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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ig Design Group Plc | LSE:IGR | London | Ordinary Share | GB0004526900 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
9.00 | 4.48% | 210.00 | 205.00 | 215.00 | 210.00 | 201.00 | 201.00 | 39,843 | 09:35:08 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Convrt Paper,paperbd Pds,nec | 890.31M | -27.99M | -0.2829 | -7.42 | 198.84M |
All of the cash-generating units' values in use were determined to be higher than fair value less costs to sell, thus this was used as the recoverable amount. In all businesses the carrying value of the goodwill was supported by the recoverable amount and there are currently no reasonably foreseeable changes to assumptions that would give rise to an impairment of the carrying value.
The Directors do not believe a reasonably possible change to the assumptions would give rise to an impairment.
The Directors have considered a 3% movement in the discount rate and a flat budget growth rate assumption in their assessment.
13 Deferred tax assets and liabilities
Recognised deferred tax assets and liabilities
Deferred tax assets and liabilities are attributable to the following:
Assets Liabilities Net -------------- ---------------- -------------- 2014 2013 2014 2013 2014 2013 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 ------------------------------ ------ ------ ------- ------- ------ ------ Property, plant and equipment 1,317 1,204 (1,304) (884) 13 320 Capital gains deferred - - (294) (472) (294) (472) Tax loss carried forward 2,488 3,278 - (1) 2,488 3,277 Other temporary differences 1,458 1,125 - - 1,458 1,125 ------------------------------ ------ ------ ------- ------- ------ ------ Net tax assets/(liabilities) 5,263 5,607 (1,598) (1,357) 3,665 4,250 ------------------------------ ------ ------ ------- ------- ------ ------
The deferred tax asset in respect of tax losses carried forward at 31 March 2014 of GBP2,219,000 (2013: GBP2,819,000) is comprised of UK tax losses of GBP530,000 (2013: GBP29,000) and US losses of GBP1,689,000 (2013: GBP2,790,000). US tax losses carried forward will become irrecoverable in March 2027. UK tax losses may be carried forward indefinitely. The deferred tax assets have been recognised where the Board considers there is sufficient evidence that taxable profits will be available against which the tax losses can be utilised. The Board expects that the tax losses will be recoverable against future profits but given the level of tax losses brought forward, recoverability has been assessed on the basis of expected profits currently forecast. Deferred tax assets in respect of taxable losses that are expected to be recovered outside this forecast period have not been recognised. This includes unrecognised deferred tax assets in respect of brought forward UK losses of GBP310,000 (2013: GBP858,000) and GBP2,194,000 (2013: GBP2,153,000) in respect of brought forward US tax losses.
No deferred tax is recognised on unremitted earnings of overseas subsidiaries. Overseas reserves can now be repatriated to the UK with no tax cost. If all overseas earnings were repatriated with immediate effect, no tax charge (2013: GBPnil) would be payable.
The Finance Act 2013, which provides for reductions in the main rate of corporation tax from 23% to 21% effective from 1 April 2014 and to 20% effective from 1 April 2015, was substantively enacted on 2 July 2013. These rate reductions have been reflected in the calculation of deferred tax at the balance sheet date.
There are no deferred tax balances with respect to cash flow hedges.
Movement in deferred tax during the year
1 April Recognised Recognised 31 March 2013 in income in equity 2014 GBP000 GBP000 GBP000 GBP000 Property, plant and equipment 320 (635) 328 13 Capital gains deferred (472) 322 (144) (294) Tax loss carried forward 3,277 (504) (285) 2,488 Other temporary differences 1,125 579 (246) 1,458 Net tax assets 4,250 (238) (347) 3,665
Movement in deferred tax during the prior year
1 April Recognised Recognised 31 March 2012 in income in equity 2013 GBP000 GBP000 GBP000 GBP000 Property, plant and equipment (1,466) 1,778 8 320 Capital gains deferred (494) 22 - (472) Tax loss carried forward 3,817 (671) 131 3,277 Other temporary differences 2,783 (1,732) 74 1,125 Net tax assets 4,640 (603) 213 4,250
14 Inventory
2014 2013 GBP000 GBP000 ------------------------------ ------ ------ Raw materials and consumables 4,531 5,488 Work in progress 9,435 9,100 Finished goods 34,494 35,526 ------------------------------ ------ ------ 48,460 50,114 ------------------------------ ------ ------
Of the GBP48,460,000 (2013: GBP50,114,000) stock value GBP43,870,000 (2013: GBP44,074,000) is held at cost and GBP4,590,000 (2013: GBP6,040,000) is held at net realisable value. The write down of inventories to net realisable value amounted to GBP2,963,000 (2013: GBP2,931,000). The reversal of previous write downs amounted to GBP226,000 (2013: GBP1,116,000). The reversal is due to the inventory being either used or sold.
Materials, consumables, changes in finished goods and work in progress recognised as a cost of sale amounted to GBP158,590,000 (2013: GBP159,525,000).
Part of the Group's funding is via asset backed loans from our bankers. These loans are secured on part of the inventory and trade receivables of the UK, European and American businesses. The amount of the inventory that is used to secure an asset backed loan is GBP42,298,000 (2013: GBP31,544,000). In addition bank loans to Hoomark and International Greetings USA are secured on a freehold property and contents, including inventory, therein.
Refer to note 17 for outstanding balance on asset backed loans and details of the secured bank loans.
15 Trade and other receivables
2014 2013 GBP000 GBP000 ------------------------------- ------ ------ Trade receivables 16,078 18,799 Prepayments and accrued income 1,770 1,486 Other receivables 1,699 2,012 VAT receivable 143 988 ------------------------------- ------ ------ 19,690 23,285 ------------------------------- ------ ------
Part of the Group's funding is via asset backed loans from our bankers. These loans are secured on part of the inventory and trade receivables of the UK, European and American businesses. The amount of the trade receivables that is used to secure the asset backed loans is GBP12,469,000 (2013: GBP9,684,000).
Refer to note 17 for outstanding balance on asset backed loans.
There are no trade receivables in the current year (2013: GBPnil) expected to be recovered in more than twelve months.
The Group's exposure to credit and currency risks and impairment losses related to trade and other receivables is disclosed in note 26.
16 Cash and cash equivalents/bank overdrafts
2014 2013 Note GBP000 GBP000 ------------------------------- ------ -------- ------- Cash and cash equivalents 8,111 2,301 Bank overdrafts (2,529) (336) --------------------------------------- -------- ------- Cash and cash equivalents per cash flow statement 5,582 1,965 --------------------------------------- -------- -------
Net debt
2014 2013 GBP000 GBP000 ----------------------------------------- --------- -------- Cash and cash equivalents 8,111 2,301 Bank loans and overdrafts 17 (40,622) (43,215) Loan arrangement fees 253 553 Finance leases (4,689) (1,777) ----------------------------------------- --------- -------- Net debt as used in the financial review (36,947) (42,138) ----------------------------------------- --------- --------
The Group's exposure to interest rate risk and sensitivity analysis for financial assets and liabilities are disclosed in note 26.
The bank overdrafts are secured by a fixed charge on certain of the Group's land and buildings, a fixed charge on certain of the Group's book debts and a floating charge on certain of the Group's other assets.
17 Loans and borrowings
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