Cosalt plc Annual report & financial statements 2008

Financial statements Notes to the financial statements
Notes to the financial statements
continued
5. Discontinued operations continued
Effect of disposal on the financial position of the Group
52 weeks ended 26 October 2008
Schoolwear Holiday Homes
£000 £000
Goodwill 640 –
Property, plant and equipment 1,001 222
Inventories 6,497 3,611
Trade and other receivables 3,986 6,674
Cash and cash equivalents – 534
Deferred tax – (3,254)
Trade and other payables (2,340) (4,231)
Net identifiable assets and liabilities 9,784 3,556
Consideration received 3,645 –
Cash disposed of – 534
Net cash outflow 6,139 534
Loss on disposal 6,139 3,022
6. Financing costs
2008 2007
£000 £000
Bank borrowings 1,737 1,736
Finance leases 31 54
On shares classified as financial liabilities 4 4
Debt factoring 561 502
Pension scheme 150 –
Other interest 495 60
Refinancing costs – special items 718 –
3,696 2,356
Discontinued activities (624) (523)
Continuing activities 3,072 1,833
7. Financial income
2008 2007
£000 £000
Interest receivable 89 101
8. Directors and Employees
Continuing Discontinued Total Continuing
Operations Operations 2008 2007
£000 £000 £000 £000
Staff costs:
Wages and salaries 22,164 14,816 36,980 14,645
Share based payments (28) – (28) 55
Social security costs 2,300 1,167 3,467 1,535
Other pension costs 456 558 1,014 652
24,892 16,541 41,433 16,832
The division of Staff costs in arriving at operating profit is as follows:
2008 2007
£000 £000
Normal costs 24,367 16,423
Redundancy costs 525 409
24,892 16,832
54 Cosalt plc Annual report & financial statements 2008