We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register to chat with like-minded investors on our interactive forums.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Eco City | LSE:ECV | London | Ordinary Share | GB00BW1YYP78 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.875 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Jun 2019 to Jun 2024
TIDMECV
RNS Number : 3077P
Eco City Vehicles PLC
05 June 2015
5 June 2014
Eco City Vehicles PLC
("ECV" or "the Company")
Announcement of annual results for the Year ended 31 December 2014
Notice of Annual General Meeting
The board of directors of ECO City Vehicles plc ("the Board") announces that the Annual Report and Accounts for the year ended 31 December 2014 are being distributed today to ordinary shareholders of the Company, together with the notice of the Annual General Meeting of the Company (the "AGM") to be held at the offices of Allenby Capital at 3 St. Helen's Place, London EC3A 6AB on 30 June, 2015 at 11am (the "Notice").
A copy of the Annual Report and Accounts and the Notice can be found on the Company's website at http://www.ecocityvehicles.com.
Eco City Vehicles PLC announces its audited results for the year ended 31 December 2014.
-- On 23 September 2014 Mercedes-Benz informed KPM-UK Taxis Plc ("KPM"), the Company's subsidiary, that it was terminating its stocking facilities and trading agreements with immediate effect. On 19 September 2014 the trading in the Company's shares was suspended and on 24 September 2014 the directors placed KPM into administration.
-- One80 Limited ("One80") the Company's intellectual property subsidiary, was placed in administration on 24 September 2014 by its directors.
-- On 6 October 2014 the Company filed a notice of intention to appoint an administrator for the Company and the resignation of Jonathan Moritz from the board.
-- On 14 November 2014 the Company announced the appointment of Allenby Capital Limited as Nominated Adviser & Broker and the resignation of Peter DaCosta as a director of the Company.
-- On 17 October 2014 the Company was placed in administration by its directors. On 1 December 2014 the administrators issued a proposal for a Company Voluntary Arrangement ("CVA") to the Company's creditors and shareholders following discussions with a number of potential investors. The CVA proposals were approved by the Company's shareholders and creditors on 22 December 2014. Following the approval of the CVA proposal the Company exited administration and entered into CVA. Management and control of the Company returned to its directors, John Swingewood and Ran Oren. The former Joint Administrators continued as Joint Supervisors of the CVA for the purpose of its implementation.
-- On 24 December 2014 the Company issued a circular and a notice of General Meeting to its shareholders setting out proposals to raise funds in total of GBP250,000 by means of private placing of up to GBP250,000 of convertible loan notes ("CLN"). GBP143,000 of the proceeds of the subscription has been applied to fund the CVA proposals. The proposals, including resolutions for the reorganisation and consolidation of the Company's shares, were approved on 20 January 2015, and the Company began its new activity as an investing company, seeking a suitable operating company to acquire by way of a share exchange.
-- Trading in the Company's Shares was restored on AIM on 03 March 2015.
Following the implementation of the CVA the Company has become an investing company. The Company's new investing policy is to invest and/or acquire companies and/or assets in the telecommunications, media and technology sectors where the Board believes there are opportunities for growth which, if achieved, will be earnings enhancing for shareholders.
Commenting on the results, John Swingewood, Chairman, said
"The market conditions became very difficult for London taxi sales and unfortunately the Company was unable to continue trading in these conditions. Subsequently the Board has worked hard to restructure the business to enable it to become an investing company that hopefully in the long term will return value to the Company's existing and new shareholders following the completion of the above mentioned CLN subscription."
A copy of the Company's annual accounts is now available on the Company' website and has been posted out to shareholders.
Enquiries:
Eco City Vehicles plc +44 1444 440 359 John Swingewood, Director Allenby Capital Limited (Nominated adviser and broker) +44 20 3328 5656 Nick Harris/Nick Naylor
CHAIRMAN'S REVIEW
Introduction
2014 was a difficult year for everybody involved in the Company, with the administration first of our operating subsidiaries, followed by the Company itself, but following the difficult restructuring, which was not completed until after the year end, we now face the future with a renewed sense of optimism. As an investing company, we are hopeful of identifying a suitable company to acquire by way of a share exchange, and look forward to communicating this to shareholders in the future.
The results reflect the position prior to ECV entering and subsequently exiting administration on 22 December 2014 by way of a Company Voluntary Arrangement ("CVA"), following approval by both creditors and shareholders. Shareholders subsequently also approved the refinancing through the issue of CLN's described earlier, and the Company's shares returned to trading on AIM on 3 March 2015 as an investing company.
The annual accounts for the year ended 31 December 2014 reflect the former operating activities of the Group as discontinued activities.
Management, Employees and Board
On 5 March 2014 the Company announced that Trevor Parker had stepped down from the Board to pursue other interests and the appointment of Ran Oren as non-executive director.
On 6 October 2014 Jonathan Moritz resigned from his position as Finance Director of the Company and other subsidiaries.
On 16 November Peter DaCosta resigned from the board as non executive director.
Future Outlook
Following the implementation of the CVA the Company has become an investing company. The Company's new investing policy is to invest and/or acquire companies and/or assets in the telecommunications, media and technology sectors where the Board believes there are opportunities for growth which, if achieved, will be earnings enhancing for shareholders
John Swingewood
Chairman
3 June 2015
STRATEGIC REPORT
Principal Activities
Eco City Vehicles PLC entered administration on 17 October 2014 and subsequently exited administration on 22 December 2014 by way of a Company Voluntary Arrangement ("CVA"), following approval by both creditors and shareholders.
On 24 December 2014 the Company issued a circular and a notice of General Meeting to its shareholders setting out proposals to raise funds totalling of GBP250,000 by means of a private placing of CLN's. GBP143,000 of the proceeds of the subscription has been applied to fund the CVA. The proposals also included resolutions for the reorganisation and consolidation of the Company's shares. All resolutions were approved at the General Meeting.
The placing of the CLN's was successful and the share reorganisation implemented following the successful return of the company's ordinary shares from suspension on 3 March 2015
Prior to the administration the Group owned intellectual property used for the conversion of Mercedes Benz vans into licensed taxis, and ran a licensed taxi dealership, with related driver solutions and after-sales services, from its main site in East London. The dealership's activities comprised new vehicle sales, used vehicle sales, vehicle servicing, vehicle parts distribution, taxi meter fitting and calibration, and a bodyshop repair centre. The Group also ran its own taxi rental fleet, with around 45 vehicles out on hire by 30 June 2014. The new vehicle business operated under a dealer agreement with Mercedes Benz covering Vito taxis. Its servicing and parts activities operated under dealer agreements both with Mercedes Benz and with the London Taxi Company. The servicing and parts agreement with Mercedes Benz covered commercial vehicles as well as taxis. The Mercedes Benz Vito taxi was converted for Mercedes Benz by a 3rd party vehicle conversion company which operated under licence from the Group's intellectual property subsidiary One80 Ltd. These activities were terminated by Mercedes Benz with immediate effect on 23 September 2014. The annual accounts for the year ended 31 December 2014 reflect activities of the Group as discontinued activities.
Key performance indicators
In future periods the directors will set KPI's aligned with the achievement of the Company's new investing policies.
Business Strategy
Following the approval of the CVA proposal the Company exited administration and entered into CVA. Management and control of the Company returned to its directors, John Swingewood and Ran Oren. The former Joint Administrators will continue in a different role as Joint Supervisors of the CVA for the purpose of its implementation
On 24 December 2014 the Company issued a circular and a notice of General Meeting to its shareholders setting out proposals to raise funds in total of GBP250,000 by means of private placing of up to GBP250,000 CLN's. GBP143,000 of the proceeds of the subscription have since been applied to fund the CVA proposals.
As the Company no longer has a trading activity, the Company has become an investing company. The Company's strategy is to invest in and/or acquire companies and/or assets in the telecommunications, media and technology sectors where the Board believes there are opportunities for growth which, if achieved, will be earnings enhancing for Shareholders.
Principal Risks and Uncertainties
The Board of Directors continuously identify, monitor and manage potential risks and uncertainties relating to the Group. The risks are inherent in all business. The list below sets out certain risk factors which could have an impact on the Group's long term performance. The list is not presumed to be exhaustive, and by its nature is subject to change.
The main risks arising from Group's operations are dependence on key personnel and breakdown of internal control due to fraud or error. The Directors review and agree policies for managing each of these risks and they are summarised below:
Dependence on key personnel
The Group depends upon the expertise and continued service of key executives. The Group ensures that the key personnel are retained by offering competitive pay.
Internal control
The Group does not employ an internal audit function but ongoing review of systems and adherence to these systems is undertaken by the Directors.
Post balance sheet events
On 20 January 2015 all the resolutions set out in the proposal above were approved by the Company's shareholders
The Board has decided to continue with the current name Eco City Vehicles PLC until a suitable acquisition is completed.
The Company's shares returned to trading on AIM on 3 March 2015.
Ran Oren
Director
Company number 04998151
eco city vehicles plc
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2014
Hot Features
Premium
2014 2013 restated
Notes GBP000 GBP000
Revenue - -
Cost of sales - -
Gross profit - -
Administrative expenses (2,854) (818)
Other income 3b 42 93
(Loss)/profit from operations
before non-recurring items (467) 242
Non-recurring items 3c (2,345) (967)
---------------------------------- ------ -------- --------------
(Loss)/profit from continuing
operations (2,812) (725)
Finance costs 6 (22) (62)
(Loss)/profit before taxation
from continuing operations (2,834) (787)
Taxation - -
(Loss)/profit from discontinued
operations 22 (910) 1,814
(Loss)/profit for the period and total
comprehensive loss (3,744) 1,027
(Loss)/profit attributable to:
Equity holders of the parent
* Continuing operations (2,834) (787)
* Discontinued operations (826) 1,783
Non-controlling interests:
* Continuing operations - -
* Discontinued operations (84) 31
(3,744) 1,027
======== ==============
Loss per share Pence Pence
Basic and diluted loss per share
: 8 (0.79) 0.24
(Loss)/profit from continuing
operations (0.10) 0.05
Loss from non-recurring items (0.50) (0.20)
(Loss)/profit from discontinued
operations (0.19) 0.39
eco city vehicles plc
Consolidated Statement of Financial Position
As at 31 December 2014
2014 2013
Assets Notes GBP000 GBP000
Non-current
Property, plant and equipment 9 - 3,185
Intangible assets 10 - 661
Goodwill 11 - 564
Total non-current assets - 4,410
Current
Inventories 12 - 2,932
Trade and other receivables 13 - 6,217
Cash and cash equivalents 14 - 930
Total current assets - 10,079
Total assets - 14,489
Equity and liabilities
Equity
Equity attributable to owners
of the parent:
Share capital 19 4,713 4,692
Share premium 3,190 3,177
Reverse acquisition reserve - (1,709)
Retained deficit (7,918) (4,723)
(15) 1,437
Non-controlling interest - 84
Total equity (15) 1,521
Current liabilities
Borrowings 16 - 1,387
Trade and other payables 15 15 7,703
Provisions 17 - 285
Total current liabilities 15 9,375
Non-current liabilities
Borrowings 16 - 3,170
Trade and other payables 15 - 254
Provisions 17 - 169
Total non-current liabilities - 3,593
Total liabilities 15 12,968
Total equity and liabilities - 14,489
eco city vehicles plc
Consolidated Statement of Changes in Equity
As at 31 December 2014
Total
attributable
Reverse Shares to equity Non-
Share Share acquisition to be Retained holders Controlling Total
capital premium reserve issued deficit of Parent Equity Equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
At 1 January
2013 4,565 3,070 (1,709) 189 (5,697) 418 53 471
Total
comprehensive
loss - - - - 996 996 31 1,027
Issue of share
capital 127 107 - (189) - 45 - 45
Share based
payment - - - - (22) (22) - (22)
At 31 December
2013 4,692 3,177 (1,709) - (4,723) 1,437 84 1,521
Total
comprehensive
loss for the
period - - 1,709 - (3,744) (2,035) (84) (2,119)
Disposal of
assets - - - - 549 549 - 549
Issue of share
capital 21 13 - - - 34 - 34
At 31 December
2014 4,713 3,190 - - (7,918) (15) - (15)
eco city vehicles plc
Consolidated Statement of Cash Flows
For the year ended 31 December 2014
2014 2013
Notes GBP000 GBP000
Net cash inflow from
Operating activities
(Loss)/profit for the year (3,744) 1,027
Adjustments for:
Depreciation and Amortisation - 572
Impairment - continuing operations 2,080 856
Loss from Discontinued Operations 910 -
Transfer to administrators (506) -
Share option charge - (22)
Finance cost 22 219
Income tax expense - (50)
Payments to acquire assets held
for rental - (141)
1,238 2,461
Decrease/(Increase) in debtors 6,217 (4,275)
(Decrease)/increase in creditors (7,943) 878
Decrease in stocks 2,932 1,206
Cash generated from operations (32) 270
Income taxes received - 50
Net cashflows from operating activities (32) 320
Investing activities
Payments to acquire tangible fixed
assets - (125)
Impairment of fixed assets - -
Purchase of intangibles - (47)
Net Cash used in investing activities - (172)
Financing activities
Net cash generated from share
issue 34 45
Interest paid (22) (219)
Repayments of pension loans - (84)
Loss from Discontinued Operations (910)
Movement in stock financing - 449
Net cash (used in)/from financing
activities (898) 191
Increase/(decrease) in cash (930) 339
Cash and cash equivalents at beginning
of the year 930 591
Cash and cash equivalents at end
of the year 21 - 930
1. Accounting policies
The principal accounting policies adopted in preparation of the Group's financial statements are set out below.
Basis of preparation
The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS and IFRIC Interpretations) issued by the International Accounting Standards Board (IASB) as adopted by the European Union and with those parts of the Companies Act 2006 applicable to companies preparing their financial statements under IFRS.
The financial statements have been prepared using the measurement basis specified by IFRS for each type of asset, liability, income and expense. The measurement bases are more fully described in the detailed accounting policies below.
The preparation of financial statements, in conformity with general accepted accounting principles under IFRS, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Although these estimates are based on management's best knowledge of the amount, event or actions, actual results may ultimately differ from those estimates.
The accounting policies have been applied consistently throughout the Group for the purposes of preparation of these consolidated financial statements.
Going concern
The Group has prepared detailed forecasts taking account of actual results to date and its current run rate on a prudent basis. On 24 December 2014 the Company issued a circular and a notice of General Meeting to its shareholders setting out proposals to raise funds in total of GBP250,000 by means of private placing of up to GBP250,000 CLN's. GBP143,000 of the proceeds of the subscription have been applied to fund the CVA proposals. Taking into account the proceeds from the issue of CLN's after the balance sheet date and based on available forecasts, the directors' consider the going concern basis of preparation to be appropriate.
Basis of consolidation
The financial statements incorporate the financial statements of the Company and subsidiaries controlled by the Company made up to the year ended 31 December 2014.
Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity so as to obtain benefits from its activities. The financial statements of subsidiaries are included in the financial statements from the date that control commences until the date that control ceases.
On acquisition, the assets and liabilities and contingent liabilities of a subsidiary are measured at their fair values at the date of acquisition. Any excess of the cost of acquisition over the fair values of the identifiable net assets acquired is recognised as goodwill. Any deficiency of the cost of acquisition below the fair values of the identifiable net assets acquired (i.e. discount on acquisition) is credited to profit and loss in the period of acquisition.
The results of subsidiaries acquired or disposed of during the year are included in the Consolidated statement of comprehensive income from the effective date of acquisition or up to the effective date of disposal, as appropriate.
Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the Group.
All intra-Group transactions, balances, income, expenses and unrealised gains are eliminated when preparing the historical financial information. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.
Business combinations
Business combinations are accounted for using the acquisition method. The cost of the acquisition is measured at the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree, plus any costs directly attributable to the business combination. The acquiree's identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 (r2008) are recognised at their fair value at the acquisition date.
The Group has not applied IFRS 3 (r2008) "Business Combinations" retrospectively to business combinations prior to 1 January 2010.
For business combinations completed on or after 1 January 2010, cost comprised the fair value of assets given, liabilities assumed and equity instruments issued, plus the amount of any non-controlling interests in the acquiree plus, if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree. Contingent consideration is included in cost at its acquisition date fair value and, in the case of contingent consideration classified as a financial liability, remeasured subsequently through profit and loss. For business combinations completed on or after 1 January 2010, direct costs of acquisition are recognised immediately as an expense.
Goodwill is capitalised as an intangible asset with any impairment in carrying value being charged to the consolidated statement of comprehensive income. Where fair value of identifiable assets, liabilities and contingent liabilities exceed the fair value of consideration paid, the excess is credited in full to the consolidated statement of comprehensive income on the acquisition date.
Standards, amendments and interpretations to published standards not yet effective
At the date of approval of these financial statements, no standards and interpretations which were in issue but not yet effective are expected to have a material impact on the financial statements of the Group.
Discontinued operations
The Group classifies discontinued operations as major lines of business, geographical areas of business or subsidiaries companies that are held for resale or that are not continuing to trade. Such operations are measured at the lower of their carrying amount and fair value less costs to sell or to distribute. Costs to distribute are the incremental costs directly attributable to the distribution, excluding the finance costs and income tax expense.
Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the statement of profit or loss. Additional disclosures are provided in Note 22.
Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales-related taxes.
Sales of goods comprise new and used taxis sales and related parts. These sales are recognised when the substantial risks and rewards are transferred, this is when the goods are delivered.
Sales of services comprise servicing and repairs of taxis and sales of bodyshop repairs comprise repairs of taxis. These sales are recognised as services are provided.
Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount.
Cash and cash equivalents
For the purpose of the cash flow statement, cash and cash equivalents comprise cash at bank, cash in hand, deposits with a maturity of three months or less from inception and bank overdrafts. Any bank overdrafts would be shown within Borrowings in Current Liabilities on the Balance Sheet.
Segmental reporting
Operating segments have been identified on the basis of internal reports that are regularly reviewed by the chief operating decision maker to allocate resources and assess performance.
Impairment of assets
At each balance sheet date, the Directors review the carrying amounts of the Group's tangible and intangible assets, to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amounts of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of the money and the risks specific to the asset which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Impairment losses recognised for cash-generating units, to which goodwill has been allocated, are credited initially to the carrying amount of goodwill. Any remaining impairment loss is charged pro rata to the other assets in the cash-generating unit.
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (cash-generating unit) in the prior period. A reversal of an impairment loss is recognised in the Consolidated statement of comprehensive income immediately.
Goodwill and intangible assets with an indefinite life are not amortised but are reviewed annually for impairment. Any charge is recognised as a profit or loss.
Financial equity
Financial instruments issued by the Group are treated as equity (i.e. forming part of shareholders' funds) only to the extent that they meet the following two conditions:
-- they include no contractual obligations upon the Group to deliver cash or other financial assets or to exchange financial assets or financial liabilities with another party under conditions that are potentially unfavourable to the Group; and
-- where the instrument will or may be settled in the Company's own equity instruments, it is either a non-derivative that includes no obligation to deliver a variable number of the Company's own equity instruments or is a derivative that will be settled by the Company exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity instruments.
Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs. Equity comprises the following:
-- "Share capital" represents the nominal value of equity shares.
-- "Share premium" represents the excess over nominal value of the fair value of consideration received for equity shares, net of expenses of the share issue.
-- "Reverse acquisition reserve" represents the excess of the fair value of the deemed cost of acquisition over the issued share capital and share premium of the combined entity.
-- "Revaluation reserve" represents Group assets that are deemed to have an increase or decrease on their original book value.
-- "Retained deficit" represents losses of the Group brought forward.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit or loss for the year. Taxable profit or loss differs from net profit as reported in the Consolidated statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group's liability for current and deferred tax is calculated using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit or loss, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the Consolidated statement of comprehensive income, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
Non-recurring Items
These are items of income or expense which are presented separately due to their nature, size or incidence. The separate reporting of such items helps provide a better indication of the Group's underlying business performance.
Estimation of uncertainty
In the process of applying the Group's accounting policies the items requiring management estimation and judgement that have the most significant risk of causing material adjustments to the amounts recognised in the financial statements are described below:
Estimation:
- Impairment
An impairment loss recognised for the amount by which the asset's or cash-generating unit's carrying amount exceeds its recoverable amount. To determine the recoverable amount, management estimates expected future cash flows from each cash-generating unit and determines a suitable interest rate in order to calculate the present value of those cash flows. In the process of measuring expected future cash flows, management make assumptions about future operating results. These assumptions relate to future events and circumstances. The actual results may vary, and may cause significant adjustments to the Group's assets within the next financial year. In most cases, determining the applicable discount rate involves estimating the appropriate adjustment to market risk and the appropriate adjustment to asset-specific risk factors.
Judgement:
- Going concern
Management consider whether the Group has sufficient working capital to continue trading for at least twelve months. To determine working capital, management estimates expected future cash flows for each cash generating unit. In the process of estimating future cash flows management makes assumptions about future operating results. These assumptions relate to future events and circumstances. The actual results may vary, and may cause significant adjustments to the Group's working capital in the next twelve months.
2. Segmental analysis
For management purposes, the Group is organised into two business segments based on the nature of the business. The Group's reportable segments are now as follows:
- Continuing, which relates to the parent company
- Discontinued, which relates to the groups subsidiary companies.
Revenue reported represents revenue generated from external customers. Sales between segments in the year are eliminated for reporting purposes.
There are no external customers that individually represent 10% or more of the entity's revenues.
The accounting policies of the reportable segments are the same as the Group's accounting policies. Segment profit represents the gross profit earned by each segment without allocation of central administration, profits of associates, investment revenue and income tax expense. Other income, finance costs and finance income are allocated to the department incurring them where possible. This is the measure reported to the chief operating decision maker for the purposes of resource allocation and assessment of segment performance.
Segment revenues and results
The following is an analysis of the Group's revenue and results from
continuing operations by reportable segment.
Segment Revenue Segment Profit
31 December 31 December 31 December 31 December
2014 2013 2014 2013
GBP'000 GBP'000 GBP'000 GBP'000
Revenue - - - -
Non-allocated - - - -
Total for continuing operations - - - -
Other operating income 42 93
Finance costs (22) (62)
Non-recurring items (2,345) (967)
Central administration
costs (509) 149
Loss before tax per management information (2,834) (787)
Reconciliation to statutory
accounts:
Loss per management information (2,834) (787)
Reconciling items:
(Loss)/profit from continuing
operations (910) 1,814
------------ ------------
(Loss)/profit before tax per statutory
accounts (3,744) 1,027
Note: Prior years have been restated to reflect a change in management accounting allocations in the reportable segments.
For the purposes of monitoring segment performance and allocating resources between segments:
-- Prior year has been restated to reflect a change in management account allocations
-- The Group operates entirely within the United Kingdom, and all revenues arise from this geographical area.
3. a) Operating loss
Operating loss has been arrived at after charging/ (crediting):
2014 2013
GBP000 GBP000
Staff costs 154 268
Depreciation of property, plant and
equipment
- Impairment of assets (non-recurring) 991 856
Rental income received (3) (9)
Auditors' remuneration for following
services:
Fees payable to the Company's auditors
for the audit of the financial
- statements 15 25
Fees payable to the Company's auditors
for the audit of the company's
- subsidiaries pursuant to legislation - 25
- Audit related assurance services - 17
- Tax compliance services - 8
------- -------
Total of Auditors fees 15 75
3. b) Other income
During the year the Group received the following other operating income
2014 2013
GBP000 GBP000
Rental income 3 9
Administrative charges & other 39 84
42 93
3. c) Non-recurring items
The operating loss for the year ended 31 December 2014 of GBP2.8m in total is stated after non-recurring items totalling GBP2.3m shown below
2014 2013
GBP000 GBP000 GBP000 GBP000
Professional fees
- Restructuring 61 62
61 62
Impairment charges 2,080 856
2,080 856
Administration costs 114 -
114 -
Employment/recruitment - 24
- 24
Compensation for loss of office 49 -
49 -
Other 41 25
41 25
2,345 967
During 2014 the parent company and two of its subsidiaries entered administration, with another subsidiary entering liquidation. Impairment of assets associated with these companies resulted in a non-recurring cost of 2.08m
4. Employee remuneration
4.1 Employee benefits expensed & employee numbers
2014 2013
GBP000 GBP000
Wages and salaries 139 242
Social security costs 16 26
155 268
Average number of employees in the
year 63 68
5. Directors' emoluments
Compensation Consideration
for loss paid to
Basic Bonus of office 3rd parties Pension Benefits Total
2014 2014 2014 2014 2014 2014 2014
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Non-executive
directors
John Swingewood 27 - - - - - 27
Ran Oren - - - 45 - - 45
Executive
directors
Trevor Parker 24 - 46 - 2 4 76
Peter DaCosta 55 - - - - - 55
Jonathan Moritz 60 - - - 7 7 74
166 - 46 45 9 11 277
* Highest paid director
in the year
The remuneration of the executive directors was paid through KPM-UK Taxis Plc, a subsidiary of Eco City Vehicles Plc of which they were also directors. Ran Oren, in his role as Finance Director, is paid through a service company.
6. Finance income and costs
2014 2013
GBP000 GBP000
Finance costs
Interest payable on borrowings 22 62
22 62
7. Tax credit
There is no provision for UK Corporation tax due to the administration of the Group companies and subsequent CVA of the parent company.
2014 2013
GBP000 GBP000
Taxation credit comprises:
Current tax - (50)
Deferred tax (Note 18): - -
Total expense reported in the consolidated
income statement - (50)
Total tax expense reported in equity - -
Total tax - (50)
Factors affecting the tax credit
for the year
The tax assessment for the year is lower than the standard
UK corporate tax rate of 26% due to the following factors:
2014 2013
GBP000 GBP000
Loss on ordinary activities before
taxation (2,834) (977)
Loss on ordinary activities at the
standard rate of corporation tax
in the UK of 20.19% (2013 - 23.25%) (572) 227
Effects of:
Expenses that are not deductible
in determining taxable profit - 235
Fixed asset timing differences - (40)
Over provision in respect of prior
year - (50)
Non taxable group income - (82)
Current year losses for which no
DTA has been recognised (572) (340)
Total tax credit - (50)
8. Loss per share
2014 2013
GBP000 GBP000
Profit/(losses)
Total Comprehensive (Loss)/profit for the period,
used in the calculation of total basic earnings
per share (3,744) 1,027
(Loss)/Profit for the year used in the calculation
of total basic earnings per share from continuing
operations (467) 242
Non-recurring items (2,345) (967)
Adjusted loss for the period (2,812) (725)
Discontinued operations (910) 1,814
Weighted average number of ordinary shares for
the purpose of basic and adjusted profit/(loss)
per share 471,327,000 467,833,000
(Loss)/profit per share
Continuing operations (pence) (0.10) 0.05
Non-recurring items (pre-tax) (pence) (0.50) (0.20)
Discontinued operations (pence) (0.19) 0.39
Basic and diluted (loss)/profit per share (0.79) 0.24
An adjusted loss per share is presented which excludes non-recurring items, and therefore reflects the underlying business performance. The dilutitive effect of share based payments is not disclosed as the results for the year were a loss.
After the balance sheet date, and as more fully described in note 25, the Company's shareholder's approved certain refinancing and capital restructuring events which have the effect, inter alia, of reducing the number of ordinary shares in issue from 471,336,521 at the balance sheet date to 28,770,692 at the date of approval of the financial statements. The refinancing and capital restructuring will have a material effect on future reported loss/earnings per share.
9. Property, plant and equipment
Plant Fixtures
Leasehold Improvements and and Vehicles Motor
property to property machinery Fittings for Hire vehicles Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Cost
At 1 January
2014 41 235 615 77 2,523 626 4,117
Disposals (41) (235) (615) (77) (2,523) (626) (4,117)
Additions - - - - - - -
At 31 December
2014 - - - - - - -
Depreciation
At 1 January
2014 39 197 423 51 109 113 932
---------- ------------- ---------- --------- --------- --------- --------
Impairment - - - - - - -
Disposals (39) (197) (423) (51) (109) (63) (882)
Charge for year - - - - - (50) (50)
At 31 December
2014 - - - - - - -
Carrying amount
At 31 December
2014 - - - - - - -
At 31 December
2013 2 38 192 26 2,414 513 3,185
This compares to the property, plant and equipment in the previous reporting period as follows:
Plant Fixtures
Leasehold Improvements and and Vehicles Motor
property to property machinery Fittings for Hire vehicles Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Cost
At 1 January
2013 41 191 543 68 - 623 1,466
Disposals - - - - - (776) (776)
Additions - 44 72 9 2,523 779 3,427
At 31 December
2013 41 235 615 77 2,523 626 4,117
Depreciation
At 1 January
2013 39 191 354 47 - 198 829
---------- ------------- ---------- --------- --------- --------- -------
Impairment - - - - - - -
Disposals - - - - - (219) (219)
Charge for year - 6 69 4 109 134 322
At 31 December
2013 39 197 423 51 109 113 932
Carrying amount
At 31 December
2013 2 38 192 2 6 2,414 513 3,185
At 31 December
2012 2 - 189 21 - 425 637
Due to the administration and/or liquidation of the parent company and some subsidiaries, the assets have been impaired to nil value during the year. Further details are shown within note 22.
The net book value of assets under hire purchase contracts are as follows:
2014 2013
GBP000 GBP000
Motor vehicles - 32
Vehicles for
hire - 2,413
Plant and machinery - 6
- 2,451
========= =======
10. Intangible assets
Development Intellectual
Patents costs Property Total
GBP000 GBP000 GBP000 GBP000
Cost
At 1 January
2014 25 917 787 1,729
Disposals (25) (917) (787) (1,729)
At 31 December
2014 - - - -
Depreciation
At 1 January
2014 - 744 324 1,068
-------- ------------ ------------- --------
Disposals - (744) (324) (1,068)
At 31 December
2014 - - - -
Carrying amount
At 31 December
2014 - - - -
At 31 December
2013 25 173 463 661
Due to the administration of the parent company the administration and/or liquidation of some subsidiaries, the intangible assets have been impaired to nil value during the year. Further details are shown within note 22.
This compares to the intangible assets in the previous reporting period as follows:
Development Intellectual
Patents costs Property Total
GBP000 GBP000 GBP000 GBP000
Cost
At 1 January
2013 25 905 752 1,682
Additions - 12 35 47
Disposals - - - -
At 31 December
2013 25 917 787 1.729
Depreciation
At 1 January
2013 - 602 216 818
-------- ------------ ------------- -------
Charge for year - 142 108 250
At 31 December
2013 - 744 324 1,068
Carrying amount
At 31 December
2013 25 173 463 661
At 31 December
2012 25 303 536 864
11. Goodwill
2014 2013
GBP000 GBP000
At 1 January 2014 564 1,420
Acquired through business
combination - -
Impairment (564) (856)
At 31 December 2014 - 564
Due to the administration and/or liquidation of the parent company and some subsidiaries, goodwill has been impaired to nil value during the year. Further details are shown within note 22.
12. Inventories
Inventories recognised in the statement of financial position can be analysed as follows:
2014 2013
GBP000 GBP000
Raw materials - 378
Consignment stock - 1,411
Finished goods and goods for resale - 1,143
- 2,932
Due to the administration and/or liquidation of the parent company and some subsidiaries, inventories have been impaired to nil value during the year. Further details are shown within note 22.
13. Trade and other receivables
2014 2013
GBP000 GBP000
Trade receivables - 2,969
Less: provision for impairment of trade
receivables - (28)
Net trade receivables - 2,941
VAT claim - 2,230
Other receivables - 68
Prepayments and accrued income - 978
- 6,217
Due to the administration and/or liquidation of the parent company and some subsidiaries, receivables have been impaired to nil value during the year. Further details are shown within note 22.
Provision for impairment of trade receivables:
2014 2013
GBP000 GBP000
Provision at start of year 28 24
New provisions - 28
Reversal of previous provisions (28) (24)
Provision at end of year - 28
Movement in provision (28) 4
14. Cash and cash equivalents
2014 2013
GBP000 GBP000
Cash and cash equivalents - 930
15. Trade and other payables
2014 2013
GBP000 GBP000
Current portion of Trade and other payables
Trade payables - 4,760
Consignment creditor - 1,411
Other taxation and social security - 107
Other payables - 535
Accrued expenses and deferred income 15 890
15 7,703
Non-current portion of Trade and other
payables
Trade payables - 254
Accrued expenses and deferred income - -
- 254
Due to the administration and/or liquidation of the parent company and some subsidiaries, payables have been impaired to nil value during the year. Further details are shown within note 22.
16. Borrowings
2014 2013
GBP000 GBP000
Current portion of long term borrowings
Obligations under finance leases - 1,054
Pension loans - 333
Total - 1,387
Non-current long term borrowings
Obligations under finance leases - 2,337
Pension loans - 833
Total - 3,170
Due to the administration and/or liquidation of the parent company and some subsidiaries, borrowings have been impaired to nil value during the year. Further details are shown within note 22.
17. Provisions
2014 2013
GBP000 GBP000
Brought Forward 454 221
Amount transferred from other payables - 104
Movement in year (454) 129
- 454
Of which:
Current portion of provisions - 285
Non-current long term provisions - 169
Total - 454
Due to the administration and/or liquidation of the parent company and some subsidiaries, provisions have been impaired to nil value during the year. Further details are shown within note 22.
18. Deferred taxation
There is no deferred taxation due to the administration of the Group companies and subsequent CVA of the Parent Company.
19. Share capital
2014 2013
GBP000 GBP000
Authorised
600,000,000 (2013 - 600,000,000) Ordinary
shares of 1p each 6,000 6,000
6,000 6,000
Allotted, called up and
fully paid
471,336,521 (2013 - 469,203,187) ordinary
shares of 1p each 4,713 4,692
4,713 4,692
No.
'000 GBP'000
Shares in issue at 1 January
2014 469,203 4,692
Shares issued on 2 January 2014
at a premium of 3p 2,133 21
471,336 4,713
As more fully described at Note 25 below, after the balance sheet date the Company's shareholders' approved certain refinancing and capital restructuring events, comprising the issue of GBP250,000 of CLN's and a three stage capital restructuring of the Company involving the creation and subsequent cancellation on new deferred shares, a 1:125 consolidation of ordinary shares and conversion of the CLN's into new ordinary shares.
On completion of the refinancing and capital restructuring events the Company has 28,770,692 ordinary shares in issue.
20. Related party transactions
The Group entered into the following material transactions with related parties:
The Group has taken advantage of the exemption contained within IAS 24 - Related Party Disclosures from the requirement to disclose transactions between Group companies as these have been eliminated on consolidation.
21. Notes supporting cash flow statement
2014 2013
GBP000 GBP000
Cash available on demand - 930
Overdraft - -
-------- -------
- 930
There were no significant non-cash transactions, which would be classified as a financing activity, for the assets acquired under the finance leases.
22. Discontinued operations
On 24(th) September 2014 the Group announced the decision of its Board of Directors to place One80 Limited and KPM-UK Taxis Plc into administration. On 23(rd) December 2014 the directors placed Eco City Taxis Limited into liquidation. These businesses were the only actively trading companies within the Group, and have therefore been classified as discontinued operations. The results of the discontinued operations for the year are presented below:
2014 2013
GBP000 GBP000
Revenue 15,476 30,939
Cost of sales (12,894) (26,372)
Gross profit 2,582 4,567
Administrative expenses (3,771) (5,874)
Other income 427 3,228
(Loss)/profit from operations
before costs of administration (1,850) 197
Costs of administration and impairment 1,088 1,724
-------------------------------------------------- --------- ---------
(Loss)/profit from discontinued operations (762) 1,921
Finance costs (148) (157)
(Loss)/profit before taxation from
discontinued operations (910) 1,764
Taxation - 50
(Loss)/profit for the period from discontinued
operations (910) 1,814
23. Capital commitments
The Group had no capital commitments at 31 December 2014 (2013 : GBPnil).
24. Contingent assets and liabilities
There were no contingent assets or liabilities as at 31 December 2014 or 31 December 2013.
25. Post balance sheet events
On 20 January 2015 in general meeting the issue of GBP250,000 of convertible loan notes and a three stage capital restructuring of the Company, certain aspects of which were also approved at a class meeting of the Company's deferred shareholders held immediately following the general meeting. Under the terms of the capital restructuring:
Stage 1
With effect from 29 January2015 each existing ordinary share of 0.1 pence each ("Old Ordinary Shares") were be subdivided into one ordinary share of 0.008 pence each ("Stage 1 Ordinary Shares") and one deferred class B share of 0.092 pence each ("B Deferred"). In addition, the existing deferred shares of 0.9 pence each were reclassified as class B deferred shares and their rights varied ("Deferred"). Following Stage 1, the Company had the following shares in issue:
-- 471,336,521 Stage 1 Ordinary Shares; -- 471,336,521 Deferred; and -- 471,336,521 B Deferred.
Stage 2
With effect from 24 February 2015, all the Deferred and B Deferred were cancelled under s662 of the Companies Act 2006.
Stage 3
As resolved on 24 February 2015 but with effect from 3 March 2015, every 125 Stage 1 Ordinary Shares were consolidated into 1 new ordinary share of 1 penny each ("New Ordinary Shares").
On 26 February 2015 the Company announced that the CLN's had been issued, that from the proceeds of the CLN issue the Company had paid GBP143,000 to the joint supervisors of the Company's CVA (the "Supervisors") for the purpose of implementing the CVA and that the Supervisors had confirmed that this payment provided full settlement of the Company's obligations under the terms of the CVA.
Also on 26 February 2015 the Company announced that the refinancing process relating to the CVA that was approved by creditors of the Company and Company's shareholders on 22 December 2014 had been effectively completed.
On 3 March 2015 the Company's New Ordinary Shares of 1 penny each were admitted to trading on AIM following the successful completion of the refinancing and capital restructuring. Also on 3 March 2015 the CLN's automatically converted to 25,000,000 New Ordinary Shares of 1 penny each and those shares were also admitted to trading on AIM.
On completion of all of the above refinancing and capital restructuring events the Company has 28,770,692 New Ordinary Shares in issue.
26. Financial information
The financial information in this announcement which comprises the Consolidated Statement of Comprehensive Income, Condensed Consolidated Statement of Financial Position, Condensed Consolidated Statement of Changes in Equity, Consolidated Cash Flow Statement and related notes is derived from the full Group financial statements for the year ended 31 December 2014 and does not constitute statutory accounts within the meaning of section 435 of the Companies Act 2006.
Group statutory accounts for 31 December 2013 have been delivered to the Registrar of Companies and those for 31 December 2014 will be delivered following the Group's annual general meeting. The auditors have reported on the 2014 Group statutory accounts and their reports were (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying the report, and (iii) did not contain a statement under section 498(2) or section 498(3) of the Companies Act 2006.
eco city vehicles plc
Parent Company Balance Sheet
As at 31 December 2014
2014 2013
Notes GBP'000 GBP'000
Fixed assets
Investments 2 - 225
- 225
Current assets
Debtors 3 - 224
Cash at bank and in hand - 92
- 316
Current liabilities
Creditors: amounts falling due within
one year 4 (15) (1,197)
Net current liabilities (15) (881)
Total assets less current liabilities (15) (656)
Non-current liabilities
Creditors: amounts falling due after
one year 4 - (833)
Net liabilities (15) (1,489)
Capital and reserves
Called up share capital 5 4,713 4,692
Shares to be issued 6 - -
Share premium 6 3,190 3,177
Share based payment reserve 6 - 15
Profit and loss account 6 (7,918) (9,373)
Shareholders' deficit 7 (15) (1,489)
1. Accounting policies of the Parent Company
The financial statements have been prepared under the historical cost convention and in accordance with Companies Act 2006 and United Kingdom Generally Accepted Accounting Practice ("UK GAAP").
The principal accounting policies of the Company are as follows:
Going concern
The Group has prepared detailed forecast taking account of actual results to date and its current run rate on a prudent basis. On 24 December 2014 the Company issued a circular and a notice of General Meeting to its shareholders setting out proposals to raise funds in total of GBP250,000 by means of private placing of up to GBP250,000 CLN. GBP143,000 of the proceeds of the subscription to be applied to fund the CVA proposals. The proposals included resolution for the reorganisation and consolidation of the Company's shares. On 20 January 2015 all the resolutions set out in the proposal above were approved by the Company's shareholders. Taking into account the proceeds from the issue of CLN's after the balance sheet date and on the basis of available forecasts, the directors consider the going concern basis of preparation to be appropriate.
The accounting policies have been applied consistently by the Company for the purposes of preparation of these consolidated financial statements.
Profit and loss account
As permitted by Section 408 of the Companies Act 2006, a separate profit and loss account for the parent company is not presented. The Company's loss for the year was GBP2,819,000 (2013: GBP788,000).
Deferred taxation
There is no deferred taxation due to the administration of group companies and subsequent CVA of the parent company.
2. Investments
Investment
in
subsidiary
undertakings
Cost GBP000
At 1 January 2014 5,170
Additions -
At 31 December 2014 5,170
Depreciation
At 1 January 2014 4,945
Impairment for year 225
At 31 December 2014 5,170
Carrying amount
At 31 December 2014 -
At 31 December 2013 225
Following the administration of the Company's subsidiary undertakings the directors have undertaken an impairment review, which has resulted in the carrying values of the investments being reduced to nil.
Holdings of more than 20%
The Company holds more than 20% of the share capital of the following companies:
Proportion Class of
Name of Company Held shareholding Nature of Business
Subsidiary undertakings
Intermediate holding
company (Dissolved post-
KPM Autos Limited 100% Ordinary year end)
Taxi cab rentals (in
Eco City Taxis Limited* 100% Ordinary Liquidation)
KPM-UK Taxis Plc * 100% Ordinary Taxi cab dealer (in Administration)
KPM-UK Knowledge School Dormant (Dissolved post-
Limited * 100% Ordinary year end)
Dormant (Dissolved post-
Transmedia Limited * 100% Ordinary year end)
Dormant (Dissolved post-
Eco City Vehicles UK Limited 100% Ordinary year end)
Vehicle engineering (in
One80 Limited 76% Ordinary Administration)
* Held indirectly
3. Debtors
2014 2013
GBP000 GBP000
Current portion of debtors
Amounts owed by group undertakings - 181
Other taxation and social security - 19
Prepayments and accrued income - 24
- 224
4. Creditors
2014
Current Non-Current
Later
Within 6 to 12 1 to 2 2 to 5 Than
6 Months Months Years Years 5 Years
GBP000 GBP000 GBP000 GBP000 GBP000
Accruals 15 - - - -
Loans - - - - -
15 - - - -
The repayment of the capital element of these loans is repayable in the following timescale:
2013
Current Non-Current
Later
Within 6 to 12 1 to 2 2 to 5 Than
6 Months Months Years Years 5 Years
GBP000 GBP000 GBP000 GBP000 GBP000
Loans 125 125 250 250 416
125 125 250 250 416
5. Share capital
2014 2013
GBP000 GBP000
Authorised
600,000,000 (2013 - 600,000,000) Ordinary
shares of 0.1p each 6,000 6,000
Allotted, called up and
fully paid
471,336,521 (2013 - 469,203,187) ordinary
shares of 0.1p each 4,713 4,692
No.
'000 GBP'000
Shares in issue at 1 January
2014 469,203 4,692
Share issued on 2 January 2014
at a premium of 3p 2,133 21
471,336 4,713
Please see notes 19 and 25 to the group financial statements for details of the post balance sheet refinancing and share capital restructuring.
6. Statement of movement on reserves
Shares
Share based Share Retained to
payment
reserve premium earnings be issued
GBP000 GBP000 GBP000 GBP000
At 1 January 2013 39 3,070 (8,586) 189
Shares to be issued - - - (189)
Share issue - 107 - -
Loss for the year - - (787) -
Share based payment (24) - - -
At 1 January 2014 15 3,177 (9,373) -
Share issue - 13 - -
Impairment (15) - 4,289 -
Loss for the year - - (2,834) -
Share based payment - - - -
At 31 December 2014 - 3,190 (7,918) -
7. Reconciliation of movement in shareholders' funds
2014 2013
GBP000 GBP000
Loss for the year (2,834) (787)
Share based payment (15) (24)
Proceeds from share issue (net
of issue costs) 13 45
Net addition to shareholders'
funds (2,789) (766)
Opening shareholders' funds (1,489) (723)
(4,278) (1,489)
8. Employees and employment cost
Employees
There were no employees apart from the directors. The remuneration of the executive directors was paid through KPM-UK Taxis Plc, a subsidiary of Eco City Vehicles Plc of which they were also directors. Director's remuneration is disclosed in note 5 in the Group accounts.
9. Capital commitments
The Company had no capital commitments at 31 December 2014 or 31 December 2013.
10. Related party transactions
The Company has taken advantage of the exemption in Financial Reporting Standard No 8 from the requirement to disclosure transactions with wholly owned Group companies.
11. Contingent liabilities
There were no contingent assets or liabilities as at 31 December 2014 or 31 December 2013.
12. Post balance sheet events
Please see note 25 to the group financial statements for details of post balance sheet events.
13. Financial information
The financial information in this announcement which comprises the Consolidated Statement of Comprehensive Income, Parent Company Balance Sheet and related notes is derived from the full Group financial statements for the year ended 31 December 2014 and does not constitute statutory accounts within the meaning of section 435 of the Companies Act 2006.
Group statutory accounts for 31 December 2013 have been delivered to the Registrar of Companies and those for 31 December 2014 will be delivered following the Group's annual general meeting. The auditors have reported on the 2014 Group statutory accounts and their reports were (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying the report, and (iii) did not contain a statement under section 498(2) or section 498(3) of the Companies Act 2006.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR MMGGVRDMGKZM
1 Year Eco City Chart |
1 Month Eco City Chart |
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
