REG - Futura Medical PLC - Preliminary Results <Origin Href="QuoteRef">FUM.L</Origin> - Part 2
15/03/2016 07:00
- Part 2: For the preceding part double click ID:nRSO0561Sa
Total emoluments 1,653,345 1,339,981
All employees of the Group are employed by Futura Medical Developments
Limited.
6. Directors' emoluments
Year ended 31 December 2015 Year ended 31 December 2014
£ £
Aggregate emoluments 559,495 710,384
Employer pension contributions 13,099 45,497
Subtotal 572,594 755,881
Share-based payment remuneration charge 50,534 110,866
Employer's national insurance charge 76,746 97,265
Total emoluments 699,874 964,012
There were no share options exercised by the Directors during the current or
preceding year. In 2015 one Director (2014: three Directors) participated in a
private money purchase defined contribution pension scheme.
Emoluments above include the following amounts in respect of the highest paid
Director:
Year ended 31 December 2015 Year ended 31 December 2014
£ £
Aggregate emoluments 257,010 243,161
Employer pension contributions - 9,409
Subtotal 257,010 252,570
Share-based payment remuneration charge 33,018 48,384
Employer's national insurance charge 35,155 30,418
Total emoluments 325,183 331,372
7. Finance income
Interest receivable in 2015 on fixed rate short-term deposits was £38,325
(2014: £48,257)
8. Taxation
Current tax
Year ended 31 December 2015 Year ended 31 December 2014
£ £
UK corporation tax credit reported in the Consolidated Statement of Comprehensive Income 997,036 480,689
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 2015 Year ended 31 December 2014
£ £
Loss on ordinary activities before tax 6,078,478 3,478,570
Loss on ordinary activities at an average standard rate of corporation tax in the UK of 20% (2014: 20%) 1,215,696 695,714
Expenses not deductible for tax purposes (674) (481)
Difference between depreciation and capital allowances 1,800 653
Other short-term timing differences (24,321) (36,795)
Unutilised tax losses (615,640) (354,615)
Tax relief on share options exercised - 2,100
Additional relief attaching to R&D tax credit claims 420,175 174,113
UK corporation tax credit reported in the Consolidated Statement of Comprehensive Income 997,036 480,689
The Group has tax losses of £20,360,259 (2014: £17,272,460) available for
offset against future taxable profits.
Deferred tax
Deferred tax assets amounting to £3,676,244 (2014: £3,475,177) have not been
recognised on the basis that their future economic benefit is not certain.
Assuming a prevailing tax rate of 18% (2014: 20%) when the timing differences
reverse, the unrecognised deferred tax asset comprises:
Year ended 31 December 2015 Year ended 31 December 2014
£ £
Depreciation in excess of capital allowances 7,444 10,071
Tax relief on unexercised share options 2,121 6,757
Other short-term timing differences 1,832 3,857
Unutilised tax losses 3,664,847 3,454,492
3,676,244 3,475,177
9. Loss per share (pence)
The calculation of the loss per share is based on a loss of £5,081,442 (2014:
loss of £2,997,881) and on a weighted average number of shares in issue of
99,022,600 (2014: 89,452,302).
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 2015 33,939 53,101 87,040
Additions 10,815 5,143 15,958
At 31 December 2015 44,754 58,244 102,998
Depreciation
At 1 January 2015 24,995 50,930 75,925
Charge for year 5,849 1,109 6,958
At 31 December 2015 30,844 52,039 82,883
Net book value
At 31 December 2015 13,910 6,205 20,115
At 31 December 2014 8,944 2,171 11,115
Computer Equipment Furniture and Fittings Total
Cost £ £ £
At 1 January 2014 59,958 52,146 112,104
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
All fixed assets of the Group are held in Futura Medical Developments
Limited.
11. Inventories
31 December 2015 31 December 2014
£ £
Raw materials and consumables 163,767 141,517
12. Financial instruments by category
The accounting policies for financial instruments have been applied to the
line items below:
Assets as per Consolidated Statementof Financial Position 31 December 2015 31 December 2014
Loans and receivables £ £
Trade and other receivables (note 13) 146,137 204,600
Cash and cash equivalents (note 14) 4,188,294 9,491,776
Total loans and receivables 4,334,431 9,696,376
31 December 2015 31 December 2014
Liabilities as per Consolidated Statementof Financial Position £ £
Trade and other payables (note 15) 529,355 435,832
Accrued expenses (note 15) 199,763 172,054
Total financial liabilities 729,118 607,886
13. Trade and other receivables
31 December 2015 31 December 2014
Amounts receivable within one year: £ £
Other receivables 49,578 111,350
Prepayments and accrued income 96,559 93,250
146,137 204,600
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 Consolidated Statement of Financial Position date is the fair value of
each class of receivable.
14. Cash and cash equivalents
31 December 2015 31 December 2014
£ £
Cash at bank and in hand 44,110 176,914
Sterling fixed rate short-term deposits 4,144,184 9,314,862
4,188,294 9,491,776
15. Trade and other payables
31 December 2015 31 December 2014
£ £
Trade payables 461,451 395,645
Social security and other taxes 67,904 40,187
Accrued expenses and deferred income 199,763 172,054
729,118 607,886
16. Share capital
Authorised 31 December 2015 31 December2014 31 December 2015 31 December2014
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 2015 31 December 2014 31 December 2015 31 December 2014
Number Number £ £
Ordinary shares of 0.2 pence each 99,092,318 99,022,600 198,185 198,045
The number of issued ordinary shares as at 1 January 2014 was 77,809,576.
During the year ended 31 December 2014, the Company issued shares of 0.2 pence
each as follows:
Month Reason for issue Gross Consideration Shares Issued
£ Number
January 2014 Share option exercise at 56.25 pence per share 67,500 120,000
March 2014 Share placing at 57.00 pence per share 12,000,000 21,052,632
December 2014 Non-Executive Director award at 63.25 pence per share 25,548 40,392
12,093,048 21,213,024
The number of issued ordinary shares as at 1 January 2015 was 99,022,600.
During the year ended 31 December 2015, the Company issued shares of 0.2 pence
each as follows:
Month Reason for issue Gross Consideration Shares Issued
£ Number
December 2015 Non-Executive Director award at 35.50 pence per share 24,750 69,718
17. Share options
At 31 December 2015, the number of ordinary shares of 0.2 pence each subject
to share options granted under the Company's Approved and Unapproved Share
Option Schemes were:
Exercise Price per Share At 1January 2015 Grants During Year Options Lapsed At 31 December2015
Exercise Period Pence Number Number Number Number
1 August 2011 - 31 July 2016 24.25 314,279 - - 314,279
1 August 2012 - 31 July 2017 40.50 662,962 - (180,000) 482,962
1 October 2013 - 30 September 2018 56.50 827,500 - (200,000) 627,500
1 October 2014 - 30 September 2019 61.50 860,000 - (200,000) 660,000
1 October 2015 - 30 September 2020 71.50 950,000 - (200,000) 750,000
1 October 2016 - 30 September 2021 51.75 1,240,000 - (200,000) 1,040,000
1 October 2017 - 30 September 2022 30.00 - 1,110,000 - 1,110,000
4,854,741 1,110,000 (980,000) 4,984,741
On 9 September 2015 share options over 1,110,000 new ordinary shares were
granted to employees (including Executive Directors) and a consultant.
The share options outstanding at 31 December 2015 represented 5.03% of the
issued share capital as at that date (2014: 4.9%) and would generate
additional funds of £2,439,700 (2014: £2,662,100) if fully exercised. The
weighted average remaining life of the share options was 62 months (2014: 57
months), with a weighted average remaining exercise price of 48.94 pence
(2014: 54.84 pence).
The share options exercisable at 31 December 2015 totalled 2,834,741 (2014:
2,664,741) with an average exercise price of 55.33 pence (2014: 50.33 pence)
and would have generated additional funds of £1,568,500 (2014: £1,341,150) if
fully exercised.
The Group's share option scheme rules apply to 4,229,741 of the share options
outstanding at 31 December 2015 (31 December 2014: 4,199,741) and include a
rule regarding forfeiture of unexercised share options upon the cessation of
employment/provision of consultancy services (except in specific
circumstances).
There were no market vesting conditions within the terms of the grant of the
share options.
The Black-Scholes formula is the option pricing model applied to the grants of
all share options made in respect of calculating the fair value of the share
options.
Inputs to share option pricing model 31 December 2015 31 December 2014
Grant date 9 September 12 September
Number of shares under option 1,110,000 1,240,000
Share price as at date of grant 30.00 pence 51.75 pence
Option exercise price 30.00 pence 51.75 pence
Expected life of options: based on previous exercise history 3 years 3 years
Expected volatility: based on 50 day median fluctuations over 3 years 42.68% 42.96%
Dividend yield: no dividends assumed 0% 0%
Risk-free rate: yield on 3 year treasury stock as at date of grant 0.82% p.a. 1.24% p.a.
Outputs generated from share option pricing model 31 December 2015 31 December 2014
Fair value per share under option 8.27 pence 15.71 pence
Total expected charge over the vesting period £91,750 £194,804
Recognised in Consolidated Statementof Comprehensive Income 31 December 2015 31 December 2014
£ £
The share-based remuneration charge comprises:
Share-based payments - employees 110,653 156,581
Share-based payments - consultants 10,459 20,462
Share-based payments 121,112 177,043
18. Pension costs
The pension charge represents contributions payable by the Group to
independently administered funds which during the year ended 31 December 2015
amounted to £80,923 (2014: £93,993). Pension contributions payable in arrears
at 31 December 2015 included in accrued expenses at the relevant Consolidated
Statement of Financial Position date totalled £5,470 (2014: £4,139).
19. Commitments
At 31 December 2015 the Group had operating lease commitments in respect of
property leases cancellable on one month's notice of £5,945 (2014: £5,829).
20. Related party transactions
Related parties, as defined by IAS 24 'Related Party Disclosures', are the
wholly owned subsidiary companies, Futura Medical Developments Limited, Futura
Consumer Healthcare Limited and the Board. Transactions between the Company
and the wholly owned subsidiary companies have been eliminated on
consolidation and are not disclosed.
In October 2015 the Company signed an agreement with Quantum Pharma Plc, for
whom John Clarke is Non-Executive Chairman, for the manufacture and supply of
MED2002 as an unlicensed medicine. At the year end the sum due from Quantum
Pharma Plc in respect of shared development costs was £10,923 (2014: £Nil).
Key management compensation
The Directors represent the key management personnel. Details of their
compensation and share options are given in note 6.
This information is provided by RNS
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