REG - MS International PLC - Final Results <Origin Href="QuoteRef">MSTL.L</Origin> - Part 5

MS InternationalAnnouncement

07/06/2017 07:06

- Part 5: For the preceding part double click  ID:nRSG3461Hd 

                                                                                                                                                                                             
 
 
 7  Cash and cash equivalents            Group     Company  
                                         2017      2016       2017      2016    
                                         £000      £000       £000      £000    
    Cash at bank and in hand             9,880     7,420      13,526    5,715   
    Short term deposits                  5,330     5,338      -         5,302   
                                                                                
                                                                                
                                         15,210    12,758     13,526    11,017  
                                                                                
 
 
 8  Reserves                                                                   
                                                                               
    Share Capital                                                              
    The balance classified as share     
    capital includes the nominal value  
    on issue of the Company's equity    
    share capital, comprising 10p       
    Ordinary shares.                    
                                                                               
    Capital redemption reserve                                                 
    The balance classified as capital   
    redemption reserve represents the   
    nominal value of issued share       
    capital of the Company, repurchased. 
                                                                               
    Other reserve                                                              
    This is the revaluation reserve     
    previously arising under UK GAAP    
    which is now part of non            
    -distributable retained reserves.   
                                                                               
    Revaluation reserve                                                        
    The asset revaluation reserve is    
    used to record increases in the fair 
    value of land and buildings and     
    decreases to the extent that such   
    decrease relates to an increase on  
    the same assets previously          
    recognised in equity.    This also  
    includes the impact of the change in 
    related deferred tax due to the     
    change in corporation tax (18% to   
    17%).                               
                                                                               
    Special reserve                                                            
    The balance classified as special   
    reserve represents the share premium 
    on the issue of the Company's equity 
    share capital.                      
                                                                               
    Currency translation reserve                                               
    The foreign currency translation    
    reserve is used to record exchange  
    differences arising from the        
    translation of the financial        
    statements of foreign subsidiaries. 
    It is also used to record the effect 
    of hedging net investments in       
    foreign operations.                 
                                                                               
    Treasury Shares                                                            
                                                               2017     2016   
                                                               £000     £000   
    Employee Share Ownership Trust                             100      100    
    Shares in treasury (see below)                             2,959    2,959  
                                                                               
                                                                               
                                                               3,059    3,059  
                                                                               
                                                                               
    During 1991 the Company established 
    an Employee Share Ownership Trust   
    ("ESOT").  The trustee of the ESOT  
    is Appleby Trust (Jersey) Ltd, an   
    independent company registered in   
    Jersey.  The ESOT provides for the  
    issue of options over Ordinary      
    shares in the Company to Group      
    employees, including executive      
    directors, at the discretion of the 
    Remuneration Committee.             
                                                                               
    The trust has purchased an aggregate 
    245,048 (2016 - 245,048) Ordinary   
    shares, which represents 1.3% (2016  
    - 1.3%) of the issued share capital 
    of the Company at an aggregate cost 
    of £100,006.  The market value of   
    the shares at 29th April, 2017 was  
    £414,000 (2016 - £448,000).  The    
    Company has made payments of £Nil   
    (2016 - £Nil) into the ESOT bank    
    accounts during the period.  No     
    options over shares (2016 - Nil)    
    have been granted during the period. 
     Details of the outstanding share   
    options, for Directors are included 
    in the Directors' remuneration      
    report.                             
                                                                               
    The assets, liabilities, income and 
    costs of the ESOT have been         
    incorporated into the Company's     
    financial statements.  Total ESOT   
    costs charged to the income         
    statement in the period amounts to  
    £5,000 (2016 - £7,000).  During the 
    period no options on shares  were   
    exercised (2016 - Nil) and no shares 
    were purchased (2016 - Nil).        
                                                                               
    The Company made the following      
    purchases of its own 10p Ordinary   
    shares to be held in Treasury:      
                                                                        £000   
    11th December, 2013 1,000,000 shares       1,722  
    from the Group's pension scheme.                 
    30th January, 2014  646,334 shares                                  1,237  
                                                                               
                                                                               
                                                                        2,959  
                                                                               
                                                                               
 
 
                                                                                                                                                                                                                                                                                                                                                                                                                                       
 The preliminary announcement is prepared on the same basis as set out in the previous year's accounts.                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                                                                                                                                       
 The Directors confirm to the best of their knowledge that:                                                                                                                                                                                                                                                                                                                                                  
 (a) the financial statements, prepared in accordance with International Financial Reporting Standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the group and the undertakings included in the consolidation taken as a whole; and                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                                                                       
 (b) the  Chairman's Statement includes a fair review of the development and performance of the business and the position of the group and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.                                                                                                             
                                                                                                                                                                                                                                                                                                                                                                                                                                       
 The preliminary announcement was approved by the Board on 6th June, 2017 and the above responsibility statement was signed on its behalf by Michael Bell, Executive Chairman and Michael O'Connell, Group Finance Director.                                                                                                                                                                                 
                                                                                                                                                                                                                                                                                                                                                                                                                                       
 Copies of this announcement are available from the Company's registered office at MS INTERNATIONAL plc, Balby Carr Bank, Doncaster, DN4 8DH, England.  The full Annual Report and Accounts will be posted to shareholders shortly and will be available on our website at www.msiplc.com and will be delivered to the Registrar of Companies after it has been laid before the Company in general meeting.  
                                                                                                                                                                                                                                                                                                                                                                                                                                       
 
 
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