Basic HTML Version
80
Financial Statements
I. Property, Plant and Equipment
Fixtures, Fittings Commercial
and Equipment
vehicles
Total
£’000
£’000 £’000
Cost
At 1 March 2009
634
32
666
Additions
1,286
27 1,313
At 28 February 2010
1,920
59 1,979
Additions
711
-
711
At 28 February 2011
2,631
59 2,690
Aggregate Depreciation and Impairment Losses
At 1 March 2009
9
23
32
Charge
241
29
270
At 28 February 2010
250
52
302
Charge
455
6
461
At 28 February 2011
705
58
763
Net book value at
28 February 2011
1,926
1 1,927
Net book value at
28 February 2010
1,670
7 1,677
J. Other Receivables
2011
2010
£’000
£’000
Trade debtors
33
134
Amounts due from related parties
3,224
-
Deferred tax
226
50
Prepayments
553
526
Group tax payments
2,119
1,022
6,155
1,732
Included in amounts due from related parties is an amount due from Everdeal
Limited of £2,186,000 which is due after more than one year.
K. Loans and Borrowings
2011
2010
£’000
£’000
Non-current
Fixed rate borrowings
- Bank loans
68,438
-
- Obligations under finance
leases and hire purchase
contracts
-
235
68,438
235
2011
2010
£’000
£’000
Current
Fixed rate borrowings
- Loan notes
-
6,000
- Bank loans
10,000
5,000
- Income shares
-
5,269
- Obligations under finance leases
and hire purchase contracts
235
678
10,235 16,947
Income Shares and Bank Loans
The income shares were redeemed or converted to ordinary during the year.
The bank loans at the year end consist of a £70m variable rate finance
arrangement. This is due for repayment in the following proportions; 25%
May 2018, 25% May 2019 and 50% May 2020. There is a further loan of
£10m which is repayable in full on 3 August 2011.
The loan notes were repaid in full on 1 June 2010.
The book value and fair values of financial assets and financial liabilities are
as follows:
Book value Fair value Book value Fair value
2011 2011
2010
2010
£’000 £’000
£’000
£’000
Financial assets
Cash
216
216
8,299
8,299
Trade and
other receivables
5,928 5,928
870
870
Loans to subsidiaries
127,520 127,520 74,917 74,917
Financial liabilities
Trade and other payables 1,432 1,432
792
792
Other liabilities
8,114 8,114
5,394
5,394
Loans and
other borrowings
78,673 78,673 17,182 17,182
Contingent consideration 5,000 5,000
5,000
5,000
For trade and other receivables/payables with a remaining life of less than
one year, the carrying amount is considered to reflect the fair value. The fair
values have been calculated by discounting the expected future cash flows
at prevailing interest rates.
The table below summarises the maturity analysis of financial liabilities at 28
February 2011 based on contractual undiscounted payments:
< 1 1 to 5
>5
Total
Year
Years
Years
Years
£’000 £’000
£’000
£’000
Period to
28 February 2011
Loans and borrowings
10,285
-
80,745 91,030
Period to
28 February 2010
Loans and borrowings
17,893
285
-
18,178
Trade and other payables are all due within one year.