Advanced Computer Software Group plc Annual report 2013

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Notes to the financial statementsof the Company1 Accounting policiesThe following accounting policies have been applied consistently in dealing with items which are consideredmaterial in relation to the Company’s financial statements.Basis of preparationThe financial statements have been prepared in accordance with applicable accounting standards generallyaccepted in the UK and under the historical cost convention. The accounts have been prepared on the goingconcern basis.Profit and loss accountUnder section 408 of the Companies Act 2006 the Company is exempt from the requirement to present its ownprofit and loss account. The profit for the year ended 28 February 2013 is disclosed in note 8.TaxationCurrent tax, including UK corporation tax, is provided at amounts expected to be paid (or recovered) using the taxrates and laws that have been enacted or substantively enacted by the balance sheet date.Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certainitems for taxation and accounting purposes which have arisen but not reversed by the balance sheet date, except asotherwise required by FRS19: Deferred Tax. Deferred tax assets are recognised to the extent that it is regarded as morelikely than not that they will be recovered.Investments in subsidiariesInvestments in subsidiaries are stated at cost less provision for impairment value.Employee Benefit TrustAs the Company is deemed to have some control of the Employee Benefit Trust, it is treated as a subsidiaryundertaking. The assets (other than investments in the Company’s shares), liabilities, income and expenses areincluded on a line by line basis in the consolidated financial statements. The investment in the Company’s sharesis shown in the share trust reserve and is treated as a deduction from equity in the balance sheet.Share-based paymentsThe Company operates equity settled share-based option plans. The Company has accounted for options grantedto the employees of subsidiary undertakings as an increase in the investment in subsidiaries with the correspondingcredit recognised in equity.The fair value of the employee service is based on the fair value of the equity instrument granted. This expense isspread over the vesting period of the instrument. The corresponding entry is credited to equity. The liability for socialsecurity costs arising in relation to the awards is measured at each reporting date based upon the share price atthe reporting date and the elapsed portion of the relevant vesting periods to the extent that it is considered that aliability will arise.DividendsDividend distributions to the Company’s shareholders are recognised in the period when paid or, if earlier, inwhich the dividend is approved by the Company’s shareholders. No dividends were distributed in the year to28 February 2013.2 Wages and salary costsThe Company has six directors; their costs are borne by subsidiary companies and their remuneration details areprovided in note 8 of the Group financial statements.72Advanced Computer Software Group plcAnnual Report 2013
3 Investments in subsidiaries£’000As at 29 February 2012 77,965Investment in subsidiaries 30,673Share incentive charges – subsidiaries 1,246As at 28 February 2013 109,884The investment is the cost of the Company’s holding in Drury Lane (Jersey) Limited and Intercede 2445 Limited.The significant undertakings, in which the Company has an interest at 28 February 2013 of more than 20%, eitherdirectly or indirectly, are as set out in note 23 of the Group financial statements.4 Creditors: amounts falling due within one yearAccruals and deferred income 40 415 Creditors: amounts falling due after more than one year2013£’0002012£’00040 41Overview Business review Governance FinancialsAmounts due to Group companies 600 1852013£’0002012£’000600 1856 Called up share capitalAuthorised for issue2013 2012Number £’000 Number £’000Ordinary 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 35,616Details of share capital issued by the Company and share options are detailed in notes 24 and 25 of the Groupfinancial statements.Advanced Computer Software Group plcAnnual Report 201373
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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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Financial review continuedFinancing
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The Group actively participates in
Page 23 and 24: 1 2Michael JacksonChairmanMichael b
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Advanced Computer Software Group plc Annual report 2013

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