AnnuAl RepoRt And Accounts - Mobile Tornado

More documents

Recommendations

Info

Consolidated statement of cash flowsFor the year ended 31 December 2011Year ended Year ended31 December 31 December2011 2010Note £’000 £’000Operating activitiesCash used in operations 14 (592) (935)Net cash used in operating activities (592) (935)Investing activitiesPurchase of property, plant & equipment (35) (36)Net cash used in investing activities (35) (36)FinancingIssue of loans 650 865Net cash inflow from financing 650 865Net increase/(decrease) in cash andcash equivalents in the year 23 (106)Cash and cash equivalents at beginning of period 54 160Cash and cash equivalents at end of period 77 54Page 16
Accounting policies1 Summary of significant accounting policiesThe principal accounting policies applied in the preparation of these consolidated financialstatements are set out below. These policies have been consistently applied to all the yearspresented, unless otherwise stated.1.1 Basis of preparationThe consolidated financial statements have been prepared on a going concern basis inaccordance with applicable International Financial Reporting Standards as adopted bythe EU.Going concernThe Directors have reviewed the available cash reserves, confirmed financial support inthe form of short-term working capital loans available from InTechnology plc and cashprojections for the foreseeable future and in particular for the next twelve months. Onthe basis of this review, they have reasonable expectation that the Group will be ableto meet its liabilities as they fall due and continue to trade for the foreseeable future.They therefore have concluded that the financial statements are appropriately preparedon a going concern basis.Significant accounting estimates and judgementsThe preparation of these financial statements requires management to make estimatesand judgements that affect the reported amounts of assets and liabilities at the date ofthe financial statements and the reported amounts of revenue during the reportingperiod. Actual results could differ from these estimates. The key sources of estimationand judgement at the balance sheet date are:Share options – Share-based payments are dependent on estimates of the number ofshares which are expected to vest (note 13).Deferred consideration – payments are dependent on estimates of future license salesrevenues (note 10).Going concern – the Directors have made those judgements as noted above inconcluding that these financial statements be prepared on a going concern basis.1.2 Basis of consolidationThe Group financial statements consolidate those of the Company and its subsidiaryundertakings at 31 December 2011. A subsidiary is an entity controlled by the Group.Control is achieved where the Group has the power to govern the financial andoperating policies of an entity so as to obtain benefits from its activities. Acquisitions ofsubsidiaries are dealt with using the acquisition method of accounting. The acquisitionmethod of accounting involves the recognition at fair value of all identifiable assets andliabilities, including contingent liabilities, of the subsidiary at the acquisition dateregardless of whether or not they were recorded in the financial statements of thesubsidiary prior to acquisition. On initial recognition, the assets and liabilities of thesubsidiary are included in the consolidated balance sheet at their fair values, which arealso used as the bases for subsequent measurement in accordance with the Group’saccounting policies. Goodwill is stated after separating out identifiable intangible assets.Any difference between the fair value of assets acquired and the consideration paid istreated as goodwill in the consolidated balance sheet. The results of subsidiaries areincluded from the date that control commences to the date that control ceases.Page 17
Page 1: Annual Report and Accountsfor the y
Page 4 and 5: Chairman’s reportIntroductionMobi
Page 6 and 7: Chairman’s reportOutlookMobile de
Page 8 and 9: Directors’ reportDirector at NICE
Page 10 and 11: Directors’ reportInterest risk -
Page 12 and 13: Directors’ reportthe assets of th
Page 14 and 15: Report of the independent auditor t
Page 16 and 17: Consolidated statement of changes i
Page 20 and 21: Accounting policies1.3 Revenue reco
Page 22 and 23: Accounting policies1.11 Research an
Page 26 and 27: Notes to the financial statementsFo
Page 36 and 37: Notes to the Company financial stat
Page 38 and 39: Notes to the Company financial stat
Page 40 and 41: Notice of Annual General MeetingNOT
Page 42 and 43: Notice of Annual General MeetingNot
Page 44 and 45: Corporate informationCompany Regist

AnnuAl RepoRt And Accounts - Mobile Tornado

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?