Consolidated balance sheet at 28 February 2011
2011 2010
Notes GBP000 GBP000
------------------------------------- ------ -------- --------
Assets
Non-current assets
Intangible assets 6 16,261 16,004
Property, plant and equipment 1,796 1,582
Deferred tax asset 112 -
------------------------------------- ------ -------- --------
18,169 17,586
------------------------------------- ------ -------- --------
Current assets
Inventories 135 106
Trade and other receivables 5,358 5,286
Cash and cash equivalents 1,934 1,145
------------------------------------- ------ -------- --------
7,427 6,537
------------------------------------- ------ -------- --------
Total assets 25,596 24,123
------------------------------------- ------ -------- --------
Liabilities
Current liabilities
Borrowings (112) (62)
Trade and other payables (4,450) (4,326)
Current tax liabilities (432) (141)
Provisions (233) -
------------------------------------- ------ -------- --------
(5,227) (4,529)
------------------------------------- ------ -------- --------
Non-current liabilities
Borrowings (284) (25)
(284) (25)
------------------------------------- ------ -------- --------
Total liabilities (5,511) (4,554)
------------------------------------- ------ -------- --------
Net assets 20,085 19,569
------------------------------------- ------ -------- --------
Equity
Share capital 7 1,748 1,706
Share premium 12 12
Merger reserve 1,374 917
Other reserves 2,443 2,856
Retained earnings 14,508 14,078
------------------------------------- ------ -------- --------
Total equity attributable to equity
shareholders of the company 20,085 19,569
------------------------------------- ------ -------- --------
Consolidated statement of cash flows
for the year ended 28 February 2011
2011 2010
Notes GBP000 GBP000
-------------------------------------------- ------ ------- --------
Cash from operations
Cash generated from operations 8 1,827 636
Interest paid (2) (5)
Tax paid (100) (190)
-------------------------------------------- ------ ------- --------
Net cash inflow from operating activities 1,725 441
-------------------------------------------- ------ ------- --------
Investing activities
Acquisition of subsidiary, net of cash
acquired - (990)
Payment of contingent consideration - (166)
Purchase of property, plant and equipment (903) (468)
Purchase of other intangible assets - (114)
Sale of property, plant and equipment 5 17
Interest received - 9
-------------------------------------------- ------ ------- --------
Net cash used in investing activities (898) (1,712)
-------------------------------------------- ------ ------- --------
Financing activities
Dividends paid (347) (338)
Repayment of borrowings (62) (63)
New finance leases raised 371 -
Proceeds from issue of shares, net of
costs - 16
-------------------------------------------- ------ ------- --------
Net cash outflow from financing activities (38) (385)
-------------------------------------------- ------ ------- --------
Increase/(decrease) in cash and cash
equivalents 789 (1,656)
-------------------------------------------- ------ ------- --------
Cash and cash equivalents at beginning
of year 1,145 2,801
-------------------------------------------- ------ ------- --------
Cash and cash equivalents at end of
year 1,934 1,145
-------------------------------------------- ------ ------- --------
1. Basis of preparation
Tangent Communications plc is quoted on AIM, a market of the
London Stock Exchange, has the TIDM code TNG and it is incorporated
in England.
The group's consolidated financial statements for the year ended
28 February 2011, from which this financial information has been
extracted, and for the comparative year ended 28 February 2010 are
prepared on a going concern basis and in accordance with IFRS, and
in accordance with those parts of the Companies Act 2006 applicable
to companies reporting under IFRS. The unaudited financial
information contained in this report does not constitute the
Company's statutory accounts for the year ended 28 February 2011.
Statutory accounts will be delivered to the Registrar of Companies
following the Company's annual general meeting, sent to
shareholders and will be available on Tangent's website at
www.tangentplc.com. The auditors have agreed to the issue of these
results and expect to issue an unqualified audit report on the 2011
accounts following formal completion of the audit.
The comparative figures for the year ended 28 February 2010 are
not the statutory financial statements for that year. Those
accounts have been reported on by the company's auditors and
delivered to the Registrar of Companies. The report of the auditors
was (i) unqualified, (ii) did not include a reference to any
matters to which the auditors drew attention by way of emphasis
without qualifying their report, and (iii) did not contain a
statement under section 498 of the Companies Act 2006.
The accounting policies applied are consistent with those
adopted and disclosed in the Group's annual financial statements
for the year ended 28 February 2010.
2. Group restructuring
During the year the board completed the merger of Snowball and
Tangent ONE, thereby producing a unified, efficient and cohesive
team. In addition to this further consolidation was undertaken
between Tangent's print sites, both processes resulted in
redundancy and termination costs as detailed below. The board also
engaged professional advisors to prepare a circular to shareholders
requesting permission for Tangent to be empowered to purchase its
own shares. As none of these expenses form part of the normal
operating expenses of Tangent they have been separately identified
in the consolidated statement of comprehensive income and excluded
from underlying profit.
Restructuring expenses are set out below:
GBP000
Redundancy and termination costs 239
Circular costs and fees 58
297
-------
3. Segment Information
Management has determined the operating segments based on the
reports reviewed by the Board of Directors that are used to make
strategic decisions. On this basis the group has three reportable
segments, Online, Direct and Central.
Online This comprises the Tangent One and Tangent Labs
businesses.
Direct This comprises Snowball, Ravensworth and Tangent on
Demand.
Central Central costs relate to the cost of non-executive
directors, maintenance of Tangents' stock market listing, general
professional advice together with the share-based payment charges.
Executive directors' costs are allocated to the Direct and Online
business segments.
The segment results for the year ended 28th February 2011 were
as follows:
Online Direct Central Total
GBP000 GBP000 GBP000 GBP000
Revenue 7,452 17,682 - 25,134
Less inter segment sales (2,650) (90) - (2,740)
-------- ------- -------- --------
Revenues from external customers 4,802 17,592 - 22,394
Results
Profit from operations before
restructuring costs 98 1,511 (258) 1,351
Restructuring
costs (170) (69) (58) (297)
-------- ------- -------- --------
Profit from
operations (72) 1,442 (316) 1,054
Net finance
costs (2)
--------
Profit before
tax 1,052
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