
20,861,421 
Bango PLC Annual Report 2013   
 
 
 
 
 
 
.