Notes to the Accounts
for the year ended 31 January 2000
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1. Accounting policies
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Basis of Accounting
A summary of the Company’s accounting policies is set out below. The policies have been consistently applied throughout the current and prior year in all material respects. The financial statements have been prepared in accordance with applicable accounting standards.
The financial statements have been prepared under the historical cost convention and adopt all applicable accounting standards effective as at 31 January 2000.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost, net of accumulated depreciation, as set out in note 11. Depreciation is provided in order to write off the cost of tangible fixed assets, less estimated residual value, over their estimated useful lives at the following rates:
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Leasehold improvements
Furniture, fittings and equipment
Motor vehicles
Software development costs
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25% per annum on a straight-line basis
25% per annum on a straight-line basis
25% per annum on a reducing-balance basis
50% per annum on a straight-line basis
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Deferred Taxation
Deferred taxation is provided using the liability method to take account of timing differences arising from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements.
Deferred tax assets are recognised when their recoverability is assured beyond reasonable doubt.
Foreign Exchange
Transactions denominated in foreign currencies are translated into sterling at the rates ruling at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the rates ruling at that date. Translation differences thus arising are dealt with in the profit and loss account.
Leased Assets
Where the Company enters into a lease or hire purchase agreement under which it assumes substantially all the rewards and risks of ownership, the lease is treated as a finance lease. The asset is recorded in the balance sheet as a tangible fixed asset and is depreciated over its estimated useful life in line with the Company’s policy for tangible fixed assets and depreciation.
Further instalments payable, net of finance charges, are included within creditors. Rentals paid in the period are apportioned between the finance element, which is charged to the profit and loss account as interest, and the capital element, which reduces the outstanding obligations of future instalments.
Other leases are treated as operating leases and the rental charges are taken to the profit and loss account as incurred.
Turnover
Turnover represents fees invoiced net of Value Added Tax, derived from the principal activity of the Company.
Financial Instruments
The Company does not have any derivative financial instruments.
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2. Turnover
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Turnover, is attributable to the Company’s principal activity and arises in the following geographical markets:
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Year ended
31 January
2000
£000
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Year ended
31 January
1999
£000
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Fees receivable
United Kingdom
Continental Europe
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178,050
6,886 |
187,101
4,244 |
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184,936 |
191,345 |
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3. Directors’ Emoluments
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Salary/
fees
£000
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Benefits
in kind
£000
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Total
2000
£000
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Total
1999
£000
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Executive
DA Sugden (Chairman)
(resigned 27th March 2000)
PP Flaherty
PJ Browne
AM Zielinski
A Preston
(appointed and resigned during year)
Non-Executive
JA Bateman (Chairman)
(appointed as Director 3 March 2000,
appointed as Chairman 27 March 2000)
RH Gunlack
MG Harrison (resigned 16 December 1999)
NJA Parker
CG Toner (appointed 1 April 1999) |
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336
178
215
159
131
—
15
14
15
11
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32
—
19
10
8
—
10
10
10
5
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368
178
234
169
139
—
25
24
25
16
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204
175
270
68
—
—
20
20
25
—
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Total emoluments
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1,074 |
104 |
1,178
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782
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The Company does not operate a pension scheme of its own. No pension contributions were paid on behalf of the highest paid Director or the Chairman in either year.
Details of Share Options held by Directors are found in the report of the Remuneration Committee in the Directors’ Reports section and information relating to Directors’ shareholdings have been disclosed in the Directors’ Report in the Directors’ Reports section.
The register of Directors’ interests, which is open to inspection at the Company’s registered office, contains full details of Directors’ shareholdings and options to subscribe for the Company’s shares.
The mid-market price of the Company’s shares at the close of business at 31 January 2000 was 358.5p. The Company’s shares have traded at a market price ranging between 141.5p and 376.5p during the year ended 31 January 2000.
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