2016_Halma_ARA_160610_2

More documents

Recommendations

Info

Notes to the Company Accounts continued C13 RETIREMENT BENEFIT PLAN continued Movements in the fair value of the plan assets were as follows: 53 weeks to 2 April 2016 £000 52 weeks to 28 March 2015 £000 At beginning of year 183,980 156,033 Expected return on plan assets 5,986 6,911 Actuarial (losses)/gains (8,769) 19,364 Contributions from the sponsoring companies 6,600 6,393 Contributions from plan members – 372 Benefits paid (6,182) (5,076) Premiums paid – (17) At end of year 181,615 183,980 The five-year history of experience adjustments was as follows: 2 April 2016 £000 28 March 2015 £000 29 March 2014 £000 30 March 2013 £000 Based on the most recent actuarial valuation, the estimated amount of contributions expected to be paid to the plan during the year ending 1 April 2017 is £7,080,000. Further details of Halma Group Pension Plan, including all disclosures required under FRS 101, are contained in note 28 to the Group accounts. 31 March 2012 £000 Present value of defined benefit obligation (217,243) (230,721) (182,061) (182,249) (182,249) Fair value of plan assets 181,615 183,980 156,033 147,055 147,084 Deficit in the plan (35,628) (46,741) (26,028) (35,194) (35,165) Experience adjustments on plan liabilities Amount 2,265 (4,271) – – (197) Percentage of plan liabilities (1)% 2% – – – Experience adjustments on plan assets Amount (8,769) 19,364 – 8,815 (78) Percentage of plan assets (5)% 10% – 6% (1)% 172 170 Halma plc Annual Report and Accounts 2016
C14 EXPLANATION OF TRANSITION TO FRS 101 Reconciliation of Shareholders’ funds 29 March 28 March 2014 2015 Note £000 £000 Shareholders’ funds reported under previous GAAP 360,028 408,775 Adjustments to equity on transition to FRS 101: I Reinstatement of retirement benefit obligation (26,028) (46,741) II Deferred tax asset on retirement benefit obligation 5,256 9,344 III Excess tax on share-based payment transactions – – Shareholders’ funds reported under FRS 101 339,256 371,378 I – Retirement benefit obligation Under UK GAAP (FRS 17), as the defined benefit plan was a multi-employer scheme and the Company was unable to identify its share of the underlying assets and liabilities, the plan was accounted for as a defined contribution scheme, recognising only the contribution payable by the Company. Under FRS 101 the multi-employer exemption is no longer available. There is no contractual agreement or stated policy for charging the net defined benefit cost within the Group amongst the participating companies. Therefore the Company, as the sponsoring employer, has recognised the full defined benefit plan’s net obligation on the Company Balance Sheet. None of the net obligation is, or was, recognised on the individual Balance Sheet of any other UK company within the Group. The impact has been to increase Creditors falling due after more than one year at 30 March 2014 by £26,028,000 and at 29 March 2015 by £46,741,000. As prescribed under FRS 101 any actuarial gains and losses are recognised through the Company Statement of Comprehensive Income and Expenditure. In 2015 actuarial losses of £25,080,000 were recognised. II – A deferred tax asset of £5,256,000 relating to the retirement benefit obligation was recognised on the Company Balance Sheet at the transition to FRS 101. This results in an increase in the Profit and Loss Account reserve by £5,256,000. The increase in the pension plan obligation during 2015, as described above, has given rise to an increase in the corresponding deferred tax asset from £5,256,000 to £9,344,000 and has increased the Profit and Loss Account reserve by a further £4,088,000. III – Under UK GAAP current and deferred tax relating to share-based payment transactions is taken to profit or loss in full. Under FRS 101, current and deferred tax is recognised in profit or loss for the year to the extent it relates to the share based payment charge recognised. It is taken to equity where it exceeds the related cumulative share-based payment charge. This results in a reduction in the profit for 2015 of £534,000 but does not change the reported equity. Reconciliation of profit for the year ending 28 March 2015 In accordance with the exemption provided by Section 408 of the Companies Act 2006, the Company has not presented its own Profit and Loss Account. As a result of the adjustments noted above, the transition to FRS 101 has increased the profit after tax for 2015 by £2,917,000, comprising £3,451,000 increase relating to the net impact of reinstating the defined benefit obligation and £534,000 decrease relating to the treatment of current and deferred tax in relation to share-based payments. Presentation of software in the Company Balance Sheet Previously under UK GAAP, software was presented within tangible assets. Under FRS 101, this is classified as an intangible asset. There is no change in the value ascribed to the software asset. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS Halma plc Annual Report and Accounts 2016 173 171
Page 1 and 2:
Halma plc Annual Report and Account
Page 3 and 4:
Highlights Another record year of r
Page 5 and 6:
Infrastructure Safety Products whic
Page 7 and 8:
Revenue from outside the USA, UK an
Page 9 and 10:
Our decentralised organisational st
Page 11 and 12:
INCREASING HEALTH AND SAFETY REGULA
Page 13 and 14:
INCREASING DEMAND FOR LIFE-CRITICAL
Page 15 and 16:
Acquisition focus Insight Our marke
Page 17 and 18:
Insight Trapped key interlocking is
Page 19 and 20:
Insight Regulations around the worl
Page 21 and 22:
Insight People are living longer th
Page 23 and 24:
Insight Many processes rely on prec
Page 25 and 26:
Resources and relationships Committ
Page 27 and 28:
GROW INNOVATE ACQUIRE EMPOWER STRAT
Page 29 and 30:
INNOVATE GROW ACQUIRE EMPOWER STRAT
Page 31 and 32:
process and one which is subject to
Page 33 and 34:
Mitigation Increased risk No change
Page 35 and 36:
Mitigation Increased risk No change
Page 37 and 38:
a considerable impact on the oil an
Page 39 and 40:
towards the use of more sensors, no
Page 41 and 42:
A third of American adults suffer f
Page 43 and 44:
Today 1.8 billion people drink faec
Page 45 and 46:
Adjusted profit bridge £m 160 155
Page 47 and 48:
fell from 21% to 20% this year, and
Page 49 and 50:
The Group accounts for post-retirem
Page 51 and 52:
ENVIRONMENTAL MANAGEMENT SYSTEM (EM
Page 53 and 54:
In return, we offer: • The opport
Page 55 and 56:
Our intention is to create effectiv
Page 57 and 58:
PEOPLE AND CULTURE I reported in la
Page 59 and 60:
CAROLE CRAN NON-EXECUTIVE DIRECTOR
Page 61 and 62:
Corporate Governance Report Leaders
Page 63 and 64:
Board governance structure Board Pr
Page 65 and 66:
October 2015 • Group strategic pe
Page 67 and 68:
The Board and Committee evaluations
Page 69 and 70:
Jane Aikman is in her final term, h
Page 71 and 72:
Audit Committee COMMITTEE CHAIRMAN
Page 73 and 74:
POLICY ON AUDITOR INDEPENDENCE AND
Page 75 and 76:
Remuneration Committee COMMITTEE CH
Page 77 and 78:
REMUNERATION POLICY The remuneratio
Page 79 and 80:
Opportunity Maximum opportunity: 15
Page 81 and 82:
EXECUTIVE DIRECTOR SERVICE CONTRACT
Page 83 and 84:
NON-EXECUTIVE DIRECTORS Unless othe
Page 85 and 86:
SINGLE FIGURE OF TOTAL REMUNERATION
Page 87 and 88:
The three-year period over which th
Page 89 and 90:
PERCENTAGE CHANGE IN CEO REMUNERATI
Page 91 and 92:
Date of grant As at 28 March 2015 G
Page 93 and 94:
Other Statutory Information ACTIVIT
Page 95 and 96:
The Companies Act 2006 also require
Page 97 and 98:
Directors’ Responsibilities The D
Page 99 and 100:
Risk Impairment of the carrying val
Page 101 and 102:
AN OVERVIEW OF THE SCOPE OF OUR AUD
Page 103 and 104:
Respective responsibilities of dire
Page 105 and 106:
Consolidated Statement of Comprehen
Page 107 and 108:
Consolidated Statement of Changes i
Page 109 and 110:
Consolidated Cash Flow Statement Co
Page 111 and 112:
Accounting Policies continued KEY A
Page 113 and 114:
Critical accounting judgements Good
Page 115 and 116:
Segmental reporting An operating se
Page 117 and 118:
Accounting Policies continued Cash
Page 119 and 120:
Cash and cash equivalents Cash and
Page 121 and 122:
Notes to the Accounts continued 1 S
Page 123 and 124: Notes to the Accounts continued 1 S
Page 125 and 126: Notes to the Accounts continued 3 N
Page 127 and 128: Notes to the Accounts continued 6 P
Page 129 and 130: Notes to the Accounts continued 9 T
Page 131 and 132: Notes to the Accounts continued 11
Page 151 and 152: 26 FINANCIAL INSTRUMENTS continued
Page 153 and 154: 26 FINANCIAL INSTRUMENTS continued
Page 163 and 164: Company Statement of Changes in Equ
Page 165 and 166: Notes to the Company Accounts conti
Page 173: C12 RESERVES The Capital redemption
Page 177 and 178: 2009/10 £000 2010/11 £000 2011/12
Page 179 and 180: Principal locations Telephone E-mai
Page 181 and 182: Principal locations Telephone E-mai
Page 183 and 184: DIVIDEND REINVESTMENT PLAN The Comp
show all

2016_Halma_ARA_160610_2

Create successful ePaper yourself

Delete template?

Save as template?