REG - Comptoir Group PLC - Preliminary Results <Origin Href="QuoteRef">COM.L</Origin> - Part 2
12/04/2017 07:06
- Part 2: For the preceding part double click ID:nRSL2589Ca
statement in the period in which they
are incurred. Promotional and training costs are written off to the income
statement in the period in which they are incurred.
Financial expenses
Financial expenses comprise of interest payable on bank loans, hire purchase
liabilities and other financial costs and charges. Interest payable is
recognised on an accrual basis.
(p) Ordinary share capital
Ordinary shares are classified as equity. Costs directly attributable to the
increase of new shares or options are shown in equity as a deduction from the
proceeds.
(q) Dividend policy
In accordance with IAS 10 'Events after the Balance Sheet Date', dividends
declared after the balance sheet date are not recognised as a liability at
that balance sheet date, and are recognised in the financial statements when
they have received approval by shareholders. Unpaid dividends that are not
approved are disclosed in the notes to the consolidated financial statements.
(r) Commercial discount policy
Commercial discounts represent a reduction in cost of goods and services in
accordance with negotiated supplier contracts, the majority of which are based
on purchase volumes. Commercial discounts are recognised in the period in
which they are earned and to the extent that any variable targets have been
achieved in that financial period. Costs associated with commercial discounts
are recognised in the period in which they are incurred.
(s) Operating segments
An operating segment is a component of an entity that engages in business
activities from which it may earn revenues and incur expenses (including
revenue and expenses related to transactions with other components of the same
entity), whose operating results are regularly reviewed by the entity's Chief
Operating Decision Maker to make decisions about resources to be allocated to
the segment and assess its performance, and for which discrete financial
information is available. The Chief Operating Decision Maker has been
identified as the Board of Executive Directors, at which level strategic
decisions are made.
Notes to the consolidated financial statements
For the year ended 31 December 2016
1. Segmental analysis
The Group has only one operating segment being: the operation of restaurants
with Lebanese and Middle Eastern Offerings and one geographical segment being
the United Kingdom. The Group's brands meet the aggregation criteria set out
in paragraph 22 of IFRS 8 'Operating Segments' and as such the Group reports
the business as one reportable segment.
None of the Group's customers individually contribute over 10% of the total
revenues.
2. Revenue
Year ended 31 December 2016£ Year ended 31 December 2015£
Income for the year consists of the following:Revenue from continuing operations Other income not included within revenue in the income statement:Other income 21,513,813 2,114 17,727,212 50,000
Total income for the year 21,515,927 17,777,212
3. Group operating (loss)/profit
Year ended 31 December 2016£ Year ended 31 December 2015£
This is stated after charging/(crediting): AIM admission costs (see note 4)Operating lease chargesImpairment of assets (see note 12)Share based payments (see note 23)Opening costs (see below)Amortisation of intangible assets (see note 11)Depreciation of property, plant and equipment (see note 12)Exchange lossesAudit fees (see note 5) 232,5862,194,804471,796479,2101,401,54628,958950,625-90,000 -1,839,372--348,130-755,53315938,500
Non-trading items shown on the consolidated statement of comprehensive income
totalling £1,183,592 comprises AIM admission costs (£232,586), share-based
payments (£479,210) and impairment of assets (£471,796).
For the initial trading period following opening of a new restaurant, the
performance of that restaurant will be lower than that achieved by other,
similar mature restaurants. The difference in this performance, which is
calculated by reference to gross profit margins amongst other key metrics is
quantified and included within opening costs. The breakdown of opening costs,
between pre-opening costs and post-opening costs is shown below:
Year ended 31 December 2016£ Year ended 31 December 2015£
Pre-opening costs 907,045 225,870
Post-opening costs 494,501 122,260
1,401,546 348,130
4. AIM admission costs
During the year ended 31 December 2016, the Company carried out an initial
public offering ("IPO") of its ordinary shares and on 21 June 2016 the
ordinary shares of the Company were admitted to trading on London's
Alternative Investment Market ("AIM"). At the time of the IPO the Company
issued 16,000,000 new shares to the public at an IPO price of £0.50 each,
raising £8,000,000 of new capital for the Group, before issue costs.
The expenses of £574,413 incurred directly on the issue of the new shares have
been debited to the share premium account, whilst the costs incurred relating
to the admission of the Company's existing shares to trading on AIM, which
totalled £232,586, have been included within AIM admission costs and are shown
separately on the face of the statement of comprehensive income.
5. Auditors' remuneration
Year ended 31 December 2016£ Year ended 31 December 2015£
Auditors' remuneration:Fees payable to Company's auditor for the audit of its annual accounts Other fees to auditorsThe audit of Company's subsidiaries 15,000 20,000 15,000 20,000
Total audit fees 35,000 35,000
Reporting accountant servicesTax services 55,000- -3,500
Total non-audit fees 55,000 3,500
Total auditors' remuneration 90,000 38,500
6. Staff costs and numbers
Year ended 31 December 2016£ Year ended 31 December 2015£
(a) Staff costs (including directors): Wages and salaries:Kitchen, floor and management wages Other costs:Social security costsShare-based payments (note 23)Pension costs 6,594,374 549,430479,21039,907 5,397,157 352,309 - 28,051
Total staff costs 7,662,921 5,777,517
(b) Staff numbers (including directors): Kitchen and floor staffManagements staff Number 432106 Number 44070
Total number of staff 538 510
(c) Directors' remuneration: EmolumentsMoney purchase (and other) pension contributionsNon-Executive directors fees 251,2951,164 28,917 74,73674225,000
Total directors' costs 281,376 100,478
Director's remuneration disclosed above include the following amounts paid to the highest paid director:
EmolumentsMoney purchase (and other) pension contributions 119,013569 37,368377
Further details on Directors' emoluments and the executive pension schemes are
given in the Directors' remuneration report.
7. Finance costs
Year ended 31 December 2016£ Year ended 31 December 2015 (Restated)£
Interest payable and similar charges:Interest on finance leases and hire purchase contractsInterest on bank loans and overdraftOther interest 50,83174,406- 68,50516,84842,457
Total finance costs for the year 125,237 127,810
8. Taxation
The major components of income tax for the years ended 31 December 2016 and
2015 are:
(a) Analysis of charge in the year:
Year ended 31 December 2016£ Year ended 31 December 2015£
Current tax:UK corporation tax on the (loss)/profit for the yearAdjustments in respect of previous years Deferred tax:Origination and reversal of temporary differencesTax losses carried forward 13,9956,086 (114,414)7,450 273,666- 44,629(589)
Total tax (credit)/charge for the year (86,883) 317,706
(b) Factors affecting the tax charge for the year: The tax charged for the year varies from the standard rate of corporation tax in the UK due to the following factors:
Year ended31 December 2016£ Year ended31 December 2015£
(Loss)/profit on ordinary activities before taxExpected tax (credit)/charge based on the standard rate of corporation tax in the UK of 20% (2015: 20.25%) Effects of:Depreciation on non-qualifying assetsExpenses/(income) not deductible for tax purposesEffect of change in corporation taxAdjustments in respect of previous tax yearsDividend incomeOther miscellaneous itemsDeferred tax adjustments in (1,004,996)(201,000) (14,314)132,445-6,086-4,084-(14,184) 1,287,513260,721 48,67717,335(52)-365,571(14,582)-
respect of prior yearsLosses utilised in the year
Total tax (credit)/charge for the year (86,883) 317,706
9. (Loss)/earnings per share
The company had 5,000 ordinary shares of £0.01 each and 5,000 B ordinary
shares of £0.01 each in issue as 31 December 2015. In June 2016, the 5,000 B
ordinary shares were re-designated as ordinary shares of £0.01 each and
79,990,000 new ordinary shares of £0.01 each were allotted and issued to the
existing shareholders as a bonus issue of shares.
On the date of the IPO the company issued a further 16,000,000 new shares. The
basic and diluted earnings per share figures, based on the weighted average
number of shares in issue during the period ended 31 December 2016 and the
actual number of shares in issue at 31 December 2015, are set out below.
Year ended 31 December 2016£ Year ended 31 December 2015£
(Loss)/profit attributable to shareholders (918,113) 969,807
Non-trading items 3 1,183,592 -
Opening costs 3 1,401,546 348,130
Taxation (86,883) 317,706
Adjusted pre-tax profit for the year 1,580,142 1,635,643
Adjusted EBITDA, calculated by taking the adjusted profit before tax figure shown above and adding back interest, depreciation and amortisation was £2,684,962 (2015: £2,518,986).
Number Number
Weighted average number of shares
For basic earnings per share 54,037,158 54,037,158
Adjustment for options outstanding 1,159,276 -
For diluted earnings per share 55,196,434 54,037,158
Pence per share Pence per share
Earnings per share:
Basic (pence)
From (loss)/profit for the period (1.70) 1.79
From adjusted pre-tax profit 2.92 3.03
Diluted (pence)
From (loss)/profit for the period (1.66) 1.79
From adjusted pre-tax profit 2.86 3.03
The loss per share for the comparative year ended 31 December 2015 has been
calculated on a comparable basis using the same average weighted average
number of ordinary shares in issue as if the shares had been in issue during
that period.
Diluted earnings per share is calculated by dividing the profit or loss
attributable to ordinary shareholders by the weighted average number of shares
and 'in the money' share options in issue. Share options are classified as 'in
the money' if their exercise price is lower than the average share price for
the period. As required by IAS 33, this calculation assumes that the proceeds
receivable from the exercise of 'in the money' options would be used to
purchase shares in the open market in order to reduce the number of new shares
that would need to be issued.
10. Dividends
Amounts recognised as distributable to equity holders in the period:
Year ended 31 December 2016£ Year ended 31 December 2015£
Dividend for the year ended 31 December 2015 of £66.97 per share - 669,675
Dividend for the year ending 31 December 2016 of £7.84 per share 78,375 -
Prior to the company's IPO, its Chief Executive, C Hanna, and its Creative and
Founding Director, A Kitous, were remunerated by way of dividends in lieu of
market rate salaries. Since the company's IPO, these directors have received
market rate salaries instead of such dividends.
11. Intangible assets
Group Lease premiums Goodwill Total
£ £ £
CostAt 1 January 2016Additions -1,075,000 -74,979 -1,149,979
At 31 December 2016 1,075,000 74,979 1,149,979
Accumulated amortisationAt 1 January 2016Amortised during the year -28,958 -- -28,958
At 31 December 2016 28,958 - 28,958
Net Book Value as at 31 December 2015 - - -
Net Book Value as at 31 December 2016 1,046,042 74,979 1,121,021
Acquisition
On 14 December 2016, the Group purchased the trade and assets, valued at
£400,000, of Agushia Limited, including the Yalla Yalla brand and four
restaurants trading under the brand as part of the group's strategic goal to
expand its network of restaurants in London and the rest of the United
Kingdom. The goodwill reported in the Balance Sheet arising on the acquisition
of this business amounts to £74,979 and represents the amounts paid in excess
of the fair value of the net assets acquired.
Goodwill arising on business combinations is not amortised but is subject to
an impairment review annually, or arising on acquisition is monitored and an
impairment test is carried out which compares the value in use to its carrying
value. The transaction has been treated as a business combination under IFRS 3
'Business Combinations'. Details of the identifiable assets and liabilities,
purchase consideration and goodwill are set out below:
Book value & fair values£
Intangible assetsFixtures and fittings 10,00059,996
Property, plant and equipment 342,177
Liabilities (87,152)
Total net assets acquired 325,021
Consideration paid:Cash 400,000
Goodwill arising on acquisition 74,979
12. Property, plant and equipment
Group Freehold land and buildings Leasehold Land and buildings Plant and machinery Fixture, fittings & equipment Total(Restated)
£ £ £ £ £
CostAt 1 January 2015Additions 1,481,879- 4,009,8511,646,617 1,419,937998,736 1,238,456366,930 8,150,1233,012,283
At 31 December 2015 1,481,879 5,656,468 2,418,673 1,605,386 11,162,406
Accumulated depreciation and impairmentAt 1 January 2015Depreciation during the year 9,87959,275 1,613,606410,246 728,045183,377 416,937102,635 2,768,467755,533
At 31 December 2015 69,154 2,023,852 911,422 519,572 3,524,000
CostAt 1 January 2016AdditionsBusiness combination additions 1,481,87980,136- 5,656,4682,729,476- 2,418,6731,212,779342,177 1,605,386474,45359,996 11,162,4064,496,844402,173
At 31 December 2016 1,562,015 8,385,944 3,973,629 2,139,835 16,061,423
Accumulated depreciation and impairmentAt 1 January 2016Depreciation during the yearImpairment during the year 69,15449,396- 2,023,852478,025296,260 911,422297,87285,547 519,572125,33589,989 3,524,000950,628471,796
AT 31 December 2016 118,550 2,798,137 1,294,841 734,896 4,946,424
Net Book Value as at 31 December 2015 1,412,725 3,632,616 1,507,251 1,085,814 7,638,406
Net Book Value as at 31 December 2016 1,443,465 5,587,807 2,678,788 1,404,939 11,114,999
Assets held under finance leases Group
Year ended 31 December 2016£ Year ended 31 December 2015£
CostAt 1 January 2016AdditionsLegal ownership transferred 1,853,94280,136(1,618,460) 1,853,942--
Cost as at 31 December 2016 315,618 1,853,942
Accumulated depreciationAt 1 January 2015Depreciation during the yearImpairmentLegal ownership transferred 170,98784,62287,600(139,601) 73,44597,541--
At the end of year 203,608 170,986
Net book value at the end of the year 112,010 1,682,956
Legal ownership transferred relates to a property held under finance lease
that has subsequently been purchased outright during the current year.
13. Subsidiaries
The principal subsidiaries of Comptoir Group Plc, all of which have been
included in these consolidated financial statements, are as follows:
Name Country of incorporation and principal place of business Proportion of ownership interest as at 31 December Non-Controlling interests Ownership/voting interest at 31 December
2016 2015 2016 2015
Timerest LimitedChabane LimitedComptoir Franchise LimitedShawa Group Limited*Shawa England & Wales England & WalesEngland & WalesEngland & WalesEngland & WalesEngland & WalesEngland & WalesEngland & WalesEngland & WalesEngland & WalesEngland & WalesEngland & WalesEngland & WalesEngland & WalesEngland & WalesEngland & WalesEngland & WalesEngland & WalesEngland & WalesEngland & WalesEngland & WalesEngland & WalesEngland & WalesEngland & WalesEngland & WalesEngland & WalesEngland & WalesEngland & WalesEngland & WalesEngland & Wales 100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100% 100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%--- ------------------------------ ------------------------------
Bluewater LimitedShawa LimitedShawa Rupert Street Limited*Comptoir Stratford
Limited*Comptoir South Ken Limited*Comptoir Soho LimitedComptoir Central Production
LimitedComptoir Westfield London Limited*Levant Restaurants Group LimitedComptoir
Chelsea Limited*Comptoir Bluewater LimitedComptoir Wigmore Limited*Comptoir Kingston
LimitedComptoir Broadgate LimitedComptoir Manchester LimitedComptoir Restaurants
LimitedComptoir Leeds Limited*Comptoir Oxford Street Limited*Comptoir I.P.
Limited*Comptoir Reading Limited*TKCH Limited*Comptoir Bath Limited*Comptoir Exeter
Limited* Yalla Yalla Restaurants LimitedShawa Haymarket LtdComptoir Oxford Limited*
*Dormant companies
Changes to subsidiaries during the year ended 31 December 2016:
Comptoir Bath Limited changed its name from Comptoir Wardour Street Limited on
20 February 2016.
Comptoir Exeter Limited changed its name from Comptoir Strand Limited on 20
February 2016.
Shawa Rupert Street Limited and Shawa Haymarket Limited were incorporated on
30 March 2016.
Comptoir Reading Limited was incorporated on 22 February 2016. The company
changed its name from Comptoir Reading Limited to Shawa Wardour Street on 8
August 2016 and back to Comptoir Reading Limited on 2 September 2016.
Yalla Yalla Restaurants Limited, a subsidiary, which was incorporated on 5
September 2016, changed its name from Shawa Wardour Street on 30 November
2016.
14. Inventories
Group
Year ended 31 December 2016£ Year ended 31 December 2015£
Finished goods and goods for resale 479,830 304,199
15. Trade and other receivables
Group
Year ended 31 December 2016£ Year ended 31 December 2015£
Trade debtorsOther debtorsPrepayments and accrued incomeCorporation tax recoverable 572,691499,9341,124,690- 323,235677,780602,61933,506
Total trade and other receivables 2,197,315 1,637,140
16. Trade and other payables
Group
Year ended 31 December 2016£ Year ended 31 December 2015£
Trade creditorsAccrualsOther taxation and social securityOther creditorsDirectors' loan accounts 1,383,2091,546,108541,31487,018- 828,569569,701825,772636,521572,600
Total trade and other payables 3,557,649 3,433,163
17. Borrowings
Group
Year ended 31 December 2016 £ Year ended 31 December 2015 (Restated)£
Bank loansBank overdraftsFinance leaseHire purchase liabilities 1,990,527--21,921 1,703,25612,4161,461,043110,529
Total borrowings 2,012,448 3,287,244
The long term bank loans are secured by way of fixed charges over the assets
of various Group companies. Some of the bank loans are secured by a personal
guarantee given by A Kitous, director, amounting to £6,925,000 across all
loans. Bank loans of £1,990,527, represent amounts repayable within one year
of £610,120 and amounts totalling £1,380,407 which are repayable in more than
one year but less than five years. All loans have a five-year term with
maturity dates of between 2018 and 2020. All loans attract a rate of interest
of 3.25% over the Bank base rate.
The liability in respect of the finance lease that was entered into in
November 2014 is £nil for the year ended 2016. The comparative relates to a
property held under finance least that has subsequently been purchased
outright, during the current year. Previously interest was charged at a rate
of 4% plus LIBOR.
The entire hire purchase liability is due within one year.
18. Provisions for liabilities
Group
Year ended 31 December 2016£ Year ended 31 December 2015£
Provisions for leasehold property dilapidations 35,050 27,388
Total provisions 35,050 27,388
Movements on provisions: At 1 January 2016Provision in the year (net of releases) Group£27,3887,662
Total at 31 December 2016 35,050
Provisions for leasehold property dilapidation repairs are recognised when the
Group has a present obligation to carry out dilapidation repair work on the
leasehold premises before the property is vacated. The amount recognised as a
provision is the best estimate of the costs required to carry out the
dilapidations work and is spread over the expected period of the tenancy.
19. Deferred Taxation
Deferred tax assets and liabilities are offset where the Group or Company has
a legally enforceable right to do so. The following is the analysis of the
deferred tax balances (after offset) for financial reporting purposes:
Group Liabilities2016 Liabilities2015 Assets2016 Assets2015
£ £ £ £
Accelerated capital allowancesTax lossesShare-based payment 287,287-- 171,829-- 44,020160,97899,997 (82,160)164,733-
287,287 171,829 304,995 82,573
Movements in the year: Group2016 Group2015
£ £
Net (liability)/asset at 1 January(Credit)/charge to Statement of Comprehensive Income (note 8) (89,256) 106,964 (45,216) (44,040)
Net asset/(liability) at year end 17,708 (89,256)
The deferred tax liability set out above is related to accelerated capital
allowances and will reverse over the period that the fixed assets to which it
relates are depreciated.
20. Share capital
Authorised, issued and fully paid Number of 1p shares
Year ended 31 December 2016 Year ended 31 December 2015
Brought forwardIssues in the period 10,00095,990,000 10,000-
Carried forward 96,000,000 10,000
Nominal value
Brought forwardIssues in the period Year ended 31 December 2016£100959,900 Year ended 31 December 2015£100-
Carried forward 960,000 100
The company had 5,000 ordinary shares of £0.01 each and 5,000 B ordinary
shares of £0.01 each in issue as 31 December 2015. In June 2016, the 5,000 B
ordinary shares were re-designated as ordinary shares of £0.01 each and
79,990,000 new ordinary shares of £0.01 each were allotted and issued to the
existing shareholders as a bonus issue of shares. On 21 June 2016 the company
issued 16,000,000 new shares to the public as part of the IPO and admission of
the shares to the AIM market of the London Stock Exchange, raising £8 million
before costs of the share issue.
21. Other reserves
The other reserves account in the balance sheet reflects the credit to equity
made in respect of the charge for share-based payments made through the income
statement and the purchase of shares in the market in order to satisfy the
vesting of existing and future share awards under the Long-Term Incentive
Plan.
22. Retirement benefit schemes
Defined contribution schemes 31 December 2016£ 31 December 2015£
Charge to profit and loss 39,907 28,051
A defined contribution scheme is operated for all qualifying employees. The
assets of the scheme are held separately from those of the group in an
independently administered fund.
23. Share-based payments scheme
Equity-settled share-based payments
On 14 June 2016 the Company established an Enterprise Management Incentive
("EMI") share option scheme and on the same day granted 2,970,000 EMI share
options to certain key employees. The scheme enables all employees (as well as
Directors) to subscribe for ordinary shares in Comptoir Group PLC. The scheme
includes all subsidiary companies headed by Comptoir Group PLC. The exercise
price of all of the options is £0.50, the term to expiration is 10 years and
all of the options have the same vesting conditions attached to them.
The total share-based payment charge for the year was £479,210 (2015: £Nil).
This is included within non-trading items on the face of the statement of
comprehensive income.
On the same day, 14 June 2016, the Company also granted 1,440,000 unapproved
share options to family members of directors, in relation to their capacity as
shareholders investing in the company. The exercise price of these options is
£0.50, the term to expiration is 10 years and all of the unapproved options
have the same vesting conditions attached to them.
If options remain unexercised after a period of 10 years from the date of
grant, the options expire. Unvested options are forfeited if the employee
leaves the group before the options vest, vested options are forfeited if the
employee leaves the group before the options are exercised.
On 21 June 2016, as a result of the company's IPO, all 2,970,000 of the EMI
options in issue vested, resulting in a charge to the income statement equal
to the fair value of the options on the date of grant. Since vesting and to
the date of approval of the financial statements none of the options had been
exercised and 200,000 options cancelled.
Shares No. Year ended 31 December 2016 Average Exercise price£ Shares No. Year ended 31 December 2015 Average Exercise price£
Options outstanding, beginning of yearGrantedCancelled -2,970,000(200,000) -0.500.50 -- - -- -
Options outstanding, end of year 2,770,000 0.50 - -
Options exercisable, end of year 2,770,000 0.50 - -
The Black-Scholes option pricing model is used to estimate the fair value of
options granted under the group's share-based compensation plan. The range of
assumptions used and the resulting weighted average fair value of options
granted at the date of grant for the group were as follows:
Year ended 31 December 2016 Year ended 31 December 2015
Risk free rate of returnExpected termEstimated volatilityExpected dividend yieldWeighted average fair value of options granted 0.10%10 years28%0%£0.173 -----
Risk free interest rate
The risk free interest rate is based on the UK 2-year Gilt yield.
Expected term
The expected term represents the maximum term that the group's share options
in relation to employees of the group are expected to be outstanding. The
expected term is based on expectations using information available.
Estimated volatility
The estimated volatility is the amount by which the price is expected to
fluctuate during the period. The standard deviation of share price
fluctuations of similar businesses was used to quantify the amount of
estimated dispersion as there has been less than 6 months of trade for the
group.
Expected dividends
Comptoir's board of directors may from time to time declare dividends on its
outstanding shares. Any determination to declare and pay dividends will be
made by Comptoir Group PLC's board of directors and will depend upon the
group's results, earnings, capital requirements, financial condition, business
prospects, contractual restrictions and other factors deemed relevant by the
board of directors. In the event that a dividend is declared, there is no
assurance with respect to the amount, timing or frequency of any such
dividends. Based on this uncertainty and unknown frequency, for the year ended
31 December 2016 no dividend rate was used in the assumptions to calculate the
share based compensation expense.
24. Reconciliation of (loss)/profit to cash generated from operations
Year ended 31 December 2016£ Year ended 31 December 2015£
(Loss)/profit for the year Income tax (credit)/expenseFinance costsDepreciationAmortisation of intangible assetsImpairment of assetsShare-based payment charge Movements in working capitalIncrease in inventoriesIncrease in trade and other receivablesIncrease in trade and other payables and provisions (918,113) (86,883)125,237950,62828,958471,796479,210 (175,631)(560,175) 54,995 969,807 317,706127,810755,533--- (130,821)(536,884) 1,009,130
Cash from operations 370,022 2,512,281
25. Reconciliation of changes in cash to the movement in net debt
Net debt: Year ended 31 December 2016£ Year ended 31 December 2015£
At the beginning of the year Movements in the year:Repayment of loan borrowingsNew loans advancesFinance lease paymentsHire purchase lease paymentsNon-cash movements in the yearCash inflow/(outflow) (2,619,998) 613,346(825,000)1,508,97891,710(126,653)158,375 (1,103,863) 527,022(1,000,000)90,000101,723(125,655)(1,109,229)
At the end of the year (1,199,242) (2,619,998)
Represented by: At 31 December 2014£ Cash flow movements in the year£ Non- cash flow movements in the year£ At 31 December 2015£
Cash and cash equivalentsOverdraftBank loansOther loansFinance leasesHire purchase liabilities 1,764,060-(1,122,147)(50,000)(1,491,475)(204,301) (1,096,813)(12,416)(522,976)50,00090,000101,725 --(58,133)-(59,569)(7,953) 667,247(12,416)(1,703,256)-(1,461,044)(110,529)
(1,103,863) (1,390,480) (125,655) (2,619,998)
At 31 December 2015£ Cash flow movements in the year£ Non- cash flow movements in the year£ At 31 December 2016£
Cash and cash equivalentsOverdraftBank loansFinance leasesHire purchase liabilities 667,247(12,416)(1,703,256) (1,461,044)(110,529) 145,95912,416(211,654)1,508,97891,710 --(75,617) (47,934)(3,102) 813,206-(1,990,527)-(21,921)
(2,619,998) 1,547,409 (126,653) (1,199,242)
26. Financial instruments
The Group finances its operations through equity and borrowings, with the
borrowing interest typically subject to 3.25% per annum over base rate.
Management pay rigorous attention to treasury management requirements and
continue to:
· ensure sufficient committed loan facilities are in place to support
anticipated business requirements;
· ensure the Group's debt service will be supported by anticipated cash
flows and that covenants will be complied with; and
· manage interest rate exposure with a combination of floating rate
debt and interest rate swaps when deemed appropriate.
The Board closely monitors the Group's treasury strategy and the management of
treasury risk. Further details of the Group's capital risk management can be
found in the report of the Directors.
Further details on the business risk factors that are considered to affect the
Group are included in the strategic report and more specific financial risk
management (including sensitivity to increases in interest rates) are included
in the Report of the Directors. Further details on market and economic risk
and headroom against covenants are included in the Strategic Report.
Financial assets and liabilities
Group financial assets:
31 December 2016£ 31 December 2015£
Cash and cash equivalents Trade and other receivables 813,2073,243,357 667,2471,637,140
Total financial assets 4,056,564 2,304,387
Group financial liabilities: 31 December 2016£ 31 December 2015£
OverdraftTrade and other payables excl. corporation taxDirectors' loansHire purchase lease debtFinance lease debtBank loan -3,557,649-21,921-610,120 12,4162,860,563572,60088,6061,461,043437,501
Short -term financial liabilities 4,189,690 5,432,729
Bank loanFinance lease debt 1,380,407- 1,265,75521,923
Long-term financial liabilities 1,380,407 1,287,678
Total financial liabilities 5,570,097 6,720,407
*The loans held in the subsidiaries typically have the interest rate of
3.25%p.a. over base rate.
At 31 December 2016 the Group has £Nil of committed borrowing facilities in
excess of gross borrowings (2015: £Nil) and £Nil of undrawn overdraft (2015:
£Nil).
The maturity profile of anticipated gross future cash flows, including
interest, relating to the Group's non-derivative financial liabilities, on an
undiscounted basis, are set out below:
Overdraft£ Trade and other payables *£ Directors' loans£ Bank loans£ Finance lease debt£ Hire purchase lease liability£
As at 31 December 2016Within one yearWithin two to five yearsAfter five years Less future interest payments --- - 3,557,649-- - --- - 674,4841,449,311- (133,268) --- - 22,081-- (160)
Total - 3,557,649 - 1,990,527 - 21,921
As at 31 December 2015Within one yearWithin two to five yearsAfter five years Less future interest payments 12,416-- - 2,860,563-- - 572,600-- - 493,9911,336,755- (127,490) 1,508,978-- (47,935) 91,70822,083- (3,262)
Total 12,416
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