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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Widney | LSE:WDNY | London | Ordinary Share | GB0009665778 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number : 4619V
Widney PLC
29 May 2008
Widney plc
("Widney" or the "Group")
Adoption of IFRS
Widney is adopting International Financing Reporting Standards as adopted by the EU with effect from 1 October 2006 and attaches
statements on the impact of adopting IFRS on the reported results of the Group.
Widney has historically prepared its financial statements in accordance with UK Generally Accepted Accounting Practice (UK GAAP). The
AIM Rules for Companies require the Group to adopt IFRS in its financial statements from 2008, the first set of such financial statements
being for the year ended 30 September 2008. Such adoption requires the results for the year to 30 September 2007 to be restated so as to
provide an appropriate comparative set of results.
A summarised analysis of the main points of IFRS that impact on the financial statements of the Group is set out on page 3. In addition
a set of restated 2007 financial statements, excluding detailed notes, are set out on pages 4 to 7, together with a restatement of the
Group's accounting policies under IFRS in Appendix 1. Reconciliations between UK GAAP and IFRS balance sheets and income statements for the
periods ended 30 September 2007, 31 March 2007 and 1 October 2006 are provided in Appendix 2.
Principal areas that affect the financial statements of the Group
1. Amortisation of purchased goodwill
UK GAAP: Goodwill was amortised over a period of 20 years and was subject to testing for impairment when circumstances indicated that
the carrying value may not be recoverable. The goodwill amortisation in the UK GAAP accounts was treated as tax deductible for corporation
tax purposes.
IFRS: Goodwill is not amortised but is tested annually for impairment. This applies to all goodwill arising on acquisitions after 1
October 2006 IFRS 1 'First time adoption of IFRS', permits goodwill on acquisitions made before this date to be brought on to the balance
sheet at 1 October 2006 at its carrying value under UK GAAP.
Accounting impact in period ended 30 September 2006.
- Balance sheet: No impact on shareholders' funds.
Accounting impact in period ended 30 September 2007.
- Income statement: No change as goodwill was written off in the year under UK GAAP. This treatment is consistent with IFRS.
- Balance sheet: No impact as goodwill was written off in the year under UK GAAP. This treatment is consistent with IFRS.
2. Negative goodwill
UK GAAP: Negative goodwill was released to the profit and loss account in the periods in which the fair values of the non-monetary
assets purchased on the same acquisition are recovered, whether through depreciation or sale.
IFRS: Negative goodwill is released to reserves at the date of acquisition or adoption of IFRS, if later.
Accounting impact in period ended 30 September 2006
- Balance sheet: Negative goodwill was released to reserves at the date of transition to IFRS resulting in an increase in
shareholders' funds of £2,500,000.
Accounting impact in period ended 30 September 2007
- Balance sheet: No impact as negative goodwill was released in the year under UK GAAP. The resulting effect on shareholders' funds
is consistent with IFRS.
3. Deferred Tax - industrial buildings
UK GAAP: following the finance bill 2007, tax allowances for industrial buildings were restricted. Under UK GAAP the deferred tax
asset/liability in respect of industrial buildings was reversed for periods ended after the substantive enactment of the finance bill on 30
June 2007.
IFRS: Under IAS 12, there is no requirement to reverse deferred tax assets/liabilities in respect of industrial buildings.
Accounting impact in period ended 30 September 2006
- Balance sheet: no impact on shareholders' funds as there was no retrospective application of the provision as introduced by the
finance act.
Accounting impact in period ended 30 September 2007
- Balance sheet: increase in deferred tax asset of £16,000 in respect of deferred tax on industrial buildings held by the group.
Summarised reconciliation from UK GAAP to IFRS
1. 2007 income statement
£'000
Loss after tax under UK GAAP (1,953)
Reversal of negative goodwill release (2,500)
Deferred tax - industrial buildings 16
Loss after tax under IFRS (4,437)
2. 2007 net assets
£'000
Net assets under UK GAAP 3,415
Deferred tax - industrial buildings 16
Net assets under IFRS 3,431
3. 2006 net assets
£'000
Net assets under UK GAAP 5,468
Negative goodwill release 2,500
Net assets under IFRS 7,968
Detailed reconciliations are included in Appendix 2
Consolidated Income Statement
6 months to Year to
31/03/07 30/09/07
(Unaudited) (Unaudited)
£'000 £'000
Continuing operations
Revenue 17,439 32,838
Cost of sales (11,753) (24,270)
Gross profit 5,686 8,568
Distribution expenses (490) (1,018)
Administration expenses (8,277) (12,789)
Result from operating activities (3,081) (5,239)
Profit on sale of fixed assets - 513
Loss before financing costs (3,081) (4,726)
Financial income 115 228
Financial expense (393) (684)
Loss before tax (3,359) (5,182)
Income tax expense 19 (106)
Loss for the period from continuing operations (3,340) (5,288)
Discontinued operations
Profit from discontinued operations 851 851
Loss for the period attributable to equity (2,489) (4,437)
holders of the company
Consolidated Balance Sheet
30.09.06 31.03.07 30.09.07
(Unaudited) (Unaudited) (Unaudited)
£'000 £'000 £'000
Non-current assets
Intangible assets 973 973 -
Property, plant & equipment 12,270 3,152 2,195
Deferred tax assets 420 420 305
13,663 4,545 2,500
Current Assets
Assets held for sale 735 6,463 -
Inventories 5,192 2,455 2,490
Trade & other receivables 12,055 6,924 7,171
Current tax assets 152 - -
18,134 15,842 9,661
Current Liabilities
Bank overdraft (4,465) (2,273) (1,141)
Interest bearing loans & borrowings (1,278) (1,120) (520)
Trade & other payables (12,508) (7,192) (5,710)
Income tax payable (1) - (134)
(18,252) (10,585) (7,505)
Net current (liabilities)/assets (118) 5,257 2,156
Non current liabilities
Interest bearing loans & borrowings (4,501) (3,436) (671)
Employee benefits (845) (845) (517)
Deferred tax liabilities (231) (93) (37)
(5,577) (4,374) (1,225)
Net assets 7,968 5,428 3,431
Equity
Issued capital 258 258 258
Share premium 2,092 2,092 2,092
Reserves 501 501 501
Retained earnings 5,117 2,577 580
7,968 5,428 3,431
Consolidated Cash Flow Statement
6 months to Year to
31.03.07 30.09.07
(Unaudited) (Unaudited)
£'000 £'000
Cash flows from operating activities
Loss for the period (2,489) (4,437)
Adjustments for depreciation charges 577 899
Impairment of intangible and
tangible assets - 973
(Profit)/Loss on disposal of fixed assets - (513)
Finance expenses 278 456
Profit on administration of discontinued (2,021) (2,021)
operations
Income tax expense (19) 106
Operating (loss) before changes in working (3,674) (4,537)
capital
Decrease in inventories 244 209
Decrease in receivables 3,273 2,230
Increase in payables 1,219 358
Net cash from operating activities 1,062 (1,740)
Cash flows from investing activities
Interest paid (250) (408)
Proceeds from sale of property, plant & 1,257 8,937
equipment
Acquisition of property, plant & equipment (397) (501)
Net cash from investing activities 610 8,028
Cash flows from financing activities
Repayment of borrowings (1,219) (4,282)
Payment of finance lease liabilities (143) (306)
Dividends paid - (258)
Net cash (used in) finance activities (1,362) (4,846)
Net increase in cash and cash equivalent 310 1,442
The reconciliations of the UK GAAP to IFRS consolidated cash flow statements include reconciling from the profit/loss for the year
rather than operating profit/loss, taking into account the restatements made on the income statements as shown in Appendix 2.
Consolidated statement of recognised income and expense
6 months to Year to
31.03.07 30.09.07
(Unaudited) (Unaudited)
£'000 £'000
Defined benefit plan actuarial gains/(losses) (51) 219
Deferred tax on income and expense recognised - (61)
directly on equity
Income and expense recognised directly in equity (51) 158
Profit/(loss) for the period (2,489) (4,437)
Total recognised income and expense for the period (2,540) (4,279)
Appendix 1 - Accounting Policies
Statement of Widney's accounting policies under IFRS
Basis of accounting
The restated financial information at 1 October 2006, for the half year ended 31 March 2007 and the year ended 30 September 2007, has
been prepared in accordance with IFRSs as adopted by the EU.
The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that
affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and assumptions are based
on historical experience and other factors considered reasonable at the time, but actual results may differ from these estimates. Revisions
to estimates are made in the period in which they are recognised and in any future periods affected.
Basis of consolidation
The Group financial statements comprise the consolidated results of Widney plc and its subsidiary companies.
A subsidiary is a company controlled, directly or indirectly, by the Group. Control is the power to govern the financial and operating
policies of the company so as to obtain benefits from its activities.
Intragroup balances and any unrealised gains and losses or income and expenses arising from intragroup transactions are eliminated in
preparing the consolidated financial statements.
On 22 January 2007 Widney Cabs Limited was placed into Administration. The financial statements at 31 March 2007 and 30 September 2007
represent the consolidated results for Widney plc including Widney Cabs Limited up to the point the Administrators were appointed.
As the directors of the company had limited access to the accounting records of Widney Cabs Limited since the date it was placed into
Administration, in preparing financial statements they included amounts extracted from the Widney Cabs Limited management accounts for the
period to 31 December 2006, the period end closest to the point at which Widney Cabs Limited was put into Administration (namely 22 January
2007). Its net liabilities were eliminated from the consolidation. With this exception, the consolidated financial information was based on
financial statements which are coterminous with those of the parent company.
Intangible assets
Goodwill
Goodwill (negative goodwill) arises on the acquisition of subsidiaries, associates and joint ventures.
Acquisitions prior to 1 October 2006
In respect of acquisitions prior to 1 October 2006, goodwill represents the amount recognised under the Group's previous accounting
framework, UK GAAP.
Acquisitions on or after 1 October 2006
For acquisitions on or after 1 October 2006, goodwill represents the excess of the cost of the acquisition over the Group's interest in
the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquiree. When the excess is negative (negative
goodwill), it is recognised immediately in profit or loss.
Subsequent measurement
Goodwill is measured at cost less accumulated impairment losses.
Research and development
Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, is
recognised in profit or loss when incurred.
Development activities involve a plan or design for the production of new or substantially improved products and processes. Development
expenditure is capitalised only if development costs can be measured reliably, the product or process is technically and commercially
feasible, future economic benefits are probable, and the Group intends to and has sufficient resources to complete development and to use or
sell the asset. The expenditure capitalised includes the cost of materials, direct labour and overhead costs that are directly attributable
to preparing the asset for its intended use. Borrowing costs related to the development of qualifying assets are recognised in profit or
loss as incurred. Other development expenditure is recognised in profit or loss as incurred.
Capitalised development expenditure is measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation
Amortisation is recognised in profit or loss on a straight-line basis over the estimated useful lives of intangible assets, other than
goodwill, to a maximum of three years.
Property, plant and equipment
Recognition and measurement
Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses.
When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major
components) of property, plant and equipment.
Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the
carrying amount of property, plant and equipment and are recognised net in the income statement.
Depreciation
Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part of an item of
property, plant and equipment. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is
reasonably certain that the Group will obtain ownership by the end of the lease term. Land is not depreciated.
The estimated useful lives for the current and comparative periods are as follows:
buildings 50 years
leasehold properties over the lease term
plant, equipment and tools 2 to 15 years
vehicles 4 years
Depreciation methods, useful lives and residual values are reviewed at each reporting date.
The carrying value of fixed assets is reviewed annually for impairment. Any impairment is charged to the income statement for the year.
Leased assets
The company leases certain assets. Leases in terms of which the Group assumes substantially all the risks and rewards of ownership are
classified as finance leases. Upon initial recognition the leased asset is measured at an amount equal to the lower of its fair value and
the present value of the minimum lease payments. Subsequent to initial recognition, the asset is accounted for in accordance with the
accounting policy applicable to that asset.
Other leases are operating leases and are not recognised on the Group's balance sheet. Payments made under operating leases are charged
to the profit and loss account on a straight-line basis.
Non-current assets held for sale
Non-current assets (or disposal groups comprising assets and liabilities) that are expected to be recovered primarily through sale
rather than through continuing use are classified as held for sale.
Immediately before classification as held for sale, the assets (or components of a disposal group) are remeasured in accordance with the
Group's accounting policies. Thereafter generally the assets (or disposal group) are measured at the lower of their carrying amount and fair
value less cost to sell.
Impairment losses on initial classification as held for sale and subsequent gains or losses on remeasurement are recognised in profit or
loss. Gains are not recognised in excess of any cumulative impairment loss.
Inventories
Inventories are measured at the lower of cost and net realisable value.
In the case of manufactured inventories and work in progress, cost includes an appropriate share of production overheads based on normal
operating capacity.
Net realisable value is the estimated selling price in the ordinary course of business, less the estimated cost of completion and
selling expenses.
Provisions are made against excess and obsolete inventories.
Cash and cash equivalents
These comprise cash balances and short term deposits and for the statement of cash flows they include bank overdrafts.
Revenue
Revenue comprises sales to third party customers, excluding value added tax and sales of fixed assets.
Sales are recognised when the significant risk and rewards of ownership of goods are transferred to the customer.
Long term contract revenues are recognised when the outcome of the transaction can be assessed reliably. Revenue is recognised by
reference to the stage of completion.
Income Tax
Income tax expense comprises current and deferred tax. Income tax expense is recognised in profit or loss except to the extent that it
relates to items recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the
reporting date, and any adjustment to tax payable in respect of previous years.
Deferred tax is recognised using the balance sheet method, providing for temporary differences between the carrying amounts of assets
and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that
are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted
by the reported date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax
liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax
entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised
simultaneously.
A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which the
temporary difference can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no
longer probable that the related tax benefit will be realised.
Finance income and expenses
Interest income is recognised as it accrues in profit or loss, using the effective interest method.
Finance expenses comprise interest expense on borrowings, unwinding of the discount on provisions, dividends on preference shares
classified as liabilities, and losses on hedging instruments that are recognised in profit or loss. All borrowing costs are recognised in
profit or loss using the effective interest method.
Foreign currency gains and losses are reported on a net basis.
Share capital
Ordinary shares
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options are
recognised as a deduction from equity, net of any tax effects.
Preference share capital
Preference share capital is classified as equity if it is non-redeemable, or redeemable only at the Company's option, and any dividends
are discretionary. Dividends thereon are recognised as distributions within equity upon approval by the Group's shareholders.
Preference share capital is classified as a liability if it is redeemable on a specific date or at the option of the shareholders, or if
dividend payments are not discretionary. Dividends thereon are recognised as interest expense in profit or loss as accrued.
Provisions
A provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be
estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are
determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of
money and the risks specific to the liability.
Foreign exchange
Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets
and liabilities denominated in foreign currencies at the balance sheet date are translated at the foreign exchange rate ruling at that date.
Foreign exchange differences arising on translation are recognised in the income statement. Non-monetary assets and liabilities that are
measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction.
Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated at foreign exchange rates
ruling at the dates the fair value was determined.
Earnings per share
The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the
profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the
period. Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of
ordinary shares outstanding for the effects of all dilutive potential ordinary shares, which comprise convertible notes and share options
granted to employees.
Government grants
Government grants in respect of capital expenditure are credited to a deferred income account and are released to the income account by
equal annual instalments over the expected useful lives of the relevant assets.
Financial instruments
Non-derivative financial instruments
Non-derivative financial instruments comprise investments in equity and debt securities, trade and other receivables, cash and cash
equivalents, loans and borrowings, and trade and other payables.
Non-derivative financial instruments are recognised initially at fair value plus, for instruments not at fair value through profit or
loss, any directly attributable transaction costs. Subsequent to initial recognition non-derivative financial instruments are measured as
described below.
Accounting for cash and cash equivalents and finance income and expense are discussed above.
Trade receivables
Trade receivables are recognised at fair value less any impairment loss. A provision for impairment of trade receivables is established
when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of receivables.
Trade payables
Trade payables are recognised at fair value. Trade payables are classified as current liabilities unless the Group has an unconditional
right to defer settlement of the liability for at least 12 months after the balance sheet date.
Financial assets at fair value through the profit or loss
An instrument is classified at fair value through profit or loss if it is held for trading or is designated as such upon initial
recognition. Financial instruments are designated at fair value through profit or loss if the Group manages such investments and makes
purchase and sale decisions based on the fair value in accordance with the Group's documented risk management or investment strategy. Upon
initial recognition attributable transaction costs are recognised in the profit or loss when incurred. Financial instruments at fair value
through the profit or loss are measured at fair value, and changes therein are recognised inn the profit or loss.
Other
Other non-derivative financial instruments are measured at amortised cost using the effective interest method, less any impairment
losses.
Lease payments
Payments made under operating leases are recognised in profit or loss on a straight-line basis over the term of the lease. Lease
incentives received are recognised as an integral part of the total lease expense, over the term of the lease.
Minimum lease payments made under finance leases are apportioned between the finance expenses and the reduction of the outstanding
liability. The finance expense is allocated to each period during the lease term so as to produce a constant periodic rate of interest on
the remaining balance of the liability.
Discontinued operations
A discontinued operation is a component of the Group's business that represents a separate major line of business or geographical area
of operations that has been disposed of or is held for sale, or is a subsidiary acquired exclusively with a view to resale. Classification
as a discontinued operation occurs upon disposal or when the operation meets the criteria to be classified as held for sale, if earlier.
When an operation is classified as a discontinued operation, the comparative income statement is re-presented as if the operation had been
discontinued from the start of the comparative period.
Post retirement benefits
The Group accounts for pensions and post retirement benefits under IAS 19 - Employee benefits. The Group's subsidiaries operate defined
contribution pension schemes whose assets are held separately from those of the Group in independently administered funds. The amount
charged to the income statement represents the contributions payable to the schemes in respect of the accounting period. The Group also
operates a pension scheme providing benefits based on final pensionable pay which was closed on 31 December 1995. The assets of the scheme
are held separately from those of the Group. Pension scheme assets are measured using market values at the bid price of those assets.
Pension scheme liabilities are measured using a projected unit method and discounted at the current rate of return on long term gilts of
equivalent term and currency to the liability. The pension scheme deficit is recognised in full. The movement in the deficit is split
between operating charges, finance items and, in the statement of recognised income and expense, actuarial gains and losses.
Share based payments
The share option scheme allows employees to acquire shares of the Company. The fair value of options 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 vesting period. The
fair value of the options granted is measured using an option pricing model, taking into account the terms and conditions upon which the
options were granted. The amount recognised as an expense is adjusted to reflect the actual number of share options that vest except where
forfeiture is only due to share prices not achieving the threshold for vesting.
Appendix 2
1. Reformat and restatement of net assets at 30 September 2007
2. Reformat and restatement of income statement for the year ended 30 September 2007
3. Reformat and restatement of net assets at 31 March 2007
4. Reformat and restatement of income statement for the period ended 31 March 2007
5. Reformat and restatement of net assets at 30 September 2006
Consolidated balance sheet 30 September 2007
Reclassifications
Restatements
UK GAAP As previously Current tax Deferred tax Interest bearing Trade & other UK GAAP
balances in Pensions Deferred tax - Restated in
reported loans & borrowings payables IFRS format
industrial buildings accordance with IFRS
IAS 19
£'000 £'000 £'000 £'000 £'000
£'000 £000 £'000 £'000
Fixed assets Non-current
assets
Intangible assets - positive - Intangible
assets - -
goodwill
Intangible assets - negative - Intangible
assets - - -
goodwill negative
goodwill
Tangible assets 2,195 Property,
plant and 2,195 2,195
equipment
127 Deferred tax
assets 127 162 16 305
2,195 - 127 - -
2,322 162 16 2,500
Current assets Current
assets
Land and buildings held for - Land and
buildings - -
resale held for
sale
Stocks 2,490 Inventories
2,490 2,490
Debtors 7,261 - (90) Trade and
other 7,171 7,171
receivables
- Corporation
tax - -
recoverable
Financial
assets - -
9,751 - (90) - -
9,661 - - 9,661
Current
liabilities
Creditors: amounts falling due (7,505) 134 520 5,710 Bank
overdraft (1,141) (1,141)
within one year
(520) Interest
bearing (520) (520)
loans and
borrowings
(5,710) Trade and
other (5,710) (5,710)
payables
(134) Income tax
payable (134) (134)
(7,505) - - - -
(7,505) - - (7,505)
Net current assets 2,246 - (90) - - Net current
assets 2,156 - - 2,156
Non-current
liabilities
Creditors - amounts falling (671) Interest
bearing (671) (671)
due after more than one year loans and
borrowings
Pension liabilities (355) Employee
benefits (355) (162) (517)
Provisions for liabilities and - (37) Deferred tax
(37) (37)
charges liabilities
(1,063) (162) - (1,225)
Net assets 3,415 - - - - Net assets
3,415 - 16 3,431
Capital and reserves Equity
Called up share capital 258 Issued
capital 258 258
Share premium 2,092 Share
premium 2,092 2,092
Profit and loss account 564 Retained
earnings 564 16 580
Merger reserve 501 Reserves
501 501
Shareholders' funds - equity 3,415 - - - -
Shareholders' funds 3,415 - 16 3,431
Consolidated Income Statement 30 September 2007
Reclassifications
Restatements
As previously As previously As previously
UK GAAP bal in IFRS Deferred tax Restated in
reported reported reported
format accordance with IFRS
Continuing Discontued Total Other finance costs Profit on sale
of Discontinued Total Negative goodwill Industrial buildings
operations operations (pension) fixed
assets operations - result
for year
IFRS 3
UK GAAP balances in UK GAAP £'000 £'000 £'000 £'000
£'000 £'000 UK GAAP balances in £'000 £'000 £'000
format
IFRS format
Continuing
operations
Turnover 32,838 6,756 39,594
(6,756) Revenue 32,838 32,838
Cost of sales (24,270) (5,506) (29,776)
5,506 Cost of sales (24,270) (24,270)
Gross profit 8,568 1,250 9,818
(1,250) Gross profit 8,568 - - 8,568
Distribution costs (1,018) - (1,018)
- Distribution (1,018) (1,018)
expenses
Administrative expenses (9,776) (2,375) (12,151)
(513) 2,375 Administrative (10,289) (2,500) (12,789)
expenses
Operating (loss)/profit before 940 (1,006) (66)
non-recurring operating items
& write off of goodwill
Non-recurring operating items (3,166) (119) (3,285)
and write off of goodwill
Operating (loss)/profit after (2,226) (1,125) (3,351)
1,125 Result from (2,739) (2,500) - (5,239)
non-recurring operating items
operating activities
& write off of goodwill
513 Profit on sale of 513 513
fixed assets
Profit on administration of 2,021
(2,021)
discontinued operations
(Loss)/profit on ordinary (1,330)
(Loss)/profit before (2,226) (2,500) - (4,726)
activities before interest and
financing costs
taxation
228
Financial income 228 228
Interest payable and similar (453) (276)
45 Financial expenses (684) (684)
charges
Other finance costs (48) 48
(Loss)/profit on ordinary (1,831)
(Loss)/profit before (2,682) (2,500) - (5,182)
activities before tax
tax
Taxation (charge)/credit on (122)
Income tax (122) 16 (106)
ordinary activities
(expense)/credit
Loss for the financial year (1,953)
(Loss)/profit for (2,804) (2,500) 16 (5,288)
the period from
continuing
operations
Discontinued
operations
851 Profit/(loss) from 851 851
discontinued
operation
(Loss)/profit for (1,953) (2,500) 16 (4,437)
the period
Consolidated balance sheet 31 March 2007
Reclassifications
Restatements
UK GAAP As previously Current tax Deferred tax Interest bearing Trade & other UK GAAP
balances in Release negative Amortisation of Pensions Assets held for sale Restated in
reported loans & borrowings payables IFRS
format goodwill positive goodwill accordance with IFRS
IFRS 3 IFRS 3 IAS 19
£000 £000 £000 £000 £000
£000 £000 £000 £000
Fixed assets
Non-current assets
Intangible assets - positive 948 Intangible
assets 948 25 973
goodwill
Intangible assets - negative (2,029) Intangible
assets - (2,029) 2,029 -
goodwill negative
goodwill
Tangible assets 3,152 Property,
plant and 3,152 3,152
equipment
166 Deferred
tax assets 166 254 420
2,071 - 166 - -
2,237 2,029 25 254 - 4,545
Current assets Current
assets
Land and buildings held for 6,463 Land and
buildings 6,463 6,463
resale held for
sale
Stocks 2,455
Inventories 2,455 2,455
Debtors 6,924 - Trade and
other 6,924 6,924
receivables
-
Corporation tax - -
recoverable
Financial
assets - -
15,842 - - - -
15,842 - - - - 15,842
Current
liabilities
Creditors: amounts falling due (10,531) - (54) 1,120 7,192 Bank
overdraft (2,273) (2,273)
within one year
(1,120) Interest
bearing (1,120) (1,120)
loans and
borrowings
(7,192) Trade and
other (7,192) (7,192)
payables
- Income tax
payable - -
(10,531) - (54) - -
(10,585) - - - - (10,585)
Net current assets 5,311 - (54) - - Net
current assets 5,257 - - - - 5,257
Non-current
liabilities
Creditors - amounts falling (3,436) Interest
bearing (3,436) (3,436)
due after more than one year loans and
borrowings
Pension liabilities (591) Employee
benefits (591) (254) (845)
Provisions for liabilities and - (112) Deferred
tax (112) (7) 26 (93)
charges
liabilities
(4,139) - (7) (254) 26 (4,374)
Net assets 3,355 - - - - Net assets
3,355 2,029 18 - 26 5,428
Capital and reserves Equity
Called up share capital 258 Issued
capital 258 258
Share premium 2,092 Share
premium 2,092 2,092
Profit and loss account 504 Retained
earnings 504 2,029 18 26 2,577
Merger reserve 501 Reserves
501 501
Shareholders' funds - equity 3,355 - - - -
Shareholders' funds 3,355 2,029 18 - 26 5,428
Consolidated Income Statement 31 March 2007
Reclassifications
Restatements
As previously Other finance costs Discont. Revenue Discont.
Operating Discont. Discontin. Profit on Discont. Interest Cost of sales to Dist. costs to show Admin exp to show on
UK GAAP bal in IFRS Negative goodwill Positive goodwill Assets held for sale Restated in
reported loss before
non-rec Non-reccuring admin show on face of P&L on face of P&L face of P&L
format accordance with IFRS
operating items
IFRS 3 IFRS 3
UK GAAP balances in UK GAAP format £'000 £'000 £'000
£'000 £'000 £'000 £'000 £'000 £'000 £'000 UK
GAAP balances in £'000 £'000 £'000
IFRS
format
Continuing
operations
Turnover - continuing operations - Group 9,823
- Pressings 7,616
- discontinued operations 6,756
24,195 (6,756)
Revenue 17,439 17,439
(11,753) Cost
of sales (11,753) (11,753)
Gross profit 5,686 - - - 5,686
(490)
Distribution (490) (490)
expenses
(7,831)
Administration (7,831) (471) 25 (8,277)
expenses
Operating (loss)/profit before non-recurring operating items
- continuing - Group 220
operations
- Pressings 314
- discontinued operations (1,006)
(472)
Non-recurring operating items
Continuing (3,169)
Discointinued (119)
(3,288)
Operating (loss)/profit after non-recurring operating items (3,760)
1,006 119
Result from (2,635) (471) 25 - (3,081)
operating activities
Profit on administration of discontinued operations 2,021
(2,021)
Profit on sale of -
fixed assets
(Loss)/profit before (2,635) (471) 25 - (3,081)
financing costs
115
Financial income 115 115
Interest payable (295) (143)
45
Financial expenses (393) (393)
Other finance costs (28) 28
(Loss)/profit before tax (2,062)
(Loss)/profit before (2,913) (471) 25 - (3,359)
tax
Tax -
Income tax - (7) 26 19
(expense)/credit
(Loss)/profit from continuing operations (2,062)
(Loss)/profit for (2,913) (471) 18 26 (3,340)
the
period from
continuing
operations
Discontinued
operations
(1,006) (119) 2,021 (45)
Profit/(loss) from 851 851
discontinued
operation
(Loss)/profit for (2,062) (471) 18 26 (2,489)
the
period
Consolidated balance sheet 1 October 2006
Reclassifications
Adjustments
UK GAAP As previously Current tax Deferred tax Interest bearing Trade & other UK GAAP
balances in Release negative Pension Restated in
reported loans & borrowings payables IFRS format
goodwill accordance with IFRS
IFRS 3 IAS 19
£000 £000 £000 £000 £000
£000 £000 £000
Fixed assets Non-current
assets
Intangible assets - positive 973 Intangible
assets 973 973
goodwill
Intangible assets - negative (2,500) Intangible
assets - (2,500) 2,500 -
goodwill negative
goodwill
Tangible assets 12,270 Property,
plant and 12,270 12,270
equipment
166 Deferred tax
assets 166 254 420
10,743 - 166 - -
10,909 2,500 254 13,663
Current assets Current
assets
Land and buildings held for 735 Land and
buildings 735 735
resale held for
sale
Stocks 5,192 Inventories
5,192 5,192
Debtors 12,207 (152) Trade and
other 12,055 12,055
receivables
152 Current tax
assets 152 152
Financial
assets - -
18,134 - - - -
18,134 - - 18,134
Current
liabilities
Creditors: amounts falling due (18,252) 1 1,278 12,508 Bank
overdraft (4,465) (4,465)
within one year
(1,278) Interest
bearing (1,278) (1,278)
loans and
borrowings
(12,508) Trade and
other (12,508) (12,508)
payables
(1) Income tax
payable (1) (1)
(18,252) - - - -
(18,252) - - (18,252)
Net current assets (118) - - - - Net current
assets (118) - - (118)
Non-current
liabilities
Creditors - amounts falling (4,501) Interest
bearing (4,501) (4,501)
due after more than one year loans and
borrowings
Pension liabilities (591) Employee
benefits (591) (254) (845)
Provisions for liabilities and (65) (166) Deferred tax
(231) (231)
charges liabilities
(5,323) - (254) (5,577)
Net assets 5,468 - - - - Net assets
5,468 2,500 - 7,968
Capital and reserves Equity
Called up share capital 258 Issued
capital 258 258
Share premium 2,092 Share
premium 2,092 2,092
Profit and loss account 2,617 Retained
earnings 2,617 2,500 5,117
Merger reserve 501 Reserves
501 501
Shareholders' funds - equity 5,468 - - - -
Shareholders' funds 5,468 2,500 - 7,968
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BRGDUIBDGGII
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