REG - Maintel Holdings PLC - Final Results <Origin Href="QuoteRef">MAIH.L</Origin> - Part 3
08/04/2016 07:05
- Part 3: For the preceding part double click ID:nRSH5689Ub
stock purchased for customer orders which has not been installed at the end of the
financial period. Inventories are valued at the lower of cost and net realisable value.
(n) Cash and cash equivalents
Cash and cash equivalents comprise cash balances and short term deposits with an original maturity of three months or
less.
(o) Financial assets and liabilities
The Group's financial assets and liabilities mainly comprise cash, borrowings, trade and other receivables and trade and
other payables.
Trade and other receivables are not interest bearing and are stated at their nominal value as reduced by appropriate
allowances for irrecoverable amounts or additional costs required to effect recovery.
Trade and other payables are not interest bearing and are stated at their nominal amount.
(p) Borrowings
Interest bearing bank loans and overdrafts are initially recorded at the value of the amount received, net of attributable
transaction costs. Interest bearing borrowings are subsequently stated at amortised cost with any difference between cost
and redemption value being recognised in the consolidated statement of comprehensive income over the period of the
borrowing using the effective interest method.
(q) Foreign currency
The presentation currency of the Group is sterling. All Group companies have a functional currency of sterling (other than
Maintel International Limited ("MIL") which has a functional currency of the Euro) consistent with the presentation
currency of the Group's consolidated financial statements. Transactions in currencies other than sterling are recorded at
the rates of exchange prevailing on the dates of the transactions.
On consolidation, the results of MIL are translated into sterling at rates approximating those ruling when the transactions
took place. All assets and liabilities of MIL, including goodwill arising on its acquisition, are translated at the rate
ruling at the reporting date.
(r) Accounting standards issued
There are no IFRSs that are effective for the first time during the financial year that have a material effect on the
consolidated financial statements, nor are there any impending IFRSs that are expected to have a material effect on the
Group's consolidated financial statements.
The Group notes IFRS15 Revenue from Contracts with Customers which takes effect and will be adopted in 2017. Having
considered the Group's revenue streams and current recognition policies, as disclosed in (c) above, it is the directors'
preliminary assessment that no material impact is expected following the move from recognition of revenue on the transfer
of risks and rewards to the transfer of control given the nature of the goods and services provided by the Group and the
relatively short periods over which they are typically provided.
The Group also notes IFRS16 Leases which takes effect and will be adopted in 2019. This IFRS will require the Group to
recognise the lease on its premises as both an asset and a rental commitment in its consolidated statement of financial
position, but is not expected to have any material effect on the Group's profitability.
3 Accounting estimates and judgements
In the process of applying the Group's accounting policies, management has made various estimates, assumptions and
judgements, with those likely to contain the greatest degree of uncertainty being summarised below.
Deferred tax asset relating to brought forward losses
At 31 December 2015 the directors have had to assess the validity of the carrying value of tax losses attributable to the
Datapoint companies that might be used against future profits, shown in note 21, which involves estimating the companies'
profitability and future tax rates.
Impairment
The Group assesses at each reporting date whether there is an indication that its intangible assets may be impaired and
where such indicators exist, the Group performs an impairment review. In addition, the Group assesses the carrying value of
goodwill annually for impairment. In undertaking such an impairment review, estimates are required in determining an
asset's recoverable amount; those used are shown in note 14. These estimates include the asset's future cash flows and an
appropriate discount to reflect the time value of money. The Group undertakes sensitivity analysis based on reasonably
possible changes in assumptions by increasing the weighted average cost of capital and reducing future growth expectations
in the model. The results of this analysis show no indication of impairment.
4 Segment information
Segment information
For management reporting purposes and operationally, the Group consists of three business segments: (i) telecommunications
managed service and technology sales, (ii) telecommunications network services, and (iii) mobile services. Each segment
applies its respective resources across inter-related revenue streams which are reviewed by management collectively under
these headings. The businesses of each segment and a further analysis of revenue are described under their respective
headings in the Strategic report.
The chief operating decision maker has been identified as the board, which assesses the performance of the operating
segments based on revenue, gross profit and operating profit.
Year ended 31 December 2015
Managed service Central/
and Network inter-
technology services Mobile company Total
£000 £000 £000 £000 £000
Revenue 39,614 8,383 2,815 (189) 50,623
________ ________ ________ ________ ________
Operating profit before customer relationship intangibles amortisation and exceptional costs 6,015 1,146 389 (16) 7,534
Customer relationship intangibles amortisation (251) - - (1,984) (2,235)
Exceptional costs (884) - - - (884)
________ ________ ________ ________ ________
Operating profit 4,880 1,146 389 (2,000) 4,415
________ ________ ________ ________
Interest (net) (264)
________
Profit before taxation 4,151
Taxation (69)
________
Profit and total comprehensive income for the period 4,082
________
4,082
________
Revenue is wholly attributable to the principal activities of the Group and other than sales of £4.3m to EU countries and
£1.0m to the rest of the world (2014: £3.3m to EU countries, and £0.4m to the rest of the world), arises within the United
Kingdom.
Intercompany trading consists of telecommunications services, and recharges of sales, engineering and rent costs, £0.1m
(2014: £0.1m) attributable to the managed services and technology segment, £0.1m (2014: £0.1m) to the network services
segment and immaterial amounts to the mobile segment in each year.
In 2015 the Group had one customer (2014: two) which accounted for more than 10% of its revenue, amounting to £5.4m (2014:
£5.3m and £4.3m).
The board does not regularly review the aggregate assets and liabilities of its segments and accordingly an analysis of
these is not provided.
Managed service Central/
and Network inter-
technology services Mobile company Total
£000 £000 £000 £000 £000
Other
Capital expenditure 554 - - - 554
Depreciation 191 - - - 191
________ ________ ________ ________ ________
191
________
________
________
________
________
Year ended 31 December 2014
Managed service Central/
and Network inter-
technology services Mobile company Total
£000 £000 £000 £000 £000
Revenue 31,993 7,156 2,907 (166) 41,890
________ ________ ________ ________ ________
Operating profit before customer relationship intangibles amortisation and exceptional costs 4,418 1,027 764 14 6,223
Customer relationship intangibles amortisation (252) (28) - (1,192) (1,472)
Exceptional costs (312) - - (497) (809)
________ ________ ________ ________ ________
Operating profit 3,854 999 764 (1,675) 3,942
________ ________ ________ ________
Interest (net) (133)
________
Profit before taxation 3,809
Taxation (865)
________
Profit and total comprehensive income for the period 2,944
________
2,944
________
Managed service Central/
and Network inter-
technology services Mobile company Total
£000 £000 £000 £000 £000
Other
Capital expenditure 87 - - - 87
Depreciation 183 - 1 - 184
________ ________ ________ ________ ________
184
________
________
________
________
________
5 Employees
2015 2014
Number Number
The average number of employees, including directors, during the year was:
Corporate and administration 40 36
Sales and customer service 99 80
Technical and engineering 138 125
________ ________
277 241
________ ________
Staff costs, including directors, consist of: £000 £000
Wages and salaries 15,323 13,082
Social security costs 1,816 1,545
Pension costs 285 293
________ ________
17,424 14,920
________ ________
________
The Group makes contributions to defined contribution personal pension schemes for employees and directors. The assets of
the schemes are separate from those of the Group. Pension contributions totalling £62,000 (2014: £50,000) were payable to
the schemes at the year end and are included in other payables.
6 Directors' remuneration
The remuneration of the Company directors was as follows:
2015 2014
£000 £000
Directors' emoluments 826 865
Pension contributions 20 16
________ ________
846 881
________ ________
Included in the above is the remuneration of the highest paid director as follows:
2015 2014
£000 £000
Directors' emoluments 207 196
Pension contributions 6 3
________ ________
213 199
________ ________
The Group paid contributions into defined contribution personal pension schemes in respect of 7 directors during the year,
3 of whom were auto-enrolled at minimal contribution levels (2014: 6, 2 auto-enrolled).
The aggregate amount of gains made by directors on the exercise of share options in the year was £291,000 (2014: £182,000),
all of which related to the highest paid director. The above table excludes these amounts.
Further details of director remuneration are shown in the remuneration committee report above.
7 Operating profit
2015 2014
£000 £000
This has been arrived at after charging:
Depreciation of property, plant and equipment 191 184
Amortisation of intangible fixed assets 2,235 1,472
Operating lease rentals payable:
- property 885 515
- plant and machinery 78 94
Operating lease rentals receivable - property 12 -
Fees payable to the Company's auditor for the audit of the Company's annual accounts 9 9
Fees payable to the Company's auditor for other services:
- due diligence and other acquisition costs - 107
- audit of the Company's subsidiaries pursuant to legislation 114 110
- audit-related assurance services 25 19
- tax compliance services 22 6
Foreign exchange gain 44 50
________ ________
8 Financial income and expense
2015 2014
£000 £000
Interest receivable on bank deposits 1 2
________ ________
Interest payable on bank loans 265 135
________ ________
9 Taxation
2015 2014
£000 £000
UK corporation tax
Corporation tax on profits of the period 610 977
Prior year adjustment (133) -
________ ________
477 977
Deferred tax (note 21) (408) (112)
________ ________
Taxation on profit on ordinary activities 69 865
________ ________
The standard rate of corporation tax in the UK changed from 21% to 20% with effect from 1 April 2015, and the Group's UK
subsidiaries are therefore taxed at a rate of 20.25% for the year. Further reductions in rate to 19% with effect from 1
April 2017 and 18% from 1 April 2020 were substantively enacted on 18 November 2015 and the projected effect of these
reductions on the unwinding of deferred tax assets and liabilities has not been adjusted for in these financial statements.
The differences between the total tax shown above and the amount calculated by applying the standard rate of UK corporation
tax to the profit before tax are as follows:
2015 2014
£000 £000
Profit before tax 4,151 3,809
________ ________
Profit at the standard rate of corporation tax in the UK of 20.25% (2014: 21.50%) 841 819
Effect of:
Expenses not deductible for tax purposes, net of reversals 15 109
Capital allowances in excess of depreciation (26) (36)
Effects of change in tax rates (36) (17)
Effects of overseas tax rates (32) (5)
Relief on option exercise (62) -
Prior year adjustment (133) -
Increase in deferred tax asset relating to Datapoint tax losses (note 21) (500) -
Other timing differences 2 (5)
________ ________
69 865
________ ________
10 Dividends paid on ordinary shares
2015 2014
£000 £000
Final 2013, paid 24 April 2014 - 9.0p per share - 961
Interim 2014, paid 3 October 2014 - 9.3p per share - 993
Final 2014, paid 1 May 2015 - 11.6p per share 1,243 -
Interim 2015, paid 7 October 2015 - 12.8p per share 1,378 -
________ ________
2,621 1,954
________ ________
A second interim dividend of 16.5p per ordinary share was paid on 5 April 2016 in respect of the year to 31 December 2015
(2014 final dividend: 11.6p). The cost of that dividend was £1.777m (2014 final dividend: £1.243m).
11 Earnings per share
Earnings per share
Earnings per share is calculated by dividing the profit after tax for the period by the weighted average number of shares
in issue for the period, these figures being as follows:
2015 2014
£000 £000
Earnings used in basic and diluted EPS, being profit after tax 4,082 2,944
Adjustments:
Intangibles amortisation (note 14) 2,235 1,472
Exceptional costs (note 12) 884 809
Tax relating to above adjustments (666) (396)
Deferred tax charge on utilisation of Datapoint tax losses 451 161
Increase in deferred tax asset (500) -
________ ________
Adjusted earnings used in adjusted EPS 6,486 4,990
________ ________
________
Datapoint has brought forward tax losses, so that it will pay no tax in respect of this year's profits. On acquisition,
however, a deferred tax asset was recognised in respect of a proportion of its tax losses, and a deferred tax charge of
£451,000 has been recognised in the income statement in respect of the year's profits. As this does not reflect the
reality and benefit to the Group of the non-taxable profits, the deferred tax charge is adjusted above. An increase of
£500,000 in the deferred tax asset relating to useable losses is also reflected in the income statement and is similarly
adjusted for above.
2015 2014
Number Number
(000s) (000s)
Weighted average number of ordinary shares of 1p each 10,754 10,676
Potentially dilutive shares 145 165
________ ________
10,899 10,841
________ ________
Earnings per share
Basic 38.0p 27.6p
Basic and diluted 37.5p 27.2p
Adjusted - basic but after the adjustments in the table above 60.3p 46.7p
Adjusted - basic and diluted after the adjustments in the table above 59.5p 46.0p
________ ________
________
________
The adjustments above have been made in order to provide a clearer picture of the trading performance of the Group.
In calculating diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume
conversion of all dilutive potential ordinary shares. The Group has one category of potentially dilutive ordinary share,
being those share options granted to employees where the exercise price is less than the average price of the Company's
ordinary shares during the period.
12 Exceptional costs
Most of the exceptional costs incurred in the year related to the termination of property leases and the signing of new
leases, and the penalties and duplicated costs resulting from these. These and the other costs analysed below have been
shown as exceptional costs in the income statement as they are not normal operating expenses:
2015 2014
£000 £000
Duplicated occupation costs on London premises 380 -
Rent penalty on Dublin premises 90 -
Dilapidations net of accrued amounts 11 -
Property-related legal and professional costs 110 -
Acquisition-related redundancy costs 237 312
Cost of rebrand 56 -
Legal and professional fees relating to the acquisition of Proximity - 497
________ ________
884 809
________ ________
13 Business combinations
On 24 October 2014 the Company acquired the entire share capital of Proximity Communications Limited at the following
aggregate valuations:
£000
Purchase consideration
Cash 11,994
________
Assets and liabilities acquired
Tangible fixed assets 127
Inventories 497
Trade and other receivables 4,861
Cash 3,526
Trade and other payables (6,646)
________
2,365
Customer relationships 5,698
Deferred tax on customer relationships (1,197)
________
Net assets and liabilities acquired 6,866
________
Goodwill 5,128
________
Cash flows arising from the acquisition were as follows:
Purchase consideration settled in cash (11,994)
Direct acquisition costs (note 12) (497)
Cash balances acquired 3,526
________
(8,965)
________
Proximity was acquired to complement and extend the Group's existing offerings of telecommunications and data services and
enable further cross-selling to and from other Group operations. The goodwill is attributable to the workforce of the
acquired business, cross-selling opportunities and cost synergies that have been and continue to be achieved from sharing
the expertise and resource of Maintel with that of Proximity and vice versa.
The customer relationships are estimated to have a useful life of six years based on the directors' experience of
comparable contracts and are therefore amortised over that period and are subject to an annual impairment review. A
deferred tax liability of £1.197m was recognised above which is being credited to the income statement pro rata to the
amortisation of the customer relationships. The amortisation charge in 2015 is £950,000 (2014: £158,000).
The trade and other receivables were stated at gross valuation, no provisions being made against them.
14 Intangible assets
Customer
Goodwill relationships Total
£000 £000 £000
Cost
At 1 January 2014 5,019 9,554 14,573
Acquired in the year 5,128 5,698 10,826
Adjustment to Datapoint goodwill 25 - 25
________ ________ _______
At 31 December 2014 and 31 December 2015 10,172 15,252 25,424
________ ________ _______
Amortisation and impairment
At 1 January 2014 317 3,268 3,585
Amortisation in the year - 1,472 1,472
________ ________ ________
At 31 December 2014 317 4,740 5,057
Amortisation in the year - 2,235 2,235
________ ________ ________
At 31 December 2015 317 6,975 7,292
________ ________ ________
Net book value
At 31 December 2015 9,855 8,277 18,132
________ ________ ________
At 31 December 2014 9,855 10,512 20,367
________ ________ ________
________
________
Amortisation charges for the year have been charged through administrative expenses in the statement of comprehensive
income.
Goodwill
The carrying value of goodwill is allocated to the cash generating units as follows:
2015 2014
£000 £000
Network services division 443 443
Managed service and technology division 8,861 8,861
Mobile division 551 551
________ ________
9,855 9,855
________ ________
For the purposes of the impairment review of goodwill, the net present value of the projected future cash flows of the
relevant cash generating unit are compared with the carrying value; where the recoverable amount of the cash generating
unit is less than the carrying amount, an impairment loss is recognised. Projected operating margins for this purpose for
all except the Mobile cash generating unit are based on a five year horizon and 3% rate of growth, and a discount rate of
10% is applied to the resultant projected cash flows. The Mobile cash generating unit operating margins are based on a five
year horizon, 2%-8% rates of growth and a discount rate of 16%.
The discount rate is based on conventional capital asset pricing model inputs and varies to reflect the relative risk
profiles of the relevant cash generating units. Sensitivity analysis using reasonable variations in the assumptions shows
no indication of impairment.
Fully amortised intangibles with a combined cost of £1.413m relating to the District Holdings Limited and Callmaster
Limited acquisitions are included within intangibles and are still used within the business.
15 Subsidiaries
The Group consists of Maintel Holdings Plc and its subsidiary undertakings, including several which did not trade during
the year. The following were the principal subsidiary undertakings at the end of the year and each has been included in
the consolidated financial statements:
Maintel Europe Limited
Maintel Voice and Data Limited
Maintel Mobile Limited
Datapoint Customer Solutions Limited
Datapoint Global Services Limited
Maintel International Limited (previously Datapoint Communications Limited)
Proximity Communications Limited (see note 29)
Achilles Professional Services Limited (see note 29)
All the above subsidiaries other than Maintel Voice and Data Limited and Maintel Mobile Limited provide goods and services
as described under the managed services and technology division in the Strategic report. Maintel Voice and Data Limited
and Proximity Communications Limited provide network services and Maintel Mobile Limited provides mobile services, also
described in the Strategic report.
The following subsidiaries of the Company were dormant throughout the year and previous year:
Maintel Finance Limited Maintel London Limited
Maintel Network Solutions Limited District Holdings Limited
District Communications Limited District Maintenance Limited
District Network Services Limited Hi-Tech Network Solutions Limited
Datapoint Limited Unified Group Limited
Unified Communications Limited Unified Networks Services Limited
Unified Professional Services Limited
Each company is wholly owned and, other than Maintel International Limited which is incorporated in the Republic of
Ireland, is incorporated in England and Wales.
16 Property, plant and equipment
Office and
Leasehold computer Motor
improvements equipment vehicles Total
£000 £000 £000 £000
Cost or valuation
At 1 January 2014 492 1,925 64 2,481
Additions 1 86 - 87
On acquisition of Proximity 78 490 - 568
Disposals - (26) (17) (43)
________ ________ ________ ________
At 31 December 2014 571 2,475 47 3,093
Additions 336 218 - 554
Disposals (489) (1,221) - (1,710)
Exchange differences (4) (3) - (7)
________ ________ ________ ________
At 31 December 2015 414 1,469 47 1,930
________ ________ ________ ________
Depreciation
At 1 January 2014 457 1,702 33 2,192
Provided in year 35 135 14 184
On acquisition of Proximity 61 380 - 441
Disposals - (25) (13) (38)
________ ________ ________ ________
At 31 December 2014 553 2,192 34 2,779
Provided in year 11 168 12 191
Disposals (488) (1,218) - (1,706)
Exchange differences (5) (2) - (7)
________ ________ ________ ________
At 31 December 2015 71 1,140 46 1,257
________ ________ ________ ________
Net book value
At 31 December 2015 343 329 1 673
________ ________ ________ ________
At 31 December 2014 18 283 13 314
________ ________ ________ ________
________
________
________
________
The significant level of disposals in the year, mostly fully depreciated assets, primarily relates to (a) the cessation of
use of the ERP system acquired with Datapoint, and (b) leasehold improvements, furniture and IT equipment disposed of on
the vacation of three properties during the year, as described in the Strategic report; the additions in the year relate to
the occupation of replacement premises and the establishment of a datacentre-based Group network.
17 Inventories
2015 2014
£000 £000
Maintenance stock 1,008 1,076
Stock held for resale 290 360
________ ________
1,298 1,436
________ ________
Cost of inventories recognised as an expense 8,579 6,118
________ ________
Provisions of £79,000 were made against the maintenance stock in 2015 (2014: £26,000), with no reversal of provisions
having been made in either year.
18 Trade and other receivables
2015 2014
£000 £000
Trade receivables 7,147 7,898
Other receivables 9 28
Prepayments and accrued income 3,884 4,493
________ ________
11,040 12,419
________ ________
All amounts shown above fall due for payment within one year.
19 Trade and other payables
2015 2014
£000 £000
Trade payables 5,148 4,896
Other tax and social security 1,650 1,849
Accruals 3,158 2,772
Other payables 601 399
Deferred managed service income 9,003 10,447
Other deferred income 716 446
________ ________
20,276 20,809
________ ________
Deferred managed service income relates to the unearned element of managed service revenue that has been invoiced but not
yet recognised in the consolidated statement of comprehensive income. Other deferred income relates to other amounts
invoiced but not yet recognised in the consolidated statement of comprehensive income.
20 Borrowings
2015 2014
£000 £000
Non-current bank loan - secured 4,000 7,500
Current bank loan - secured 2,000 2,500
________ ________
6,000 10,000
________ ________
On 24 October 2014 the Group entered into a £13.0m facility agreement with Lloyds Bank plc to support the acquisition of
Proximity, replacing its previous facilities with Lloyds. This was split between a £6.0m term loan and a £7.0m revolving
credit facility, the latter incorporating a £1.0m overdraft facility.
The term loan is repayable in quarterly instalments over a 3 year period, and had reduced to £3.5m by 31 December 2015. The
revolving facility is due for renewal on 24 October 2017 and the overdraft facility, which was not drawn at 31 December
2015 or 31 December 2014 has been renewed and is due for further renewal on 1 November 2016.
The facilities are secured by a fixed and floating charge over the assets of the Company and its subsidiaries. Interest is
payable on amounts drawn on the term loan and revolving credit facility at a variable rate of 2.25% per annum over LIBOR,
with a reduced rate payable on undrawn facility. Interest is payable on amounts drawn under the overdraft facility at a
rate of 2.25% over base rate.
Covenants based on adjusted EBITDA to net finance charges and net debt to EBITDA ratios are tested on a quarterly basis;
these tests have been passed to date.
The directors consider that there is no material difference between the book value and fair value of the loan.
21 Deferred taxation
Property,
plant and Intangible Tax
equipment assets losses Other Total
£000 £000 £000 £000 £000
Net liability at 1 January 2014 3 1,221 (1,065) (10) 149
Liability established against intangible assets acquired during the year - 1,197 - - 1,197
Liability acquired with Proximity 8 - - - 8
Charge/(credit) to consolidated statement of comprehensive income (1) (274) 161 2 (112)
________ ________ ________ ________ ________
Net liability at 31 December 2014 10 2,144 (904) (8) 1,242
Charge/(credit) to consolidated statement of comprehensive income 79 (440) 451 2 92
Credit to consolidated statement of comprehensive income in respect of anticipated further use of tax losses - - (500) - (500)
________ ________ ________ ________ ________
Net liability at 31 December 2015 89 1,704 (953) (6) 834
________ ________ ________ ________ ________
________
________
________
The deferred tax liability represents (a) a liability established under IFRS on the recognition of an intangible asset in
relation to the Maintel Mobile, Datapoint and Proximity acquisitions, and (b) the amount of depreciation provided in the
accounts in excess of the tax value of capital allowances claimed, and is calculated using the tax rates at which the
liabilities are expected to reverse.
The deferred tax asset predominantly relates to the anticipated use in the future of tax losses within the Datapoint
companies which were acquired in 2013, based on estimates of those companies' future profitability and relevant tax rates.
The tax losses used to date are in excess of those envisaged at the time of acquisition, and the directors have therefore
increased the deferred tax asset by £0.5m in the year to reflect their expectation that more will be used in the future. A
change in tax rates in the future would increase or decrease the value of this asset.
The asset relating to the use of tax losses is based on the directors' judgement of a range of factors influencing their
anticipated use. A further undiscounted deferred tax asset of £1.8m (2014: £2.3m) relating to tax losses has not been
recognised on the grounds that there is insufficient evidence that the asset will be recoverable; use of these unrecognised
losses would be increased by the Datapoint companies making more than the anticipated future profits and/or an increase in
corporate tax rates.
Changes in tax rates and factors affecting the future tax charge
As described in note 9, the corporation tax rate will reduce from 20% to 19% with effect from 1 April 2017 and to 18% from
1 April 2020. The deferred tax balances at 31 December 2015 have been calculated on the basis that they will unwind at a
rate of 21% to 24%. Based on their projected rate of unwinding and applying the reduced future rates would result in a
decreased deferred tax charge in the consolidated statement of comprehensive income for the year, which has not been
adjusted for.
22 Financial instruments
The Group's financial assets and liabilities mainly comprise cash, borrowings, trade and other receivables and trade and
other payables.
Loans and receivables
2015 2014
£000 £000
Current financial assets
Trade receivables 7,147 7,898
Cash and cash equivalents 2,784 3,347
Other receivables 9 28
________ ________
9,940 11,273
________ ________
Financial liabilitiesmeasured at amortised cost
2015 2014
£000 £000
Non-current
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