Ashcourt Rowan PLC Final Results for the Year -5-
12 8월 2011 - 6:30PM
UK Regulatory
Interest bearing loans are recorded on initial recognition at
their fair value and are subsequently measured at amortised cost,
using the effective interest rate method. Finance charges,
including premiums payable on settlement or redemption and direct
issue costs, are accounted for on an accruals basis to the income
statement using the effective interest method and are added to the
carrying amount of the instrument to the extent that they are not
settled in the period in which they arise.
Trade payables
Trade payables are initially measured at their fair value, and
are subsequently measured at amortised cost, using the effective
interest rate method.
Equity instruments
Equity instruments issued by the Company are recorded as the
amount of proceeds received, net of direct issue costs.
Provisions
Provisions are recognised when the Group has a present
obligation as the result of a past event, when it is probable that
the Group will be required to settle that obligation. Provisions
are recognised at the Directors' best estimate of the expenditure
required to settle the Group's liability.
Share-based payments
The Company issues equity-settled share-based payments to
certain employees of the Group. Equity settled share-based payments
are measured at fair value at the date of grant. Where market
related vesting conditions exist the fair value is determined using
the Black-Scholes model at the grant date or a Monte Carlo
simulation model and is expensed on a straight-line basis over the
vesting period, based on the Group's estimate of shares that will
eventually vest and adjusted for the effect of non-market based
vesting conditions. Where options that are currently in issue are
modified during the period, the Company recognises the incremental
increase in the fair value of the new options compared to the old
options at the modification date and expenses this increase over
the life of the modified award as well as the original expense.
The Company issued a warrant to certain advisers for services
provided in a previous period in connection with an acquisition
made. These warrants were measured at fair value in an equity
reserve using the Black-Scholes model.
Deferred and contingent consideration
Deferred consideration due in respect of acquisitions, where the
amount due is uncertain and contingent on future events, is
included in provisions at the fair value of the Directors' estimate
of amounts due. Where deferred consideration is a fixed amount this
is included at fair value in Loans and Deferred Consideration.
Segment reporting
An operating segment is a component of the Group that engages in
business activities from which it may earn revenues and incur
expenses, including revenues and expenses that relate to
transactions with any of the Group's other components. All
operating segments' operating results are reviewed regularly by the
Group's CEO to make decisions about resources to be allocated to
the segment and assess its performance, and for which discrete
financial information is available.
Discontinued operations A discontinued operation is a component
of the Group's business that represents a separate major line of
business or geographical area of operations that has been disposed
of or is held for sale, or is a subsidiary acquired exclusively
with a view to resale. Classification as a discontinued operation
occurs upon disposal or when the operation meets the criteria to be
classified as held for sale, if earlier. When an operation is
classified as a discontinued operation, the comparative statement
of comprehensive income is re-presented as if the operation had
been discontinued from the start of the comparative period.
DISCONTINUED OPERATIONS
During the year the Company disposed of its Guernsey based
retail fund management business, Syndicate Asset Management (C.I.)
Ltd. Shortly after the end of the financial year the Company also
disposed of its institutional investment management business, EPIC
which at the balance sheet date has been classified as held for
sale. The results of the discontinued operations are as
follows:
2011 2010
GBP'000s GBP'000s
Revenue 4,917 6,568
Expense (5,261) (6,470)
(Loss)/profit from operating activities (344) 98
Investment income 1 7
Finance costs (5) (21)
Loss on sale of discontinued operation (1,778)
Impairment of discontinued operation held
for sale (10,222) -
Profit before tax (12,348) 84
Taxation 97 (74)
Deferred tax 667 -
(Loss)/profit for the period (11,584) 10
Basic (loss)/earnings per share (0.64)p 0.0p
Tax on discontinued operations:
Current tax credit 110 (85)
Under provision in prior periods (13) 11
97 (74)
Deferred tax credit (see note 19) 667 -
Total tax credit 764 (74)
Corporation tax is calculated at 28% (2010: 28%) of the
estimated assessable result for the year. The current charge for
the year can be reconciled to the result per the income statement
as follows:
2011 2010
GBP'000s GBP'000s
(Loss)/profit before tax in the year (12,348) 84
Tax charge at 28%(2010: 28%) thereon 3,457 (24)
Expenses not deductible for tax (3,122) (4)
Other allowances 3 3
Losses utilised/carried forward (3) -
Foreign tax adjustments (225) (60)
Under provision in prior periods (13) 11
Deferred tax 667 -
764 (74)
Cash flows from/(used in) discontinued
operation
Net cash used in operating activities 699 (230)
Net cash from investing activities - -
Net cash from financing activities - (300)
Net Cash from/(used in) discontinued operation 699 (530)
Asset of disposal group held for sale
2011
GBP'000s
Client receivables 81
Prepayments and accrued income 556
Other receivables 116
753
Cash and cash equivalents 320
Total assets 1,073
Liabilities of disposal group held for sale
2011
GBP'000s
Trade and other payables 548
LOSS/PROFIT from operations
Loss/profit from operations has been arrived at after
charging:
Continuing Discontinued
Operations Operations Total
GBP'000s GBP'000s GBP'000s
Year ended 31 March 2011
Depreciation of property, plant
and equipment 1,233 3 1,236
Staff costs 21,811 2,077 23,888
Auditors' remuneration (see below) 139 11 150
Settlement of cancelled software
contract 1,000 - 1,000
Financial Services Compensation
Scheme levy 825 - 825
Loss on disposal of subsidiary - 1,778 1,778
Impairment of goodwill 1,500 9,621 11,121
Impairment of other intangible
assets - 607 607
Amortisation of intangible assets 592 - 592
Continuing Discontinued
Operations Operations Total
GBP'000s GBP'000s GBP'000s
Year ended 31 March 2010
Depreciation of property, plant
and equipment 452 3 455
Staff costs 16,920 2,013 18,933
Financial Services Compensation
Scheme levy 71 - 71
Auditors' remuneration 189 46 235
Amortisation of intangible assets 1,055 - 1,055
Loss per share
Ashcourt (LSE:ARP)
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Ashcourt (LSE:ARP)
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