Advanced Computer Software Group plc Annual report 2013

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Notes to the consolidatedfinancial statements continued21 CommitmentsOperating leasesAt the end of the year, the future minimum lease payments under non-cancellable operating leases are payableas follows:Land &buildings£’0002013Plant &machinery£’000Others£’000Land &buildings£’0002012Plant &machinery£’000Less than one year 1,494 1,474 295 1,117 1,796 286Between one and five years 2,859 1,622 395 2,309 2,209 290More than five years 210 – – – – –4,563 3,096 690 3,426 4,005 576The other operating leases are mainly related to office equipment.Pension commitmentsThe Group has no defined benefit pension schemes in place. The Group pays defined contributions into a GroupPersonal Pension Plan and certain individual pension plans. The assets of each of these plans are held separatelyfrom those of the Group in independently administered funds. The pension charge represents contributions payableby the Group in the year and amounted to £1.4m (2012: £1.3m).Others£’00022 Related partiesThe Group has identified two related parties with which it has transacted during the year.On 27 July 2012 the Company and Michael Jackson, Chairman, each acquired 50% of the issued share capital ofIntercede 2445 Limited for £0.5m. Due to the size of the investment it has been treated as an available for sale asset.Mark Watts, Non-Executive Director, who resigned in September 2012, was also a partner in Marwyn Capital LLP,Marwyn Management Partners LLP and Marwyn Investment Management Limited.The fees for Mark Watts’ services were invoiced by Marwyn Capital LLP and amounted to £0.01m for the current year.Marwyn Value Investors, a substantial shareholder in the Company, is managed on an arm’s length basis byMarwyn Investment Management Limited. As at 28 February 2013, Marwyn Value Investors held 41,849,431 sharesvia its nominee, Goldman Sachs Securities Nominees Limited, which represented 10.23% of the issued capital of theCompany on that date.23 Group entitiesControl of the GroupThe Company believes there is no overall controlling party of Advanced Computer Software Group plc.The significant subsidiaries of the Group have been disclosed below.Country ofincorporationPrincipalactivityClass ofshare heldPercentageheldDrury Lane (Jersey) Limited*JerseyHoldingcompanyOrdinaryshares 100%Advanced Health and Care Limited**EnglandSoftwaredevelopmentOrdinaryshares 100%Advanced 365 Limited **EnglandIT managedservicesOrdinaryshares 100%Advanced Business Software and Solutions Limited**EnglandSoftwaredevelopmentOrdinaryshares 100%* Owned directly by Advanced Computer Software Group plc** Owned indirectly by Advanced Computer Software Group plc64Advanced Computer Software Group plcAnnual Report 2013
24 EquityAs at 28 February 2013 the Company had 409,042,382 issued and fully paid ordinary shares listed on the AlternativeInvestment Market of the London Stock Exchange. Of these, 17,761,651 shares are held in the Employee Benefit Trust (EBT)for Vin Murria. The Company has one class of ordinary shares which carry no right to fixed income. Each sharecarries the right to one vote at general meetings of the Company, except that Vin Murria’s interest in the abovejointly owned shares carried no voting rights at the balance sheet date.2013 2012Number £’000 Number £’000Authorised for issueOrdinary shares of £0.10 each 1,000,000,000 100,000 1,000,000,000 100,000Allotted, called up and fully paidOrdinary shares of £0.10 each 409,042,382 40,904 356,161,887 35,616During the year to 28 February 2013, the Company issued 35,645,489 shares for cash and 17,235,006 shares for shareoptions exercised. The movement in equity was as follows:Number ofshares £’000Shares in issue at 1 January 2008 45,000,000 4,500Overview Business review Governance FinancialsShares issued for cash 86,088,235 8,609Shares issued as consideration for acquisitions 40,294,119 4,029Shares issued to Employee Benefit Trust 19,537,816 1,954Shares in issue at 28 February 2009 190,920,170 19,092Shares issued for cash 145,250,000 14,525Shares issued as consideration for acquisitions 18,710,422 1,871Balance at 28 February 2010 and 28 February 2011 354,880,592 35,488Shares issued for cash 483,296 48Shares issued to settle entitlements under the MPS 797,999 80Balance at 29 February 2012 356,161,887 35,616Issue of share capitalShares issued for cash 35,645,489 3,564Shares issued to settle entitlements under the MPO 13,307,424 1,331Shares issued in respect of employee options exercised 3,927,582 393Balance at 28 February 2013 409,042,382 40,904Share premium reserveThis represents the amounts subscribed for share capital in excess of the nominal value of those shares.Merger reserveThe merger reserve represents the difference between the fair value and nominal value of the 59,004,541 ordinaryshares allotted to the vendors of the new businesses acquired since August 2008.Advanced Computer Software Group plcAnnual Report 201365
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ProfileAdvanced Computer Software G
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Revenue£26.2m(2012: £22.7m)EBITDA
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During the year Advanced commenced
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Strand Technology, with annual reve
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OverviewAdvanced 365 Managed Servic
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Operating reviewOverviewThe rolling
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Page 27 and 28: employment from disabled people and
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Advanced Computer Software Group plc Annual report 2013

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