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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 |
The total expenses recognised for the period arising from equity-settled share-based payments are as follows:
2014 2013 GBP000 GBP000 -------------------- ------ ------ LTIP 82 - Share option scheme - 22 -------------------- ------ ------ 82 22 -------------------- ------ ------
26 Financial instruments
a) Fair values of financial instruments
The carrying values for each class of financial assets and financial liabilities in the balance sheet, which are given below, are not considered to be materially different to their fair values.
As at 31 March 2014, the Group had derivative contracts, which were measured at Level 2 fair value subsequent to initial recognition, to the value of a liability of GBP692,000 (2013: liability of GBP505,000).
Trade and other receivables
The fair value of trade and other receivables is estimated as the present value of future cash flows, discounted at the market rate of interest at the balance sheet date if the effect is material. Doubtful receivable provisions are established based upon the difference between the receivable value and the estimated net collectible amount.
Trade and other payables
The fair value of trade and other payables is estimated as the present value of future cash flows, discounted at the market rate of interest at the balance sheet date if the effect is material.
Cash and cash equivalents
The fair value of cash and cash equivalents is estimated as its carrying amount where the cash is repayable on demand. Where it is not repayable on demand then the fair value is estimated at the present value of future cash flows, discounted at the market rate of interest at the balance sheet date.
Interest-bearing borrowings
Fair value, which after initial recognition is determined for disclosure purposes only, is calculated based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the balance sheet date. For finance leases the market rate of interest is determined by reference to similar lease agreements.
Derivative financial instruments
The fair value of forward exchange contracts is based on their market price.
Fair value hierarchy
Financial instruments which are recognised at fair value subsequent to initial recognition are grouped into Levels 1 to 3 based on the degree to which the fair value is observable. The three levels are defined as follows:
Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;
Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; and
Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.
2014 2013 ---------------- ----------------- Carrying Fair Carrying Fair amount value amount value Notes GBP000 GBP000 GBP000 GBP000 ------------------------------------------------------------ ----- -------- ------ -------- ------- Cash and cash equivalents 16 8,111 8,111 2,301 2,301 Trade receivables 15 16,078 16,078 18,799 18,799 Other receivables 15 1,699 1,699 2,012 2,012 ------------------------------------------------------------ ----- -------- ------ -------- ------- Total financial assets 25,888 25,888 23,112 23,112 ------------------------------------------------------------ ----- -------- ------ -------- ------- Bank loans and overdrafts 16 40,622 40,622 43,215 43,215 Finance lease liability 20 4,689 4,689 1,777 1,777 Other financial liabilities 20 9,325 9,325 8,475 8,475 Trade payables 21 25,031 25,031 28,291 28,291 Other payables 21 787 787 704 704 ------------------------------------------------------------ ----- -------- ------ -------- ------- Total financial liabilities measured at amortised cost 80,454 80,454 82,462 82,462 ------------------------------------------------------------ ----- -------- ------ -------- ------- Financial liabilities at fair value through profit or loss 20 115 115 54 54 Financial liabilities at fair value through hedging reserve 20 577 577 451 451 ------------------------------------------------------------ ----- -------- ------ -------- ------- Total financial liabilities at fair value 692 692 505 505 ------------------------------------------------------------ ----- -------- ------ -------- ------- Total financial liabilities 81,146 81,146 82,967 82,967 ------------------------------------------------------------ ----- -------- ------ -------- ------- Net financial liabilities 55,258 55,258 59,855 59,855 ------------------------------------------------------------ ----- -------- ------ -------- -------
b) Credit risk
Financial risk management
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group's receivables from customers and investment securities.
The Group's exposure to credit risk is managed by dealing only with banks and financial institutions with strong credit ratings. The Group's financial credit risk is primarily attributable to its trade receivables.
The Group has no significant concentration of credit risk exposure as revenues are split across a large number of customers in different geographical areas. The main customers of the Group are large and mid-sized retailers, other manufacturers and wholesalers of greetings products, service merchandisers and trading companies. The Group has established procedures to minimise the risk of default of trade receivables including detailed credit checks undertaken before new customers are accepted and rigorous credit control procedures after sale. These processes have proved effective in minimising the level of impairments required.
The amounts presented in the balance sheet are net of allowances for doubtful receivables estimated by the Group's management, based on prior experience and their assessment of the current economic environment.
Exposure to credit risk
The carrying amount of financial assets represents the maximum credit exposure. Therefore, the maximum exposure to credit risk at the balance sheet date was GBP25,888,000 (2013: GBP23,122,000) being the total of the carrying amount of financial assets, excluding equity investments, shown in the table above.
The maximum exposure to credit risk for trade receivables at the balance sheet date by geographic region was:
2014 2013 GBP000 GBP000 ------------ ------ ------ UK and Asia 6,850 7,357 USA 4,237 4,796 Europe 2,306 2,709 Australia 2,685 3,937 ------------ ------ ------ 16,078 18,799 ------------ ------ ------
Credit quality of financial assets and impairment losses
The ageing of trade receivables at the balance sheet date was:
2014 2013 ------------------ ------------------ Gross Impairment Gross Impairment GBP000 GBP000 GBP000 GBP000 ------------------- ------ ---------- ------ ---------- Not past due 11,408 (5) 12,616 (43) Past due 0-90 days 4,025 (46) 5,790 (94) More than 90 days 926 (230) 857 (327) ------------------- ------ ---------- ------ ---------- 16,359 (281) 19,263 (464) ------------------- ------ ---------- ------ ----------
There were no unimpaired balances outstanding at 31 March 2014 (2013: GBPnil) where the Group had renegotiated the terms of the trade receivable.
The movement in the allowance for impairment in respect of trade receivables during the year was as follows:
2014 2013 GBP000 GBP000 ------------------------------- ------ ------ Balance at 1 April 464 565 Charge for the year 310 964 Unused amounts reversed (211) (262) Amounts written off (270) (813) Effects of movement in foreign exchange (12) 10 ------------------------------- ------ ------ Balance at 31 March 281 464 ------------------------------- ------ ------
The allowance account for trade receivables is used to record impairment losses unless the Group is satisfied that no recovery of the amount owing is possible; at that point the amounts considered irrecoverable are written off against the trade receivables directly.
c) Liquidity risk
Financial risk management
1 Year Ig Design Chart |
1 Month Ig Design Chart |
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