Best of the Best PLC Correction to Final Results -3-
10 Giugno 2015 - 12:29PM
UK Regulatory
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Cash and cash equivalents at end
of year 1,907 2,244
========================= =========================
BEST OF THE BEST PLC
Notes to the Consolidated Cash Flow Statement
For The Year Ended 30(th) April 2015
1. RECONCILIATION OF PROFIT BEFORE TAX TO CASH GENERATED FROM OPERATIONS
2015 2014
GBP'000 GBP'000
Profit before tax 806 447
Depreciation charges 90 189
Loss on disposal of fixed assets - 14
Finance income (2) (2)
-------- --------
894 648
(Increase)/decrease in inventories 25 (24)
(Increase)/decrease in trade and other receivables 96 (79)
Increase in trade and other payables 309 423
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Cash generated from operations 1,324 968
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BEST OF THE BEST PLC
Notes to the Preliminary Announcement
For The Year Ended 30(th) April 2015
1. BASIS OF PREPARATION
The financial information has been prepared in accordance with
the recognition and measurement requirements of International
Financial Reporting Standards as adopted by the EU (Adopted IFRS's)
and with those parts of the Companies Act 2006 applicable to
companies reporting under IFRS. The financial statements have been
recorded under the historical cost convention.
The financial information set out above does not constitute the
Group's statutory accounts for the years ended 30(th) April 2015.
The statutory accounts for 2015 will be delivered to the registrar
of companies in due course.
2. BASIS OF CONSOLIDATION
The consolidated financial statements incorporate the financial
statements of the Company and entities controlled by the Company
(its subsidiary undertakings). Where necessary, adjustments are
made to the financial statements of the subsidiaries to bring their
accounting policies in line with the Group. All intra-group
transactions, balances, income and expenses are eliminated on
consolidation.
3. ACCOUNTING POLICIES
The preliminary financial information has been prepared using
accounting policies set out in the Group's statutory accounts for
the year ended 30(th) April 2015.
The Company has applied the requirements of IFRS 2 to share
option schemes allowing certain employees within the Company to
acquire shares of the Company. For all grants of share options, the
fair value as at the date of grant, is calculated using the
Black-Scholes options pricing model, taking into account the terms
and conditions upon which the options were granted. The amount
recognised as an expense is adjusted to reflect the number of share
options that are likely to vest, except where forfeiture is only
due to market based conditions not achieving the threshold for
vesting. The expense is recognised over the expected life of the
option.
Revenue represents the value of tickets sold in respect of
competitions. The Company's obligation to it's client is discharged
on sale of a ticket.
4. SEGMENTAL REPORTING
The Directors consider that the primary reporting format is by
business segment and that there is only one such segment being that
of competition operators. This disclosure has already been provided
in these financial statements.
IFRS8 "Operating Segments", which came into effect not later
than accounting periods beginning on 1 January 2009, requires
identification and reporting of operating segments on the basis of
internal reports that are regularly reviewed by the Board in order
to allocate resources to the segment and assess its performance.
The Company assessed the impact of IFRS8 and concluded that it
would not impact the segments identified in this interim
report.
5. TAX
Analysis of the tax charge
2015 2014
GBP'000 GBP'000
Current tax:
Tax 142 102
Deferred tax 21 (10)
-------- --------
Total tax charge in income statement 163 92
======== ========
6. PROFIT ON EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the earnings
attributable to ordinary shareholders by the weighted average
number of ordinary shares outstanding during the period.
Diluted earnings per share is calculated using the weighted
average number of shares adjusted to assume the conversion of all
dilutive potential ordinary shares. The Group has one category of
dilutive potential ordinary shares: share options. For the share
options a calculation is performed to determine the number of
shares that could have been acquired at fair value (determined as
the average annual market share price of the Group's shares) based
on the monetary value of the subscription rights attached to
outstanding share options. The number of shares calculated as above
is compared with the number of shares that would have been issued
assuming the exercise of the share options.
Reconciliations are set out below.
2015
Weighted
average
number Per-share
Earnings of amount
GBP'000 shares pence
Profit on basic EPS
Earnings attributable to ordinary
shareholders 643 9,099,052 7.09
Effect of dilutive securities
Options - 727,677 -
--------- ---------- ----------
Diluted EPS
Adjusted earnings 643 9,826,729 6.56
========= ========== ==========
2014
Weighted
Average
Number Per-share
Earnings Of amount
GBP'000 Shares pence
Loss on basic EPS
Earnings attributable to ordinary
shareholders 355 9,217,961 3.84
Effect of dilutive securities
Options - 639,357 -
--------- ---------- ----------
Diluted EPS
Adjusted earnings 355 9,857,318 3.59
========= ========== ==========
The total number of options and warrants granted at 30 April
2015 of 1,106,528 would generate GBP274,826 in cash if exercised.
At 30 April 2015, 1,106,528 were priced above the mid-market
closing price of 72.542p per share. 449,528 of these options
are vested after 30 April 2015. 657,000 options vested on
26/4/15 but have yet to be exercised.
7. CALLED UP SHARE CAPITAL
Allotted, issued and fully paid:
Nominal 2015 2014
Number: Class: value: GBP'000 GBP'000
9,099,052 Ordinary shares 5p 454 454
======== ========
8. RESERVES
Capital
Retained Share redemption Other Treasury
Earnings Premium reserve reserves shares Totals
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 May 2014 444 1,783 197 148 (161) 2,411
Profit for year 643 - - - - 643
Dividends (1,419) - - - - (1,419)
Treasury shares (161) - - - 161 -
Capital reduction 1,783 (1,783) - - - -
At 30 April 2015 1,290 - 197 148 - 1,635
========= ======== =========== ========= ========= ========
9. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
2015 2014
GBP'000 GBP'000
Profit for the financial year 643 355
Treasury share purchase - (161)
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