TIDMSID
RNS Number : 8257P
Silverdell PLC
31 March 2009
Silverdell Plc
("Silverdell" or the "Company")
Results for the year ended 30 September 2008
31 March 2009
Silverdell, a leading UK supplier of asbestos remediation, consultancy and
environmental services, today announces its financial results for the year ended
30 September 2008, being the second full year of trading since its admission to
AIM in April 2006.
+------+---------------------------------------------------------------------------+
| - | Turnover increased by 59.5% to GBP61.4m (2007 turnover of GBP38.5m) |
| | |
+------+---------------------------------------------------------------------------+
| - | EBITDA of GBP2.5 million (2007 EBITDA: GBP5.1 million) |
| | |
+------+---------------------------------------------------------------------------+
| - | Adjusted basic EPS of 0.6 pence(Note 1) (2007 Adjusted EPS: 7.7 pence) |
| | |
+------+---------------------------------------------------------------------------+
Further to its announcement on 5 March 2009, Silverdell is also pleased to
announce that it has agreed revised facilities with its lenders as regards the
provision of ongoing banking facilities (including a short term facility of
GBP3.25m which is due for repayment on 30 June 2009) and the Company expects to
update the market in due course with further details of the proposed equity
fundraise.
-Ends-
+----------------------------------------+----------------------------------------+
| For further information please | |
| contact: | |
| | |
+----------------------------------------+----------------------------------------+
| Silverdell Plc | Tel: +44 (0) 20 7004 2700 |
| David Williams, Chairman | |
| | |
+----------------------------------------+----------------------------------------+
| Collins Stewart Europe Limited | Tel: +44 (0) 20 7523 8325 |
| Hugh Field | |
+----------------------------------------+----------------------------------------+
The financial information set out in the announcement does not constitute the
company's statutory accounts for the years ended 30 September 2008 or 2007. The
financial information for the year ended 30 September 2007 is derived from the
statutory accounts for that year.
The audit of the statutory accounts for the year ended 31 December 2008 is
complete. The auditors reported on those accounts and a copy of their report,
which included references to matters to which the auditors drew attention to by
way of emphasis of matter without qualifying their report, is set out in this
announcement.
While the financial information included in this announcement has been prepared
in accordance with the recognition and measurement criteria of International
Financial Reporting Standards (IFRSs), this announcement does not itself contain
sufficient information to comply with IFRSs.
The Company's Report and Financial Statements for the year ended 30 September
2008 are today being despatched to Shareholders. Pursuant to Rule 26 of the AIM
Rules, the Report and Financial Statements will be available on the Company's
website (www.silverdell.plc.uk) today.
Note (1) adjusted EPS exclude: intangible asset amortisation, share-based
payment charges, non-recurring expenses and finance charges on deferred
consideration.
Chairman's Statement
Results
For the year ended 30 September 2008, our Company achieved turnover of GBP61.4m
compared with GBP38.5m in the previous year. Pre tax profits reduced from
GBP1.4m in the previous year to a loss of GBP16.8m and basic loss per share was
(37.2) p compared with 2.1p of earnings in the previous year. Adjusted earnings
per share, stripping out amortisation of intangible assets, intangibles
impairment, share-based payment charges, finance charges on deferred
consideration and non-recurring expenses, was 0.6p (2007: 7.7p).
As with last year your Directors do not recommend the payment of a dividend.
The loss is mainly caused by a material impairment of the goodwill value of
acquisitions. In light of the current economic environment, where acquisition
multiples have diminished, it was deemed prudent to reduce the carrying value of
these acquisitions. This has no cash impact on the Group; it merely places a
more prudent valuation on its subsidiaries. The performance of the acquisitions
has in fact been good; it has been Silverdell (UK), the original business, where
results have disappointed.
The Board and management
Following a disappointing first half, your Directors made a number of changes to
ensure that the prospects for the business can be maximised. Management changes
have included Danny Spicer moving from the plc board to become Chairman of
Silverdell (UK),where we retain the benefit of Danny's customer relations and
experience.
Chris Sims also stood down as Finance Director with effect from 22 October 2008.
Sean Nutley was promoted to the Chief Executive role on the 22 October 2008 and
an interim Group Finance Director recruited. In addition, the Group's subsidiary
management structure was strengthened with several new appointments and the
benefits of these changes should be evident in due course.
During the year a number of acquisition opportunities were reviewed. We were
close to making a substantial acquisition but market conditions deteriorated
causing the Directors to reconsider its merits. Our profits have been affected
by the costs incurred, although our decision not to proceed proved to be
prudent.
Given all these changes, I particularly wish to thank our staff for all their
efforts during this period. It goes without saying that we also appreciate the
loyalty and support of our customers.
Financing
As at , debt of GBP11.2m (2007: GBP7.4m) is long term and is expected to mature
in 2011. In addition the Group has short term borrowings of GBP3.2m comprising
primarily of bank overdrafts and loans of GBP2.8m. Subsequent to the year end,
the Group concluded its discussions with Barclays Bank to restructure its
existing facilities, which includes a short term loan of GBP3.25m due for
repayment at 30 June 2009. These restructured facilities combined with the
planned intention to raise additional finance by way of equity placing, which
certain shareholder s have led the Group to believe will be achievable, will
provide sufficient resources, based on projected trading, to allow the Group to
meet is liabilities as they fall due (please refer to Note 2).
The Directors, in their consideration of going concern, have reviewed the
Group's revenue and cash projections, which they believe are based on prudent
market data and past experience and believe, based on those forecasts and
projections, that it is appropriate to prepare the financial statements of the
Group on the going concern basis.
David Williams, Chairman
Chief Executive's Statement
My appointment as Chief Executive Officer has come at a time when market
conditions have become increasingly challenging and competitive, which have
impacted this year's trading performance. I concur with the Chairman's comments
that 2008 was a difficult year and re-iterate the belief that the changes made
put the Company in a much stronger position.
Despite this, the Group has an excellent track record working with a wide range
of clients in diverse markets. These range from construction, rail, public
sector, retail, industrial, nuclear, defence, health and education.
We are committed to developing our strategic focus to embrace the growth
opportunities within the environmental sector (both the consultancy and
contracting), to develop our presence in the industrial sector and to penetrate
waste and remediation markets further.
Silverdell (UK), Redhill Analysts and Kitsons all have a strong presence in
their respective markets and locations. We have continued to develop the number
of framework contracts we manage to improve the forward order book. In addition,
we remain committed to excellence on site to reinforce our status as preferred
contractor among existing clients. New service offerings have been identified as
part of our market and product development strategies which will further improve
the positioning of the Group.
We will continue to develop each of the businesses organically. This will be
achieved through a balanced exposure to both public sector and commercial
markets designed to respond to both changing markets and the economic
environment. To deliver this strategy, we will:
+---+------------------------------------------------------------------------------+
| - | ensure we work collaboratively with our clients so that the |
| | quality of or service delivery always meets expectations |
| | |
+---+------------------------------------------------------------------------------+
| - | develop each business through profitable and secure income |
| | streams; |
| | |
+---+------------------------------------------------------------------------------+
At 30 September 2008, the Group and the company had no capital commitments (2007
- nil).
Operating leases
The Group's total commitments under non-cancellable operating leases at 30
September are as follows:
+------------------------------------------+-----------+---------+-----------+---------+
| | 2008 | 2007 |
+------------------------------------------+---------------------+---------------------+
| | Land | Other | Land | Other |
| | and | GBP'000 | and | GBP'000 |
| | buildings | | buildings | |
| | GBP'000 | | GBP'000 | |
+------------------------------------------+-----------+---------+-----------+---------+
| Operating | | | | |
| leases which | | | | |
| expire: | | | | |
+------------------------------------------+-----------+---------+-----------+---------+
| Within one | 216 | 647 | 198 | 484 |
| year | | | | |
+------------------------------------------+-----------+---------+-----------+---------+
| Within two | 470 | 893 | 578 | 935 |
| to five | | | | |
| years | | | | |
+------------------------------------------+-----------+---------+-----------+---------+
| After five | 271 | - | 370 | 23 |
| years | | | | |
+------------------------------------------+-----------+---------+-----------+---------+
| | | | | |
+------------------------------------------+-----------+---------+-----------+---------+
| | 957 | 1,540 | 1,146 | 1,442 |
+------------------------------------------+-----------+---------+-----------+---------+
| | | | | |
+------------------------------------------+-----------+---------+-----------+---------+
27. Employee share schemes
The company has adopted the following share incentive arrangement plans:
Equity-settled share option scheme
The company has a share option scheme for certain employees of the Group.
Options are exercisable at a price equal to the average quoted market price of
the company's shares on the date of grant. The vesting period is three years. If
the options remain unexercised after a period of five years from the date of
grant, the options expire. Options are forfeited if the employee leaves the
Group before the options vest.
Details of the share options outstanding during the year are as follows:
+------------------------------------------+-----------+----------+-----------+----------+
| | | 2007 |
+------------------------------------------+----------------------+----------------------+
| | Number | Weighted | Number | Weighted |
| | of | average | of | average |
| | share | exercise | share | exercise |
| | options | price | options | price |
| | | GBP | | GBP |
+------------------------------------------+-----------+----------+-----------+----------+
| | | | | |
+------------------------------------------+-----------+----------+-----------+----------+
| Outstanding | 3,606,552 | 0.953 | 2,762,592 | 0.805 |
| at beginning | | | | |
| of year | | | | |
+------------------------------------------+-----------+----------+-----------+----------+
| Granted | 450,000 | 1.500 | 915,000 | 1.388 |
| during the | | | | |
| year | | | | |
+------------------------------------------+-----------+----------+-----------+----------+
| Forfeited | (446,080) | (0.893) | (71,040) | (0.805) |
| during the | | | | |
| year | | | | |
+------------------------------------------+-----------+----------+-----------+----------+
| | | | | |
+------------------------------------------+-----------+----------+-----------+----------+
| Outstanding | 3,610,472 | 1.028 | 3,606,552 | 0.953 |
| at the end | | | | |
| of the year | | | | |
+------------------------------------------+-----------+----------+-----------+----------+
| | | | | |
+------------------------------------------+-----------+----------+-----------+----------+
| Exercisable | - | - | - | - |
| at the end | | | | |
| of the year | | | | |
+------------------------------------------+-----------+----------+-----------+----------+
| | | | | |
+------------------------------------------+-----------+----------+-----------+----------+
The options outstanding at 30 September 2008 had a weighted average remaining
contractual life of 5.14 years (2007: 6.01 years). In 2008, options over 450,000
shares were granted on 3 October 2007. The aggregate of the estimated fair
values of the options granted on that date is GBP0.1m. In 2007, options were
granted on 4 January 2007, 12 June 2007 and 25 September 2007. The aggregate of
the estimated fair values of the options granted on those dates is GBP1.27m.
The inputs into the Black-Scholes Option Pricing Model are as follows:
+------------------------------------------+----------+----------+----------+----------+
| | | | GBP'000 | 2007 |
| | | | | GBP'000 |
+------------------------------------------+----------+----------+----------+----------+
| | | | | |
+------------------------------------------+----------+----------+----------+----------+
| Weighted | | | 103p | 95p |
| average | | | | |
| share price | | | | |
+------------------------------------------+----------+----------+----------+----------+
| Weighted | | | 103p | 95p |
| average | | | | |
| exercise | | | | |
| price | | | | |
+------------------------------------------+----------+----------+----------+----------+
| Expected | | | 21.01 | 21.04 |
| volatility | | | | |
+------------------------------------------+----------+----------+----------+----------+
| Expected | | | 3 years | 3 years |
| life | | | | |
+------------------------------------------+----------+----------+----------+----------+
| Risk-free | | | 5.14% | 5.22% |
| rate | | | | |
+------------------------------------------+----------+----------+----------+----------+
| Expected | | | Nil% | Nil% |
| dividend | | | | |
| yield | | | | |
+------------------------------------------+----------+----------+----------+----------+
| | | | | |
+------------------------------------------+----------+----------+----------+----------+
Expected volatility was determined by calculating the historical volatility of
the Group's share price over the previous 1.5 years. The expected life used in
the model has been adjusted, based on management's best estimate, for the
effects of non-transferability, exercise restrictions, and behavioural
considerations. The risk free rate of return is the yield on zero coupon UK
government bonds with a term similar to the expected life of the option.
28. Contingent liabilities
There are Group cross guarantees from the company for all monies due to certain
of the Group's banks and surety lenders. No monies were outstanding at 30
September 2008 (2007: GBPnil). In the normal course of business there are
contingent liabilities including the provision of bonds in respect of completed
and uncompleted contracts.
29. Related party transactions
During the year to 30 September 2008, the Group paid GBP261,000 (2007:
GBP641,000) to Marwyn Capital LLP for corporate finance services and directors'
fees and GBP60,000 (2007: GBP6,000) to Marwyn Partners Limited for office
services.
David Williams and Mark Watts are partners in Marwyn Capital LLP and Marwyn
Investment Management LLP and shareholders in Marwyn Investments Group Limited,
which owns 100% of Marwyn Partners Limited. Marwyn Neptune Fund LP is managed by
Marwyn Investment Management LLP and beneficially owns shares and warrants in
the Group.
During the year to 30 September 2008, Kalistar LLP, a partnership of certain the
executive directors of Silverdell (UK) Ltd, charged GBP39,000 (2007: GBP36,000)
for the provision of cars used by some of the directors of Silverdell (UK) Ltd.
At the end of the year, GBPnil (2007: GBPnil) remained outstanding.
One property occupied by Silverdell (UK) Limited is owned by the pension fund in
which Danny Spicer and Sean Nutley have an interest. The property is subject to
a market rent of GBP29,000 (2007: GBP18,000) paid during the year.
30. Acquisition of subsidiaries
On 1 October 2007 the Group acquired 100% of the issued share capital of Swift
Asbestos Holdings Limited ("Swift"), for a fair value consideration including
expenses of GBP1,905,000 satisfied by cash of GBP1,738,000 and deferred
consideration of GBP167,000 (subject to the outcome of a completion accounts
mechanism). The aggregate net assets acquired and their fair values, based on
the board's initial assessment of net realisable value, are detailed below.
The following table sets out the book values of the identifiable assets and
liabilities acquired and their fair value to the Group:
+-----------------------------------------+----------+--------------+---------+---------+
| | Book | Revaluations | Other | Fair |
| | value | GBP'000 | items | value |
| | GBP'000 | | GBP'000 | GBP'000 |
+-----------------------------------------+----------+--------------+---------+---------+
| Non-current | | | | |
| assets | | | | |
+-----------------------------------------+----------+--------------+---------+---------+
| Tangible | 407 | 143 | - | 550 |
+-----------------------------------------+----------+--------------+---------+---------+
| Current | | | | |
| assets | | | | |
+-----------------------------------------+----------+--------------+---------+---------+
| Inventories | 29 | - | - | 29 |
| and work in | | | | |
| progress | | | | |
+-----------------------------------------+----------+--------------+---------+---------+
| Trade and | 212 | - | (1) | 211 |
| other | | | | |
| receivables | | | | |
+-----------------------------------------+----------+--------------+---------+---------+
| Cash and | 373 | - | (1) | 372 |
| cash | | | | |
| equivalents | | | | |
+-----------------------------------------+----------+--------------+---------+---------+
| | | | | |
+-----------------------------------------+----------+--------------+---------+---------+
| Total | 1,021 | 143 | (2) | 1,162 |
| assets | | | | |
+-----------------------------------------+----------+--------------+---------+---------+
| | | | | |
+-----------------------------------------+----------+--------------+---------+---------+
| Creditors | | | | |
+-----------------------------------------+----------+--------------+---------+---------+
| Obligations | (40) | - | - | (40) |
| under | | | | |
| finance | | | | |
| leases | | | | |
+-----------------------------------------+----------+--------------+---------+---------+
| Trade and | (180) | - | 9 | (171) |
| other | | | | |
| payables | | | | |
+-----------------------------------------+----------+--------------+---------+---------+
| Deferred | (13) | - | (17) | (30) |
| tax | | | | |
| liability | | | | |
+-----------------------------------------+----------+--------------+---------+---------+
| | | | | |
+-----------------------------------------+----------+--------------+---------+---------+
| Total | (233) | - | (8) | (241) |
| liabilities | | | | |
+-----------------------------------------+----------+--------------+---------+---------+
| | | | | |
+-----------------------------------------+----------+--------------+---------+---------+
| Net assets | 788 | 143 | (10) | 921 |
+-----------------------------------------+----------+--------------+---------+---------+
| | | | | |
+-----------------------------------------+----------+--------------+---------+---------+
+---------------------------------------------------+----------+----------+----------+
| | | | Total |
| | | | GBP'000 |
+---------------------------------------------------+----------+----------+----------+
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Goodwill | | | 984 |
+---------------------------------------------------+----------+----------+----------+
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Consideration | | | 1,905 |
+---------------------------------------------------+----------+----------+----------+
| | | | |
+---------------------------------------------------+----------+----------+----------+
| Satisfied by: | | | |
+---------------------------------------------------+----------+----------+----------+
| Cash | | | |
+---------------------------------------------------+----------+----------+----------+
| - expended during | | | 1,738 |
| year | | | |
+---------------------------------------------------+----------+----------+----------+
| - expended after | | | 167 |
| year-end | | | |
+---------------------------------------------------+----------+----------+----------+
| | | | |
+---------------------------------------------------+----------+----------+----------+
| | | | 1,905 |
+---------------------------------------------------+----------+----------+----------+
| | | | |
+---------------------------------------------------+----------+----------+----------+
| | | | GBP'000 |
+---------------------------------------------------+----------+----------+----------+
| Net cash outflows in | | | |
| respect of the | | | |
| acquisition | | | |
| comprised: | | | |
+---------------------------------------------------+----------+----------+----------+
| Cash consideration | | | 1,738 |
| expended during the | | | |
| year | | | |
+---------------------------------------------------+----------+----------+----------+
| Cash at bank and in | | | (372) |
| hand acquired | | | |
+---------------------------------------------------+----------+----------+----------+
| | | | |
+---------------------------------------------------+----------+----------+----------+
| | | | 1,366 |
+---------------------------------------------------+----------+----------+----------+
| | | | |
+---------------------------------------------------+----------+----------+----------+
The trade, assets and liabilities of Swift were transferred to Silverdell (UK)
Limited immediately following the Company's acquisition by the Group, such that
it is not possible separately to identify the contribution to revenue and
operating loss made by Swift between the date of acquisition and the balance
sheet date. Neither is it possible to determine the impact on Group revenues and
operating loss for the period if the acquisition of Swift had been completed on
the first day of the financial year.
31. Subsequent events
Subsequent to the year end, the Group concluded its discussions with lenders for
revised facilities including the re-structuring of existing facilities,
re-profiled repayment and revised covenants (see note 2).
32. Transition to IFRS
For all periods up to and including the year to 30 September 2007 the Group has
prepared its financial statements in accordance with UK generally accepted
accounting practice (UK GAAP). For the year to 30 September 2008 the Group is
required to prepare consolidated financial statements in accordance with
International Financial Reporting Standards (IFRS) as adopted by the European
Union.
The Group's transition date to IFRS is 1 October 2006. This has been determined
in accordance with IFRS 1 "First Time Adoption of International Financial
Reporting Standards", being the start of the earliest period of comparative
information.
To explain the change to IFRS, a reconciliation has been provided of the equity
at 1 October 2006 and 30 September 2007 and the net income for the year to 30
September 2007 from the previously published consolidated financial statements,
prepared in accordance with UK GAAP to the accompanying consolidated financial
statements prepared in accordance with IFRS. An explanation of the principal
adjustments required by the Group on conversion to IFRS is set out below.
None of the IFRS adjustments relevant to the Group relate to cash and therefore
there is no impact on cash flows. IAS 7 "Cash Flow Statements" changes the
definition of cash used in the cash flow statement to cash and cash equivalents.
The UK GAAP figures have been restated to take account of any presentational
changes required by IFRS adoption, where for instance items are required to be
shown on the face of the primary statements rather than in the notes and where
existing items are now split current/non-current or shown on different lines
(e.g. intangible asset).
Effects of transition to IFRS
IAS 36 and IAS 38: Intangible assets
IFRS 3 requires recognition of separately identifiable intangible assets. These
intangible assets are amortised over their expected useful lives. Previously
under UK GAAP, these intangibles would have been classified as goodwill and
amortised over their useful lives (typically between 10 and 20 years).
The Group has applied IAS 38 Intangible Assets to acquisitions, which has
resulted in the recognition of customer relationships and order backlog
intangible assets. These intangible assets would not have qualified for
recognition under UK GAAP. These are being amortised over one to three years.
IFRS 3: Business combinations and Goodwill
Under UK GAAP goodwill was amortised on a straight line basis over its economic
useful life of up to 20 years, tested for impairment and provided for as
necessary. Under IFRS 3 "Business Combinations", goodwill is no longer amortised
but is carried and subject to annual review for impairment. Accordingly the
goodwill amortisation charged of GBP1,391,000 in the year to 30 September 2007
has been reversed.
A full impairment review of the carrying value of goodwill is required at the
date of transition (1 October 2006) and any impairment losses treated as a
reduction in retained earnings. Goodwill impairment losses may not be reversed.
Effects of transition to IFRS on the opening balance sheet at 1 October 2006
Opening IFRS balance sheet as at 1 October 2006 - effect of IAS1 'Presentation
of Financial Statements'
+-----------------------------------------------+----------+-----------+-+-+-----------+-+----------------------+
| | UK | GBP'000 | | | UK | | |
| | GAAP | | | | GAAP | | |
| | balances | | | | balances | | |
| | in UK | | | | in IFRS | | |
| | GAAP | | | | format | | |
| | format | | | | GBP'000 | | |
| | GBP'000 | | | | | | |
+-----------------------------------------------+----------+-----------+-+-+-----------+-+----------------------+
| Fixed | | | | | | | Non-current |
| assets | | | | | | | assets |
+-----------------------------------------------+----------+-----------+-+-+-----------+-+----------------------+
| Intangible | 19,539 | - | | | 19,539 | | Goodwill |
| assets | | | | | | | |
+-----------------------------------------------+----------+-----------+-+-+-----------+-+----------------------+
| Tangible | 1,014 | - | | | 1,014 | | Property, |
| assets | | | | | | | plant and |
| | | | | | | | equipment |
+-----------------------------------------------+----------+-----------+-+-+-----------+-+----------------------+
| | - | 1,001 | | | 1,001 | | Trade and |
| | | | | | | | other |
| | | | | | | | receivables |
+-----------------------------------------------+----------+-----------+-+-+-----------+-+----------------------+
| | | | | | | | |
+-----------------------------------------------+----------+-----------+-+-+-----------+-+----------------------+
| Current | | | | | | | Current |
| assets | | | | | | | assets |
+-----------------------------------------------+----------+-----------+-+-+-----------+-+----------------------+
| Stocks | 1,445 | - | | | 1,445 | | Inventory |
| and | | | | | | | and work |
| work | | | | | | | in |
| in | | | | | | | progress |
| progress | | | | | | | |
+-----------------------------------------------+----------+-----------+-+-+-----------+-+----------------------+
| Debtors | 7,335 | (1,001) | | | 6,335 | | Trade and |
| | | | | | | | other |
| | | | | | | | receivables |
+-----------------------------------------------+----------+-----------+-+-+-----------+-+----------------------+
| Cash | 3,300 | - | | | 3,300 | | Cash and |
| at | | | | | | | cash |
| bank | | | | | | | equivalents |
| and in | | | | | | | |
| hand | | | | | | | |
+-----------------------------------------------+----------+-----------+-+-+-----------+-+----------------------+
| | | | | | | | |
+-----------------------------------------------+----------+-----------+-+-+-----------+-+----------------------+
| Creditors: | | | | | | | Current |
| amounts | | | | | | | liabilities |
| falling | | | | | | | |
| due within | | | | | | | |
| one year | | | | | | | |
+-----------------------------------------------+----------+-----------+-+-+-----------+-+----------------------+
| Bank | (886) | - | | | (886) | | Bank |
| overdraft | | | | | | | overdraft |
| | | | | | | | and |
| | | | | | | | borrowings |
+-----------------------------------------------+----------+-----------+-+-+-----------+-+----------------------+
| Hire | (140) | - | | | (140) | | Obligations |
| purchase | | | | | | | under |
| and | | | | | | | finance |
| finance | | | | | | | lease |
| lease | | | | | | | |
+-----------------------------------------------+----------+-----------+-+-+-----------+-+----------------------+
| Corporation | (232) | - | | | ( 232) | | Current |
| tax | | | | | | | tax |
| | | | | | | | liabilities |
+-----------------------------------------------+----------+-----------+-+-+-----------+-+----------------------+
| Other | (3,834) | - | | | (3,834) | | Trade and |
| creditors | | | | | | | other |
| | | | | | | | payables |
+-----------------------------------------------+----------+-----------+-+-+-----------+-+----------------------+
| | | | | | | | |
+-----------------------------------------------+----------+-----------+-+-+-----------+-+----------------------+
| Creditors: | | | | | | | Non-current |
| amounts | | | | | | | liabilities |
| falling | | | | | | | |
| due after | | | | | | | |
| more than | | | | | | | |
| one year | | | | | | | |
+-----------------------------------------------+----------+-----------+-+-+-----------+-+----------------------+
| Hire | (336) | - | | | (336) | | Obligations |
| purchase | | | | | | | under |
| and | | | | | | | finance |
| finance | | | | | | | lease |
| lease | | | | | | | |
+-----------------------------------------------+----------+-----------+-+-+-----------+-+----------------------+
| | | (61) | | | (61) | | Deferred |
| | | | | | | | tax |
| | | | | | | | liabilities |
+-----------------------------------------------+----------+-----------+-+-+-----------+-+----------------------+
| | | (5,206) | | | (5,206) | | Deferred |
| | | | | | | | consideration |
+-----------------------------------------------+----------+-----------+-+-+-----------+-+----------------------+
| | | (1,001) | | | (1,001) | | Trade and |
| | | | | | | | other |
| | | | | | | | payables |
+-----------------------------------------------+----------+-----------+-+-+-----------+-+----------------------+
| Provisions | | | | | | | |
| for | | | | | | | |
| liabilities | | | | | | | |
| and charges | | | | | | | |
+-----------------------------------------------+----------+-----------+-+-+-----------+-+----------------------+
| Deferred | (61) | 61 | | | - | | |
| taxation | | | | | | | |
+-----------------------------------------------+----------+-----------+-+-+-----------+-+----------------------+
| Deferred | (5,206) | 5,206 | | | - | | |
| consideration | | | | | | | |
+-----------------------------------------------+----------+-----------+-+-+-----------+-+----------------------+
| Other | (1,001) | 1,001 | | | - | | |
+-----------------------------------------------+----------+-----------+-+-+-----------+-+----------------------+
| | | | | | | | |
+-----------------------------------------------+----------+-----------+-+-+-----------+-+----------------------+
| | | | | | | | |
+-----------------------------------------------+----------+-----------+-+-+-----------+-+----------------------+
| Net | 20,938 | - | | | 20,938 | | Net |
| assets | | | | | | | assets |
+-----------------------------------------------+----------+-----------+-+-+-----------+-+----------------------+
| | | | | | | | |
+-----------------------------------------------+----------+-----------+-+-+-----------+-+----------------------+
| Capital | | | | | | | Equity |
| and | | | | | | | |
| reserves | | | | | | | |
+-----------------------------------------------+----------+-----------+-+-+-----------+-+----------------------+
| Called | 3,220 | - | | | 3,220 | | Share |
| up | | | | | | | capital |
| share | | | | | | | |
| capital | | | | | | | |
+-----------------------------------------------+----------+-----------+-+-+-----------+-+----------------------+
| Share | 13,649 | - | | | 13,649 | | Share |
| premium | | | | | | | premium |
| account | | | | | | | account |
+-----------------------------------------------+----------+-----------+-+-+-----------+-+----------------------+
| Equity | 28 | - | | | 28 | | Equity |
| reserve | | | | | | | reserve |
+-----------------------------------------------+----------+-----------+-+-+-----------+-+----------------------+
| Other | 4,081 | - | | | 4,081 | | Other |
| reserves | | | | | | | reserves |
+-----------------------------------------------+----------+-----------+-+-+-----------+-+----------------------+
| Profit | (40) | - | | | (40) | | Accumulated |
| and | | | | | | | loss |
| loss | | | | | | | |
| account | | | | | | | |
+-----------------------------------------------+----------+-----------+-+-+-----------+-+----------------------+
| | | | | | | | |
+-----------------------------------------------+----------+-----------+-+-+-----------+-+----------------------+
| Equity | 20,938 | - | | | 20,938 | | Total |
| shareholders' | | | | | | | equity |
| funds | | | | | | | |
+-----------------------------------------------+----------+-----------+-+-+-----------+-+----------------------+
| | | | | | | | |
+-----------------------------------------------+----------+-----------+-+-+-----------+-+----------------------+
+--------------------------------------------+----------+----------+------------+-+--------------+-+----------+
| | UK | IFRS2 | IAS38 | | IFRS3 | | IFRS |
| | GAAP | Share- | Intangible | | Business | | Balances |
| | balances | based | assets | | combinations | | GBP'000 |
| | in IFRS | payments | GBP'000 | | GBP'000 | | |
| | format | GBP'000 | | | | | |
| | GBP'000 | | | | | | |
+--------------------------------------------+----------+----------+------------+-+--------------+-+----------+
| Non-current | | | | | | | |
| assets | | | | | | | |
+--------------------------------------------+----------+----------+------------+-+--------------+-+----------+
| Goodwill | 19,539 | - | (2,205) | | 191 | | 17,525 |
+--------------------------------------------+----------+----------+------------+-+--------------+-+----------+
| Intangible | - | - | 2,860 | | - | | 2,860 |
| assets | | | | | | | |
+--------------------------------------------+----------+----------+------------+-+--------------+-+----------+
| Property, | 1,014 | - | - | | - | | 1,014 |
| plant and | | | | | | | |
| equipment | | | | | | | |
+--------------------------------------------+----------+----------+------------+-+--------------+-+----------+
| Trade and | 1,001 | - | - | | - | | 1,001 |
| other | | | | | | | |
| receivables | | | | | | | |
+--------------------------------------------+----------+----------+------------+-+--------------+-+----------+
| | | | | | | | |
+--------------------------------------------+----------+----------+------------+-+--------------+-+----------+
| Current | | | | | | | |
| assets | | | | | | | |
+--------------------------------------------+----------+----------+------------+-+--------------+-+----------+
| Inventory | 1,445 | - | - | | - | | 1,445 |
| and work | | | | | | | |
| in | | | | | | | |
| progress | | | | | | | |
+--------------------------------------------+----------+----------+------------+-+--------------+-+----------+
| Trade and | 6,335 | - | - | | - | | 6,335 |
| other | | | | | | | |
| receivables | | | | | | | |
+--------------------------------------------+----------+----------+------------+-+--------------+-+----------+
| Cash and | 3,300 | - | - | | - | | 3,300 |
| cash | | | | | | | |
| equivalents | | | | | | | |
+--------------------------------------------+----------+----------+------------+-+--------------+-+----------+
| | | | | | | | |
+--------------------------------------------+----------+----------+------------+-+--------------+-+----------+
| Total | 32,634 | - | 655 | | 191 | | 33,480 |
| assets | | | | | | | |
+--------------------------------------------+----------+----------+------------+-+--------------+-+----------+
| | | | | | | | |
+--------------------------------------------+----------+----------+------------+-+--------------+-+----------+
| | | | | | | | |
+--------------------------------------------+----------+----------+------------+-+--------------+-+----------+
| Current | | | | | | | |
| liabilities | | | | | | | |
+--------------------------------------------+----------+----------+------------+-+--------------+-+----------+
| Bank | (886) | - | - | | - | | (886) |
| overdrafts | | | | | | | |
| and | | | | | | | |
| borrowings | | | | | | | |
+--------------------------------------------+----------+----------+------------+-+--------------+-+----------+
| Obligations | (140) | - | - | | - | | (140) |
| under | | | | | | | |
| finance | | | | | | | |
| lease | | | | | | | |
+--------------------------------------------+----------+----------+------------+-+--------------+-+----------+
| Trade and | (3,834) | - | - | | - | | (3,834) |
| other | | | | | | | |
| payables | | | | | | | |
+--------------------------------------------+----------+----------+------------+-+--------------+-+----------+
| Current | (232) | - | - | | - | | (232) |
| tax | | | | | | | |
| liabilities | | | | | | | |
+--------------------------------------------+----------+----------+------------+-+--------------+-+----------+
| | | | | | | | |
+--------------------------------------------+----------+----------+------------+-+--------------+-+----------+
| Non-current | | | | | | | |
| liabilities | | | | | | | |
+--------------------------------------------+----------+----------+------------+-+--------------+-+----------+
| Obligations | (336) | - | - | | - | | (336) |
| under | | | | | | | |
| finance | | | | | | | |
| lease | | | | | | | |
+--------------------------------------------+----------+----------+------------+-+--------------+-+----------+
| Trade and | (1,001) | - | - | | - | | (1,001) |
| other | | | | | | | |
| payables | | | | | | | |
+--------------------------------------------+----------+----------+------------+-+--------------+-+----------+
| Deferred | (61) | 5 | (858) | | - | | (914) |
| taxation | | | | | | | |
+--------------------------------------------+----------+----------+------------+-+--------------+-+----------+
| Deferred | (5,206) | - | - | | - | | (5,206) |
| consideration | | | | | | | |
+--------------------------------------------+----------+----------+------------+-+--------------+-+----------+
| | | | | | | | |
+--------------------------------------------+----------+----------+------------+-+--------------+-+----------+
| Total | (11,696) | 5 | (858) | | - | | (12,549) |
| liabilities | | | | | | | |
+--------------------------------------------+----------+----------+------------+-+--------------+-+----------+
| | | | | | | | |
+--------------------------------------------+----------+----------+------------+-+--------------+-+----------+
| Net assets | 20,938 | 5 | (203) | | 191 | | 20,931 |
+--------------------------------------------+----------+----------+------------+-+--------------+-+----------+
| | | | | | | | |
+--------------------------------------------+----------+----------+------------+-+--------------+-+----------+
| Equity | | | | | | | |
+--------------------------------------------+----------+----------+------------+-+--------------+-+----------+
| Share | 3,220 | - | - | | - | | 3,220 |
| capital | | | | | | | |
+--------------------------------------------+----------+----------+------------+-+--------------+-+----------+
| Share | 13,649 | - | - | | - | | 13,649 |
| premium | | | | | | | |
| account | | | | | | | |
+--------------------------------------------+----------+----------+------------+-+--------------+-+----------+
| Other | 4,081 | - | - | | - | | 4,081 |
| reserve | | | | | | | |
+--------------------------------------------+----------+----------+------------+-+--------------+-+----------+
| Equity | 28 | 5 | - | | - | | 33 |
| reserve | | | | | | | |
+--------------------------------------------+----------+----------+------------+-+--------------+-+----------+
| (Accumulated | (40) | - | (203) | | 191 | | (52) |
| loss)/retained | | | | | | | |
| earnings | | | | | | | |
+--------------------------------------------+----------+----------+------------+-+--------------+-+----------+
| | | | | | | | |
+--------------------------------------------+----------+----------+------------+-+--------------+-+----------+
| Total | 20,938 | 5 | (203) | | 191 | | 20,931 |
| equity | | | | | | | |
+--------------------------------------------+----------+----------+------------+-+--------------+-+----------+
| | | | | | | | |
+--------------------------------------------+----------+----------+------------+-+--------------+-+----------+
Effects of transition to IFRS on the balance sheet at 30 September 2007
Balance sheet as at 30 September 2007 - reconciliation of UK GAAP to IFRS
+-------------------------------------------+----------+---------+-+-+-----------+-+----------------------+
| | UK | GBP'000 | | | UK | | |
| | GAAP | | | | GAAP | | |
| | balances | | | | balances | | |
| | in UK | | | | in IFRS | | |
| | GAAP | | | | format | | |
| | format | | | | GBP'000 | | |
| | GBP'000 | | | | | | |
+-------------------------------------------+----------+---------+-+-+-----------+-+----------------------+
| Fixed | | | | | | | Non-current |
| assets | | | | | | | assets |
+-------------------------------------------+----------+---------+-+-+-----------+-+----------------------+
| Intangible | 40,523 | - | | | 40,523 | | Goodwill |
| assets | | | | | | | |
+-------------------------------------------+----------+---------+-+-+-----------+-+----------------------+
| Tangible | 2,480 | - | | | 2,480 | | Property, |
| assets | | | | | | | plant and |
| | | | | | | | equipment |
+-------------------------------------------+----------+---------+-+-+-----------+-+----------------------+
| | - | 1,001 | | | 1,001 | | Trade and |
| | | | | | | | other |
| | | | | | | | receivables |
+-------------------------------------------+----------+---------+-+-+-----------+-+----------------------+
| | | | | | | | |
+-------------------------------------------+----------+---------+-+-+-----------+-+----------------------+
| Current | | | | | | | Current |
| assets | | | | | | | assets |
+-------------------------------------------+----------+---------+-+-+-----------+-+----------------------+
| Stocks | 1,278 | - | | | 1,278 | | Inventory |
| and | | | | | | | and work |
| work | | | | | | | in |
| in | | | | | | | progress |
| progress | | | | | | | |
+-------------------------------------------+----------+---------+-+-+-----------+-+----------------------+
| Debtors | 17,135 | (1,001) | | | 16,134 | | Trade and |
| | | | | | | | other |
| | | | | | | | receivables |
+-------------------------------------------+----------+---------+-+-+-----------+-+----------------------+
| Cash | 1,418 | - | | | 1,418 | | Cash and |
| at | | | | | | | cash |
| bank | | | | | | | equivalents |
| and in | | | | | | | |
| hand | | | | | | | |
+-------------------------------------------+----------+---------+-+-+-----------+-+----------------------+
| | | | | | | | |
+-------------------------------------------+----------+---------+-+-+-----------+-+----------------------+
| Creditors: | | | | | | | Current |
| amounts | | | | | | | liabilities |
| falling | | | | | | | |
| due within | | | | | | | |
| one year | | | | | | | |
+-------------------------------------------+----------+---------+-+-+-----------+-+----------------------+
| Bank | (2,150) | - | | | (2,150) | | Bank |
| loans | | | | | | | overdraft |
| | | | | | | | and |
| | | | | | | | borrowings |
+-------------------------------------------+----------+---------+-+-+-----------+-+----------------------+
| Hire | (483) | - | | | (483) | | Obligations |
| purchase | | | | | | | under |
| and | | | | | | | finance |
| finance | | | | | | | lease |
| lease | | | | | | | |
+-------------------------------------------+----------+---------+-+-+-----------+-+----------------------+
| Corporation | (1,932) | - | | | (1,932) | | Current |
| tax | | | | | | | tax |
| | | | | | | | liabilities |
+-------------------------------------------+----------+---------+-+-+-----------+-+----------------------+
| Deferred | (3,000) | - | | | (3,000) | | Deferred |
| consideration | | | | | | | consideration |
+-------------------------------------------+----------+---------+-+-+-----------+-+----------------------+
| Other | (10,229) | - | | | (10,229) | | Trade and |
| creditors | | | | | | | other |
| | | | | | | | payables |
+-------------------------------------------+----------+---------+-+-+-----------+-+----------------------+
| | | | | | | | |
+-------------------------------------------+----------+---------+-+-+-----------+-+----------------------+
| Creditors: | | | | | | | Non-current |
| amounts | | | | | | | liabilities |
| falling | | | | | | | |
| due after | | | | | | | |
| more than | | | | | | | |
| one year | | | | | | | |
+-------------------------------------------+----------+---------+-+-+-----------+-+----------------------+
| Bank | (6,850) | - | | | (6,850) | | Bank |
| loans | | | | | | | overdraft |
| | | | | | | | and |
| | | | | | | | borrowings |
+-------------------------------------------+----------+---------+-+-+-----------+-+----------------------+
| Hire | (529) | - | | | (529) | | Obligations |
| purchase | | | | | | | under |
| and | | | | | | | finance |
| finance | | | | | | | lease |
| lease | | | | | | | |
+-------------------------------------------+----------+---------+-+-+-----------+-+----------------------+
| | | (30) | | | ( 30) | | Deferred |
| | | | | | | | tax |
| | | | | | | | liabilities |
+-------------------------------------------+----------+---------+-+-+-----------+-+----------------------+
| | | (2,649) | | | (2,649) | | Deferred |
| | | | | | | | consideration |
+-------------------------------------------+----------+---------+-+-+-----------+-+----------------------+
| | | (1,001) | | | (1,001) | | Trade and |
| | | | | | | | other |
| | | | | | | | payables |
+-------------------------------------------+----------+---------+-+-+-----------+-+----------------------+
| Provisions | | | | | | | |
| for | | | | | | | |
| liabilities | | | | | | | |
| and charges | | | | | | | |
+-------------------------------------------+----------+---------+-+-+-----------+-+----------------------+
| Deferred | (30) | 30 | | | - | | |
| taxation | | | | | | | |
+-------------------------------------------+----------+---------+-+-+-----------+-+----------------------+
| Deferred | (2,649) | 2,649 | | | - | | |
| consideration | | | | | | | |
+-------------------------------------------+----------+---------+-+-+-----------+-+----------------------+
| Other | (1,001) | 1,001 | | | - | | |
+-------------------------------------------+----------+---------+-+-+-----------+-+----------------------+
| | | | | | | | |
+-------------------------------------------+----------+---------+-+-+-----------+-+----------------------+
| | | | | | | | |
+-------------------------------------------+----------+---------+-+-+-----------+-+----------------------+
| Net | 33,981 | - | | | 33,981 | | Net |
| assets | | | | | | | assets |
+-------------------------------------------+----------+---------+-+-+-----------+-+----------------------+
| | | | | | | | |
+-------------------------------------------+----------+---------+-+-+-----------+-+----------------------+
| Capital | | | | | | | Equity |
| and | | | | | | | |
| reserves | | | | | | | |
+-------------------------------------------+----------+---------+-+-+-----------+-+----------------------+
| Called | 4,068 | - | | | 4,068 | | Share |
| up | | | | | | | capital |
| share | | | | | | | |
| capital | | | | | | | |
+-------------------------------------------+----------+---------+-+-+-----------+-+----------------------+
| Share | 13,649 | - | | | 13,649 | | Share |
| premium | | | | | | | premium |
| account | | | | | | | account |
+-------------------------------------------+----------+---------+-+-+-----------+-+----------------------+
| Equity | 199 | - | | | 199 | | Equity |
| reserve | | | | | | | reserve |
+-------------------------------------------+----------+---------+-+-+-----------+-+----------------------+
| Other | 15,233 | - | | | 15,233 | | Other |
| reserves | | | | | | | reserves |
+-------------------------------------------+----------+---------+-+-+-----------+-+----------------------+
| Profit | 832 | - | | | 832 | | Retained |
| and | | | | | | | earnings |
| loss | | | | | | | |
| account | | | | | | | |
+-------------------------------------------+----------+---------+-+-+-----------+-+----------------------+
| | | | | | | | |
+-------------------------------------------+----------+---------+-+-+-----------+-+----------------------+
| Equity | 33,981 | - | | | 33,981 | | Total |
| shareholders' | | | | | | | equity |
| funds | | | | | | | |
+-------------------------------------------+----------+---------+-+-+-----------+-+----------------------+
| | | | | | | | |
+-------------------------------------------+----------+---------+-+-+-----------+-+----------------------+
+-------------------------------------------+----------+----------+-------------+------------+--------------+----------+
| | UK | IFRS2 | IAS39 | IAS38 | IFRS3 | IFRS |
| | GAAP | Share- | Derivatives | Intangible | Business | Balances |
| | balances | based | GBP'000 | assets | combinations | GBP'000 |
| | in IFRS | payments | | GBP'000 | GBP'000 | |
| | format | GBP'000 | | | | |
| | GBP'000 | | | | | |
+-------------------------------------------+----------+----------+-------------+------------+--------------+----------+
| Non-current | | | | | | |
| assets | | | | | | |
+-------------------------------------------+----------+----------+-------------+------------+--------------+----------+
| Goodwill | 40,523 | - | - | (4,978) | 1,582 | 37,127 |
+-------------------------------------------+----------+----------+-------------+------------+--------------+----------+
| Intangible | - | - | - | 4,494 | - | 4,494 |
| assets | | | | | | |
+-------------------------------------------+----------+----------+-------------+------------+--------------+----------+
| Property, | 2,480 | - | - | - | - | 2,480 |
| plant and | | | | | | |
| equipment | | | | | | |
+-------------------------------------------+----------+----------+-------------+------------+--------------+----------+
| Trade | 1,001 | - | - | - | - | 1,001 |
| and | | | | | | |
| other | | | | | | |
| receivables | | | | | | |
+-------------------------------------------+----------+----------+-------------+------------+--------------+----------+
| | | | | | | |
+-------------------------------------------+----------+----------+-------------+------------+--------------+----------+
| Current | | | | | | |
| assets | | | | | | |
+-------------------------------------------+----------+----------+-------------+------------+--------------+----------+
| Inventory | 1,278 | - | - | - | - | 1,278 |
| and work | | | | | | |
| in | | | | | | |
| progress | | | | | | |
+-------------------------------------------+----------+----------+-------------+------------+--------------+----------+
| Trade | 16,134 | - | - | - | - | 16,134 |
| and | | | | | | |
| other | | | | | | |
| receivables | | | | | | |
+-------------------------------------------+----------+----------+-------------+------------+--------------+----------+
| Other | - | - | 86 | - | - | 86 |
| financial | | | | | | |
| assets | | | | | | |
+-------------------------------------------+----------+----------+-------------+------------+--------------+----------+
| Cash | 1,418 | - | - | - | - | 1,418 |
| and | | | | | | |
| cash | | | | | | |
| equivalents | | | | | | |
+-------------------------------------------+----------+----------+-------------+------------+--------------+----------+
| | | | | | | |
+-------------------------------------------+----------+----------+-------------+------------+--------------+----------+
| Total | 62,834 | - | 86 | (484) | 1,582 | 64,018 |
| assets | | | | | | |
+-------------------------------------------+----------+----------+-------------+------------+--------------+----------+
| | | | | | | |
+-------------------------------------------+----------+----------+-------------+------------+--------------+----------+
| | | | | | | |
+-------------------------------------------+----------+----------+-------------+------------+--------------+----------+
| Current | | | | | | |
| liabilities | | | | | | |
+-------------------------------------------+----------+----------+-------------+------------+--------------+----------+
| Bank | (2,150) | - | - | - | - | (2,150) |
| overdrafts | | | | | | |
| and | | | | | | |
| borrowings | | | | | | |
+-------------------------------------------+----------+----------+-------------+------------+--------------+----------+
| Obligations | (483) | - | - | - | - | (483) |
| under | | | | | | |
| finance | | | | | | |
| lease | | | | | | |
+-------------------------------------------+----------+----------+-------------+------------+--------------+----------+
| Trade | (10,229) | - | - | - | - | (10,229) |
| and | | | | | | |
| other | | | | | | |
| payables | | | | | | |
+-------------------------------------------+----------+----------+-------------+------------+--------------+----------+
| Current | (1,932) | - | - | - | - | (1,932) |
| tax | | | | | | |
| liabilities | | | | | | |
+-------------------------------------------+----------+----------+-------------+------------+--------------+----------+
| Deferred | (3,000) | - | - | - | - | (3,000) |
| consideration | | | | | | |
+-------------------------------------------+----------+----------+-------------+------------+--------------+----------+
| | | | | | | |
+-------------------------------------------+----------+----------+-------------+------------+--------------+----------+
| Non-current | | | | | | |
| liabilities | | | | | | |
+-------------------------------------------+----------+----------+-------------+------------+--------------+----------+
| Bank | (6,850) | - | - | - | - | (6,850) |
| overdrafts | | | | | | |
| and | | | | | | |
| borrowings | | | | | | |
+-------------------------------------------+----------+----------+-------------+------------+--------------+----------+
| Obligations | (529) | - | - | - | - | (529) |
| under | | | | | | |
| finance | | | | | | |
| lease | | | | | | |
+-------------------------------------------+----------+----------+-------------+------------+--------------+----------+
| Trade | (1,001) | - | - | - | - | (1,001) |
| and | | | | | | |
| other | | | | | | |
| payables | | | | | | |
+-------------------------------------------+----------+----------+-------------+------------+--------------+----------+
| Deferred | (30) | 169 | (24) | (1,225) | - | (1,110) |
| tax | | | | | | |
| liabilities | | | | | | |
+-------------------------------------------+----------+----------+-------------+------------+--------------+----------+
| Deferred | (2,649) | - | - | - | - | (2,649) |
| consideration | | | | | | |
+-------------------------------------------+----------+----------+-------------+------------+--------------+----------+
| | | | | | | |
+-------------------------------------------+----------+----------+-------------+------------+--------------+----------+
| Total | (28,853) | 169 | (24) | (1,225) | - | (29,933) |
| liabilities | | | | | | |
+-------------------------------------------+----------+----------+-------------+------------+--------------+----------+
| | | | | | | |
+-------------------------------------------+----------+----------+-------------+------------+--------------+----------+
| Net | 33,981 | 169 | 62 | (1,709) | 1,582 | 34,085 |
| assets | | | | | | |
+-------------------------------------------+----------+----------+-------------+------------+--------------+----------+
| | | | | | | |
+-------------------------------------------+----------+----------+-------------+------------+--------------+----------+
| Equity | | | | | | |
+-------------------------------------------+----------+----------+-------------+------------+--------------+----------+
| Share | 4,068 | - | - | - | - | 4,068 |
| capital | | | | | | |
+-------------------------------------------+----------+----------+-------------+------------+--------------+----------+
| Share | 13,649 | - | - | - | - | 13,649 |
| premium | | | | | | |
| account | | | | | | |
+-------------------------------------------+----------+----------+-------------+------------+--------------+----------+
| Equity | 199 | 169 | - | - | - | 368 |
| reserve | | | | | | |
+-------------------------------------------+----------+----------+-------------+------------+--------------+----------+
| Other | 15,233 | - | - | - | - | 15,233 |
| reserves | | | | | | |
+-------------------------------------------+----------+----------+-------------+------------+--------------+----------+
| Hedging | - | - | 62 | - | - | 62 |
| reserve | | | | | | |
+-------------------------------------------+----------+----------+-------------+------------+--------------+----------+
| Retained | 832 | - | - | (1,709) | 1,582 | 705 |
| earnings | | | | | | |
+-------------------------------------------+----------+----------+-------------+------------+--------------+----------+
| | | | | | | |
+-------------------------------------------+----------+----------+-------------+------------+--------------+----------+
| Total | 33,981 | 169 | 62 | (1,709) | 1,582 | 34,085 |
| equity | | | | | | |
+-------------------------------------------+----------+----------+-------------+------------+--------------+----------+
| | | | | | | |
+-------------------------------------------+----------+----------+-------------+------------+--------------+----------+
+------------------------------------------------+----------+------------+--------------+----------+
| | UK | IAS38 | IFRS3 | IFRS |
| | GAAP | Intangible | Business | Balances |
| | balances | assets | combinations | GBP'000 |
| | in IFRS | GBP'000 | GBP'000 | |
| | format | | | |
| | GBP'000 | | | |
+------------------------------------------------+----------+------------+--------------+----------+
| Continuing | | | | |
| operations: | | | | |
+------------------------------------------------+----------+------------+--------------+----------+
| Revenue | 38,498 | - | - | 38,498 |
+------------------------------------------------+----------+------------+--------------+----------+
| Cost of sales | (24,808) | - | - | (24,808) |
+------------------------------------------------+----------+------------+--------------+----------+
| | | | | |
+------------------------------------------------+----------+------------+--------------+----------+
| Gross profit | 13,690 | - | - | 13,690 |
+------------------------------------------------+----------+------------+--------------+----------+
| | | | | |
+------------------------------------------------+----------+------------+--------------+----------+
| Administrative | (10,750) | (2,130) | 1,391 | (11,489) |
| expenses | | | | |
+------------------------------------------------+----------+------------+--------------+----------+
| | | | | |
+------------------------------------------------+----------+------------+--------------+----------+
| Operating profit | 2,940 | (2,130) | 1,391 | 2,201 |
+------------------------------------------------+----------+------------+--------------+----------+
| Interest | 72 | - | - | 72 |
| receivable | | | | |
+------------------------------------------------+----------+------------+--------------+----------+
| Finance costs | (846) | - | - | (846) |
+------------------------------------------------+----------+------------+--------------+----------+
| | | | | |
+------------------------------------------------+----------+------------+--------------+----------+
| Profit before tax | 2,166 | (2,130) | 1,391 | 1,427 |
+------------------------------------------------+----------+------------+--------------+----------+
| Income tax expense | (1,294) | 624 | - | (670) |
+------------------------------------------------+----------+------------+--------------+----------+
| | | | | |
+------------------------------------------------+----------+------------+--------------+----------+
| Profit for the | 872 | (1,506) | 1,391 | 757 |
| period from | | | | |
| continuing | | | | |
| operations | | | | |
+------------------------------------------------+----------+------------+--------------+----------+
| | | | | |
+------------------------------------------------+----------+------------+--------------+----------+
| Profit for the | 872 | (1,506) | 1,391 | 757 |
| period | | | | |
| attributable to | | | | |
| equity | | | | |
| shareholders of | | | | |
| the Parent | | | | |
+------------------------------------------------+----------+------------+--------------+----------+
| | | | | |
+------------------------------------------------+----------+------------+--------------+----------+
| | | | | |
+------------------------------------------------+----------+------------+--------------+----------+
This information is provided by RNS
The company news service from the London Stock Exchange
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