ANNUAL REPORT AND ACCOUNTS 2015
for the year ended 30 November 2015
Company registration number: 04799195
AccessIntelligence Contents
Highlights    01
Access Intelligence Overview              02
Chairman’s Statement              06
Strategic Report              07
Consolidated Statement of Comprehensive Income  21
Consolidated Statement of Financial Position  22
Consolidated Statement of Changes in Equity  23
Consolidated Statement of Cash Flow   25
Notes to the Consolidated Statements   26
Company Balance Sheet    56
Notes to the Company Financial Statements  57
Directors and Advisers  11
Directors’ Report   12
Corporate Governance  17
Independent Auditor’s Report  19
Business Overview Financial Statements
Corporate Governance
Investor Proposition
As the global economic climate puts an increasing onus on the value of corporate reputation and risk management, our 
solutions that ensure crisis, compliance and effective stakeholder management are increasingly relevant. 
  
Operating a recognised portfolio in this space provides a strong opportunity for long-term investor return.  The 
complementary nature of our suite offers excellent opportunities for cross-selling and joint development whilst a long-
standing reputation for high quality SaaS solutions, combined with strong customer relationships, provides strong on-
going revenue potential.   
 
We have focused on putting talent in place to capitalise on this opportunity.  Industry specialists lead our product 
divisions underpinned by a delivery team dedicated to best practice in product development, sales, marketing and 
finance, all supported by an experienced board. 
iPad
Vuelio  
BBC News Facebook
Youtube Safari Chrome
App Store
Twitter LinkedIn
AIControlPoint AITrackRecord Instagram www.accessintelligence.com
1
Highlights
Recurring Revenue
2013
2013
2014
2014
Contracted Not Yet Invoiced
2015 Operational Highlights
• Strategic M&A activity has strengthened the Group’s portfolio of  
core products and services
• Group revenue from continuing operations at year end up by 89% 
to £8.1m from £4.3m
• Recurring revenue from continuing operations up by 99% to 
£7.5m from £3.7m
• Strategic shift in focus with increased emphasis on the development 
of the reputation and risk management divisions of the business
as a % of revenue from continuing operations
from continuing operations
1
2015
2015
 77%
Recurring Revenues
 88%
Recurring Revenues
92%
Recurring Revenues
£5.6m
£2.6m
£3.5m 2
Access Intelligence Plc  |  Annual Report and Accounts 2015  |  Stock Code: ACC
Access Intelligence Overview
Access Intelligence helps organisations effectively manage their reputation and mitigate risk. Our custom-built SaaS 
platforms offer a range of reputation management applications, incident and crisis management solutions and training 
and competence management software, through the cloud. 
Our business is split into two distinct service elements:
All solutions are provided using Microsoft’s highly secure Azure infrastructure giving customers complete confidence and 
security.  Our solutions have been designed in collaboration with some of the largest companies in the world, ensuring 
they are fundamentally fit for purpose.
Brand Strategy
Over the year, Access Intelligence has focused on consolidating operations to strengthen the brand.  We have divested 
non-core businesses, while making acquisitions to complement the core. Together, this ensures a distinct road map for 
the future around four key strategic aims:
1.Predictable Revenue
In addition to putting a focus on multi-year deals, 
we are developing long-term and predictable new 
business revenue models that optimise earnings 
growth, promote free cash flow and deliver attractive 
returns on capital reinvested in the business.
2. High customer retention rates
Our innovative offerings and intuitive solutions 
deliver value that increases with use over time. This 
builds loyalty amongst users. We also have solid 
experience in successfully developing customer 
management programmes, which are a strong 
retention tool.
3. Focus on target sectors 
While our software can be used across all sectors, we 
have a strategic focus on regulated industries and the 
public sector. Such clients place a premium on being able 
to manage and mitigate operational and reputational risk, 
which provides strong growth potential. 
4. Investing in talent
We believe in recruiting the best people and attract 
leading industry executives with deep expertise in 
reputation and risk management. We also search for the 
brightest graduates, putting potential recruits through 
a rigorous 48-hour selection process. Our training and 
reward programmes ensure that talent and leadership 
thrive at all levels of the organisation.
Reputation Management
Vuelio 
Reputation Management                                                     
Risk Management
AIControlPoint  
Incident & Crisis Management 
AITrackRecord
Training, Competence & Risk Management                                              www.accessintelligence.com
3
What is SaaS?
Software as a Service (SaaS) solutions are designed to accelerate adoption and increase value for customers without 
the cost burdens or risks of implementing costly software or hardware.
SaaS delivers on-demand software functionality via the internet from a single application shared across multiple users. 
SaaS solutions require only a web browser for access, eliminating the need to install and maintain the software and 
hardware associated with desktop installed products. Furthermore, they replace the upfront licence fees and lengthy 
implementation cycles of traditional installed applications with a “pay-as-you-go” subscription based service, usually 
following an upfront professional services fee to cover installation and configuration.
Benefits for End Users
• Frequent Upgrades: Our SaaS model allows more 
regular updates at a lower cost than traditional software 
companies.
• Lower Cost of Ownership: Maintenance costs are 
lower, no licence costs and the lower distribution costs 
for the vendor are passed on to the consumer.
• Higher Level of Service from Vendors: Vendors must 
become more responsive to customer needs or they 
risk losing subscription revenues.
Benefits for SaaS Vendors
• Predictable Revenue and Cash Flows: Customers 
pay for software by subscription rather than buying 
a licence resulting in more certainty about future 
revenue and cash flow.
• Truly Scalable: Software can be distributed rapidly, 
via the internet, to many new customers at minimal 
incremental cost to the company.
• Highly Valued: Due to predictibility of revenues and 
cash flows and ease of scalability.
  4
Access Intelligence Plc  |  Annual Report and Accounts 2015  |  Stock Code: ACC
Vuelio
Customer use: PR, Public Affairs and Reputation Management
Customers include: Nokia, The Metropolitan Police, Vodafone, Freshfields, First Group and FedEx 
Vuelio operates a comprehensive portfolio of products and services for public relations and public 
affairs professionals throughout the UK and Europe.  
This new flagship brand was created last year following our acquisition of the UK operations of global 
PR software company, Cision.  This deal expanded our customer base in the communications sector 
six-fold, as well as providing a wealth of operational, technology and business development assets.  
Vuelio enables effective stakeholder management. The integrated Vuelio Communications Software 
suite provides a complete solution for allowing communications and public affairs professionals to 
identify and engage with high-value media, digital and political influencers and internal communications 
audiences.
While Vuelio supports communications professionals across all sectors, we have a strong presence 
in the public sector and other highly regulated industries.  This strategy allows us to maximise the 
core competencies of our portfolio to mitigate risk, whilst also providing upsell opportunities.  We 
also have an active and successful initiative to heighten retention rates through multi-year deals. 
Our Brands www.accessintelligence.com
5
AITrackRecord
Customer use: Training, Competence and Employee Performance Management
Customers include: Aviva and St. James’s Place.
AITrackRecord is a powerful complete solution for training, competence and compliance 
management; designed specifically for the highly regulated UK financial services industry. It gives 
companies full visibility of staff competences, knowledge, performance and compliance through 
a single central console. The data gives senior managers a previously unseen insight into their 
reporting line, helping them identify trends and make informed decisions that have a proven impact 
on the bottom line. By combining information from different parts of a business, AITrackRecord 
reduces administrative demands, decreases the cost of competence and compliance management 
and mitigates the significant risk of non-compliance.
AIControlPoint
Customer use: Incident & Crisis Management
Customers include: easyJet, British Petroleum, Thomas Cook and Manchester Airport Group.
AIControlPoint is a suite of technologies that help companies in high-risk industries manage 
incidents and crises and proactively mitigate risk. This ensures crisis response, whether localised or 
global, is swift, tailored and meets all necessary regulatory requirements. Organisations have used 
AIControlPoint to manage some of the world’s most high-profile incidents in recent years, including 
the 2015 Tunisia terror attacks. AIControlPoint is already well used in the highly regulated aviation 
and oil and gas sectors, and is gradually becoming embedded in new markets, such as travel and 
tourism. 6
Access Intelligence Plc  |  Annual Report and Accounts 2015  |  Stock Code: ACC
Chairman’s Statement
I am pleased to announce our results for the year ended 30 November 2015.
2015 has been a pivotal year for Access Intelligence, during which we restructured our portfolio around our reputation 
and risk management software interests though a series of acquisitions and divestments.
During the year we made a substantial acquisition of the UK operations of Cision UK Ltd and Vocus UK Ltd. This 
acquisition, combined with our existing reputation business significantly strengthens our position in the reputation 
management space.
Our strategic focus on reputation and risk management software also prompted the divestment of the software 
maintenance and hosting business Willow Starcom Ltd and, more recently in 2016, the e-procurement solution provider 
Due North Ltd. 
Outlook
The current global political, economic and business climate continues to reinforce the importance of effective reputation 
and risk management, and, moreover, the interdependence of the two.   
Organisations in both regulated and non-regulated environments recognise the importance of bringing highly flexible, 
domain-driven software and responsive business analytics to bear on building and safeguarding reputation through 
both responsible, compliant operations and effective communication. It is therefore essential that we continue to invest 
in innovative research and development to unify the position of our products in the market and to make our software 
synonymous with customer success. 
We are excited about the acquisition and development of the reputation management business. The media and 
communications environment has been subject to dramatic change in recent years, and as such our software is 
increasingly relevant, with customers seeking to influence multiple stakeholders in support of tangible operational 
success. We expect our strengthened product suite to drive greater market share as we build on the momentum post-
acquisition.
I would like to take this opportunity on behalf of the Board to thank you for your continued support of Access Intelligence.
M Jackson 
Chairman
8 April 2016 www.accessintelligence.com
7
Strategic Report 
Results 
The 2015 financial year has been a year of significant opportunity for the Group to restructure its operations and focus 
its commitment on the SaaS business model within the reputation and risk management sectors. This has included the 
strategic acquisition of a substantial new business in June 2015 to complement the Group’s existing reputation software 
platform and the divestment of a non-core IT support services business in April 2015. Prior to the year-end, the Board 
also made the decision to divest a further non-core e-procurement business, with the sale being completed in February 
2016.
All companies that form part of the Group’s continuing operations saw their revenue increase year on year, with the 
exception of A.I. Talent Limited. Notable revenue increases were delivered by AITrackRecord Limited (34%) and Access 
Intelligence Media & Communications Limited (19%), with total revenue from existing continuing operations increasing 
by 11% to £4,768,000 (2014: £4,291,000). 
In addition, the acquisition contributed revenue of £3,351,000 for the six month period that it formed part of the Group, 
resulting in Group revenue from continuing operations increasing by 89% to £8,119,000 (2014: £4,291,000). Reported 
revenue for the acquisition is not considered by the Board to be fully reflective of the business acquired due to the 
requirements of acquisition accounting (see Note 8 for further detail on the estimation of the fair value of deferred 
revenue on acquisition).
Recurring revenue from existing continuing operations increased by 14% to £4,297,000 (2014: £3,756,000), with the 
acquisition contributing a further £3,189,000. As a result, total recurring revenue from continuing operations increased 
significantly to £7,486,000 for the year (2014: £3,756,000) and accounted for 92% (2014: 88%) of total revenue. 
At 30 November 2015, total deferred revenue from continuing operations stood at £4,643,000 (2014: £1,932,000) 
reflecting again the impact of the acquisition in the year which added £2,794,000 to deferred revenue at year end. Total 
Group deferred revenue at year end stood at £5,264,000 (2014: £3,246,000).
Gross margin from existing continuing operations has remained broadly consistent at 77% (2014: 78%). However, 
overall gross profit from continuing operations has fallen to 60%, primarily as a result of the acquisition which has higher 
direct costs of sales than the existing continuing operations and short-term transition and migration costs. 
The Group has undertaken extensive and ongoing restructuring during the year to reduce costs with the full impact of 
this not being fully reflected in the 2015 financial performance. In addition, the acquisition had immediate synergistic 
benefits as the Group consolidated London offices and removed duplicated roles although it is notable that the benefit 
of these synergies is also not fully reflected in the 2015 financial performance. As a result of the restructuring and 
refocusing of the business during the year, earnings before interest, tax, depreciation and amortisation (EBITDA) pre-
impairment charges from existing continuing operations declined to a loss of £1,359,000 (2014: loss £696,000). The 
acquisition contributed a further EBITDA loss for the period that it was part of the group of £379,000, resulting in a total 
EBITDA loss for the year of £1,738,000 (2014: loss £696,000). 
Operating loss from continuing operations before impairments was £2,523,000 (2014: loss £565,000), with a loss of 
£1,686,000 from existing continuing operations and a loss of £837,000 from the acquisition. In arriving at the operating 
loss the Group has charged £1,922,000 (2014: £2,363,000) for research and development expenditure, £716,000 (2014: 
£270,000) for depreciation and amortisation, £153,000 (2014: Nil) in acquisition costs, £70,000 (2014: Nil) loss on 
disposal of fixed assets and £278,000 (2014: Nil) in restructuring costs. Development costs relating to the risk platform 
moved to normalised operational levels mid-year.
2016 will see continued restructuring of the business and investment across the Company’s brands with the full benefits 
expected to come through towards the end of the current financial year and into 2017.
Loss per share
The basic loss per share from continuing operations was 1.55p (2014: loss 0.68p). Basic earnings per share from 
discontinued operations was 0.27p (2014: 0.22p). 8
Access Intelligence Plc  |  Annual Report and Accounts 2015  |  Stock Code: ACC
Cash
Cash at the year end stood at £1,523,000 (2014: £1,144,000) whilst net debt increased to £2,593,000 (2014: £157,000) 
during the year, primarily as a result of new loan notes issued to finance the strategic acquisition.
Key Performance Indicators
On a monthly basis management accounts are prepared which provide performance indicators covering revenue, 
gross margins, EBITDA, result before tax, result after tax, cash balances and recurring revenue. The key performance 
indicators for the year are:
These performance indicators are measured against both an approved budget and the previous year’s actual results. 
Further analysis of the Group’s performance is provided earlier in this Strategic Report. 
Each month the Board assesses the performance of the Group based on both financial and non-financial key performance 
indicators. These are used in conjunction with the controls described in the corporate governance statement and relate 
to a wide variety of aspects of the business, including: new business and renewal sales performance; marketing, 
development and research activity; year to date financial performance, profitability forecasting and cash flow forecasting.   
Non-financial key performance indicators include staff retention rates and staff utilisation rates; we also monitor energy 
consumption as part of our ongoing commitment to reduce our carbon footprint.
Dividend
As a result of the significant investment the Company has made in the strategic product innovation and sales development, 
the directors do not propose to pay a dividend for 2015.
Principal business risks and uncertainties
The developing nature of the business dictates that the Board understands the market in which it competes and the 
strategy that it is implementing. The Statement of Corporate Governance notes the objectives and mechanisms of 
internal control. Monthly Board meetings are held, where strategy is discussed and decisions taken at Group level and 
formal quarterly meetings are held at subsidiary level, supplemented by more regular operational meetings. The Board 
constantly assesses risks and is of the belief that internal control, risk management and stewardship are integral to the 
proper management of the business.
Financial instruments
The Group’s operations are subject to a variety of financial risks, most notably the effect of credit risks. Liquidity risks 
are set out in note 18 to the consolidated financial statements. At the present time the Group has no bank borrowings 
or overdrafts, but has a total of £4,116,000 of loan notes in issue. The Group holds in excess of £1,523,000 of bank 
deposits. The Group does not enter into derivative contracts other than the forward currency contracts detailed below.
11% (2014: 8%) of the Group’s revenue is invoiced in a currency other than sterling. Accordingly, foreign exchange 
risk is not considered a significant risk. To date the magnitude of euro-based sales has been such that we have not 
hedged the currency exposure. In relation to US dollar denominated sales, due to the insignificance of dollar sales and 
unpredictability of such collections from debtors we do not hedge and simply hold to pay suppliers invoicing in dollars or 
convert if needed into sterling at spot. At 30 November 2015 there were no open exchange contracts.
The most significant financial risk to which the Group is exposed is that of the credit worthiness of our client base. 
Around 11% (2014: 10%) of the Group’s revenue from continuing operations is contracted with the public sector where 
the directors have judged the credit risk to be minimal.
£’000
Continuing Operations
2015 2014
Revenue 8,119 4,291
Gross margin (%) 60% 78%
EBITDA - loss (1,738) (696)
Loss before taxation (4,687) (1,477)
Loss after taxation (3,924) (1,598)
Cash balances 1,523 1,144
Recurring revenue 7,486 3,463 www.accessintelligence.com
9
The remaining sales are with the private sector where we have experienced a small incidence of bad debts. We have 
not considered it necessary to take out credit insurance for the following reasons:
• most invoices are not of a high value;
• no significant concentration of invoices are with any one customer; and
• in many cases we are able to switch off the service the moment a debt becomes due.
The Group holds a number of deposits with UK tax payer-owned banks or well known high street banks. In recent years 
we have become increasingly aware that even financial institutions such as banks are not immune to financial risk. That 
said, the directors review the financial position of their deposit holders on a regular basis and at this time are satisfied 
with their credit worthiness.
Information about the use of financial instruments by the Group is given in note 21 to the financial statements. The 
Group has also previously issued convertible loan notes as disclosed in the financial statements.
Software as a Service (SaaS)
PR, Public Affairs and Reputation Management
The landscape for Vuelio radically changed in 2015 when we acquired the UK assets of communications software 
company Cision, prompting a rebrand and refocus. The deal also immediately increased our customer base in this 
space from 300 to more than 2,000.  Where we previously served primarily the public sector and FTSE 100 companies, 
we now have customers of all sizes in numerous sectors, in particular, marketing, PR and digital agencies.
We have reorganised our sales and marketing operations to support a dual focus on growth and strategic services. 
The addition of trade and assets of  Cision UK Ltd and Vocus UK Ltd brings immediate scale and bolsters our growth 
opportunity. To underpin this, we have built a talented team to continue delivering solutions relevant to this evolving 
market. This team will target high-value accounts, particularly through up selling and cross selling, in key public sector 
and high-regulation sectors.
Access Intelligence has rapidly developed Vuelio’s communications management software platform to address the 
needs of this expanded market. These changes are also aimed at supporting a swift migration of clients from Cision and 
Vocus software, which is currently underway, providing a platform for profitable growth through further development.
Incident & Crisis Management
AIControlPoint saw a 100% client retention in 2015 but limited revenue growth due to the downturn in the oil and gas 
market. We have also helped ensure future growth by diversifying our target markets and focusing on several new 
industries. Among our wins were new clients in the transport sector, including the Manchester Airport Group, as well as 
building a pipeline in the aviation, travel and local government space.
 
Training, Competence and Employee Performance Management
Tightening FCA regulation has brought a focus on senior managers and individual accountability in the financial services 
sector. This provided us with an opportunity to augment AITrackRecord in 2015, empowering customers in the face of 
these changes. Our improved Training and Competence system unifies competence, performance, accountability and 
compliance tracking and, crucially, provides evidence of adherence to the new regime. The updated platform centralises 
all pertinent information, even digitising legacy paper-based processes.  This simplifies compliance and significantly 
reduces cost.
Leading FTSE 100 wealth management firm St. James’s Place was an early adopter of the new platform.  Additional 
customers are targeted for switchover throughout 2016.   
Strategy and Market
The M&A activity that the Group has undergone over the past 12 months has created a seismic shift in focus towards 
Reputation Management. We now have an exceptional portfolio of products and services for stakeholder engagement 
and reputation management throughout the UK and Europe. As customers seek to drive a unified, consistent engage-
ment strategy across multiple stakeholders, they require a comprehensive software portfolio integrated across their 
communications teams. Highly regulated industries continue to champion the embedding of best practices in good cor-
porate governance, risk management and effective compliance ensuring that our product suite is well positioned to gain 
continued traction in both reputation and risk management.  10
Access Intelligence Plc  |  Annual Report and Accounts 2015  |  Stock Code: ACC
SaaS based solutions continue to provide companies with a scalable, resilient and value-driven alternative to the costly 
maintenance of in-house on premise solutions. Access Intelligence continues to capitalise on the wider adoption of 
SaaS solutions and services to provide tangible alternatives to customers, as well as long term revenue visibility and 
stability for investors. 
2016 represents a challenging year of customer migrations and further operational restructuring to ensure the optimal 
platform for growth. Our focus over the coming year will be maximising the opportunities secured from our recent 
acquisition and embedding our market share in an ever-shifting competitive landscape. As the sole provider of a multi-
faceted stakeholder engagement platform we are well positioned to offer a truly diversified offering.
Disposal of Willow Starcom
Following the Group’s decision to focus on reputation and risk management SaaS based solutions, Access Intelligence 
divested Willow Starcom Limited on 21 April 2015.  Willow Starcom delivered infrastructure support and cloud based IT 
services but was considered non-core to the Group as it looked to scale its SaaS offering. The net cash inflow received 
for the company amounted to £1,141,000 and resulted in a profit on disposal of the company of £900,000. 
Disposal of Due North Limited
In line with Access Intelligence’s strategy to focus on SaaS solutions in reputation and risk management, on 3 February 
2016, the Group disposed of Due North Limited for a cash consideration of £4,500,000. The decision to divest Due North 
was a result of the management team’s commitment to dispose of non-core businesses and provide the Group with 
greater financial flexibility and value for our shareholders.
Directors and Staff
2015 has demonstrated that our core belief of building a Group based on the expertise, experience and integrity of our 
industry-leading team is delivering significant value. I would like to thank all our staff for their hard work and commitment, 
which has enabled us to recognise considerable progress during 2015 and we expect to benefit from this in the coming 
years. As a Group we have delivered growth, and I look forward to our continued operational successes in 2016.
By order of the board
J Arnold
Director
Approved by the directors on 8th April 2016 www.accessintelligence.com
11
Directors and Advisers
Directors:
Executive directors:
J Arnold            (Chief Executive Officer)
K Dhoot            (Chief Financial Officer) (Resigned 12 June 2015)
Non-executive directors:
M Jackson        (Chairman)
D Lowe
C Pilling            (Appointed 24 August 2015)
J Hamer            (Resigned 1 October 2015)
H Bang  (Resigned 1 October 2015)
Company Secretary:
M Greensmith (appointed 1 July 2015)
Registered Office:
Longbow House
14-20 Chiswell Street, London
EC1Y 4TW
Company Registration Number:
04799195
Brokers and Nominated Adviser: 
Allenby Capital Limited
3 St Helen’s Place
London
EC3A 6AB
Registrars:
Neville Registrars Limited
Neville House
18 Laurel Lane
Halesowen 
West Midlands 
B63 3DA
Bankers:
Bank of Scotland
Aldgate House
1-4 Market Place
Hull
HU1 1RA
Legal Advisers:
 
Fieldfisher LLP
Riverbank House 
2 Swan Lane 
London 
EC4R 3TT
Auditor:
Mazars LLP
Chartered Accountants & Statutory Auditor
Tower Bridge House
St Katharine’s Way
London
E1W 1DD 12
Access Intelligence Plc  |  Annual Report and Accounts 2015  |  Stock Code: ACC
Directors’ Report
The directors present their annual report and the consolidated financial statements of the Group for the year ended 30
November 2015.
Principal activity
Access Intelligence is a Software and Computer Services group of companies providing business critical compliance 
and legislative driven software solutions and services to both public and private sectors on a recurring revenue basis. 
Since the flotation on AIM in November 2003, the Group has made six acquisitions focused in the areas of compliance 
software and data backup and recovery. The Group has also sold 4 subsidiaries prior to the disposal of Due North (refer 
to events after the balance sheet date below) and had 4 dormant companies dissolved.
Review of business and future outlook
A review of the Group’s activities during the year and future outlook is set out in the Strategic Report and Chairman’s 
Statement on pages 6 to 10.
Results
The consolidated trading results for the year and the year-end financial position are shown in the financial statements 
on pages 20 to 24. The results for the year and future prospects are reviewed in the Strategic Report and Chairman’s 
Statement on pages 6 to 10.
Directors’ interests
The directors who have served during the year and details of their interests, including family interests, in the Company’s 
ordinary 0.5p shares at 30 November 2015 are disclosed below:
The high and low price of shares during the year were 5.50p and 2.62p respectively.
30-Nov-15
Beneficial
No.
30-Nov-15
Options 
No.
30-Nov-14
Beneficial
No.
30-Nov-14
Options 
No.
M Jackson 20,865,858 7,808,103 24,865,858 7,808,103
D Lowe 4,597,475 1,841,899 4,597,475 1,841,897
J Arnold 5,000,000 3,000,000 5,000,000 3,000,000
Substantial shareholdings
Save for the directors’ interests disclosed above together with the following shareholders, the directors are not aware of 
any other shareholdings representing 3% or more of the issued share capital of the Company at the year end.
In addition to the above the following substantial shareholders are also holders of Loan Instruments.
Investor No. of shares % holding Nature of holding
Elderstreet VCT plc 39,675,690 14.3 Indirect
Kestrel Partners LLP 30,902,700 11.1 Indirect
Unicorn AIM VCT plc 28,066,867 10.1 Indirect
Octopus Asset Management Ltd 14,820,000 5.3 Indirect
Hawk Investment Holdings Ltd and Hawk Pension Ltd 11,666,667 4.2 Indirect
Hargreave Hale 9,821,017 3.5 Indirect
David Alderson 9,342,705 3.4 Direct
Ray Jackson 8,917,682 3.2 Direct www.accessintelligence.com
13
Brought forward Issued during the year Carried forward
 All convertible Convertible loan 
notes
Non-convertible 
loan notes
Convertible loan 
notes
Non-convertible 
loan notes
Elderstreet VCT 
plc
500,000 200,000 300,000 700,000 300,000 
Unicorn AIM VCT 
plc
750,000 - 300,000 750,000 300,000
Kestrel Partners 
LLP
- 400,000 900,000 400,000 900,000
Octopus Asset 
Management Ltd.
- 200,000 - 200,000 -
 1,250,000 800,000 1,500,000 2,050,000 1,500,000
In 2014, the Company agreed terms with Elderstreet VCT and Unicorn AIM VCT plc to extend the loans issued in June 
2009 such that they mature on 31 December 2015, with enhanced interest at 8% during this extended period with 
conversion rights unchanged at 4p per share. 
In January 2016 the Company agreed the same terms as those agreed in the prior year with both note holders such that 
the notes are redeemable at par or convertible to ordinary shares at 4p per ordinary share on or before maturing on 31 
December 2016 and carry a coupon rate of 8% per annum, payable semi-annually until such a time as they are repaid 
or converted in accordance with their terms. These notes are classified as non-current at the year end.
In December 2014 the company issued a further £1,100,000 of convertible loan notes of which £800,000 were issued 
to substantial shareholders as per the table above. These loan notes are redeemable at par or convertible to ordinary 
shares at 3p per ordinary share on or before maturing on 3 December 2019 and carry a coupon rate of 8% per annum 
payable semi-annually until such time as they are repaid or converted. 
On 22 June 2015 the company issued £1,818,000 non-convertible loan notes of which £1,500,000 were issued to 
substantial shareholders as per the table above. The loan notes which carry an interest rate of 10% for one year rising 
to 12% thereafter. Interest is payable quarterly in arrears. The loans notes are fully repayable in five years. 
Elderstreet VCT plc is an AIM listed venture capital trust of which M Jackson is a non-executive director and he is also 
a director of Elderstreet Investments Ltd, the manager to Elderstreet VCT plc.
Dividends 
Due to the significant and ongoing investment in developing our products, the directors do not propose a dividend in
respect of the year ended 30 November 2015.
Research & development and other technical expenditure
All subsidiaries are encouraged to invest in the development of their products continuously, though 2012 heralded the 
start of a significant investment phase, commencing with the creation of a centralised development centre based in York, 
which underpins cutting edge development methodologies across the Group. Throughout 2015 we have continued to 
invest in developing our products.  The Group engaged an average of 72 (2014: 71) technical staff who support both the 
existing product offering as well as developing it.  In 2015, £3,457,000 (2014: £3,940,000) was spent across the Group 
on research and development and other technical expenditure. Of this £1,526,000 (2014: £1,577,000) was capitalised 
and the balance was expensed through the consolidated statement of comprehensive income.
Further detail of research & development costs incurred by Group companies is set out in the Strategic Report on pages 
8 and 9.
Our policy is to write development expenditure off to the consolidated statement of comprehensive income as incurred 
unless it relates to a new product that is yet to be launched or relates to fundamental innovations that meet accounting 
definitions in that they are technically feasible, commercially viable and resources exist to complete the development 
projects. In such cases the expenditure is capitalised and written-off over five years beginning with the first sale. This 
reflects the estimated useful life taking into account the more flexible, structured code using latest modular design 
techniques available. 14
Access Intelligence Plc  |  Annual Report and Accounts 2015  |  Stock Code: ACC
Employee relations
The Group supports the employment of disabled people, wherever possible, both when recruiting and by retention of 
those who become disabled during their employment.
Appropriate steps are taken to inform and consult employees regarding matters affecting them and the Group.
The Group’s policy regarding health and safety is to ensure that, as far as is practical, there is a working environment 
which will minimise the risk to the health and safety of its employees and those persons who are authorised to be on its 
premises.
The Group encourages staff progression and is introducing more formal training and development of key staff across the 
Group. Individual job related training is provided if needed and it is incumbent upon all managers to find time to mentor 
and develop their own staff.
The Group’s remuneration policies are driven locally at subsidiary level to reflect circumstances prevailing in their 
local labour markets. Our sales teams earn sales commission on top of a competitive basic salary based on their 
individual targets. Incentives for all staff are encouraged and the managing directors of each subsidiary have an annual 
profit sharing contract based upon the profitability of their subsidiary. Directors’ remuneration is determined by the 
remuneration committee, details of which are included in note 6.
 
Financial risk management and exposure to financial risk
The directors’ management and policies in relation to price risk, credit risk, liquidity risk and cash flow risk is explained 
in detail in the Strategic Report.
Environment
The Group’s policy with regard to the environment is to ensure that we understand and effectively manage the actual 
and potential environmental impact of our activities. Our operations are conducted such that we comply with all legal 
requirements regarding the environment in all areas where we carry out our business. During the period covered by 
this report the Group has not incurred any fines or penalties or been investigated for any breach of environmental 
regulations.
Social responsibility
The Group has made certain small donations during the year supporting local charities, individually each donation and 
in aggregate being less than £2,000. We encourage our staff to raise money for charities by supporting their endeavours 
both as a company or the directors individually.
Going concern
The Strategic Report and opening pages to the annual report discuss Access Intelligence’s business activities and 
headline results, together with our financial statements and notes which detail the results for the year, net current 
liability position, cash flows for the year ended 30 November 2015 and the extension of the maturity of the convertible 
loan notes. The Board has further considered 12 month cash flow forecasts from the date of signing the accounts and 
consider the assumptions used therein to be reasonable and reflective of the long-term ‘software as a service’ contracts 
and contracted recurring revenue. As set out in the Subsequent Events note 30 (and below), the Group has disposed of 
Due North Ltd for a total consideration of £4,500,000. From this the Board has concluded that they have a reasonable 
expectation that the Company and the Group have adequate resources to meet their liabilities as they fall due and to 
continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern 
basis in preparing the financial statements.
Events after the balance sheet date
On 3 February 2016 Access Intelligence Plc disposed of 100% of the issued share capital of Due North Limited, being 
the disposal group held for sale in note 7, for a consideration totalling £4,500,000.
In January 2016, the Company agreed terms to extend the loans issued in June 2009 such that they mature on 31 
December 2016, with interest at 8% during this extended period with conversion rights unchanged at 4p per share.  www.accessintelligence.com
15
Share capital
Details of the Company’s share capital are set out in note 21 to the financial statements.
Share option plan
The Company administers one approved option scheme called the “Access Intelligence plc Management Incentive 
Scheme”. The scheme was adopted at the AGM held on 22 April 2009 and is open to any eligible employee selected at 
the discretion of the Board. The scheme period will extend for 10 years from the adoption date. The scheme rules are 
available at the Company’s registered office. Details of the movement in options during the year are in note 25. In total 
no options were granted in the year, 1,950,000 were exercised and 2,527,605 were forfeited.
Statement of directors’ responsibilities
The directors are responsible for preparing the Strategic Report, the Directors’ Report and the Group and Parent 
Company financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare group and parent company financial statements for each financial year. 
Under AIM rules the directors are required to prepare Group financial statements in accordance with IFRS as adopted 
by the EU.
The Group financial statements are required by law and IFRS as adopted by the EU to present fairly the financial 
position and the performance of the Group. The Companies Act 2006 provides in relation to such financial statements 
that references in the relevant part of that Act to financial statements giving a true and fair view are references to their 
achieving a fair presentation.
The parent company financial statements are required by law to give a true and fair view of the state of affairs of the
parent company.
In preparing those financial statements, the directors are required to:
•     select suitable accounting policies and then apply them consistently;
• make judgements and estimates that are reasonable and prudent;
• for the Group financial statements, state whether they have been prepared in accordance with IFRS as adopted by 
the EU;
• for the parent company financial statements, state whether applicable UK Accounting Standards have been  followed, 
subject to any material departures disclosed and explained in the parent company financial statements;
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and 
the parent company will continue in business; and
• provide additional disclosures when compliance with specific requirements in IFRS is insufficient to enable users to 
understand the impact of particular transactions, other events and conditions, on the entity’s financial position and 
financial performance.
The directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time 
the financial position of the parent company and to enable them to ensure that the financial statements comply with 
the Companies Act 2006. They are also responsible for systems of internal control, for safeguarding the assets of the 
Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on 
the Company’s website. Legislation in the UK governing the preparation and dissemination of financial statements may 
differ from legislation in other jurisdictions.
Statement as to disclosure of information to auditor
In so far as the directors are aware:
• there is no relevant audit information of which the Company’s auditor is unaware; and
• the directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit 
information and to establish that the auditor is aware of that information. 16
Access Intelligence Plc  |  Annual Report and Accounts 2015  |  Stock Code: ACC
Auditor
Mazars LLP has acted as auditor throughout the period and, in accordance with section 489 of the Companies Act 2006 
a resolution to reappoint Mazars LLP will be put to the members at the forthcoming annual general meeting.
By order of the Board
M Jackson
Director
Approved by the directors on 8 April 2016 www.accessintelligence.com
17
Corporate Governance
Application of the principles of good governance
As an AIM listed company, the Group is not required by the Financial Conduct Authority Listing Rules to follow the 
provisions of the UK Corporate Governance Code. Nevertheless, the Group is committed to applying the principles of 
corporate governance commensurate with its size.
The Board
At 30 November 2015, the Board consisted of 3 non-executive directors and 1 executive director being the Chief 
Executive Officer. These Board members retain responsibility for the formulation of corporate strategy, approval of 
acquisitions, divestments and major capital expenditure and treasury policy. The appointment of new directors is a 
matter reserved for the Board as a whole rather than for a separate nomination committee.
The executive director is responsible for operational matters and executing agreed strategic decisions.
The Board meets monthly and has a schedule of matters specifically referred to it for decision. All directors have access 
to advice from the company secretary and training is available for directors as necessary.
Each member of the Board comes up for re-election by the shareholders at annual general meetings every three years 
by rotation.
The non-executive directors are not involved in the day-to-day running of the business. Shareholdings of all directors 
can be found in the directors’ report.
Internal control
The directors have overall responsibility for ensuring that the Group maintains a system of internal control to provide 
them with reasonable assurance regarding effective and efficient operations, internal financial control and compliance 
with laws and regulations.
The risk management process and systems of internal control are designed to manage rather than eliminate the risk 
of failure to achieve the Group’s strategic objectives. However, there are inherent limitations in any system of internal 
control and accordingly even the most effective system can only provide reasonable and not absolute assurance. The 
Board has reviewed the operation and effectiveness of the system of internal control in operation during the period.
The Board is also responsible for assessing and minimising all business risks, supported by group personnel able to 
provide specific assistance in matters relating to regulatory compliance, health and safety, environment, quality systems 
and insurance cover for property and liability risks.
Monthly accounts, with commentary on current year performance compared with planned performance, together with 
analysis and working capital information, are prepared in accordance with group accounting policies and principles. 
They are consolidated and reviewed by the Board in order to monitor overall performance and trigger appropriate 
management intervention where applicable.
The Board monitors the funding requirements and banking facilities provided to the Group in addition to the management 
of investment and treasury procedures. Capital and significant investment expenditure is approved against performance 
criteria.
The Board has considered the need for an internal audit function but has concluded that the size of the Group does not 
justify the expense at present. The need for an internal audit function will continue to be reviewed periodically.
Audit committee        
The audit committee is appointed by the Board and must comprise a minimum of two members, including one non-
executive director. D Lowe chairs the audit committee with M Jackson and J Arnold as the other members. The committee 
met on 2 occasions in 2015 (2014: 2).
The audit committee may examine any matters relating to the financial affairs of the Group. This includes reviews of 
the annual accounts and announcements, internal control procedures, accounting policies, compliance with accounting 
standards, the appointment of external auditors and other such related functions as the Board may require. 18
Access Intelligence Plc  |  Annual Report and Accounts 2015  |  Stock Code: ACC
Remuneration committee
The remuneration committee consists of J Arnold, D Lowe and C Pilling and is chaired by C Pilling. The committee’s aim 
is to ensure that the executive directors are rewarded for their contribution to the Group and are motivated to enhance 
the return to shareholders. The remuneration committee is responsible for reviewing the performance of the directors 
and setting their remuneration, and meets on an “as required” basis. The remuneration committee has regard to rates of 
pay for similar positions in comparable companies as well as internal factors such as performance. The objective of the 
Company’s remuneration policy is to ensure that members of the executive management are provided with appropriate 
incentives to encourage enhanced performance and are, in a fair and responsible manner, rewarded for their individual 
contributions to the success of the Company.
The directors are eligible for share options under the Company’s share option scheme. The exercise of options granted 
under this share option scheme is not dependent on performance criteria.
Full details of directors’ remuneration are given in note 9 to the financial statements.
Nominations committee
The Group has not appointed a nominations committee. The Board has concluded that given the size of the Group this 
function can be effectively carried out by the whole Board. www.accessintelligence.com
19
Independent Auditor’s Report to the Members of Access 
Intelligence Plc
We have audited the financial statements of Access Intelligence Plc for the year ended 30 November 2015 which 
comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the 
Consolidated Statement of Changes in Equity, the Consolidated Statement of Cash Flow, the Company Balance Sheet 
and the related notes. The financial reporting framework that has been applied in the preparation of the Group financial 
statements is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union. 
The financial reporting framework that has been applied in the preparation of the Parent Company financial statements 
is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Respective responsibilities of directors and auditor
As explained more fully in the Directors’ Responsibilities Statement set out on pages 15, the directors are responsible 
for the preparation of the financial statements and for being satisfied that they give a true and fair view.
Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and 
International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices 
Board’s Ethical Standards for Auditors. This report is made solely to the Company’s members as a body in accordance 
with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the 
Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To 
the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the 
Company’s members as a body for our audit work, for this report, or for the opinions we have formed.
Scope of the audit of the financial statements
A description of the scope of an audit of financial statements is provided on the Financial Reporting Council’s website at 
www.frc.org.uk/auditscopeukprivate.
Opinion on the financial statements
In our opinion:
• the financial statements give a true and fair view of the state of the Group’s and of the Parent Company’s affairs as 
at 30 November 2015 and of the Group’s loss for the year then ended;
• the Group financial statements have been properly prepared in accordance with IFRSs as adopted by the European 
Union;
• the Parent Company financial statements have been properly prepared in accordance with United Kingdom 
Generally Accepted Accounting Practice; and
• the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion the information given in the Strategic Report and Directors’ Report for the financial year for which the 
financial statements are prepared is consistent with the financial statements. 20
Access Intelligence Plc  |  Annual Report and Accounts 2015  |  Stock Code: ACC
Independent Auditor’s Report to the Members of Access 
Intelligence Plc (Continued)
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to 
you if, in our opinion:
• adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have 
not been received from branches not visited by us; or
• the Parent Company financial statements are not in agreement with the accounting records and returns; or
• certain disclosures of directors’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit.
Richard Metcalfe (Senior Statutory Auditor)
for and on behalf of Mazars LLP
Chartered Accountants and Statutory Auditor
Tower Bridge House
St Katharine’s Way
London
E1W 1DD www.accessintelligence.com
21
Consolidated Statement of Comprehensive Income
Year ended 30 November 2015
The notes on pages 26 to 55 form part of these financial statements.
Note Continuing 
Operations
2015 
£’000
Discontinued 
Operations
2015 
£’000
Continuing 
Operations
2014 
£’000
Discontinued 
Operations
2014 
£’000
Revenue 3 8,119 2,737 4,291 4,255
Cost of sales (3,277) (881) (949) (1,419)
Gross profit 4,842 1,856 3,342 2,836
Administrative expenses (7,339) (2,046) (3,871) (2,292)
Share-based payment 25 (26) - (36) -
Operating (loss)/profit before 
impairment
(2,523) (190) (565) 544
Profit on disposal of subsidiary undertaking 6 - 900 - -
Impairment of intangibles 15 (1,899) - (798) -
Operating (loss)/profit 5 (4,422) 710 (1,363) 544
Financial income 10 1 - 1 -
Financial expense 11 (266) - (115) -
(Loss)/profit before taxation (4,687) 710 (1,477) 544
Taxation credit/(charge) 12 763 (29) (121) (28)
(Loss)/profit for the year (3,924) 681 (1,598) 516
Profit for the year from discontinued 
operations
6 681 516
Loss for the year (3,243) (1,082)
Other comprehensive income - -
Total comprehensive income for the 
period attributable to the owners of the 
parent company
(3,243) (1,082)
Earnings per share
Basic (loss)/earnings per share 14 (1.55)p 0.27p (0.68)p 0.22p
Diluted (loss)/earnings per share 14 (1.55)p 0.25p (0.68)p 0.22p 22
Access Intelligence Plc  |  Annual Report and Accounts 2015  |  Stock Code: ACC
Consolidated Statement of Financial Position
At 30 November 2015
The consolidated financial statements were approved and authorised for issue by the Board of directors on 8 April 2016 
and signed on its behalf by:
M Jackson
Chairman
The notes on pages 26 to 55 form part of these financial statements.
Note 2015
£’000
2014
£’000
Non-current assets
Property, plant and equipment 16 273 523
Intangible assets 15 7,423 8,406
Deferred tax assets 23 865 419
Total non-current assets 8,561 9,348
Current assets
Inventories 17 - 142
Trade and other receivables 18 3,628 2,613
Current tax receivables 101 237
Cash and cash equivalents 26 1,523 1,144
Assets classified as held for sale 7 3,869 -
Total current assets 9,121 4,136
Total assets 17,682 13,484
Current liabilities
Trade and other payables 20 1,225 1,526
Accruals and deferred income 6,398 4,050
Interest bearing loans and borrowings 19 1,277 -
Liabilites classified as held for sale 7 1,455 -
Total current liabilities 10,355 5,576
Non-current liabilities
Trade and other payables 20 391 60
Interest bearing loans and borrowings 19 2,839 1,301
Deferred tax liabilities 23 336 956
Total non-current liabilities 3,566 2,317
Total liabilities 13,921 7,893
Net assets 3,761 5,591
Equity
Share capital 24 1,535 1,324
Treasury shares (148) (148)
Share premium account 1,271 224
Capital redemption reserve 191 191
Share option reserve 364 338
Equity reserve 255 126
Retained earnings 293 3,536
Total equity attributable to the equity
holders of the parent company 3,761 5,591 www.accessintelligence.com
23
Consolidated Statement of Changes in Equity
Year ended 30 November 2015
Share 
capital
£’000
Treasury 
shares
£’000
Share
premium
account 
£’000
Capital 
redemption 
reserve 
£’000
Share 
option 
reserve 
£’000
Equity 
reserve 
£’000
Retained 
earnings 
£’000
Total 
£’000
Group
At 1 December 2013 1,324 (148) 224 191 331 126 4,618 6,666
Total comprehensive loss 
for the year 
- - - - - - (1,082) (1,082)
Transactions with owners
Share-based payments - 
current year
- - - - 36 - - 36
Tax reversal relating to 
share-based payment
- - - - (29) - - (29)
At 30 November 2014 1,324 (148) 224 191 338 126 3,536 5,591
At 1 December 2014 1,324 (148) 224 191 338 126 3,536 5,591
Total comprehensive loss 
for the year 
- - - - - - (3,243) (3,243)
Equity component of 
convertible loan notes net 
of deferred tax
- - - - - 129 - 129
Transactions with owners
Issue of share capital 211 - 1,047 - - - - 1,258
Share-based payments - 
current year
- - - - 26 - - 26
Tax reversal relating to 
share-based payment
- - - - - - - -
At 30 November 2015 1,535 (148) 1,271 191 364 255 293 3,761 24
Access Intelligence Plc  |  Annual Report and Accounts 2015  |  Stock Code: ACC
Share capital and share premium account
When shares are issued, the nominal value of the shares is credited to the share capital reserve. Any premium paid 
above the nominal value is taken to the share premium account. Access Intelligence plc shares have a nominal value of 
0.5p per share. Directly attributable transaction costs associated with the issue of equity investments are accounted for 
as a reduction from the share premium account.
Treasury shares 
The returned shares are now held in treasury and attract no voting rights. The return of shares has been accounted for in 
accordance with IAS 32 ‘Financial instruments: Presentation’ such that the instruments have been deducted from equity 
with no gain or loss recognised in profit or loss. 
Share option reserve
This reserve arises as a result of amounts being recognised in the income statement relating to share-based payment 
transactions granted under the Group’s share option scheme. The reserve will fall as share options vest and are 
exercised over the life of the options.
Capital redemption reserve
This reserve arises as a result of keeping with the doctrine of capital maintenance when the Company purchases and 
redeems its own shares. The amounts transferred into/out from this reserve from a purchase/redemption is equal to the 
amount by which share capital has been reduced/increased, when the purchase/redemption has been financed wholly 
out of distributable profits, and is the amount by which the nominal value exceeds the proceeds of any new issue of 
share capital, when the purchase/redemption has been financed partly out of distributable profits.
Equity reserve
The equity reserve arises as a result of the equity component that has been recognised on the convertible loan notes 
that have been issued by the Group (see the ‘Interest bearing loans and borrowings’ note). The reserve is determined 
by deducting the amount of the liability component from the fair value of the convertible loan notes as a whole, net of 
income tax effects and the relative proportion of the directly attributable transaction costs associated with the issue of 
the compound instruments.
Retained earnings
The retained earnings reserve records the accumulated profits and losses of the Group since inception of the business. 
Where subsidiary undertakings are acquired, only profits and losses arising from the date of acquisition are included. www.accessintelligence.com
25
Consolidated Statement of Cash Flow
Year ended 30 November 2015
The notes on pages 26 to 55 form part of these financial statements.
2015 2014
Note £'000 £'000
Loss for the year (3,243) (1,082)
Adjusted for: 
Taxation 12 (734) 149
Depreciation and amortisation 15,16 948 409
Impairment of intangible assets 15 1,899 798
Share option charge 25 26 36
Financial income 10 (1) (1)
Financial expense 11 266 115
Loss on disposal of property, plant and equipment 16 70 2
Profit on sale of Willow Starcom Ltd 6 (900) -
Operating cash (outflow)/inflow before changes in working capital (1,669) 426
(Increase) in trade and other receivables (496) (590)
Decrease in inventories 8 26
Increase in trade and other payables
 
344 1,192
Net cash (outflow)/inflow from operations before taxation (1,813) 1,054
Taxation received 237 356
Net cash (outflow)/inflow from operations  (1,576) 1,410
Cash flows from investing
Interest received 10 1 1
Acquisition of property, plant and equipment and software licences 15,16 (66) (140)
Cost of software development 15 (1,541) (1,573)
Acquisition of trade and assets 8 (1,340) -
Disposal of Willow Starcom 6 1,487 -
less: cash and cash equivalents disposed of 6 (346) -
Move to held for sale of Due North 7 (207) -
Net cash outflow from investing (2,012) (1,712)
Cash flows from financing activities
Interest paid (192) (75)
Issue of shares and share option exercise proceeds 1,200 -
Exercise of share options 25 59 -
Issue of loan notes 19 2,900 -
Net cash inflow/(outflow) from financing  3,967 (75)
Net increase/(decrease) in cash and cash equivalents 26 379 (377)
Opening cash and cash equivalents 26 1,144 1,521
Closing cash and cash equivalents 26 1,523 1,144 26
Access Intelligence Plc  |  Annual Report and Accounts 2015  |  Stock Code: ACC
Notes to the Consolidated Statements
1.  General information
Access Intelligence Plc (‘the Company’) and its subsidiaries (together the ‘Group’) provide critical governance, risk and 
compliance software and computer services to regulated businesses in both the public and private sectors. 
The Company is a public limited company under the Companies Act 2006 and is listed on the Alternative Investment 
Market and is incorporated and domiciled in the UK. The address of the Company’s registered office is provided in the 
Officers and Professional Advisers page of this Annual Report.
2. Accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These 
policies have been applied consistently to all the years presented, unless otherwise stated.
Basis of preparation
These financial statements have been prepared in accordance with International Financial Reporting Standards 
(‘IFRS’s’) as adopted by the European Union, and with those parts of the Companies Acts applicable to companies 
reporting under IFRS. The consolidated financial statements have been prepared under the historical cost convention 
and on a going concern basis.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. 
It also requires management to exercise its judgement in the process of applying the Group’s accounting policies.
Going concern
The Strategic Report and opening pages to the annual report discuss Access Intelligence’s business activities and 
headline results, together with our financial statements and notes which detail the results for the year, net current 
liability position, cash flows for the year ended 30 November 2015 and the extension of the maturity of the convertible 
loan notes. The Board has further considered 12 month cash flow forecasts from the date of signing the accounts and 
consider the assumptions used therein to be reasonable and reflective of the long-term ‘software as a service’ contracts 
and contracted recurring revenue. As set out in the Subsequent Events note 30 (and below), the Group has disposed of 
Due North Ltd for a total consideration of £4,500,000. From this the Board has concluded that they have a reasonable 
expectation that the Company and the Group have adequate resources to meet their liabilities as they fall due and to 
continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern 
basis in preparing the financial statements.
Significant judgements
In addition to going concern, the areas involving a high degree of judgement or complexity relate to:
• the recognition of deferred tax assets in relation to losses (refer to note 23);
• the recoverability of trade receivables currently provided for (refer to note 18); and
• the fair value estimation of intangible assets acquired (refer to note 8).
Significant estimates
Further to the significant judgements above the areas where key assumptions and estimates have been made by 
management relate to:
• the impairment testing of goodwill and capitalised development costs and other non-current assets, (refer to note 
15);
• the charge for share-based payment transactions which include assumptions on future share prices movements, 
expected future dividends, and risk-free discount rates (refer to note 25); and
• the fair value estimation of intangible assets acquired (refer to note 8). www.accessintelligence.com
27
New standards and interpretations
The following standards, amendments and interpretations to published standards, have been adopted during the year.
IFRS 10 ‘Consolidated financial statements’ Effective 1 January 2013, with an EU effective date of 1 January 2014
This standard replaces the principle of control and the consolidation requirements in IAS 27 ‘Consolidated and Separate 
Financial Statements’, SIC-12 ‘Consolidation – Special Purpose Entities’ and SIC-33 ‘Consolidation and Equity Method 
– Potential Voting Rights and Allocation of Ownership Interests’.
IFRS 11 ‘Joint Arrangements’ Effective 1 January 2013, with an EU effective date of 1 January 2014
IFRS 12 ‘Disclosure of Interests in Other Entities’ Effective 1 January 2013, with an EU effective date of 1 January 
2014. 
This standard sets out new and comprehensive disclosure requirements for interests in other entities, including 
subsidiaries, joint arrangements, associates and unconsolidated structured entities.
IAS 27 ‘Separate Financial Statements’ and IAS 28 ‘Investments in Associates and Joint Ventures’ Effective 1 
January 2013, with an EU effective date of 1 January 2014
Following the issue of IFRS 10 ‘Consolidated Financial Statements’, IFRS 11 ‘Joint Arrangements’ and IFRS 12 
‘Disclosure of Interests in Other Entities’, consequential changes have been made to these standards.
IAS 32 (amendment) ‘Financial Instruments: Presentation’ Effective 1 January 2014
Amendment relates to the offsetting of financial assets and liabilities.
IAS 36 (amendment) ‘Impairment of Assets’ Effective 1 January 2014
Amendment relates to the recoverable amount disclosures for non-financial assets.
IAS 39 (amendment) ‘Financial Instruments: Recognition and Measurement’ Effective 1 January 2014
Amendment relates to the novation of derivatives and continuation of hedge accounting.
IFRIC 21 ‘Levies’ Effective 1 January 2014 with an EU effective date of 17 June 2014
This interpretation addresses the accounting for a liability to pay a levy.
There has been no impact of adopting the above standards, amendments and interpretations. 
 
New standards issued but not yet effective 
Standards issued but not yet effective up to the date of issuance of the Company’s financial statements are listed below. 
The listing is of standards and interpretations issued, which the Company reasonably expects to be applicable at a 
future date. The Company does not intend to adopt those standards until they become effective.
IFRS 15 ‘Revenue from contracts with customers’: Original issue; Issued – May 2014; Effective – Annual periods 
beginning on or after 1 January 2018
IFRS 9  ‘Financial Instruments’; Original issue; Issued – November 2009; Effective – Annual periods beginning on or 
after 1 January 2018
IFRS 16 ‘Leases’; Original issue; Issued – January 2016; Effective – Annual periods beginning on or after 1 January 
2019
IAS 1 ‘Presentation of Financial Information’: Amendment relates to the disclosure initiative; Effective – Annual 
periods beginning on or after 1 January 2016 
IAS16  ‘Property, plant and equipment’ and IAS 38 ‘Intangible Assets’: Amendments regarding the clarification of 
acceptable methods of depreciation and amortisation; Amended May 2014; Effective for Annual periods beginning on 
or after 1 January 2016 
IAS 27  ‘Separate Financial Statements’ (as amended in 2011): Original issue; Issued – May 2011; Effective – Annual 
periods beginning on or after 1 January 2016
IFRS 10 ‘Consolidation Financial Statements’, IFRS 12 ‘Disclosure of Interests in Other Entities’ and IAS 28 
‘Investment in Associates and Joint Ventures’: Amendments relate to investment entities, applying the consolidation 
exemption; Effective – Annual periods beginning on or after 1 January 2016 28
Access Intelligence Plc  |  Annual Report and Accounts 2015  |  Stock Code: ACC
Basis of consolidation
The Group financial statements comprise the financial statements of the Company and all of its subsidiary undertakings 
made up to the financial year end. Subsidiaries are entities controlled by the Group. Control exists when the Group has 
the power, directly or indirectly, to govern the financial and operating policies of an entity so as to obtain benefits from its 
activities. In assessing control, potential voting rights that are currently exercisable or convertible are taken into account. 
The financial statements of subsidiaries are included in the consolidated financial statements from the date that control 
commences until the date that control ceases.
Adjustments are made where necessary to bring the accounting policies of acquired businesses into alignment with 
those of the Group. 
The results of subsidiary undertakings acquired or disposed of in the year are included in the Group statement of 
comprehensive income from the effective date of acquisition or to the effective date of disposal. Accounting policies are 
consistently applied throughout the Group. Inter-company balances and transactions have been eliminated. Material 
profits from inter-company sales, to the extent that they are not yet realised outside the Group, have also been eliminated.
IAS 12 ‘Income taxes’: Amendment relating to the recognition of deferred tax for unrealised losses; Amended January 
2016; Effective – Annual periods beginning on or after 1 January 2017
IAS 7 ‘Statement of cash flows’: Amendment relating to disclosure intiatives; Amended January 2016; Effective – 
Annual periods beginning on or after 1 January 2017
The directors expect that the adoption of the above pronouncements will have no material impact to the financial 
statements in the period of initial application other than disclosure except for  IFRS 15 and IFRS 16 where the Group is 
still assessing the impact..
Standards not expected to have a significant impact on the group or are not applicable
The following standards are not expected to have a significant impact on the group or are not applicable:
IFRS 11 ‘Joint Arrangements’: Amendment relating to the accounting for acquisition of interests in joint operations; 
Effective – Annual periods beginning on or after 1 January 2016
IFRS 14 ‘Regularity Deferral Accounts’: Original issue; Issued – January 2014; Effective – Annual periods beginning 
on or after 1 January 2016
IAS 19  ‘Employee Benefits’: Amendment relating to the accounting for contributions from employees or third parties 
to defined benefit plans; Effective – Annual periods beginning on or after 1 February 2015
The directors do not consider the adoption of the amendments resulting from the Annual Improvements 2010 - 2012 
cycle will result in a material impact on the financial information of the group and company. These amendments to 
IFRS2, IFRS3, IFRS8 IAS 16, IAS24 and IAS38 are effective for accounting periods beginning on or after 1 February 
2015.
The directors do not consider the adoption of the amendments resulting from the Annual Improvements 2011 - 2013 
cycle will result in a material impact on the financial information of the group and company. These amendments to 
IFRS3, IFRS13 and IAS40 are effective for accounting periods beginning on or after 1 February 2015.
The directors do not consider the adoption of the amendments resulting from the Annual Improvements 2012 - 2014 
cycle will result in a material impact on the financial information of the group and company. These amendments to IFRS 
5, IFRS 7, IAS 19 and IAS 34 are effective for accounting periods beginning on or after 1 January 2016.
There have been no other new or revised International Financial Reporting Standards, International Accounting 
Standards or Interpretations that are in effect since that last annual report that have a material impact on the financial 
statements. www.accessintelligence.com
29
Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses.
Depreciation is charged to the income statement on both a straight-line and reducing balance basis over the estimated 
useful lives of fixtures, fittings and equipment taking into account any estimated residual value. The estimated useful 
lives are as follows:
Fixtures, fittings and equipment - 3 - 5 years
Leasehold improvements - over lease term
Intangible assets
Goodwill
Goodwill represents amounts arising on acquisition of subsidiaries. Goodwill represents the difference between the cost 
of the acquisition and the fair value of the net identifiable assets and contingent liabilities acquired. Identifiable intangible 
assets are those which can be sold separately or which arise from legal rights regardless of whether those rights are 
separable.
Goodwill on acquisition of subsidiaries is included in intangible assets. Goodwill is allocated to cash generating units and 
is not amortised, but is tested annually for impairment.
In respect of acquisitions prior to 1 December 2006, goodwill is included at 1 December 2006 on the basis of its deemed 
cost, which represents the amount recorded under UK GAAP which was broadly comparable save that only separable 
intangibles were recognised and goodwill was amortised. On transition, amortisation of goodwill has ceased.
Research and development expenditure
Research costs are expensed as incurred. Development expenditures on an individual project are recognised as an 
intangible asset when the Group can demonstrate:
 
• the technical feasibility of completing the intangible asset so that the asset will be available for use or sale
• its intention to complete and its ability and intention to use or sell the asset;
• how the asset will generate future economic benefits;
• the availability of resources to complete the asset; and
• the ability to measure reliably the expenditure during development.
 
Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated 
amortisation and accumulated impairment losses. Amortisation of the asset begins from the date development is 
complete and the asset is available for use, which may be before first sale. It is amortised over the period of expected 
future benefit. Amortisation is recorded in administration expenses. During the period of development, the asset is tested 
for impairment annually. In 2015 there were five (2014: five) capitalised development projects. The directors assess 
the useful life of the completed capitalised development projects to be five years from the date of the first sale or when 
benefits begin to be realised and amortisation will begin at that time. 
Database
On acquisition of the business and certain assets of Cision UK Ltd and Vocus UK Ltd, a fair value was calculated in 
respect of the PR and media contacts database acquired. Subsequent expenditure on maintaining this database are 
expensed as incurred. Amortisation is calculated on a straight line basis over the estimated useful economic life of the 
database. It is the directors’ view that this useful economic life is three years based on the level of ongoing investment 
required to maintain the quality of data in the database. 
Customer list
On acquisition of the business and certain assets of Cision UK Ltd and Vocus UK Ltd, a fair value was calculated 
in respect of the customer list acquired. Amortisation is calculated on a straight line basis over the estimated useful 
economic life of the customer list. It is the directors’ view that this useful economic life is five years, based on known and 
forecast customer retention rates.  30
Access Intelligence Plc  |  Annual Report and Accounts 2015  |  Stock Code: ACC
Brand value
Acquired brands, which are controlled through custody or legal rights and could be sold separately from the rest of the 
Group’s businesses, are capitalised where fair value can be reliably measured. The Group applies a 20 year straight line 
amortisation policy on all brand values. 
The brand equity in each case has been built up over a 5-10 year period addressing the needs of two large global 
markets that have yet to reach maturity. In the event that the developed world became saturated it is the directors’ view 
that the developing world will soon find a need for such products. The conclusion is that a realistic life for the brand 
equity would be a ‘generation’ or 20 years. Where there is an indication of impairment, the directors will perform an 
impairment review by analysing the future discounted cash flows over the remaining life of the brand asset to determine 
whether impairment is required. 
Software licences
Software licences include software that is not integral to a related item of hardware. These items are stated at cost less 
accumulated amortisation and any impairment. Amortisation is calculated on a straight line basis over the estimated 
useful economic life. Although perpetual licences are maintained under support and maintenance agreements, a useful 
economic life of five years has been determined.
Impairment of non-financial assets
The carrying amounts of the Group’s assets other than deferred tax assets, are reviewed at each reporting date to 
determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount is 
estimated based upon the value in use.
For goodwill, assets that have an indefinite useful life and intangible assets that are not yet available for use, the 
recoverable amount is estimated at each reporting date. The recoverable amount is the higher of the fair value less 
costs to sell and value in use of the cash generating unit containing the goodwill or intangible assets with an indefinite 
useful life.
An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit exceeds its 
recoverable amount. Impairment losses are recognised in the income statement.
Impairment losses recognised in respect of cash-generating units are allocated first to the carrying amount of the 
goodwill allocated to that cash-generating unit and then to the carrying amount of the other assets in the unit on a pro 
rata basis, applied in priority to non-current assets ahead of more liquid items. A cash-generating unit is the smallest 
identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other 
assets or groups of assets.
Reversals of impairment
An impairment loss in respect of goodwill is not reversed. In respect of other assets, an impairment loss is reversed 
when there is an indication that the impairment loss may no longer exist and there has been a change in the estimates 
used to determine the recoverable amount.
An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount 
that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and 
slow-moving items.  Cost is determined on a first in first out (FIFO) basis and is calculated as the cost of materials, 
direct labour and appropriate production overheads based on normal capacity levels. Net realisable value is based on 
estimated selling price less additional costs to completion and costs to be incurred in marketing, selling and distribution.
Financial instruments
Financial instruments comprise trade and other receivables, cash and cash equivalents, loans and borrowings, trade 
and other payables and other financial liabilities.
Financial instruments are recognised initially at fair value plus, for instruments not at fair value through profit or loss, any  www.accessintelligence.com
31
directly attributable transaction costs, except as described below. Subsequent to initial recognition financial instruments 
are measured as described below.
A financial instrument is recognised if the Group becomes a party to the contractual provisions of the instrument. 
Financial assets are derecognised if the Group’s contractual rights to the cash flows from the financial assets expire or 
if the Group transfers the financial asset to another party without retaining control of substantially all risks and rewards 
of the asset. Financial liabilities are derecognised if the Group’s obligations specified in the contract expire or are 
discharged or are cancelled.
Trade and other receivables are recorded initially at fair value and subsequently measured at amortised cost, using the 
effective interest method, less provision for impairment.  Specific impairment provisions are made when management 
consider the debtor irrecoverable and these are charged to the income statement. Trade and other payables are recorded 
initially at fair value and subsequently measured at amortised cost, using the effective interest method.
Cash and cash equivalents include cash in hand, deposits held at call with banks, and other short term highly liquid 
investments.
Loans and borrowings and other financial liabilities, which include the convertible redeemable loan notes, are initially 
measured at fair value, net of transaction costs, and are subsequently measured at amortised cost using the effective 
interest rate method. Interest expense is measured on an effective yield basis and recognised in the income statement 
over the relevant period.
Issue costs are apportioned between the liability and equity components of the convertible loan notes based upon their 
relative carrying amounts at the date of issue. The portion relating to the equity component is recognised in equity.
Finance payments associated with financial liabilities are dealt with as part of finance expenses.
The Group may enter into derivative financial instruments for risk management purposes. Derivatives are initially 
recognised at fair value on the date the derivative contract is entered into and are subsequently re-measured at their 
fair value with gains and losses recognised through profit or loss. The Group does not hold or issue derivative financial 
instruments for trading purposes.
Convertible loan notes
The component parts of compound instruments issued by the Group are classified separately as financial liabilities 
and equity in accordance with the substance of the contractual arrangement. At the date of issue, in the case of a 
convertible loan note denominated in the functional currency of the issuer that may be converted into a fixed number 
of equity shares, the fair value of the liability component is estimated at the present value of the stream of future cash 
flows (including both coupon payments and redemption) discounted at the market rate of interest that would have been 
applied to an instrument of comparable credit quality with substantially the same cash flows, on the same terms, but 
without the conversion option. This amount is recorded as a liability on an amortised cost basis using the effective interest 
method until extinguished upon conversion or at the instrument’s maturity date. The equity component is determined by 
deducting the amount of the liability component and deferred tax liability from the fair value of the compound instrument 
as a whole. This is recognised and included in equity, and is not subsequently re-measured.
Issue costs are apportioned between the liability and equity components of the convertible loan notes based upon their 
relative carrying amounts at the date of issue.
Current and deferred income tax
The tax expense for the year comprises current and deferred tax. Tax is recognised in the income statement except to 
the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively 
enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.
Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial 
reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided 
for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor 
taxable profit other than in a business combination, and differences relating to investments in subsidiaries to the extent 
that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the 
expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or 
substantively enacted at the balance sheet date. 32
Access Intelligence Plc  |  Annual Report and Accounts 2015  |  Stock Code: ACC
The recognition of deferred tax assets is based upon whether it is more likely than not that sufficient and suitable taxable 
profits will be available in the future, against which the reversal of temporary differences can be deducted. Recognition, 
therefore, involves judgement regarding the future financial performance of the particular legal entity or tax group in 
which the deferred tax asset has been recognised.
Historical differences between forecast and actual taxable profits have not resulted in material adjustments to the 
recognition of deferred tax assets.
Share-based payments
The Group issues equity-settled share-based payments to certain employees. These equity-settled share-based 
payments are measured at fair-value at the date of the grant.  Where material, the fair value as determined at the grant 
date is expensed on a straight-line basis over the vesting period, based on the Group’s estimate of shares that will 
eventually vest.
Fair value is measured by use of the Black–Scholes method. The charges to the profit and loss rest in the subsidiary 
employing the executive concerned.
Employee benefits
Individual subsidiaries of the Group operate defined contribution pension schemes for their employees. The assets of 
the schemes are not managed by the Group and are held separately from those of the Group. The annual contributions 
payable are charged to the income statement when they fall due for payment.
Revenue
Revenue represents the amounts derived from the provision of goods and services, stated net of Value Added Tax. The 
methodology applied to income recognition is dependent upon the goods or services being supplied.
In respect of income relating to annual service contracts and/or hosted services which are invoiced in advance, it is 
the Group’s policy to spread the income of each contract equally over the contract’s life. The full value of each sale 
is credited to deferred revenue when invoiced to be released to the statement of comprehensive income in equal 
instalments over the contract period.
Revenues from the delivery of infrastructure are recognised on installation with associated training and consultancy fees 
recognised when specified contractual milestones are met or on project completion. In the event that these services 
are invoiced in advance they will be credited to deferred revenue and released to the comprehensive income statement 
once delivered.
Income from the sale of perpetual licences is recognisable in full at the date of sale.
Operating lease payments
Payments made under operating leases are recognised in the income statement on a straight-line basis over the term 
of the lease. Lease incentives received are recognised in the income statement as an integral part of the total lease 
expense.
Finance income and finance expenses
Finance income and finance expenses are recognised in profit or loss as they accrue, using the effective interest method.
Finance income relates to interest income on the Group’s bank account balances.
Interest payable comprises interest payable or finance charges on loans classified as liabilities.
In relation to interest relating to the convertible redeemable loan notes, the charge to the profit and loss account is an 
‘effective interest charge’ over the period as opposed to the actual interest paid or payable. The effective interest charge 
is higher than the actual interest paid.
Dividend distributions
Dividend distributions are recognised as transactions with owners on payment. www.accessintelligence.com
33
Foreign Exchange
The individual financial statements of each Group company are presented in the currency of the primary economic 
environment in which it operates (its functional currency). The results and financial position of each Group company are 
expressed in pounds sterling, which is the functional currency of the Company, and the presentation currency for the 
consolidated financial statements. 
 
In preparing the financial statements of the individual companies, transactions in currencies other than the entity’s 
functional currency (foreign currencies) are recorded at the rates of exchange prevailing on the dates of the transactions. 
At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated 
at the rates prevailing at that date. Non-monetary items that are measured in terms of historical cost in a foreign currency 
are not retranslated.
 
Exchange differences arising on the settlement of monetary items, and on the retranslation of monetary items, are 
included in profit or loss for the year.
3. Revenue
The Group’s revenue is primarily derived from the rendering of services with the value of sales of goods being not 
significant in relation to total Group revenue.
The Group’s revenue was split into the following territories:
Continuing 
Operations
2015 
£’000
Discontinued 
Operations
2015 
£’000
Continuing 
Operations
2014 
£’000
Discontinued 
Operations
2014 
£’000
United Kingdom 7,269 2,737 3,790 4,255
European Union 464 - 202 -
Rest of the world 386 - 299 -
8,119 2,737 4,291 4,255
All non-current assets are held in the United Kingdom as they were in 2014. No customer represents 10% or more of 
revenue as was the case in 2014.
4. Segment reporting
Segment information is presented in respect of the Group’s operating segments which are based upon the Group’s 
management and internal business reporting. 
Inter-segment pricing is determined on an arm’s length basis.
Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be 
allocated on a reasonable basis. Unallocated items comprise mainly head office expenses.
Segment non-current asset additions show the amounts relating to property, plant and equipment and intangible assets 
including goodwill. All non-current assets are located in the UK.
Operating segments
The Group operating segments have been decided upon according to their revenue model and product or service offering 
being the information provided to the chief operating decision maker, the non-executive Chairman. The Reputation and 
Governance, Risk & Compliance segments derive their revenues from software licence sales and support and training 
revenues. As a result of the Group’s divestments and acquisitions during the year the  segments reported have changed 
to reflect the Board’s focus. The segments are:
• Reputation
• Governance, Risk & Compliance
• Discontinued - Disposals & Held for Sale 
• Head Office 34
Access Intelligence Plc  |  Annual Report and Accounts 2015  |  Stock Code: ACC
The segment information for the year ended 30 November 2015, is as follows:
2015....................................
.................... Reputation
Governance, 
Risk & 
Compliance Head office
Consolidation 
adjustment
Continuing 
Operations
Discontinued 
- Disposals
Discontinued 
-Held for Sale
Consolidation 
adjustment
Discontinued 
Operations Total
£'000 £'000 £'000 £'000 £’000 £'000 £'000 £’000 £’000 £'000
External revenue 6,119  2,000  -    -   8,119 944 1,793 - 2,737 10,856 
Internal revenue -    -    -   - - -  -   - - -   
Operating (loss)/profit (1,716) (1,157) (2,470) 2,820 (2,523) (366)  176 - (190) (2,712) 
Profit on sale of subsidiary - - - - - - - 900 900 900
Impairment -   (1,899)  -    -   (1,899) -    -   - - (1,899) 
Financial income -    -    1  -   1 -    -   - - 1 
Financial expense -    -   (266)  -   (266) -    -   - - (266) 
Taxation 341  319 82 21 763 -    (29)   - (29) 734
(Loss)/profit after taxation (1,375) (2,737) (2,653) 2,841 (3,924) (366) 147 900 681 (3,245)
Reportable segment assets 13,393 870 10,853 (10,158) 14,958 -   4,121 - 4,121 19,080
Reportable segment 
liabilities
10,518 5,233 7,801 (12,105) 11,447 -   1,652 - 1,652 13,100
Other information:    
Additions to property, plant and 
equipment
 12  1  10  -   23 24  20 - 44 67 
Depreciation and amortisation 577 147 102 (110) 716 52  182 - 234 950
2014....................................
.................... Reputation
Governance, 
Risk & 
Compliance Head office
Consolidation 
adjustment
Continuing 
Operations
Discontinued 
- Disposals
Discontinued 
-Held for Sale
Consolidation 
adjustment
Discontinued 
operations Total
£'000 £'000 £'000 £'000 £’000 £'000 £'000 £’000 £’000 £'000
External revenue 2,325  1,966  -    -   4,291 2,288 1,967 - 4,255 8,546
Internal revenue -    -    -   - - 368 -   (368) - -   
Operating profit/(loss) 953 (237) (1,272) (10) (566) 103 442 - 545 (21)
Impairment -   (798) -    -   (798) -    -   - - (798)
Financial income 1 -   - -   1 -    -   - - 1
Financial expense -    -   (115) -   (115) -    -   - - (115)
Taxation (12) 106 (147) (68) (121) (6) (22) - (28) (149)
Profit/(loss) after taxation 942 (929) (1,534) (78) (1,599) 97 420 - 517 (1,082)
Reportable segment assets 5,677 2,457 9,996 (10,654) 7,476 2,101 3,907 - 6,008 13,484
Reportable segment 
liabilities
1,878 4,024 7,534 (8,481) 4,955 1,353 1,585 - 2,938 7,893
Other information:     
Additions to property, plant and 
equipment
5 2 18 -   25 101 14 - 115 140
Depreciation and amortisation 79 32 270 (115) 266 93 50 - 143 409
The segment information for the year ended 30 November 2014 (restated), is as follows: www.accessintelligence.com
35
2014....................................
.................... Reputation
Governance, 
Risk & 
Compliance Head office
Consolidation 
adjustment
Continuing 
Operations
Discontinued 
- Disposals
Discontinued 
-Held for Sale
Consolidation 
adjustment
Discontinued 
operations Total
£'000 £'000 £'000 £'000 £’000 £'000 £'000 £’000 £’000 £'000
External revenue 2,325  1,966  -    -   4,291 2,288 1,967 - 4,255 8,546
Internal revenue -    -    -   - - 368 -   (368) - -   
Operating profit/(loss) 953 (237) (1,272) (10) (566) 103 442 - 545 (21)
Impairment -   (798) -    -   (798) -    -   - - (798)
Financial income 1 -   - -   1 -    -   - - 1
Financial expense -    -   (115) -   (115) -    -   - - (115)
Taxation (12) 106 (147) (68) (121) (6) (22) - (28) (149)
Profit/(loss) after taxation 942 (929) (1,534) (78) (1,599) 97 420 - 517 (1,082)
Reportable segment assets 5,677 2,457 9,996 (10,654) 7,476 2,101 3,907 - 6,008 13,484
Reportable segment 
liabilities
1,878 4,024 7,534 (8,481) 4,955 1,353 1,585 - 2,938 7,893
Other information:     
Additions to property, plant and 
equipment
5 2 18 -   25 101 14 - 115 140
Depreciation and amortisation 79 32 270 (115) 266 93 50 - 143 409
Exceptional costs in the year ended 30 November 2015 were incurred as a result of restructuring and non-recurring one 
off termination of employment costs for staff and directors, along with associated legal fees.The exceptional costs are 
made up of the following:
 
2015
£’000
2014
£'000
Compensation for loss of office - directors 88 -
Compensation and notice payments - all staff 152 -
Legal costs incurred on compensation of loss of office for directors 38 -
278 -
 
2015
£’000
2014
£'000
Fees payable to the Company's auditor for the audit of the  
Company's annual accounts 27 14
Under-provision for the audit of the Company’s 2014 annual accounts 21 -
The audit of the Company's subsidiaries, pursuant to legislation 28 31
Tax services 9 9
 85 54
Auditor’s remuneration is further analysed as: 
2015 2014
 £'000 £'000
Depreciation of property, plant and equipment 257 233
Amortisation of development costs  378 80
Amortisation of brand values 60 60
Amortisation of software licences 44 36
Amortisation of database 138 -
Amortisation of customer list 70 -
Loss on disposal of property, plant and equipment 70 2
Impairment of intangible assets 1,899 798
Loss on foreign currency translation - 12
Exceptional costs (see below) 278 -
Operating lease charges - land and buildings 574 420
Auditor's remuneration (see below) 85 54
Share based payments 26 36
Research and development and other technical expenditure (income statement) 1,922 2,363
(a further £1,526k (2014: £1,577k) was capitalised)
Inventories recognised as expense - 514
Increase in provision for receivables 46 19
5. Operating loss
Operating loss is stated after charging: 36
Access Intelligence Plc  |  Annual Report and Accounts 2015  |  Stock Code: ACC
6. Discontinued operations
In April 2015 the Group sold its entire IT support segment (see note 4: Discontinued - Disposals); the segment was not a 
discontinued operation or classified as held for sale at 30 November 2014 and the comparative consolidated statement 
of comprehensive income has been re-presented to show the discontinued operation separately from continuing 
operations. Management committed to a plan to sell this segment early in 2015 following a strategic decision to focus 
on Software as a Service lines and move away from non core activities.  
Due North Limited is also presented as a disposal group held for sale following the commitment of the Group’s 
management, in June 2015, to a plan to sell the entity.
 
2015
£’000
2014
£'000
Results of discontinued operation
Revenue 2,737  4,255 
Expenses (2,927) (3,711)
Results from operating activites (190) 544
Tax (29) (28)
Results from operating activites, net of tax (219) 516
Gain on sale of discontinued operation 900 -
Tax on gain on sale of discontinued operation - -
Profit for the year 681 516
Basic earnings per share 0.27p 0.22p
Diluted earnings per share 0.25p 0.22p
The profit from discontinued operations of £681,000 is entirely attributable to the owners of the Company.
2015
£’000
2014
£’000
Cash flows from (used in) discontinued operation
Net cash used in operating activities 398  760 
Net cash from investing activites (444) (876)
Net cash from finacing activities -  - 
Net cash flows for the year (46) (116)
The following is a breakdown of the effects of the disposal of the IT support segment on the financial position of the 
Group:
2015
£’000
Goodwill 800
Property, plant and equipment 166 
Inventories 134 
Trade and other receivables 776
Cash and cash equivalents 346
Deferred tax liabilities (20) 
Trade and other payables (1,740) 
Net assets and liabilities 462
   
Consideration received, satisfied in cash 1,487 
Cash and cash equivalents disposed of 346    www.accessintelligence.com
37
7. Disposal group held for sale
Due North Limited is presented as a disposal group held for sale following the commitment of the Group’s management, 
in June 2015, to a plan to sell the entity. Efforts to sell the disposal group had therefore commenced before the year end 
with the sale being completed on 3 February 2016 (see note 30). 
At 30 November 2015 the disposal group comprised the following assets and liabilities:     
   
          
Assets classified as held for sale
2015
£’000
Goodwill 412
Development costs 2,661
Property, plant and equipment 73 
Trade and other receivables 516
Cash and cash equivalents 207
 3,869
Liabilities classified as held for sale 2015
£’000
Trade and other payables 1,022
Deferred tax liabilities 433
1,455
8. Acquisition of business combinations
On 23 June 2015, the group entered into an asset purchase agreement to acquire certain trade and assets of Cision UK 
Limited and Vocus UK Limited for an aggregate cash consideration of £1,340,000. The trade and assets were acquired 
through a newly incorporated subsidiary  company, AIMediaData Limited, as a single economic unit which will continue 
to be operated on this basis
The Board believe the acquisition will provide the Group with a developed media contacts database which will strengthen 
the long term ability of Group subsidiary Access Intelligence Media & Communications Limited to compete within the 
IMS market in the UK.
In the six months to 30 November 2015, AIMediaData Limited contributed revenue of £3,351,000  and a loss of £929,000. 
The Directors do not consider it practicable to report either the revenue or the loss of AIMediaData as though the 
acquisition date had been as of the beginning of the reporting period. The reason that this is considered impracticable 
is that only certain trade and assets of Cision UK Limited and Vocus UK Limited were acquired and the Group has 
made significant changes to the operations of the acquired business during its period of ownership. As a result, both the 
revenue profile and the cost base of the business are fundamentally different to pre-acquisition results of the Cision UK  
and Vocus UK businesses.
           
Consideration transferred
The following table summarises the acquisition date fair value of each major class of consideration transferred.  
        
 £’000
Cash 1,340
Total consideration transferred 1,340 38
Access Intelligence Plc  |  Annual Report and Accounts 2015  |  Stock Code: ACC
Acquisition related costs
The Group incurred acquisition related costs of £153,000 on legal fees and due diligence costs. These costs have 
been included in ‘administrative expenses’.          
 
Identifiable assets acquired and liabilites assumed
The following table summarises the recognised amounts of assets acquired and liabilites assumed at the date of acqui-
sition.           
The intangible assets identified above primarily comprise the fair values estimated for the media contacts database and 
customer list acquired.  
A cost based approach was used to value the media contacts database, determining the likely cost of building an 
equivalent media contacts database from new. The useful life of the database has been estimated at 3 years.
The customer list was valued by assessing a discounted cash flow for the acquired customer list, based on customer 
attrition rates and using a discount factor of 12%. This discount factor is in line with value-in-use calculations performed 
for intangibles testing (see Note 15). The useful life of the customer list has been estimated at 5 years.
Trade and other receivables comprise gross contractual amounts due of £1,536,000, of which £84,000 was expected to 
be uncollectable at the date of acquisition.
Trade and other payables include an amount of £3,074,000 which relates to the fair value of deferred revenue acquired. 
The fair value has been estimated based on the value of deferred revenue relating to contracts transferred, discounted 
in accordance with IFRS.
Goodwill
Goodwill recognised on this acquisition represents the difference between the consideration paid and the fair value of 
the net liabilities acquired. It includes the value inherent in the assembled workforce acquired. The goodwill arising has 
been recognised as follows:
 
£’000
Property, plant and equipment 254 
Intangible assets 1,835
Trade and other receivables 1,452 
Cash and cash equivalents -   
Trade and other payables (877)
Accruals and deferred income (3,367)
Total identifiable net liabilities acquired (703)
 
£’000
Consideration transferred 1,340 
Fair value of identifiable net liabilities 703
Goodwill 2,043
The goodwill arising on acquisition is considered to be deductible for tax purposes. www.accessintelligence.com
39
9.Particulars of employees
2015
£'000
2014
£'000
Wages and salaries costs  7,403 4,443
Social security costs 707 492
Pension costs 119 90 
Health insurance 39 71 
Employee benefits 12 5 
Compensation for loss of office 240 8 
 8,520 5,109
Of the costs listed above in relation to employees £577,000 were capitalised to the statement of financial position within 
development costs and £7,943,000 were expensed to the statement of comprehensive income.
The compensation for loss of office charge of £240,000 (2014: £8,000) relates to 3 employees (2014: 3 employees) who 
were made redundant during the year and 3 directors (2014: Nil).   
The reportable key management personnel are considered to be comprised of the Company directors, the remuneration 
for whose services during the year are detailed in the table below.
Directors’ remuneration
J Arnold and K Dhoot received health insurance benefits during the year of £1,120 (2014: £1,154) and £803 (2014: 
£1,587) respectively. 
J Arnold and K Dhoot received payments into personal retirement money purchase pension schemes during the year of 
£7,474 (2014: £6,155) and £3,298 (2014: £5,275) respectively. 
No other directors received any other benefits other than those detailed above.
The number of directors at 30 November 2015 accruing retirement benefits under money purchase schemes was 1 
(2014: 2).
The interests of the directors in share options are detailed in the Directors’ Report on page 12 of this report.
2015 2014
The average number of persons (including directors) employed by the Group during 
the year was:
 
Selling, distribution and administration 148 58
Technical 72 71
 220 129
Costs incurred in respect of these employees were:
Salaries 
£
Settlements
£
Fees
£
2015
£
2014
£
Executive Directors
J Arnold 201,410 - - 201,410 141,667
K Dhoot (Resigned 12 June 2015) 89,423 58,334 - 147,757 85,000
Non Executive Directors
M Jackson 32,500 - - 32,500 29,000
J Hamer (Resigned 1 October 2015) 12,500 15,000 - 27,500 15,000
H Bang (Resigned 1 October 2015) 12,500 15,000 - 27,500 15,000
D Lowe 17,500 - - 17,500 15,000
C Pilling (Appointed 24 August 2015) - - 19,500 19,500 -
365,833 88,334 19,500 473,667 300,667 40
Access Intelligence Plc  |  Annual Report and Accounts 2015  |  Stock Code: ACC
10. Financial income
11. Financial expense
12. Taxation
2015
£’000
2014
£’000
Current income taxes credit:
UK corporation tax credit for the year (101) (237)
Adjustment in respect of prior year - (19)
Total current income tax credit (101) (256)
Deferred tax (note 23)
Impact of change in tax rate 27 -
De-recognition of deferred tax assets 80 363
Origination and reversal of temporary differences (740) 42
Total deferred tax (633) 405
Total tax (credit)/expense (734) 149
Attributable to:
Continuing operations (763) 121
Discontinued operations 29 28
Total (734) 149
As shown above the tax assessed on the loss on ordinary activities for the year is higher than (2014: higher than) the 
standard rate of corporation tax in the UK of 20.3% (2014: 21.7%).
The differences are explained as follows:
Factors affecting tax credit
2015
£’000
2014
£’000
Loss on ordinary activities before tax (3,977) (933)
Loss on ordinary activities by effective rate of tax  of 20.3% (2014: 21.7%) (809) (202)
Expenses not deductible for tax purposes 274 142
Adjustment in respect of prior year - (19)
De-recognition of deferred tax assets 80 363
Additional R&D claim CTA 2009 (279) (135)
Total tax (credit)/expense (734) 149
Factors that may affect future tax expenses
The main rate of corporation tax was reduced to 20% from 1 April 2015 and is due to be further reduced by a further 
1% from April 2017 and by a further 1% from April 2020 . All deferred tax assets and liabilities are assumed to cease 
or be utilised at 19%.
 
2015
£’000
2014
£'000
Interest receivable on bank accounts 1 1
 
2015
£’000
2014
£'000
Effective interest charged on convertible loan notes 191 115
Interest charged on non-convertible loan notes 75 -
Total financial expense 266 115 www.accessintelligence.com
41
10. Financial income
11. Financial expense
12. Taxation
2015
£’000
2014
£’000
Current income taxes credit:
UK corporation tax credit for the year (101) (237)
Adjustment in respect of prior year - (19)
Total current income tax credit (101) (256)
Deferred tax (note 23)
Impact of change in tax rate 27 -
De-recognition of deferred tax assets 80 363
Origination and reversal of temporary differences (740) 42
Total deferred tax (633) 405
Total tax (credit)/expense (734) 149
Attributable to:
Continuing operations (763) 121
Discontinued operations 29 28
Total (734) 149
As shown above the tax assessed on the loss on ordinary activities for the year is higher than (2014: higher than) the 
standard rate of corporation tax in the UK of 20.3% (2014: 21.7%).
The differences are explained as follows:
Factors affecting tax credit
2015
£’000
2014
£’000
Loss on ordinary activities before tax (3,977) (933)
Loss on ordinary activities by effective rate of tax  of 20.3% (2014: 21.7%) (809) (202)
Expenses not deductible for tax purposes 274 142
Adjustment in respect of prior year - (19)
De-recognition of deferred tax assets 80 363
Additional R&D claim CTA 2009 (279) (135)
Total tax (credit)/expense (734) 149
Factors that may affect future tax expenses
The main rate of corporation tax was reduced to 20% from 1 April 2015 and is due to be further reduced by a further 
1% from April 2017 and by a further 1% from April 2020 . All deferred tax assets and liabilities are assumed to cease 
or be utilised at 19%.
13. Dividend paid
Due to the significant and ongoing investment in developing our products, the directors do not propose a dividend in 
respect of the year ended 30 November 2015.
14. Earnings per share
The calculation of earnings per share is based upon the total Group loss after taxation of £3,243,000 (2014: loss of 
£1,082,000) divided by the weighted average number of ordinary shares in issue during the year which was 252,593,681 
(2014: 235,110,347). 
In 2015 and 2014 potential ordinary shares from the share option schemes and convertible loan notes have an anti-
dilutive effect due to the Group being in a loss position. This includes the convertible loan notes issued during the year. 
As a result, dilutive loss per share is disclosed as the same value as basic loss per share. 
This has been computed as follows:
Continuing 
Operations
Discontinued 
Operations
Total
Continuing 
Operations
Discontinued 
Operations
Total
Numerator
2015
£’000
2015 
£’000
2015
£’000
2014
£’000
2014
£’000
2014
£’000
(Loss)/Profit for the 
year and earnings 
used in basic EPS
(3,924) 681 (3,243) (1,598) 516 (1,082)
Earnings used in 
diluted EPS
(3,924) 681 (3,243) (1,598) 516 (1,082)
Denominator '000  '000  '000  '000  '000  '000 
Weighted average 
number of shares used 
in basic EPS
 252,594  252,594  252,594  235,110  235,110  235,110 
Effects of: 
Dilutive effect of 
options
N /A 14,821 14,821 N/A 420 420
Dilutive effect of loan 
note conversion
N/A N/A N/A N/A N/A N/A
Weighted average 
number of shares used 
in diluted EPS
 
252,594 
 
267,415 
 
267,415 
 
235,110 
 
235,530 
 
235,530 
Basic (Loss)/earnings 
per share (pence)
(1.55) 0.27 (1.28) (0.68) 0.22 (0.46)
Diluted loss per share 
for the year (pence)
(1.55) 0.25 (1.30) (0.68) 0.22 (0.46)
On 21 September 2011 29,666,667 shares were returned to the Company and were held in Treasury at the year end. 
Once in treasury they were removed from the earnings per share calculation. 42
Access Intelligence Plc  |  Annual Report and Accounts 2015  |  Stock Code: ACC
The total number of options and warrants granted at 30 November 2015 of 33,958,676 (2014: 38,436,281) would 
generate £984,626 (2014: £1,176,190) in cash if exercised. At 30 November 2015, 545,000 (2014: 34,936.281) were 
priced above the mid-market closing price of 5.13p per share (2014: 2.31p) per share and 33,413,676 (2014: 3,500,000) 
were below.
At the 30 November 2015 9,258,676 (2014: 6,947,387) staff options were eligible for exercising at an average price of 
3.2p (2014: 4.2p). Also eligible for exercising are the 21,300,000 warrants priced at 2.75p per share held by M Jackson, 
D Lowe and Elderstreet VCT plc consequent to their investment in October 2008.
The below table shows the amount of outstanding convertible loan notes at 30 November 2015 and the amount of 
shares they would convert into if the holder chooses the conversion option:
Holder Loan Notes £’000 Convert into shares ’000 Date of conversion
Elderstreet VCT 500 12,500 31 December 2016
Unicorn AIM VCT 750 18,750 31 December 2016
Elderstreet VCT 200 6,667 4 December 2019
Hawk Investments 300 10,000 4 December 2019
Kestrel Partners LLP 400 13,333 4 December 2019
Octopus AIM VCT 200 6,667 4 December 2019
Total 2,350 67,917  www.accessintelligence.com
43
15. Intangible fixed assets
For the purpose of impairment testing, goodwill is allocated by entity, which represent the Group’s CGUs and the lowest 
level within the Group at which the goodwill is monitored. 
The carrying value of capitalised development costs which are not yet being amortised and goodwill, allocated to each 
CGU are:
Development Costs Goodwill
2015 £'000 £'000
Continuing operations:
Access Intelligence plc - 89
Access Intelligence Media & Communications Ltd - 1,928
AI Media Data Ltd. 78 2,043
AITrackRecord Ltd - -
AI Talent Ltd - -
 78 4,060
Brand Development Software Customer
value Goodwill costs licences Database list Total
 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Cost
At 1 December 2013 1,369 12,005 3,119 160 - - 16,653 
Capitalised during the year - - 1,573 - - - 1,573 
At 30 November 2014 1,369 12,005 4,692 160 - - 8,226 
At 1 December 2014 1,369 12,005 4,692 160 - - 18,226 
Capitalised during the year - - 1,533 68 - - 1,601
Additions through business combination - 2,043 - 8 997 830 3,878
Disposals - (1,430) - - - - (1,430) 
Held for sale - (1,481) (2,846) - - - (4,327) 
At 30 November 2015 1,369 11,137 3,379 236 997 830 17,948
Amortisation and impairment
At 1 December 2013 349 7,978 472 47 - - 8,846 
Charge for the year 60 - 80 36 - - 176 
Impairment in year - 798 - - - - 798 
At 30 November 2014 409 8,776 552 83 - - 9,820 
At 1 December 2015 409 8,776 552 83 - - 9,820 
Charge for the year 60 - 378 44 138 70 690
Disposals - (630) - - - - (630)
Held for sale - (1,069) (185) - - - (1,254) 
Impairment in year - - 1,899 - - - 1,899
At 30 November 2015 469 7,077 2,644 127 138 70 10,525
Net Book Value
At 30 November 2015 900 4,060 735 109 859 760 7,423
At 30 November 2014 960 3,229 4,140 77 - - 8,406  44
Access Intelligence Plc  |  Annual Report and Accounts 2015  |  Stock Code: ACC
 Development Costs Goodwill
2014 £'000 £'000
Continuing operations:
Access Intelligence plc 30 89
Access Intelligence Media & Communications Ltd 425 1,928
AITrackRecord Ltd 1,242 -
AI Talent Ltd 44 -
 1,741 2,017
Discontinued operations:
Willow Starcom Ltd - 800
Due North Ltd 2,399 414
4,140 3,231
At the balance sheet date, impairment tests were undertaken by comparing the carrying values of goodwill, capitalised 
development costs and other assets with the recoverable amount of the CGU to which the goodwill, capitalised 
development costs and other assets have been allocated. The recoverable amount of the CGU is based on value-in-
use calculations. These calculations use pre-tax cash flow projections covering a five year period based on financial 
budgets and forecasts as approved by the Board with a terminal value for goodwill impairment assessment and covering 
a ten year period based on financial budgets and forecasts as approved by the Board with no terminal value for other 
intangible assets. Ten years were selected as this represents the estimated lifetime of the software platforms.
The key assumptions used for value-in-use calculations are those regarding revenue growth rates and discount rates 
over the forecast period. Growth rates are based on past experience, the anticipated impact of the CGUs significant 
investment in research and development, and expectations of future changes in the market. The value in use calculations 
use information from approved budgets in the first three years, followed by applying specific growth rates for which the 
key assumptions in respect of annual revenue growth rates range between 0% and 7% from year 4 onwards.
The discount rate used for all companies was 12%, based on an assessment of the Group’s cost of capital and on 
comparison with other listed technology companies. The terminal growth rate used for the purposes of goodwill 
impairment assessments was 2.5%. The Board considered that no impairment to goodwill is necessary based on the 
value-in-use reviews of Access Intelligence Media & Communications Limited and AIMediaData Limited.
After review of the value-in-use of AITrackRecord Limited, the Board considers that the recent history of losses in 
that company and net cash outflows forecast in the immediate future mean that a provision should be recognised 
representing the full carrying value of development costs capitalised by that company, being £1,692,000. After review of 
the value-in-use of AITalent Limited, the Board considers that the recent history of losses in that company and net cash 
outflows forecast in the immediate future mean that a provision should be recognised representing the full carrying value 
of development costs capitalised by that company being £30,000.
The value-in-use calculations for Access Intelligence Media & Communications Limited and AIMediaData Limited 
significantly exceeded the carrying values of goodwill and intangibles relating to those companies. 
Sensitivity analysis has been performed on reasonably possible changes in assumptions upon which recoverable 
amounts have been estimated. Based on the sensitivity analysis, a reduction of 77% in the EBITDA delivered by 
Access Intelligence Media & Communications Limited would result in the carrying value of its goodwill being to equal its 
recoverable amount. For AIMediaData Limited, a 31% reduction in the revenue growth rate would result in the carrying 
value of its goodwill being equal to its recoverable amount. For both companies, an increase in the discount rate by 25 
percentage points would still not result in the carrying value of goodwill exceeding the recoverable amount.
Other impairments 
Other intangible assets are tested for impairment if indicators of an impairment exist. Such indicators include performance 
falling short of expectation.
In 2015, development costs of £177,000 were impaired as a result of projects that did not perform as expected.
The directors considered that there were no further indicators of impairment relating to the remaining intangible fixed 
assets at 30 November 2015. www.accessintelligence.com
45
16. Property, plant & equipment
 
Fixtures fittings and 
equipment
£’000
Leasehold 
improvements
£’000
Total
£’000
Cost
At 1 December 2013 1,297 104 1,401
Additions 140 - 140
Disposals (1) - (1)
At 30 November 2014 1,436 104 1,540
At 1 December 2014 1,436 104 1,540
Additions 66 - 66
Additions through business combination 122 132 254
Disposals (782) (22) (804)
Classified as held for sale (266) (27) (293)
At 30 November 2015 576 187 763
Depreciation
At 1 December 2013 768 16 784
Charge for the year 218 15 233
Disposals - - -
At 30 November 2014 986 31 1,017
At 1 December 2014 986 31 1,017
Charge for the year 206 51 257
Disposals (563) (3) (566)
Classified as held for sale (193) (25) (218)
At 30 November 2015 436 54 490
Net Book Value
At 30 November 2015 140 133 273
At 30 November 2014 450 73 523
17. Inventories
2015
£’000
2014
£'000
 Spare parts servicing maintenance contracts - 142
18. Trade and other receivables
2015
£'000
2014
£'000
Current assets  
Trade receivables 3,008 2,172
Less: provision for impairment of trade receivables (330) (200)
2,678 1,972
Prepayments and other receivables 950 641
 3,628 2,613
As at 30 November 2015, trade receivables of £330,000 (2014: £200,000) were impaired and fully provided for.  The 
provision relates primarily to monies owed by Organization Metrics Inc, a company based in Canada. A further £84,000 
was acquired through the acquisition of a business and relates to debt over 120 days overdue.
All trade receivables are reviewed by management and are considered collectible. The ageing of trade receivables 
which are past due and not impaired is as follows: 46
Access Intelligence Plc  |  Annual Report and Accounts 2015  |  Stock Code: ACC
2015
£’000
2014
£’000
Days outstanding:
31–60 days 771 344
61–90 days 152 330
91-180 days 506 -
1,429 674
Movements on the Group provision for impairment of trade receivables are as follows:
2015
£’000
2014
£'000
At 1 December 200 181
On business combination 84 -
Increase in provision 46 19
At 30 November 330 200
Ageing on impaired debt
2015
£’000
2014
£'000
Days outstanding:
90–180 days 123 -
181–270 days - -
Above 270 days 207 200
 330 200
The creation and release of a provision for impaired receivables has been included in ‘administrative expenses’ in the 
income statement. Amounts charged to the allowance account are generally written off, where there is no expectation 
of recovering additional cash.
The other asset classes within trade and other receivables do not contain impaired assets.
The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable mentioned 
above together with our cash deposits totaling £1,523,000 (2014: £1,144,000). The Group does not hold any collateral 
as security.
As disclosed in note 22, credit risk is considered according to sector and necessary allowances are made when needed 
by assessing changes in our customers’ credit profiles and credit ratings.
19. Interest bearing loans and borrowing
 
2015
£’000
2014
£'000
Current
Convertible loan notes 1,277 -
1,277 -
Non-current
Convertible loan notes 1,009 1,301
Non-convertible loan notes 1,830 -
2,839 1,301
On 30th June 2009 £1,750,000 convertible loan notes were issued. At 30 November 2014 and 30 November 2015, 
£1,250,000 of these loan notes were in issue. 
The original terms were that these loan notes were redeemable at par or convertible to ordinary shares at 4p per 
ordinary share on or before maturing on 30th June 2015 and carried a coupon rate of 6% per annum payable semi-
annually until such time as they were repaid or were converted in accordance with their terms. The holder of the notes 
may convert all or part of the notes held by them into new ordinary shares in the Company on delivery to the Company 
of a conversion notice at 4p per share.  www.accessintelligence.com
47
In 2014, the Company agreed terms with Elderstreet VCT (a company related to Chairman Michael Jackson) and 
Unicorn AIM VCT plc to extend the loans such that they mature on 31 December 2015, with enhanced interest at 8% 
during this extended period with conversion rights unchanged at 4p per share. 
In January 2016 the Company agreed the same terms as those agreed in the prior year with both note holders such that 
the notes are redeemable at par or convertible to ordinary shares at 4p per ordinary share on or before maturing on 31 
December 2016 and carry a coupon rate of 8% per annum, payable semi-annually until such a time as they are repaid 
or converted in accordance with their terms. These notes are classified as current at the year end.   
             
In December 2014 the company issued a further £1,100,000 of convertible loan notes. These loan notes are redeemable 
at par or convertible to ordinary shares at 3p per ordinary share on or before maturing on 3 December 2019 and carry 
a coupon rate of 8% per annum payable semi-annually until such time as they are repaid or converted.    
     
No redemptions or conversions of the convertible loan stock arose in the year ended 30 November 2015.
The net proceeds received from the issues of the convertible loan notes have been split between the liability element 
and an equity component, representing the fair value of the embedded option to convert the liability into equity of the 
Company, as follows:
The equity component of £255,000 (2014: £126,000) has been credited to equity reserve (see note 10 of the parent 
company). The interest charged for the year is calculated by applying an effective rate of interest of 9.8% (2014: 9.8%)
to the liability component for the 12 month period. The liability component is measured at amortised cost. The difference 
between the carrying amount of the liability component at the date of issue and the amount reported in the balance sheet 
at 30 November 2015 represents the effective interest rate less interest paid to that date.
The movement on the convertible loan note liability is summarised below: 
2015
£’000
2014
£'000
Opening loan liability 1,301 1,261
Issue of convertible loan notes 941 -
Interest charged for the year 191 115
Interest paid in the year (147) (75)
Liability component at 30 November 2,286 1,301
 
2015
£’000
2014
£'000
Proceeds of issue of convertible loan notes 1,100 -
Existing loan notes rolled over 1,250 1,250
Equity component (255) (126)
Deferred taxation (79) (49)
Initial fair value of liability component 2,016 1,075
Cumulative interest charged 792 601
Cumulative interest paid (522) (375)
Liability component at 30 November 2,286 1,301
On 22 June 2015 the company issued £1,818,000 non-convertible loan notes which carry an interest rate of 10% for 
one year rising to 12% thereafter. Interest is payable quarterly in arrears. The loans notes are fully repayable in 5 years.
2015
£’000
2014
£'000
Opening loan liability - -
Issue of non-convertible loan notes 1,818 -
Costs associated with the issue of loans (18)
Interest charged for the year 75 -
Interest paid in the year (45) -
Liability component at 30 November 1,830 - 48
Access Intelligence Plc  |  Annual Report and Accounts 2015  |  Stock Code: ACC
20. Trade and other payables
Due within one year
2015
£’000
2014
£'000
Trade and other payables 824 888
Other taxes and social security costs 190 312
VAT payable 211 326
 1,225 1,526
Due greater than one year
2015
£’000
2014
£'000
Trade and other payables 391 60
21. Financial instruments
The Group’s treasury activities are designed to provide suitable, flexible funding arrangements to satisfy the Group’s 
requirements. The Group uses financial instruments comprising borrowings, cash, liquid resources and items such as 
trade receivables and payables that arise directly from its operations. The main risks arising from the Group financial 
instruments relate to the maintaining of liquidity across the 6 group entities and debt collection. The Board reviews 
policies for managing each of these risks and they are summarised below.
The Group finances its operations through a combination of cash resources, loan notes and equity. Short term flexibility 
is provided by moving resources between the individual subsidiaries. Exposure and interest rate fluctuations are minimal 
as all borrowings are at fixed rates of interest. The Group also has deposit facilities on which 1.25% interest was being 
earned throughout 2015 (2014: 1.25%) and will be optimising the use of these accounts going forward. In 2015, the 
Group’s investment in developing its products resulted in lower cash resources resulting in the reduction in interest 
received. The Group’s exposure to interest rate risk is not significant and therefore no sensitivity analysis has been 
performed.
Small amounts of foreign currency risk exists in two subsidiaries which invoice in currencies other than sterling. Due to 
the relative size of the currency risks concerned no hedging takes place in Australian dollars, Euros or US dollars. At the 
year end there were no open contracts, however the Group was holding a US dollar deposit of $113,058 (2014: $20,000) 
which was translated at the rate of 1.5031 (2014:1.6052)  for inclusion in the consolidated statement of financial position. 
This amounted to £75,206 (2014: £12,500). There are no hedges against this balance.
The Group did not hold any other assets or liabilities in foreign denominated currencies at the reporting date. The 
directors do not consider that there is a significant exposure to foreign exchange risk and therefore no sensitivity 
analysis has been performed.
At 30 November 2015 borrowings comprised convertible loan notes of £2,350,000 (2014: £1,250,000) and non-convertible 
loan notes of £1,818,000. Of the convertible loan notes, £750,000 and £500,000 loan notes have been extended and 
may convert to equity on 31 December 2016 at 4 pence per share unless they have already been redeemed at par. The 
remaining 5 loan notes will convert into equity on 7 December 2019 at 3 pence per share. 
There is no material difference between the fair values and book values of the Group’s financial instruments. Short term 
trade receivables and payables have been excluded from the above disclosures.
The objectives of the Group’s treasury activities are to manage financial risk, secure cost-effective funding where 
necessary and minimise the adverse effects of fluctuations in the financial markets on the value of the Group’s financial 
assets and liabilities, on reported profitability and on the cash flow of the Group. Interest income is sought wherever 
possible and in 2014 produced  £1,000 (2013: £10,000) of income.
The Group’s principal financial instruments for fundraising are through share issues.
            www.accessintelligence.com
49
 
Loans, receivables 
and other payables
£'000
Total
£'000
2015
Assets per the balance sheet - -
Trade and other receivables excluding prepayments 2,678 2,678
Cash and cash equivalents 1,523 1,523
 4,201 4,201
Liabilities per the balance sheet
Trade and other payables excluding accruals 1,599 1,599
Interest bearing loans and borrowings 4,116 4,116
 5,715 5,715
Undiscounted contractual maturity of financial liabilities
Amounts due within one year 1,599
Amounts due between one and five years 2,827
Amounts that convert to equity 2,648
7,074
Less: future interest charges (1,359)
Financial liabilities carrying value 5,715
 
The above analysis excludes corporation tax receivable.
 
Loans, receivables 
and other payables
£'000
Total
£'000
2014
Assets per the balance sheet
Trade and other receivables excluding prepayments 1,972 1,972
Cash and cash equivalents 1,144 1,144
 3,116 3,116
Liabilities per the balance sheet
Trade and other payables excluding accruals 1,526 1,526
Interest bearing loans and borrowings 1,301 1,301
 2,827 2,827
Undiscounted contractual maturity of financial liabilities
Amounts due within one year 1,526
Amounts due between one and five years -
Amounts that convert to equity 1,401
2,927
Less: future interest charges (100)
Financial liabilities carrying value 2,827
The liquidity risk relating to the contractual liabilities listed above is managed on a local basis through their day to 
day cash management. The Group has invested significantly in restructuring the Group and building products written 
in current code bases, accordingly the Group is liquid with £1,523,000 (2014: £1,144,000) available cash resources 
against a liability payable within the next 12 months of £1,599,000 (2014: £1,526,000). Management monitor cash 
balances weekly. However should any subsidiary, or the parent company, find that it does not have the liquidity to pay a 
debt as it becomes due an inter-company cash transfer will be made available by another member of the Group.
22. Financial and operational risk management
The Group’s activities expose it to a variety of financial risks which are managed by the Group and subsidiary management 
teams as part of their day-to-day responsibilities. The Group’s overall risk management policy concentrates on those 
areas of exposure most relevant to its operations. These fall into four categories:
• Competitive risk — that our products are no longer competitive or relevant to our customers
• Cash flow and liquidity risk — that we run out of the cash required to run the business
• Credit risk — that our customers do not pay
• Key personnel risk — that we cannot attract and retain talented people 50
Access Intelligence Plc  |  Annual Report and Accounts 2015  |  Stock Code: ACC
Competitive risk
All of our businesses are active in competitive markets. These markets are predominantly UK based but nevertheless 
face global competition. To succeed we need staff with the appropriate skills, offering state of the art product and service 
solutions at competitive prices. They need a full understanding of the benefits and attributes of our products as well as 
an understanding of competitor products. They also need to know about sales opportunities on a timely basis.
As a small company, with limited resources, we need to manage our product investments with care but we tackle these 
risks as follows:
• We encourage investment as needed to maintain our market leading status through product research and 
development;
• We created a cutting edge centre of dedicated .Net development expertise in York housing 30 developers and 
testers serving the Group;
• We are growing our sales and marketing teams across the Group in a controlled manner;
• We make time and funds available for staff training;
• We incentivise through balanced sales commission schemes;
• We monitor individual sales person performance, taking action where necessary; and
• We expect subsidiary directors to have an excellent understanding of their market.
Cash flow and liquidity risk
As a Group we support the cash requirements of six individual trading units, all of which have their individual working 
capital requirements during a trading month. At the end of 2015 we had  no bank borrowings (2014: Nil)  but £4,083,000 
of loan notes. As an acquisitive business which also invests in its existing infrastructure continually, the need to project 
future requirements is important. T o encourage tough cash management and good planning we manage cash as follows:
• We collect and communicate a weekly cash summary every Friday by subsidiary;
• We pay sales commissions, where appropriate but only once cash is received;
• We monitor detailed ageing analysis of debtors from each subsidiary on a monthly basis; and
• We encourage subsidiary cash generation by monitoring the ageing of debtors.
Credit risk
Our sales are split 33:67 (2014: 42:58) between public and private sector organisations. Whilst recognising that 
circumstances change, we are of the opinion that the public sector will pay its debts providing the purchasing rules 
have been followed. Despite the tough solvency issues facing all European governments we have seen no reason to 
change this view at the present time. The private sector however remains a higher risk and we remain diligent about our 
approach to these sales:
• We will not do business without a purchase order;
• We must take credit checks on new customers;
• We track aged debtors very diligently, reporting them monthly at Group Board level; and
• We do not pay sales commission on unpaid sales.
Key personnel risk
This is a people business. Our technical staff creates the product and our sales staff sell it, supported by our marketing 
staff. In 2015 78% (2014: 70%) of our outflows were on people. In a competitive market we recognise good people can 
be poached or just lose their way. There is nothing that can beat a motivated, educated and focused team. Whilst our 
size limits the extent of our actions, we address this risk as follows:
• We take care to take references when recruiting;
• Managers monitor performance individually whatever the role in the organisation;
• We offer training of specific skills where appropriate;
• We encourage flat management structures, open plan offices and easy accessibility up and down the organisation;
• We pay competitive market prices whilst recognising regional differences;
• We incentivise subsidiary managing directors on subsidiary profit performance;
• We have a broadly distributed approved option scheme for senior employees; and
• A number of key personnel are significant shareholders in their own right. www.accessintelligence.com
51
Capital risk management
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern 
providing long-term returns for shareholders and security for other stakeholders whilst maintaining optimal capital 
structure to allow for future acquisition and growth.
In order to manage the overall objective above, the Group gives consideration to the following:
The Board views equity firstly as the key source of funding for acquisitions and secondly as an important incentivisation 
tool for management. These are the key justifications for the Group’s AIM listing.
In relation to acquisitions, the appropriate funding structure will be a blend of our own available cash, gearing and equity. 
The structure for each transaction will take into account our intention for an immediate enhancement in earnings per 
share.
The Board is also sensitive to the fact that there may be times when capital is in short supply justifying fundraising 
beyond our immediate needs. With a buy and build strategy new acquisition opportunities must be responded to as they 
arise, though during the remainder of 2016 the focus will be to build on developing what we have.
As an incentive for management we offer equity based payments, in line with market prices at the time of grant, aligning 
the long-term interests of shareholders and key executives.
23. Deferred tax assets and liabilities
The following are the major deferred tax assets and liabilities recognised by the Group and the movements thereon 
during the current year end the prior year:
At the reporting date the Group had unused tax losses of £7,000,000 (2014: £3,800,000) available for offset against 
future profits. A deferred tax asset has been recognised in respect of all available losses expected to be utilised against 
future taxable profits within three years based on the forecasts approved by the directors. The tax losses do not have 
any expiry date.
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 income 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 totalling £606,000 (2014: £363,000) arising in respect of losses have not been included in the 
balance sheet due to uncertainties in regard to their recoverability.
Accelerated 
tax 
depreciation 
£'000
Convertible 
loan notes  
£'000
Share-based 
payments 
£'000
Tax losses 
£'000
Accelerated 
tax on 
intangible 
assets 
£'000
Total £'000
At 1 December 2013 (15) 2 60 523 (672) (102)
Charge to income 5 (2) (31) (134) (244) (406)
Charge to equity - - (29) - - (29)
Change in tax rate - - - - - -
At 30 November 2014 (10) - - 389 (916) (537)
At 1 December 2014 (10) - - 389 (916) (537)
Charge to income 10 - - 361 244 615
Charge to equity - (30) - - - (30)
Disposal of subsidiary 20 - - - - 20
Change in tax rate 1 - - (17) 44 28
At 30 November 2015 21 (30) - 733 (628) 96
Attributable to:
Continuing operations 29 (30) - 720 (190) 529
Discontinued operations (8) - - 13 (438) (433)
Total 21 (30) - 733 (628) 96 52
Access Intelligence Plc  |  Annual Report and Accounts 2015  |  Stock Code: ACC
The following is the aggregate amounts of deferred tax balances in each group entity, after allowable offset, for financial 
reporting purposes:
24. Share capital
Equity: Ordinary shares of 0.5p each
2015
£’000
2014
£'000
Allotted, issued and fully paid 
307,127,015 ordinary shares of 0.5p each 
(2014: 264,777,014 ordinary shares of 0.5p each) 1,535        1,324 
During 2015, 40,400,001 shares were issued to raise finance for the acquisition of a business and a further 1,950,000 
shares were issued at 3p as a result of an employee exercising share options. 
On 21 September 2011 29,666,667 ordinary shares of 0.5 pence, and with a total nominal value of £148,333 were 
returned to the Company and were held in treasury at the year end. The shares held in treasury have no voting rights, 
or rights to dividends and so the total issued share capital for voting and dividend purposes is 277,460,348 (2014: 
235,110,347).
Transaction costs associated with share issues in the year amounted to £12,120 (2014: Nil). Transaction costs are 
accounted for as a reduction from the share premium account.
25. Equity-settled share-based payments
The Company has a share option scheme for employees of the Group.
Ordinary share options granted and subsisting at 30 November 2015 were as follows:
Date of grant Option price No of shares Exercisable between
17 November 2006 6.75p                     100,000 Nov 2009-Nov 2016
28 February 2007 6.75p                     45,000 Nov 2010-Nov 2017
23 October 2008 2.75p               21,300,000 No time limit
03 April 2009 2.75p                 1,000,000 Apr 2012-Apr 2019
08 April 2009 3.0p                 1,302,282 Apr 2012-Apr 2019
19 May 2009 3.5p                       72,500 Nov 2009-Nov 2016
29 September 2009 4.375p                 2,000,000 Sep 2012-Sep 2019
04 December 2009 5.5p                  400,000 Dec 2012-Dec 2019
19 December 2011 2.2p                  3,500,000 Dec 2014-Dec 2021
07 March 2012 3.3p                838,894 Mar 2015-Mar 2022
09 January 2013 3.5p 1,000,000 Jan 2016-Jan 2023
16 January 2013 3.7p 400,000 Jan 2016-Jan 2023
13 June 2013 3.1p 1,000,000 Jun 2016-Jun 2023
24 October 2013 2.5p 1,000,000 Oct 2016-Oct 2023
 
2015
£’000
2014
£'000
Deferred tax assets 865 419
Deferred tax liabilities (336) (956)
Total 529 (537) www.accessintelligence.com
53
Details of the movements in the weighted average exercise price (“WAEP”) and number of share options during the 
current and prior year are as follows:
At start of year Granted Exercised Forfeited At end of year
WAEP 2014 3.04 2.62 - 2.37 3.06
WAEP 2015 3.06 - 3.02 4.76 2.90
Options 2014 39,396,281 500,000 - (1,460,000) 38,436,281
Options 2015 38,436,281 - (1,950,000) (2,527,605) 33,958,676
Expected volatility rates have been arrived at by reference to the Risk Management Service information relating to 
Access Intelligence Plc published by the London Business School on a quarterly basis. The rate used is the rate for the 
quarter in which the option is granted.
The option pricing model used to determine the fair value of options granted is the Black-Scholes Model.
Further details of share options exercisable at the year end are provided in note 14.
There are no market, non-market or service conditions as part of the share option scheme. The only condition existing 
is that employees must still be in employment with the company at the point they exercise the options.
26. Cash and cash equivalents
The Group monitors its exposure to liquidity risk based on the net cash flows that are available. The following provides 
an analysis of the changes in net funds:
As at 30 
November 2014 
£'000
Cash inflow 
£'000
As at 30 
November 2015 
£'000
Cash in hand and at bank 1,144 379 1,523
As at 30 
November 2013 
£'000
Cash outflow 
£'000
As at 30 
November 2014 
£'000
Cash in hand and at bank 1,521 (377) 1,144
No options were cancelled in the year (2014: Nil). 
The options grant detailed above resulted in a share-based payment charge for the Group of £26,000 (2014: £36,000). 
During 2015, there were no share options granted in the year. Specific assumptions used in the calculation of the share-
based payment charge applicable to the grant of options in the prior year are as follows:
2014
3 November 
2014
Share price at grant date 2.6p
Exercise price 2.6p
Expected volatility 54%
Expected life of options 7 years
Expected dividend yield 0%
Risk free rate 1.99% 54
Access Intelligence Plc  |  Annual Report and Accounts 2015  |  Stock Code: ACC
27. Commitments
Capital commitments
The Group had no capital commitments at the end of the financial year or prior year. 
Operating lease commitments
The Group was committed to making the following payments in respect of operating leases for land and buildings 
expiring:
The Group leases various offices and storage units under non-cancellable fixed term operating lease agreements. The 
lease terms are up to 10 years, with break clauses ahead of the full term and the majority are not renewable at the end 
of the lease period.
Other operating lease commitments comprise motor vehicles and office equipment expiring:
Other 
 
2015
£’000
2014
£'000
Amounts payable within 1 year 21 11
Between 2 and 5 years 25 61
46 72
Provisions and contingent liabilities
Onerous Contracts Leasehold dilapidations Legal disputes
£'000 £'000 £'000
At 1 December 2014 40  -    -   
Charged to profit or loss 32 - 100 
On acquisition - 374 -
Released in year (25) - -
At 30 November 2015 47  374  100 
Due within one year or less 47 - 100
Due after more than one 
year
- 374 -
 47  374  100 
Onerous contracts predominantly relate to lease contracts from which the company is currently trying to exit and relate 
to office equipment and services no longer required after the business combination part way through the year. Inherent 
uncertainties in measuring the provision relate to the expected future lease payments on the equipment and the final 
agreed termination fee.      
 
Leasehold dilapidations relate to the estimated cost of returning a leasehold property to its original state at the end of the 
lease in accordance with the lease terms. The main uncertainty relates to estimating the cost that will be incurred at the 
end of the lease. The earliest point at which it is considered that this amount may become payable is December 2016. 
     
Land and buildings
 2015
£’000
Restated
2014
£’000
Within 1 year 580 353
Between 2 and 5 years 2,279 999
Over 5 years 664 283
3,523 1,635 www.accessintelligence.com
55
The Group had a legal dispute with a previous director. The amount provided represents the directors’ best estimate of 
the Group’s liability having taken legal advice.
    
28. Related party transactions
One (2014: none) of the directors have received a portion of their remuneration through their individual service companies 
during the year. The payments represent short term employee benefits. The amounts involved are as follows and relate 
to activities within their responsibilities as directors:
          
In all cases the directors are responsible for their own taxation and national insurance liabilities. 
Access Intelligence Plc invoiced Elderstreet Investments Limited, a company controlled by M Jackson, £760 
(2014: £58,585) for rent and office support costs. The company also credited Elderstreet Investments Limited 
for rent which was charged in advance but which, on termiantion of the lease, was no longer due of £9,099. The 
charges are based on usage and therefore are considered to be at arms length and on standard commercial terms.  
 
Elderstreet Investments Limited also invoiced Access Intelligence Plc £16,740 for legal and support costs it incurred 
on the Company’s behalf. At the year end Access Intelligence Plc owed Elderstreet Investments Ltd £10,766.  
 
For the acquisition of AIMediaData Limited, Elderstreet Investments Limited provided a short term loan of 
£100,000 to the Group. No interest was charged on the loan and the amount was repaid shortly afterwards. 
 
During the year interest on convertible loans of £49,000 (2014: £30,000) was paid to Eldersteet VCT plc which is 
controlled by M Jackson.
During the year M Jackson, a director, provided short term loan amounts of £550,000 and £250,000 to fund the Group’s 
investment activities. No interest was charged on the loans and the amounts were repaid shortly afterwards. Also due 
to Mr M Jackson was an amount of £2,040 (2014: £2,040).
During the year Access Intelligence Media & Communications Ltd received services from Macranet Ltd, a company in 
which M Jackson is a board member totalling £51,000 (2014: £51,000). At the year end the company owed Nil (2014: 
£12,750) to Macranet Ltd. 
      
29. Pension commitments
Individual subsidiaries of the Group operate defined contribution pension schemes for their employees. The assets of 
the schemes are held separately from those of the Group. The annual contributions payable are charged to the income 
statement when they fall due for payment.         
            
During the year £119,000 (2014: £92,000) was contributed by the Group to individual pension schemes.   
         
At 30 November 2015 £12,000 of pension contributions were outstanding (2014: £11,000).    
        
30. Events after the balance sheet date
On 3 February 2016 Access Intelligence Plc disposed of 100% of the issued share capital of Due North Limited, being 
the disposal group held for sale in note 4, for a consideration totalling £4,500,000. Group profit on disposal of the 
subsidiary was £1,658,000, Company profit on disposal was £3,104,000. 
In January 2016, the Company agreed terms with Elderstreet VCT and Unicorn AIM VCT plc to extend the loans 
issued in June 2009 such that they mature on 31 December 2016, with interest at 8% during this extended period with 
conversion rights unchanged at 4p per share. 
2015
£
2014
£
C Pilling (via The Personal Web Company Ltd.) 19,500 - 56
Access Intelligence Plc  |  Annual Report and Accounts 2015  |  Stock Code: ACC
Company Balance Sheet 
Company Number: 04799195
At 30 November 2015
          
Note
2015
£’000
2014
£’000
Fixed assets 
Tangible assets 2 78 221
Investments 3 4,521 6,244
Intangible assets 4 41 85
 4,640 6,550
Current assets
Debtors 5 5,898 2,983
Cash and cash equivalents 249 106 
6,147 3,089
Creditors: amounts falling due within one year 6 (7,746) (6,351)
Net current liabilities (1,599) (3,262)
Creditors: amounts falling due over one year 7 (2,839) (1,301)
Net assets 202 1,987
Capital and reserves
Share capital 8 1,535 1,324
Treasury shares 8 (148) (148)
Share premium account 10 1,271 224
Capital redemption reserve 10 191 191
Share option reserve                                                                               10 364 338
Equity reserve 10 255 126
Profit and loss account 10 (3,266) (68)
Equity shareholders’ funds 202 1,987
The financial statements were approved by the Board of directors on 8 April 2016 and signed on its behalf by:
M Jackson
Chairman www.accessintelligence.com
57
Notes to the Company Financial Statements
Year ended 30 November 2015
1. Accounting policies
Basis of preparation
These separate financial statements of the Parent Company, Access Intelligence Plc, which have been prepared in 
accordance under the historical cost convention and in accordance with applicable accounting standards under UK 
GAAP, are presented as required by the Companies Act 2006.
On the basis of current financial projections and available funds and facilities, the directors are satisfied that the Company, 
taking into account that it operates as part of the Access Intelligence plc Group, has adequate resources to continue 
in operation for the foreseeable future and therefore consider it appropriate to prepare the financial statements on the 
going concern basis (refer to the Group going concern assessment in note 2 to the consolidated financial statements). 
The particular accounting policies adopted by the Company are described below.
Results of the Company
As permitted by Section 408(3) of the Companies Act 2006, the profit and loss account of the parent Company is not 
presented as part of these accounts. The Parent Company’s loss after taxation, for the financial year amounted to 
£3,198,000 (2014: loss £974,000).
Cash Flow Statement
The cash flows of the Company are included in the consolidated cash flow statement of Access Intelligence Plc which 
is included in this Annual Report. Consequently, the Company is exempt under the terms of FRS 1 (Revised) from 
publishing a cash flow statement.
Fixed assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful 
economic life of that asset as follows:
Fixtures, fittings and equipment - 3 to 5 years
Leasehold improvements - over the lease term
Share-based payments
The fair value of equity-settled share-based payments to employees is determined at the date of grant and is expensed 
on a straight-line basis over the vesting period based on the Company’s estimate of shares or options that will eventually 
vest. In the case of options granted, fair value is measured by the Black–Scholes option pricing model. Further details 
are set out in note 25 of the consolidated statements.
Investments
Investments held as fixed assets are stated at cost less provision for any impairment. 58
Access Intelligence Plc  |  Annual Report and Accounts 2015  |  Stock Code: ACC
Intangible assets
Research and development expenditure
Expenditure identified as development expenditure being costs incurred on clearly defined unique projects whose 
outcome can be assessed with reasonable certainty and which are expected to lead to new products and revenue 
streams is measured at cost less accumulated amortisation and accumulated impairment losses. Where development 
expenditure does not meet these requirements then it is recognised as an expense in the period it is incurred.
Amortisation will be calculated so as to write off the cost of an asset over the useful economic life of that asset. In 2015 
there was one (2014; one) main capitalised development project. The directors assess the useful life of the current 
capitalised development projects to be 3 years. 
Software licences
Software licences include software that is not integral to a related item of hardware. These items are stated at cost less 
accumulated amortisation and any impairment. Amortisation is calculated on a straight line basis over the estimated 
useful economic life. Although perpetual licences are maintained under support and maintenance agreements, a useful 
economic life of 5 years has been determined.
Impairment
The Company evaluates its financial assets for financial impairment where events or circumstances indicate that the 
carrying amount of such assets may not be fully recoverable. When such evaluations indicate that the carrying value 
of an asset exceeds its recoverable value, the impairment loss is recognised in the profit and loss account. The same 
approach is applied to group goodwill impairment testing as is described in note 15 of the consolidated Group financial 
statements.
Taxation
Current tax is the tax currently payable based on taxable profits for the year. Due to losses no current taxation will be 
payable by the Company and the losses will be made available for Group relief or be available for carry forward for offset 
against future profits of the same trade.
Deferred taxation is recognised on timing differences that result in an obligation at the balance sheet date to pay more 
tax, or a right to pay less tax at a future date, at rates expected to apply when they crystallise based on current tax rates 
and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in 
periods different from those in which they are included in financial statements.
Deferred tax assets are recognised to the extent that they are regarded as more likely than not that they will be recovered. 
Deferred tax assets and liabilities are not discounted.
Convertible loan notes
The component parts of compound instruments issued by the Group are classified separately as financial liabilities and 
equity in accordance with the substance of the contractual arrangement. At the date of issue, in the case of a convertible 
bond denominated in the functional currency of the issuer that may be converted into a fixed number of equity shares, 
the fair value of the liability component is estimated at the present value of the stream of future cash flows (including 
both coupon payments and redemption) discounted at the market rate of interest that would have been applied to 
an instrument of comparable credit quality with substantially the same cash flows, on the same terms, but without 
the conversion option. This amount is recorded as a liability on an amortised cost basis using the effective interest 
method until extinguished upon conversion or at the instrument’s maturity date. The equity component is determined 
by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is 
recognised and included in equity and is not subsequently re-measured.
Issue costs are apportioned between the liability and equity components of the convertible loan notes based upon their 
relative carrying amounts at the date of issue. The portion relating to the equity component is charged directly against 
equity. www.accessintelligence.com
59
Revenue
Revenue represents the amounts derived from the provision of goods and services, stated net of Value Added Tax. The 
methodology applied to income recognition is dependent upon the goods or services being supplied.
In respect of income relating to annual service contracts and/or hosted services which are invoiced in advance, it is 
the Company’s policy to spread the income of each contract equally over the contract’s life. The full value of each 
sale is credited to deferred revenue when invoiced to be released to the statement of comprehensive income in equal 
instalments over the contract period.
Revenues from the delivery of infrastructure are recognised on installation with associated training and consultancy fees 
recognised when specified contractual milestones are met or on project completion. In the event that these services are 
invoiced in advance they will be credited to deferred revenue and released to the profit and loss account once delivered.
Income from the sale of licences is recognisable in full at the date of sale.
Revenue arising from management of the subsidiary undertakings is recognised on an accruals basis.
2.Tangible fixed assets     
 
Fixtures fittings 
and equipment
£’000
Leasehold 
improvements
£’000
Total
£’000
Cost
At 1 December 2014 353 87 440
Additions 10 - 10
Disposals (101) (22) (123)
At 30 November 2015 262 65 327
Depreciation
At 1 December 2013 202 17 219
Charge for the year 72 11 83
Depreciation on disposal (44) (9) (53)
At 30 November 2015 230 19 249
Net Book Value
At 30 November 2015 32 46 78
At 30 November 2014                       151 70 221
3. Investments   
Investment in subsidiary undertakings
£’000
Cost
At 1 December 2014 15,754
Additions 12
Disposals (1,238)
At 30 November 2015 14,528
Impairment
At 1 December 2014 9,510
Impairment charge 497
At 30 November 2015 10,007
Net Book Value
At 30 November 2015 4,521
At 30 November 2014                        6,244 60
Access Intelligence Plc  |  Annual Report and Accounts 2015  |  Stock Code: ACC
Additions in the year comprise a capital contribution for the Company’s obligation to settle share options on behalf of 
subsidiaries as well as the cost of acquiring the issued share capital of AIMediaData Ltd. 
At 30 November 2015 the Company was the beneficial owner of the entire issued share capital and controlled all the 
votes of its subsidiaries, all of which are incorporated in England and Wales. The  trading subsidiaries are set out below:
Subsidiary Activity Share type % holding
Due North Ltd (Held for sale at 30 November 2015) Software development Ordinary 100%
Access Intelligence Media & Communications Ltd Software development Ordinary 100%
AITrackRecord Ltd (formerly Management Services 
2000 Ltd)
Software development Ordinary 100%
AI Talent Ltd (formerly Cobent Ltd) Software development Ordinary 100%
AIMediaData Ltd Software development Ordinary 100%
4. Intangible assets
           
 
 Development 
costs
£’000
 Software 
licence
£’000
TOTAL 
£’000
Cost
At 1 December 2014                     140 120                     260
Additions 158 7 165
At 30 November 2015 298 127 425
Depreciation
At 1 December 2014                       111 64 175
Impairment 177 - 177
Charge for the year 7 25 32
At 30 November 2015 295 89 384
Net Book Value
At 30 November 2015 3 38 41
At 30 November 2014                       29 56 85
See note 15 of the consolidated financial statements for further details of the impairment.
5. Debtors
 
 
 
 
 
 
 
 
 
 
 
2015
£’000
2014 
£’000
Trade debtors 217 207
Amounts due from group undertakings 5,072 2,166
Deferred taxation 330 338
Prepayments and other debtors 279 272
5,898 2,983 www.accessintelligence.com
61
2015
£’000
2014
 £’000
Amounts due to group undertakings 5,282 5,132
Trade creditors 347 248
Other taxes and social security 57 302
Accruals and other creditors 400 313
Convertible loan notes 1,277 -
Deferred income 383 356
7,746 6,351
7. Creditors: due after more than one year       
2015 2014
 £’000 £'000
Convertible loan notes 1,009 1,301
Non-convertible loan notes 1,830 -
 2,839 1,301
See note 19 of the consolidated financial statements for further details.
8. Share capital
See note 24 of the consolidated financial statements for further details.
9. Equity-settled share-based payments
See note 25 of the consolidated financial statements for further details. 
10. Reserves
Share 
capital
£’000
Treasury
shares
£’000
Share 
option 
reserve
£’000
Equity 
reserve
£’000
Share 
premium
£’000
Capital 
redemption
£’000
Profit 
and loss
£’000
Total
£’000
At 1 December 2013 1,324 (148) 319 126 224 191 721 2,757
Opening reserve transfer - - 12 - - - (12) -
Loss retained for the year - - - - - - (777) (777)
Share based payments - - 36 - - - - 36
Tax on share based 
payments
- - (29) - - - - (29)
At 30 November 2014 1,324 (148) 338 126 224 191 (68) 1,987
6. Creditors due within one year 62
Access Intelligence Plc  |  Annual Report and Accounts 2015  |  Stock Code: ACC
11. Reconciliation of movement in equity shareholders’ funds
2015
£'000
2014
£'000
Opening shareholders’ funds 1,987 2,757
Loss for the financial year (3,198) (777)
Shares issued in the year 211 -
Share premium on shares issued in year 1,047 -
Share based payment 26 36
Equity component of convertible loan notes 129 -
Tax credit relating to share-based payments - (29)
Closing shareholders’ funds 202 1,987
12. Commitments
Capital Commitments
The Company had no capital commitments at the end of the financial year or prior year.
Operating lease commitments
At 30 November 2015, the Company was committed to making the following payments during the next year respect of 
operating leases for land and buildings expiring:                            
           Land and buildings
                                     2015            2014
            £’000              £’000
Amounts payable within 1 year 16 -
Payable between 2-5 years - 160
Over 5 years 110 99
Share 
capital
£’000
Treasury 
shares
£’000
Share 
option 
reserve
£’000
Equity 
reserve 
£’000
Share 
premium
£’000
Capital 
redemption
£’000
Profit 
and loss 
£’000
Total 
£’000
At 1 December 2014 1,324 (148) 338 126 224 191 (68) 1,987
Opening reserve 
transfer
- - - - - - - -
Loss retained for the 
year
- - - - - - (3,198) (3,198)
Shares issued in the 
year
211 - - - - - - 211
Share premium on 
issue
- - - - 1,047 - - 1,047
Dividends paid - - - - - - - -
Share based payments - - 26 - - - - 26
Equity component of 
convertible loan notes
- - - 129 - - - 129
Tax on share based 
payments
- - - - - - - -
At 30 November 2015 1,535 (148) 364 255 1,271 191 (3,266) 202 www.accessintelligence.com
63
Provisions and contingent liabilities
Onerous contracts Legal Disputes
£'000 £'000
At 1 December 2015 40  -   
Charged to profit or loss 32  100 
Released in year (25) -
At 30 November 2015 47  100 
Due within on year or less 47  100 
Due after more than one year - -
 47  100 
See note 27 of the consolidated financial statements for further details.
13. Related party transactions
The Company has taken the exemption available not to disclose transactions with wholly owned subsidiaries. See note 
28 of the consolidated financial statements for details of other related party transactions.
14. Events after the balance sheet date
See note 30 of the consolidated financial statements for further details. 64
Access Intelligence Plc  |  Annual Report and Accounts 2015  |  Stock Code: ACC
Notes www.accessintelligence.com
65 66
Access Intelligence Plc  |  Annual Report and Accounts 2015  |  Stock Code: ACC
Access Intelligence
Longbow House, 14-20 Chiswell Street, London, EC1Y 4TW
0843 659 2940  |  info@accessintelligence.com  |  www.accessintelligence.com
Access Intelligence Reputation and Risk Management Solutions
AITrackRecord
Training, Competence and Employee Performance Management
Vuelio
PR, Public Affairs and Reputation Management
AIControlPoint
Incident and Crisis Management