Net cash from/(used in) investing activities - (195) (196)
Net cash used in investing activities (26) (195) (196)
-------------- -------------- -----------
Cash flows from financing activities
Proceeds of share issues 4,160 320 320
Other income 8 - -
Net cash used in financing activities-continuing
operations 4,168 320 320
Net cash from/(used in) financing activities 4,168 320 320
-------------- -------------- -----------
Decrease in cash and cash equivalents 4,142 102 18
Cash and cash equivalents at start of the
period 57 39 39
Cash and cash equivalents at end of the
period 4,199 141 57
Notes to the unaudited consolidated interim statement for the
period ended 30 September 2013
1. Basis of preparation
Hermes Pacific Investments Plc is a public limited company
incorporated and domiciled in United Kingdom. The Company is an AIM
listed investment vehicle.
These Interim accounts have been prepared using the accounting
policies to be applied in the annual report and accounts for the
period ending 31 March 2014. These are consistent with those
included in the previously published annual report and accounts for
the period ended 31 March 2013, which have been prepared in
accordance with IFRS as adopted by the European Union.
The preparation of the interim statement requires management to
make judgements, estimates and assumptions that affect the
application of policies and reported amounts of assets and
liabilities, income and expenses. Actual results may differ from
these estimates.
The interim financial statements are unaudited and do not
constitute statutory accounts as defined in section 434(3) of the
Companies Act 2006.
The figures for the year ended 31 March 2013 have been extracted
from the audited annual report and accounts that have been
delivered to the Registar of Companies. BSG Valentine, the
company's auditors, reported on those accounts. Their report was
unqualified and did not contain a statement under section 498 of
that Companies Act 2006.
2. Accounting policies
The following accounting policies have been applied consistently
in dealing with items which are considered material in relation to
the company's financial statements.
Going concern
The financial statements have been prepared on a going concern
basis as, after making appropriate enquiries, the Directors have a
reasonable expectation that the company has adequate resources to
continue in operational existence for the foreseeable future at the
time of approving the financial statements.
Critical accounting estimates and judgments
The preparation of financial statements in conformity with IFRS
requires management to make judgements, estimates and assumptions
that affect the application of the company's accounting policies
with respect to the carrying amounts of assets and liabilities at
the date of the financial statements, the disclosure of contingent
assets and liabilities at the date of the financial statements and
the reported amounts of income and expenses during the reporting
period. The judgements, estimates and associated assumptions are
based on historical experience and various other factors that are
believed to be reasonable under the circumstances, including
current and expected economic conditions. Although these
judgements, estimates and associated assumptions are based on
management's best knowledge of current events and circumstances,
the actual results may differ. Estimates and underlying assumptions
are reviewed on an on-going basis. Revisions to accounting
estimates are recognised in the year in which the estimate is
revised and in any future years affected.
The judgements, estimates and assumptions which are of most
significance to the company are detailed below:
Goodwill
The company tests goodwill for impairment on an annual basis or
more frequently if there are indications that the amount may be
impaired. The impairment analysis for such assets is principally
based upon discounted estimated future cash flows based on value in
use calculations. Such an analysis includes an estimation of the
future anticipated results and cash flows, annual growth rates and
the appropriate discount rates.
Valuation of share based payments
The charge for share based payments is calculated in accordance
with the accounting policy as set out below. The model requires
highly subjective assumptions to be made including the future
volatility of the Company's share price, expected dividend yield
and risk-free interest rates.
Revenue recognition
Revenue represents the fair value of the consideration received
or receivable, net of Value Added Tax, for goods sold and services
provided to customers after deducting discounts. Revenue is
recognised when the significant risks and rewards of ownership are
transferred.
Deferred taxation
Deferred taxation is provided in full using the liability method
on temporary differences between the tax bases of assets and
liabilities and their carrying amounts in the consolidated
financial statements. Deferred tax is determined using tax rates
that have been enacted or substantially enacted by the balance
sheet date and are expected to apply when the related deferred tax
asset is realised or the deferred tax liability is settled.
Deferred tax assets are recognised to the extent that it is
probable that future taxable profit will be available against which
the temporary differences can be utilised.
Leased assets
Expenditure on operating leases is charged to the income
statement on a basis representative of the benefit derived from the
asset, normally on a straight line basis over the lease period.
Where fixed assets are financed by financing arrangements which
give rights approximating to ownership they are treated as if they
had been purchased outright at their fair value and the
corresponding commitments are shown in the balance sheet as
obligations under finance leases and hire purchase contracts.
Depreciation of fixed assets acquired under finance leases and hire
purchase contracts is calculated to write off the attributed cost
over the shorter of the lease or contract term and their estimated
useful lives by equal annual instalments. The excess of the total
rentals over the amount capitalised is treated as interest which is
charged to the profit and loss account in proportion to the amounts
outstanding under the lease and hire purchase contracts.
Share based payments
The Company operates an employee share scheme under which it
makes equity-settled share based payments to certain employees. For
share based payments to employees of the Company, the fair value is
determined at the date of grant using a Black Scholes model, and is
expensed on a straight line basis together with a corresponding
increase in equity over the vesting period, based on the group's
estimate of the number of shares that will vest.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at
call with banks, other short term highly liquid funds with original
maturities of three months or less and bank overdrafts. Bank
overdrafts are shown within borrowing in current liabilities on the
balance sheet.
Borrowing costs
All borrowing costs are recognised in the income statement for
the period in which they are incurred.
Investments available for sale
Investments classified as available for sale are initially
recorded at fair value including transaction costs. Quoted
investments are held at fair value and measured either at bid price
or latest traded price, depending on convention of the exchange on
which the investment is quoted. Such instruments are subsequently
measured at fair value with gains and losses being recognised
directly in equity until the instrument is disposed of or is
determined to be impaired, at which time the cumulative gain or
loss previously recognised in equity is recycled to the income
statement and recognised in profit or loss for the period.
Impairment losses are recognised in the Income Statement when there
is objective evidence of impairment.
Financial instruments
Financial assets and liabilities are recognised in the balance
sheet when the company becomes party to the contractual provisions
of the instrument.
Trade and other receivables
Trade receivables are measured at cost less any provision
necessary when there is objective evidence that the company will
not be able to collect all amounts due.
Trade and other payables
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