|
15
debtors
cont... |
In the normal course of its business the Group enters
into financing arrangements with third party funders in respect
of specific customer contracts. These transactions are entered
into to provide PFI (Private Finance Initiative) compliant finance
for the capital cost of multi-year customer contracts. In these
arrangements the present value of the customer receivable is matched
by the amount due to the funding provider. Given the directly
related nature of the transactions the Group does not recognise
the equal and opposite related balances. This treatment is in
accordance with FRS5. |
|
|
Prepayments and accrued income includes a balance
of £901,000 (2002: £676,000) due after one year. |
|
|
|
|
16
creditors:
amounts falling due within
one year |
| |
Group |
 |
Company |
|
Group |
|
Company |
|
| |
2003 |
|
2003 |
|
2002 |
|
2002 |
|
| |
£'000 |
|
£'000 |
|
£'000 |
|
£'000 |
|
| Bank loans
and overdrafts (Note
19) |
5,899 |
|
10,219 |
|
5,030 |
|
5,030 |
|
| Amounts due under finance
leases (Note 19) |
134 |
|
– |
|
146 |
|
– |
|
| Trade creditors |
3,486 |
|
501 |
|
2,852 |
|
214 |
|
| Amounts owed to Group undertakings |
– |
|
510 |
|
– |
|
203 |
|
| Corporation tax |
3,334 |
|
– |
|
2,004 |
|
– |
|
| Other taxation and social security |
2,721 |
|
– |
|
2,667 |
|
– |
|
| Accruals and other creditors |
11,817 |
|
2,779 |
|
11,276 |
|
3,671 |
|
| Deferred income |
14,289 |
|
– |
|
8,390 |
|
– |
|
| Proposed dividends |
1,486 |
|
1,486 |
|
942 |
|
942 |
|
| Deferred consideration |
1,050 |
|
1,050 |
|
– |
|
– |
|
|
 |
|
|
|
|
|
|
|
| |
44,216 |
|
16,545 |
|
33,307 |
|
10,060 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
The deferred consideration relates to an acquisition
during the period. See Note
14 ii. |
|
| |
|
|
17
creditors:
amounts falling due after
one year |
| |
Group |
|
Company |
|
Group |
|
Company |
|
| |
2003 |
|
2003 |
|
2002 |
|
2002 |
|
| |
£'000 |
|
£'000 |
|
£'000 |
|
£'000 |
|
| |
|
|
|
|
|
|
|
|
| Bank loans (Note
19) |
42,171 |
|
42,171 |
|
14,663 |
|
14,663 |
|
| Amounts due under finance
leases (Note 19) |
122 |
|
– |
|
189 |
|
– |
|
| Deferred consideration |
10,293 |
|
10,000 |
|
8,277 |
|
8,000 |
|
|
|
|
|
|
|
|
|
|
| |
52,586 |
|
52,171 |
|
23,129 |
|
22,663 |
|
| |
|
|
|
|
|
|
|
|
|
|
| |
| |
The acquisition agreement between KPMG and the Company for the
purchase of iSOFT plc on 28 May 1999 provided for an amount of
deferred consideration to become payable in cash by the Company
in the event that the Company’s shares became listed on
a recognised stock exchange on or before 30 April 2003. The amount
of deferred consideration payable was calculated as a proportion
of the market capitalisation of the Company after certain deductions
had been made. This amount will only become payable when the directors
realise the whole or substantially the whole of their equity shares
into cash. |
|
| |
The directors are of the opinion that, taking into account advice
received, the amount of deferred consideration which will become
payable under this agreement has not altered since the prior period
balance sheet date and will not exceed £8,000,000. The amount
payable is non interest bearing and has not been discounted. |
|
| |
£293,000 (2002: £277,000) of the deferred
consideration relates to the acquisition of Paramedical Pty Limited
on 21 December 2001 and is payable upon satisfaction of certain
performance criteria by the acquired company over the period to
3 December 2003 |
|
| |
The directors are of the opinion that the amount
of deferred consideration payable under the agreement has not
altered from the terms of the agreement. The amount is not payable
until 14 days after publication of the audited accounts of Paramedical
Pty Limited for the period to 30 April 2004 but is interest bearing
from 3 December 2003 until the date payment is made. |
|
| |
The remaining £2,000,000 of the deferred consideration
creditor relates to an acquisition during the period. See Note
14 ii. |
|
|
|
