12th Dec 2007 07:00
Ensor Holdings PLC Transition to International Financial Reporting Standards Ensor Holdings PLC ("Ensor" or "the Group") is reporting its interim financialresults for the six months ended 30 September 2007 under InternationalFinancial Reporting Standards ("IFRS"), including the restated comparatives forthe six months to 30 September 2006. This statement presents and explains theconversion of the Group's results as previously reported under UK GenerallyAccepted Accounting Principles ("UK GAAP") into an IFRS basis for the yearended 31 March 2007.
The key changes for the Group are as follows:
The primary changes arising from the restatement are as follows:
Non-amortisation of goodwill (IFRS 3)Restatement of properties at deemed cost at the transition date, 1 April 2006(IFRS 1)Provision of deferred tax against property revaluations (IAS 12)
The effects of these changes are as follows:
Increase in profit before tax of ‚£129,000 for the year ended 31 March 2007 Increase in earnings per share for the same period from 2.9p to 3.3p Increase of ‚£594,000 in equity shareholders' funds at 31 March 2007
Full details are set out in this announcement.
Enquiries: Ensor Holdings PLC Marcus Chadwick 0161 945 5953 Hanson Westhouse Limited Tim Feather / Matthew Johnson0113 246 2610 IntroductionAs a London Stock Exchange AIM listed company, Ensor Holdings PLC is requiredto prepare its consolidated accounts in accordance with InternationalAccounting Standards (IAS) and International Financial Reporting Standards(IFRS), for all accounting periods commencing after 1 January 2007. Consolidated accounts in respect of periods prior to this were prepared inaccordance with UK Generally Accepted Accounting Principles (UK GAAP). Arequirement of IFRS is that comparative figures reported in the consolidatedaccounts are also prepared under IFRS. Therefore, the results for the yearended 31 March 2007 and the interim results for the period ended 30 September2006 must be restated in accordance with the IFRS accounting policies. Thisalso requires that the opening position for the year ended 31 March 2007 isrestated and so 1 April 2006 is defined as the "transition date".
This report, together with its appendices, shows the impact of the transition to IFRS on the Group's reported performance and financial position, and reconciles this to previously reported financial information with relevant explanations and reasons for the adjustments.
The directors are responsible for the preparation of the restated financial information and the IFRS restatement report was approved by the board of directors on 12 December 2007.
The interim statement for the six months ended 30 September 2007 and the annual report for the year ended 31 March 2008 will be prepared under IFRS.
The primary changes arising from the restatement are as follows:
Non-amortisation of goodwill (IFRS 3);Restatement of properties at deemed cost at the transition date, 1 April 2006(IFRS 1);Provision of deferred tax against property revaluations (IAS 12).
The effects of these changes are as follows:
Increase in profit before tax of ‚£129,000 for the year ended 31 March 2007; Increase in earnings per share for the same period from 2.9p to 3.3p; Increase of ‚£594,000 in equity shareholders' funds at 31 March 2007.
Consolidated Income Statements
for the year ended 31 March 2007 and the period ended 30 September 2006
Year ended 31 March Period ended 30 September 2006 2007 ‚£'000 ‚£'000 ‚£'000 ‚£'000 Revenue 28,277 14,010 Cost of sales (19,377) (9,598) ______ ______ Gross profit 8,900 4,412 Distribution costs (1,503) (740) Administrative expenses (5,754) (2,778) ______ ______ (7,257) (3,518) ______ ______ Operating profit 1,643 894 Financial expenses (237) (117) ______ ______ Profit before tax 1,406 777 Income tax expense (420) (229) ______ ______ Profit for the period attributable to 986 548 equity shareholder ______ ______ Earnings per share Basic 3.3p 1.9p ______ ______ Consolidated Balance Sheetsat 31 March 2007, 30 September 2006 and 1 April 2006 At 31 March At 30 September At 1 April 2007 2006 2006 ‚£'000 ‚£'000 ‚£'000 ASSETS Non-current assets Property, plant and equipment 5,496 5,556 5,666 Intangible assets 2,833 2,833 2,833 ______ ______ ______ Total non-current assets 8,329 8,389 8,499 ______ ______ ______ Current assets Inventories 4,392 4,575 4,369 Trade and other receivables 6,047 6,411 5,768 ______ ______ ______ Total current assets 10,439 10,986 10,137 ______ ______ ______ Total assets 18,768 19,375 18,636 ______ ______ ______ EQUITY AND LIABILITIES Equity Share capital 2,945 2,945 2,941 Share premium 470 470 470 Revaluation reserve 871 874 877 Retained earnings 6,539 5,692 5,325 ______ ______ ______
Total equity attributable to equity 10,825 9,981 9,613
shareholder ______ ______ ______ Non-current liabilities Interest bearing loans - - 54
Retirement benefit obligations 1,033 1,602 1,628
Deferred tax 97 104 107 ______ ______ ______ Total non-current liabilities 1,130 1,706 1,789 ______ ______ ______ Current liabilities Bank overdraft 1,604 2,179 2,249 Interest bearing loans 54 159 212 Trade and other payables 5,155 5,350 4,773 ______ ______ ______ Total current liabilities 6,813 7,688 7,234 ______ ______ ______ Total equity and liabilities 18,768 19,375 18,636 ______ ______ ______ Other Statementsfor the year ended 31 March 2007 and the period ended 30 September 2006
CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
Year ended 31 March 2007 Period ended 30 September 2006 ‚£'000 ‚£'000 Profit for the period 986 548 Actuarial gain 743 - Related deferred tax (222) - ______ ______ 1,507 548 ______ ______
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Year ended 31 March Period ended 30 September 2007 2006 ‚£'000 ‚£'000 Opening equity 9,613 9,613 Recognised gains for the 1,507 548 period Dividends paid (299) (184) Issue of shares 4 4 ______ ______ 10,825 9,981 ______ ______ Consolidated Cash Flow Statementsfor the year ended 31 March 2007 and the period ended 30 September 2006 Year ended 31 Period ended 30 March 2007 September 2006 ‚£'000 ‚£'000 Cash flows from operating activities Profit for the period 986 548 Depreciation charge 492 240 Profit on disposal of property, plant (3) (1) & equipment Contribution to defined benefit (148) (38) pension scheme Finance expense 237 117 Income tax expense 420 229 _______ _______ Operating cash flow before changes in 1,984 1,095 working capital (Increase)/decrease in inventories (23) 206 Increase in receivables (279) (643) Increase/(decrease) in payables 267 (55) _______ _______ 1,949 603 Interest paid (196) (117) Income taxes paid (282) - _______ _______ Net cash generated from operating 1,471 486 activities _______ _______ Cash flows from investing activities Proceeds from sale of property, plant 82 - and equipment Acquisition of property, plant and (401) (129) equipment _______ _______ Net cash absorbed by investing (319) (129) activities _______ _______ Cash flows from financing activities Issue of ordinary share capital 4 4 Repayment of loans (200) (100) Capital element of finance lease (12) (7) payments Equity dividends paid (299) (184) _______ _______ Net cash absorbed by financing (507) (287) activities _______ _______ Net increase in cash and equivalents 645 70 ______ ______
Notes to the Restated Financial Statements
Basis of preparationThe restated information has been prepared in accordance with InternationalFinancial Reporting Standards (IFRS), Standing Interpretations Committee (SIC),International Financial Reporting Interpretations Committee (IFRIC) andinterpretations issued by the International Accounting Standards Board (IASB)that are either endorsed by the EU and effective (or available for earlyadoption) or are expected to be endorsed and effective (or available for earlyadoption) for the Group's first IFRS annual financial statements for the yearending 31 March 2008 (the first annual IFRS consolidated accounts).
Transitional arrangements
The requirements for first time adoption of IFRS are set out in IFRS1, "FirstTime Adoption of International Financial Reporting Standards". IFRS 1 sets outvarious exceptions and exemptions from the principle of full retrospectiveadoption of IFRS. The Group has taken advantage of the following exemptionspermitted by IFRS1:
Cumulative translation differences
Cumulative translation differences have been set to zero at 1 April 2007;
Share based payments
The Group has elected not to apply the provisions of IFRS2, "Share Based Payments" to share options granted on or before 7 November 2002.
Significant changes to accounting policies
The effects of the changes to accounting policies on the previously reported financial statements are shown in the appendices to this report. The major differences in treatment between UK GAAP and IFRS are as follows:
IFRS 3 Business Combinations
IFRS 3 requires that businesses do not amortise purchased goodwill, but insteadconduct an annual impairment review to assess the carrying value of thegoodwill held on the balance sheet. The effect on the reported results hasbeen to reinstate previously written-off goodwill to the value of ‚£695,000 inthe balance sheet at 31 March 2007.
IFRS 1 First Time Adoption
The Group's properties were revalued at 31 March 2007. The rules governing thetransition from UK GAAP to IFRS require that properties are stated at fairvalue at the transition date (1 April 2006). The directors are of the opinionthat the fair value at the date of transition approximates to the revaluedamount at 31 March 2007 after adding back a year's depreciation on thebuildings. IFRS 1 requires that any adjustment in arriving at the deemed costof the properties is made to retained earnings rather than a revaluationreserve. Hence the amount of ‚£2,122,000 held in the revaluation reserve at 31March 2007 in respect of this most recent revaluation has been transferred tothe retained earnings reserve.
IAS 12 Income Taxes
IAS 12 contrasts with UK GAAP in that it requires provision to be made fordeferred tax on property revaluations. The total deferred tax liability of ‚£347,000 has been offset against the Group's capital losses available for thepurpose (which would generate a deferred tax asset of ‚£240,000) to reduce thebalance sheet total at 31 March 2007 by ‚£107,000.Revised Accounting PoliciesBasis of preparation
The Group financial statements have been prepared under the historical cost convention, with the exception of the Group's properties which have been stated at deemed cost in accordance with the transition requirements of IFRS.
Basis of consolidation
Where the Company has the power, either directly or indirectly, to govern thefinancial and operating policies of another entity so as to obtain benefitsfrom its activities, the entity is classified as a subsidiary. Theconsolidated financial statements present the results of the Company and itssubsidiaries (The Group) as if they formed one single entity. Intercompanytransactions and balances between Group companies are therefore eliminated infull.The consolidated financial statements incorporate the results of businesscombinations using the purchase method. In the consolidated balance sheet, thesubsidiary's identifiable assets, liabilities and contingent liabilities areinitially recognised at their fair values at the acquisition date. The resultsof acquired operations are included in the consolidated income statement fromthe date on which control is obtained.
Use of estimates and judgements
The preparation of financial statements requires the Directors to makejudgements, estimates and assumptions that affect the application of accountingpolicies and the reported amounts of assets, liabilities, income and expense. Actual results may differ from these estimates. Estimates and underlyingassumptions are reviewed on an ongoing basis. Revisions to accountingestimates are recognised in the period in which the estimate is revised.
Revenue
Revenue is measured at the fair value of the consideration received orreceivable and represents amounts receivable for goods and services provided inthe normal course of business, net of discounts, rebates and sales relatedtaxes. Sales of goods are recognised when goods have been delivered and titlein those goods has passed. Rebates are recognised at their anticipated levelas soon as any liability is expected to arise.
Foreign currencies
The financial statements are presented in pounds sterling, which is the Group'smain functional currency. Foreign currency transactions are translated intosterling using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from settlement of suchtransactions and from the translation, at period-end exchange rates, ofmonetary assets and liabilities denominated in foreign currencies arerecognised in the income statement.
Financing costs
Net financing costs comprise interest payable, finance charges on financeleases, interest receivable on funds invested, and net returns on the pensionscheme net investment. Net interest is recognised in the income statement as itaccrues, using the effective interest method.
Goodwill
Goodwill arises from the acquisition of businesses and represents the difference between the cost of acquisition and the fair value of the identifiable assets, liabilities and contingent liabilities acquired. Identifiable intangibles are those which can be sold separately or which arise from legal rights, regardless of whether those rights are separable.
Goodwill is capitalised and subject to an impairment review, both annually and when there are indications that the carrying value may not be recoverable. Negative goodwill arising on an acquisition is recognised in the income statement.
ImpairmentAssets which have an indefinite useful life are not subject to amortisation andare tested for impairment at each balance sheet date. Assets subject todepreciation and amortisation are reviewed for impairment whenever events orcircumstances indicate that the carrying amount may not be recoverable. Animpairment loss is recognised in the income statement based on the amount bywhich the carrying value exceeds the recoverable amount. The recoverableamount is the higher of the fair value less the costs to sell, and value inuse. ProvisionsProvisions are recognised when the Group has a present obligation (legal orconstructive) as a result of a past event, and it is probable that an outflowof resources will be required to settle that obligation. Provisions aremeasured at the Directors' best estimate of the expenditure required to settlethe obligation at the balance sheet date, and are discounted to present valueswhere the effect is material.
Property, plant and equipment
Land, buildings, plant and equipment held for use in the business are carriedin the balance sheet at cost less any subsequent depreciation and impairmentlosses.
In accordance with IFRS, fair value is used as the deemed cost for land and buildings at the date of transition. The surplus arising on the revaluation of the land and buildings is credited to retained earnings in accordance with IFRS1. Depreciation on the revalued buildings is charged to income.
Depreciation is provided to write off the cost, less estimated residual values, of all property, plant and equipment over the estimated useful life of the assets. It is calculated at the following rates:
Freehold buildings 2% per annum on cost or valuation Plant and equipment between 10% and 33% Vehicles between 12.5% and 33%
Inventory
Inventories are stated at the lower of cost and net realisable value. Cost isbased on the first in, first out principle and includes expenditure incurred inacquiring the inventories and bringing them to their existing location andcondition. In the case of manufactured inventories and work-in-progress, costincludes an appropriate share of overhead based on normal operating capacity.Financial instruments
Financial instruments are recognised when the Group becomes a party to the contractual provisions of the instrument. The principal financial assets and liabilities of the Group are as follows:
Trade receivables
Trade receivables are initially recognised at fair value and then are stated at amortised cost.
Cash and equivalentsFor the purposes of the cash flow statement, cash and cash equivalents comprisecash at bank and in hand, including bank deposits with original maturities ofthree months or less. Bank overdrafts are also included as they are anintegral part of the Group's cash management.
Trade payables
Trade payables are initially recognised at fair value and are then stated at amortised cost.
Bank and other financial instruments
Interest bearing bank loans and overdrafts and other loans are recognisedinitially at fair value. All borrowings are subsequently stated at amortisedcost, with the difference between initial net proceeds and redemption valuesrecognised in the income statement over the period to redemption.
Derivative financial instruments
The Group uses financial instruments to manage financial risks associated with the Group's underlying business activities and the financing of those activities. The Group does not undertake any trading in financial instruments.
Derivatives are initially recognised at fair value on the contract date and aresubsequently re-measured in future periods at fair value. The methods ofrecognising the resulting change in fair value is dependent on whether thederivative is designed as a hedging instrument. Where a derivative financialinstrument is designated as a hedge of the variability in cash flows of arecognised asset or liability, the effective part of any gain or loss on thederivative is recognised directly in the hedging reserve. Any ineffectiveportion of the hedge is recognised immediately in the income statement.
Leased assets
Leases are classified as finance leases when the terms of the lease transfersubstantially all the risks and rewards of ownership to the Group. All otherleases are classified as operating leases.Assets held as finance leases are recognised as assets of the Group at theirfair value or, if lower, at the present value of the minimum lease paymentsduring the lease term at the inception of the lease. Lease payments areapportioned between the reduction of the lease liability and finance charges,which are charged to income on a straight line basis. The assets aredepreciated over the remaining useful life of the asset.
Lease payments in respect of assets held under operating leases are charged directly to the income statement. Payments made to acquire operating leases are treated as prepayments and charged to income during the period of the lease.
Taxation
Income tax expense represents the sum of the current tax and the deferred tax.
Current tax is based upon the profit for the year. The Group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is provided in full, using the liability method, on temporarytiming differences arising between the assets and liabilities and theircarrying amounts in the consolidated financial statements. The Group'sliability for deferred tax is calculated using tax rates that have been enactedor substantively enacted by the balance sheet date, or at the rates that areexpected to apply when the related deferred income tax asset is realised ordeferred tax liability is settled.
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised.
Deferred tax assets and liabilities are not discounted. Deferred tax assets and liabilities may be set off against each other provided there is a legal right to do so and it is the Directors' intention to do so.
Pensions
The Group operates a number of defined contribution schemes. For these schemes the amount charged to income in respect of pension costs and other post-retirement benefits is the amount of the contributions payable in the year. Differences between contributions payable and paid are accrued or prepaid.
The defined benefits scheme previously operated by the Group ceased to accruebenefits on 31 March 2006. For this scheme, amounts charged to income are thecurrent service costs and gains and losses on settlements and curtailments.
The interest cost and the expected return on assets are shown as a net amount of other finance costs or credits.
Share based payments
The Group has applied the requirements of IFRS 2, Share-based Payments, to all options granted after 7 November 2002 that were unvested at 1 April 2006.
The Group issues equity-settled share based payments to certain employees. These equity-settled share-based payments are measured at fair-value at thedate of the grant. The fair value as determined at the grant date is expensedon a straight-line basis over the vesting period, based on the Group's estimateof shares that will eventually vest.
Fair value is measure by use of recognised options valuation models.
The Group adopted FRS20, Share-based Payments (the UK GAAP equivalent of IFRS 2), for the first time in its annual report for the year ended 31 March 2007.
Segmental analysisA business segment is a group of assets and operations engaged in providingproducts or services that are subject to risks and returns which differ fromthose of other business segments. Income and expenditure arising directly froma business segment are identified to that segment. Income and expenditurearising from central operations which relate to the Group as a whole or cannotreasonably be allocated between segments are apportioned on the basis of theindividual segments' earnings.
Reconciliation of Consolidated Income Statement from UK GAAP to IFRS for the year ended 31 March 2007
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Previously IAS12 31 March reported under IFRS3 IFRS1 Deferred 2007 UK GAAP Goodwill Adoption tax IFRS ‚£'000 ‚£'000 ‚£'000 ‚£'000 ‚£'000 Revenue 28,277 - - - 28,277 Cost of sales (19,377) - - - (19,377) ______ ______ ______ ______ ______ Gross profit 8,900 - - - 8,900 Distribution costs (1,503) - - - (1,503) Administrative expenses (5,735) - (19) - (5,754) Amortisation of goodwill (142) 142 - - - ______ ______ ______ ______ ______ Operating profit 1,520 142 (19) - 1,643 Financial expenses (237) - - - (237) ______ ______ ______ ______ ______ Profit before tax 1,283 142 (19) - 1,406 Income tax expense (426) - 6 - (420) ______ ______ ______ ______ ______ Profit for the period 857 142 (13) - 986 ______ ______ ______ ______ ______ Earnings per share Basic 2.9p 0.5p -0.1p 0.0p 3.3p ______ ______ ______ ______ ______ STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES Profit for the period 857 142 (13) - 986 Actuarial gain 743 - - - 743 Related deferred tax (222) - - - (222) Revaluation of freehold properties 2,122 - (2,122) - - ______ ______ ______ ______ ______ 3,500 142 (2,135) - 1,507 ______ ______ ______ ______ ______
Reconciliation of Consolidated Income Statement from UK GAAP to IFRS for the period ended 30 September 2006
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Previously IAS12 reported under UK IFRS3 IFRS1 Deferred 30 September GAAP Goodwill Adoption tax 2007 IFRS ‚£'000 ‚£'000 ‚£'000 ‚£'000 ‚£'000 Revenue 14,010 - - - 14,010 Cost of sales (9,598) - - - (9,598) ______ ______ ______ ______ ______ Gross profit 4,412 - - - 4,412 Distribution costs (740) - - - (740) Administrative expenses (2,769) - (9) - (2,778) Amortisation of goodwill (71) 71 - - - ______ ______ ______ ______ ______ Operating profit 832 71 (9) - 894 Financial expenses (117) - - - (117) ______ ______ ______ ______ ______ Profit before tax 715 71 (9) - 777 Income tax expense (232) - 3 - (229) ______ ______ ______ ______ ______ Profit for the period 483 71 (6) - 548 ______ ______ ______ ______ ______ Earnings per share Basic 1.6p 0.2p 0.0p 0.0p 1.9p ______ ______ ______ ______ ______ STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES Profit for the period 483 71 (6) - 548 ______ ______ ______ ______ ______
Reconciliation of Consolidated Balance Sheet from UK GAAP to IFRS at 31 March 2007
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Previously IAS12 reported under IFRS3 IFRS1 Deferred 31 March UK GAAP Goodwill Adoption tax 2007 IFRS ‚£'000 ‚£'000 ‚£'000 ‚£'000 ‚£'000 ASSETS Non-current assets Property, plant and equipment 5,496 - - - 5,496 Intangible assets 2,138 695 - - 2,833 ______ ______ ______ ______ ______ 7,634 695 - - 8,329 ______ ______ ______ ______ ______ Current assets Inventories 4,392 - - - 4,392 Trade and other receivables 6,051 - - (4) 6,047 ______ ______ ______ ______ ______ 10,443 - - (4) 10,439 ______ ______ ______ ______ ______ Total assets 18,077 695 - (4) 18,768 ______ ______ ______ ______ ______ EQUITY AND LIABILITIES Equity Share capital 2,945 - - - 2,945 Share premium 470 - - - 470 Revaluation reserve 2,993 - (2,122) - 871 Retained earnings 3,823 695 2,128 (107) 6,539 ______ ______ ______ ______ ______ 10,231 695 6 (107) 10,825 ______ ______ ______ ______ ______ Non-current liabilities Retirement benefit obligations 1,033 - - - 1,033 Deferred tax - - (6) 103 97 ______ ______ ______ ______ ______ 1,033 - (6) 103 1,130 ______ ______ ______ ______ ______ Current liabilities Bank overdraft 1,604 - - - 1,604 Interest bearing loans 54 - - - 54 Trade and other payables 5,155 - - - 5,155 ______ ______ ______ ______ ______ 6,813 - - - 6,813 ______ ______ ______ ______ ______ Total equity and liabilities 18,077 695 - (4) 18,768 ______ ______ ______ ______ ______ STATEMENT OF CHANGES IN EQUITY Opening equity 7,026 553 2,141 (107) 9,613 Recognised gains for period 3,500 142 (2,135) - 1,507 Dividends paid (299) - - - (299) Issue of shares 4 - - - 4 ______ ______ ______ ______ ______ 10,231 695 6 (107) 10,825 ______ ______ ______ ______ ______ Reconciliation of Consolidated Balance Sheet from UK GAAP to IFRSat 30 September 2006 Previously IAS12 30 Sept reported under IFRS3 IFRS1 Deferred 2006 UK GAAP Goodwill Adoption tax IFRS ‚£'000 ‚£'000 ‚£'000 ‚£'000 ‚£'000 ASSETS Non-current assets Property, plant and equipment 3,424 - 2,132 - 5,556 Intangible assets 2,209 624 - - 2,833 ______ ______ ______ ______ ______ 5,633 624 2,132 - 8,389 ______ ______ ______ ______ ______ Current assets Inventories 4,575 - - - 4,575 Trade and other receivables 6,411 - - - 6,411 ______ ______ ______ ______ ______ 10,986 - - - 10,986 ______ ______ ______ ______ ______ Total assets 16,619 624 2,132 - 19,375 ______ ______ ______ ______ ______ EQUITY AND LIABILITIES Equity Share capital 2,945 - - - 2,945 Share premium 470 - - - 470 Revaluation reserve 874 - - - 874 Retained earnings 3,040 624 2,135 (107) 5,692 ______ ______ ______ ______ ______ 7,329 624 2,135 (107) 9,981 ______ ______ ______ ______ ______ Non-current liabilities Retirement benefit obligations 1,602 - - - 1,602 Deferred tax - - (3) 107 104 ______ ______ ______ ______ ______ 1,602 - (3) 107 1,706 ______ ______ ______ ______ ______ Current liabilities Bank overdraft 2,179 - - - 2,179 Interest bearing loans 159 - - - 159 Trade and other payables 5,350 - - - 5,350 ______ ______ ______ ______ ______ 7,688 - - - 7,688 ______ ______ ______ ______ ______ Total equity and liabilities 16,619 624 2,132 - 19,375 ______ ______ ______ ______ ______ STATEMENT OF CHANGES IN EQUITY Opening equity 7,026 553 2,141 (107) 9,613 Recognised gains for period 483 71 (6) - 548 Dividends paid (184) - - - (184) Issue of shares 4 - - - 4 ______ ______ ______ ______ ______ 7,329 624 2,135 (107) 9,981 ______ ______ ______ ______ ______ Reconciliation of Consolidated Balance Sheet from UK GAAP to IFRSat 1 April 2006 1 April Previously IAS12 reported under UK IFRS3 IFRS1 Deferred 2006 GAAP Goodwill Adoption tax IFRS ‚£'000 ‚£'000 ‚£'000 ‚£'000 ‚£'000 ASSETS Non-current assets Property, plant and equipment 3,525 - 2,141 - 5,666 Intangible assets 2,280 553 - - 2,833 ______ ______ ______ ______ ______ 5,805 553 2,141 - 8,499 ______ ______ ______ ______ ______ Current assets Inventories 4,369 - - - 4,369 Trade and other receivables 5,768 - - - 5,768 ______ ______ ______ ______ ______ 10,137 - - - 10,137 ______ ______ ______ ______ ______ Total assets 15,942 553 2,141 - 18,636 ______ ______ ______ ______ ______ EQUITY AND LIABILITIES Equity Share capital 2,941 - - - 2,941 Share premium 470 - - - 470 Revaluation reserve 877 - - - 877 Retained earnings 2,738 553 2,141 (107) 5,325 ______ ______ ______ ______ ______ 7,026 553 2,141 (107) 9,613 ______ ______ ______ ______ ______ Non-current liabilities Interest bearing loans 54 - - - 54 Retirement benefit obligations 1,628 - - - 1,628 Deferred tax - - - 107 107 ______ ______ ______ ______ ______ 1,682 - - 107 1,789 ______ ______ ______ ______ ______ Current liabilities Bank overdraft 2,249 - - - 2,249 Interest bearing loans 212 - - - 212 Trade and other payables 4,773 - - - 4,773 ______ ______ ______ ______ ______ 7,234 - - - 7,234 ______ ______ ______ ______ ______ Total equity and liabilities 15,942 553 2,141 - 18,636 ______ ______ ______ ______ ______
Reconciliation of Consolidated Cash Flow from UK GAAP to IFRS for the year ended 31 March 2007
Previously IAS12 31 March reported under IFRS3 IFRS1 Deferred 2007 UK GAAP Goodwill Adoption tax IFRS ‚£'000 ‚£'000 ‚£'000 ‚£'000 ‚£'000 Cash flows from operating activities Profit for the period 857 142 (13) - 986 Depreciation charge 473 - 19 - 492 Amortisation of goodwill 142 (142) - - - Profit on disposal of property, plant and equipment (3) - - - (3) Contribution to defined benefit pension scheme (148) - - - (148) Finance expense 237 - - - 237 Income tax expense 426 - 6 - 420 ______ ______ ______ ______ ______ Operating cash flow before changes in working capital 1,984 - - - 1,984 Increase in inventories (23) - - - (23) Increase in receivables (279) - - - (279) Increase in payables 267 - - - 267 ______ ______ ______ ______ ______ 1,949 - - - 1,949 Interest paid (196) - - - (196) Income taxes paid (282) - - - (282) ______ ______ ______ ______ ______ Net cash generated from operating activities 1,471 - - - 1,471 ______ ______ ______ ______ ______ Proceeds from sale of property, plant and 82 - - - 82 equipment Acquisition of property, (401) - - - (401) plant and equipment ______ ______ ______ ______ ______ Cash flows from investing (319) - - - (319) activities ______ ______ ______ ______ ______ Issue of ordinary share 4 - - - 4 capital Repayment of loans (200) - - - (200) Capital element of finance lease payments (12) - - - (12) Equity dividends paid (299) - - - (299) ______ ______ ______ ______ ______ Cash flows from financing (507) - - - (507) activities ______ ______ ______ ______ ______ Net increase in cash and 645 - - - 645 equivalents
Reconciliation of consolidated cash flow from UK GAAP to IFRS for the period ended 30 September 2006
Previously IAS12 30 reported under IFRS3 IFRS1 Deferred September UK GAAP Goodwill Adoption tax 2006 IFRS ‚£'000 ‚£'000 ‚£'000 ‚£'000 ‚£'000 Cash flows from operating activities Profit for the period 483 71 (6) - 548 Depreciation charge 231 - 9 - 240 Amortisation of goodwill 71 (71) - - - Profit on disposal of property, plant and equipment (1) - - - (1) Contribution to defined benefit pension scheme (38) - - - (38) Finance expense 117 - - - 117 Income tax expense 232 - 3 - 229 ______ ______ ______ ______ ______ Operating cash flow before changes in working capital 1,095 - - - 1,095 Decrease in inventories 206 - - - 206 Increase in receivables (643) - - - (643) Decrease in payables (55) - - - (55) ______ ______ ______ ______ ______ 603 - - - 603 Interest paid (117) - - - (117) Income taxes paid - - - - - ______ ______ ______ ______ ______ Net cash generated from operating activities 486 - - - 486 ______ ______ ______ ______ ______ Proceeds from sale of property, plant and equipment - - - - - Acquisition of property, plant and equipment (129) - - - (129) ______ ______ ______ ______ ______ Cash flows from investing activities (129) - - - (129) ______ ______ ______ ______ ______ Issue of ordinary share capital 4 - - - 4 Repayment of loans (100) - - - (100) Capital element of finance lease payments (7) - - - (7) Equity dividends paid (184) - - - (184) ______ ______ ______ ______ ______ Cash flows from financing activities (287) - - - (287) ______ ______ ______ ______ ______ Net increase in cash and equivalents 70 - - - 70 ______ ______ ______ ______ ______
ENSOR HOLDINGS PLCRelated Shares:
ESR.L