Annual Report and Accounts -2 -3-
31 März 2009 - 2:59PM
UK Regulatory
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 | | | |
+---------------------------------------------------+----------+----------+----------+
| | | | |
+---------------------------------------------------+----------+----------+----------+
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