Annual Report and Accounts -23-
31 März 2009 - 2:59PM
UK Regulatory
borrowed at fixed rates directly. Under the interest rate swaps, the Group
agrees with other parties to exchange, at specified intervals (primarily
quarterly), the difference between fixed contract rates and floating rate
instrument amounts calculated by reference to the agreed notional amounts.
The Group's exposures to interest rates on financial assets and financial
liabilities are detailed below.
Interest rate sensitivity analysis
If interest rates had been 100 basis points higher or lower and all other
variables were held constant, the Group's profit for the year would increase or
decrease by GBP107,000 (2007: GBP55,000) in respect to exposure to the Group's
borrowings. For floating rate liabilities the analysis is prepared assuming the
amount of the liability at the balance sheet date was outstanding for the whole
period.
(f) Fair value of financial instruments
The fair value of interest rate swaps is calculated at the present value of the
estimated future cash flows.
The Directors consider that the carrying amounts of financial assets and
financial liabilities recorded at amortised cost in the financial statements
approximate to their fair values due to the short maturity of the instruments or
because they bear interest at rates approximate to the market.
22. Trade and other payables
+------------------------------------------+----------+----------+----------+----------+
| | | | GBP'000 | GBP'000 |
+------------------------------------------+----------+----------+----------+----------+
| Non-current | | | | |
+------------------------------------------+----------+----------+----------+----------+
| Other | | | 1,001 | 1,001 |
| payables | | | | |
+------------------------------------------+----------+----------+----------+----------+
| | | | | |
+------------------------------------------+----------+----------+----------+----------+
| | | | 1,001 | 1,001 |
+------------------------------------------+----------+----------+----------+----------+
| | | | | |
+------------------------------------------+----------+----------+----------+----------+
In 2006, the Group recorded a provision of GBP1.0m in respect of a contingent
liability arising on the acquisition of Silverdell (UK) Limited. The company has
a corresponding asset relating to the indemnities from the vendors of Silverdell
(UK) Limited in respect of this provision.
+------------------------------------------+----------+----------+----------+----------+
| | | | GBP'000 | GBP'000 |
+------------------------------------------+----------+----------+----------+----------+
| Current | | | | |
+------------------------------------------+----------+----------+----------+----------+
| Trade | | | 4,442 | 3,822 |
| payables | | | | |
+------------------------------------------+----------+----------+----------+----------+
| Other | | | 1,822 | 2,208 |
| taxation and | | | | |
| social | | | | |
| security | | | | |
+------------------------------------------+----------+----------+----------+----------+
| Other | | | 2,875 | 2,374 |
| payables and | | | | |
| accruals | | | | |
+------------------------------------------+----------+----------+----------+----------+
| Amounts due | | | - | 1,825 |
| in respect | | | | |
| of | | | | |
| acquisitions | | | | |
+------------------------------------------+----------+----------+----------+----------+
| | | | | |
+------------------------------------------+----------+----------+----------+----------+
| | | | 9,139 | 10,229 |
+------------------------------------------+----------+----------+----------+----------+
| | | | | |
+------------------------------------------+----------+----------+----------+----------+
An analysis of the maturity of debt is given in Note 21(d).
The Directors consider that the carrying amount of trade payables approximates
to their fair value.
The Group's policy is to fix payment terms when agreeing the terms of each
transaction. It is the Group's general policy to pay suppliers according to the
agreed terms and conditions, provided that the supplier has complied with those
terms.
Trade creditors and accruals principally comprise amounts outstanding for trade
purchases and ongoing cost and they include retention amounts held over defect
liability periods. The average credit period taken for trade purchases is 43
days (2007: 52 days) for the Group. The Group has financial risk management
policies in place to ensure that all payables are paid within the credit
timeframe.
There are no suppliers who represent more than 10% of the total balance of trade
creditors in either 2008 or 2007.
The Group has financial risk management policies in place to ensure that all
payables are paid within the credit timeframe. Therefore, under the normal
course of business, the Group is not charged interest on overdue payables.
2 Deferred and contingent consideration
+--------------------------------------------------------------------+---------------+
| | Deferred |
| | consideration |
| | GBP'000 |
+--------------------------------------------------------------------+---------------+
| Group | |
+--------------------------------------------------------------------+---------------+
| At 1 October 2006 | 5,206 |
+--------------------------------------------------------------------+---------------+
| Reclassification to current | (3,000) |
| liabilities | |
+--------------------------------------------------------------------+---------------+
| Unwinding of discount | 443 |
+--------------------------------------------------------------------+---------------+
| | |
+--------------------------------------------------------------------+---------------+
| At 1 October 2007 | 2,649 |
+--------------------------------------------------------------------+---------------+
| Acquisition of subsidiary undertakings | 317 |
+--------------------------------------------------------------------+---------------+
| Reduction in estimated liability | (2,482) |
+--------------------------------------------------------------------+---------------+
| Reclassification to current | (334) |
| liabilities | |
+--------------------------------------------------------------------+---------------+
| | |
+--------------------------------------------------------------------+---------------+
| At 30 September 2008 | - |
+--------------------------------------------------------------------+---------------+
| | |
+--------------------------------------------------------------------+---------------+
Under the terms of the acquisition agreements in respect of Silverdell (UK)
Limited and of Redhill Analysts Limited, there was provision for the payment of
deferred consideration. Deferred consideration also forms part of the
consideration for the acquisition of Swift Asbestos (Holdings) Limited during
2008, further details of which are given in note 30.
The acquisition in agreement of Silverdell (UK) Limited provided for a payment
of up to GBP6m in two equal tranches depending on certain performance criteria
of Silverdell (UK) Limited in the years ended 30 September 2007 and 2008.The
deferred consideration may be satisfied by the issue of loan notes and ordinary
shares in equal proportions. During the year GBP3.0m (GBP1.5m in cash and the
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