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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| U.k. Spac Plc | LSE:SPC | London | Ordinary Share | GB00B3CQW227 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.205 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Jul 2019 to Jul 2024
TIDMMOGP
RNS Number : 7546J
Mountfield Group plc
17 June 2014
Mountfield Group Plc
("Mountfield", the "Group" or the "Company")
FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
Mountfield, the AIM listed construction company specializing in building and refurbishing data centres, is pleased to announce its final results for the year ended 31 December 2013.
Contacts:
Mountfield Group Plc 01268 561 516 Graham Read, Chief Executive Officer WH Ireland Limited (Nominated adviser) 0207 220 1666 Chris Fielding, Head of Corporate Finance
CHAIRMAN'S REPORT
Group Highlights
I am delighted to be able to report that, having returned to profit in 2012, the Group's turnaround gathered real momentum in 2013 and the Board is optimistic that the improvement is sustainable.
The Group's strong performance was reflected in the substantial improvement in net profitability of GBP765,339 against GBP218,505 in 2012, an increase of 350%. That this was coupled with a reduction in revenue from GBP13.6m in 2012 to GBP12.3m (9.6%) reflected the ability of the Group to be more selective in the contracts that it took on and also delayed starts on a few contracts. As a result the Group achieved an operating margin of 6.9%, an improvement from the 1.4% achieved in 2012. Earnings per share increased from 0.04p in 2012 to 0.22p in 2013.
Trade receivables rose by GBP1.02m, trade and other payables increased by GBP1.11m. Cash generated from operations was GBP979k and cash flow improved by GBP972k.
Although the Board has indicated that, as a medium term objective, it wishes to begin paying dividends to shareholders, it will not be recommending the payment of a dividend this year as it is mindful of the demands on cash flow that will be made by an increase in the Group's trading at this stage.
The Group's recovery is the result of the hard work and expertise of the Group's Directors, senior management and staff. On behalf of the Board I would like to record our thanks to all of them.
The Board's confidence as to the Group's prospects is based upon the extent to which demand for construction services has recovered so strongly after the period during which the work that was available was usually offered at low or even negative margins. It is difficult to pinpoint the time when the change in demand became noticeable but with the benefit of hindsight we can see that the boost in business sentiment that accompanied the London Olympics in 2012 was transformed into a sense of confidence that has re-invigorated the construction sector as well as many other areas of business.
These increased levels of activity enabled the Group to produce a trading profit in 2012 after three years of losses and those profits were further increased in 2013 as investors and developers decided that the recovery had a secure base. This has been further evidenced during the first part of 2014 by a level of new business enquiries and invitations to tender in both of our divisions that has not been seen by the Board since the middle of 2008. The Board regards this as being a longer lasting improvement in sentiment and confidence.
CEO's REPORT
Summary of results for 2013
-- Turnover: GBP12.312m. (2012: GBP13.557m)
-- Operating profit: GBP844,512. (2012: 189,217)
-- Operating margin: 6.9% (2012: 1.4%)
-- PBT: GBP765,339. (2012: GBP218,505)
-- EBITDA: GBP862,554. (2012: GBP207,133)
-- Earnings per share: 0.22p (2012: 0.04p)
-- Net cashflow: GBP972,224. (2013 (GBP459,012))
In October 2008 the Directors of Mountfield arranged for the Company's shares to be listed on AIM, at a time when demand for construction services was high and prospects for future growth and profitability were extremely good. Although the Group's revenue exceeded GBP20m for that year with a net profit of GBP2m, the recession began within weeks of the listing and the Board's strategy for growth had to be abandoned.
Over the last 18 months and as a result of the substantial recovery both in the Group's performance and in the wider economy the Directors have revisited that strategy, have modified it to take account of changes that have occurred in the construction market and, as I describe below, have now begun to implement it for the Group.
The Group Board is currently comprised of:
Peter Jay - Executive Chairman - in addition to being Group Chairman Peter also manages Mountfield's relationships with its nomad, brokers and professional advisers. Peter was formerly a corporate lawyer and a partner in DAC Beachcroft.
Graham Read - Group Chief Executive - Graham founded the business of Mountfield Building Group in 1986 and has had over 20 years experience in the design, project management and construction of data centres.
Andrew Collins - Executive Operations Director - Andrew is responsible for Connaught, a specialist supplier and installer of raised access flooring for data centres and offices. Before joining the Group, Andrew was a divisional finance director at ISG Plc.
Adrian Sainsbury - Non-Executive Director - Adrian (who joined the Board on 17 April 2014) is CEO of the Commercial Division of Close Brothers and prior to that worked for a number of leading banks in various capacities.
The Board is supported by the Chief Financial Officer, Conor O'Mahony, who has had extensive experience in the construction industry. Conor is responsible for overseeing the accounting and financial functions of the Group and attends all meetings of the Board.
Mountfield Group Companies
The Group is comprised of three separate trading companies, Mountfield Building Group Limited ("Mountfield"), MBG Construction Limited ("Mountfield Construction") and Connaught Access Flooring Limited ("Connaught")
Mountfield carries out work as a main contractor with end user clients and has since 1996, specialised in the installation of data centres on a nationwide basis. Over the past 18 years Mountfield has successfully completed
more than forty data centres throughout the UK for clients including Vodafone, Cable and Wireless, Energis, Planet Online, ARK Continuity, DataCity Exchange, Level 3 Communications, Kingston Telecom and Colt Communications.
In addition to performing data centre works Mountfield is also active in both building fabric repair and maintenance works on a nationwide basis for a large proportion of the property portfolio of a leading telecoms operator.
Using the benefit of its experience, the Company has also offered a specialist service in fitting out and refurbishment projects for selected clients and also partner architects and building consultants; this new emphasis has resulted in a substantial increase in opportunities and contracts for Mountfield in this area, and this has been a noticeable factor in the first half of 2014.
Mountfield Construction undertakes trade contracting contracts for the UK's leading fitting out and refurbishment contractors, such as ISG, Balfour Beatty, Mansell and Bouygues. It also provides its own management and labour resources and offers trade packages, usually on a design and build basis, to meet demanding programmes on complex buildings projects, such as those relating to the alteration and refurbishment of office blocks, pharmaceutical/industrial premises and the fast track installation of schools during restricted close down periods.
Mountfield Construction also provides the labour and management for data centre projects carried out by Mountfield and supplements and supports it in its main contracting role.
Particular features of the year for the Mountfield companies were the successful completion of two large data centre projects in Birmingham and Farnborough and the winning of a large construction contract on a high profile building in Central London.
The business of Connaught, a provider of access flooring solutions to main contractors and corporate end users has, since it was acquired by the Group in 2004, supplied and installed in excess of 8 million square feet of flooring to commercial offices and data centre installations. It specializes in and has developed a strong reputation for providing and installing raised access flooring solutions designed to accommodate varying depths of floor void and finish specifications.
The increased confidence in the construction sector since 2012 has not only seen the rebirth of the fit out market, but also the return of the two-stage tender process which plays to Connaught's strengths as it enables the Company to present its professionalism and credentials and compete on quality of service, expertise and experience, rather than simply on price.
Efforts made to source work from new areas are proving successful and new relationships, particularly in the transport and leisure sectors are providing a regular stream of business, with work being gained at both Heathrow and Gatwick Airports.
A particular feature of 2013 for Connaught, was the contract won for the provision of raised access flooring at a substantial new data centre that was being constructed in Scandinavia. As a result of the success of this project for Connaught it is seeking similar overseas based data centre flooring contracts.
In 2013 Connaught also successfully completed flooring installations for two significant data centre installations for Mace and ISG Plc, respectively.
In addition, Connaught has established itself as one of the few recognised specialists for the flooring elements of fitting out contracts in commercial office space for new build and refurbishment projects for corporate end users such as BP, HP, Linklaters, Merrill Lynch, Reed Smith, BBC, Standard Chartered Bank, UBS, Henderson Global, Lockton, Multiplex and Unilever. Currently Connaught in engaged on the installation of 40,000m2 of Flooring in a major new headquarters that is being built in the City of London.
Finance
The Group is financed from the cash it generates from its operations, with the support of a bank overdraft facility of GBP600,000. To help finance the rapid expansion of business activity as the recession came to an end the Group raised GBP450,000 in July 2013 through a share placing to EIS funds and professional investors.
The construction market
The recession that began at the end of 2008 had an immediate and dramatic impact on the Group's turnover and profitability and it was not until late 2012 that the Group noticed the first signs of recovery and an increase in construction demand.
The Group is now experiencing levels of activity in terms of work in hand, enquiries and tenders last seen in the middle of 2008, and it is from this that the Directors have concluded that the activity levels will be sustained and that their optimism for the Group's future is well based. The Board believes that the time spent marketing and developing new business during the recession will result in the award of contracts in addition to those that are currently being negotiated.
The data centre market
The data centre construction market in the UK has experienced rapid growth in demand over the last 15 years. Although the requirement for additional major data centres has lessened, that has not reduced the overall demand for construction services for the data center market as continued expansion has created and will continue to create demand for enhancements and additions to existing structures and for smaller centres.
However, an important recent development in the data centre construction market has been the demand for new centres (often of a substantial size) in the Scandinavian countries where climatic conditions help reduce the otherwise significant costs of cooling the centres. Following the construction of a large centre in Finland (for which Connaught supplied and installed the raised access flooring), further centres are now being planned in other Scandinavian countries.
The increased emphasis that will be placed on expanding the capacity of, and upgrading, existing centres means that the prospects for the data centre sector in terms of demand for specialist construction services (including raised access flooring) remains extremely good for the medium to long term.
Group's strategy
The Board has worked over the last eighteen months to ensure that the Group's profitability is not predominantly dependent on the demand from the data centre sector, notwithstanding its long established presence and reputation in it. It is for this reason that it has sought to widen the scope of the Group's activities so that, whilst working to increase the amount of income that it obtains from the data centre market, the Board has been aiming to ensure that the Group has a strong presence in other areas where the services of a company that offers high quality construction services and project management skills are likely to be in demand. The Directors are pleased to report that the success of this aspect of the strategy is demonstrated by the fact that around half of the Group's revenue is now earned from non-data centre related activities.
The Board intends to continue to grow the Group into a highly profitable, mid-sized operation that provides specialised construction services in a number of diverse but related areas. The Group's reputation has been built on its ability to undertake and to manage specialist construction services to a high level of quality and to deliver the completed project to the client on time. This will remain at the core of its strategy.
Although the Group was hit hard by the recession, it survived it without lasting damage. It did however have to put the strategy that it had developed at the time of its listing in October 2008 on hold for four years. The Directors are now keen to see the Group's revenue and profits increase through organic growth and through carefully selected acquisitions.
Organic growth will come not only from the upturn in the marketplace and from repeat business opportunities from existing clients, but also from the strong relationships being made with developers and construction professionals that will in turn create further and new opportunities.
Growth by acquisition will come from incorporating into the Group, companies that either can be integrated into it to help provide a commercially attractive, broader contract solution or which increase the Group's offering in areas which it currently has a strong track record.
Future prospects
The Board is extremely optimistic about the Group's future. Its excellent reputation in both data centre construction and in the provision of specialist construction services (such as office fitting out and refurbishment) has resulted in it being a favoured choice on projects as a main contractor or as a trade contractor on larger contracts. It is therefore well placed to benefit from the evident upturn in the construction market.
The Directors believe that the demand that the Group is experiencing in terms of enquiries, invitations to tender and, most importantly, secured orders is not of a short term nature and they are hopeful that the rates of growth of its business will, for the reasons mentioned in this Report, increase substantially over the next few years.
DIRECTORS' REPORT
The directors present their annual report and audited financial statements for the year ended 31 December 2013.
Principal activities
The principal activities of the Group are the construction and fit-out of Data Centres for the IT industry together with office fit-out and refurbishment.
Review of business
A detailed review of the development of the business is contained in the Chairman's and Chief Executive's Statement.
Results
The Group made a pre-tax operating profit from continuing operations of GBP844,512 (2012: GBP189,217) for the year ended 31 December 2013 on turnover of GBP12,312,140 (2012: GBP13,556,918).
At 31 December 2012 the Group had net assets of GBP5,853,656 (2012: GBP4,920,311).
Dividends
The Directors do not propose payment of any dividends for the year ended 31 December 2013.
Principal risks
The principal risks and uncertainties facing the Group relate to:
Attraction and retention of key employees
The Group's future success is substantially dependent on the continued services and performance of its directors, senior management and other key personnel and its ability to continue to attract and retain highly skilled and qualified personnel.
The senior executive directors of the business all have significant shareholdings in the parent company and are all permanent employees. The other senior management and key personnel, most of whom have been with the Company for a long time, are participating in the Company's share option scheme which was introduced in 2012.
Economic downturn and other macroeconomic factors
The Group's success is substantially dependent on the general level of economic activity and economic conditions in the United Kingdom.
Many of the Group's contracts, including renewals or extensions of previous contracts, are awarded through competitive bidding processes. Any downturn in the economy, or any other macroeconomic factor, either in the UK or globally, may reduce the number of contracts coming up for bidding.
The competitive bidding processes present a number of additional risks, including the incurring of substantial cost and managerial time to prepare bids and proposals for contracts that the Group may not ultimately win. The Group may face additional competition in the bidding process either from existing competitors or new market entrants.
The Company is seeking to mitigate its exposure to the sectors in which it currently operates by diversifying its client base and in particular expanding into closely aligned areas of activity. It is also seeking to diversify by modest investment in new businesses in the same sector.
Reliance on key customers and clients
The business of the Group is dependent upon the continuing contracts that it has, and relationships that it has developed, with certain customers.
Whilst signed contracts are in place with key customers, the successful completion and timing of contracted projects are not guaranteed and are susceptible to external factors outside of the control of the Group. Similarly, contracted projects may in some circumstances be susceptible to delays or variation by customers or be affected by unforeseen changes in circumstances relating to the market, technology, legislation, economic or other business factors. This may affect the cashflow and subsequent performance of the Group.
Whilst continuing to work with a well established client base, the Group is seeking to diversify through identifying other potential clients for its core Data Centre work. It is also attempting to exploit its core competencies by building links with developers which require contractors with similar skills to work on non Data Centre related projects.
Reliance on Subcontractors
The Group utilises subcontractors on a project-by-project basis to meet contractual obligations. Such projects will rely on the subcontractors performing their duties and obligations, not only in terms of timely delivery but also in terms of their performance obligations. Any such non-performance may result in time and cost over-runs on the Group's projects and reduce the value of its returns.
Subcontractors are vetted by senior management and normally engaged to work on closely defined and managed aspects of contracts. Most subcontractors have a long standing trading history with the Group.
Health and safety
The Group undertakes Construction activities, often working within difficult conditions and with heavy machinery which if improperly used could result in personal injury or in extreme cases, fatalities.
The Group takes the health and safety of its employees and clients very seriously and employs Health and Safety advisors on all significant contracts. It also has a firm of Health and Safety Advisors with whom it consults on a regular basis.
Key performance indicators
The Directors use a number of performance indicators which are used to manage the business but, as with most businesses the focus in the Statement of Comprehensive Income at the top level is on sales, margins, staff numbers and overheads compared to budget and the prior year. In the Statement of Financial Position the focus is on managing working capital.
Financial instruments
Details of the Group's financial risk management objectives and policies are included in note 19 to the financial statements.
Directors
The Directors who served during the year were:
P H Jay
G J Read
A J Collins
T Spanner (resigned 1 August 2013)
Charitable Donations
During the year the Group made charitable donations totalling GBP2,643 (2012: GBP1,642)
Substantial Shareholdings
So far as the Directors are aware the parties who are directly or indirectly interested in 3% or more of the nominal value of the company's share capital at 13 June 2014 are as follows:
Hot Features
Premium
Number of shares issued % Ordinary share
capital
Peter Jay 23,500,000 9.2%
Graham Read 84,203,031 33.2%
Andy Collins 32,300,000 12.7%
Commerzbank AG 15,964,019 6.28%
Creditor payment policy
The Group's current policy concerning the payment of trade creditors is to:
a) settle the terms of payment with suppliers when agreeing the terms of each transaction;
b) ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
c) pay in accordance with the Group's contractual and other legal obligations.
At the year end trade creditors represented 108 days' expenses.
Going Concern
The Directors have prepared and reviewed financial forecasts and the cash flow requirements to meet the Group and the Company's financial objectives. The Directors are satisfied that, taking into account the current cash resources and facilities available to the business and its future cash requirements, it is appropriate to prepare accounts on a going concern basis.
Disclosure of information to auditors
Each of the Directors who are in office at the date when this report is approved has confirmed that, as far as they are aware, there is no relevant audit information of which the auditors are unaware. Each of the Directors have confirmed that they have taken all the steps that they ought to have taken as directors to make themselves aware of any relevant audit information and to establish that the auditors are aware of such information.
Auditors
During the year Adler Shine LLP were appointed as auditors to the company. A resolution proposing the reappointment of Adler Shine LLP as auditors will be put to the members at the next Annual General Meeting.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2013
2013 2012
Note GBP GBP
Revenue 3 12,312,140 13,556,918
Cost of sales 4 (9,865,759) (11,797,502)
------------ -------------
Gross profit 2,446,381 1,759,416
Administrative expenses 5 (1,601,869) (1,570,199)
------------ -------------
Operating profit 844,512 189,217
Net finance (costs)/income 5 (79,173) 29,288
------------ -------------
Profit before income tax 765,339 218,505
Income tax expense 6 (262,579) (135,554)
Profit/(loss) for the year and
total comprehensive income 502,760 82,951
Earnings per share 7
Basic earnings per share 0.22p 0.04p
Diluted earnings per share 0.18p 0.03p
====== ======
There are no recognised gains and losses other than those passing through the Statement of Comprehensive Income.
As permitted by Section 408 of the Companies Act 2006, no separate Statement of Comprehensive Income is presented in respect of Mountfield Group Plc. Its profit for the year ended 31 December 2013 was GBP313,577 (2012: loss - GBP 23,301).
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2013
2013 2012
Note GBP GBP
ASSETS
Non-current assets
Intangible assets 8 10,788,521 10,788,521
Property plant and equipment 9 114,384 116,432
Deferred income tax assets 16 428,756 599,986
------------ ---------------
11,331,661 11,504,939
------------ ---------------
Current assets
Inventories 10 80,489 82,005
Trade and other receivables 11 3,243,910 2,228,480
Cash and cash equivalents 12 313,675 223,337
------------ ---------------
3,638,074 2,533,822
------------ ---------------
TOTAL ASSETS 14,969,735 14,038,761
============ ===============
EQUITY AND LIABILITIES
Issued share capital 13 254,244 216,744
Share premium 1,490,682 1,120,432
Share based payments reserve 329,781 320,961
Capital redemption reserve 7,500 -
Merger reserve 12,951,180 12,951,180
Reverse acquisition reserve (2,856,756) (2,856,756)
Retained earnings (6,322,975) (6,832,250)
------------ ---------------
TOTAL EQUITY 5,853,656 4,920,311
------------ ---------------
Current liabilities
Trade and other payables 14 4,557,389 3,442,863
Short-term borrowings 15 1,087,665 1,934,147
Finance lease liabilities 15 6,917 8,496
Income tax 91,350 6,691
------------ ---------------
5,743,321 5,392,197
Non-current liabilities
Loan notes 15 3,363,029 3,718,921
Finance lease liabilities 15 9,729 7,332
Provision for deferred taxation 16 -
------------ ---------------
9,116,079 9,118,450
------------ ---------------
TOTAL EQUITY AND LIABILITIES 14,969,735 14,038,761
============ ===============
The financial statements were approved by the board on 16 June 2014
Graham Read
Director
COMPANY REGISTRATION NO. 06374598
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2013
2013 2012
Note GBP GBP
Cash flows from operating activities
Operating profit 844,512 189,217
Adjusted for:
Depreciation 18,042 17,916
Loss on disposal of property,
plant and equipment - 3,606
Share-based payment charge 15,335 26,939
Decrease/(increase) in inventories 1,517 (6,438)
(Increase)/decrease in trade and
other receivables (1,015,430) 64,144
Increase/(decrease) in trade and
other payables 1,114,529 (218,465)
------------ ------------------
Cash generated in operations 978,505 76,919
Finance costs (86,393) 25,407
Finance income 7,220 3,881
Taxation paid (6,692) -
------------ ------------------
Net cash inflow from operating
activities 892,640 106,207
------------ ------------------
Cash flows from investing activities
Purchases of property, plant and
equipment (15,994) (12,864)
Proceeds from sale of fixed assets - 2,500
------------ ------------------
Net cash used in investing activities (15,994) (10,364)
------------ ------------------
Cash flows from financing activities
Proceeds from issue of shares 450,000 -
Costs of shares issued (34,750) -
Finance lease rentals 816 (7,963)
Repayment of non-convertible loan
notes (351,392) (346,892)
Proceeds/(repayment) from short-term
loans 30,904 (200,000)
------------ ------------------
Net cash flows generated from/(used
in) financing activities 95,578 (554,855)
------------ ------------------
Net cash increase/(decrease) in
cash and cash equivalents 972,224 (459,012)
Cash and cash equivalents brought
forward (758,218) (299,206)
------------ ------------------
Cash and cash equivalents carried
forward 12 214,006 (758,218)
============ ==================
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2013
Share
based Capital Reverse
Share Share payment redemption Merger acquisition Retained
capital premium reserve reserve reserve reserve earnings Total
GBP GBP GBP GBP GBP GBP GBP GBP
At 1 January
2012 216,744 1,120,432 294,022 - 12,951,180 (2,856,756) (6,915,201) 4,810,421
Total
comprehensive
income for
the year - - - - - - 82,951 82,951
Movement
in year - - 26,939 - - - - 26,939
--------------------- --------------------- --------------------------- --------------------- --------------------- --------------------- ------------------------- --------------
At 31 December
2012 216,744 1,120,432 320,961 - 12,951,180 (2,856,756) (6,832,250) 4,920,311
Total
comprehensive
income for
the year - - - - - - 502,760 502,760
Shares issued
in period 45,000 405,000 - - - - - 450,000
Cost of shares
issued - (34,750) - - - - - (34,750)
Shares
cancelled
in period (7,500) - - 7,500 - - - -
Share based
payment
charge - - 15,335 - - - - 15,335
Cancelled
share options - - (6,515) - - - 6,515 -
--------------------- --------------------- --------------------------- --------------------- --------------------- --------------------- ------------------------- --------------
At 31 December
2013 254,244 1,490,682 329,781 7,500 12,951,180 (2,856,756) (6,322,975) 5,853,656
===================== ===================== =========================== ===================== ===================== ===================== ========================= ==============
Merger Reserve
The merger reserve exists as a result of the acquisitions of Mountfield Building Group Limited, MBG Construction Limited, Connaught Access Flooring Holdings Limited and Mountfield Land Limited where the consideration included the issue of new shares by the Company, thereby attracting merger relief under the Companies Act 2006. The merger reserve represents the difference between the nominal value of the share capital issued by the Company and the fair value of those shares at the date of acquisition.
Reverse Acquisition Reserve
The reverse acquisition reserve exists as a result of the method of accounting for the acquisition of Mountfield Building Group Limited and MBG Construction Ltd (note 1.4).
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2013
1 Accounting policies
The principal accounting policies adopted in the preparation of these consolidated financial statements are set out below.
1.1 General information
Mountfield Group plc is a company incorporated in England and Wales. The registered number of the Company is 06374598. The address of its registered office is 3C Sopwith Crescent, Wickford Business Park, Wickford, Essex SS11 8YU.
1.2 IFRS compliance and adoption
Statement of compliance with IFRS
These financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union (IFRSs), IFRIC Interpretations and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS.
The adoption of these standards has not resulted in any changes to the Group's accounting policies and has not affected amounts reported in prior years.
The financial statements have been prepared under the historical cost.
Sources of estimation uncertainty
The preparation of financial statements under IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. Estimates and assumptions are reviewed on an ongoing basis and any revision to estimates or assumptions are recognised in the period in which they are revised and in future periods affected.
Significant judgements
The material areas in which estimates and judgements are applied are as follows:
Goodwill
Determining whether goodwill is impaired requires an estimation of the value in use of the cash-generating units to which the goodwill has been allocated. The value in use calculation requires the Company to estimate future cashflows expected to arise from the cash-generating unit and a suitable discount rate in order to calculate present value. The carrying amount of goodwill at the balance sheet date was GBP10.8 million. Details regarding the goodwill carrying value and assumptions used in carrying out the impairment reviews are provided in note 8.
Receivables
The Group reviews the net recoverable value of its accounts receivables on a periodic basis to provide assurance that recorded accounts receivables are stated net of any required provision for impairment. Factors that could impact recoverability include the financial propriety of customers and related economic trends. Changes in these factors that differ from managements estimates can result in an adjustment to the carrying value and amounts charged to income in specific periods. More details on gross balances and provisions made are included in note 11.
Accounting for construction contracts
In accordance with IAS 11 "Construction Contracts", management is required to estimate total expected contract costs and the percentage of contract completion in determining the appropriate revenue and profit to recognise in the period. The Group uses the work of expert professional Chartered Surveyors to determine accurately the level of work that has been completed by the year-end. The Group also has appropriate control procedures to ensure that all estimates are determined on a consistent basis and are subject to appropriate review and authorisation.
Share-based payments
The estimates of share-based payments costs require that management selects an appropriate valuation model and makes decisions on various inputs into the model, including the volatility of its own share price, the probable life of the options before exercise and behavioural consideration of employees.
Deferred taxation
The Group provides for deferred taxation using the liability method. Deferred tax assets are recognised in respect of tax losses where the Directors believe that it is probable that future profits will be relieved by the benefit of tax losses brought forward. The Board considers the likely utilisation of such losses by reviewing budgets and medium term plans for each taxable entity within the Group. If the actual profits earned by the Group's taxable entities differ from the budgets and forecasts used then the value of such deferred tax assets may differ from that shown in these financial statements.
Presentation and functional currency
The financial statements are presented in pounds sterling, which is the Group's functional currency.
1.3 Standards and interpretations
At the date of authorisation of these financial statements the following Standards and Interpretations which have not been applied in these financial statements were in issue but not yet effective:
Effective date
(period beginning
on or after)
IFRS 2,3,8, Amendments resulting from Annual 1 July 2014
IAS 16,24,36 Improvements 2010-2012 Cycle
IFRS 3,13, Amendments resulting from Annual 1 July 2014
IAS 40 Improvements 2011-2013 Cycle
IFRS 7 Deferral of mandatory effective date 1 January 2015
of IFRS 9 and amendments to transition
disclosures
IFRS 9 Deferral of mandatory effective date 1 January 2015
of IFRS 9 and amendments to transition
disclosures
IFRS 10 Amendments for investment entities 1 January 2014
IFRS 11 Amendments regarding the accounting
of acquisition of an interest in January 2016
a joint operation
IFRS 12 Amendments for investment entities 1 January 2014
IAS 16,36 Amendments regarding the classification
of acceptable methods of depreciation 1 January 2016
and amortisation
IAS 19 Employee Benefits - Amended to clarify 1 July 2014
the requirements that relate to how
contributions from employees or third
parties that re linked to service
should be attributed to periods of
service
IAS 27 Amendments for investment entities 1 January 2014
IAS 32 Financial Instruments: Presentation 1 January 2014
- Amendments to application guidance
on the offsetting of financial assets
and financial liabilities
IAS 36 Amendments arising from recoverable
amount disclosures for non-financial 1 January 2014
assets
IAS 39 Financial Instruments: Recognition 1 January 2014
and Measurement- Amendments for novation
of derivatives
IFRIC 21 Levies 1 January 2014
The Directors anticipate that the adoption of these Standards and Interpretations in future periods will have no material impact on the Group's financial statements.
1.4 Basis of consolidation
Subsidiaries
The Group financial statements consolidate the financial statements of the Company and all its subsidiaries. Subsidiaries include all entities over which the Group has the power to govern financial and operating policies. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity. Subsidiaries are consolidated from the date on which control commences until the date that control ceases. Intra-group transactions are eliminated in preparing the Consolidated Financial Statements.
A list of the significant investments in subsidiaries, including the name, country of incorporation and proportion of ownership interest is given in note 2 to the Company's separate financial statements.
Business combinations and goodwill
On 16 October 2008, Mountfield Group plc ("the Company") acquired the entire issued share capital of Mountfield Building Group Limited, which has one wholly owned subsidiary, MBG Construction Limited (the "MBG Group") acquired in August 2008. The consideration of GBP7,622,000 was satisfied by the issue of 51,220,000 Ordinary Shares of 0.1p each at a price of 10p per share and by the issue of GBP2,500,000 unsecured non-convertible loan notes.
As a result of these transactions, the former shareholders of MBG Group became the majority shareholders in the Company. Accordingly, the substance of the transaction was that MBG Group acquired the Company in a reverse acquisition.
Under IFRS 3 'Business Combinations', the acquisition of MBG Group has been accounted for as a reverse acquisition.
The acquisitions of Connaught Access Flooring Limited, MBG Construction Limited and Mountfield Land Limited are accounted for using the purchase 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.
Goodwill
Goodwill on acquisition of subsidiaries represents the excess of the cost of acquisition over the fair value of the Group's share of the net identifiable assets and contingent liabilities acquired. Identifiable assets are those which can be sold separately or which arise from legal rights regardless of whether those rights are separable. Goodwill on acquisition of subsidiaries is included in intangible assets. Goodwill is not amortised but tested annually for impairment or when trigger events occur, and is carried at cost less accumulated impairment losses.
1.5 Revenue recognition
Revenue is stated exclusive of VAT and consists of sales of services to third parties.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Retentions are recognised throughout the life of a contract and are deducted from the sales invoice.
Revenue relating to contracts includes the amount initially agreed in the contract plus any variations in contract work to the extent that it is probable they will result in revenue and can be reliably measured. As soon as the outcome of the contract can be measured reliably, revenue and expense is recognised in the statement of comprehensive income on a stage of completion basis. The stage of completion is determined by reference to a survey of work performed. Any losses are recognised immediately in the statement of comprehensive income as soon as they are foreseen.
1.6 Contract work in progress
Revenue from fixed price construction contracts is recognised on the percentage of completion method, measured by reference to the percentage of contract costs incurred for work performed to date to the estimated total contract costs or the proportion of the value of work done to the total value of work under the contract, except where these would not be representative of the stage of completion. Full provision is made for all known or expected losses on individual contracts immediately once such losses are foreseen.
1.7 Amounts recoverable on long term contracts
Profit on long term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen. Amounts which are recoverable on long-term contracts are shown within debtors under the heading 'Amounts Recoverable on Contracts' which have not yet been invoiced and are stated net of discounts allowed.
1.8 Share-based payments
The Group makes equity-settled share-based payments to its employees and directors. The fair value of options and warrants granted is recognised as an employee expense with a corresponding increase in equity. The fair value is measured at grant date and spread over the period during which the employees become unconditionally entitled to the options. The fair value of the options and warrants granted is measured based on the Black-Scholes framework, taking into account the terms and conditions upon which the instruments were granted. At each balance sheet date, the Company revises its estimate of the number of options and warrants that are expected to become exercisable.
1.9 Retirement benefits: Defined contribution schemes
Contributions to defined contribution pension schemes are charged to the statement of comprehensive income in the year to which they relate.
1.10 Impairment
The Group assesses at each reporting date whether there is an indication that an asset may be impaired. Assets that have an indefinite useful life, for example goodwill, are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation or depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets that suffered impairment are reviewed for possible reversal of the impairment at each reporting date.
1.11 Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation.
Property, plant and equipment is depreciated over the estimated useful life of the asset, as follows:
Freehold land Not depreciated Freehold buildings 2% per annum straight line Leasehold improvements Over the period of the lease Fixtures, fittings and equipment 10% per annum reducing balance Plant and equipment 20% - 25% per annum straight line Motor vehicles 20% - 25% per annum straight line 1.12 Leasing
A lease is classified as a finance lease if it transfers substantially all the risks and rewards of ownership. All other leases are classified as operating leases. Classification is made at the inception of the lease.
Assets obtained under finance leases are capitalised as property, plant and equipment and depreciated over the shorter of the lease term and their useful lives. Obligations under such arrangements are included in payables net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the statement of comprehensive income so as to produce constant periodic rates of charge on the net obligations outstanding in each period.
Rentals paid under operating leases are charged to the statement of comprehensive income as incurred on a straight line basis over the lease term.
1.13 Inventories
Inventories are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving items. Cost includes direct materials, direct labour and those overheads that have been incurred in bringing the inventory to its present location and condition.
1.14 Financial instruments
Financial assets and financial liabilities are recognised on the consolidated statement of financial position when the Group becomes a party to the contractual provisions of the instrument.
The financial instruments, which excludes current receivables and payables, comprise cash or overdraft and unsecured non-convertible loan notes. The Directors consider the fair value not to be materially different to the carrying value for the financial instruments. During the years under review, the Group did not enter into derivative transactions and did not undertake trading in any financial instruments.
1.15 Trade and other receivables
Trade receivables are recognised at fair value less any provision for impairment. A provision for impairment is made when collection of the full amount is no longer probable. Bad debts are written off when identified. The fair value of trade and other receivables are equivalent to their book values as set out in the financial information.
1.16 Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at bank and in hand, demand deposits and other short-term highly liquid investments that is readily convertible to a known amount of cash and is subject to an insignificant risk of change in value.
For the purpose of the cash flow statement, cash and cash equivalents consist of cash and cash equivalents net of outstanding bank overdrafts.
1.17 Financial liabilities and equity
Financial liabilities and equity instruments issued by the Group are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities.
1.18 Share capital
The Company has one class of ordinary share, which carries no rights to fixed income. All ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. All shares rank equally with regard to the Company's residual assets.
Ordinary shares issued by the Company are classified as equity and recorded at fair value on initial recognition received, net of direct issue costs.
1.19 Trade and other payables
Trade payables are initially recognised at fair value and subsequently at amortised cost. The fair value of the trade and other payables are equivalent to their book values as set out in the financial information.
1.20 Taxation
The taxation charge represents the sum of current tax and deferred tax.
The current tax charge is based on the taxable profit/loss for the period using the tax rates that have been enacted or substantially enacted by the balance sheet date. Taxable profit differs from the net profit as reported in the 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.
Deferred tax is provided using the liability method, in respect of temporary differences between the carrying amount of the assets and liabilities and their tax base. Deferred tax is recognised in the statement of comprehensive income, except when the tax relates to items charged or credited directly in equity, in which case the tax is also recognised in equity.
Deferred tax assets are recognised only when it can be regarded as probable that there will be suitable taxable profits in the foreseeable future against which the deductible temporary difference can be utilised. Deferred tax is determined using tax rates that are expected to apply in the periods in which the asset is realised or liability settled, based on tax rates and laws that have been enacted or substantially enacted by the balance sheet date.
2 Segmental reporting
Segment information is presented in respect of the Group's business segments, which are based on the Group's management and internal reporting structure as at 31 December 2013.
The chief operating decision-maker has been identified as the Board of Directors (the Board). The Board reviews the Group's internal reporting in order to assess performance and allocate resources. Management has determined the operating segments based on these reports and on the internal report's structure.
Segment performance is evaluated by the Board based on revenue and profit before tax (PBT). Segment results include items directly attributable to a segment as well as those that can be allocated on a reasonable basis, such as centrally managed costs relating to individual segments and costs relating to land used in more than one individual segment.
Given that income taxes and certain corporate costs are managed on a centralized basis, these items are not allocated between operating segments for the purposes of the information presented to the Board and are accordingly omitted from the analysis below.
The Group comprises the following segments:
Construction
Direct contracting and trade contracting services to both main contractors and corporate end users.
Fit-out
Providing raised flooring systems to both main contractors and corporate end users.
Segmental operating performance
2013 2012
-------------------- -----------------------------------
Profit Profit
/(loss) /(loss)
before before
Revenue tax Revenue tax
GBP'000 GBP'000 GBP'000 GBP'000
Construction 6,681 (15) 9,916 (8)
Fit-out 5,791 365 3,736 198
--------- --------- ----------------- ----------------
12,472 350 13,652 190
Inter-segmental revenue and
unallocated (160) 415 (95) 29
--------- --------- ----------------- ----------------
12,312 765 13,557 219
========= ========= ================= ================
Business segments assets and liabilities
2013 2012
----------------------- ------------------------
Assets Liabilities Assets Liabilities
GBP'000 GBP'000 GBP'000 GBP'000
Construction 2,388 4,195 2,078 4,337
Fit-out 1,764 1,059 1,072 632
4,152 5,254 3,150 4,969
Goodwill - Construction 5,914 - 5,914 -
Goodwill - Fit-out 4,874 - 4,874 -
Other unallocated assets &
liabilities 30 3,862 101 4,149
-------- ------------- --------- -------------
14,970 9,116 14,039 9,118
======== ============= ========= =============
Unallocated assets consist of deferred tax, trade and other receivables and cash held by the Parent Company. Unallocated liabilities consist of trade and other payables and interest bearing loans owed by the Parent Company.
Other segment information
2013 2012
GBP'000 GBP'000
Depreciation included in segment results
Construction 8 10
Fit-out 10 8
-------- --------
18 18
======== ========
Revenue by geographical destination
Revenue is attributable to the United Kingdom and other EU markets.
Total assets including property, plant and equipment and intangible assets are all held in the United Kingdom.
3 Construction contracts
2013 2012
GBP GBP
Contract revenue recognised in
relation to construction contracts
in the year and retentions 12,312,140 13,556,918
=========== ===========
For contracts in progress at the
balance sheet date:
Aggregate cost incurred to date 7,405,951 4,570,953
Recognised profit to date 2,397,783 763,417
Retentions due 310,427 165,661
=========== ===========
Major customers
Total group revenue to four customers all relating to construction and fit-out, totalled GBP8,358,158, split as follows:
Construction 2013 2012
GBP GBP
Customer 1 2,916,021 5,115,977
Customer 2 1,140,600 1,210,000
---------- ----------
4,056,620 6,325,977
========== ==========
Fit-out 2013 2012
GBP GBP
Customer 1 3,608,997 2,186,586
Customer 2 692,541 151,459
---------- ----------
4,301,538 2,338,045
========== ==========
4 Cost of sales 2013 2012
GBP GBP
Direct costs 9,865,759 11,797,502
Adjustment to amount receivable on long term contracts - -
---------- -----------
Total cost of sales 9,865,759 11,797,502
========== ===========
5 Other income and expenses
2013 2012
GBP GBP
Finance income/(expense)
Loan interest (16,000) (114,662)
Interest on finance leases (1,888) (527)
Loan note interest (interest waived by loan
note holders) - 189,774
Other interest (21,381) (20,598)
Bank interest (47,124) (28,580)
------------- ------------------
Interest paid (86,393) 25,407
Finance income
Bank interest received - -
Other interest received 7,220 3,881
------------- ------------------
Net finance (costs)/income (79,173) 29,288
============= ==================
Administrative expenses include:
2013 2012
GBP GBP
Depreciation of property, plant and
equipment
- owned by the Group 13,474 11,146
- held under finance leases 4,568 6,770
Operating lease rentals - other 48,997 56,605
Auditors remuneration
Fees payable to the company's auditor
for the audits of the parent company,
consolidated financial statements and
the subsidiaries 35,000 40,000
======= =======
Average number of employees
The average number of employees (including executive Directors) was:
2013 2012
No. No.
Administration 8 8
Cost of sales 22 23
Management 11 11
----- -----
41 42
===== =====
Wages and salaries
2013 2012
GBP GBP
Wages and salaries 1,561,007 1,661,404
Social security costs 177,666 184,529
Post employment benefits 53,100 53,100
---------- ----------
1,791,773 1,899,033
========== ==========
Key management personnel compensation
2013 2012
GBP GBP
Short-term employee benefits 16,437 16,165
Post-employment benefits 53,100 53,100
------- -------
69,537 69,265
======= =======
Directors' remuneration
2013 2012
Salaries and fees Benefits in kind Post employment benefit Total Total
GBP GBP GBP GBP GBP
G Read - 2,233 53,100 55,333 55,415
A Collins 6,475 7,729 - 14,204 13,850
P Jay 30,500 - - 30,500 24,000
T Spanner - - - - 22,500
------------------- ------------------ ------------------------ -------- -----------
36,975 9,962 53,100 100,037 115,765
=================== ================== ======================== ======== ===========
The remuneration as disclosed for G Read includes GBP17,400 (2012: GBP17,400) of pension contributions paid for his wife, J Read. The number of Directors for whom retirement benefits are accruing under money purchase pension schemes was 1 (2012:1)
6 Income tax expense
2013 2012
GBP GBP
Current tax
UK corporation tax 91,350 6,691
---------- --------------
Total current tax 91,350 6,691
Deferred tax
Deferred tax debit/(credit) - continuing
operations 171,229 128,863
---------- --------------
Income tax expense/(credit) 262,579 135,554
========== ==============
Factors affecting tax charge
Profit before income tax -continuing
operations 765,339 218,505
---------- --------------
Profit before income tax multiplied
by effective rate of UK corporation
tax of 23.25% (2012: 24.5%) 177,963 53,533
Effects of:
Expenses not deductible for tax
purposes 24,991 25,347
Depreciation for period in excess
of capital allowances (597) 457
Tax losses not utilised and carried
forward (111,007) (76,492)
Other adjustments - 3,846
Current tax charge 91,350 6,691
========== ==============
It has been announced that the UK tax rate will reduce by 1% per annum for each of the next 3 years to 20% for the tax year commencing 1(st) April 2015. The impact of these reductions will be reflected if the relevant legislation is enacted.
7 Earnings per share
The basic earnings per share is calculated by dividing the earnings attributable to equity shareholders by the weighted average number of shares in issue. The diluted earnings per share is calculated by dividing the earnings attributable to equity shareholders by the weighted average number of shares in issue plus the number of warrants and share options.
2013 2012
Basic earnings per share GBP GBP
Profit for the financial year 502,760 82,951
Weighted average number of shares 231,169,112 216,744,454
=============== ==============
2013 2012
Diluted earnings per share GBP GBP
Profit for the financial year 502,760 82,951
Number of shares 272,669,106 260,694,447
=============== ==============
8 Intangible assets
The carrying amount of goodwill relates to the construction and fit-out segments of the business.
Goodwill
GBP
Cost
At 1 January 2012 10,788,521
Additions -
-----------------
At 31 December 2012 10,788,521
Additions -
-----------------
At 31 December 2013 10,788,521
-----------------
Impairment of goodwill
Goodwill has been allocated for impairment testing to two groups of cash - generating units ('CGU') identified according to operating segments being Construction and Fit-out as disclosed in Note 2.
For the purposes of impairment testing of goodwill the carrying value of the CGUs (including goodwill) are compared to the recoverable amount of the CGUs and any deficits are provided. The carrying value of the CGUs includes only those assets that can be attributed directly, or allocated on a reasonable and consistent basis.
The recoverable amount of a CGU is determined based on value-in-use calculations. These calculations use pre-tax cash flow projections based on three year financial budgets approved by management. Cash flows beyond the three year period are extrapolated using the estimated growth rates stated below.
The key assumptions used in the value-in-use calculations for each CGU are as follows:
-- Terminal value based on between 2% future growth in cash flows -- Discount rate of 7.37%
Revenue was based upon actual amounts measured in prior periods which were projected forward in accordance with expected trends.
A provision has been made against the Goodwill of Fit-out CGU. Although, the business continues to deliver significant profits, forecast growth has been reduced to reflect current market conditions, thereby reducing projected future cash flows.
9 Property, plant and equipment
Freehold and Plant
leasehold Fixtures and fittings and equipment Motor vehicles Total
GBP GBP GBP GBP GBP
Cost
At 1 January
2012 183,418 44,540 61,896 90,271 380,125
Additions - 1,249 6,620 4,995 12,864
Disposals - - (25,056) (28,999) (54,055)
---------------- -------------------------------- ------------------------ -------------------- ----------------
At 31
December
2012 183,418 45,789 43,460 66,267 338,934
Additions - 1,916 468 13,610 15,994
Written back
on disposals - - - (16,312) (16,312)
---------------- -------------------------------- ------------------------ -------------------- ----------------
At 31
December
2013 183,418 47,705 43,928 63,565 338,616
---------------- -------------------------------- ------------------------ -------------------- ----------------
Depreciation
At 1 January
2012 123,356 30,513 36,897 61,769 252,535
Charge for
the year 1,657 6,176 2,459 7,624 17,916
Written back
on disposals - - (18,950) (28,999) (47,949)
---------------- -------------------------------- ------------------------ -------------------- ----------------
At 31
December
2012 125,013 36,689 20,406 40,394 222,502
Charge for
the year 1,657 4,984 2,337 9,064 18,042
Written back
on disposals - - - (16,312) (16,312)
---------------- -------------------------------- ------------------------ -------------------- ----------------
At 31
December
2013 126,670 41,673 22,743 33,146 224,232
---------------- -------------------------------- ------------------------ -------------------- ----------------
Net book
value
At 31
December
2013 56,748 6,032 21,185 30,419 114,384
================ ================================ ======================== ==================== ================
At 31
December
2012 58,406 9,099 23,055 25,872 116,432
================ ================================ ======================== ==================== ================
The net book value of property, plant and equipment includes an amount of GBP16,425 (2012: GBP20,309) in respect of assets held under finance leases.
The net book value of freehold and leasehold property includes an amount of GBP5,749 (2012: GBP6,806) in respect of leasehold improvements to a property leased by Connaught Access Flooring Limited.
10 Inventories
2013 2012
GBP GBP
Materials and finished goods 80,489 82,005
======= ==============
The amount of inventories recognised as expense during the year was GBP82,005 (2012 - GBP75,567).
11 Trade and other receivables
2013 2012
GBP GBP
Trade receivables 622,159 595,993
Less: Provision for impairment of
trade receivable (12,000) (12,000)
---------- --------------
610,159 583,993
Contract retentions 569,235 320,589
Other receivables 140,464 138,947
Prepayments 51,064 82,655
Amounts recoverable on long term contracts 1,872,988 1,102,296
Total trade and other receivables 3,243,910 2,228,480
========== ==============
Based on prior experience and an assessment of the current economic environment, management believes there is no further credit risk provision required in excess of the normal provision for impairment of trade receivables.
The average credit period taken on sales is 20 days. No interest is charged on overdue receivables. There is no material difference between the fair value of receivables and their book value.
Amounts recoverable on long-term contracts are stated net of discounts allowed of GBP9,567 (2012: GBP6,741).
The movement in the provision for impairment of trade receivables is as follows:
2013 2012
GBP GBP
Balance at 1 January 12,000 8,000
Charge/(credit) to the statement of comprehensive
income - 4,000
------- -------------
Balance at 31 December 12,000 12,000
======= =============
The Group's trade and other receivables that were past due date but not impaired relate to a number of individual customers for whom there is no reason to believe that the debt is not recoverable. The ageing of these trade receivables and contract retentions is as follows:
2013 2012
GBP GBP
Trade receivables
Three to six months 3,870 582
Six to nine months 2,443 -
Nine to twelve months 330 -
More than twelve months 15,582 15,000
-------- -------
22,225 15,582
======== =======
Contract retentions
Three to six months 22,726 10,380
Six to nine months 4,383 21,935
Nine to twelve months 5,046 28,159
More than twelve months 94,150 22,606
-------- -------
126,305 83,080
======== =======
12 Cash and cash equivalents
2013 2012
GBP GBP
Cash at bank and in hand 313,675 223,337
======== ========
Cash at bank and in hand earns interest at floating rates based on daily bank deposit rates.
At the balance sheet date the Group had a bank overdraft facility of GBP600,000 with Barclays Bank Plc, secured by a fixed charge over the book debts and property of the Group and a floating charge over all other assets of the Group and directors' limited guarantees for up to GBP600,000.
For the purpose of the cash flow statement, cash and cash equivalents comprise the following at 31 December 2013:
2013 2012
GBP GBP
Cash at bank and in hand 313,675 223,337
Bank overdraft (99,669) (981,555)
--------- -----------
214,006 (758,218)
========= ===========
13 Share capital
2013 2012
---------------------- ----------------------------
Number GBP Number GBP
Allotted, called up and
fully paid
Ordinary shares of 0.1p
each 254,244,454 254,244 216,744,454 216,744
============ ======== ============= =============
On 29 July 2013 the company issued 45,000,000 ordinary shares of 0.1p each at 1p per share. On 5 July 2013 the company cancelled 7,500,000 ordinary shares at 0.1p.
Warrants
Details of the warrants outstanding during the period are as follows:
Weighted average Weighted
remaining average
contractual exercise
life (years) Number price
GBP
At 1 January 2012 10,000,000 0.07
Granted - - -
Lapsed - - -
----------------- ----------------- -----------------
At 31 December
2012 2.8 10,000,000 0.07
Granted - - -
Lapsed - - -
----------------- ----------------- -----------------
At 31 December
2013 1.8 10,000,000 0.07
================= ================= =================
As at 31 December 2013 the warrants outstanding were exercisable as follows:
Date of grant Exercise date Number Price
GBP
27 October 30 October 2009 and 29
2008 October 2014 4,000,000 0.10
27 October 30 October 2009 and 29
2008 October 2014 6,000,000 0.15
----------------- =========================
10,000,000
=================
At the date of issue, the warrants were valued using the Black-Scholes option pricing model. The fair value per option granted and the assumptions used in the calculation were as follows:
Exercise Exercise
price 10p price 5p
Expected volatility 50.6% 50.6%
Expected life 3.5 years 3.5 years
Risk free interest rate 2.93% 2.93%
Expected dividend yield - -
Possibility of ceasing employment
before vesting - -
Fair value per option 3.0p 4.0p
=========== ==========
The charge to the statement of comprehensive income for share based payments during the year ended 31 December 2013 was GBPnil (2012: GBPnil).
Share Options
At 31 December 2013, outstanding awards to subscribe for ordinary shares of 0.10p each in the Company granted in accordance with the rules of the Mountfield EMI share option scheme were as follows:
Number Weighted Weighted
average remaining average
contractual exercise
life (years) price (pence)
Brought forward 33,949,993 3.43 2.96
Granted 4,000,000
Cancelled (6,449,999)
Carried forward 31,499,994 2.61 3.00
============ =================== ===============
The fair value of the remaining share options has been calculated using the Black-Scholes model. The assumptions used in the calculation of the fair value of the share options outstanding during the year are as follows:
Grant Date 22 May 2012 11 June 10 Dec 2013 17 Dec 2013
2012
Exercise period May 2013 June 2013 Dec 2014- Dec 2014
- May 2016 - June 2016 Dec 2017 - Dec 2017
Share price at date of
grant 1.5p 1.5p 2.7p 2.5p
Exercise price 3.0p 3.0p 3.0p 3.0p
Shares under option 16,666,663 10,833,331 2,000,000 2,000,000
Expected volatility 57% 57% 70% 70%
Expected life (years) 2.5 2.5 2.5 2.5
Risk free rate 1.02% 1.02% 1.02% 1.02%
Expected dividend yield 0% 0% 0% 0%
Fair value per option 0.13p 0.13p 0.65p 0.56p
Volatility was determined by reference to the standard deviation of expected share price returns based on a statistical analysis of monthly share prices over a 3 year period to grant date. All of the above options are equity settled and the charge for the year is GBP15,335 (2012: GBP26,939).
14 Trade and other payables (current)
2013 2012
GBP GBP
Trade payables 3,059,705 2,225,176
Other payables 43,704 44,415
Accruals 927,721 523,529
Other taxes and social security
costs 526,259 649,743
---------- ----------
4,557,389 3,442,863
========== ==========
The average credit taken for trade purchases is 108 days. The directors consider that the carrying amount of trade payables approximate their fair value.
15 Borrowings
2013 2012
GBP GBP
Current
Bank overdrafts 99,669 981,555
Net obligations under finance leases 6,917 8,496
Short-term unsecured loan - 175,000
Short-term unsecured loan from
Director 636,604 430,700
Unsecured non-convertible loan
notes 351,392 346,892
---------- ----------
1,094,582 1,942,643
---------- ----------
Non - current
Unsecured non-convertible loan
notes 3,363,029 3,718,921
Net obligations under finance leases 9,729 7,332
---------- ----------
3,372,758 3,726,253
---------- ----------
Total borrowings 4,467,340 5,668,896
========== ==========
On 16 October 2008 the Company issued GBP2,500,000 unsecured non-convertible loan notes to the vendors of Mountfield Building Group Limited and GBP3,000,000 unsecured non-convertible loan notes to the vendors of Connaught Access Flooring Holdings Limited as part of the consideration for the acquisition of the entire share capital of each company. Repayments of GBP351,392 (2012: GBP346,892) were made against the loan notes in the period.
The loan notes are non-transferrable and carry interest at a rate of 2 per cent above the base rate of Barclays Bank plc per annum. The non-current portion of the unsecured loan notes is redeemable on 30 June 2016. The current portion of the unsecured loan notes is due for repayment during 2014.
During the year, interest of GBP97,010 on the loan notes was waived.
The short-term unsecured loan from a Director accrues interest at 6% pa but all interest to 31 December 2013 was waived.
2013 2012
GBP GBP
Non-current borrowings
Analysis
Repayable between one and two years 351,392 346,892
Repayable between two and five
years 3,011,637 3,372,029
3,363,029 3,718,921
========== ==========
2013 2012
GBP GBP
Net obligations under finance leases
Analysis
Repayable within one year 6,917 8,496
Repayable between one and five
years 9,729 7,332
16,646 15,828
Included in current liabilities (6,917) (8,496)
-------- ----------
9,729 7,332
======== ==========
16 Deferred taxation
2013 2012
GBP GBP
Deferred tax analysis:
Deferred tax losses (428,756) (599,986)
Deferred tax expense relating to
origination and reversal of temporary
differences - -
(428,756) (599,986)
========== ==========
2013 2012
GBP GBP
Movement in deferred tax during
the year
At 1 January 2012 (599,986) (728,849)
Debit for the year 171,230 128,863
---------- --------------
At 31 December 2012 (428,756) (599,986)
========== ==============
Deferred income tax assets are recognised for tax losses carried forward to the extent that the realisation of the tax benefit through future taxable profits is probable.
17 Capital commitments
There were no capital commitments at the year-end date.
18 Operating lease commitments
Commitments under non-cancellable operating leases in respect of property expiring:
2013 2012
GBP GBP
Less than one year 4,400 4,400
Between two and five years 36,159 37,568
------- -------
40,559 41,968
======= =======
19 Financial instruments
Capital risk management
The Group manages its capital to ensure its ability to continue as a going concern and to maintain an optimal capital structure to reduce cost of capital. The capital structure of the Group comprises equity attributable to equity holders of the Company consisting of issued ordinary share capital, reserves and retained earnings as disclosed in Consolidated Statement of Changes in Equity and cash and cash equivalents as disclosed in Note 12.
The Group maintains or adjusts its capital structure through the payment of dividends to shareholders, issue of new shares and buy-back of existing shares.
Categories of financial instruments
2013 2012
GBP GBP
Financial assets
Loans and receivables at amortised
cost including cash and cash equivalents:
Cash and cash equivalents 313,675 223,337
Trade and other receivables 3,243,910 2,228,480
------------ -------------
Total 3,557,585 2,451,817
------------ -------------
Financial liabilities
Trade and other payables 5,285,343 4,055,254
Unsecured non-convertible loan
notes 3,714,421 4,065,813
Secured borrowings 116,315 997,383
------------ -------------
9,116,079 9,118,450
------------ -------------
Net (5,558,494) (6,666,634)
============ =============
Cash and cash equivalents
This comprises cash and short-term deposits held by the Group. The carrying amount of these assets approximates their fair value.
General risk management principles
The Group's activities expose it to a variety of risks including market risk (interest rate risk), credit risk and liquidity risk. The Group manages these risks through an effective risk management programme and through this programme, the Board seeks to minimise potential adverse effects on the Group's financial performance. The Directors have an overall responsibility for the establishment of the Group's risk management framework. A formal risk assessment and management framework for assessing, monitoring and managing the strategic operational and financial risks of the Group is in place to ensure appropriate risk management of its operations.
The following represent the key financial risks that the Group faces:
Market risk
The Group's activities expose it primarily to the financial risk of interest rates.
Interest rate risk
The Group's interest rate exposure arises mainly from its interest bearing borrowings. Contractual agreements entered into at floating rates expose the entity to cash flow risk. Interest rate risk also arises on the Group's cash and cash equivalents. The Group does not enter into derivative transactions in order to hedge against its exposure to interest rate fluctuations.
Credit risk
The Group's principal financial assets are trade and other receivables and bank balances and cash.
The credit risk on liquid funds is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.
The Group's credit risk is primarily attributable to trade receivables. The Group has a policy of assessing credit worthiness of potential and existing customers before entering into transactions. There is ongoing credit evaluation on the financial condition of accounts receivable using independent ratings where available or by assessment of the customer's credit quality based on its financial position, past experience and other factors. The Group manages the collection of its receivables through its post completion project monitoring procedures and ongoing contract with customers so as to ensure that any potential issues that could result in non-payment of the amounts due are addressed as soon as identified.
The maximum exposure to credit risk in respect of the above at 31 December 2013 is the carrying value of financial assets recorded in the financial statements.
Liquidity risk
The Group closely monitors its access to bank and other credit facilities in comparison to its outstanding commitments on a regular basis to ensure that it has sufficient funds to meet the obligations of the Group as they fall due.
The Board receives regular forecasts which estimate cash flows over the next eighteen months, so that management can ensure that sufficient funding is in place as it is required.
Fair value of financial assets and liabilities
The Directors consider that there is no significant difference between the book value and fair value of the Group's financial assets and liabilities.
20 Pension costs
The Group operates a defined contribution pension scheme in respect of the directors and employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to GBP53,100 (2012: GBP53,100).
21 Directors' guarantees
Andrew Collins and Graham Read have given a guarantee limited to GBP100,000 in respect of the overdraft facility for Connaught Access Flooring Limited. Graham Read, Peter Jay and Andrew Collins have given a guarantee limited to GBP600,000 in respect of the overdraft facility of Mountfield Building Group Limited.
22 Related party transactions
The Company made a loan of GBP395,227 (2012: GBP11,969) to Mountfield Building Group Limited, a subsidiary undertaking. The Company made sales of GBP273,655 (2012: GBP120,639) to Mountfield Building Group Limited. At 31 December 2013, GBP1,398,001 (2012: GBP1,743,655) was owed to Mountfield Building Group Limited in respect of these transactions and expenses of GBP323,228 (2012; GBP331,419) paid on behalf of the Company by Mountfield Building
Group Limited, net of GBPnil (2012: GBPnil) in respect of liabilities discharged by the Company on behalf of Mountfield Building Group Ltd.
During the year Connaught Access Flooring Limited, a subsidiary undertaking, paid expenses of GBP247,841 (2012: GBP291,001) on behalf of the Company. The Company made sales of GBP428,988 (2012: GBP98,705) to Connaught Access Flooring Limited. At 31 December 2013, GBP1,154,808 (2012: GBP1,335,955) was owed to Connaught Access Flooring Limited in respect of these transactions.
During the year the Company received advances totalling GBP450 (2012: GBP2,100) from MBG Construction Limited, a subsidiary undertaking. At 31 December 2013, the Company owed GBP34,200 (2012: GBP33,750) in respect of these transactions
As at 31 December 2013, balances remaining unpaid on the unsecured non-convertible loan notes to Graham Read and Andrew Collins amounted to GBP2,893,872 (2012: GBP3,083,372) and GBP820,549 (2012: GBP982,441) respectively. Interest for the year of GBP74,650 and GBP22,360 respectively has been waived and interest in respect of prior periods has also been waived.
During the year, Zeme Limited invoiced GBP30,500 (2012: GBP24,000) for the services of Peter Jay as a director of Mountfield Group Plc. As at 31 December 2013 GBP12,917, GBP (2012: GBP4,000) was due to Zeme Limited.
During the year, the Group was invoiced GBP33,276 (2012: GBP33,275) for accountancy and bookkeeping services by Read & Co, a Chartered accountancy practice controlled by Graham Read's brother. The group made sales of GBP5,670 (2012: GBPnil) to them during the year. As at 31 December 2013 the balance owed by Read & Co was GBP3,678 (2012: GBP2,412 owed to them).
During the year the Group was advanced GBP205,904 by Graham Read (2012: GBP150,000). The balance outstanding at 31 December was GBP636,604 (2012: GBP430,700). Interest is chargeable at 6% per annum on this loan but has been waived for 2013.
During the year the Group repaid GBP175,000 to Seabrook Limited, a company controlled by a shareholder of the Company. Interest charged to the Consolidated Statement of Comprehensive Income was GBP16,000.
23 Control
In the opinion of the directors, Graham Read, director and shareholder, is the ultimate controlling party.
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2013
Company no. 06374598
2013 2012
Note GBP GBP
ASSETS
Non-current assets
Investments 2 13,021,629 13,021,629
Deferred income tax assets 8 17,383 119,075
------------ -------------
13,039,012 13,140,704
------------ -------------
Current assets
Other receivables 3 13,038 55,593
Cash and cash equivalents 4 - -
------------ -------------
13,038 55,593
------------ -------------
TOTAL ASSETS 13,052,050 13,196,297
============ =============
EQUITY AND LIABILITIES
Issued share capital 5 254,244 216,744
Share premium 1,490,682 1,120,432
Share based payments reserve 329,781 320,961
Capital redemption reserve 7,500 -
Merger reserve 12,951,180 12,951,180
Retained losses (8,411,299) (8,731,391)
------------ -------------
TOTAL EQUITY 6,622,088 5,877,926
------------ -------------
Current liabilities
Trade and other payables 6 2,711,966 3,250,454
Short-term borrowings 7 3,576 2,104
Loan notes 7 351,392 346,892
Income tax - -
------------ -------------
3,066,934 3,599,450
Non-current liabilities
Loan notes 7 3,363,029 3,718,921
6,429,963 7,318,371
------------ -------------
TOTAL EQUITY AND LIABILITIES 13,052,050 13,196,297
============ =============
The financial statements were approved by the board on 16 June 2014
Graham Read
Director
COMPANY CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2013
Notes 2013 2012
GBP GBP
Cash flows from operating activities
Operating profit 415,269 28,609
Adjusted for:
Share-based payment charge 15,335 26,939
Decrease in trade and other receivables 42,553 50,930
Increase in trade and other payables (12,136) (146,684)
------------ ---------------
Net cash inflow/(outflow) from
operating activities 461,021 (40,206)
------------ ---------------
Cash flows from financing activities
Proceeds from issue of shares 450,000 -
Cost of shares issued (34,750) -
Loans (repaid)/received from subsidiary
undertakings (526,351) 393,207
Repayment of non-convertible loan
notes (351,392) (346,892)
Net cash flows (used in)/generated
from financing activities (462,493) 46,315
------------ ---------------
Net cash (decrease)/increase in
cash and cash equivalents (1,472) 6,109
Cash and cash equivalents brought
forward (2,104) (8,213)
------------ ---------------
Cash and cash equivalents carried
forward 4 (3,576) (2,104)
============ ===============
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2013
Share
based Capital
Share Share payment redemption Merger Retained
capital premium reserve reserve reserve earnings Total
GBP GBP GBP GBP GBP GBP GBP
At 1 January
2012 216,744 1,120,432 294,022 - 12,951,180 (8,708,090) 5,874,288
Total
comprehensive
income for
the year - - - - - (23,301) (23,301)
Shares issued
in period - - - - - - -
Cost of shares
issued - - 26,939 - - - 26,939
---------------------- ----------------------------- ----------------------------- ----------------------- ----------------------- ------------------------- ---------------
At 31 December
2012 216,744 1,120,432 320,961 - 12,951,180 (8,731,391) 5,877,926
Total
comprehensive
income for
the year - - - - - 313,577 313,577
Shares issued
in period 45,000 405,000 - - - - 450,000
Shares
cancelled
in period (7,500) - - 7,500 - - -
Cost of shares
issued - (34,750) - - - - (34,750)
Share based
payment
charge - - 15,335 - - - 15,335
Cancelled
share options - - (6,515) - - 6,515 -
---------------------- ----------------------------- ----------------------------- ----------------------- ----------------------- ------------------------- ---------------
At 31 December
2013 254,244 1,490,682 329,781 7,500 12,951,180 (8,411,299) 6,622,088
====================== ============================= ============================= ======================= ======================= ========================= ===============
Merger reserve
The merger reserve exists as a result of the acquisitions of Mountfield Building Group Limited, MBG Construction Limited, Connaught Access Flooring Holdings Limited and Mountfield Land Limited where the consideration included the issue of new shares by the Company, thereby attracting merger relief under the Companies Act 2006. The merger reserve represents the difference between the nominal value of the share capital issued by the Company and the fair value of those shares at the date of acquisition.
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2013
1 ACCOUNTING POLICIES
The accounting policies of the Company are shown in the Consolidated Financial Statements.
1.1 Investment in subsidiaries
Investments in subsidiaries are stated at cost less any provision for impairment.
2 Investment in subsidiary undertakings
Shares in
subsidiary
undertakings
Cost GBP
At 1 January 2012 19,365,817
Additions -
-----------------
At 31 December 2012 19,365,817
Additions -
-----------------
At 31 December 2013 19,365,817
-----------------
Accumulated Impairment provisions
At 1 January 2012 6,344,188
Impairment provision -
-----------------
At 31 December 2012 6,344,188
Impairment provision -
-----------------
Balance at 31 December 2013 6,344,188
-----------------
Net book value
At 31 December 2013 13,021,629
=================
At 31 December 2012 13,021,629
-----------------
The following companies are the principal subsidiary undertakings at 31 December 2013 and are all consolidated:
Country of Class Percentage
Subsidiary undertakings incorporation of share of shares held
England and
Mountfield Building Group Limited Wales Ordinary 100%
England and
MBG Construction Limited * Wales Ordinary 100%
Connaught Access Flooring Holdings England and
Limited Wales Ordinary 100%
Connaught Access Flooring Limited England and
** Wales Ordinary 100%
England and
Mountfield Land Limited Wales Ordinary 100%
* Interest held indirectly by Mountfield Building Group Limited.
** Interest held indirectly by Connaught Access Flooring Holdings Limited.
The principal activity of these undertakings for the last relevant financial year was as follows:
Subsidiary undertakings Principal activity
Refurbishment and fitting out contracting
Mountfield Building Group Limited services
MBG Construction Limited Construction and refurbishment contractors
Connaught Access Flooring Holdings
Limited Intermediate holding company
Connaught Access Flooring Limited Specialist flooring contractor
Mountfield Land Limited Dormant
The following was an associate of the group at the year end and its results for the year ended 31 May 2013 are shown below.
Country of Class Percentage
Associates incorporation of share of shares held
England and
Hub (UK) Limited Wales Ordinary 20%
The principal activity of Hub (UK) Limited is general construction consultant and contractor.
Associates
Aggregate
of capitalised Loss for
reserves the Year
GBP GBP
Hub (UK) Limited (27,086) (15,377)
================ ===========
3 Trade and other receivables
2013 2012
GBP GBP
Prepayments 13,088 55,593
======= =======
4 Cash and cash equivalents
2013 2012
GBP GBP
Cash at bank - -
================= ==================
Cash at bank and in hand earns interest at floating rates based on daily bank deposit rates. The fair value of cash and cash equivalents is GBPnil (2012: GBPnil).
For the purpose of the cash flow statement, cash and cash equivalents comprise the following at 31 December 2013:
2013 2012
GBP GBP
Bank overdraft (3,576) (2,104)
======== ========
5 Share capital
2013 2012
----------------------------- ----------------------------
Number GBP Number GBP
Allotted, called up and fully paid
Ordinary shares of 0.1p each 254,244,454 254,244 216,744,354 216,744
============ =============== ============= =============
Details of changes in share capital are included at note 13 to the Consolidated Financial Statements.
6 Trade and other payables
2013 2012
GBP GBP
Trade payables 78,400 96,260
Amounts owed to subsidiary
undertakings 2,587,010 3,113,360 0,153
Other payables 48,373 39,137
Other tax and social security
costs (1,817) 1,697
---------- ---------------
2,711,966 3,250,454
========== ===============
7 Borrowings
2013 2012
GBP GBP
Current liabilities
Bank overdraft 3,576 2,104
Unsecured non-convertible
loan notes 351,392 346,892
---------- --------------
354,968 348,996
---------- --------------
Non-current liabilities
Unsecured non-convertible
loan notes 3,363,029 3,718,921
---------- --------------
3,717,997 4,067,917
========== ==============
Details of the loan notes are included at Note 15 to the Consolidated Financial Statements.
8 Deferred taxation
2013 2012
GBP GBP
Deferred tax analysis:
Deferred tax losses (17,383) (119,075)
========== ==========
Movement in deferred tax during
the year:
At 1 January 2013 (119,075) (170,985)
Charge for the year 101,692 51,910
---------- ----------
At 31 December 2013 (17,383) (119,075)
========== ==========
9 Capital Commitments
There were no capital commitments at the year end.
10 Contingent liabilities
Under the terms of the Group's banking facilities, the Company has provided a cross guarantee to the Group's bankers. At the year end, the net balance in the Group's bank accounts in respect of the guarantee was GBP214,006 (2012: -GBP758,218).
11 Key management personnel compensation
Key management personnel expenses are disclosed in Note 5 to the Consolidated Financial Statements.
12 Directors' guarantees
Directors' benefits - advances, credits and guarantees are disclosed at Note 21 to the Consolidated Financial Statements.
13 Related party disclosures
Related party disclosures are detailed at Note 22 to the Consolidated Financial Statement.
14 Financial instruments
Details of key risks are included at Note 19 to the Consolidated Financial Statements.
Categories of financial instruments
2013 2012
GBP GBP
Financial assets
Loans and receivables at amortised
cost 13,038 55,593
13,038 55,593
------------ ---------------
Financial liabilities
Trade and other payables 2,711,966 3,250,454
Bank overdraft 3,576 2,104
Unsecured non-convertible
loan notes 3,714,421 4,065,813
------------ ---------------
6,429,963 7,318,371
------------ ---------------
(6,416,925) (7,262,778)
============ ===============
This information is provided by RNS
The company news service from the London Stock Exchange
END
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