REG - Assoc British Enging - Annual Financial Report <Origin Href="QuoteRef">ASBE.L</Origin> - Part 3
29/07/2016 07:05
- Part 3: For the preceding part double click ID:nRSc5992Fb
68 70
Interest receivable on cash and cash equivalents (15) (22)
(53) (48)
(48)
8. TAXATION 2016 2015
£'000 £'000
The tax charge is set out below:
Current tax:
United Kingdom corporation tax at 20% (2015: 21%) - -
Deferred tax:
In respect of current year 8 (6)
Total current tax and tax on profit on ordinary activities 8 (6)
The tax assessed for the period is different from the standard rate of corporation tax in the UK of 20% (2015: 21%). The
differences are explained as follows:
2016 2015
£'000 £'000
Loss on ordinary activities before tax (621) (179)
Loss on ordinary activities multiplied by standard rate of Corporation tax in the UK of 20% (2015 21%) (124) (38)
Effects of:
Expenses not deductible for tax purposes 6 4
Income not taxable (12) (35)
Depreciation for the period in excess of capital allowances 12 (4)
Adjustment to recognised deferred tax 8 (6)
Unrelieved tax losses 118 73
Taxation expense in the consolidated income statement 8 (6)
The Group has trading losses of approximately £2 million (2015: £1.64 million) and capital losses of £8.5million (2015:
£8.5 million). These are available to set against future taxable profits, taxation liabilities and capital gains
respectively. The trading losses are available to be used against future profits arising from the same trade within the
Group. These amounts are subject to agreement with Her Majesty's Revenue and Customs. Deferred tax assets have not been
recognised in the Group accounts. As the timing and extent of taxable profits are uncertain, a deferred tax asset of
£822,000 (2015: £661,000) arising on the trading losses has not been recognised in the financial statements.
ASSOCIATED BRITISH ENGINEERING PLC
NOTES TO THE ACCOUNTS - GROUP (continued)
FOR THE YEAR ENDED 31 MARCH 2016
9. LOSS PER SHARE
The calculation of loss per ordinary share is based on the loss attributable to ordinary shareholders divided by the
weighted average number of shares in issue during the year.
2016 2015
Loss Weighted Average number of shares Per shares amount pence Loss Weighted Average number of shares Per shares amount pence
£'000 £'000
Basic and diluted earnings per share (613) 2,048,990 (29.9p) (153) 2,048,990 (7.5p)
10. PROPERTY, PLANT AND EQUIPMENT Freehold land and buildings Plant and machinery Total
£'000 £'000 £'000
COST
At 1 April 2014 689 1,409 2,098
Additions - 10 10
Disposals - (9) (9)
At 31 March 2015 689 1,410 2,099
At 1 April 2015 689 1,410 2,099
Additions - 28 28
Disposals - (23) (23)
At 31 March 2016 689 1,415 2,104
ACCUMULATED DEPRECIATION
At 1 April 2014 689 1,045 1,734
Charge for year - 53 53
Eliminated on disposals - (9) (9)
At 31 March 2015 689 1,089 1,778
At 1 April 2015 689 1,089 1,778
Charge for year - 53 53
Eliminated on disposals - (23) (23)
At 31 March 2016 689 1,119 1,808
CARRYING AMOUNTS
At 31 March 2016 - 296 296
At 31 March 2015 - 321 321
At 31 March 2014 - 364 364
At 31 March 2014
-
364
364
At 31 March 2016 assets held under finance leases included in plant and machinery had a carrying value of £207,000 (2015:
£240,000).
ASSOCIATED BRITISH ENGINEERING PLC
NOTES TO THE ACCOUNTS - GROUP (continued)
FOR THE YEAR ENDED 31 MARCH 2016
11. CAPITAL COMMITMENTS
At 31 March 2016 the Group had capital commitments of £Nil (2015: £Nil).
12. INVENTORIES 2016 2015
£'000 £'000
Raw materials 107 94
Work in progress 134 81
Finished goods 717 764
958 939
The closing inventory balance of £3,369,000 (2015: £3,369,000) is stated net of provisions of £2,411,000
(2015: £2,430,000). There was a decrease in provision of £19,000 (2015: £211,000 increase) in relation to slow moving
stock.
13. TRADE AND OTHER RECEIVABLES 2016 2015
£'000 £'000
Trade receivables 818 420
Allowance for doubtful debts (396) (86)
422 334
Prepayments and accrued income 371 269
793 603
Trade receivables disclosed above are classified as loans and receivables and are measured at amortised cost.
The average credit period offered on sales of goods varies from 30 days to 90 days. The Group has recognised an allowance
for doubtful debts based on estimated irrecoverable amounts determined by the history and by reference to the counterparty
and an analysis of the counterparty's current financial position.
Trade receivables disclosed above include amounts (see below for aged analysis) which are past due at the year-end
but against which the Group has not recognised an allowance for doubtful receivables.
Ageing of past due but not impaired receivables
2016 2015
£'000 £'000
31 - 60 days 13 18
61 - 90 days 192 2
91 - 120 days 31 279
236 299
Movement in the allowance for doubtful debts:
2016 2015
£'000 £'000
Balance at the beginning of the period 86 79
Increase in provision 310 7
Balance at the end of the period 396 86
In determining the recoverability of a trade receivable the Group considers, inter alia, any change in the credit quality
of the trade receivable from the date credit was initially granted up to the reporting date.
ASSOCIATED BRITISH ENGINEERING PLC
NOTES TO THE ACCOUNTS - GROUP (continued)
FOR THE YEAR ENDED 31 MARCH 2016
13. TRADE AND OTHER RECEIVABLES (continued)
The Group has a concentration of credit risk with exposure to two large debtor balance at the year-end which accounts for
58% of the balance due between 61 -120 days. Management considers that all the above financial assets that are not
provided for, impaired or past due are of good credit quality.
14. AVAILABLE FOR SALE INVESTMENTS 2016 2015
£'000 £'000
Listed Securities 433 417
Available For Salefinancial assets
£000
Opening balance 417
Additions -
Net fair value gain 16
Disposals -
Closing balance 433
Gains or losses on available for sale investments are presented within other comprehensive income.
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.
Available for sale investments, which are valued based on active markets' prices, are reported under Level 1 in the fair
value hierarchy.
15. CALLED UP SHARE CAPITAL 2016 2015
£'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
2,645 2,645
Carrying value:
Equity shares:
2,048,990 ordinary shares of £0.025 each 51 51
2,048,990 ordinary shares of £0.025 each
51
51
The structure of the Group and Company's capital is as follows:
Number of Number of
Ordinary Ordinary Deferred Deferred Share
Shares Shares Shares Shares Premium
No. £'000 No. £'000 £'000
Balance at 1 April 2015 (£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 2016
15. CALLED UP SHARE CAPITAL (continued)
CALLED UP SHARE CAPITAL (continued)
Capital management
The Group manages its capital to ensure that entities in the Group will be able to continue as going concerns while
maximising the return to stakeholders through the optimisation of the debt and equity balance. The Group's overall strategy
remains unchanged from 2015.
The capital structure of the Group consists of cash and bank balances and equity of the Group, comprising called up share
capital, deferred shares, share premium account, other reserves and retained earnings.
The Group is not subject to any externally imposed capital requirements.
16. NON-CONTROLLING INTERESTS
Movement in non-controlling interests during the year are disclosed in the statement of changes in equity.
A decrease in non-controlling interest of £6,000 (2015: £32,000) was recognised during the year in respect of the restructuring of our interests, and acquisition of shares, in Akoris Trading Limited ("Akoris"), bringing the total holding in Akoris at the year-end to 99.7%.
2016
£'000
Brought forward as at 1 April 2015 (6)
Arising on purchase of additional shares 6
Share of result for the year -
Carried forward at 31 March 2016 -
17. RETIREMENT BENEFIT SCHEMES
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 operates a designated defined benefit 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 pension scheme liability is calculated by reference to the future salaries of participating
members. Any increase in members' salaries will increase the scheme's liability but is now limited to RPI.
Interest rate risk:
Any decrease in bond rates will increase the scheme's liability.
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
scheme's liability is calculated by reference to the best estimate of the mortality rate of the scheme's members.
ASSOCIATED BRITISH ENGINEERING PLC
NOTES TO THE ACCOUNTS - GROUP (continued)
FOR THE YEAR ENDED 31 MARCH 2016
17. RETIREMENT BENEFIT SCHEMES (continued)
The scheme consists of 2 active members, 27 deferred members and 60 pensioner members. The contribution to the scheme for
the forthcoming year is expected to be £149,000 including the contribution to the deficit.
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 is 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.
Assumption Change in the Defined Benefit Obligation % Change in the Defined Benefit Obligation (£'000)
0.25% p.a. reduction in discount rate +4.1 79
0.25% increase in inflation +1.3 25
Members assumed to live one year longer +3.5 68
In the year ended 31 March 2009, the Company came to an 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.
Contributions by employer in respect of future accrual of benefits, death in service benefits and expenses:
28.6% (2015: 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 following the triennial review:
With reference to the recovery plan agreed with the Trustees in conjunction with the valuation as at 1 April 2014, the
employer will make the following contributions over the period from 1 April 2014 to 31 March 2030:
· From 1 April 2014 until 1 August 2014 contributions of £17,000 per month has been paid in accordance with the
previous recovery plan.
· From 1 August 2014, £10,000 per month are payable by the 19th of the calendar month after that to which they
relate.
· An additional lump sum relating to the profits of the employer in respect of all accounting periods as from 1 April
2014 is payable in the financial year following the generation of the profits calculated on the following basis:-
· a) for all trading profits (before interest and taxation, and excluding those generated from external investments)
in excess of £250k and below £1,050k an additional payment of 20% of such profits;
· b) for all trading profits (before interest and taxation, and excluding those generated from external investments)
in excess of £1,050k an additional payment of 10% of such profits;
· Profit-share contributions will only be payable if there is a gross pension deficit recorded in the Employer's
Annual Report and Accounts for the financial year in which the profits are generated;
· Funding shortfall contributions (including profit-share contributions) will cease in the event that a funding
ASSOCIATED BRITISH ENGINEERING PLC
NOTES TO THE ACCOUNTS - GROUP (continued)
FOR THE YEAR ENDED 31 MARCH 2016
17. RETIREMENT BENEFIT SCHEMES (continued)
· surplus is certified by the Scheme Actuary
(a) Pension cost (recognised in Income Statement) 2016 2015
£'000 £'000
Operating charge
Current service cost 26 25
Other finance charges
Interest on net defined benefit obligation 61 62
Total pension cost recognised in the Income Statement 87 87
Total pension cost recognised in the Income Statement
87
87
(b) Benefit liability 2016 2015 2014 2013 2012
£'000 £'000 £'000 £'000 £'000
Present value of funded obligations 8,295 8,424 7,101 6,748 6,451
Fair value of plan assets (6,364) (6,532) (5,687) (5,817) (5,476)
Net liability 1,931 1,892 1,414 931 975
The major categories of plan assets are as follows:
2016 2015
£'000 £'000
Equities (quoted) 1,445 1,502
Fixed Interest Gilts - 1,069
Index-Linked Gilts 1,917 1,907
Corporate Bonds 2,884 1,075
Cash 76 923
Bank Balance 42 56
6,364 6,532
Plan assets
The weighted-average asset allocations at the year-end were as follows: 2016 2015
Equities (quoted) 22.7% 23.0%
Bonds 75.4% 62.0%
Cash 1.9% 15.0%
15.0%
Plan risks
The defined benefit plan typically expose the Company to actuarial risks, as stated on page 34, which are managed by a
joint working group, comprising the Trustees of the defined benefit plan and the Board.
(c) Change in benefit obligation 2016 2015
£'000 £'000
Benefit obligation at beginning of the year 8,424 7,101
Current service cost 26 25
Interest cost 282 327
Actuarial loss arising from changes in financial assumptions (197) 1,235
Contributions by plan participants 4 6
Benefits paid (244) (270)
Benefit obligations at end of the year 8,295 8,424
ASSOCIATED BRITISH ENGINEERING PLC
NOTES TO THE ACCOUNTS - GROUP (continued)
FOR THE YEAR ENDED 31 MARCH 2016
17. RETIREMENT BENEFIT SCHEMES (continued)
RETIREMENT BENEFIT SCHEMES (continued)
(d) Change in plan assets 2016 2015
£'000 £'000
Fair value of plan assets at beginning of the year 6,532 5,687
Expected return on plan assets 221 265
Actuarial gains/(loss) on plan assets arising from changes in financial assumptions (296) 669
Contributions made by employer 147 175
Contributions by plan participants 4 6
Benefits paid (244) (270)
Fair value of plan assets at end of the year 6,364 6,532
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 3.56% (2015: 3.4% pa).
(e) Principal actuarial assumptions 2016 2015
Inflation (CPI) 1.76 1.8
Rate of increase in pensionable salaries 2.50 2.5
Discount rate 3.56 3.4
Pension in payment increases 1.76 1.8
Revaluation rate for deferred pensioners 1.76 1.8
Pre-retirement mortality PNMAOO, MC1% PNMAOO,MC1%
PNFAOO, MC 1% PNFAOO,MC1%
Post retirement mortality PNMAOO, MC1% PNMAOO,MC1%
PNFAOO, MC1% PNFAOO,MC1%
Life expectancy from age 65 (years):
Male currently aged 65 23.0 22.9
Female currently aged 65 25.4 25.4
Male currently aged 45 24.9 24.9
Female currently aged 45 27.3 27.2
24.9
Female currently aged 45
27.3
27.2
(f) Expected future cash flows
The Group's expected contribution to its defined benefit plans in 2016 is expected to be £149,000 (2015: £158,000). The
Group does not expect any material changes to the annual cash contributions over the next three years given the funding
position of the scheme. The defined benefit obligations are based on the current value of expected benefit payment cash
flows to members over the next several decades.
The overall weighted average duration of scheme liabilities as at 31 March 2016 is approximately 18 years
ASSOCIATED BRITISH ENGINEERING PLC
NOTES TO THE ACCOUNTS - GROUP (continued)
FOR THE YEAR ENDED 31 MARCH 2016
18. PAYABLES 2016 2015
£'000 £'000
Current
Obligations under finance leases 65 65
Trade payables 222 283
Other taxation and social security 26 23
Other payables 42 300
Accruals 243 26
598 697
The net finance lease obligations are due:
In one year or less 65 65
Between two and three years 43 107
108 172
172
All current payables apart from obligations under finance leases are expected to mature within a period of 6 months.
19. FINANCIAL INSTRUMENTS
The fair values of cash and cash equivalents, available for sale financial assets, receivables and payables are assumed to
approximate to their carrying values.
The Group's financial instruments comprise cash and various items, such as trade and other receivables, available for sale
financial assets 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 2016 the Group has cash balances of £1,577,000 (2015:
£2,606,000) and no bank overdraft (2015: £Nil).
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, therefore limited exposure to interest rate risk.
Cash and cash equivalents held at floating rates expose the entity to cash flow risk. Interest rate risk is limited to the
cash and cash equivalents.
Based on the balance sheet value of cash and cash equivalents, a 1% change in interest base rates would lead to an increase
or decrease in income and equity of £16,000 (2015: £26,000).
The Board reviews and agrees policies for managing each of the above risks and they are summarised overleaf and in the
accounting policies to the Group financial statements. These policies have been consistently applied throughout the
period.
COMMODITY PRICE RISK
The Group is dependent upon some of its suppliers to effectively operate a stock holding and call off management system,
which is utilised to mitigate holding costs. There is the potential to leave the Group exposed to 'stock out' or shortages
but the Group manages this closely and does not envisage this going forward.
When prices are advantageous a strategic decision may be taken to increase a stock levels in core parts 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.
ASSOCIATED BRITISH ENGINEERING PLC
NOTES TO THE ACCOUNTS - GROUP (continued)
FOR THE YEAR ENDED 31 MARCH 2016
19. FINANCIAL INSTRUMENTS (continued)
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 an appropriate rate of return. The Board reviews an annual 12 month financial
projection as well as information regarding cash balances. 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, available for sale financial assets 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
and available for sale financial assets.
In order to manage credit risk the directors of the subsidiary company set limits for customers based on a combination of
payment history, third party credit references and knowledge of the customers. Credit limits are reviewed by the
subsidiary's directors on a regular basis in conjunction with debt ageing and experience. In 2016 and 2015 there were a
limited number of concentrations of credit risk. The Group's top five customers comprised 47% of the year end trade
receivables. The Board consider their strong customer relations to be a 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. 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 £316,000 (2015: £5,000) has been included in the
financial statements.
At the year end 6% (2015: 72%) of current financial assets are aged greater than 90 days. These amounted to £52,000 and
£21,000 have been provided for (2015: £344,000 and £81,000 respectively).
FAIR VALUE OF FINANCIAL INSTRUMENTS
The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at
fair value into Levels 1 to 3 based on the degree to which the fair value is observable:
· Level 1 fair value measurements are those derived from quoted prices in active markets for identical assets or
liabilities;
· Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that
are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and
· Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or
liability that are not based on observable market data (unobservable inputs).
Level 1 Level 2 Level 3 Total
£'000 £'000 £'000 £'000
Available for sale financial assets
Quoted securities 433 - - 433
ASSOCIATED BRITISH ENGINEERING PLC
NOTES TO THE ACCOUNTS - GROUP (continued)
FOR THE YEAR ENDED 31 MARCH 2016
20. DEFERRED TAXATION
The deferred taxation liability at 31 March 2016 was £Nil (2015: £8,000).
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% (2015: 20%)) are set out below:
Group 2016 2015
£'000 £'000
Arising from trading losses 436 298
Arising from capital losses 1,707 1,700
Arising from pension deficit 386 378
2,529 2,376
21. CONTINGENT LIABILITIES
2016 2015
£'000 £'000
a) Banker's indemnities 30 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 2016 or 31 March 2015.
22. COMMITMENTS UNDER OPERATING LEASES
At 31 March the Group had the following commitments under non-cancellable operating leases:
Other
2016 2015
£'000 £'000
Within one year 10 23
Between two and five years inclusive 20 44
30 67
ASSOCIATED BRITISH ENGINEERING PLC
NOTES TO THE ACCOUNTS - GROUP (continued)
FOR THE YEAR ENDED 31 MARCH 2016
23. SUBSIDIARIES
At 31 March 2016 the Company held share capital in the following subsidiaries:
Share Capital Proportion held by the parent Country of incorporation Nature of Business
British Polar Engines Limited Ordinary 100% (2015:100%) Great Britain Manufacture and supply of diesel engines, associated servicing and sale of spare parts.
Akoris Trading Limited Ordinary 99.7%(2015: 76.8%) Great Britain Commodity and natural resource trading, finance and investment.
Kelvin Diesels Limited Ordinary 100% (2015: 100%) Great Britain Diesel Engines, acting as nominee for British Polar Engines Limited
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. Movement in non-controlling interests are
disclosed in note 16 to the accounts.
24. RELATED PARTY TRANSACTIONS
At 31 March 2016, British Polar Engines had 2.36% (2015: 19.9%) holding in SalvaRx Group Plc.
Colin Weinberg, a director of the company held 0.1% holding in SalvaRx Group Plc at 31 March 2016 (0.1% at 31 March 2015).
ASSOCIATED BRITISH ENGINEERING PLC Company Number: 00110663
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2016
31 March 31 March 1 April
2016 2015 2014
Note £'000 £'000 £'000
ASSETS
Non-current assets
Property, plant and equipment 7 - - -
Investments in subsidiaries 9 - - -
Available for sale financial assets 10 134 131 171
134 131 171
Current assets
Trade and other receivables 11 3 20 18
Cash and cash equivalents 28 59 98
31 79 116
T Total assets 165 210 287
EQUITY AND LIABILITIES
Called up share capital 15 51 51 51
Deferred shares 15 2,594 2,594 2,594
Share premium account 5,370 5,370 5,370
Other reserve 212 212 212
Available for sale reserve 7 4 -
Retained earnings (8,144) (8,143) (7,994)
Total equity 90 88 233
LIABILITIES
Non-current liabilities
Amounts due to group undertakings 12 - - -
Current liabilities
Trade and other payables 12 75 122 54
Total liabilities 75 122 54
Total equity and liabilities 165 210 287
54
Total equity and liabilities
165
210
287
The financial statements were approved and authorised for issue by the Board of Directors on 28 July 2016 and were signed
below on its behalf by:
C Weinberg
Director
The accounting policies on pages 15 and 21 and the notes on pages 45 to 50 form part of these accounts.
ASSOCIATED BRITISH ENGINEERING PLC
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2016
Share capital Share premium Deferredshares Other reserve Available for Sale Financial Assets Retained earnings Total
£'000 £'000 £'000 £'000 £'000 £'000 £000
Balance at 1 April 2014 51 5,370 2,594 212 - (7,994) 233
Loss for the year - - - - - (149) (149)
Other comprehensive income
Unrealised gain on Available For Sale financial assets (*) - - - - 4 - 4
-------------- -------------- ---------------- -------------- -------------- --------------- ---------------
Total comprehensive income for the year - - - - 4 (149) (145)
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