REG - MS International PLC - Final Results <Origin Href="QuoteRef">MSTL.L</Origin> - Part 6
10/06/2016 07:05
- Part 6: For the preceding part double click ID:nRSJ7832Ae
Gross amounts due from customers for contract work - included above 1,861 2,172 1,666 1,905
The aggregate amount of costs incurred and recognised profits to date on contracts is £10,775,000 (2015 - £13,280,000).
(a) Trade receivables are denominated in the following currencies
Group Company
2016 2015 2016 2015
£000 £000 £000 £000
Sterling 6,019 6,545 6,019 6,545
Euro 983 236 559 101
US dollar 361 643 - -
Other currencies 381 348 - -
7,744 7,772 6,578 6,646
Trade
receivables
are non
-interest
bearing and
are
generally
on 30 days
terms and
are shown
net of
provision
for
impairment.
The aged
analysis of
trade
receivables
not
impaired is
as follows:
Group Total Not past due < 30 days 30-60 days 60-90 days > 90 days
£000 £000 £000 £000 £000 £000
2016 7,744 6,026 1,424 269 9 16
2015 7,772 6,328 1,224 98 105 17
As at 30th
April, 2016
trade
receivables
at a
nominal
value of
£102,000
(2015 -
£52,000)
were
impaired
and fully
provided.
Bad debts
of £51,000
(2015 -
£151,000)
were
recovered
and bad
debts of
£24,000
(2015 -
£42,000)
were
incurred.
Company
2016 6,578 5,182 1,158 238 - -
2015 6,646 5,604 905 57 80 -
As at 30th
April, 2016
trade
receivables
at a
nominal
value of
£39,000
(2015 -
£39,000)
were
impaired
and fully
provided.
Bad debts
of £8,000
(2015 -
£143,000)
were
recovered
and bad
debts of
£23,000
(2015 -
£15,000)
were
incurred.
(b)
Retentions
on
contracts
are
denominated
in the
following
currencies
Group Company
2016 2015 2016 2015
£000 £000 £000 £000
Sterling 1,188 1,681 1,188 1,681
Euro - - - -
US dollar - - - -
Other - - - -
currencies
1,188 1,681 1,188 1,681
Retentions
on
contracts
are non
interest
bearing and
represent
amounts
contractual
ly retained
by
customers
on
completion
of
contracts
for
specific
time
periods as
follows:
Group Total Up to 6 months 6 - 12 months 12 - 18 months 18 - 24 months
£000 £000 £000 £000 £000
2016 1,188 1,188 - - -
2015 1,681 1,681 - - -
Company
2016 1,188 1,188 - - -
2015 1,681 1,681 - - -
7 Cash Group Company
2016 2015 2016 2015
£000 £000 £000 £000
Cash at 7,420 9,884 5,715 8,935
bank and in
hand
Short term 5,338 7,264 5,302 7,264
deposits
12,758 17,148 11,017 16,199
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
-distributa
ble
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 (20% to
18%).
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
subsidiarie
s. It is
also used
to record
the effect
of hedging
net
investments
in foreign
operations.
Treasury
Shares
2016 2015
£000 £000
Employee 100 100
Share
Ownership
Trust
Shares in 2,959 2,959
treasury
(see below)
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
Remuneratio
n
Committee.
The trust
has
purchased
an
aggregate
245,048
(2015 -
245,048)
Ordinary
shares,
which
represents
1.3% (2015
- 1.3%) of
the issued
share
capital of
the Company
at an
aggregate
cost of
£100,006.
The market
value of
the shares
at 30th
April, 2016
was
£448,000
(2015 -
£346,000).
The Company
has made
payments of
£Nil (2015
- £Nil)
into the
ESOT bank
accounts
during the
period. No
options
over shares
(2015 -
Nil) have
been
granted
during the
period.
Details of
the
outstanding
share
options,
for
Directors
are
included in
the
Directors'
remuneratio
n report.
The assets,
liabilities
, income
and costs
of the ESOT
have been
incorporate
d into the
Company's
financial
statements.
Total ESOT
costs
charged to
the income
statement
in the
period
amounts to
£7,000
(2015 -
£4,000).
During the
period no
options on
shares were
exercised
(2015 -
Nil) and no
shares were
purchased
(2015 -
Nil).
The Company
made the
following
purchases
of its own
10p
Ordinary
shares to
be held in
Treasury:
£000
11th 1,722
December,
2013
1,000,000
shares from
the Group's
pension
scheme.
30th 1,237
January,
2014
646,334
shares
2,959
9 Petrol Sign bv
On the 17th June, 2015 the Company acquired the entire issued share capital of Petrol Sign bv, a Company based in The Netherlands from Lambooij Holdings B.V. The consideration for the acquisition was E3,400,000 and was paid in cash on completion.
Petrol Sign bv designs, restyles, produces and installs the complete appearance of petrol station superstructures and forecourt. The acquisition will enhance and widen the ability of our Petrol Station Superstructure Division to offer a more complete package of services to customers.
The fair values of the identifiable assets and liabilities of Petrol Sign bv as at the date of acquisition were:
£000
Fair value recognised on acquisition
Customer relationships 1,332
Order backlog 178
Non-compete 43
Trade name 147
Plant and equipment 171
Inventories 973
Receivables 382
Payables (719)
Bank Overdraft (174)
Income tax (58)
Deferred tax (425)
Total identifiable net assets at fair value 1,850
Goodwill arising on acquisition 588
Total purchase consideration transferred 2,438
Analysis of net cash acquired
Cash purchase consideration (2,438)
Cash and short term deposits acquired (174)
Net cash acquired with subsidiary (2,612)
The goodwill of £588,000 comprises certain intangible assets that cannot be individually separated from the acquiree due to their nature. These items include the expected value of synergies and an assembled workforce. Goodwill is allocated entirely to the petrol station superstructures unit. None of the goodwill is expected to be deductible for income tax purposes.
Transaction costs of £104,000 have been expensed and included in administration costs.
From the date of acquisition Petrol Sign bv has contributed £4,726,000 of revenue and a profit of £405,000 to the profit before tax from continuing operations of the Group. If the combination had taken place at the beginning of the year the consolidated profit of the Group would have been £1,692,000 and the revenue of the Group would have been £49,309,000
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 9th June, 2016 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.
This information is provided by RNS
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