Notes to the financial statements - Plasmon

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Independent auditors’ report to the members of Plasmon Plc We have audited the financial statements which comprise the profit and loss account, the balance sheet, the cash flow statement, the statement of recognised gains and losses and the related notes and the accounting policies set out in the statement of accounting policies. We have also audited the disclosures required by Part 3 of Schedule 7A to the Companies Act 1985 contained in the Remuneration report (“the auditable part”). Respective responsibilities of directors and auditors The directors’ responsibilities for preparing the annual report and the financial statements in accordance with applicable United Kingdom law and accounting standards are set out in the statement of directors’ responsibilities. The directors are also responsible for preparing the Remuneration report. Our responsibility is to audit the financial statements and the auditable part of the directors’ remuneration report in accordance with relevant legal and regulatory requirements and United Kingdom Auditing Standards issued by the Auditing Practices Board. This report, including the opinion, has been prepared for and only for the Company’s members as a body in accordance with Section 235 of the Companies Act 1985 and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. We report to you our opinion as to whether the financial statements give a true and fair view and whether the financial statements and the auditable part of the Remuneration report have been properly prepared in accordance with the Companies Act 1985. We also report to you if, in our opinion, the Directors’ report is not consistent with the financial statements, if the Company has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law regarding Directors’ remuneration and transactions is not disclosed. We read the other information contained in the annual report and consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the financial statements. The other information comprises only the Directors’ report, the unaudited part of the Remuneration report, the Chairman’s Statement, the Chief Executive’s review, Finance Director’s review and the Corporate Governance statement. We review whether the Corporate Governance statement reflects the Company’s compliance with the seven provisions of the Combined Code specified for our review by the Listing Rules of the Financial Services Authority, and we report if it does not. We are not required to consider whether the board’s statements on internal control cover all risks and controls, or to form an opinion on the effectiveness of the Group’s corporate governance procedures or its risk and control procedures. Plasmon Plc Annual Report 2003 Basis of audit opinion We conducted our audit in accordance with auditing standards issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements and the auditable part of the Remuneration report. It also includes an assessment of the significant estimates and judgements made by the directors in the preparation of the financial statements, and of whether the accounting policies are appropriate to the company’s circumstances, consistently applied and adequately disclosed. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements and the auditable part of the Remuneration report are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements. Opinion In our opinion: • the financial statements give a true and fair view of the state of affairs of the Company and the Group at 31 March 2003 and of the loss and cash flows of the group for the year then ended; • the financial statements have been properly prepared in accordance with the Companies Act 1985; and • those parts of the Remuneration report required by Part 3 of Schedule 7A to the Companies Act 1985 have been properly prepared in accordance with the Companies Act 1985. PricewaterhouseCoopers LLP Chartered Accountants and Registered Auditors London 28 May 2003 Independent auditors’ report to the members of Plasmon Plc 24
Consolidated profit and loss account for the year ended 31 March 2003 Before Before goodwill Goodwill goodwill Goodwill amortisation amortisation amortisation amortisation and and and and exceptional exceptional exceptional exceptional costs costs Total costs costs Total 2003 2003 2003 2002 2002 2002 Notes £’000 £’000 £’000 £’000 £’000 £’000 Turnover 2 60,083 – 60,083 61,554 – 61,554 Cost of sales (38,258) – (38,258) (38,985) – (38,985) Gross profit 21,825 – 21,825 22,569 – 22,569 Operating expenses Existing 3,4 (16,360) (1,619) (17,979) (18,368) (4,713) (23,081) UDO development 3 (6,495) – (6,495) (5,246) – (5,246) Net operating expenses (22,855) (1,619) (24,474) (23,614) (4,713) (28,327) Operating profit/(loss) Existing 5,465 (1,619) 3,846 4,201 (4,713) (512) UDO (6,495) – (6,495) (5,246) – (5,246) Operating loss (1,030) (1,619) (2,649) (1,045) (4,713) (5,758) Interest receivable 7 – 36 Interest payable 8 (737) (577) Loss on ordinary activities before taxation 2,6 (3,386) (6,299) Tax on ordinary activities 9 (20) 542 Retained loss for the year 21 (3,406) (5,757) Basic and diluted losses per Ordinary share (p) 10 (6.41) (12.28) Basic earnings per Ordinary share (p) excluding UDO development costs, exceptional costs and goodwill amortisation 10 8.86 8.96 There is no difference between the loss on ordinary activities before taxation and the retained loss for the year stated above and their historical cost equivalents. All the Group’s operations are continuing. The Company has taken advantage of Section 230 of the Companies Act 1985 not to present its own profit and loss account. The amount of loss dealt with in the financial statements of the holding company was £247,000 (2002 loss: £3,365,000). Plasmon Plc Annual Report 2003 Consolidated profit and loss account 25
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Page 3 and 4: Plasmon Overview Plasmon manufactur
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Page 9 and 10: In the first half of 2002/3, the Gr
Page 11 and 12: from Nichia, our Japanese supplier.
Page 13 and 14: performance benefits of the technol
Page 15 and 16: Outlook 2002/3 has been a year of c
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Page 23 and 24: Directors’ emoluments The remuner
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Page 31 and 32: Consolidated cash flow statement fo
Page 33 and 34: Notes to the financial statements c
Page 51 and 52: Directors John Barrie Morgans (Chai

Notes to the financial statements - Plasmon

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