Net movement in credit facilities (2,671) 2,748
Payment of finance lease liabilities (296) (115)
New bank loans raised 5,000 -
New finance leases (a) - 1,764
Loan arrangement fees (180) (444)
Dividends paid to non--controlling interests (1,014) (968)
----------------------------------------------------------------------------- ------ -------- --------
Net cash outflow from financing activities (4,631) (809)
----------------------------------------------------------------------------- ------ -------- --------
Net increase in cash and cash equivalents 3,149 797
Cash and cash equivalents at beginning of period 1,965 1,223
Effect of exchange rate fluctuations on cash held 468 (55)
----------------------------------------------------------------------------- ------ -------- --------
Cash and cash equivalents at 31 March 16 5,582 1,965
----------------------------------------------------------------------------- ------ -------- --------
(a) In the current year GBP3,239,000 of new finance leases have
been shown netted off against acquisitions of property, plant and
equipment. In the prior year, new finance leases represent proceeds
received in respect of GBP1,764,000 assets purchased in 2011/12
shown in acquisition of property, plant and equipment in that
year.
Notes to the financial statements
year ended 31 March 2014
1 Accounting policies
International Greetings plc is a public limited company,
incorporated and domiciled in England and Wales. The Company's
ordinary shares are listed on AIM.
The Group financial statements consolidate those of the Company
and its subsidiaries (together referred to as the "Group"). The
Company financial statements present information about the Company
as a separate entity and not about its Group.
The Group financial statements have been prepared and approved
by the Directors in accordance with EU adopted International
Financial Reporting Standards. The Company has elected to prepare
its Company financial statements in accordance with UK GAAP;
The accounting policies set out below have, unless otherwise
stated, been applied consistently to all periods presented in these
Group financial statements.
Judgements made by the Directors in the application of these
accounting policies that have significant effect on the financial
statements and estimates with a significant risk of material
adjustment in the next year are discussed in the policies
below.
Going concern basis
The financial statements have been prepared on the going concern
basis.
The borrowing requirement of the Group increases steadily over
the period from July and peaks in October, due to the seasonality
of the business, as the sales of wrap and crackers are mainly for
the Christmas market, before then reducing.
As with any company placing reliance on external entities for
financial support, the Directors acknowledge that there can be no
certainty that this support will continue although, at the date of
approval of this report, they have no reason to believe that it
will not do so.
After making enquiries, the Directors have a reasonable
expectation that the Company and the Group have adequate resources
to continue in operational existence for the foreseeable future.
Thus, they continue to adopt the going concern basis of accounting
in preparing the financial statements.
Measurement convention
The financial statements are prepared on the historical cost
basis except that financial instruments used for hedging are stated
at their fair value.
Changes in accounting policies
The accounting policies adopted in the preparation of the
financial statements are consistent with those followed in the
preparation of the Group's annual financial statements for the year
ended 31 March 2014, except for the adoption of new standards and
interpretations as of 1 April 2014.
Basis of consolidation
Subsidiaries are entities controlled by the Group. Control
exists when the Group has the power, directly or indirectly, to
govern the financial and operating policies of an entity so as to
obtain benefits from its activities. In assessing control,
potential voting rights that are currently exercisable or
convertible are taken into account. The financial statements of
subsidiaries are included in the consolidated financial statements
from the date that control commences until the date that control
ceases.
Foreign currency translation
The consolidated financial statements are presented in pounds
Sterling, which is the Company's functional currency and the
Group's presentational currency.
Transactions in foreign currencies are translated at the foreign
exchange rate ruling at the date of the transaction. Monetary
assets and liabilities denominated in foreign currencies at the
balance sheet date are translated at the foreign exchange rate
ruling at that date. Foreign exchange differences arising on
translation are recognised in the income statement.
The assets and liabilities of foreign operations, including
goodwill and fair value adjustments arising on consolidation, are
translated at foreign exchange rates ruling at the balance sheet
date. The revenues and expenses of foreign operations are
translated at an average rate for the period where this rate
approximates to the foreign exchange rates ruling at the dates of
the transactions. Exchange differences arising from this
translation of foreign operations, and of related qualifying
hedges, are taken directly to the translation reserve. They are
released into the income statement upon disposal.
Exchange differences arising from a monetary item receivable
from or payable to a foreign operation, the settlement of which is
neither planned nor likely in the foreseeable future, are
considered to form part of a net investment in a foreign operation
and are recognised in other comprehensive income in the translation
reserve. The cumulative translation differences previously
recognised in other comprehensive income (or where the foreign
operation is part of a subsidiary, the parent's interest in the
cumulative translation differences) are released into the income
statement upon disposal of the foreign operation or on loss of
control of the subsidiary that includes the foreign operation.
Classification of financial instruments issued by the Group
Financial instruments issued by the Group are treated as equity
(i.e. forming part of shareholders' funds) only to the extent that
they meet the following two conditions:
(a) they include no contractual obligations upon the Group to
deliver cash or other financial assets or to exchange financial
assets or financial liabilities with another party under conditions
that are potentially unfavourable to the Group; and
(b) where the instrument will or may be settled in the Company's
own equity instruments, it is either a non-derivative that includes
no obligation to deliver a variable number of the Company's own
equity instruments or is a derivative that will be settled by the
Company's exchanging a fixed amount of cash or other financial
assets for a fixed number of its own equity instruments.
To the extent that this definition is not met, the proceeds of
issue are classified as a financial liability. Where the instrument
so classified takes the legal form of the Company's own shares, the
amounts presented in these financial statements for called up share
capital and share premium exclude amounts in relation to those
shares.
Trade and other receivables
Where it is likely to be materially different from the nominal
value, trade and other receivables are recognised initially at fair
value. Subsequent to initial recognition they are measured at
amortised cost using the effective interest method, less any
impairment losses.
Trade and other payables
Where it is likely to be materially different from the nominal
value, trade and other payables are recognised initially at fair
value. Subsequent to initial recognition they are measured at
amortised cost using the effective interest method.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call
deposits. Bank overdrafts that are repayable on demand and form an
integral part of the Group's cash management are included as a
component of cash and cash equivalents for the purposes of the cash
flow statement.
Interest-bearing borrowings
Interest-bearing borrowings are recognised initially at fair
value less attributable transaction costs. Subsequent to initial
recognition, interest-bearing borrowings are stated at amortised
cost using the effective interest method.
Derivative financial instruments and hedging
Derivative financial instruments
Derivative financial instruments are recognised at fair value.
The gain or loss on re-measurement to fair value is recognised
immediately in the income statement. However, where derivatives
qualify for hedge accounting, recognition of any resultant gain or
loss depends on the nature of the item being hedged.
Cash flow hedges
Where a derivative financial instrument is designated as a hedge
of the variability in cash flows of a recognised asset or
liability, or a highly probable forecast transaction, the effective
part of any gain or loss on the derivative financial instrument is
recognised as other comprehensive income in the hedging reserve.
Any ineffective portion of the hedge is recognised immediately in
the income statement.
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