Acquired client relationships are capitalised at fair value
based on management's estimate of expected future cash flows to be
generated over their expected useful lives. The capitalised amounts
are amortised on a straight-line basis over the expected useful
lives, estimated to be ten years.
(b) Unit trust and investment trust management contracts
Acquired unit trust management and investment trust contracts
are capitalised at fair value based on management's estimate of the
expected future cash flows that these contracts will generate over
their useful lives. The capitalised amounts are amortised on a
straight-line basis over the expected useful lives, estimated to be
ten years or the life of the trust.
Property, plant and equipment
Fixtures and equipment are stated at cost less accumulated
depreciation and any recognised impairment loss.
Depreciation is charged so as to write off the cost or valuation
of assets over their estimated useful lives, using the
straight-line method, on the following bases:
Fixtures and equipment 10% - 33%
Assets held under finance leases are depreciated over their
expected useful lives on the same basis as owned assets or, where
shorter, over the term of the relevant lease.
Impairment of tangible and intangible assets including
goodwill
At each balance sheet date, the Group reviews the carrying
amounts of its tangible and intangible assets to determine whether
there is any indication that those assets have suffered an
impairment loss. If any such indication exists, the recoverable
amount of the asset is estimated in order to determine the extent
of the impairment loss. Where the asset does not generate cash
flows that are independent from other assets, the Group estimates
the recoverable amount of the cash-generating unit to which the
asset belongs.
The recoverable amount is the higher of fair value less costs to
sell and value in use. In assessing value in use, the estimated
future cash flows are discounted to their present value using a
pre-tax discount rate that reflects current market assessments of
the time value of money and the risks specific to the asset for
which the estimates of future cash flows have not been adjusted. If
the recoverable amount of an asset (or cash-generating unit) is
estimated to be less than its carrying amount, the carrying amount
of the asset (cash-generating unit) is reduced to its recoverable
amount. An impairment loss is recognised as an expense immediately,
unless the relevant asset is carried at a re-valued amount, in
which case the impairment loss is treated as a revaluation
decrease.
Revenue recognition
Portfolio and other management advisory and service fees are
recognised on a straight-line basis over the period the service is
provided. Asset management fees are recognised pro rata over the
period the service is provided.
Dealing commissions are recognised as net amount due on trade
date.
Initial commissions receivable and commission rebates payable
are recognised in the period in which the services are
provided.
Trail and renewal commissions are accounted for on an ongoing
basis over the period that the service is provided.
Interest income is accrued on a time basis, by reference to the
principal outstanding and at the effective interest rate
applicable, which is the rate that discounts estimated future cash
receipts through the expected life of the financial asset to that
asset's net carrying amount.
Dividend income from investments is recognised when the
shareholders' rights to receive payment have been established.
Cost of sales
Cost of sales comprises the direct employment costs associated
with front office staff plus any payments to third parties in
respect of revenue share arrangements, accounted for on an accruals
basis.
Leasing
Leases are classified as finance leases when the terms of the
lease transfer substantially all the risks and rewards of ownership
to the lessee. All other leases are classified as operating
leases.
Assets held under finance leases are recognised as assets of the
Group at their fair value or, if lower, at the present value of the
minimum lease payments. The corresponding liability to the lessor
is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance charges and
reduction of the lease obligation so as to achieve a constant rate
of interest on the remaining balance of the liability. Finance
charges are charged directly against income.
Rentals payable under operating leases are charged to income on
a straight-line basis over the term of the relevant lease. Benefits
received and receivable as an incentive to enter into an operating
lease are also spread on a straight-line basis over the lease
term.
Profit from operations
Profit from operations represents the result from trading
activities after charging any restructuring costs and aborted
acquisition costs, but before investment income and finance
costs.
Retirement benefit costs
Payments to defined contribution retirement benefit schemes are
charged as an expense as they fall due. Payments made to
state-managed retirement benefit schemes are dealt with as payments
to defined contribution schemes where the Group's obligations under
the schemes are equivalent to those arising in a defined
contribution retirement benefit scheme. The Group does not operate
a defined benefit retirement scheme.
Taxation
The tax charge or credit represents the sum of the tax currently
payable on Group results and deferred tax.
The taxable result differs from net result as reported in the
income statement because it excludes items of income or expense
that are taxable or deductible in other periods and it further
excludes items that are never taxable or deductible. Any liability
for current tax is calculated using tax rates that have been
enacted or substantively enacted by the balance sheet date.
Deferred tax is the tax expected to be payable or recoverable on
differences between the carrying amounts of assets and liabilities
in the financial statements and the corresponding tax bases used in
the computation of taxable profit, and is accounted for using the
balance sheet liability method. Deferred tax liabilities are
generally recognised for all taxable temporary differences and
deferred tax assets are recognised to the extent that it is
probable that taxable profits will be available against which
deductible temporary differences can be utilised. Such assets and
liabilities are not recognised if the temporary difference arises
from goodwill or from the initial recognition (other than in a
business combination) of other assets and liabilities in a
transaction that affects neither the tax result nor the accounting
result.
Deferred tax liabilities are recognised for taxable temporary
differences arising on investments in subsidiaries except where the
Group is able to control the reversal of the temporary difference
and it is probable that the temporary difference will not reverse
in the foreseeable future.
Deferred tax is calculated at the tax rates that are expected to
apply in the period when the liability is settled or the asset is
realised. Deferred tax is charged or credited in the income
statement, except when it relates to items charged or credited
directly to equity, in which case the deferred tax is also dealt
with in equity.
Classification of financial instruments issued by the
Company
Financial instruments issued by the Company are treated as
equity only to the extent that they meet the following two
conditions:
-- they include no contractual obligations upon the Company to
deliver cash or other financial assets or to exchange financial
assets or financial liabilities with another party under conditions
that are potentially unfavourable to the Company; and
-- where the instrument will or may be settled in the Company's
own equity instruments, it is either a non-derivative that includes
no obligation to deliver a variable number of the Company's own
equity instruments or is a derivative that will be settled by the
Company's exchanging a fixed amount of cash or other financial
assets for a fixed number of its own equity instruments.
To the extent that this definition is not met, the proceeds of
issue are classified as a financial liability. Where the instrument
so classified takes the legal form of the Company's own shares, the
amounts presented in these financial statements for called up share
capital and share premium account exclude amounts in relation to
those shares.
Non-derivative financial instruments
Financial assets and financial liabilities are recognised on the
Group's balance sheet when the Group becomes a party to the
contractual provisions of the instrument.
Trade receivables
Trade receivables are measured at initial recognition at fair
value, and are subsequently measured at amortised cost using the
effective interest rate method. Appropriate allowances for
estimated irrecoverable amounts are recognised in profit or loss
when there is objective evidence that the asset is impaired.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand
deposits and other short term highly liquid investments that are
readily convertible into a known amount of cash and are subject to
an insignificant risk of changes in value.
Available-for-sale investments
These are measured at fair value based on bid prices where there
is an active market and Directors' estimate for unquoted holdings.
Investments in equity investments that do not have a quoted market
price in an active market and whose fair value cannot be reliably
determined are measured at cost.
Borrowings
Ashcourt (LSE:ARP)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Ashcourt (LSE:ARP)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024
