Interest paid (17) (297)
Discontinued operations 699 (230)
Net cash inflow/(outflow) from operating
activities 145 (1,983)
Investing activities
Acquisition of goodwill and intangible
assets - (58)
Purchases of property, plant and
equipment (2,080) (361)
Sales of subsidiaries 879 -
Dividends received - 3
Net cash used in investing activities (1,201) (416)
Financing activities
Proceeds of share issues - 22,450
Costs of share issues - (2,345)
Repayments of obligations under finance
leases - (12)
Repayments of loans and payments of deferred
consideration (869) (16,964)
Discontinued operations - (300)
Net cash from financing activities (869) 2,829
Net (decrease)/increase in cash and cash
equivalents (1,925) 430
Cash and cash equivalents at beginning
of year 7,531 7,101
Cash and cash equivalents at end of year 5,606 7,531
Ashcourt Rowan plc (formerly Syndicate Asset Management plc)
Notes to the financial statements
For the year ended 31 March 2011
The financial information set out in this announcement does not
constitute the group's statutory accounts for the year ended 31
March 2011 or the year ended 31 March 2010 under the meaning of
s434 Companies Act 2006, but is derived from the 2011 annual report
and accounts. Statutory accounts for the years ended 31 March 2010
and 31 March 2011 have been reported on by the Independent
Auditors. The Independent Auditors' Report on the Annual Report and
Financial Statements for years ended 31 March 2010 and 31 March
2011 was unqualified, did not draw attention to any matters by way
of emphasis, and did not contain a statement under s498(2) or
s498(3) of the Companies Act 2006. Statutory accounts for the year
ended 31 March 2010 have been filed with the Registrar of
Companies. The statutory accounts for the year ended 31 March 2011
will be delivered to the Registrar in due course.
Significant accounting policies
Changes in accounting policies and disclosure
The comparative balances have been restated in the consolidated
statement of comprehensive income, the consolidated statement of
cash flows and the related notes where applicable to reflect the
disposal or planned discontinuation of certain subsidiary entities
in accordance with IFRS 5. As required by the Standard, the
comparative balances for the consolidated statement of financial
position have not been restated.
Basis of accounting
Both the parent company financial statements and the Group
financial statements have been prepared and approved by the
Directors in accordance with International Financial Reporting
Standards as adopted by the European Union ("Adopted IFRSs") and
the Companies Act 2006 applicable to companies reporting under
IFRS. On publishing the parent company financial statements here
together with the Group financial statements, the Company is taking
advantage of the exemption in s408 of the Companies Act 2006 not to
present its individual income statement and related notes that form
a part of these approved financial statements.
The financial statements have been prepared on the historical
cost basis except for available-for-sale financial assets which are
included at fair value. The principal accounting policies adopted
are set out below and have been applied consistently to all periods
presented in these financial statements.
The following new and revised Standards and Interpretations have
been adopted in the current year. Their adoption has not had any
significant impact on the amounts reported in these financial
statements but may impact the accounting for future transactions
and arrangements:
-- IFRS 3, 'Business Combinations (revised 2008)'
-- IAS 27, 'Consolidated and Separate Financial Statements
(revised 2008)'
-- IFRIC 17, 'Distributions of Non-cash Assets to Owners'
-- Amendments to IFRS 2, 'Share-based Payments: Group
Cash-settled Share-based Payment Transactions'
The following amendments were made as part of 'Improvements to
IFRS (2009)'.Their adoption has not had any significant impact on
the amounts reported in these financial statements:
-- Amendments to IAS 38 'Intangible Assets'
-- Amendments to IFRS 8 'Operating Segments'
-- Amendments to IAS 7 'Statement of Cash Flows'
-- Amendments to IAS 36 'Impairment of Assets'
New Standards and Interpretations
A number of new standards, amendments to Standards and
Interpretations, are effective for annual periods beginning after 1
April 2010, and therefore have not been applied in preparing these
consolidated financial statements. None of these is expected to
have a significant effect on the consolidated financial statements
of the Group, except for IFRS 9 'Financial Instruments', IFRS 9 is
currently mandatory for periods beginning on or after 1 January
2013 however the IASB has recently issued an exposure draft to move
the mandatory date of application of that standard to 1 January
2015. IFRS 9 is not currently endorsed for use in the EU and
management do not anticipate adopting the new standard early.
Going concern
The financial statements have been prepared on a going concern
basis which the Directors believe to be appropriate for the
following reasons. The Group contained two loss making operating
segments that were affecting the overall profitability of the
Group. One of these segments was sold during the year and the other
shortly after the year end. At 31 March 2011 the Group reported net
current assets of GBP3.7 million (2010: net current liabilities of
GBP7.5 million). The Directors have reviewed profit and cash flow
forecasts for the coming year and expect the Group to return to
profitability and to produce a net increase in cash.
The directors consider that the Group is sufficiently
diversified and has no over reliance on any one customer or
supplier.
Basis of consolidation
The consolidated financial statements incorporate the financial
statements of the Company and entities controlled by the Company
(its subsidiaries) made up to 31 March 2011. Control is achieved
where the Company has the power to govern the financial and
operating policies of an investee entity so as to obtain benefits
from its activities.
On acquisition, the assets and liabilities and contingent
liabilities of a subsidiary are measured at their fair values. Any
excess of the cost of acquisition over the fair values of the
identifiable net assets acquired is recognised as goodwill.
The results of subsidiaries acquired during the period are
included in the consolidated income statement from the date that
control commences.
Where necessary, adjustments are made to the financial
statements of subsidiaries to bring the accounting policies used
into line with those used by the Group.
All intra-group transactions, balances, income and expenses are
eliminated on consolidation.
Goodwill
Goodwill represents the excess of the cost of a business
combination over, in the case of business combinations completed
prior to 1 April 2010, the Group's interest in the fair value of
identifiable assets, liabilities and contingent liabilities
acquired and, in the case of business combinations completed on or
after 1 April 2010, the total acquisition date fair value of the
identifiable assets, liabilities and contingent liabilities
acquired.
For business combinations completed prior to 1 April 2010, cost
comprises the fair value of assets given, liabilities assumed and
equity instruments issued, plus any direct costs of acquisition.
Changes in the estimated value of contingent consideration arising
on business combinations completed by this date are treated as an
adjustment to cost and, in consequence, result in a change in the
carrying value of goodwill.
For business combinations completed on or after 1 April 2010,
cost comprised the fair value of assets given, liabilities assumed
and equity instruments issued, plus the amount of any
non-controlling interests in the acquiree plus, if the business
combination is achieved in stages, the fair value of the existing
equity interest in the acquiree. Contingent consideration is
included in cost at its acquisition date fair value and, in the
case of contingent consideration classified as a financial
liability, re-measured subsequently through profit or loss. For
business combinations completed on or after 1 April 2010, direct
costs of acquisition are recognised immediately as an expense.
Goodwill is capitalised as an intangible asset with any
impairment in carrying value being charged to the consolidated
statement of comprehensive income. Where the fair value of
identifiable assets, liabilities and contingent liabilities exceed
the fair value of consideration paid, the excess is credited in
full to the consolidated statement of comprehensive income on the
acquisition date.
On disposal of a subsidiary, the amount of goodwill attributable
is included in the determination of the profit or loss on
disposal.
Other intangible assets
Other intangible assets comprise client relationships and unit
trust management and investment trust contracts recognised upon the
acquisition of subsidiaries. Such assets are assessed and
capitalised when it is probable that future economic benefits
attributable to the assets will flow to the Group and the cost of
the assets can be measured reliably.
(a) Client relationships
Ashcourt (LSE:ARP)
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