REG - Assoc British Enging - Annual Financial Report <Origin Href="QuoteRef">ASBE.L</Origin> - Part 3
06/09/2014 02:41
- Part 3: For the preceding part double click ID:nRSH6657Lb
13
Net profit recognised 39
Disposals (5)
----------
Closing balance 129
=====
Gains or losses on held for trading investments are presented within the operating costs heading.
IFRS 13 requires that the fair value reflects "exit price" and is valued in line with the relevant "unit of account" and
the fair value of the equity investments held is calculated by reference to the quoted market price at the year end.
15. CALLED UP SHARE CAPITAL 2014 2013
£'000 £'000
Nominal value:
Allotted and fully paid:
2,048,990 ordinary shares of £0.025 each 51 51
1,313,427 deferred shares of £1.975 each 2,594 2,594
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2,645 2,645
====== ======
Carrying value:
Equity shares:
2,048,990 ordinary shares of £0.025 each 51 51
====== ======
The structure of the Group and Company's capital is as follows:
Number Number
of ordinary shares Ordinary shares £'000 of deferred shares Deferred shares £'000 Share premium £'000
Balance at 1 April 2013 (£0.025/£1.9752 shares) 2,048,990 51 1,313,427 2,594 5,370
Further to the Extraordinary General Meeting held on 1 September 1999 the ordinary shares have 200 votes per share.
The deferred shares do not have voting rights and do not carry any entitlement to attend general meetings of the Company;
they are not admitted to any Stock Exchange and carry a right to participate in any return of capital once an amount of
£100 has been paid in respect of each new ordinary share.
ASSOCIATED BRITISH ENGINEERING PLC
NOTES TO THE ACCOUNTS - GROUP (continued)
FOR THE YEAR ENDED 31 MARCH 2014
16. SHARE BASED PAYMENTS
The Company operates an Executive Share Option Scheme (ESOP) under which options are granted with the guidance of the remuneration committee. Options are granted with a fixed exercise price equal to the market price of the shares under option at the date of the grant. The contractual life of an option is 10 years. Options granted under the ESOP will become exercisable on the third anniversary of the date of the grant. There were no unexercised share options at the end of the year as all share options
have lapsed.
17. RETIREMENT BENEFIT SCHEMES
Previously the Group operated a defined benefit pension scheme, holding the assets in a separate trustee administered fund
("the ABE Pension Fund"). The required contributions were assessed with the advice of an independent qualified actuary
using the projected unit credit method. The Group also has a designated Group personal pension plan which meets stakeholder
requirements.
The scheme exposes the group to actuarial risks such as:
Salary risk:
The present value of the plan liability is calculated by reference to the future salaries of participating members. Any
increase in members' salaries will increase the schemes' liability
Interest rate risk:
Any decrease in bond rates will increase the scheme's liability though this may be partly offset by an increase in return
on the scheme's debt investments.
Investment risk:
If the return on scheme assets is below the discount rate used to calculate the present value of the scheme liability it
may lead to a scheme deficit.
Longevity risk:
Any increase in life expectancy of the scheme's members will increase the scheme's liability as the present value of the
schemes liability is calculated by reference to the best estimate of the mortality of the scheme's members.
The scheme consists of three active members, thirty four deferred members and fifty six pensioner members. The expected
contribution to the scheme for the forthcoming year is expected to be £230,000.
The value placed on the benefit obligation is particularly sensitive to changes in some of the key assumptions. Two of the
most critical are:
· The real (i.e. net of inflation) and nominal rates of interest used: and
· Changes in future mortality rates
Set out below a table highlighting the impact on the results of changing these assumptions.
There would be a similar, but opposite effect if the discount rate was to be increased, the inflation rate was decreased
and members assumed to live one year or less.
% change to Defined Benefit Obligation
0.25% p.a. reduction to discount rate 4.0
0.25% p.a. increase to inflation 1.6
Members assumed to live one year longer 3.4
In the year ended 31 March 2009 the Company came to agreement with the Trustees of the scheme and a resolution was approved
whereby the Group is no longer liable for its previously recognised retirement obligations for the ABE section of the fund.
The elimination of the ABE section resulted in an elimination of £3,047,000 of the opening obligation which was reflected
through the Statement of Comprehensive Income. The remaining obligation relates to the BPE section of the scheme and is
summarised on the following page:
ASSOCIATED BRITISH ENGINEERING PLC
NOTES TO THE ACCOUNTS - GROUP (continued)
FOR THE YEAR ENDED 31 MARCH 2014
17. RETIREMENT BENEFIT SCHEMES (continued)
Contributions by employer in respect of future accrual of benefits, death in service benefits and expenses:
28.6% of Pensionable Salaries less member contributions, payable monthly by the 19th of the calendar month after that to
which they relate. In addition, the employer will pay amounts into the scheme equal to the levy payments made by the
scheme to the Pension Protection Fund. Such amounts will be paid by the employer within a year of them being paid by the
scheme. Insurance premiums for death in service benefits, management and administration expenses are payable in addition
as and when they are due.
Contributions by employer in respect of the shortfall in funding:
With reference to the recovery plan agreed in conjunction with the valuation as at 1 April 2010, the employer will make the
following contributions over the period from 1 April 2010 to 31 December 2021:
· An additional lump sum of £64,000 in respect of the period from 1 April 2010 to 31 March 2011 is payable by 31 July
2011.
· £196,000 is payable by 31 July 2011 in respect of the period from 1 April 2011 to 31 March 2014.
· From 1 April 2011 to 31 March 2014, contributions of £11,666 per month are payable by the 19th of the calendar
month after that to which they relate.
· From 1 April 2014 until 31 December 2021, contributions of £17,000 per month are payable by the 19th of the
calendar month after that to which they relate.
2014 2013
£'000 £'000
(a) Pension cost (recognised in Income Statement) (restated)
Operating charge
Current service cost 28 41
-------------- --------------
Other finance charges
Interest on net defined benefit obligation 40 46
--------------- ---------------
Total pension cost recognised in the Income Statement 68 87
======= =======
(b) Benefit liability 2014 2013 2012 2011 2010
£'000 £'000 £'000 £'000 £'000
Present value of funded obligations 7,101 6,748 6,451 6,577 6,663
Fair value of plan assets (5,687) (5,817) (5,476) (4,725) (4,436)
--------------- --------------- --------------- --------------- ---------------
Net liability 1,414 931 975 1,852 2,227
======= ======= ======= ======= =======
The major categories of plan assets are as follows: 2014 2013
£'000 £'000
Equities 847 866
Bonds 4,767 4,929
Cash 73 22
-------------- --------------
5,687 5,817
======= =======
=======
=======
ASSOCIATED BRITISH ENGINEERING PLC
NOTES TO THE ACCOUNTS - GROUP (continued)
FOR THE YEAR ENDED 31 MARCH 2014
17. RETIREMENT BENEFIT SCHEMES (continued) 2014 2013
£'000 £'000 (restated)
(c) Change in benefit obligation
Benefit obligation at beginning of the year 6,748 6,451
Current service cost 28 41
Interest cost 303 307
Actuarial losses 393 402
Contributions by plan participants 5 7
Benefits paid (376) (460)
----------------- ------------------
Benefit obligation at end of the year 7,101 6,748
======== ========
(d) Change in plan assets
Fair value of plan assets at beginning of the year 5,817 5,476
Expected return on plan assets 263 261
Actuarial (loss)/gains on plan assets (187) 362
Contributions made by employer 165 171
Contributions by plan participants 5 7
Benefits paid (376) (460)
--------------- ---------------
Fair value of plan assets at end of the year 5,687 5,817
======= =======
Fair value of plan assets at end of the year
5,687
5,817
=======
=======
The cumulative amount of actuarial gain recognised in the Group statement of comprehensive income is £2,907,000 (2013:
£3,528,000). The actuarial loss for the year recognised in the Group statement of comprehensive income is £580,000 (2013:
£40,000 loss (restated)).
The expected long term return on cash is determined by reference to current and expected long-term bank base rates. The
expected return on bonds is determined by reference to United Kingdom long dated gilt and bond yields at the balance sheet
date. The expected rate of return on equities have been determined by setting an appropriate risk premium above gilt/bond
yields having regard to market conditions at the balance sheet date. The expected rates have then all been reduced to
reflect the level of anticipated future expenses.
The expected long term rate of return under IAS 19 (revised in 2011) is the same as the discount rate of 4.7% pa (2013:
4.6% p.a.).
(e) Principal actuarial assumptions 2014 2013
(restated)
Inflation 2.1% 2.3%
Rate of increase in pensionable salaries 2.5% 2.5%
Discount rate 4.7% 4.6%
Pension in payment increases 2.1% 2.3%
Revaluation rate for deferred pensioners 2.1% 2.3%
Pre-retirement mortality PNMAOO, MC 1%PNFAOO, MC 1% PNMAOO, MC 1%PNFAOO, MC 1%
Post retirement mortality PNMAOO, MC 1% PNMAOO, MC 1%
PNFAOO, MC 1% PNFAOO, MC 1%
Life expectancy from age 65 (years):
Male currently aged 65 22.8 22.7
Female currently aged 65 25.3 25.2
Male currently aged 45 24.7 24.7
Female currently aged 45 27.1 27.0
24.7
24.7
Female currently aged 45
27.1
27.0
ASSOCIATED BRITISH ENGINEERING PLC
NOTES TO THE ACCOUNTS - GROUP (continued)
FOR THE YEAR ENDED 31 MARCH 2014
18. PAYABLES 2014 2013
£'000 £'000
Current
Obligations under finance leases 65 65
Trade payables 174 170
Other taxation and social security 39 35
Other payables 24 63
Accruals and deferred income 316 252
----------------- -----------------
618 585
======== ========
The net finance lease obligations are due:
In one year or less 65 65
Between two and three years 172 237
---------------- ----------------
237 302
======== ========
========
========
All current payables apart from obligations under finance leases are expected to mature within a period of 6 months.
19. FINANCIAL INSTRUMENTS
The Group's financial instruments comprise cash and various items, such as trade and other receivables, held for trading
investments and trade and other payables that arise directly from its operations. The main purpose of these financial
instruments is to finance the Group's operations. At 31 March 2014 the Group has cash balances of £2,992,000 (2013:
£3,532,000) and no bank overdraft (2013: £Nil). No sensitivity analysis to movements in interest rates or foreign currency
exchange rates has been included as the Board do not consider such information to be material.
RISKS
The main risks arising from the Group's financial instruments are market risk, liquidity risk and credit risk. Market risk
includes price commodity risk, foreign exchange risk and interest rate risk. The Group has limited exposure to foreign
exchange risk and also has no loans.
A significant risk that is also not considered below is that of the Group's pension funds. This is discussed in depth
throughout the financial statements, and more specifically in Note 17, and has therefore not been further analysed below
but is a key risk to the future of the Group. The Board meets on a regular basis to discuss the various funds and
investment opportunities with each other and the Trustees.
The Board reviews and agrees policies for managing each of the above risks and they are summarised below and in the
accounting policies to the Group financial statements. These policies have been consistently applied throughout the
period.
ASSOCIATED BRITISH ENGINEERING PLC
NOTES TO THE ACCOUNTS - GROUP (continued)
FOR THE YEAR ENDED 31 MARCH 2014
19. FINANCIAL INSTRUMENTS (continued)
COMMODITY PRICE RISK
The Group is dependent upon its suppliers to effectively operate a 'just in time' stock management system, which is
utilised to mitigate high warehousing costs. There is the potential to leave the Group exposed to 'stock out' or shortages
but the Group has not experienced stock difficulties of this nature in the current or prior year and does not envisage this
going forward, due to its strong supplier relations.
When prices are advantageous a strategic decision may be taken to increase a stock level which mitigates the issue of price
commodity risk. There are a number of suppliers used, each with various contractual terms, and therefore the Board do not
consider this a significant risk.
The price of aluminium which the Group trades in is dependent on the activities of the competitors, speculators, exchange
rate movements and production costs. This could have a significant impact on the Group's revenues and cost base.
LIQUIDITY RISK
The Group's liquidity is dependent on the cash balances available and it is the Group's policy to place surplus cash on
deposit to ensure as high a rate of return as possible. The maturity profile of the Group's finance lease liabilities is
set out in note 18.
CREDIT RISK
The Group's principal financial assets are cash deposits and trade and other receivables. The credit risk associated with
the cash is limited as the counterparties have high credit ratings assigned by international credit-rating agencies. The
principal credit risk arises therefore from its trade and other receivables. In order to manage credit risk the directors
of the subsidiary company set limits for customers based on a combination of payment history and third party credit
references. Credit limits are reviewed by the subsidiary's directors on a regular basis in conjunction with debt ageing
and collection history. In 2014 and 2013 there were no concentrations of credit risk, with exposure being spread over a
large number of customers, with over 200 customers at the year end.
At the year end the Group's top five customers comprised 43% (2013: 40%) of the year end trade receivables. The Board
consider their strong customer relations to be strength rather than a risk as they are the preferred suppliers to these
customers.
Where appropriate, the subsidiary company requests payment or part-payment in advance of shipment which generally covers
the cost of the goods. In connection with the trade receivables, there is a risk of warranty claims, which the subsidiary
company tries to minimise. The carrying value of the trade receivables represents the maximum credit risk exposure and
therefore sensitivity analysis has not been performed.
Collection procedures in relation to receivables are initiated once the credit terms are exceeded and trade receivables
both due and not yet due are reviewed on a line by line basis, with adequate provision being made against period end
balances where appropriate. During the year an additional provision of £48,000 has been included in the financial
statements.
At the year end 40% of current financial assets are aged greater than 90 days. These amounted to £179,000 and £79,000 have
been provided for.
FAIR VALUE OF FINANCIAL INSTRUMENTS
The directors consider that the fair values of the Group's financial instruments at 31 March 2014 and 31 March 2013 were
not materially different from their book values.
ASSOCIATED BRITISH ENGINEERING PLC
NOTES TO THE ACCOUNTS - GROUP (continued)
FOR THE YEAR ENDED 31 MARCH 2014
20. DEFERRED TAXATION
The deferred taxation liability at 31 March 2014 was £2,000 (31 March 2013: £15,000).
No provision has been made for the potential deferred tax assets on the trading losses carried forward as they are not
sufficiently certain to crystallise in the foreseeable future, with future pension obligations deemed to exceed the
potential future cash inflows. This assumption will be revisited on an annual basis or as and when circumstances change.
The amounts not recognised (all of which have been calculated at 20% (2013: 20%)) are set out below:
Group 2014 2013
£'000 £'000
Arising from trading losses 273 272
Arising from capital losses 1,700 1,831
Arising from pension deficit 283 173
------------- -------------
2,256 2,276
====== ======
21. CONTINGENT LIABILITIES
2014 2013
£'000 £'000
a) Banker's indemnities 30 30
==== ====
====
The indemnities relate to provision of services such as letters of credit or international guarantees by the bank.
b) There were no other contingent liabilities at 31 March 2014 or 31 March 2013.
22. COMMITMENTS UNDER OPERATING LEASES
At 31 March the Group had the following commitments under non-cancellable operating leases:
Other
2014 2013
£'000 £'000
Within one year 13 23
Between two and five years inclusive 17 17
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30 40
====== ======
ASSOCIATED BRITISH ENGINEERING PLC
NOTES TO THE ACCOUNTS - GROUP (continued)
FOR THE YEAR ENDED 31 MARCH 2014
23. SUBSIDIARIES
At 31 March 2014 and 31 March 2013 the Company held 100% of the share capital of the following subsidiaries:
Share Capital Proportion held by the parent Country of incorporation Nature of Business
British Polar Engines Limited Ordinary 100% Great Britain Manufacture and supply of diesel engines, associated servicing and sale of spare parts
Akoris Trading Limited Ordinary 50% Great Britain Commodity and natural resource trading, finance and investment.
The group controls 100% of the voting power of the subscribed shares and has control over the financial and operational
policies of Akoris Trading Limited. Therefore, Akoris Trading Limited is controlled by the group and consolidated in these
financial statements.
24. RELATED PARTY TRANSACTIONS
At 31 March 2014 David Brown, a company director, had a 12.4% (2013: 12.4%) interest in the shares of Akoris Trading
Limited.
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASSOCIATED BRITISH ENGINEERING PLC
We have audited the parent company financial statements of Associated British Engineering PLC for the year ended 31 March
2014 which comprise the principal accounting policies, the parent company balance sheet, and the related notes. The
financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting
Standards (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies
Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required
to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept
or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this
report, or for the opinions we have formed.
Respective responsibilities of directors and auditor
As explained more fully in the Directors' Responsibilities Statement set out on page 46, the directors are responsible for
the preparation of the parent company financial statements and for being satisfied that they give a true and fair view. Our
responsibility is to audit and express an opinion on the parent company financial statements in accordance with applicable
law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing
Practices Board's (APB's) Ethical Standards for Auditors.
Scope of the audit of the financial statements
A description of the scope of an audit of financial statements is provided on the Financial Reporting Council's website at
www.frc.org.uk/apb/scope/private.cfm.
Opinion on financial statements
In our opinion the parent company financial statements:
· give a true and fair view of the state of the company's affairs as at 31 March 2014;
· have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
· have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion:
· the part of the Directors' Remuneration Report to be audited has been properly prepared in accordance with the
Companies Act 2006; and
· the information given in the Strategic Report and Directors' Report for the financial year for which the financial
statements are prepared is consistent with the parent company financial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if,
in our opinion:
· adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not
been received from branches not visited by us; or
· the parent company financial statements and the part of the Directors' Remuneration Report to be audited are not in
agreement with the accounting records and returns; or
· certain disclosures of directors' remuneration specified by law are not made; or
· we have not received all the information and explanations we require for our audit.
Other matter
We have reported separately on the group financial statements of Associated British Engineering PLC for the year ended 31
March 2014. That report includes audit commentary.
Nicholas Watson
Senior Statutory Auditor
for and on behalf of Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
Oxford
7 July 2014
ASSOCIATED BRITISH ENGINEERING PLC
PRINCIPAL ACCOUNTING POLICIES - COMPANY
FOR THE YEAR ENDED 31 MARCH 2014
BASIS OF PREPARATION
The Company accounts have been prepared in accordance with applicable UK accounting standards (United Kingdom Generally
Accepted Accounting Practice). The summary of the principal accounting policies, which have been applied consistently, is
set out below. The policies have remained unchanged from the previous year.
BASIS OF ACCOUNTING
The accounts are prepared on the historical cost basis, modified to include the revaluation of current asset investments.
GOING CONCERN
The financial statements have been prepared on the going concern basis. The most notable accounting event has been the
increase in the pension scheme deficit based on this year's actuarial forecast and mentioned in the Chairman's Statement.
The directors have agreed a revised schedule of the contributions to eliminate the deficit on the ABE Pension Fund over
thirteen years starting from the year ended 31 March 2010. Based on the Group's budgets and cash forecasts, the Board
considers that the Group has sufficient resources to meet all necessary outgoings and to enable it to continue in
operational existence for the foreseeable future.
TANGIBLE FIXED ASSETS
Freehold land is not depreciated. Other fixed assets are depreciated over their estimated useful lives at the following
annual rates to cost:
Freehold buildings 5 per cent
Computer equipment 20 per cent
DEFERRED TAXATION
Deferred tax is recognised on an undiscounted basis on all timing differences where the transactions or events that give
the Company an obligation to pay more tax in the future, or a right to pay less tax in the future, have occurred by the
balance sheet date. Deferred tax assets are recognised when it is more likely than not that they will be recovered.
Deferred tax is measured using rates of tax that have been enacted or substantively enacted by the balance sheet date.
FOREIGN CURRENCIES
Assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the year end
date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Any exchange
gains or losses are credited or charged to the profit and loss account in the year in which they arise.
FINANCIAL INSTRUMENTS
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements
entered into.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt
instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such
in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and
loss account. Finance costs are calculated so as to produce a constant rate of charge on the outstanding liability.
Where none of the contractual terms of share capital meet the definition of a financial liability then this is classed as
an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
ASSOCIATED BRITISH ENGINEERING PLC
PRINCIPAL ACCOUNTING POLICIES - COMPANY
FOR THE YEAR ENDED 31 MARCH 2014
FINANCIAL INSTRUMENTS (continued)
Trade and other debtors
Trade and other debtors are originally recognised at fair value. A provision against trade debtors is made when there is
objective evidence that the Company will not be able to collect all amounts due to it in accordance the original terms of
those receivables. There is no general or specific provision for bad and doubtful debts at year end. Trade debtors and cash
and cash equivalents are classified as loans and receivables.
Trade and other creditors
Trade and other creditors are initially recognised at fair value, net of transaction costs and are subsequently held at
amortised cost.
Loan notes
The company was also funded by £555,000 of loan notes with a 6% per annum coupon rate. The loan notes were redeemed at
their book value in the financial year to 31 March 2013.
INVESTMENTS
Fixed asset investments in subsidiaries are included at cost less amounts written off.
Current asset investments are held for trading and are recognised and derecognised on a trade date where a purchase or sale
of an investment is under a contract whose terms require delivery of the investment within the timeframe established by the
market concerned, and are measured at market value, with all transaction costs being written off to the profit & loss
account as incurred.
SHARE BASED PAYMENTS AND SHARE OPTIONS
Former employees of the Group have received remuneration in the form of share based payment transactions, whereby employees
render services in exchange for rights over shares ('equity settled transactions'). The cost of these transactions is
measured by reference to their fair value at the date at which the options are granted. The fair value is determined by
using the Black-Scholes Option pricing model. There has been no charge recognised with respect to the share options as all
those in issue fall outside the scope of FRS 20, having been granted before November 2002.
ASSOCIATED BRITISH ENGINEERING PLC Company Number: 00110663
COMPANY BALANCE SHEET
AS AT 31 MARCH 2014
2014 2013
Note £'000 £'000
FIXED ASSETS
Tangible assets 3 - 1
Investments 5 - 2,484
------------- -------------
- 2,485
------------ ------------
CURRENT ASSETS
Investments 6 171 132
Debtors 7 18 11
Cash at bank and in hand 98 110
------------- -------------
287 253
Creditors - amounts falling due within one year 8 (54) (884)
------------- -------------
Net current assets / (liabilities) 233 (631)
------------ ------------
Total assets less current liabilities 233 1,854
Creditors - amounts falling due after more than one year 8 - (2,292)
------------- -------------
233 (438)
====== ======
CAPITAL AND RESERVES
Called up share capital 10 51 51
Deferred shares 10 2,594 2,594
Share premium account 12 5,370 5,370
Other reserve 212 212
Profit and loss account 12 (7,994) (8,665)
------------- -------------
SHAREHOLDERS' FUNDS 233 (438)
====== ======
-------------
SHAREHOLDERS' FUNDS
233
(438)
======
======
The financial statements were approved and authorised for issue by the Board of Directors on
and were signed below on its behalf by:
C Weinberg
Director
7 July 2014
The accounting policies on pages 39 and 40 and the notes on pages 42 to 45 form part of these accounts.
ASSOCIATED BRITISH ENGINEERING PLC
NOTES TO THE ACCOUNTS - COMPANY
FOR THE YEAR ENDED 31 MARCH 2014
1. ADMINISTRATIVE EXPENSES 2014 2013
£'000 £'000
Directors (note 2) and employees 64 63
Depreciation of tangible fixed assets: owned 1 23
====== ======
2. DIRECTORS
2014 2013
£'000 £'000
Remuneration in respect of directors was as follows:
Remuneration 45 47
====== ======
The average number of employees, including directors, during the year was 5 (2013: 5). More detailed information concerning directors' remuneration is shown in the Directors' Remuneration Report.
3. TANGIBLE FIXED ASSETS Computer Freehold land
equipment and buildings Total
£'000 £'000 £'000
COST
At 1 April 2013 2 - 2
Additions - - -
Disposals - - -
--------- -------------- -------------
At 31 March 2014 2 - 2
--------- -------------- -------------
DEPRECIATION
At 1 April 2013 1 - 1
Charge for the year 1 - 1
Disposals - - -
--------- -------------- -------------
At 31 March 2014 2 - 2
--------- -------------- -------------
NET BOOK VALUE
At 31 March 2014 - - -
===== ====== ======
At 31 March 2013 1 - 1
===== ====== ======
4. CAPITAL COMMITMENTS
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