Annual Report and Accounts -2 -4-
31 März 2009 - 2:59PM
UK Regulatory
| | | | 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 | | | | | | | |
+-----------------------------------------------+----------+-----------+-+-+-----------+-+----------------------+
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