Balance at 31
December 2014 6,651 25,192 1,075 204 (30,510) (211) 2,401
Consolidated Balance Sheet
at 31 December 2014
Note 2014 2013
GBP000 GBP000
ASSETS
Non-current assets
Property, plant and equipment 187 165
Goodwill 401 401
Development costs 1,103 640
Deferred tax assets 516 653
2,207 1,859
Current assets
Inventories 1,439 1,779
Trade and other receivables 2,982 983
Cash and cash equivalents
- escrow deposits 54 -
Cash and cash equivalents 1,434 1,440
5,909 4,202
Total assets 8,116 6,061
EQUITY AND LIABILITIES
Equity attributable to equity holders
of the parent
Share capital 6 6,651 6,645
Share premium 25,192 25,153
Equity reserve 204 206
Merger reserve 1,075 1,075
Currency translation reserve (211) (211)
Retained earnings deficit (30,510) (31,132)
Total equity 2,401 1,736
Non-current liabilities
Interest-bearing loans and
borrowings 5 1,524 1,518
Deferred tax liabilities 100 128
1,624 1,646
Current liabilities
Interest-bearing loans and - -
borrowings
Other trade and other payables 4,091 2,679
4,091 2,679
Total liabilities 5,715 4,325
Total equity and liabilities 8,116 6,061
Consolidated Statement of Cash Flows
for year ended 31 December 2014
Note 2014 2013
GBP000 GBP000
Cash flows from operating
activities
Profit/(loss) for the year 620 (2,293)
Adjustments for:
Depreciation 48 47
Amortisation of intangible
assets 198 261
Financial income 3 (3) (20)
Financial expense 3 152 1,078
Income tax credit - (95)
Exchange differences - (13)
Operating cash flows before
movement in working capital 1,015 (1,035)
Change in trade and other
receivables (2,035) 647
Change in inventories 340 (568)
Change in trade and other
payables 1,340 (267)
Cash generated from operations 660 (1,223)
Interest received 3 20
Interest paid (110) (60)
Tax received 208 -
Net cash from operating activities 761 (1,263)
Cash flows from investing
activities
Acquisition of property,
plant and equipment (70) (40)
Capitalised development expenditure (661) (371)
Cash deposits held in escrow (54) 77
Net cash outflow from investing
activities (785) (334)
Cash flows from financing
activities
Proceeds from exercise of
share options 6 18 -
Proceeds from share issue - 1,150
Expenses of share issue - (87)
Water Hall transaction 3 - (83)
Proceeds from sale of own
shares - 595
Repayment of bank borrowings - (42)
Net cash inflow from financing
activities 18 1,533
Net decrease in cash and
cash equivalents (6) (64)
Water Hall transaction: Settlement
of working capital facility 3 - 1,551
Total movement in cash and
cash equivalents in the year (6) 1,487
Cash and cash equivalents
at 1 January 1,440 (47)
Cash and cash equivalents
at 31 December 1,434 1,440
1 Basis of preparation and status of financial information
The financial information set out in this statement has been
prepared in accordance with the recognition and measurement
principles of International Financial Reporting Standards as
adopted by the EU ("adopted IFRSs"), IFRIC interpretations and the
Companies Act 2006 applicable to companies reporting under IFRS. It
does not include all the information required for full annual
accounts.
The financial information does not constitute the Company's
statutory accounts for the years ended 31 December 2014 or 31
December 2013 but is derived from those accounts. Statutory
accounts for 2013 have been delivered to the registrar of
companies, and those for 2014 will be delivered in due course. The
auditor has reported on those accounts; his reports were (i)
unqualified, (ii) did not include a reference to any matters to
which the auditor drew attention by way of emphasis without
qualifying his report and (iii) did not contain a statement under
section 498 (2) or (3) of the Companies Act 2006.
2 Segmental information
The analysis by geographic segment below is presented in
accordance with IFRS 8 on the basis of those segments whose
operating results are regularly reviewed by the Board of Directors
(the Chief Operating Decision Maker as defined by IFRS 8) to make
strategic decisions, to monitor performance and to allocate
resources.
The directors consider the Group to have only one segment in
terms of products and services, being the development, supply and
maintenance of technologies used in advanced security, surveillance
and ruggedised electronic applications.
As the Board of Directors receives revenue, EBITDA and operating
profit/(loss) on the same basis as set out in the Consolidated
Income Statement no further reconciliation is considered to be
necessary.
As in 2013 the Group's operations continue to comprise one
segment.
Revenue by geographical destination can be analysed as
follows:
2014 2013
GBP000 GBP000
United Kingdom 10,773 5,482
Continental Europe 1,724 488
Rest of World 965 289
_____ _____
13,462 6,259
_____ _____
Included in the above amounts are revenues of GBP9,793,000
(2013: GBP862,000) in respect of construction contracts. The
balance comprises revenue from sales of goods and services.
3 Financial income and expense
2014 2013
GBP000 GBP000
Recognised in profit or loss
Interest on bank deposits 3 -
Net foreign exchange gain - 20
Financial expenses 3 20
GBP000 GBP000
Interest expense on financial liabilities
at amortised cost 150 100
Net foreign exchange loss 2 -
Water Hall transaction (see below) - 978
Financial expenses 152 1,078
On 29 August 2013 the Group completed a debt for equity swap
with Water Hall Group plc ('the Water Hall transaction'). Under the
terms of the arrangement, the Group issued equity share options,
and convertible loan notes with a combined fair value of
GBP2,975,000 to:
(i) settle its working capital facility of GBP1,551,000
(ii) purchase its own shares to the value of GBP592,000 and
(iii) acquire the remaining net assets of Water Hall Group plc
which comprised cash of GBP72,000 and net
liabilities of GBP68,000 relating to trade and other payables net of VAT receivables.
The loss on this transaction of GBP860,000 was included in total
exceptional finance costs for the year of GBP978,000; the balance
included transaction expenses of GBP118,000 (transaction expenses
totalled GBP155,000 of which GBP37,000 was allocated to merger
reserve). The net cash effect of the transaction was an outflow of
GBP83,000. In addition, the Group's overdraft of GBP1,551,000 was
settled. The debt for equity swap resulted in the Group obtaining
control of the Water Hall Group plc legal entity with the result
that, from 29 August 2013, Water Hall Group plc has been
consolidated into the accounts.
4 Taxation
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