Sweett Group plc (“Sweett Group” or "the Group") Audited final results for the year ended 31 March 2014
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- Other profit and loss disclosures Europe Middle East, Africa and India Asia
- Net profit on investment activities £’000s
- Europe Middle East, Africa and India Asia Pacific Total
- 4. Net finance income / (costs)
- £’000 £’000 Finance income
- 5. Profit before taxation is stated after charging / (crediting)
- Exceptional administrative expenses: 2014
* Unallocated corporate costs comprise directors’ remuneration, advertising, public relations, corporate financing costs, legal and professional fees and exceptional administrative expenses incurred by Sweett Group plc. They include for the year ended 31 March 2014, £768,000 (2013: £170,000) of exceptional administrative expenses and £609,000 (2013: £nil) performance share plan charges. The Group is domiciled in the UK. Its revenue from external customers in the UK is £47.4m (2013: £40.7m) and from external customers from other countries is £42.0m (2013: £39.9m). Capital additions comprise the acquisition of property, plant and equipment and other intangible assets. The assets of the segments include intangible assets, property, plant and equipment, assets from finance leases, financial assets, trade and other receivables, deferred tax assets and cash and cash equivalents. The liabilities comprise trade and other payables, current tax liabilities, financial liabilities, deferred tax liabilities, provisions and retirement benefit obligations. The total of non-current assets other than financial instruments and deferred taxation located in the UK is £13.5m (2013: £13.6m) and the total of such non-current assets in other countries is £5.9m (2013: £7.5m). Sales between segments are transacted at arm’s length. External revenue reported to the Board is measured in a manner consistent with that in the income statement.
4. Net finance income / (costs)
The change in fair value of derivative financial instrument relates to a forward foreign exchange contract to hedge advances in Australian dollars to a subsidiary company, the bulk of which were capitalised in September 2011. This was rolled into a replacement instrument on maturity in March 2012 and subsequently in March 2013. In September 2013 the contract was fully exited, resulting in the positive fair value adjustment of £970,000 in finance income above. Interest expense on unwinding of discount relates to the notional interest on deferred acquisition consideration. 5. Profit before taxation is stated after charging / (crediting):
For the first year we are showing a cost associated with the Performance Share plan of £609,000 (2013: £nil). This represents management’s best estimate of the accrued cost of the three live schemes as at the balance sheet date.
Exceptional administrative expenses are those that the directors consider are of such unusual size or nature that they are required to be separately disclosed to allow the user of the financial statements to understand the underlying performance of the Group, notwithstanding that such items may be recurring in nature. These are shown on the face of the income statement as exceptional administrative expenses. Restructuring costs comprise redundancy costs of £0.3m (2013: £0.5m) and other restructuring costs of £0.7m (2013: £0.4m). Interest on vendor liabilities comprises interest on late-paid sums to the vendors of Widnell Limited, now fully settled. A requisition for a general meeting of shareholders, eventually held on 9 May 2013, was received in March 2013 and the costs were accordingly expensed in the year to 31 March 2013. Directory: wp-content -> uploads -> 2014 2014 -> For want of a nail 2014 -> Stop Militarizing Law Enforcement Act of 2014 2014 -> Ihbb asian Championships 2014 middle school bowl Round 4 First Quarter 2014 -> Ihbb european Championships 2014 Bowl Round 4 First Quarter 2014 -> International History Bee and Bowl 2013-14 Asian Division Question Set Bowl Round Six 2014 -> United states patent and trademark office 2014 -> Coffs harbour eisteddfod vocal syllabus 2014 -> Listen News Programs Schedule pledge now 2014 -> Slow club announce third album complete surrender Download 0.51 Mb. Share with your friends:
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