REG - Inspirit Energy Hlds - Annual Financial Report <Origin Href="QuoteRef">INSP.L</Origin> - Part 2
28/12/2017 14:00
- Part 2: For the preceding part double click ID:nRSb4917Aa
Interpretations in future periods will have little or no impact on the financial statements of the Company when the relevant Standards come into effect for future reporting periods, although they have yet to complete their full assessment in relation to
the impact of IFRS 9 and IFRS 15.
SEGMENTAL REPORTINGThe accounting policy for identifying segments is now based on internal management reporting information that is regularly reviewed by the chief operating decision maker, which is identified as the Board of Directors.In identifying its
operating segments, management generally follows the Group's service lines which represent the main products and services provided by the Group. The Directors believe that the Group's continuing trading operations comprise one segment.
CURRENT AND DEFERRED INCOME TAXThe tax expense for the period comprises current tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised directly in equity. In this case the tax is also
recognised directly in other comprehensive income or directly in equity, respectively.The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the
Company's subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where
appropriate on the basis of amounts expected to be paid to the tax authorities.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
FOREIGN CURRENCY TRANSLATIONa) FUNCTIONAL AND PRESENTATION CURRENCYItems included in the Financial Statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates
("functional currency"). The consolidated Financial Statements are presented in Pounds Sterling (£), which is the Company's functional and the Group's presentation currency.b) TRANSACTIONS AND BALANCESForeign currency transactions are translated
into the functional currency using the exchange rates prevailing at the dates of the transactions, or valuation where items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation at
year-end exchange rates of monetary assets and liabilities denominated in foreign currencies, are recognised the Statement of Comprehensive Income.Foreign exchange gains and losses relating to borrowings and cash and cash equivalents are presented in the
Statement of Comprehensive Income within "Finance Income" or "Finance Costs". All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within "Other (Losses)/Gains - Net".
OPERATING LEASESLeases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the Statement of Comprehensive Income on a
straight line basis over the period of the lease.
PROPERTY, PLANT AND EQUIPMENTProperty, plant and equipment are stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items.Subsequent costs are included in the asset's
carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the
replaced part is derecognised. All other repairs and maintenance are charged to the Statement of Comprehensive Income during the financial period in which they are incurred.Depreciation is calculated to allocate the cost of each class of asset to their
residual values over their estimated useful lives, as follows:· Plant and Equipment - 15% reducing balance· Fixtures and Fittings - 20% reducing balance· Motor Vehicles - 5 years, straight lineThe assets' residual values and useful lives are
reviewed, and adjusted if appropriate, at the end of each reporting period.An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount.Gains and losses on
disposals are determined by comparing the proceeds with the carrying amount, and are recognised within "Other (Losses)/Gains - Net" in the Statement of Comprehensive Income.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
INTANGIBLE ASSETS DEVELOPMENT COSTSDevelopment costs relate to expenditure on the development of certain new products and service projects where the outcome of those projects is assessed as being reasonably certain as regards viability and technical
feasibility. Such expenditure is capitalised and amortised over the expected sales life of the product, being generally a period not longer than five years commencing in the year the sales of the product were first made.
Development costs incurred on specific projects are capitalised when all the following conditions are satisfied:· completion of the intangible asset is technically feasible so that it will be available for use or sale· the Group intends to
complete the intangible asset and use or sell it· the Group has the ability to use or sell the intangible asset· the intangible asset will generate probable future economic benefits· there are adequate technical, financial and other
resources to complete the development and to use or sell the intangible asset, and· the expenditure attributable to the intangible asset during its development can be measured reliably.Directly attributable costs that are capitalised as part of the
product include any employee costs and an appropriate portion of relevant overheads.Other development expenditure that does not meet these criteria is recognised as an expense as incurred. Development costs previously recognised as an expense are not
recognised as an asset in a subsequent period.
IMPAIRMENT OF NON-FINANCIAL ASSETSAssets that have an indefinite useful life, are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value
less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill that suffered
an impairment are reviewed for possible reversal of the impairment at each reporting date.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
FINANCIAL ASSETSa) CLASSIFICATIONThe Group classifies its financial assets in the following categories: at fair value through profit or loss and loans and receivables. The classification depends on the purpose for which the financial assets
were acquired. Management determines the classification of its financial assets at initial recognition.FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSSFinancial assets at fair value or loss are financial assets held for trading. A financial asset is
classified in this category if acquired principally for the purpose of selling in the short term. Assets in this category are classified as current assets if expected to be settled within 12 months; otherwise, they are classified as non-current.LOANS
AND RECEIVABLESLoans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than 12 months after the Statement of
Financial Position date. These are classified as non-current assets. The Group's loans and receivables comprise trade and other receivables and cash and cash equivalents in the Statement of Financial Position.
b) RECOGNITION AND MEASUREMENTRegular purchases and sales of financial assets are recognised on the trade date - the date on which the Group commits to purchasing or selling the asset. Financial assets carried at fair value through profit or
loss is initially recognised at fair value, and transaction costs are expensed in the Statement of Comprehensive Income. Financial assets are derecognised when the rights to receive cash flows from the assets have expired or have been transferred, and the
Group has transferred substantially all of the risks and rewards of ownership. Financial assets at fair value through profit or loss are subsequently carried at fair value. Loans and receivables are subsequently carried at amortised cost using the
effective interest method.Gains or losses arising from changes in the fair value of financial assets at fair value through profit or loss are presented in the Statement of Comprehensive Income within "Other (Losses)/Gains - Net" in the period in which they
arise.
IMPAIRMENT OF FINANCIAL ASSETSThe Group assesses at the end of each reporting period whether there is objective evidence that a financial asset, or a group of financial assets, is impaired. A financial asset, or a group of financial assets, is impaired,
and impairment losses are incurred, only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a "loss event"), and that loss event (or events) has an impact on the
estimated future cash flows of the financial asset, or group of financial assets, that can be reliably estimated.The criteria that the Group uses to determine that there is objective evidence of an impairment loss include:· significant financial
difficulty of the issuer or obligor; · a breach of contract, such as a default or delinquency in interest or principal repayments; · the disappearance of an active market for that financial asset because of financial difficulties;·
observable data indicating that there is a measurable decrease in the estimated future cash flows from a portfolio of financial assets since the initial recognition of those assets, although the decrease cannot yet be identified with the individual
financial assets in the portfolio; or· for assets classified as available-for-sale, a significant or prolonged decline in the fair value of the security below its cost. ASSETS CARRIED AT AMORTISED COSTThe amount of impairment is measured as the
difference between the asset's carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred), discounted at the financial asset's original effective interest rate. The asset's carrying
amount is reduced, and the loss is recognised in the Statement of Comprehensive Income. As a practical expedient, the Group may measure impairment on the basis of an instrument's fair value using an observable market price.If, in a subsequent period, the
amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised (such as an improvement in the debtor's credit rating), the reversal of the previously recognised impairment loss
is recognised in the Statement of Comprehensive Income.
TRADE AND OTHER RECEIVABLESTrade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if
longer), they are classified as current assets. If not they are presented as non-current assets.Trade receivables are recognised initially at fair value, and subsequently measured at amortised cost using the effective interest method, less provision for
impairment.
CASH AND CASH EQUIVALENTSIn the consolidated Statement of Cash Flows, cash and cash equivalents comprise cash in hand and deposits held at call with banks.
FINANCIAL LIABILITIESThe Group's financial liabilities comprise trade payables. Financial liabilities are obligations to pay cash or other financial assets and are recognised when the Group becomes a party to the contractual provisions of the instruments.
SHAREHOLDERS' EQUITYEquity comprises the following:· "Share capital" represents the nominal value of equity shares.· "Share premium" represents the excess over nominal value of the fair value of consideration received for equity shares, net of
expenses of the share issue.· "Option reserve" represents the cumulative cost of share based payments. · "Retained losses" represents retained losses.
TRADE PAYABLESTrade payables are initially measured at fair value and are subsequently measured at amortised cost, using the effective interest rate method.
BORROWINGSBorrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in
the Statement of Comprehensive Income over the period of the borrowings, using the effective interest method.Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12
months after the end of the reporting period.
BORROWINGS COSTSBorrowing costs are recognised in profit or loss in the period in which they are incurred.
SHARE BASED PAYMENTSThe Group operates equity-settled, share-based schemes, under which it receives services from employees or third party suppliers as consideration for equity instruments (options and warrants) of the Group. The Group may also issue
warrants to share subscribers as part of a share placing. The fair value of the equity-settled share based payments is recognised as an expense in the Statement of Comprehensive Income or charged to equity depending on the nature of the service provided or
instrument issued. The total amount to be expensed or charged is determined by reference to the fair value of the options granted: · including any market performance conditions; · excluding the impact of any service and non-market performance
vesting conditions (for example, profitability or sales growth targets, or remaining an employee of the entity over a specified time period); and · including the impact of any non-vesting conditions (for example, the requirement for employees to
save).In the case of warrants the amount charged to equity is determined by reference to the fair value of the services received if available. If the fair value of the services received is not determinable, the warrants are valued by reference to the fair
value of the warrants granted as described previously. Non-market vesting conditions are included in assumptions about the number of options or warrants that are expected to vest. The total expense or charge is recognised over the vesting period, which is
the period over which all of the specified vesting conditions are to be satisfied. At the end of each reporting period, the entity revises its estimates of the number of options that are expected to vest based on the non-market vesting conditions. It
recognises the impact of the revision to original estimates, if any, in the Statement of Comprehensive Income or equity as appropriate, with a corresponding adjustment to a separate reserve in equity. When the options are exercised, the Company issues new
shares. The proceeds received, net of any directly attributable transaction costs, are credited to share capital (nominal value) and share premium.
3 FINANCIAL RISK MANAGEMENTThe Group is exposed to a variety of
financial risks which result from both its operating and
investing activities. The Group's risk management is
coordinated by the Board of Directors, and focuses on actively
securing the Group's short to medium term cash flows by
minimising the exposure to financial markets.The main risks the
Group is exposed to through its financial instruments are market
risk (including market price risk), credit risk and liquidity
risk.
MARKET PRICE RISKThe Group's exposure to market price risk
mainly arises from potential movements in the pricing of its
products. The Group manages this price risk within its long
-term strategy to grow the business and maximise shareholder
return. .
CREDIT RISKThe Group's financial instruments that are subject to
credit risk are cash and cash equivalents and loans and
receivables. The credit risk for cash and cash equivalents is
considered negligible since the counterparties are reputable
financial institutions. The Group's maximum exposure to credit
risk is £204,000 (2016: £587,000) comprising cash and cash
equivalents and loans and receivables.
LIQUIDITY RISKLiquidity risk arises from the possibility that
the Group might encounter difficulty in settling its debts or
otherwise meeting its obligations related to financial
liabilities. The Group manages this risk through maintaining a
positive cash balance and controlling expenses and commitments.
The Directors are confident that adequate resources exist to
finance current operations.The following table summarises the
maturity profile of the Group's non-derivative financial
liabilities with agreed repayment periods. The table has been
drawn up based on contractual undiscounted cash flows based on
the earliest repayment date on which the Group can be required
to pay. The table includes both interest and principal cash
flows. To the extent that the interest flows are floating rate,
the undiscounted amount is derived from the interest rate curves
at the balance sheet date:
GroupAt 30 June 2017 Less than 1 year£'000 Between 1 and 2 years£'000 Between 2 and 5 years£'000 Over 5 years£'000 Total£'000 Carrying value£'000
Trade and other payables 366 - - - 366 366
Borrowings 199 - - - 199 199
At 30 June 2016
Trade and other payables 320 - - - 320 320
Borrowings 167 - - - 167 167
CAPITAL RISK MANAGEMENT
The Group's objectives when managing capital are:
· to safeguard the Group's ability to continue as a going concern, so that
it continues to provide returns and benefits for shareholders;
· to support the Group's growth; and
· to provide capital for the purpose of strengthening the Group's risk
management capability.
The Group actively and regularly reviews and manages its capital structure to
ensure an optimal capital structure and equity holder returns, taking into
consideration the future capital requirements of the Group and capital
efficiency, prevailing and projected profitability, projected operating cash
flows, projected capital expenditures and projected strategic investment
opportunities. Management regards total equity as capital and reserves, for
capital management purposes.
4 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTSThe preparation of Financial Statements in conformity with IFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and
liabilities, income and expenses. Estimates and judgements are continually evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances.CRITICAL
ACCOUNTING ESTIMATES AND ASSUMPTIONSThe Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant
risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. GOING CONCERNAs at 30 June 2017 the Group had a cash balance of £30,000 (2016: £258,000), net current liabilities) /
assets of negative £361,000 (2016: £39,000) and net assets of £2,360,000 (2016: £2,597,000). The Group continues to incur costs in the development and modification of their products and is pre-revenue. Therefore the cash flow forecasts for the Group and
Company show that further equity and/or borrowings will be required to complete the final development and external testing of the Group's mCHP boilers and bring them into production to get to a cash flow positive position. Although the Directors are
confident that further debt or equity can be raised at a valuation acceptable to the Group there is no guarantee this will be the case. IMPAIRMENT OF DEVELOPMENT COSTS AND INVESTMENTSThe Group tests annually whether development costs and investments in the
subsidiaries, which have a carrying value of £2,668,000 and £2,440,000, respectively (2016: £2,495,000 and £2,440,000, respectively), have suffered any impairment in accordance with the accounting policy as stated in Note 2. Investments are reviewed for
impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. When a review for impairment is conducted, the recoverable amount is determined based on value in use calculations prepared on the basis of
management's assumptions and estimates. As a result of their 2017 review management has concluded that no impairment charge to the carrying value of investment in subsidiaries is needed, following the £1,800,000 impairment in 2015. See Note 15 to the
Financial Statements.In respect of development costs, the recoverable amounts of cash-generating units have been determined, based on value-in-use calculations. The value-in-use calculations require the entity to estimate future cash flows expected to
arise from the cash generating unit and apply a suitable discount rate in order to calculate present value. The recoverable amount of the development costs have been determined, based on value in use calculations. These calculations require the use of
estimates. The Directors have concluded that no impairment charge is necessary.SHARE BASED PAYMENTSThe Group has previously made awards of options and warrants over its unissued share capital to certain Directors and employees as part of their remuneration
package. Certain warrants have also been issued to shareholders as part of their subscription for shares and to suppliers for various services received.The fair value of options is determined by reference to the fair value of the options granted,
excluding the impact of any non-market vesting conditions. In accordance with IFRS 2 'Share Based Payments', the Company has recognised the fair value of options, calculated using the Black-Scholes option pricing model. The Directors have made assumptions
particularly regarding the volatility of the share price at the grant date in order to reach a fair value. Further information is disclosed in Note 20.
5 SEGMENTAL INFORMATION
The Group's primary reporting format is business segments and its secondary format is geographical segments. The Group only operates in a single business and geographical segment. Accordingly no segmental information for business segment or geographical segment is required.
6 DIRECTORS' EMOLUMENTS
2017 2016
£ £
Aggregate emoluments 180 187
Social security costs 13 19
193 206
Name of director Salary and fees Benefits Total2017 Total2016
£ £ £ £
J Gunn 80 - 80 80
N Jagatia 24 - 24 27
N Luke 76 - 76 80
180 - 180 187
The Group does not operate a pension scheme and no contributions were paid
during the year.
7 EMPLOYEE INFORMATION
2017 2016
£ £
Wages and salaries 180 187
Social security costs 13 19
193 206
In addition to the above a total of £141,000 (2016: £182,000) wages and salaries for employees have been included in Development costs.Average number of persons employed (including executive directors):
2017 2016
Number Number
Office and management 6 7
COMPENSATION OF KEY MANAGEMENT PERSONNEL
There are no key management personnel other than the Directors of the Company (Note 6).
8 LOSS FOR THE YEAR
Loss for the year is arrived at after charging:
2017 2016
£'000 £'000
S Salaries and wages (Note 7) 193 206
A Audit and other fees 17 17
Operating lease rent 17 17
Depreciation 11 16
AUDITOR'S REMUNERATION
During the year the Group obtained the following services from the Company's auditor:
2017 2016
£'000 £'000
Fees payable to the Company's auditor for the audit of the parent company and the Group financial statements 15 15
Fees payable to the Company's auditor and its associates for other services:
Taxation compliance services 2 2
Other assurance services - -
9 OTHER LOSSES
2017 2016
£'000 £'000
Financial assets at fair value through profit or loss - -
Foreign exchange loss on amounts owing to lenders - 23
- 23
The foreign exchange loss noted above represents the movement in the Sterling
amount owing to YA Global Master SPV Limited, as a result of the loan being
denominated in US Dollars. See Note 23 for further details.
10 FINANCE COSTS
2017 2016
£'000 £'000
Interest expense:
Other loans 73 27
11 INCOME TAX CREDIT
GROUP 2017 2016
£'000 £'000
Current R&D tax credit on loss for the year (38) (95)
(38) (95)
The tax on the Group's loss before tax differs from the theoretical amount that would arise using the weighted average rate applicable to losses of the consolidated entities as follows:
2017 2016
£'000 £'000
Loss before tax from continuing operations (457) (553)
Loss before tax multiplied by rate of corporation tax in the UK of 19% (2016: 20%) (87) (110)
Tax effects of:
Expenses not deductible for tax purposes 14 14
Unrelieved tax losses carried forward 73 96
Research and development tax credit (38) (95)
Total tax (38) (95)
The Group has excess management expenses of approximately £4,500,000 (2016:
£4,150,000), capital losses of £150,000 (2016: £150,000) and non-trade
financial losses of approximately £119,000 (2016: £119,000) to carry forward
against future suitable taxable profits. No deferred tax asset has been
provided on any of these losses due to uncertainty over the timing of their
recovery.
12 EARNINGS PER SHARE
Loss per ordinary share has been calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of shares in issue during the year. The calculations by both basic and diluted loss per share for the year are
based upon the loss for the year of £419,000 (2016: £458,000). The weighted number of equity shares in issue during the year was 973,990,421 (2016: 794,406,441).In accordance with IAS 33, basic and diluted earnings per share are identical as the effect of
the exercise of share options and warrants would be to decrease the loss per share and therefore deemed anti-dilutive. Details of share options and warrants that could potentially dilute earnings per share in future periods are set out in Notes 2.
13 INTANGIBLE ASSETS
GROUP COST Development Costs£'000 Total£'000
At 30 June 2015 2,107 2,107
Additions 388 388
At 30 June 2016 2,495 2,495
Additions 173 181
At 30 June 2017 2,668 2,676
ACCUMULATED AMORTISATION AND IMPAIRMENT
At 1 July 2015 and 1 July 2016 - -
Impairment charge - -
At 30 June 2016 and 30 June 2017 - -
NET BOOK VALUE
At 30 June 2017 2,668 2,668
At 30 June 2016 2,495 2,495
No amortisation has been recognised on development costs to date as the assets
are still in the development stage and the related products are not yet ready
for sale.
The recoverable amount of the above cash generating unit has been determined
based on value-in-use calculations. The value-in-use calculations use cash
flow projections based on financial budgets approved by Management covering a
seven year period. These incorporate potential revenues which are based on
project tenders and projected revenue. Given the nature of the work and the
visibility of revenue in the future, it is considered appropriate not to
extend the cash flow workings beyond this period.
The recoverable amount based on value-in-use exceeded the carrying value
above. The impairment review did not identify any impairment for recognition
in the current or prior year.
14 PROPERTY, PLANT AND EQUIPMENT
GROUP Plant and Equipment Fixtures and fittings Motor Vehicles Total
COST £'000 £'000 £'000 £'000
As 30 June 2015 81 15 1 97
Additions - - - -
As 30 June 2016 81 15 1 97
Additions - - - -
As at 30 June 2017 81 15 1 97
DEPRECIATION
As at 30 June 2015 15 5 1 21
Charge for year 10 3 - 13
As at 30 June 2016 25 8 1 34
Charge for year 9 1 - 10
As at 30 June 2017 34 9 1 44
NET BOOK VALUE
As at 30 June 2017 47 6 - 53
As at 30 June 2016 56 7 - 63
15 INVESTMENT IN SUBSIDIARIES
COMPANY 2017 2016
SHARES IN GROUP UNDERTAKINGS: £'000 £'000
At 1 July 2,440 2,440
Transfer from investments - -
Reverse acquisition - -
Impairment provision - -
2,440 2,440
Non-Current loan due from group undertaking - -
Transfer from current intercompany receivable - -
Decrease in loan to group undertaking (64) 361
Interest on loan - -
Provision against the loan balance outstanding 64 (361)
2,440 2,440
Included in the above is an amount of £2,424,000 (2016: £2,489,000) relating
to the amount due to the Company by its subsidiary Inspirit Energy Limited. A
provision of £2,424,000 (2016: £2,489,000) has been set against this loan
balance outstanding.
15 INVESTMENT IN SUBSIDIARIES (continued)
Investments in Group undertakings are recorded at cost, which is the fair
value of the consideration paid.
Details of Subsidiary Undertakings are as follows:
Name of subsidiary Country of incorporation Registered capital Proportion of share capital held Nature of business
Inspirit Energy Limited England and Wales Ordinary shares£15,230 100% Product development
Somemore Limited England and Wales Ordinary shares£1 100% Dormant
16 INVENTORIES
GROUP COMPANY
2017 2016 2017 2016
£'000 £'000 £'000 £'000
Work in progress - - - -
The Directors consider that the carrying amount of inventories is
approximately equal to their fair value.
17 TRADE AND OTHER RECEIVABLES
GROUP COMPANY
2017 2016 2017 2016
£'000 £'000 £'000 £'000
Amounts due from group undertakings* - - - -
Corporation tax** 38 308 - -
VAT recoverable 21 9 15 4
Other Debtors 106 - 101 -
Prepayments and accrued income 10 12 6 8
175 329 122 12
*The amount due from group undertakings have been included in the Investment
in subsidiaries balance. See Note 15 for further details.
**The Corporation tax repayable relates to the R&D tax claim receivable from
HMRC.
The Directors consider that the carrying amount of receivables is
approximately equal to their fair value.
18 CASH AND CASH EQUIVALENTS
GROUP COMPANY
2017 2016 2017 2016
£'000 £'000 £'000 £'000
Cash and cash equivalents 30 258 30 250
The Directors consider the carrying amount of cash and cash equivalents
approximates to their fair value.
All of the Group and Company's cash and cash equivalents are held with
institutions with an AA credit rating.
19 SHARE CAPITAL AND SHARE PREMIUM
Number of ordinary shares Number of deferred shares · Ordinary shares · Deferred shares Share premium Total
£ £ £ £
At 30 June 2015 701,147,289 400,932 701,147 396,923 10,455,230 11,553,300
Issue of new shares 235,659,570 - 235,660 - 919,341 1,155,001
Issue costs - - - - (45,900) (45,900)
Warrants issued - - - - (81,000) (81,000)
At 30 June 2016 936,806,859 400,932 936,807 396,923 11,247,671 12,581,401
Issue of new shares 234,000,000 - 234,000 - 58,500 292,500
Issue costs - - - - (10,750) (10,750)
At 30 June 2017 1,170,806,859 400,932 1,170,807 396,923 11,295,421 12,863,151
The deferred shares have no voting rights.
In May 2017 the Company issued 234,000,000 new ordinary shares at a price of
0.125 pence per share.
20 SHARE BASED PAYMENTS
Share options and warrants can be granted to selected Directors and third party service providers.Share options and warrants outstanding at the end of the year have the following expiry dates and exercisable prices:
Weighted Average Exercise Price2017 Options and warrants Weighted Average Exercise Price2016 Options and warrants
At 1 July 0.0067 89,783,364 0.0154 11,429,984
Granted - - 0.0050 79,000,000
Exercised - - - -
Terminated 0.0050 (79,000,000) 0.0300 (646,620)
At 30 June 0.0067 10,783,364 0.0067 89,783,364
Grant date Expiry date Exercise price in £ per share Number of options and warrants Number of options and warrants
2017 2016
26 April 2011 25 April 2021 0.0488 1,500,000 1,500,000
30 April 2015 29 April 2018 0.0090 9,283,364 9,283,364
20 May 2016 19 May 2017 - - 79,000,000
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