|
18
provision for liabilities and charges |
| Group |
Deferred tax
|
|
|
| |
£'000 |
|
|
| |
|
|
|
| Balance at 1 May 2002 |
23 |
|
|
| Amount charged to profit
and loss (Note 8) |
(589) |
|
|
 |
 |
|
|
| Balance at 30 April 2003 |
(566) |
|
|
|
|
|
|
| |
|
|
|
| |
2003 |
|
2002 |
| |
£'000 |
|
£'000 |
| |
|
|
|
| Accelerated capital allowances |
(76) |
|
41 |
| Short-term timing differences |
(490) |
|
(18) |
|
|
|
|
| Deferred tax (asset)/liability |
(566) |
|
23 |
|
|
|
|
|
|
| |
The deferred tax asset of £566,000 is included
within debtors in the consolidated balance sheet. |
|
| |
There are other potential deferred tax assets totalling
£500,000 (2002: £1,350,000) that have not been recognised
on the basis that the future economic benefit is uncertain. |
|
| |
Company
The Company has no deferred tax balance. |
|
| |
|
19
borrowings |
| |
Group |
|
Company |
|
Group |
|
Company |
| |
2003 |
|
2003 |
|
2002 |
|
2002 |
| |
£'000 |
|
£'000 |
|
£'000 |
|
£'000 |
| |
|
|
|
|
|
|
|
| Due within one year |
|
|
|
|
|
|
|
| Bank overdraft |
– |
|
4,320 |
|
– |
|
– |
| Bank loans |
5,899 |
|
5,899 |
|
5,030 |
|
5,030 |
| Finance leases |
134 |
|
– |
|
146 |
|
– |
|
|
|
|
|
|
|
|
| |
6,033 |
|
10,219 |
|
5,176 |
|
5,030 |
| |
|
|
|
|
|
|
|
| After one but not more than
two years |
|
|
|
|
|
|
|
| Bank loans |
5,899 |
|
5,899 |
|
4,406 |
|
4,406 |
| Finance leases |
94 |
|
– |
|
98 |
|
– |
|
|
|
|
|
|
|
|
| |
5,993 |
|
5,899 |
|
4,504 |
|
4,406 |
| |
|
|
|
|
|
|
|
| After two but not more than
five years |
|
|
|
|
|
|
|
| Bank loans |
36,272 |
|
36,272 |
|
9,007 |
|
9,007 |
| Finance leases |
28 |
|
– |
|
91 |
|
– |
|
|
|
|
|
|
|
|
| |
36,300 |
|
36,272 |
|
9,098 |
|
9,007 |
| |
|
|
|
|
|
|
|
| More than five years |
|
|
|
|
|
|
|
| Bank loans |
– |
|
– |
|
1,250 |
|
1,250 |
|
|
|
|
|
|
|
|
| |
48,326 |
|
52,390 |
|
20,028 |
|
19,693 |
|
|
|
|
|
|
|
|
|
|
| |
All of the Group bank loans and
overdraft are secured by a floating charge over the assets of
the Group and are subject to interest at 0.95% over the bank’s
base rate.
The Group bank loans consist of £25,500,000 outstanding
on a term loan, repayable quarterly at £1,500,000 with
final payment due on 31 July 2007 and a revolving credit facility
of £30,000,000.
|
|
| |
|
20
financial instruments |
The Group’s financial instruments comprise
bank borrowings, some cash and various items, such as trade debtors,
trade creditors etc. that arise directly from its operations.
The Group does not use derivative instruments in the course of
its business. Short-term debtors and creditors have been excluded
from all of the following disclosures except currency risk. The
Board considers that the fair value of financial assets and liabilities
is not materially different from the book value. The main risks
arising from, and impacted by, the financial assets and liabilities
of the Group are interest rate risk, foreign currency risk and
liquidity risk. The Board reviews and agrees policies for managing
these risks and they are summarised below. |
|
| |
|
Interest rate risk |
|
| |
The Group finances its operations through a mixture
of retained profits and bank borrowings. There is also a small
amount of finance lease commitment. The Group has arranged facilities
whereby United Kingdom held cash balances are used to net off
the balance on the loans, with interest calculated on the net
balance. Interest on all loans and overdrafts is charged at 0.95%
over the base rate. |
|
| |
The interest rate exposure of the financial liabilities
of the Group was as follows: |
|
| |
| |
| |
Fixed
interest rate |
Floating
interest rate |
Total |
Total |
| |
2003 |
2002 |
2003 |
2002 |
2003 |
2002 |
| |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
| Sterling |
|
|
|
|
|
|
| – Loans |
– |
– |
48,500 |
19,693 |
48,500 |
19,693 |
| – Finance leases |
256 |
335 |
– |
– |
256 |
335 |
|
|
| |
|
|
| |
The only financial assets held by the Group
are cash at bank. Amounts held at the year end were: |
|
| |
| |
2003 |
|
2002 |
|
| |
£’000
|
|
£’000 |
|
| Sterling |
33,315 |
|
19,814 |
|
| Euros |
1,694 |
|
– |
|
| Australian Dollars |
9,827 |
|
3,728 |
|
| Singapore Dollars |
302 |
|
– |
|
| Indian Rupees |
313 |
|
171 |
|
|
|
|
|
|
| |
45,451 |
|
23,713 |
|
|
|
|
|
|
|
|
|
|
