Annual report 2007 - Torotrak

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Remuneration Report - continuedDirectors’ Interests in Share Options and Awards over Shares under the LTPSP (audited information)Options and LTPSP Exercised Cancelled Option and Exercise Expiryawards over awards over during the during the awards over price dateshares at shares year year shares at 311 April 2006 granted March 2007during theyearNotes Number Number Number Number Number (vi) £ (v)Dick Elsy (i) 146,341 - - - 146,341 0.205 Jan 2013(ii) 393,659 - - - 393,659 0.205 Jan 2013(iii) 22,261 - - - 22,261 0.42 Feb 2009- 748,214 - - 748,214 (vii) Sept 2016Rebecca Joyce (i) 162,940 - - 162,940 - - July 2008(i) 63,829 - - 63,829 - - July 2012(ii) 28,229 - - 28,229 - - July 2012(ii) 222,942 - - 222,942 - - July 2014David Price (ii) 67,646 - - 67,646 - - July 2008(i) 2,018 - - 2,018 - - July 2008(i) 41,753 - - 41,753 - - July 2012(i) 20,305 - - 20,305 - - July 2012(ii) 252,942 - - 252,942 - - July 2014Jeremy Deering - 387,317 - - 387,317 (vii) Jan 2017(iv) - 193,364 - - 193,364 - Jan 2017James Batchelor (i) 193,548 - - - 193,548 0.155 Mar 2013(ii) 121,452 - - - 121,452 0.155 Mar 2013(iii) 22,261 - - - 22,261 0.42 Feb 2009- 415,175 - - 415,175 (vii) Sept 2016Notes: (i) approved (ii) unapproved (iii) sharesave (iv) This award was granted on the terms of the LTPSP but as a separate scheme(v) approved and unapproved share option schemes were granted ten years before the expiry date, sharesave schemes were grantedthree years before the expiry date and the long-term incentive plan was granted 10 years before the expiry date (vi) In the case ofRebecca Joyce figures are shown at the date of cessation of her employment and for David Price at the date he resigned as a director(vii) Each award over shares under the LTPSP is satisfied by the exercise of an option for the sum of £1.00. Dick Elsy and James Batcheloreach received one award of shares in the year and Jeremy Deering received two awards of shares in the year.The mid-market price of the ordinary shares at 31 March 2007 was £0.46. During the year the highest mid-market pricewas £0.5175 and the lowest was £0.22.Approved by the board and signed on its behalf by:Nick Barter - Chairman of the Remuneration Committee30Annual Report and Financial Statement 2007
Statement of Directors’ ResponsibilitiesThe directors are responsible for preparing the Annual Report and the Group and parent Company accounts, in accordancewith applicable laws and regulations.Company law requires the directors to prepare Group and parent Company financial statements for each financial year.Under that law they are required to prepare the Group financial statements in accordance with IFRS as adopted by theEU and have elected also to prepare the parent Company financial statements on the same basis. The Group and parentCompany financial statements are required by law and IFRS as adopted by the EU to present fairly the financial positionand the performance of the Group and parent Company. In this respect, the Companies Act 1985 provides that referencesto a true and fair view are deemed to have the same meaning as to their achieving a fair presentation.In preparing the Group and parent Company financial statements, the directors are required to:• Select suitable accounting policies and then apply them consistently• Make judgements and estimates that are reasonable and prudent• State whether they have been prepared in accordance with IFRS as adopted by the EU, and• Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Groupand the parent Company will continue in business.The directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any timethe financial position of the parent Company and enable them to ensure that its financial statements comply with theCompanies Act 1985. They have general responsibility for taking such steps as are reasonably open to them to safeguardthe assets of the Group and to prevent and detect fraud and other irregularities.Under applicable law and regulations, the directors are also responsible for preparing a Directors' Report, Directors'Remuneration Report and Corporate Governance statement that comply with that law and those regulations.The directors are responsible for the maintenance and integrity of the corporate and financial information included on theCompany's website. Legislation in the UK governing the preparation and dissemination of financial statements may differfrom legislation in other jurisdictions.Annual Report and Financial Statement 200731
Page 1 and 2: Annual Report and Financial Stateme
Page 3 and 4: Financial Highlights2007 Restated 2
Page 5 and 6: ‘It is clear that our strategy, t
Page 7 and 8: ‘Our earnings model, which covers
Page 9 and 10: ‘Torotrak is developing real mome
Page 11 and 12: drives in simple, inexpensive but i
Page 13 and 14: Financial ReviewOverviewTorotrak ha
Page 15 and 16: ‘Activity on engineering programm
Page 17 and 18: Intangible and Tangible AssetsCapit
Page 19 and 20: James BatchelorCommercial Director,
Page 21 and 22: CompetitionCompetitors may develop
Page 23 and 24: Substantial ShareholdingsAt 15 May
Page 25 and 26: The members of the Committee partic
Page 27 and 28: Remuneration ReportThis report comp
Page 29 and 30: The performance criteria for the op
Page 31: Directors' Remuneration (audited in
Page 35 and 36: • The parent Company Financial St
Page 37 and 38: Balance SheetsAs at 31 March 2007 N
Page 39 and 40: Notes to the Financial Statements1.
Page 41 and 42: Trade and other receivablesTrade an
Page 43 and 44: 3. RevenueThe Group has eliminated
Page 45 and 46: 6. Employee Costs and NumbersThe ag
Page 47 and 48: 12. Loss per Ordinary ShareBasic lo
Page 49 and 50: As the joint venture moves into a g
Page 51 and 52: Cash Flow StatementsFor the year en
Page 53 and 54: 21. Deferred TaxationGroupGroup31 M
Page 55 and 56: 27. Employee BenefitsAt 31 March 20
Page 57 and 58: At 31 March 2007, the EST owned 142
Page 59 and 60: Financial RecordFinancial RecordFor
Page 61 and 62: (a)the maximum aggregate number of
Page 63 and 64: Financial CalendarAnnual general me

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