REG - Inspired Capital PLC - Preliminary Results <Origin Href="QuoteRef">INSCI.L</Origin> - Part 2

InspiredAnnouncement

15/07/2015 13:22

- Part 2: For the preceding part double click  ID:nRSQ5276Ka 

2013 (re-categorised)     51        237                    346        634    
 Charge for the year                      86        94                     118        298    
 At 31 December 2014                      137       331                    464        932    
 Carrying amount                                                                             
 At 31 December 2014                      396       229                    227        852    
 At 31 December 2013                      135       265                    156        556    
 
 
9.      Loans and other receivables 
 
                                    2014    2013             
                                    £'000   restated£'000    
 Trade and other receivables                                 
 Loans and other trade receivables  67,639  39,387           
 Prepayments                        741     446              
 VAT recoverable                    37      17               
                                    68,417  39,850           
 
 
A summary of the customer loans and receivables is shown below: 
 
                              2014     2013          
                              £000     restated£000  
                                                     
 Outstanding client balances  69,344   41,514        
 Provision for impairment     (1,705)  (2,127)       
                              67,639   39,387        
 
 
Provision for impairment 
 
                          2014     2013          
                          £000     restated£000  
                                                 
 Balance brought forward  2,127    -             
 Acquired on acquisition  -        1,865         
 Provided in period       1,220    262           
 Utilised in period       (1,642)  -             
 Balance carried forward  1,705    2,127         
 
 
10.    Trade and other payables 
 
                                               2014    2013                
                                                       Restated(note 6)    
                                               £'000   £'000               
                                                                           
 Trade payables                                1,945   475                 
 Other payables, accruals and deferred income  6,392   3,865               
 Finance lease payables                        1,593   1,581               
 Deferred revenue                              579     621                 
                                               10,509  6,542               
 
 
11.    Share capital 
 
                                                                   2014    2013    
                                                                   £'000   £'000   
 Authorised                                                                        
 299,500,165 ordinary shares of 10 pence each                      29,950  29,950  
 999,670 non-voting deferred shares of 5 pence each                50      50      
                                                                   30,000  30,000  
 Issued                                                                            
 263,991,874 (2012: 194,549,571) ordinary shares of 10 pence each  26,399  26,399  
 999,670 non-voting deferred shares of 5 pence each                50      50      
                                                                   26,449  26,449  
 
 
The deferred shares are non-convertible and do not entitle the holders thereof
to participate in dividends or in the capital of the Company. 
 
12.    Share premium 
 
                                                           £'000  
 At 1 October 2012                                         -      
 Arising on the acquisition of Ultimate Finance Group plc  6,077  
 At 31 December 2013 and 31 December 2014                  6,077  
 
 
13.    Own shares 
 
                                           Group    Company  
                                           £'000    £'000    
 At 1 October 2012                         (7,313)  (7,313)  
 Purchase of own shares                    (282)    (282)    
 At 31 December 2013 and 31 December 2014  (7,595)  (7,595)  
 
 
At 31 December 2013 and 31 December 2014 
 
(7,595) 
 
(7,595) 
 
Following the successful completion of the Capital Reduction Scheme on 14
December 2011, the Company commenced the Share Buy-Back scheme. By 31 December
2014, the Company had acquired 44,951,580 of the total permitted 48,637,392
ordinary shares and these shares are held in Treasury. 
 
14.    Notes to the Condensed Group cash flow statement 
 
                                                           2014      2013              
                                                                     RestatedNote 6    
                                                           £'000     £'000             
 Operating loss of continuing operations                   (132)     (1,127)           
 (Loss)/profit attributable to discontinued operations     (13)      408               
 Share based payment charge                                78        -                 
 Depreciation, amortisation and impairment charges         1,015     467               
 Profit on initial investment in UFG                       -         (597)             
 Operating cash flows before movements in working capital  948       (849)             
 Increase in receivables                                   (28,567)  (3,130)           
 Increase in payables                                      3,943     77                
 Increase in bank borrowings and overdrafts                10,175    2,987             
 Net cash utilised by operations                           (13,501)  (915)             
 Tax recovered                                             -         88                
 Net cash outflow from operating activities                (13,501)  (827)             
 
 
15.    Related party transactions 
 
Transactions between the Company and its subsidiaries, which are related
parties, have been eliminated on consolidation. 
 
Trading transactions 
 
Amounts outstanding at the balance sheet date relate primarily to the movement
of cash and cash equivalents: 
 
                                        Amounts owed        
                                        by related parties  
                                        2014                2013    
                                        £'000               £'000   
 Renovo Limited                         62,104              62,031  
 Renovo Technologies Limited            -                   -       
 Ultimate Finance Group plc             22,527              5,000   
 Ultimate Invoice Finance Limited       -                   -       
 Ultimate Trade Finance Limited         -                   -       
 Ultimate Asset Finance Limited         -                   -       
 Ultimate Recruitment Finance Limited   -                   -       
 Ultimate Construction Finance Limited  -                   -       
 Ultimate Business Cash Limited         -                   -       
 Ultimate Factors Limited               -                   -       
 Ashley Commercial Finance Limited      -                   -       
 Ashley Business Cash Limited           -                   -       
 
 
The above companies are related parties of the Group because Inspired Capital
plc owns either directly, or indirectly, the entire issued share capital of
those companies. 
 
The amounts outstanding are unsecured and will be settled in cash. Inspired
Capital plc has confirmed its continuing support to Renovo Limited for the
foreseeable future. 
 
Remuneration of key personnel 
 
The remuneration of the Directors, who are the key management personnel of the
Group, is set out below in aggregate for each of the categories specified in
IAS 24 Related Party Disclosures. 
 
                                                               2014   2013   
                                                               £'000  £'000  
 Short-term employee benefits                                  1,063  171    
 Post-employment benefits                                      75     18     
 Fees invoiced by third parties for the services of Directors  30     230    
                                                               1,168  419    
 
 
Directors' transactions 
 
There were no transactions with key management personnel requiring to be
disclosed under Schedule 6 of the Companies Act 2006 or IAS 24. 
 
The Henderson facility 
 
The Henderson Facility is unsecured and will charge a rate of 0.7% per
calendar month or part thereof, compounded, on any balances drawn down. The
Group will also be charged an arrangement fee of 3.5% on any balance drawn
down from the Facility, as well as a 3.5% fee on any balances repaid after 31
January 2015. The Henderson Facility will be repayable over a one year period
or following an equity fundraising on AIM raising a minimum of £10 million net
of fees. As a result of The Alphagen Volantis Fund Limited, managed by
Henderson, and Jamie Brooke being related parties under the AIM Rules for
Companies, the directors excluding Jamie Brooke, having consulted with the
Group's nominated adviser, consider the terms of the Henderson Facility to be
fair and reasonable insofar as the Group's shareholders are concerned. 
 
This information is provided by RNS
The company news service from the London Stock Exchange