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42Ambrian Capital plcAnnual Report & Accounts 2009Notes forming part of the consolidated financial statements (continued)for the year ended 31 December 200929 Acquisition of subsidiariesOn 4 April 2008 the group acquired the entire issued share capital of Nabarro Wells & Co. Limited, an independent corporate finance company.The total cost of the acquisition comprised the components set out below. The purchase price was settled in cash.Purchase price 996,304Legal and professional fees 136,9771,133,281The amounts recognised for each class of the assets and liabilities of Nabarro Wells & Co. Limited at the acquisition date were as follows:£2008Restated£Non-current assetsProperty, plant and equipment 153,387Intangible assets – customer relationships 733,281886,668Current assetsFinancial assets 74,000Trade and other receivables 753,992Cash at bank and in hand 587,6291,415,621Total assets 2,302,289Current liabilitiesTrade payables 138,959Other payables 78,173Accruals 456,188Other taxes and social security 447,982Current tax liability 47,706Total liabilities 1,169,008Net assets 1,133,281The only fair value adjustment to the assets and liabilities acquired was in respect of the intangible asset, which represents the estimated futurevalue of income expected to arise from the client portfolio of Nabarro Wells & Co. Limited.2008Restated£Purchase consideration 1,133,281Less: Net assets acquired (1,133,281)Goodwill –In 2008 Nabarro Wells & Co. Limited contributed £653,156 to group revenues since acquisition and £nil profit for the same period due to grouprecharges. Had the company been acquired on 1 January 2008, the equivalent amounts would have been £870,875 of revenues and £nil profit.During 2008, a new wholly-owned subsidiary was formed, Ambrian Metals Limited, a company registered in Switzerland with an issued sharecapital of CHF10,460,000. This company is engaged in physical metals trading.
Company balance sheetat 31 December 2009Ambrian Capital plcAnnual Report & Accounts 2009OverviewBusiness reviewGovernanceFinancial statements 43Shareholder informationNote2009£2009£2008Restated£2008Restated£Fixed assetsInvestments 3 27,925,925 27,059,20627,925,925 27,059,206Current assetsInvestments 4 2,521,866 1,500,972Debtors: amounts due within one year 5 1,520,355 2,960,707Deferred tax 6 764,113 365,816Cash at bank and in hand 240,779 1,626,6575,047,113 6,454,152Current liabilitiesCreditors: amounts due within one year 7 (1,693,995) (3,979,553)Net current assets 3,353,118 2,474,599Total assets less current liabilities 31,279,043 29,533,805Capital and reservesCalled up share capital 8 11,136,121 11,136,121Share premium account 9 11,105,383 11,105,383Merger reserve 9 1,245,256 1,245,256Treasury shares 9 (1,093,889) (1,092,831)Retained earnings 9 10,589,204 10,465,075Share-based payment reserve 9 3,639,675 2,555,461Employee benefit trust 9 (5,342,707) (5,880,660)Shareholders’ funds 31,279,043 29,533,805These financial statements were approved and authorised by the Board of Directors on 22 March 2010T B GaffneyChief ExecutiveJ M ColesFinance DirectorThe accounting policies and notes set out on pages 44 to 47 form an integral part of the parent company financial statements.
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