Ensor Holdings PLC
Transition to International Financial Reporting Standards
Ensor Holdings PLC ("Ensor" or "the Group") is reporting its interim financial
results for the six months ended 30 September 2007 under International
Financial Reporting Standards ("IFRS"), including the restated comparatives for
the six months to 30 September 2006. This statement presents and explains the
conversion of the Group's results as previously reported under UK Generally
Accepted Accounting Principles ("UK GAAP") into an IFRS basis for the year
ended 31 March 2007.
The key changes for the Group are as follows:
The primary changes arising from the restatement are as follows:
Non-amortisation of goodwill (IFRS 3)
Restatement of properties at deemed cost at the transition date, 1 April 2006
(IFRS 1)
Provision of deferred tax against property revaluations (IAS 12)
The effects of these changes are as follows:
Increase in profit before tax of �129,000 for the year ended 31 March 2007
Increase in earnings per share for the same period from 2.9p to 3.3p
Increase of �594,000 in equity shareholders' funds at 31 March 2007
Full details are set out in this announcement.
Enquiries:
Ensor Holdings PLC
Marcus Chadwick
0161 945 5953
Hanson Westhouse Limited
Tim Feather / Matthew Johnson
0113 246 2610
Introduction
As a London Stock Exchange AIM listed company, Ensor Holdings PLC is required
to prepare its consolidated accounts in accordance with International
Accounting Standards (IAS) and International Financial Reporting Standards
(IFRS), for all accounting periods commencing after 1 January 2007.
Consolidated accounts in respect of periods prior to this were prepared in
accordance with UK Generally Accepted Accounting Principles (UK GAAP). A
requirement of IFRS is that comparative figures reported in the consolidated
accounts are also prepared under IFRS. Therefore, the results for the year
ended 31 March 2007 and the interim results for the period ended 30 September
2006 must be restated in accordance with the IFRS accounting policies. This
also requires that the opening position for the year ended 31 March 2007 is
restated and so 1 April 2006 is defined as the "transition date".
This report, together with its appendices, shows the impact of the transition
to IFRS on the Group's reported performance and financial position, and
reconciles this to previously reported financial information with relevant
explanations and reasons for the adjustments.
The directors are responsible for the preparation of the restated financial
information and the IFRS restatement report was approved by the board of
directors on 12 December 2007.
The interim statement for the six months ended 30 September 2007 and the annual
report for the year ended 31 March 2008 will be prepared under IFRS.
The primary changes arising from the restatement are as follows:
Non-amortisation of goodwill (IFRS 3);
Restatement of properties at deemed cost at the transition date, 1 April 2006
(IFRS 1);
Provision of deferred tax against property revaluations (IAS 12).
The effects of these changes are as follows:
Increase in profit before tax of �129,000 for the year ended 31 March 2007;
Increase in earnings per share for the same period from 2.9p to 3.3p;
Increase of �594,000 in equity shareholders' funds at 31 March 2007.
Consolidated Income Statements
for the year ended 31 March 2007 and the period ended 30 September 2006
Year ended 31
March Period ended 30
September 2006
2007
�'000 �'000 �'000 �'000
Revenue 28,277 14,010
Cost of sales (19,377) (9,598)
______ ______
Gross profit 8,900 4,412
Distribution costs (1,503) (740)
Administrative expenses (5,754) (2,778)
______ ______
(7,257) (3,518)
______ ______
Operating profit 1,643 894
Financial expenses (237) (117)
______ ______
Profit before tax 1,406 777
Income tax expense (420) (229)
______ ______
Profit for the period attributable to 986 548
equity shareholder
______ ______
Earnings per share
Basic 3.3p 1.9p
______ ______
Consolidated Balance Sheets
at 31 March 2007, 30 September 2006 and 1 April 2006
At 31 March At 30 September At 1 April
2007 2006 2006
�'000 �'000 �'000
ASSETS
Non-current assets
Property, plant and equipment 5,496 5,556 5,666
Intangible assets 2,833 2,833 2,833
______ ______ ______
Total non-current assets 8,329 8,389 8,499
______ ______ ______
Current assets
Inventories 4,392 4,575 4,369
Trade and other receivables 6,047 6,411 5,768
______ ______ ______
Total current assets 10,439 10,986 10,137
______ ______ ______
Total assets 18,768 19,375 18,636
______ ______ ______
EQUITY AND LIABILITIES
Equity
Share capital 2,945 2,945 2,941
Share premium 470 470 470
Revaluation reserve 871 874 877
Retained earnings 6,539 5,692 5,325
______ ______ ______
Total equity attributable to equity 10,825 9,981 9,613
shareholder
______ ______ ______
Non-current liabilities
Interest bearing loans - - 54
Retirement benefit obligations 1,033 1,602 1,628
Deferred tax 97 104 107
______ ______ ______
Total non-current liabilities 1,130 1,706 1,789
______ ______ ______
Current liabilities
Bank overdraft 1,604 2,179 2,249
Interest bearing loans 54 159 212
Trade and other payables 5,155 5,350 4,773
______ ______ ______
Total current liabilities 6,813 7,688 7,234
______ ______ ______
Total equity and liabilities 18,768 19,375 18,636
______ ______ ______
Other Statements
for the year ended 31 March 2007 and the period ended 30 September 2006
CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
Year ended 31 March 2007 Period ended 30 September 2006
�'000 �'000
Profit for the period 986 548
Actuarial gain 743 -
Related deferred tax (222) -
______ ______
1,507 548
______ ______
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Year ended 31 March Period ended 30 September
2007 2006
�'000 �'000
Opening equity 9,613 9,613
Recognised gains for the 1,507 548
period
Dividends paid (299) (184)
Issue of shares 4 4
______ ______
10,825 9,981
______ ______
Consolidated Cash Flow Statements
for the year ended 31 March 2007 and the period ended 30 September 2006
Year ended 31 Period ended 30
March 2007 September 2006
�'000 �'000
Cash flows from operating activities
Profit for the period 986 548
Depreciation charge 492 240
Profit on disposal of property, plant (3) (1)
& equipment
Contribution to defined benefit (148) (38)
pension scheme
Finance expense 237 117
Income tax expense 420 229
_______ _______
Operating cash flow before changes in 1,984 1,095
working capital
(Increase)/decrease in inventories (23) 206
Increase in receivables (279) (643)
Increase/(decrease) in payables 267 (55)
_______ _______
1,949 603
Interest paid (196) (117)
Income taxes paid (282) -
_______ _______
Net cash generated from operating 1,471 486
activities
_______ _______
Cash flows from investing activities
Proceeds from sale of property, plant 82 -
and equipment
Acquisition of property, plant and (401) (129)
equipment
_______ _______
Net cash absorbed by investing (319) (129)
activities
_______ _______
Cash flows from financing activities
Issue of ordinary share capital 4 4
Repayment of loans (200) (100)
Capital element of finance lease (12) (7)
payments
Equity dividends paid (299) (184)
_______ _______
Net cash absorbed by financing (507) (287)
activities
_______ _______
Net increase in cash and equivalents 645 70
______ ______
Notes to the Restated Financial Statements
Basis of preparation
The restated information has been prepared in accordance with International
Financial Reporting Standards (IFRS), Standing Interpretations Committee (SIC),
International Financial Reporting Interpretations Committee (IFRIC) and
interpretations issued by the International Accounting Standards Board (IASB)
that are either endorsed by the EU and effective (or available for early
adoption) or are expected to be endorsed and effective (or available for early
adoption) for the Group's first IFRS annual financial statements for the year
ending 31 March 2008 (the first annual IFRS consolidated accounts).
Transitional arrangements
The requirements for first time adoption of IFRS are set out in IFRS1, "First
Time Adoption of International Financial Reporting Standards". IFRS 1 sets out
various exceptions and exemptions from the principle of full retrospective
adoption of IFRS. The Group has taken advantage of the following exemptions
permitted by IFRS1:
Cumulative translation differences
Cumulative translation differences have been set to zero at 1 April 2007;
Share based payments
The Group has elected not to apply the provisions of IFRS2, "Share Based
Payments" to share options granted on or before 7 November 2002.
Significant changes to accounting policies
The effects of the changes to accounting policies on the previously reported
financial statements are shown in the appendices to this report. The major
differences in treatment between UK GAAP and IFRS are as follows:
IFRS 3 Business Combinations
IFRS 3 requires that businesses do not amortise purchased goodwill, but instead
conduct an annual impairment review to assess the carrying value of the
goodwill held on the balance sheet. The effect on the reported results has
been to reinstate previously written-off goodwill to the value of �695,000 in
the balance sheet at 31 March 2007.
IFRS 1 First Time Adoption
The Group's properties were revalued at 31 March 2007. The rules governing the
transition from UK GAAP to IFRS require that properties are stated at fair
value at the transition date (1 April 2006). The directors are of the opinion
that the fair value at the date of transition approximates to the revalued
amount at 31 March 2007 after adding back a year's depreciation on the
buildings. IFRS 1 requires that any adjustment in arriving at the deemed cost
of the properties is made to retained earnings rather than a revaluation
reserve. Hence the amount of �2,122,000 held in the revaluation reserve at 31
March 2007 in respect of this most recent revaluation has been transferred to
the retained earnings reserve.
IAS 12 Income Taxes
IAS 12 contrasts with UK GAAP in that it requires provision to be made for
deferred tax on property revaluations. The total deferred tax liability of �
347,000 has been offset against the Group's capital losses available for the
purpose (which would generate a deferred tax asset of �240,000) to reduce the
balance sheet total at 31 March 2007 by �107,000.
Revised Accounting Policies
Basis of preparation
The Group financial statements have been prepared under the historical cost
convention, with the exception of the Group's properties which have been stated
at deemed cost in accordance with the transition requirements of IFRS.
Basis of consolidation
Where the Company has the power, either directly or indirectly, to govern the
financial and operating policies of another entity so as to obtain benefits
from its activities, the entity is classified as a subsidiary. The
consolidated financial statements present the results of the Company and its
subsidiaries (The Group) as if they formed one single entity. Intercompany
transactions and balances between Group companies are therefore eliminated in
full.
The consolidated financial statements incorporate the results of business
combinations using the purchase method. In the consolidated balance sheet, the
subsidiary's identifiable assets, liabilities and contingent liabilities are
initially recognised at their fair values at the acquisition date. The results
of acquired operations are included in the consolidated income statement from
the date on which control is obtained.
Use of estimates and judgements
The preparation of financial statements requires the Directors to make
judgements, estimates and assumptions that affect the application of accounting
policies and the reported amounts of assets, liabilities, income and expense.
Actual results may differ from these estimates. Estimates and underlying
assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised.
Revenue
Revenue is measured at the fair value of the consideration received or
receivable and represents amounts receivable for goods and services provided in
the normal course of business, net of discounts, rebates and sales related
taxes. Sales of goods are recognised when goods have been delivered and title
in those goods has passed. Rebates are recognised at their anticipated level
as soon as any liability is expected to arise.
Foreign currencies
The financial statements are presented in pounds sterling, which is the Group's
main functional currency. Foreign currency transactions are translated into
sterling using the exchange rates prevailing at the dates of the transactions.
Foreign exchange gains and losses resulting from settlement of such
transactions and from the translation, at period-end exchange rates, of
monetary assets and liabilities denominated in foreign currencies are
recognised in the income statement.
Financing costs
Net financing costs comprise interest payable, finance charges on finance
leases, interest receivable on funds invested, and net returns on the pension
scheme net investment. Net interest is recognised in the income statement as it
accrues, using the effective interest method.
Goodwill
Goodwill arises from the acquisition of businesses and represents the
difference between the cost of acquisition and the fair value of the
identifiable assets, liabilities and contingent liabilities acquired.
Identifiable intangibles are those which can be sold separately or which arise
from legal rights, regardless of whether those rights are separable.
Goodwill is capitalised and subject to an impairment review, both annually and
when there are indications that the carrying value may not be recoverable.
Negative goodwill arising on an acquisition is recognised in the income
statement.
Impairment
Assets which have an indefinite useful life are not subject to amortisation and
are tested for impairment at each balance sheet date. Assets subject to
depreciation and amortisation are reviewed for impairment whenever events or
circumstances indicate that the carrying amount may not be recoverable. An
impairment loss is recognised in the income statement based on the amount by
which the carrying value exceeds the recoverable amount. The recoverable
amount is the higher of the fair value less the costs to sell, and value in
use.
Provisions
Provisions are recognised when the Group has a present obligation (legal or
constructive) as a result of a past event, and it is probable that an outflow
of resources will be required to settle that obligation. Provisions are
measured at the Directors' best estimate of the expenditure required to settle
the obligation at the balance sheet date, and are discounted to present values
where the effect is material.
Property, plant and equipment
Land, buildings, plant and equipment held for use in the business are carried
in the balance sheet at cost less any subsequent depreciation and impairment
losses.
In accordance with IFRS, fair value is used as the deemed cost for land and
buildings at the date of transition. The surplus arising on the revaluation of
the land and buildings is credited to retained earnings in accordance with
IFRS1. Depreciation on the revalued buildings is charged to income.
Depreciation is provided to write off the cost, less estimated residual values,
of all property, plant and equipment over the estimated useful life of the
assets. It is calculated at the following rates:
Freehold buildings 2% per annum on cost or valuation
Plant and equipment between 10% and 33%
Vehicles between 12.5% and 33%
Inventory
Inventories are stated at the lower of cost and net realisable value. Cost is
based on the first in, first out principle and includes expenditure incurred in
acquiring the inventories and bringing them to their existing location and
condition. In the case of manufactured inventories and work-in-progress, cost
includes an appropriate share of overhead based on normal operating capacity.
Financial instruments
Financial instruments are recognised when the Group becomes a party to the
contractual provisions of the instrument. The principal financial assets and
liabilities of the Group are as follows:
Trade receivables
Trade receivables are initially recognised at fair value and then are stated at
amortised cost.
Cash and equivalents
For the purposes of the cash flow statement, cash and cash equivalents comprise
cash at bank and in hand, including bank deposits with original maturities of
three months or less. Bank overdrafts are also included as they are an
integral part of the Group's cash management.
Trade payables
Trade payables are initially recognised at fair value and are then stated at
amortised cost.
Bank and other financial instruments
Interest bearing bank loans and overdrafts and other loans are recognised
initially at fair value. All borrowings are subsequently stated at amortised
cost, with the difference between initial net proceeds and redemption values
recognised in the income statement over the period to redemption.
Derivative financial instruments
The Group uses financial instruments to manage financial risks associated with
the Group's underlying business activities and the financing of those
activities. The Group does not undertake any trading in financial instruments.
Derivatives are initially recognised at fair value on the contract date and are
subsequently re-measured in future periods at fair value. The methods of
recognising the resulting change in fair value is dependent on whether the
derivative is designed as a hedging instrument. Where a derivative financial
instrument is designated as a hedge of the variability in cash flows of a
recognised asset or liability, the effective part of any gain or loss on the
derivative is recognised directly in the hedging reserve. Any ineffective
portion of the hedge is recognised immediately in the income statement.
Leased assets
Leases are classified as finance leases when the terms of the lease transfer
substantially all the risks and rewards of ownership to the Group. All other
leases are classified as operating leases.
Assets held as finance leases are recognised as assets of the Group at their
fair value or, if lower, at the present value of the minimum lease payments
during the lease term at the inception of the lease. Lease payments are
apportioned between the reduction of the lease liability and finance charges,
which are charged to income on a straight line basis. The assets are
depreciated over the remaining useful life of the asset.
Lease payments in respect of assets held under operating leases are charged
directly to the income statement. Payments made to acquire operating leases
are treated as prepayments and charged to income during the period of the
lease.
Taxation
Income tax expense represents the sum of the current tax and the deferred tax.
Current tax is based upon the profit for the year. The Group's liability for
current tax is calculated using tax rates that have been enacted or
substantively enacted by the balance sheet date.
Deferred tax is provided in full, using the liability method, on temporary
timing differences arising between the assets and liabilities and their
carrying amounts in the consolidated financial statements. The Group's
liability for deferred tax is calculated using tax rates that have been enacted
or substantively enacted by the balance sheet date, or at the rates that are
expected to apply when the related deferred income tax asset is realised or
deferred tax liability is settled.
Deferred tax assets are recognised to the extent that it is probable that
future taxable profits will be available against which the temporary
differences can be utilised.
Deferred tax assets and liabilities are not discounted. Deferred tax assets
and liabilities may be set off against each other provided there is a legal
right to do so and it is the Directors' intention to do so.
Pensions
The Group operates a number of defined contribution schemes. For these schemes
the amount charged to income in respect of pension costs and other
post-retirement benefits is the amount of the contributions payable in the
year. Differences between contributions payable and paid are accrued or
prepaid.
The defined benefits scheme previously operated by the Group ceased to accrue
benefits on 31 March 2006. For this scheme, amounts charged to income are the
current service costs and gains and losses on settlements and curtailments.
The interest cost and the expected return on assets are shown as a net amount
of other finance costs or credits.
Share based payments
The Group has applied the requirements of IFRS 2, Share-based Payments, to all
options granted after 7 November 2002 that were unvested at 1 April 2006.
The Group issues equity-settled share based payments to certain employees.
These equity-settled share-based payments are measured at fair-value at the
date of the grant. The fair value as determined at the grant date is expensed
on a straight-line basis over the vesting period, based on the Group's estimate
of shares that will eventually vest.
Fair value is measure by use of recognised options valuation models.
The Group adopted FRS20, Share-based Payments (the UK GAAP equivalent of IFRS
2), for the first time in its annual report for the year ended 31 March 2007.
Segmental analysis
A business segment is a group of assets and operations engaged in providing
products or services that are subject to risks and returns which differ from
those of other business segments. Income and expenditure arising directly from
a business segment are identified to that segment. Income and expenditure
arising from central operations which relate to the Group as a whole or cannot
reasonably be allocated between segments are apportioned on the basis of the
individual segments' earnings.
Reconciliation of Consolidated Income Statement from UK GAAP to IFRS
for the year ended 31 March 2007
______________________________________________________________________________________
Previously IAS12 31 March
reported under IFRS3 IFRS1 Deferred 2007
UK GAAP Goodwill Adoption tax IFRS
�'000 �'000 �'000 �'000 �'000
Revenue 28,277 - - - 28,277
Cost of sales (19,377) - - - (19,377)
______ ______ ______ ______ ______
Gross profit 8,900 - - - 8,900
Distribution costs (1,503) - - - (1,503)
Administrative expenses (5,735) - (19) - (5,754)
Amortisation of goodwill (142) 142 - - -
______ ______ ______ ______ ______
Operating profit 1,520 142 (19) - 1,643
Financial expenses (237) - - - (237)
______ ______ ______ ______ ______
Profit before tax 1,283 142 (19) - 1,406
Income tax expense (426) - 6 - (420)
______ ______ ______ ______ ______
Profit for the period 857 142 (13) - 986
______ ______ ______ ______ ______
Earnings per share
Basic 2.9p 0.5p -0.1p 0.0p 3.3p
______ ______ ______ ______ ______
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
Profit for the period 857 142 (13) - 986
Actuarial gain 743 - - - 743
Related deferred tax (222) - - - (222)
Revaluation of freehold properties 2,122 - (2,122) - -
______ ______ ______ ______ ______
3,500 142 (2,135) - 1,507
______ ______ ______ ______ ______
Reconciliation of Consolidated Income Statement from UK GAAP to IFRS
for the period ended 30 September 2006
______________________________________________________________________________________
Previously IAS12
reported under UK IFRS3 IFRS1 Deferred 30 September
GAAP Goodwill Adoption tax 2007 IFRS
�'000 �'000 �'000 �\'000 �'000
Revenue 14,010 - - - 14,010
Cost of sales (9,598) - - - (9,598)
______ ______ ______ ______ ______
Gross profit 4,412 - - - 4,412
Distribution costs (740) - - - (740)
Administrative expenses (2,769) - (9) - (2,778)
Amortisation of goodwill (71) 71 - - -
______ ______ ______ ______ ______
Operating profit 832 71 (9) - 894
Financial expenses (117) - - - (117)
______ ______ ______ ______ ______
Profit before tax 715 71 (9) - 777
Income tax expense (232) - 3 - (229)
______ ______ ______ ______ ______
Profit for the period 483 71 (6) - 548
______ ______ ______ ______ ______
Earnings per share
Basic 1.6p 0.2p 0.0p 0.0p 1.9p
______ ______ ______ ______ ______
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
Profit for the period 483 71 (6) - 548
______ ______ ______ ______ ______
Reconciliation of Consolidated Balance Sheet from UK GAAP to IFRS
at 31 March 2007
______________________________________________________________________________________
Previously IAS12
reported under IFRS3 IFRS1 Deferred 31 March
UK GAAP Goodwill Adoption tax 2007 IFRS
�'000 �'000 �'000 �'000 �'000
ASSETS
Non-current assets
Property, plant and equipment 5,496 - - - 5,496
Intangible assets 2,138 695 - - 2,833
______ ______ ______ ______ ______
7,634 695 - - 8,329
______ ______ ______ ______ ______
Current assets
Inventories 4,392 - - - 4,392
Trade and other receivables 6,051 - - (4) 6,047
______ ______ ______ ______ ______
10,443 - - (4) 10,439
______ ______ ______ ______ ______
Total assets 18,077 695 - (4) 18,768
______ ______ ______ ______ ______
EQUITY AND LIABILITIES
Equity
Share capital 2,945 - - - 2,945
Share premium 470 - - - 470
Revaluation reserve 2,993 - (2,122) - 871
Retained earnings 3,823 695 2,128 (107) 6,539
______ ______ ______ ______ ______
10,231 695 6 (107) 10,825
______ ______ ______ ______ ______
Non-current liabilities
Retirement benefit obligations 1,033 - - - 1,033
Deferred tax - - (6) 103 97
______ ______ ______ ______ ______
1,033 - (6) 103 1,130
______ ______ ______ ______ ______
Current liabilities
Bank overdraft 1,604 - - - 1,604
Interest bearing loans 54 - - - 54
Trade and other payables 5,155 - - - 5,155
______ ______ ______ ______ ______
6,813 - - - 6,813
______ ______ ______ ______ ______
Total equity and liabilities 18,077 695 - (4) 18,768
______ ______ ______ ______ ______
STATEMENT OF CHANGES IN EQUITY
Opening equity 7,026 553 2,141 (107) 9,613
Recognised gains for period 3,500 142 (2,135) - 1,507
Dividends paid (299) - - - (299)
Issue of shares 4 - - - 4
______ ______ ______ ______ ______
10,231 695 6 (107) 10,825
______ ______ ______ ______ ______
Reconciliation of Consolidated Balance Sheet from UK GAAP to IFRS
at 30 September 2006
Previously IAS12 30 Sept
reported under IFRS3 IFRS1 Deferred 2006
UK GAAP Goodwill Adoption tax IFRS
�'000 �'000 �'000 �'000 �'000
ASSETS
Non-current assets
Property, plant and equipment 3,424 - 2,132 - 5,556
Intangible assets 2,209 624 - - 2,833
______ ______ ______ ______ ______
5,633 624 2,132 - 8,389
______ ______ ______ ______ ______
Current assets
Inventories 4,575 - - - 4,575
Trade and other receivables 6,411 - - - 6,411
______ ______ ______ ______ ______
10,986 - - - 10,986
______ ______ ______ ______ ______
Total assets 16,619 624 2,132 - 19,375
______ ______ ______ ______ ______
EQUITY AND LIABILITIES
Equity
Share capital 2,945 - - - 2,945
Share premium 470 - - - 470
Revaluation reserve 874 - - - 874
Retained earnings 3,040 624 2,135 (107) 5,692
______ ______ ______ ______ ______
7,329 624 2,135 (107) 9,981
______ ______ ______ ______ ______
Non-current liabilities
Retirement benefit obligations 1,602 - - - 1,602
Deferred tax - - (3) 107 104
______ ______ ______ ______ ______
1,602 - (3) 107 1,706
______ ______ ______ ______ ______
Current liabilities
Bank overdraft 2,179 - - - 2,179
Interest bearing loans 159 - - - 159
Trade and other payables 5,350 - - - 5,350
______ ______ ______ ______ ______
7,688 - - - 7,688
______ ______ ______ ______ ______
Total equity and liabilities 16,619 624 2,132 - 19,375
______ ______ ______ ______ ______
STATEMENT OF CHANGES IN EQUITY
Opening equity 7,026 553 2,141 (107) 9,613
Recognised gains for period 483 71 (6) - 548
Dividends paid (184) - - - (184)
Issue of shares 4 - - - 4
______ ______ ______ ______ ______
7,329 624 2,135 (107) 9,981
______ ______ ______ ______ ______
Reconciliation of Consolidated Balance Sheet from UK GAAP to IFRS
at 1 April 2006
1
April
Previously IAS12
reported under UK IFRS3 IFRS1 Deferred 2006
GAAP Goodwill Adoption tax IFRS
�'000 �'000 �'000 �'000 �'000
ASSETS
Non-current assets
Property, plant and equipment 3,525 - 2,141 - 5,666
Intangible assets 2,280 553 - - 2,833
______ ______ ______ ______ ______
5,805 553 2,141 - 8,499
______ ______ ______ ______ ______
Current assets
Inventories 4,369 - - - 4,369
Trade and other receivables 5,768 - - - 5,768
______ ______ ______ ______ ______
10,137 - - - 10,137
______ ______ ______ ______ ______
Total assets 15,942 553 2,141 - 18,636
______ ______ ______ ______ ______
EQUITY AND LIABILITIES
Equity
Share capital 2,941 - - - 2,941
Share premium 470 - - - 470
Revaluation reserve 877 - - - 877
Retained earnings 2,738 553 2,141 (107) 5,325
______ ______ ______ ______ ______
7,026 553 2,141 (107) 9,613
______ ______ ______ ______ ______
Non-current liabilities
Interest bearing loans 54 - - - 54
Retirement benefit obligations 1,628 - - - 1,628
Deferred tax - - - 107 107
______ ______ ______ ______ ______
1,682 - - 107 1,789
______ ______ ______ ______ ______
Current liabilities
Bank overdraft 2,249 - - - 2,249
Interest bearing loans 212 - - - 212
Trade and other payables 4,773 - - - 4,773
______ ______ ______ ______ ______
7,234 - - - 7,234
______ ______ ______ ______ ______
Total equity and liabilities 15,942 553 2,141 - 18,636
______ ______ ______ ______ ______
Reconciliation of Consolidated Cash Flow from UK GAAP to IFRS
for the year ended 31 March 2007
Previously IAS12 31 March
reported under IFRS3 IFRS1 Deferred 2007
UK GAAP Goodwill Adoption tax IFRS
�'000 �'000 �'000 �'000 �'000
Cash flows from operating
activities
Profit for the period 857 142 (13) - 986
Depreciation charge 473 - 19 - 492
Amortisation of goodwill 142 (142) - - -
Profit on disposal of
property, plant and
equipment (3) - - - (3)
Contribution to defined
benefit pension scheme (148) - - - (148)
Finance expense 237 - - - 237
Income tax expense 426 - 6 - 420
______ ______ ______ ______ ______
Operating cash flow
before changes in working
capital 1,984 - - - 1,984
Increase in inventories (23) - - - (23)
Increase in receivables (279) - - - (279)
Increase in payables 267 - - - 267
______ ______ ______ ______ ______
1,949 - - - 1,949
Interest paid (196) - - - (196)
Income taxes paid (282) - - - (282)
______ ______ ______ ______ ______
Net cash generated from
operating activities 1,471 - - - 1,471
______ ______ ______ ______ ______
Proceeds from sale of
property, plant and 82 - - - 82
equipment
Acquisition of property, (401) - - - (401)
plant and equipment
______ ______ ______ ______ ______
Cash flows from investing (319) - - - (319)
activities
______ ______ ______ ______ ______
Issue of ordinary share 4 - - - 4
capital
Repayment of loans (200) - - - (200)
Capital element of
finance lease payments (12) - - - (12)
Equity dividends paid (299) - - - (299)
______ ______ ______ ______ ______
Cash flows from financing (507) - - - (507)
activities
______ ______ ______ ______ ______
Net increase in cash and 645 - - - 645
equivalents
Reconciliation of consolidated cash flow from UK GAAP to IFRS
for the period ended 30 September 2006
Previously IAS12 30
reported under IFRS3 IFRS1 Deferred September
UK GAAP Goodwill Adoption tax 2006 IFRS
�'000 �'000 �'000 �'000 �'000
Cash flows from
operating activities
Profit for the period 483 71 (6) - 548
Depreciation charge 231 - 9 - 240
Amortisation of
goodwill 71 (71) - - -
Profit on disposal of
property, plant and
equipment (1) - - - (1)
Contribution to defined
benefit pension scheme (38) - - - (38)
Finance expense 117 - - - 117
Income tax expense 232 - 3 - 229
______ ______ ______ ______ ______
Operating cash flow
before changes
in working capital 1,095 - - - 1,095
Decrease in inventories 206 - - - 206
Increase in receivables (643) - - - (643)
Decrease in payables (55) - - - (55)
______ ______ ______ ______ ______
603 - - - 603
Interest paid (117) - - - (117)
Income taxes paid - - - - -
______ ______ ______ ______ ______
Net cash generated from
operating activities 486 - - - 486
______ ______ ______ ______ ______
Proceeds from sale of
property, plant and
equipment - - - - -
Acquisition of
property, plant and
equipment (129) - - - (129)
______ ______ ______ ______ ______
Cash flows from
investing activities (129) - - - (129)
______ ______ ______ ______ ______
Issue of ordinary share
capital 4 - - - 4
Repayment of loans (100) - - - (100)
Capital element of
finance lease payments (7) - - - (7)
Equity dividends paid (184) - - - (184)
______ ______ ______ ______ ______
Cash flows from
financing activities (287) - - - (287)
______ ______ ______ ______ ______
Net increase in cash
and equivalents 70 - - - 70
______ ______ ______ ______ ______
END
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