Released on exercise (16)
Impairment of IP (94)
___ ______ ___ _______ ___ ______ ___ ______ ___ ______
At 30 April 2015 5,897 25,299 432 2,553 33
========== ========== ========== ========== =========
Equity attributable to
owners of the parent
Total Non-
Retained ESOT Shareholders' controlling Total
earnings shares equity interests equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 May 2013 (18,673) (102) 7,098 (311) 6,787
For the year to 30 April
2014
-------------------------------------- ------------- ----------- -------------- ------------ ------------
Consolidated profit/(loss) (1,064) (1,064) (174) (1,238)
Other comprehensive income
Exchange differences on
translating foreign operations (134) 38 (96)
-------------------------------------- ------------- ----------- -------------- ------------ ------------
Total comprehensive income (1,064) (1,198) (136) (1,334)
Share based payments 62 62
Disposal of controlling
interest (40) (40) 40 -
___ ________ ___ ______ ___ _______ ___ _______ ___ _______
At 30 April 2014 (19,777) (102) 5,922 (407) 5,515
For the year to 30 April
2015
-------------------------------------- ------------- ----------- -------------- ------------ ------------
Consolidated profit/(loss) (3,594) (3,594) (293) (3,887)
Other comprehensive income
Exchange differences on
translating foreign operations 155 (63) 92
-------------------------------------- ------------- ----------- -------------- ------------ ------------
Total comprehensive income (3,594) (3,439) (356) (3,795)
Issue of shares 8,258 8,258
Share based payments 111 111
Released on forfeiture 1 - -
Released on exercise 16 - -
Impairment of IP 94 - -
___ ________ ___ ______ ___ _______ ___ _______ ___ _______
At 30 April 2015 (23,260) (102) 10,852 (763) 10,089
=========== ========== ========== ========== ==========
NOTES TO THE PRELIMINARY ANNOUNCEMENT
FOR THE YEAR ENDED 30 APRIL 2015
1 Preliminary announcement
The preliminary announcement set out above does not constitute
ANGLE plc's statutory Financial Statements for the years ended 30
April 2015 or 2014 within the meaning of section 434 of the
Companies Act 2006 but is derived from those audited Financial
Statements. The auditor's report on the consolidated Financial
Statements for the year ended 30 April 2015 and 2014 is unqualified
and does not contain statements under s498(2) or (3) of the
Companies Act 2006.
The accounting policies used for the year ended 30 April 2015
are unchanged from those used for the statutory Financial
Statements for the year ended 30 April 2014, except as referred to
in Note 2. The 2015 statutory accounts will be delivered to the
Registrar of Companies following the Company's Annual General
Meeting.
2 Compliance with accounting standards
While the financial information included in this preliminary
announcement has been computed in accordance with IFRS, this
announcement does not itself contain sufficient information to
comply with IFRS.
Accounting standards adopted in the year
No new accounting standards that have become effective and
adopted in the year have had a significant effect on the Group's
Financial Statements.
Accounting standards issued but not yet effective
At the date of authorisation of the Financial Statements, there
were a number of other Standards and Interpretations (International
Financial Reporting Interpretation Committee - IFRIC) which were in
issue but not yet effective, and therefore have not been applied in
these Financial Statements. The Directors have not yet assessed the
impact of the adoption of these standards and interpretations for
future periods.
The Revenue accounting policy has been rewritten and a number of
other accounting policies have been slightly amended and updated
for readability.
3 Going concern
The Financial Statements have been prepared on a going concern
basis which assumes that the Group will be able to continue its
operations for the foreseeable future.
The Group's business activities, together with the factors
likely to affect its future development, performance and financial
position are set out in the Chairman's Statement.
The Directors have prepared and reviewed the financial
projections for the 12 month period from the date of signing of
these Financial Statements. Based on the level of existing cash and
the projected income and expenditure (the timing of some of which
is at the Group's discretion), the Directors have a reasonable
expectation that the Company and Group have adequate resources to
continue in business for the foreseeable future. Accordingly the
going concern basis has been used in preparing the Financial
Statements.
4 Critical accounting estimates and judgements
The preparation of the Financial Statements requires the use of
estimates, assumptions and judgements that affect the reported
amounts of assets and liabilities at the date of the Financial
Statements and the reported amounts of revenues and expenses during
the reporting period. Although these estimates, assumptions and
judgements are based on management's best knowledge of the amounts,
events or actions, and are believed to be reasonable, actual
results ultimately may differ from those estimates.
The estimates, assumptions and judgements that have a
significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities are described below.
Valuation of Other receivables - investments held at fair value
(Note 8)
Valuation of Other receivables - investments relates to the
value attributed to a retention payment due in December 2015 from
the disposal of Geomerics Limited. Judgements are required in a
number of areas when determining valuation.
Valuation, amortisation and impairment of intangible assets
(Note 7)
IAS 38 Intangible Assets contains specific criteria that if met
mean development expenditure must be capitalised as an internally
generated intangible asset. Judgements are required in both
assessing whether the criteria are met and then in applying the
rules. Intangible assets are amortised over their useful lives.
Useful lives are assessed by reference to observable data (e.g.
remaining patent life) and taking into consideration specific
product (e.g. product life cycle) and market characteristics (e.g.
estimates of the period that the assets will generate revenue).
Each of these factors is periodically reviewed for appropriateness.
Changes to estimates in useful lives may result in significant
variations in the amortisation charge.
The Group is required to review, at least annually, whether
intangible assets have suffered any impairment. The recoverable
amount is determined using, amongst others, value-in-use
calculations. The use of this method requires the estimation of
future cash flows and the selection of a suitable discount rate in
order to calculate the present value of these cash flows. When
reviewing intangible assets for impairment the Group has had to
make various assumptions and estimates of individual components and
their potential value and potential impairment impact. The Group
considers that for each of these variables there is a range of
reasonably possible alternative values, which results in a range of
fair value estimates. None of these estimates of fair value is
considered more appropriate or relevant than any other and
therefore determining a fair value requires considerable
judgement.
Share based payments
In calculating the fair value of equity-settled share-based
payments the Group uses an options pricing model. The Directors are
required to exercise their judgement in choosing an appropriate
options pricing model and determining input parameters that may
have a material effect on the fair value calculated. These input
parameters include, among others, expected volatility, expected
life of the options taking into account exercise restrictions and
behavioural considerations of employees, the number of options
expected to vest and liquidity discounts.
5 Discontinued operations
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