QRT.L Regulatory News (QRT)

2 Sep 2005 07:01

Quarto Group Inc02 September 2005 THE QUARTO GROUP, INC. ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS - PART 2 Appendix 2 - Reconciliations of reported UK GAAP financial statements to IFRS 2.1. IFRS Income statement for the year ended 31 December 2004 Effect of IAS 1 'Presentation of financial statements' on UK GAAP balances UK GAAP balances *Reclassification Interest receivable UK GAAP balances in IFRS formatin UK GAAP format £000 £000 £000Turnover 79,835 - 79,835 RevenueCost of (50,931) - (50,931) Cost of salessalesGross 28,904 - 28,904 Gross profitprofitOperatingcosts (21,710) - (21,710) Operating costsOperatingprofit/Profiton ordinaryactivitiesbefore 7,194 - 7,194 Operating profitinterestNet interestpayable (1,169) (65) (1,234) Financial costs 65 65 Financial incomeProfit onordinaryactivitiesbeforetaxation 6,025 - 6,025 Profit before taxationTaxation (1,337) - (1,337) TaxationProfit forthe 4,688 - 4,688 Profit for the periodperiodProfit for - - - Profit for the periodthe period attributable to:attributableto:Minorityinterests 403 - 403 Minority interestsShareholdersof theparent 4,285 - 4,285 Equity holders of thecompany parent company \* This reflects changes in presentation required by IAS 1 'Presentation ofFinancial Statements' 2.2 IFRS Income statement for the year ended 31 December 2004 - Effect of otherstandards UK GAAP Balances in IFRS format IFRS 2 IFRS 3 IFRS 3 IAS 19 Share- Goodwill Intangible Employee based amort'n assets benefits payments reversal amort'n £000 £000 £000 £000 £000 Revenue 79,835 - - - - Cost of sales (50,931) - - - - -------- ------- ------- ------- ------- Gross profit 28,904 - - - - Operating costs (21,710) (4) 376 (475) (50) -------- ------- ------- ------- ------- Operating profit 7,194 (4) 376 (475) (50) Financial costs (1,234) - - - - Financial income 65 - - - - -------- ------- ------- ------- ------- Profit before taxation 6,025 (4) 376 (475) (50) Taxation (1,337) 1 - 109 (1) -------- ------- ------- ------- ------- Profit for the period 4,688 (3) 376 (366) (51) -------- ------- ------- ------- ------- Profit for the period attributable to: Minority interests 403 - - - - Equity holders of the parent company 4,285 (3) 376 (366) (51) ------------------ -------- ------- ------- ------- ------- UK GAAP Balances in IFRS format IAS 12 IAS 12 IAS 32 Other IFRS US Deferred goodwill tax on revalued Preference assets Shares £000 £000 £000 £000 £000 £000 Revenue 79,835 - - - (85) 79,750 Cost of sales (50,931) - - - 51 (50,880) Gross profit 28,904 - - - (34) 28,870 Operating costs (21,710) - - - - (21,863) Operating profit 7,194 - - - (34) 7,007 Financial costs (1,234) - - (446) - (1,680) Financial income 65 - - - - 65 Profit before taxation 6,025 - - (446) (34) 5,392 Taxation (1,337) (40) 3 - 10 (1,255) Profit for the period 4,688 (40) 3 (446) (24) 4,137 Profit for the period attributable to: Minority interests 403 - - - - 403 Equity holders of the parent company 4,285 (40) 3 (446) (24) 3,734 2.3 IFRS Balance sheet at 31 December 2004 - Effect of IAS 1 'Presentation offinancial statements' on UK GAAP balances UK GAAP Balances in UK GAAP Format Reclassifications * UK GAAP Balances in IFRS Format -------------------------- ------------------------- ------------------------- Debtors Creditors Creditors 1 year ---------- ---------- ---------- ------------------- ---------- --------- ------------------- £000 £000 £000 £000 £000 Fixed assets Non current assets Intangible assets 13,005 - - - 13,005 Goodwill Tangible fixed assets 8,982 - - - 8,982 Property, plant & equipment 4 - - 4 Deferred tax --------- ---------- ---------- ---------- --------- 21,987 4 - - 21,991 --------- ---------- ---------- ---------- --------- Current assets Current assets Stock 20,727 - - - 20,727 Inventories Debtors falling due within one year 24,066 - - - 24,066 Trade and other receivables 154 - - 154 Taxation recoverable Cash and deposits 12,578 - (1,967) - 10,611 Cash and cash --------- ---------- ---------- ---------- --------- equivalents 57,371 154 (1,967) - 55,558 --------- ---------- ---------- ---------- --------- - - - 77,549 Total assets ---------- ---------- ---------- --------- Creditors due within one year (28,927) - 28,927 - Current liabilities - (433) - (433) Short term borrowings - (25,377) - (25,377) Trade and other payables (154) (1,150) - (1,304) Corporation tax --------- ---------- ---------- ---------- --------- liabilities (28,927) (154) 1,967 - (27,114) --------- ---------- ---------- ---------- --------- Net current assets 28,444 - - - 28,444 Net current assets --------- ---------- ---------- ---------- --------- Creditors due after more than one year (38,618) - - 38,618 - Non-current liabilities - - (38,408) (38,408) Medium and long term borrowings - - (210) (210) Other payables Provisions for liabilities and charges (646) (4) - - (650) Deferred tax --------- ---------- ---------- ---------- --------- liabilities (39,264) (4) - - (39,268) --------- ---------- ---------- ---------- --------- (66,382) Total liabilities --------- ---------- ---------- ---------- --------- Net assets 11,167 - - - 11,167 Net assets --------- ---------- ---------- ---------- --------- Equity Equity Share capital 1,341 - - - 1,341 Issued capital Share premium account 23,903 - - - 23,903 Share premium account Retained earnings and other reserves (16,797) - - - (16,797) Retained earnings and --------- ---------- ---------- ---------- --------- other reserves Equity attributable to shareholders of parent company 8,447 - - - 8,447 Equity attributable to shareholders of parent company Minority interests 2,720 - - - 2,720 Minority interests --------- ---------- ---------- ---------- --------- 11,167 - - - 11,167 --------- ---------- ---------- ---------- --------- - - - (77,549) Total equity and ------------------- ========= ========== ========== ========== ========= liabilities -------------------* These reflect changes in presentation required by IAS 1 'Presentation ofFinancial Statements' 2.4 IFRS Balance Sheet as at 31 December 2004 - Effect of other standards UK GAAP Balances in IFRS Format IFRS 3 IAS 38 IFRS 3 IAS 19 IAS 32 IAS 12 Goodwill Goodwill/ Intangible Employee Preference Deferred amort'n intangibles Assets Benefits Shares/ tax on US reversal amort'n loan note goodwill £000 £000 £000 £000 £000 £000 £000 Non current assets Goodwill 13,005 376 (5,810) (232) - - - Other intangible assets - - 5,810 (243) - - - Property, plant & equipment 8,982 - - - - - - Deferred tax 4 - - - - - - ------ ------- ------- ------- ------- ------- ------- 21,991 376 - (475) - - - ------ ------- ------- ------- ------- ------- ------- Current assets Inventories 20,727 - - - - - - Trade and other receivables 24,066 - - - - - - Taxation recoverable 154 - - - - - - Cash and cash equivalents 10,611 - - - - - - ------ ------- ------- ------- ------- ------- ------- 55,558 - - - - - - ------ ------- ------- ------- ------- ------- ------- Total assets 77,549 376 - (475) - - - ------ ------- ------- ------- ------- ------- ------- Current liabilities Short term borrowings (433) - - - - (4,850) - Trade and other payables (25,377) - - - (205) - - Corporation tax liabilities (1,304) - - - - - - ------ ------- ------- ------- ------- ------- ------- (27,114) - - - (205) (4,850) - ------ ------- ------- ------- ------- ------- ------- Net current assets 28,444 - - - (205) (4,850) - ------ ------- ------- ------- ------- ------- ------- Non-current liabilities Medium and long term borrowings (38,408) - - - - - - Other payables (210) - - - - - - Deferred tax liabilities (650) - - 104 31 - 128 ------ ------- ------- ------- ------- ------- ------- (39,268) - - 104 31 - 128 ------ ------- ------- ------- ------- ------- ------- Total liabilities (66,382) - - 104 (174) (4,850) 128 ------ ------- ------- ------- ------- ------- ------- Net assets 11,167 376 - (371) (174) (4,850) 128 ------ ------- ------- ------- ------- ------- ------- Equity Issued capital 1,341 - - - - (278) - Share premium account 23,903 - - - - (4,704) - Retained earnings and other reserves (16,797) 376 - (371) (174) 132 128 ------ ------- ------- ------- ------- ------- ------- Equity attributable to shareholders 8,447 376 - (371) (174) (4,850) 128 Minority interests 2,720 - - - - - - ------ ------- ------- ------- ------- ------- ------- 11,167 376 - (371) (174) (4,850) 128 ------ ------- ------- ------- ------- ------- ------- Total equity and liabilities (77,549) (376) - 475 - - - ------------- ------ ------- ------- ------- ------- ------- ------- UK GAAP Balances in IFRS Format IAS 12 IAS 12 IAS 21 IAS 30 IAS 10 Other IFRS Deferred Deferred Goodwill Interest Dividends tax on US tax on /intangible rate goodwill revalued translation swap £000 £000 £000 £000 £000 £000 £000 £000 Non current assets Goodwill 13,005 - - (141) - - 46 7,244 Other intangible assets - - - (233) - - - 5,334 Property, plant & equipment 8,982 - - - - - - 8,982 Deferred tax 4 - - - - - - 4 21,991 - - (374) - - 46 21,564 Current assets Inventories 20,727 - - - - - 136 20,863 Trade and other receivables 24,066 - - - 130 - (320) 23,876 Taxation recoverable 154 - - - - - - 154 Cash and cash equivalents 10,611 - - - - - - 10,611 55,558 - - - 130 - (184) 55,504 Total assets 77,549 - - (374) 130 - (138) 77,068 Current liabilities Short term borrowings (433) - - - - - - (5,283) Trade and other payables (25,377) - - - - 629 24 (24,929) Corporation tax liabilities (1,304) - - - - - - (1,304) (27,114) - - - - 629 24 (31,516) Net current assets 28,444 - - - 130 629 (160) 23,988 Non-current liabilities Medium and long term borrowings (38,408) - - - - - - (38,408) Other payables (210) - - - - - - (210) Deferred tax liabilities (650) 128 (290) - - - 47 (630) (39,268) 128 (290) - - - 47 (39,248) Total liabilities (66,382) 128 (290) - - 629 71 (70,764) Net assets 11,167 128 (290) (374) 130 629 (67) 6,304 Equity Issued capital 1,341 - - - - - - 1,063 Share premium account 23,903 - - - - - - 19,199 Retained earnings and other reserves (16,797) 128 (290) (374) 130 629 (67) (16,678) Equity attributable to shareholders 8,447 128 (290) (374) 130 629 (67) 3,584 Minority interests 2,720 - - - - - - 2,720 11,167 128 (290) (374) 130 629 (67) 6,304 Total equity and liabilities (77,549) - - 374 (130) - 138 (77,068) 2.5 Cash Flow Statement for the year 31 December 2004 - Effect of IAS 1 'Presentation of financial statements' on UK GAAP balances UK GAAP Balances in UK GAAP Format Reclassifications * UK GAAP Balances in IFRS Format Reconcile to Financing Corporation tax profit for period £000 £000 £000 £000 £000 Cash flows from operating activities 4,688 - - 4,688 Profit for period 1,337 - - 1,337 Tax expense 1,169 - - 1,169 Net finance costs Operating profit 7,194 (7,194) - - - Depreciation 1,073 - - - 1,073 Depreciation Amortization 410 - - - 410 Amortization Profit on sale of tangible fixed assets (1) - - - (1) Profit on sale of property, plant and equipment - - - 8,676 Operating profit before changes in working capital and provisions Decrease in debtors 215 - - - 215 Decrease in trade and other receivables Increase in stock (675) - - - (675) Increase in inventories Decrease in creditors (1,713) - - - (1,713) Decrease in trade and other payables - - (1,062) (1,062) Corporation tax Net cash inflow from operating activities 6,503 - (1,062) 5,441 Net cash flow from operating activities Returns on - - - - investment and servicing of finance Interest received 51 - (51) - Interest paid (1,280) - 1,280 - Interest element of hire purchase payments (47) - 47 - Preference dividends paid (426) - 426 - Dividend paid to minority share holder (103) - 103 - (1,805) - - - Taxation (1,062) - - 1,062 Capital - - - Cash flows from expenditure and investing activities financial investment Purchase of tangible fixed assets (1,020) - - - (1,020) Purchase of tangible fixed assets Proceeds from sale of tangible fixed assets 38 - - - 38 Proceeds from sale of tangible fixed assets (982) - - - Acquisitions - - - and disposals Purchase of - - - - - Purchase of intangible intangible assets assets Acquisition of subsidiary undertakings (13,700) - - - (13,700) Purchase of subsidiary undertakings - 51 - 51 Interest received - - - (14,631) Net cash flow from investing activities (13,700) - - - - Cash flow from financing activities Equity dividends paid (1,077) - - - (1,077) Dividends paid Financing - (1,327) - (1,327) Interest paid Issue of shares 26 - - - 26 Proceeds from the issue of share capital - (426) - (426) Preference dividends paid - (103) - (103) Dividend paid to minority shareholder New loans 10,967 - - - 10,967 New Loans 10,993 - - - 8,060 Net cash flows from financing activities Increase in cash in the year 797 - (1,927) - (1,130) Net decrease in cash and cash equivalents Movement in liquid resources (1,927) - 1,927 - (1,130) * These reflect changes in presentation required by IAS 1 'Presentation ofFinancial Statements' and IAS 7 'Cash Flow Statements' 2.6 Cash Flow Statement for the year to 31 December 2004 - Effectof other standards UK GAAP Balances in IFRS format IFRS 2 IFRS 3 IAS 19 IAS 32 IAS 3 Share- Goodwill Employee Preference Amort'n of based amort'n benefits shares intangibles payments reversal Cash flowsfrom operatingactivities £000 £000 £000 £000 £000 £000Profit for theperiod 4,688 (3) 376 (51) (446) (366)Tax expense 1,337 (1) - 1 - (109)Net financecost 1,169 - - - 446 -Depreciation 1,073 - - - - -Amortization 410 - (376) - - 475Profit on saleof tangiblefixed assets (1) - - - - -Equity settledshare-basedpaymentexpense - 4 - - - - ------- ------- ------- ------- ------- -------Operatingprofit beforechanges inworkingcapital 8,676 - - (50) - -Decrease intrade andotherreceivables 215 - - - - -Increase ininventories (675) - - - - -Increase intrade andother payables (1,713) - - 50 - -Corporationtax (1,062) - - - - - ------- ------- ------- ------- ------- -------Net cash flowfrom operatingactivities 5,441 - - - - - ------- ------- ------- ------- ------- ------- Cash flows from - - - - -investing activitiesPurchase oftangible fixedassets (1,020) - - - - -Proceeds fromsale oftangible fixedassets 38 - - - - -Purchase ofsubsidiaryundertakings (13,700) - - - - -Interestreceived 51 - - - - - ------- ------- ------- ------- ------- -------Net cash flowfrom investingactivities (14,631) - - - - - ------- ------- ------- ------- ------- ------- Cash flow from - - - - -financing activitiesInterest paid (1,327) - - - (426) -Proceeds fromthe issue ofshare capital 26 - - - - -Preferencedividends paid (426) - - - 426 -Dividend paidto minorityshareholder (103) - - - - -New Loans 10,967 - - - - -Dividends paid (1,077) - - - - - ------- ------- ------- ------- ------- -------Net cash flowsfrom financingactivities 8,060 - - - - - ------- ------- ------- ------- ------- -------Net decreasein cash andcashequivalents (1,130) - - - - ---------------------- ------- ------- ------- ------- ------- ------- UK GAAP Balances in IFRS format IAS 12 IAS 12 Other IFRS US Deferred goodwill tax on revalued assets Cash flows from operatingactivities £000 £000 £000 £000 £000Profit for the period 4,688 (40) 3 (24) 4,137Tax expense 1,337 40 (3) (10) 1,255Net finance cost 1,169 - - - 1,615Depreciation 1,073 - - - 1,073Amortization 410 - - - 509Profit on sale oftangible fixed (1) - - - (1)assetsEquity settledshare-based payment - - - - 4expenseOperating profit beforechanges in 8,676 - - (34) 8,592working capitalDecrease in trade andother 215 - - 86 301receivablesIncrease in inventories (675) - - (47) (722)Increase in trade andother (1,713) - - (5) (1,668)payablesCorporation tax (1,062) - - - (1,062)Net cash flow fromoperating 5,441 - - - 5,441activities Cash flows from investing - - - -activitiesPurchase of tangible (1,020) - - - (1,020)fixed assetsProceeds from sale oftangible 38 - - - 38fixed assetsPurchase of subsidiary (13,700) - - - (13,700)undertakingsInterest received 51 - - - 51Net cash flow frominvesting (14,631) - - - (14,631)activities Cash flow from financing - - - -activitiesInterest paid (1,327) - - - (1,753)Proceeds from the issueof share 26 - - - 26capitalPreference dividends paid (426) - - - -Dividend paid to minorityshareholder (103) - - - (103)New Loans 10,967 - - - 10,967Dividends paid (1,077) - - - (1,077)Net cash flows fromfinancing 8,060 - - - 8,060activitiesNet decrease in cash andcash (1,130) - - - (1,130)equivalents 2.7 Income Statement for the period to 30 June 2004 - Effect ofIAS 1 'Presentation of financial statements' on UK GAAP balances UK GAAP balances in Reclassification * Interest receivable UK GAAP balances in IFRS formatcondensed UK GAAPformat £000 £000 £000 Turnover 31,039 - 31,039 RevenueOperatingprofit/Profiton ordinaryactivitiesbefore 1,996 - 1,996 Operating profitinterestNet interestpayable (417) (31) (448) Financial costs 31 31 Financial incomeProfit onordinaryactivitiesbeforetaxation 1,579 - 1,579 Profit before taxationTaxation (354) - (354) TaxationProfit forthe 1,225 - 1,225 Profit for the periodperiod Profit for Profit for the periodthe period attributable to:attributableto:Minorityinterests 160 - 160 Minority interestsShareholdersof theparent 1,065 - 1,065 Equity holders of thecompany parent company * These reflect changes in presentation required by IAS 1 'Presentation ofFinancial Statements' 2.8 Income Statement for the period to 30 June 2004 - Effect ofother standards UK GAAP Balances in IFRS format IFRS 2 IFRS 3 IAS 12 IAS 12 Share-based Goodwill Deferred tax US payments amort'n on revalued goodwill reversal assets £000 £000 £000 £000 £000Revenue 31,039 - - - - ------- --------- --------- --------- ---------Operatingprofit 1,996 (2) 88 - - Financialcosts (448) - - - - Financialincome 31 - - - - ------- --------- --------- --------- ---------Profit beforetaxation 1,579 (2) 88 - - Taxation (354) 1 - 1 (20) ------- --------- --------- --------- ---------Profit for theperiod 1,225 (1) 88 1 (20) ------- --------- --------- --------- ---------Profit for the periodattributable to:Minorityinterests 160 - - - -Equity holdersof the parentcompany 1,065 (1) 88 1 (20)---------------- ======= ========= ========= ========= ========= UK GAAP Balances in IFRS format Other IAS 32 IAS 19 IFRS Preference Employee Shares benefits £000 £000 £000 £000 £000 Revenue 31,039 10 - - 31,049 ------- --------- --------- --------- ---------Operatingprofit 1,996 5 - (133) 1,954 Financialcosts (448) - (223) - (671) Financialincome 31 - - - 31 ------- --------- --------- --------- ---------Profit beforetaxation 1,579 5 (223) (133) 1,314 Taxation (354) (1) - 33 (340) ------- --------- --------- --------- ---------Profit for theperiod 1,225 4 (223) (100) 974 ------- --------- --------- --------- ---------Profit for the periodattributable to:Minorityinterests 160 - - (1) 159Equity holdersof the parentcompany 1,065 4 (223) (99) 815---------------- ======= ========= ========= ========= ========= 2.9 IFRS Balance Sheet as at 30 June 2004 - Effect of IAS 1'Presentation of financial statements' on UK GAAP balances UK GAAP Balances in UK GAAP Format Reclassifications * UK GAAP Balances in IFRS Format ----------------------------- ------------------ ----------------------------- Debtors Creditors Creditors 1 year ------- ------- ------- ------------------------ ------- ------- ------------------------ £000 £000 £000 £000 £000 Fixed assets Non current assets Intangible assets 3,232 - - - 3,232 Goodwill Tangible fixed assets 8,959 - - - 8,959 Property, plant & ------- ------- ------- ------- ------- equipment 12,191 - - - 12,191 ------- ------- ------- ------- ------- Current assets Current assets Stock 19,148 - - - 19,148 Inventories Debtors falling due within one year 17,195 - - - 17,195 Trade and other receivables 94 - - 94 Taxation recoverable Cash and deposits 8,327 - (2,040) - 6,287 Cash and cash ------- ------- ------- ------- ------- equivalents 44,670 94 (2,040) - 42,724 ------- ------- ------- ------- ------- - - - 54,915 Total assets ------- ------- ------- ------- Creditors due within one year (18,759) - 18,759 - - Current liabilities - (356) - (356) Short term borrowings - (15,995) - (15,995) Trade and other payables (94) (368) - (462) Corporation tax ------- ------- ------- ------- ------- liabilities (18,759) (94) 2,040 - (16,813) ------- ------- ------- ------- ------- Net current assets 25,911 - - - 25,911 Net current assets ------- ------- ------- ------- ------- Creditors due after more than one year (29,096) - - 29,096 Non-current liabilities - - (28,853) (28,853) Medium and long term borrowings - - (243) (243) Other payables Provisions for liabilities and charges (869) - - - (869) Deferred tax ------- ------- ------- ------- ------- liabilities (29,965) (29,965) ------- ------- ------- ------- ------- - - - (46,778) Total liabilities ------- ------- ------- ------- ------- Net assets 8,137 - - - 8,137 Net assets ------- ------- ------- ------- ------- Equity Equity Share capital 1,341 - - - 1,341 Issued capital Share premium account 23,903 - - - 23,903 Share premium account Retained earnings and other reserves (19,564) - - - (19,564) Retained earnings and ------- ------- ------- ------- ------- other reserves Equity attributable to shareholders of parent company 5,680 - - - 5,680 Equity attributable to shareholders of parent company Minority interests 2,457 2,457 Minority interests ------- ------- ------- ------- ------- 8,137 - - - 8,137 ------- ------- ------- ------- ------- - - - (54,915) Total equity and ---------------------- ======= ======= ======= ======= ======= liabilities ------------------------ 2.10 IFRS Balance Sheet as at 30 June 2004 - Effect of other standards UK GAAP Balances in IFRS 3 IAS 19 IAS 12 IAS 12 IFRS Format Goodwill Employee Deferred Deferred tax amort'n benefits tax on US on revalued reversal goodwill assets £000 £000 £000 £000 £000 Non current assets Goodwill 3,232 (161) - - - Other intangible assets - 249 - - - Property, plant & equipment 8,959 - - - - ------- --------- --------- --------- --------- 12,191 88 - - - ------- --------- --------- --------- ---------Current assets Inventories 19,148 - - - - Trade and other receivables 17,195 - - - - Taxation recoverable 94 - - - - Cash and cash equivalents 6,287 - - - - ------- --------- --------- --------- --------- 42,724 - - - - ------- --------- --------- --------- --------- Total assets 54,915 88 - - - ------- --------- --------- --------- --------- Current liabilities Short term borrowing (356) - - - - Trade and other payables (15,995) - (280) - - Corporation tax liabilities (462) - - - - ------- --------- --------- --------- --------- (16,813) - (280) - - ------- --------- --------- --------- --------- Net current assets 25,911 - (280) - - ------- --------- --------- --------- --------- Non-current liabilities Medium and long term borrowings (28,853) - - - -Other payables (243) - - - - Deferred tax liabilities (869) - 65 156 (292) ------- --------- --------- --------- --------- (29,965) - 65 156 (292) ------- --------- --------- --------- --------- Total liabilities (46,778) - (215) 156 (292) ------- --------- --------- --------- --------- Net assets 8,137 88 (215) 156 (292) ------- --------- --------- --------- --------- Equity Issued capital 1,341 - - - - Share premium account 23,903 - - - - Retained earnings and other reserves (19,564) 88 (214) 156 (292) ------- --------- --------- --------- --------- Equity attributable to shareholders 5,680 88 (214) 156 (292) Minority interests 2,457 - (1) - - ------- --------- --------- --------- --------- 8,137 88 (215) 156 (292)------------- ------- --------- --------- --------- --------- Total equity and liabilities (54,915) (88) - - -------------- ------- --------- --------- --------- --------- UK GAAP IAS 10 IAS 32 Other IFRS Balances in Dividends Preference IFRS Format shares/ loan note £000 £000 £000 £000 £000 Non current assets Goodwill 3,232 - - - 3,071 Other intangible assets - - - - 249 Property, plant & equipment 8,959 - - - 8,959 12,191 - - - 12,279Current assets Inventories 19,148 - - 30 19,178 Trade and other receivables 17,195 - - (93) 17,102 Taxation recoverable 94 - - - 94 Cash and cash equivalents 6,287 - - - 6,287 42,724 - - (63) 42,661 Total assets 54,915 - - (63) 54,960 Current liabilities Short term borrowing (356) - - - (356) Trade and other payables (15,995) 494 - 7 (15,774) Corporation tax liabilities (462) - - - (462) (16,813) 494 - 7 (16,592) Net current assets 25,911 494 - (56) 26,069 Non-current liabilities Medium and long term borrowings (28,853) - (4,845) - (33,698) Other payables (243) - - - (243) Deferred tax liabilities (869) - - 16 (924) (29,965) - (4,845) 16 (34,865) Total liabilities (46,778) 494 (4,845) 23 (51,457)