Ensor Holdings PLC Preliminary Results -3-
June 13 2014 - 2:00AM
UK Regulatory
Proceeds from sale of subsidiary 613 -
Proceeds from disposal of assets held for - 150
sale
Acquisition of property, plant and equipment (721) (569)
_______ _______
Net cash used in investing activities (11) (366)
_______ _______
Cash flows from financing activities
Equity dividends paid (389) (280)
Issue of shares 50 -
Purchase of treasury shares (295) -
Amounts repaid in respect of finance leases (20) (22)
Loan repayments (267) (583)
_______ _______
Net cash used in financing activities (921) (885)
_______ _______
Net increase in cash and cash equivalents 1,536 104
Opening cash and cash equivalents (951) (1,055)
_______ _______
Closing cash and cash equivalents 585 (951)
_______ _______
.
Accounting Policies and Notes to the Final Results
for the year ended 31 March 2014
______________________________________________________________________________________
1. Basis of preparation
The consolidated financial statements of Ensor Holdings PLC have been prepared
in accordance with the Companies Act 2006 and International Financial Reporting
Standards (IFRS) as adopted by the European Union in accordance with the rules
of the London Stock Exchange for companies trading securities on the
Alternative Investment Market. The group financial statements have been
prepared under the historical cost convention, as modified by the revaluation
of land and buildings, and derivative financial instruments at fair value
through profit or loss. The principal accounting policies adopted by the group
are set out below.
2. Prior period adjustment and representation of the financial statements
The group has adopted IAS 19 - Employee Benefits (Revised 2011) in the year,
the impact of which has been to increase the finance costs in the income
statement by GBP48,000, from GBP64,000 to GBP112,000, with a corresponding increase
in the gain recognised in other comprehensive income (2013: GBP72,000). The new
accounting policy has been adopted retrospectively and the comparative amounts
have been re-presented.
The prior year income statement has also been re-presented to reflect the
discontinued operation in the current year.
3. 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 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 acquisition 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.
3. Segmental analysis
For management purposes, the group's business activities are organised into
business units based on their products and services and have three primary
operating segments as follows:
* Building and Security Products - manufacture, marketing, supply and
distribution of building materials, security access products and access
control equipment;
* Packaging - marketing and distribution of packaging materials;
* Other - manufacture of rubber crumb and waste recycling.
These segments are the basis on which information is reported to the group
board. The segment result is the measure used for the purposes of resource
allocation and assessment and represents the operating profit of each segment
before exceptional operating costs, amortisation and impairment charges, other
gains and losses, net finance costs and taxation.
Details of the types of products and services from which each segment derives
its revenues are given above.
The accounting policies applied in preparing the management information for
each of the reportable segments are the same as the group's accounting
policies.
The group's revenues and results by reportable segment for the year ended 31
March 2014 are shown in the following table.
Building Packaging Other Total Discont-inued Unalloca-ted Total
& continuing
Security
Products
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
External 27,215 2,758 585 30,558 1,431 - 31,989
revenue
____ ____ ___ _____ _____ ____ ____
Depreciation 490 23 28 541 26 - 567
____ ____ ___ _____ _____ ____ ____
Operating 1,385 437 5 1,827 106 - 1,933
profit
____ ____ ___
Finance costs - - (301) (301)
Income tax - (25) (242) (267)
expense
Loss on - (263) - (263)
disposal
_____ _____ ____ ____
Profit for the 1,827 (182) (543) 1,102
year
_____ _____ ____ ____
Total assets 13,764 1,394 301 15,459 - 4,375 19,834
____ ____ ___ _____ _____ ____ ____
Total (5,952) (728) (15) (6,695) - (3,543) (10,238)
liabilities
____ ____ ___ _____ _____ ____ ____
Capital 592 33 66 691 30 - 721
expenditure
____ ____ ___ _____ _____ ____ ____
The group's revenues and results by reportable segment for the year ended 31
March 2013 are shown in the following table.
Building Packaging Other Total Discont-inued Unalloca-ted Total
& continuing
Security
Products
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
External 28,066 2,216 719 31,001 1,769 - 32,770
revenue
____ ____ ___ _____ _____ ____ ____
Depreciation 454 23 32 509 26 - 535
____ ____ ___ _____ _____ ____ ____
Operating 1,964 278 35 2,277 150 - 2,427
profit
____ ____ ___
Finance costs (373) - - (373)
Income tax (440) (16) - (456)
expense
_____ _____ ____ ____
Profit for the 1,464 134 - 1,598
year
_____ _____ ____ ____
Total assets 15,853 950 742 17,545 1,404 3,079 22,028
____ ____ ___ _____ _____ ____ ____
Total (6,481) (178) (56) (6,715) (200) (6,175) (13,090)
liabilities
____ ____ ___ _____ _____ ____ ____
Capital 582 16 - 598 23 18 639
expenditure
____ ____ ___ _____ _____ ____ ____
Head office costs are apportioned to the segments on the basis of earnings.
The group operates almost exclusively in one geographical segment, being the
United Kingdom. Turnover to customers located outside the United Kingdom
accounted for less than 10% of total group turnover and has therefore not been
separately disclosed.
Revenue from a single customer did not exceed more than 10% of turnover during
the current or prior reporting periods.
4. Discontinued operation
CMS Tools Limited was sold on 14 February 2014 and the operation has been
classified as discontinued. The prior year income statement has been
re-presented to reflect the discontinued operation.
The results of the discontinued operation were as follows:
2014 2013
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