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Financial statements Notes to the Company financial statements continued 78 Cosalt plc Annual report & financial statements 2008 Notes to the Company financial statements 32. Statement of accounting policies continued The rental costs of all operating leases is charged to the profit and loss account or straight line basis over the lives of the leases. Profit or loss arising on the sale of properties represents the difference between the net carrying amount and proceeds of sale. Government grants Capital grants received for additions to buildings and plant are taken to deferred income and are released to profit and loss account in instalments relating to the relevant asset lives. Other grants are recognised in the profit and loss account in the same period as the related expenditure. Deferred taxation The charge for taxation is based on the profit for the year and takes into account taxation deferred because of timing differences between the treatment of certain items for taxation and accounting purposes. Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes which have arisen but not reversed by the balance sheet date, except as otherwise required by FRS 19. Pension costs The Company participates in a Group wide pension scheme providing benefits based on final pensionable pay. The assets of the scheme are held separately from those of the Company. The Company is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis and therefore, as required by FRS 17 ‘Retirement benefits’, accounts for the scheme as if it were a defined contribution scheme. As a result, the amount charged to the profit and loss account represents the contributions payable to the scheme in respect of the accounting period. For defined contribution schemes all contributions are charged directly to the profit and loss account in the periods in which they are payable. Foreign currency Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. The exchange difference arising on the translation of investments in foreign operations is taken to reserves to the extent that there is an effective hedge in place. Monetary assets and liabilities denominated in foreign currency are translated using the rate of exchange ruling at the balance sheet date and the gains or losses on translation are included in the profit and loss account. Share based payments Equity settled share based payments are measured at fair value (excluding the effect of non market based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity settled share based payments is expensed on a straight line basis over the vesting period, based on the Company’s estimate of the shares that will eventually vest. For share options where there are no market based vesting conditions, fair value is measured using the Black-Scholes pricing model. Share capital (i) Share capital Share capital is classified as equity if it is non-redeemable and any dividends are discretionary, or is redeemable but only at the Company’s option. Dividends on share capital are classified as a liability if it is redeemable on a specific date or at the option of the Shareholders or if dividend payments are not discretionary. Dividends thereon are recognised in the Consolidated income statement as a financial expense. (ii) Dividends Dividends on non-equity shares are recognised as a liability at the date and expensed on an accruals basis. Equity dividends are recognised as a liability in the period in which they are paid or approved by Shareholders and recorded directly in equity. Financial guarantees Where the Company enters into financial guarantee contracts to guarantee the indebtedness of other companies within the Group, the Company considers these to be insurance arrangements, and accounts for them as such. In this respect the Company treats the guarantee contracts as a contingent liability until payment under the guarantee becomes probable.
Financial statements 33. Employees Notes to the Company financial statements Cosalt plc Annual report & financial statements 2008 2008 2007 £000 £000 Staff costs: Wages and salaries 841 1,048 Share based payments (28) 55 Social security costs 11 92 Other pension costs 500 546 1,324 1,741 The average number of Employees of the Company during the year was: 2008 2007 Number Number Management and administration 9 9 Details of Directors’ remuneration, share options, long term incentive plans and Directors’ pension entitlements are disclosed in the Directors’ remuneration report on pages 31 to 34. 34. Dividends 2007 2007 per share £000 per share £000 2007 Final: paid 4 April 2008 6.00p 884 12.75p 1,790 2008 Interim: paid 10 September 2008 6.00p 1,578 6.00p 884 12.00p 2,462 18.75p 2,674 35. Tangible fixed assets Short Freehold Freehold leasehold investment properties properties properties Plant Total £000 £000 £000 £000 £000 Cost and valuation At 28 October 2007 4,580 1,009 3,900 155 9,644 Additions 144 – – 44 188 Reclassification – – – – – Group transfers – – – – – Revaluation – – (800) – (800) Disposals (3,079) – – (76) (3,155) At 26 October 2008 1,645 1,009 3,100 123 5,877 Aggregate depreciation At 28 October 2007 1,141 423 – 102 1,666 Amount charged to profit and loss account 84 18 – 21 123 Group transfers – – – – – On disposals (566) – – (50) (616) At 26 October 2008 659 441 – 73 1,173 Net book values At 26 October 2008 986 568 3,100 50 4,704 At 28 October 2007 3,439 586 3,900 53 7,978 (a) Short leaseholds are those with a term of under 50 years to run. Plant includes vehicles. (b) Company assets costing £144,000 (2007: £142,000) have been fully depreciated and are still in use. (c) On the adoption of FRS 15 in August 2000 the book value of land and buildings has been retained at the valuation at this date. 79
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