Centaur Holdings plc - Hemscott IR

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17 Debtors Group Group Company Actual Pro forma Actual 30 June 30 June 30 June 20042003 2004 £’000 £’000 £’000 Trade debtors 10,333 10,129 - Other debtors 1,243 2,024 221 Deferred tax asset (note 21) 995 - - Corporation tax 262 - - Prepayments and accrued income 1,938 1,605 - 14,771 13,758 221 18 Cash at bank and in hand Total cash at bank and in hand at 30 June 2004 was £9,132,000. This includes an amount of £3,429,000 held on behalf of the holders of loan notes in Centaur Holdings plc (see note 19). This amount is therefore a restricted balance and is not available for use by the Group in its day to day operations. The unrestricted cash available for use in the day to day operations of the Group at 30 June 2004 was £5,703,000. 19 Creditors: amounts falling due within one year Group Group Company Actual Pro forma Actual 30 June 30 June 30 June 20042003 2004 £’000 £’000 £’000 Bank and other borrowings - 44 - Amounts owed to Group undertakings - - 1,706 Trade creditors 3,536 3,593 - Corporation tax - 538 - Social security and other taxes 1,788 1,769 35 Other creditors 370 173 96 Accruals and deferred income 12,823 12,447 - Loan notes 3,429 - 3,429 Proposed dividend 1,480 - 1,480 23,426 18,564 6,746 The loan notes in the Company have been issued in amounts and multiples of £1 with a variable rate of interest of 0.75% below LIBOR for each relevant interest period. Unless previously redeemed or purchased, the loan notes will be redeemed in full at par on 31 March 2011. The loan notes will be redeemable at the option of each note holder on 31 December 2004 and thereafter on 30 June and 31 December in each year up to 31 March 2011 by giving not less than 30 days notice Centaur Holdings plc Review 03/04 41
Notes to financial statements 20 Provisions for liabilities and charges Group Onerous Actual Interest Deferred Restructuring Group 2004 Deferred tax Rate swap consideration provisions Actual 2004 £’000 £’000 £’000 £’000 £’000 At 30 October 2003 - - - - - Acquired with subsidiary undertaking - 103 2,500 1,024 3,627 Utilised in the period - (57) - (183) (240) At 30 June 2004 - 46 2,500 841 3,387 Group Deferred tax Onerous Group Pro forma (see deferred Interest Deferred Restructuring Pro forma 2004 tax note 21) Rate swap consideration provisions 2004 £’000 £’000 £’000 £’000 £’000 At 1 July 2003 247 360 - 1,390 1,997 Arising in the year - - 2,500 - 2,500 Utilised in the period (247) (314) - (549) (1,110) At 30 June 2004 - 46 2,500 841 3,387 (a) Onerous interest rate swap contract In 2001 Centaur Communications Ltd entered into an interest rate swap arrangement, under which the variable rate applying to a principal amount of £10,000,000 of a term loan is swapped to a fixed rate of 5.88% until 1 November 2004. Following the repayment of the term loan the company fully provided for this onerous interest rate agreement and the provision is adjusted to market value at each period end. On 10 March 2004, the date of acquisition of the Centaur Communications Group, the market value of the provision was £103,000 and at 30 June 2004 the market value of the provision was £46,000. (b) Deferred Consideration Prior to its acquisition by Centaur Holdings plc, the Centaur Communications Group acquired 100% of the share capital of the Synergy Software Group ("Synergy") for a total consideration of £3,742,000. The total consideration includes a deferred element that is payable based on the operating profits of Synergy up to 30 June 2007. At 30 June 2004 a provision of £2,500,000 is held as the Directors’ best estimate of this deferred payment. (c) Restructuring provisions In August 2002, the Centaur Communications Group disposed of its subsidiary companies Lawtel Limited and Consultancy Europe Associates Limited, the online legal reporting business, to Thomson Legal and Regulatory Europe Limited. The resulting profit on disposal was £15,385,000. As a result of the above disposals, the Centaur Communications Group was left with a substantial amount of idle property. This resulted in an exceptional charge to the Group of £1,777,000 in the year ended 30 June 2003. On 10 March 2004, the date of acquisition of the Centaur Communications Group, an amount of £1,024,000 remained provided and at 30 June 2004 an amount of £841,000 remained provided. (d) Deferred tax At 30 June 2003 the Centaur Communications Group held a provision in respect of a net deferred tax liability of £247,000. At 9 March 2004 the Centaur Communications Group held a net deferred tax asset of £2,164,000 and at 30 June 2004 the Group held a net deferred tax asset of £995,000. The details of these deferred tax positions are fully reflected in the "Deferred tax" note below (note 21). Centaur Holdings plc 42 Review 03/04
Page 1 and 2: Centaur Holdings plc Review 03/04
Page 3 and 4: Contents 05 Highlights 06 Group Pro
Page 5 and 6: and fruit machine to broadband 25 F
Page 7 and 8: Board of Directors Non-Executive Di
Page 9 and 10: The key to Centaur’s success in t
Page 11 and 12: Centaur’s vision is to be the UK
Page 13 and 14: Operating Review (...continued) Rev
Page 15 and 16: Operating Review (...continued) Rec
Page 17 and 18: Financial Review 03/04
Page 19 and 20: Report of the Directors The Directo
Page 21 and 22: Corporate Governance Statement Cent
Page 23 and 24: Directors’ report on remuneration
Page 25 and 26: Independent auditors' report to the
Page 27 and 28: Consolidated Balance Sheet at 30 Ju
Page 29 and 30: Other Primary Statements for the ye
Page 31 and 32: Notes to financial statements 2 Seg
Page 33 and 34: Notes to financial statements 3 Ope
Page 35 and 36: Notes to financial statements 6 Emp
Page 37 and 38: Notes to financial statements 11 Di
Page 39: Notes to financial statements 15 In
Page 43 and 44: Notes to financial statements 22 Ca
Page 45 and 46: Notes to financial statements 29 Ne
Page 47 and 48: Notes to financial statements 31 Re
Page 50 and 51: Review 03/04 Cover 22/10/04 11:13 a

Centaur Holdings plc - Hemscott IR

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