REG - Futura Medical PLC - Preliminary Results <Origin Href="QuoteRef">FUM.L</Origin> - Part 2
25/03/2015 07:02
- Part 2: For the preceding part double click ID:nRSY3711Ia
in the field of innovative products for consumer
healthcare using the Group's advanced proprietary transdermal technology.
The Group manages any overseas R&D from the UK, the primary business segment.
Segment revenue is based on the geographical location of the Group's
customers. Since there is currently only one business segment and one
geographical segment, no separate segment reporting has been prepared.
4. Operating loss
Year ended 31 December 2014 Year ended 31 December 2013
Operating loss is stated after charging £ £
Depreciation of plant and equipment (note 10) 4,527 3,783
Inventories consumed in R&D 41,317 6,868
Wages and salaries (note 5) 1,360,443 1,229,672
Operating lease costs: property 69,603 68,151
Loss on foreign exchange
1,314 5,398
The fees of the Group's auditor, BDO LLP, for services provided are analysed
below:
Year ended 31 December 2014 Year ended 31 December 2013
Audit services £ £
Parent company 27,500 26,000
Subsidiaries 7,500 4,000
Tax compliance services
Parent company 1,000 900
Subsidiaries 5,000 4,350
Total fees 41,000 35,250
5. Wages and salaries
The average monthly number of persons (including all Directors) employed by
the Group during the year was 10 (by category: R&D 4, administration 6),
(2013:10, by category: R&D 4, administration 6) and their aggregate emoluments
were:
Year ended 31 December 2014 Year ended 31 December 2013
£ £
Wages and salaries 953,830 867,551
Social security costs 120,064 109,035
Other pension and insurance benefits costs 115,050 107,100
Total cash-settled emoluments 1,188,944 1,083,686
Accrued holiday pay (5,544) 4,487
Share-based payment remuneration charge (note 17) 177,043 141,499
Total emoluments 1,360,443 1,229,672
All employees of the Group are employed by Futura Medical Developments
Limited.
6. Directors' emoluments
Year ended 31 December 2014 Year ended 31 December 2013
£ £
Aggregate emoluments 710,384 655,439
Employer pension contributions 45,497 64,830
Subtotal 755,881 720,269
Share-based payment remuneration charge 110,866 80,063
Employer's national insurance charge 97,265 89,861
Total emoluments 964,012 890,193
Emoluments disclosed above include the following amounts in respect of the
highest paid Director:
Year ended 31 December 2014 Year ended 31 December 2013
£ £
Aggregate emoluments 243,161 205,230
Employer pension contributions 9,409 26,318
Subtotal 252,570 231,548
Share-based payment remuneration charge 48,384 34,879
Employer's national insurance charge 30,418 28,044
Total emoluments 331,372 294,471
There were no share options exercised by the Directors during the year. In
2013 two Directors exercised share options under the Group share option scheme
and realised a combined gain of £19,182. In respect of the highest paid
Director the realised gain in 2013 was £nil.
During the year, three Directors (2013: three Directors) participated in a
private money purchase defined contribution pension scheme.
7. Finance income
Year ended 31 December 2014 Year ended 31 December 2013
£ £
Interest receivable on fixed rate short-term deposits 48,257 9,534
8. Taxation
Current tax
Year ended 31 December 2014 Year ended 31 December 2013
£ £
UK corporation tax credit reported in the Group Statement of Comprehensive Income 480,689 313,677
The tax assessed for the year is different from the standard rate of
corporation tax in the UK.
The differences are explained below:
Year ended 31 December 2014 Year ended 31 December 2013
£ £
Loss on ordinary activities before tax 3,478,570 2,522,009
Loss on ordinary activities at an average standard rate of corporation tax in the UK of 20% (2013: 20%) 695,714 504,402
Expenses not deductible for tax purposes (481) (36)
Difference between depreciation and capital allowances 653 253
Other short-term timing differences (36,795) (28,925)
Unutilised tax losses (354,615) (236,813)
Tax relief on share options exercised 2,100 12,384
Additional relief attaching to R&D tax credit claims 174,113 62,412
UK corporation tax credit reported in the Group Statement of Comprehensive Income 480,689 313,677
The Group has tax losses of £17,272,460 (2013: £15,500,889) available for
offset against future taxable profits.
Deferred tax
Deferred tax assets amounting to £3,475,177 (2013: £3,249,939) have not been
recognised on the basis that their future economic benefit is not certain.
Assuming a prevailing tax rate of 20% (2013: 20%) when the timing differences
reverse, the unrecognised deferred tax asset comprises:
Year ended 31 December 2014 Year ended 31 December 2013
£ £
Depreciation in excess of capital allowances 10,071 10,724
Tax relief on unexercised share options 6,757 136,567
Other short-term timing differences 3,857 2,470
Unutilised tax losses 3,454,492 3,100,178
3,475,177 3,249,939
9. Loss per share (pence)
The calculation of the loss per share is based on a loss of £2,997,881 (2013:
loss of £2,208,332) and on a weighted average number of shares in issue of
89,452,302 (2013: 77,591,370).
The loss attributable to equity holders of the Company for the purpose of
calculating the fully diluted loss per share is identical to that used for
calculating the basic loss per share. The exercise of share options, disclosed
in note 17, or the issue of shares under the long-term incentive plan, would
have the effect of reducing the loss per share and is therefore anti-dilutive
under the terms of IAS 33 'Earnings per Share'.
10. Plant and equipment
Computer Equipment Furniture and Fittings Total
Cost £ £ £
At 1 January 2014 59,958 52,146 12,104
Additions 5,719 2,074 7,793
Disposals (31,738) (1,119) (32,857)
At 31 December 2014 33,939 53,101 87,040
Depreciation
At 1 January 2014 52,500 51,755 104,255
Charge for year 4,233 294 4,527
Disposals (31,738) (1,119) (32,857)
At 31 December 2014 24,995 50,930 75,925
Net book value
At 31 December 2014 8,944 2,171 11,115
At 31 December 2013 7,458 391 7,849
Computer Equipment Furniture and Fittings Total
Cost £ £ £
At 1 January 2013 54,910 52,146 107,056
Additions 5,048 - 5,048
At 31 December 2013 59,958 52,146 112,104
Depreciation
At 1 January 2013 48,821 51,651 100,472
Charge for year 3,679 104 3,783
At 31 December 2013 52,500 51,755 104,255
Net book value
At 31 December 2013 7,458 391 7,849
At 31 December 2012 6,089 495 6,584
All fixed assets of the Group are held in Futura Medical Developments
Limited.
11. Inventories
31 December 2014 31 December 2013
£ £
Raw materials and consumables 141,517 35,007
12. Financial instruments by category
The accounting policies for financial instruments have been applied to the
line items below:
Assets as per Group Statement of Financial Position 31 December 2014 31 December 2013
Loans and receivables £ £
Trade receivables (note 13) - 12,000
Cash and cash equivalents (note 14) 9,491,776 990,567
Total loans and receivables 9,491,776 1,002,567
31 December 2014 31 December 2013
Liabilities as per Group Statement of Financial Position £ £
Financial liabilities at amortised cost 395,645 186,503
13. Trade and other receivables
31 December 2014 31 December 2013
Amounts receivable within one year: £ £
Trade receivables - 12,000
Other receivables 111,350 27,307
Prepayments and accrued income 93,250 79,363
204,600 118,670
Trade and other receivables do not contain any impaired assets. The Group does
not hold any collateral as security and the maximum exposure to credit risk at
the Group Statement of Financial Position date is the fair value of each class
of receivable.
14. Cash and cash equivalents
31 December 2014 31 December 2013
£ £
Cash at bank and in hand 176,914 63,835
Sterling fixed rate short-term deposits 9,314,862 926,732
9,491,776 990,567
15. Trade and other payables
31 December 2014 31 December 2013
£ £
Trade payables 395,645 186,503
Social security and other taxes 40,187 48,973
Accrued expenses and deferred income 172,054 242,522
607,886 477,998
16. Share capital
Authorised 31 December 2014 31 December2013 31 December 2014 31 December2013
Number Number £ £
Ordinary shares of 0.2 pence each 500,000,000 500,000,000 1,000,000 1,000,000
Allotted, called up and fully paid 31 December 2014 31 December 2013 31 December 2014 31 December 2013
Number Number £ £
Ordinary shares of 0.2 pence each 99,022,600 77,809,576 198,045 155,619
The number of issued ordinary shares as at 1 January 2013 was 77,447,946.
During the year ended 31 December 2013, the Company issued shares of 0.2 pence
each as follows:
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