RNS Number:0095D
Just Car Clinics Group PLC
30 August 2007
For Immediate Release 30 August 2007
Just Car Clinics
Restatement of Financial Information under IFRS
Just Car Clinics Group plc ("Just Car Clinics" or "the Group"), the independent
collision repair chain with eighteen vehicle repair centres, is required under
AIM Rules to adopt International Financial Reporting Standards ("IFRS") as the
primary basis of accounting for the year ended 31 December 2007. IFRS replaces
UK Generally Accepted Accounting Practice ("UK GAAP") under which the Group
previously prepared its financial statements.
The most significant impacts of the adoption of IFRS on the Group's previously
reported financial information are as follows:
* Cessation of goodwill amortisation
* Provision for employee benefit liabilities in respect of holiday pay at
interim accounting periods
* The calculation of deferred tax on share based payments. The primary
impact of this change is to increase the exceptionally low tax rate of 7%
reported under UK GAAP for the year ended 31 December 2006 to an effective rate
of 30% under IFRS.
A summary of the impact on the Group for the year ended 31 December 2006 is as
follows:
Year to 31 December 2006
UK GAAP IFRS Change
#'000 #'000 #'000
Profit before 780 869 89
taxation
Profit after 727 611 (116)
taxation
Earnings per share 5.5p 4.6p (0.9p)
Net Assets at 2,258 2,349 91
period end
A full description of the impact of this change in accounting basis is presented
below.
For further information, please contact:
Just Car Clinics:
Barry Whittles, Chief Executive 07850 268369
Chris Elton, Finance Director 07702 598344
Brewin Dolphin Securities:
Sandy Fraser 0131 529 0272
Buchanan Communications:
Tim Thompson 020 7466 5000
JUST CAR CLINICS GROUP PLC
RESTATEMENT OF FINANCIAL INFORMATION UNDER INTERNATIONAL FINANCIAL REPORTING
STANDARDS
CONTENTS
1. Introduction
2. Basis of Preparation
3. Summary of Impact
4. Explanation of Significant Adjustments
5. Summary of Significant Accounting Policies
RESTATED FINANCIAL INFORMATION
6. Consolidated Income Statement
7. Consolidated Balance Sheet
APPENDICES
A. Adjustments to Net Assets at 1 January 2006
B. Adjustments to Profit and Net Assets for the six months ended
30 June 2006
C. Adjustments to Profit and Net Assets for the year ended 31
December 2006
1. INTRODUCTION
Just Car Clinics Group plc ("the Group") has for accounting periods up to 31
December 2006 prepared its consolidated financial statements under UK Generally
Accepted Accounting Practice (UK GAAP). From 1 January 2007, the Group is
required to prepare its consolidated financial statements in accordance with
International Financial Reporting Standards and International Accounting
Standards (collectively "IFRS"), as adopted by the European Union (EU).
The Group's first annual report under IFRS will be for the financial year ending
31 December 2007, and its first interim IFRS results will be for the six months
ending 30 June 2007. The Group's date of transition to IFRS is 1 January 2006,
being the start of the previous period which will be presented as comparative
information.
This document sets out the changes in accounting policies arising from the
adoption of IFRS, and presents restated information for the opening balance
sheet at 1 January 2006, the six months ended 31 June 2006 and the year ended 31
December 2006, which were previously published under UK GAAP.
The adoption of IFRS represents an accounting change only and does not affect
the operations or cash flows of the Group.
2. BASIS OF PREPARATION
The financial information in this document has been prepared in accordance with
IFRS and the accounting policies set out in Section 5 below. The accounting
policies are based on current IFRS, International Financial Reporting
Interpretation Committee ('IFRIC') interpretations, and current International
Accounting Standards Board ('IASB') exposure drafts that are expected to be
issued as final standards and adopted by the EU such that they are effective for
the year ended 31 December 2007.
The UK GAAP financial information contained in this document does not constitute
full accounts within the meaning of Section 240 of the Companies Act 1985. Full
accounts for the year ended 31 December 2006 incorporating an unqualified audit
report have been delivered to the Registrar of Companies.
The rules for first time adoption of IFRS are set out in IFRS 1 - First-time
Adoption of International Financial Reporting Standards, which in general
requires IFRS accounting policies to be determined and applied fully
retrospectively to determine the opening balance sheet under IFRS. However IFRS
1 allows a number of exceptions to this general principle, where the Group has
taken advantage of these exemptions they are noted in section 4 below.
3. SUMMARY OF IMPACT
Year to 31 December 2006 Six months to 30 June 2006
UK GAAP IFRS UK GAAP IFRS
#'000 #'000 #'000 #'000
Profit before taxation 780 869 387 388
Profit after taxation 727 611 271 272
Earnings per share 5.5p 4.6p 2.1p 2.1p
Net Assets at period end 2,258 2,349 1,691 1,756
4. EXPLANATION OF SIGNIFICANT ADJUSTMENTS
4.1 Goodwill and Business Combinations (IFRS 3)
The Group has elected to take the exemption available under IFRS 1 not to apply
IFRS 3 retrospectively to business combinations occurring prior to the date of
transition to IFRS. Goodwill arising on such acquisitions has therefore been
retained at its UK GAAP carrying value at 1 January 2006, having been
satisfactorily tested for impairment at that date.
Under UK GAAP goodwill was amortised over its useful economic life, but under
IFRS no amortisation charge will be made. This increases reported profit before
taxation by #89,000 for the year ended 31 December 2006 and #44,000 for the six
months ended 30 June 2006 with an associated increase in the deferred tax
charge.
Instead, goodwill recognised in the balance sheet will be subject to a review
for impairment on at least an annual basis, or more frequently if events or
changes in circumstance indicate that the carrying value may be impaired.
4.2 Employee benefits (IAS 19)
IAS 19 requires holiday pay to be accrued for when the corresponding services
have been received from employees. This has no impact on the reported profit or
net assets for the year ended 31 December 2006 as the holiday entitlement for
the Group's employees is based on a calendar year and employees have no
entitlement to carry forward unused holiday entitlement to subsequent years.
The impact on the reported results for the six months ended 30 June 2006 was to
reduce profit by #43,000 with an equivalent deferred tax credit.
4.3 Income taxes (IAS 12)
IAS 12 takes a balance sheet approach to deferred tax whereby deferred tax is
recognised in the balance sheet by applying the appropriate tax rate to the
temporary differences arising between the carrying value of assets and
liabilities and their tax base. This contrasts to UK GAAP (FRS 19), which
considers timing differences arising in the income statement.
The principal impact of this change is in respect of taxation of share based
payments accounted for in accordance with IFRS 2. Under UK GAAP a deferred tax
asset on unexercised share options is calculated on the basis of the amount of
expense recognised in the period. Under IFRS deferred tax is calculated on the
basis of the intrinsic value of unexercised share options at the balance sheet
date calculated on a pro rata basis over the vesting period of the options, with
the amount relating to the share option expense charged to the income statement
in the period and the balance adjusted through equity. When share options are
exercised and corporation tax relief obtained, the excess of the tax relief
obtained over the cumulative deferred tax previously credited to the income
statement is also adjusted through equity.
The impact of this is to increase profit and loss reserves by #64,000 at 1
January 2006 and 30 June 2006 and by #28,000 at 31 December 2006 with an
equivalent reduction in the deferred tax liability. At 1 January 2006 this has
also resulted in the creation of an overall deferred tax asset which has been
reclassified within the balance sheet.
The taxation charge for the year ended 31 December 2006 has been increased by
#179,000 relating to the surplus of the tax relief obtained on the exercise of
share options over the associated deferred tax charge, this credited to the
profit and loss account under UK GAAP and transferred to equity under IFRS.
Adjustments made to the financial statements on the transition to IFRS result in
related adjustments to deferred tax, particularly with regard to goodwill
amortisation and employee benefits and these have been shown as part of the
associated accounting adjustment.
4.4 Reclassifications
4.4.1 Computer software (IAS 38)
IFRS requires computer software that is not an integral part of the hardware to
be treated as an intangible asset. Under UK GAAP all capitalised software was
included as property, plant and equipment. This has resulted in a
reclassification from property, plant and equipment to intangible assets of
#34,000 at the date of transition; #22,000 at 30 June 2006 and #12,000 at 31
December 2006.
4.4.2 Cash flow statement
IFRS requires that the cash flow statement reconciles the movement in cash and
cash equivalents rather than just cash under UK GAAP. There are also changes in
the classification of certain items disclosed. For Just Car Clinics there is no
difference between the value of cash and cash equivalents defined by IFRS and
the value of cash under UK GAAP and extent of reclassification is not
significant.
5. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation
The Group's financial statements have been prepared in accordance with
International Financial Reporting Standards as adopted by the European Union as
they apply to the financial statements of the Group for the year ended 31
December 2006 and applied in accordance with the Companies Act 1985.
The Group financial statements are presented in Sterling and all values are
rounded to the nearest thousand pounds (#'000) except when otherwise indicated.
The preparation of financial statements requires management to make estimates
and assumptions that affect the amounts reported for assets and liabilities as
at the balance sheet date and the amounts reported for revenues and expenses
during the year. The nature of estimation means that actual outcomes could
differ from those estimates.
Key sources of estimation uncertainty
The key sources of estimation uncertainty that have a significant risk of
causing material adjustment to the carrying amounts of assets and liabilities
within the next financial year are the measurement and impairment of goodwill.
The Group determines whether indefinite life intangible assets are impaired on
an annual basis and this requires an estimation of the value in use of the cash
generating units to which the intangible assets are allocated. This involves
estimation of future cash flows and choosing a suitable discount rate.
Basis of consolidation
The Group financial statements consolidate the financial statements of Just Car
Clinics Group plc and the entities it controls (its subsidiaries) drawn up to 31
December each year.
Subsidiaries are consolidated from the date of their acquisition, being the date
on which the Group obtains control, and continue to be consolidated until the
date that such control ceases. Control comprises the power to govern the
financial and operating policies of the investee so as to obtain benefit from
its activities and is achieved through direct or indirect ownership of voting
rights; currently exercisable or convertible potential voting rights; or by way
of contractual agreement. The financial statements of subsidiaries used in the
preparation of the consolidated financial statements are prepared for the same
reporting year as the parent company and are based on consistent accounting
policies. All inter-company balances and transactions, including unrealised
profits arising from them, are eliminated.
Goodwill
Business combinations on or after 1 January 2006 are accounted for under IFRS 3
using the purchase method. Any excess of the cost of the business combination
over the Group's interest in the net fair value of the identifiable assets,
liabilities and contingent liabilities is recognised in the balance sheet as
goodwill and is not amortised. To the extent that the net fair value of the
acquired entity's identifiable assets, liabilities and contingent liabilities is
greater than the cost of the investment, a gain is recognised immediately in the
income statement. Goodwill recognised as an asset as at 31 December 2005 is
recorded at its carrying amount under UK GAAP and is not amortised.
After initial recognition, goodwill is stated at cost less any accumulated
impairment losses, with the carrying value being reviewed for impairment, at
least annually and whenever events or changes in circumstances indicate that the
carrying value may be impaired.
For the purpose of impairment testing, goodwill is allocated to the related
cash-generating units monitored by management, usually at business segment
level. Where the recoverable amount of the cash-generating unit is less than its
carrying amount, including goodwill, an impairment loss is recognised in the
income statement.
The carrying amount of goodwill allocated to a cash-generating unit is taken
into account when determining the gain or loss on disposal of the unit, or of an
operation within it.
Intangible assets
Intangible assets acquired separately from a business are carried initially at
cost. An intangible asset acquired as part of a business combination is
recognised outside goodwill if the asset is separable or arises from contractual
or other legal rights and its fair value can be measured reliably. Expenditure
on internally developed intangible assets, excluding development costs, is taken
to the income statement in the year in which it is incurred.
Following initial recognition, the historic cost model is applied, with
intangible assets being carried at cost less accumulated amortisation and
accumulated impairment losses. Intangible assets with a finite life have no
residual value and are amortised on a straight line basis over their expected
useful lives with charges included in administrative expenses, as follows:
Computer software over 3 years to 5 years
The carrying value of intangible assets is reviewed for impairment whenever
events or changes in circumstances indicate the carrying value may not be
recoverable.
Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation
and accumulated impairment losses.
Cost comprises the aggregate amount paid and the fair value of any other
consideration given to acquire the asset and includes costs directly
attributable to making the asset capable of operating as intended. Borrowing
costs attributable to assets under construction are recognised as an expense as
incurred.
Depreciation is provided on all property, plant and equipment on a straight-line
basis over its expected useful life as follows:
Leasehold properties over the remaining period of the lease
Motor vehicles over 5 years
Computer equipment over 3 years to 5 years
Other plant, fixtures and fittings over 3 years to 15 years
The carrying values of property, plant and equipment are reviewed for impairment
if events or changes in circumstances indicate the carrying value may not be
recoverable, and are written down immediately to their recoverable amount.
Useful lives and residual values are reviewed annually and where adjustments are
required these are made prospectively.
Property, plant and equipment (continued)
An item of property, plant and equipment is derecognised upon disposal or when
no future economic benefits are expected to arise from the continued use of the
asset. Any gain or loss arising on the derecognition of the asset is included in
the income statement in the period of derecognition.
Leases
Assets held under finance leases, which transfer to the Group substantially all
the risks and benefits incidental to ownership of the leased item, are
capitalised at the inception of the lease, with a corresponding liability being
recognised for the lower of the fair value of the leased asset and the present
value of the minimum lease payments. Lease payments are apportioned between the
reduction of the lease liability and finance charges in the income statement so
as to achieve a constant rate of interest on the remaining balance of the
liability. Assets held under finance leases are depreciated over the shorter of
the estimated useful life of the asset and the lease term.
Leases where the lessor retains a significant portion of the risks and benefits
of ownership of the asset are classified as operating leases and rentals payable
are charged in the income statement on a straight line basis over the lease
term.
Impairment of assets
The Group assesses at each reporting date whether there is an indication that an
asset may be impaired.
If any such indication exists, or when annual impairment testing for an asset is
required, the Group makes an estimate of the asset's recoverable amount. An
asset's recoverable amount is the higher of an asset's or cash-generating unit's
fair value less costs to sell and its value in use and is determined for an
individual asset, unless the asset does not generate cash inflows that are
largely independent of those from other assets or groups of assets. Where the
carrying amount of an asset exceeds its recoverable amount, the asset is
considered impaired and is written down to its recoverable amount. In assessing
value in use, the estimated future cash flows are discounted to their present
value using a pre-tax discount rate that reflects current market assessments of
the time value of money and the risks specific to the asset. Impairment losses
on continuing operations are recognised in the income statement in those expense
categories consistent with the function of the impaired asset.
An assessment is made at each reporting date as to whether there is any
indication that previously recognised impairment losses may no longer exist or
may have decreased. If such indication exists, the recoverable amount is
estimated. A previously recognised impairment loss is reversed only if there has
been a change in the estimates used to determine the asset's recoverable amount
since the last impairment loss was recognised. If that is the case the carrying
amount of the asset is increased to its recoverable amount. That increased
amount cannot exceed the carrying amount that would have been determined, net of
depreciation, had no impairment loss been recognised for the asset in prior
years. Such reversal is recognised in the income statement unless the asset is
carried at revalued amount, in which case the reversal is treated as a
revaluation increase. After such a reversal the depreciation charge is adjusted
in future periods to allocate the asset's revised carrying amount, less any
residual value, on a systematic basis over its remaining useful life.
Provisions
A provision is recognised when the Group has a legal or constructive obligation
as a result of a past event and it is probable that an outflow of economic
benefits will be required to settle the obligation. If the effect is material,
expected future cash flows are discounted using a current pre-tax rate that
reflects, where appropriate, the risks specific to the liability.
Where the Group expects some or all of a provision to be reimbursed, for example
under an insurance policy, the reimbursement is recognised as a separate asset
but only when recovery is virtually certain. The expense relating to any
provision is presented in the income statement net of any reimbursement. Where
discounting is used, the increase in the provision due to unwinding the discount
is recognised as a finance cost.
Inventories
Inventories are stated at the lower of cost and net realisable value. Cost
includes all costs incurred in bringing each product to its present location and
condition, as follows:
Raw materials and consumables -purchase cost on a first-in, first-out basis;
Work in progress -cost of direct materials and labour plus attributable
overheads based on a normal level of activity.
Net realisable value is based on estimated selling price less any further costs
expected to be incurred to completion and disposal.
Trade and other receivables
Trade receivables, which generally have 30-60 day terms, are recognised and
carried at the lower of their original invoiced value and recoverable amount.
Provision is made when there is objective evidence that the Group will not be
able to recover balances in full. Balances are written off when the probability
of recovery is assessed as being remote.
Cash and cash equivalents
Cash and short-term deposits in the balance sheet comprise cash at banks and in
hand and short-term deposits with an original maturity of three months or less.
For the purpose of the consolidated cash flow statement, cash and cash
equivalents consist of cash and cash equivalents as defined above, net of
outstanding bank overdrafts.
Interest bearing loans and borrowings
Obligations for loans and borrowings are recognised when the Group becomes party
to the related contracts and are measured initially at fair value less directly
attributable transaction costs.
After initial recognition, interest-bearing loans and borrowings are
subsequently measured at amortised cost using the effective interest method.
Gains and losses arising on the repurchase, settlement or otherwise cancellation
of liabilities are recognised respectively in finance revenue and finance cost.
Income taxes
Current tax assets and liabilities are measured at the amount expected to be
recovered from or paid to the taxation authorities, based on tax rates and laws
that are enacted or substantively enacted by the balance sheet date.
Deferred income tax is recognised on all temporary differences arising between
the tax bases of assets and liabilities and their carrying amounts in the
financial statements, with the following exceptions:
- where the temporary difference arises from the initial recognition of goodwill
or of an asset or liability in a transaction that is not a business combination
that at the time of the transaction affects neither accounting nor taxable
profit or loss; and
- deferred income tax assets are recognised only to the extent that it is
probable that taxable profit will be available against which the deductible
temporary differences, carried forward tax credits or tax losses can be
utilised.
Deferred income tax assets and liabilities are measured on an undiscounted basis
at the tax rates that are expected to apply when the related asset is realised
or liability is settled, based on tax rates and laws enacted or substantively
enacted at the balance sheet date.
Income tax is charged or credited directly to equity if it relates to items that
are credited or charged to equity. Otherwise income tax is recognised in the
income statement.
Derivative financial instruments and hedging
Since 2007 the Group has used interest rate swaps to hedge its risks associated
with interest rate fluctuations. Such derivative financial instruments are
initially recognised at fair value on the date on which a derivative contract is
entered into and are subsequently re-measured at fair value. Derivatives are
carried as assets when the fair value is positive and as liabilities when the
fair value is negative.
The fair value of interest rate swap contracts is determined by reference to
market values for similar instruments.
The interest rate swaps match underlying floating rate interest liabilities and
are designated and documented as hedges at their inception, with the expectation
that the hedge will be highly effective. Theses hedges are classified as cash
flow hedges for the purpose of hedge accounting and the effective portion of the
gain or loss on the hedging instrument is recognised directly in equity, while
the ineffective portion is recognised in profit or loss. Amounts taken to equity
are transferred to the income statement when the underlying interest is
expensed.
If a forecast transaction is no longer expected to occur, amounts previously
recognised in equity are transferred to profit or loss. If the hedging
instrument expires or is sold, terminated or exercised without replacement or
rollover, or if its designation as a hedge is revoked, amounts previously
recognised in equity remain in equity until the forecast transaction occurs and
are transferred to the income statement. If the related transaction is not
expected to occur, the amount is taken to profit or loss.
Pensions and other post-retirement benefits
The Group contributes to personal pension plans of employees. Contributions are
recognised within operating profit at an amount equal to contributions payable
for the period. Any outstanding contributions are recognised as liabilities
within accruals.
Revenue recognition
Revenue is recognised to the extent that it is probable that the economic
benefits will flow to the Group and the revenue can be reliably measured.
Revenue is measured at the fair value of the consideration received, excluding
discounts, rebates and VAT.
Revenue from the sale of goods is recognised when the significant risks and
rewards of ownership of the goods have passed to the buyer, usually on dispatch
of the goods. Revenue from the repair of motor vehicles is recognised when the
profitability of the repair can be measured reliably, the majority of repairs
are of short duration and this is normally when the repair is complete or
substantially complete.
Borrowing costs
Borrowing costs are recognised as an expense when incurred.
Share-based payments
The cost of equity-settled transactions with employees is measured by reference
to the fair value at the date at which they are granted and is recognised as an
expense over the vesting period, which ends on the date on which the relevant
employees become fully entitled to the award. Fair value is determined using an
appropriate pricing model. In valuing equity-settled transactions, no account is
taken of any vesting conditions, other than conditions linked to the price of
the shares of the Company.
No expense is recognised for awards that do not ultimately vest, except for
awards where vesting is conditional upon a market condition, which are treated
as vesting irrespective of whether or not the market condition is satisfied,
provided that all other performance conditions are satisfied.
At each balance sheet date before vesting, the cumulative expense is calculated,
representing the extent to which the vesting period has expired and management's
best estimate of the achievement or otherwise of non-market conditions and of
the number of equity instruments that will ultimately vest or, in the case of an
instrument subject to a market condition, be treated as vesting as described
above. The movement in cumulative expense since the previous balance sheet date
is recognised in the income statement, with a corresponding entry in equity.
6. CONSOLIDATED INCOME STATEMENT
Year ended Six months ended
31 December 2006 30 June 2006
UK GAAP
UK GAAP Adj. IFRS Adj. IFRS
#'000 #'000 #'000 #'000 #'000 #'000
Revenue from sales 27,813 - 27,813 13,559 - 13,559
Operating profit 892 89 981 458 1 459
Interest payable (112) - (112) (71) - (71)
Profit before taxation 780 89 869 387 1 388
Taxation (53) (205) (258) (116) - (116)
Profit for the year 727 (116) 611 271 1 272
Basic earnings per share 5.5p 4.6p 2.1p 2.1p
Diluted earnings per share 5.4p 4.6p 1.9p 1.9p
7. CONSOLIDATED BALANCE SHEET
At At At
31 December 2006 30 June 2006 1 January 2006
UK GAAP UK GAAP UK GAAP
Adj. IFRS Adj. IFRS Adj. IFRS
#'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000
ASSETS
Non current assets
Property, plant and equipment 2,080 (12) 2,068 1,799 (22) 1,777 1,884 (34) 1,850
Intangible assets 1,541 101 1,642 1,450 66 1,516 1,494 34 1,528
Deferred tax asset - - - - - - - 9 9
3,621 89 3,710 3,249 44 3,293 3,378 9 3,387
Current assets
Inventories 565 - 565 475 - 475 437 - 437
Trade and other receivables 3,992 - 3,992 3,548 - 3,548 3,485 - 3,485
Cash and cash equivalent 381 - 381 126 - 126 2 - 2
4,938 - 4,938 4,149 - 4,149 3,924 - 3,924
TOTAL ASSETS 8,559 89 8,648 7,398 44 7,442 7,302 9 7,311
EQUITY AND LIABILITIES
Equity
Share capital 145 - 145 129 - 129 129 - 129
Share premium account 2,451 - 2,451 2,374 - 2,374 2,371 - 2,371
Other reserves (89) - (89) (89) - (89) (89) - (89)
Retained earnings (249) 91 (158) (723) 65 (658) (984) 64 (920)
2,258 91 2,349 1,691 65 1,756 1,427 64 1,491
Non current liabilities
Loans and borrowings 145 - 145 435 - 435 725 - 725
Deferred consideration 481 - 481 730 - 730 978 - 978
Corporation tax liability - - - 116 - 116 - - -
Deferred tax 92 (2) 90 72 (64) 8 55 (55) -
718 (2) 716 1,353 (64) 1,289 1,758 (55) 1,703
Current liabilities
Trade and other payables 4,216 - 4,216 3,250 43 3,293 2,995 - 2,995
Loans and borrowings 564 - 564 557 - 557 673 - 673
Deferred consideration 795 - 795 547 - 547 298 - 298
Corporation tax liability 8 - 8 - - - 151 - 151
5,583 - 5,583 4,354 43 4,397 4,117 - 4,117
TOTAL EQUITY AND LIABILITIES 8,559 89 8,648 7,398 44 7,442 7,302 9 7,311
APPENDIX A
ADJUSTMENTS TO NET ASSETS AT 1 JANUARY 2006
IFRS 3 IAS 19 IAS 12 IAS 38
Goodwill Employee Income taxes Computer
amortisation benefits software
Total
#'000 #'000 #'000 #'000 #'000
ASSETS
Non current assets
Property, plant and equipment - - - (34) (34)
Intangible assets - - - 34 34
Deferred tax asset 9 - 9
- - 9 - 9
Current assets
Inventories - - - - -
Trade and other receivables - - - - -
Prepayments - - - - -
Cash and cash equivalent - - - - -
- - - - -
TOTAL ASSETS - - 9 - 9
EQUITY AND LIABILITIES
Equity
Share capital - - - - -
Share premium account - - - - -
Other reserves - - - - -
Retained earnings - - 64 - 64
- - 64 - 64
Non current liabilities
Loans and borrowings - - - - -
Deferred consideration - - - - -
Corporation tax liability - - - - -
Deferred tax - - (55) - (55)
- - (55) - (55)
Current liabilities
Trade and other payables - - - - -
Loans and borrowings - - - - -
Corporation tax liability - - - - -
- - - - -
TOTAL EQUITY AND LIABILITIES - - 9 - 9
APPENDIX B
ADJUSTMENTS TO PROFIT FOR THE SIX MONTHS ENDED 30 JUNE 2006
IFRS 3 IAS 19
Goodwill Employee IAS 12
amortisation benefits
Income Total
taxes
#'000 #'000 #'000 #'000
Revenue from - - - -
sales
Operating profit 44 (43) - 1
Interest payable - - - -
Profit before 44 (43) - 1
taxation
Taxation (13) 13 - -
Profit for the 31 (30) - 1
period
ADJUSTMENTS TO NET ASSETS AT 30 JUNE 2006
IFRS 3 IAS 19 IAS 12 IAS 38
Goodwill Employee Income taxes Computer
amortisation benefits software
Total
ASSETS #'000 #'000 #'000 #'000 #'000
Non current assets
Property, plant and equipment - - - (22) (22)
Intangible assets 44 - - 22 66
Deferred tax asset - - - - -
44 - - - 44
Current assets
Inventories - - - - -
Trade and other receivables - - - - -
Prepayments - - - - -
Cash and cash equivalent - - - - -
- - - - -
TOTAL ASSETS 44 - - - 44
EQUITY AND LIABILITIES
Equity
Share capital - - - - -
Share premium account - - - - -
Other reserves - - - - -
Retained earnings 31 (30) 64 - 65
31 (30) 64 - 65
Non current liabilities
Loans and borrowings - - - - -
Corporation tax liability - - - - -
Deferred tax 13 (13) (64) - (64)
13 (13) (64) - (64)
Current liabilities
Trade and other payables - 43 - - 43
Loans and borrowings - - - - -
Corporation tax liability - - - - -
- 43 - - 43
TOTAL EQUITY AND LIABILITIES 44 - - - 44
APPENDIX C
ADJUSTMENTS TO PROFIT FOR THE YEAR ENDED 31 DECEMBER 2006
IFRS 3 IAS 19 IAS 12
Goodwill Employee Income
amortisation benefits taxes
Total
#'000 #'000 #'000 #'000
Revenue from sales - - - -
Operating profit 89 - - 89
Interest payable - - - -
Profit before 89 - - 89
taxation
Taxation (26) - (179) (205)
Profit for the year 63 - (179) (116)
ADJUSTMENTS TO NET ASSETS AT 31 DECEMBER 2006
IFRS 3 IAS 19 IAS 12 IAS 38 Total
Goodwill Employee Income taxes Computer
amortisation benefits software
ASSETS #'000 #'000 #'000 #'000 #'000
Non current assets
Property, plant and equipment - - - (12) (12)
Intangible assets 89 - - 12 101
89 - - - 89
Current assets
Inventories - - - - -
Trade and other receivables - - - - -
Prepayments - - - - -
Cash and cash equivalent - - - - -
- - - - -
TOTAL ASSETS 89 - - - 89
EQUITY AND LIABILITIES
Equity
Share capital - - - - -
Share premium account - - - - -
Other reserves - - - - -
Retained earnings 63 - 28 - 91
63 - 28 - 91
Non current liabilities
Loans and borrowings - - - - -
Corporation tax liability - - - - -
Deferred tax 26 - (28) - (2)
26 - (28) - (2)
Current liabilities
Trade and other payables - - - - -
Loans and borrowings - - - - -
Corporation tax liability - - - - -
- - - - -
TOTAL EQUITY AND LIABILITIES 89 - - - 89
This information is provided by RNS
The company news service from the London Stock Exchange
END
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