Impact of exceptional items on cash flow
Included in Deferred Non--cash
cash flow cash items Total
2014 GBP000 GBP000 GBP000 GBP000
---------------------------------------- ----------- -------- --------- -------
Restructuring of operational activities
Efficiency programmes in the UK 165 552 1,142 1,859
Accelerated amortisations of bank fees 36 - 403 439
---------------------------------------- ----------- -------- --------- -------
201 552 1,545 2,298
---------------------------------------- ----------- -------- --------- -------
In 2013 the total exceptional items of GBP1,603,000 was included
in that year's cash flow.
11 Property, plant and equipment
Land and buildings Plant and Fixtures and Motor
Freehold Leasehold equipment fittings Vehicles Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Cost
Balance at 1 April 2012 21,973 7,199 48,346 1,322 722 79,562
Additions 47 220 1,288 257 72 1,884
Disposals (302) (66) (559) (437) (134) (1,498)
Transfers between categories - - (103) 103 - -
Effect of movements in foreign exchange 85 396 831 94 23 1,429
Balance at 1 April 2013 21,803 7,749 49,803 1,339 683 81,377
Additions 1,839 107 6,011 270 97 8,324
Disposals - (24) (67) (563) (79) (733)
Reclassification to computer software - - - (389) - (389)
Effect of movements in foreign exchange (166) (690) (1,563) (210) (59) (2,688)
Balance at 31 March 2014 23,476 7,142 54,184 447 642 85,891
Depreciation and impairment
Balance as at 1 April 2012 (8,964) (1,824) (36,221) (546) (474) (48,029)
Depreciation charge for the year (921) (415) (1,893) (499) (79) (3,807)
Disposals 149 66 546 435 133 1,329
Transfers between categories - - 91 (91) - -
Effect of movements in foreign exchange (34) (128) (617) (86) (12) (877)
Balance at 1 April 2013 (9,770) (2,301) (38,094) (787) (432) (51,384)
Depreciation charge for the year (1,307) (482) (2,762) (416) (65) (5,032)
Disposals - 8 65 548 25 646
Reclassification to computer software - - - 359 - 359
Effect of movements in foreign exchange 46 225 1,090 177 31 1,569
Balance at 31 March 2014 (11,031) (2,550) (39,701) (119) (441) (53,842)
Net book value
Balance at 31 March 2014 12,445 4,592 14,483 328 201 32,049
At 31 March 2013 12,033 5,448 11,709 552 251 29,993
Depreciation is charged to either cost of sales, selling costs
or administration costs within the income statement depending on
the department to which the assets relate.
Leased plant and machinery
The net book value of property, plant and equipment included an
amount of GBP4,894,000 (2013: GBP1,850,000) in respect of assets
held under finance leases.
Security
All freehold properties are subject to a fixed charge.
12 Intangible assets
Computer Other
Goodwill software intangibles Total
GBP000 GBP000 GBP000 GBP000
---------------------------------------------------- -------- -------- ----------- --------
Cost
Balance at 1 April 2012 40,295 2,963 495 43,753
Additions - 242 - 242
Disposals - (48) - (48)
Effect of movements in foreign exchange 405 68 3 476
---------------------------------------------------- -------- -------- ----------- --------
Balance at 1 April 2013 40,700 3,225 498 44,423
Additions - 356 - 356
Reclassification from property, plant and equipment - 389 - 389
Disposals - (197) (467) (664)
Effect of movements in foreign exchange (874) (132) (7) (1,013)
---------------------------------------------------- -------- -------- ----------- --------
Balance at 31 March 2014 39,826 3,641 24 43,491
---------------------------------------------------- -------- -------- ----------- --------
Amortisation and impairment
Balance at 1 April 2012 (8,861) (1,735) (241) (10,837)
Amortisation for the year - (447) (47) (494)
Disposals - 48 - 48
Effect of movements in foreign exchange (296) (48) (1) (345)
---------------------------------------------------- -------- -------- ----------- --------
Balance at 1 April 2013 (9,157) (2,182) (289) (11,628)
Amortisation for the year - (536) (40) (576)
Reclassification from property, plant and equipment - (359) - (359)
Disposals - 76 323 399
Effect of movements in foreign exchange 529 92 2 623
---------------------------------------------------- -------- -------- ----------- --------
Balance at 31 March 2014 (8,628) (2,909) (4) (11,541)
---------------------------------------------------- -------- -------- ----------- --------
Net book value
Balance at 31 March 2014 31,198 732 20 31,950
---------------------------------------------------- -------- -------- ----------- --------
At 31 March 2013 31,543 1,043 209 32,795
---------------------------------------------------- -------- -------- ----------- --------
The aggregate carrying amounts of goodwill allocated to each
geographical segment are as follows:
2014 2013
GBP000 GBP000
------------ ------ -------
UK and Asia 25,600 25,600
Europe 4,461 4,541
Australia 1,137 1,402
------------ ------ -------
Total 31,198 31,543
------------ ------ -------
Impairment
The Group tests goodwill each half year for impairment, or more
frequently if there are indications that goodwill might be
impaired.
For the purposes of impairment testing, goodwill considered
significant in comparison to the Group's total carrying amount of
such assets has been allocated to the business unit, or group of
business units, that are expected to benefit from the synergies of
the combination, which represents the lowest level within the Group
at which the goodwill is monitored for internal management
purposes, and is referred to below as a cash generating unit.
During the last few years the businesses have begun to work more
closely with each other, exploiting the synergies that arise. The
recoverable amounts of cash generating units are determined from
the higher of value in use and fair value less costs to sell.
The Group prepares cash flow forecasts for each cash generating
unit derived from the most recent financial budgets for the
following three years which are approved by the Board. The key
assumptions in those budgets are sales, margins achievable and
overhead costs, which are based on past experience and future
expectations. The Group then extrapolates cash flows for the
following seven years based on a conservative estimate of market
growth of 2% (2013: 2%).
The cash-generating units used the following pre-tax discount
rate which are derived from an estimate of the Group's future
average weighted cost of capital adjusted to reflect the market
assessment of the risks specific to the current estimated cash
flows over the same period.
Pre-tax discount rates used were:
2014 2013
------------ ----- -----
UK and Asia 12.7% 12.7%
Europe 14.3% 15.3%
Australia 14.3% 14.3%
------------ ----- -----
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