Annual Report and Accounts 2006 - Optos

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Notes to the Consolidated Financial Statements continued P200 equipment refers to retinal examination equipment located at healthcare professional sites and being utilised on a pay-per-examination basis and significant parts and major spares. P200 equipment is depreciated upon activation at the relevant healthcare professional site. The carrying value of plant and equipment and P200 equipment held under finance leases at 30 September 2006 was $61,053,000 (2005: $48,556,000). Leased assets are pledged as security for the related finance lease and hire-purchase liabilities. 10 INTANGIBLE FIXED ASSETS Development Software Costs Costs Total $’000 $’000 $’000 Cost At 1 October 2005 5,120 1,678 6,798 Additions – internal development 2,169 294 2,463 At 30 September 2006 7,289 1,972 9,261 Accumulated amortisation At 1 October 2005 – 1,063 1,063 Amortisation in year – 354 354 At 30 September 2006 – 1,417 1,417 Net carrying amount At 30 September 2006 7,289 555 7,844 Development Software Costs Costs Total $’000 $’000 $’000 Cost At 1 October 2004 2,485 1,536 4,021 Additions – internal development 2,635 142 2,777 At 30 September 2005 5,120 1,678 6,798 Accumulated amortisation At 1 October 2004 – 771 771 Amortisation in year – 292 292 At 30 September 2005 – 1,063 1,063 Net carrying amount At 30 September 2005 5,120 615 5,735 Intangibles comprise principally P200MA development costs $6,163,000 (2005: $5,120,000). These have been capitalised as intangible assets and, along with the other development costs, will be amortised over the number of production units expected to be obtained from the asset. The carrying value of development costs will be reviewed for impairment annually when the asset is not yet in use or, more frequently, when an indication of impairment arises during the reporting year. 11 INVENTORIES 2006 2005 $’000 $’000 Raw materials, spares and consumables 3,693 2,708 12 TRADE AND OTHER RECEIVABLES 2006 2005 $’000 $’000 Trade debtors 4,219 2,890 Value-added tax recoverable 1,311 432 Prepayments 1,832 1,565 7,362 4,887 52 Optos plc Annual Report & Accounts 2006
Notes to the Consolidated Financial Statements continued Trade receivables, which generally have 30-90 days’ terms, are recognised and carried at original invoice amount less an allowance for uncollectible amounts. Provision is made when there is objective evidence that the Group will not be able to collect the debts. Balances are written off when the probability of recovery is assessed as being remote. The charge recognised in respect of the allowance for uncollectable debt was $208,000 (2005: $140,000). 13 CASH AND CASH EQUIVALENTS 2006 2005 $’000 $’000 Cash at bank and in hand 7,752 2,163 Short-term deposits 28,400 – For the purposes of the consolidated cash flow statement, cash and cash equivalents comprise the following: 36,152 2,163 2006 2005 $’000 $’000 Cash and cash equivalents Cash at bank and in hand 36,152 2,163 Overdraft – (6,853) 36,152 (4,690) Cash at bank earns interest at floating rates based on daily bank deposit rates. The Company had an overdraft facility of £5,000,000 ($8,814,000) with the Bank of Scotland. The overdraft facility carried an interest rate 2% above the Bank of Scotland base rate. Following the listing of the Group on the London Stock Exchange on 15 February 2006, the Group’s overdraft with the Bank of Scotland was cleared. The Group did not seek to renew the overdraft facility upon its expiry at the end of March 2006. At 30 September 2005, the Group had available $2,047,000 of undrawn committed borrowing facilities in respect of which all conditions precedent had been met. There were no restrictions on the use of these facilities. 14 TRADE AND OTHER PAYABLES 2006 2005 $’000 $’000 Trade payables 3,548 3,457 Other taxes and social security costs 1,032 551 Other payables 420 422 Accruals 5,252 3,357 Related parties – 19 10,252 7,806 Optos’ policy for the year to 30 September 2006, for all suppliers, was to fix terms of payment when agreeing the terms of the credit account, to ensure that the supplier was aware of the terms, and to abide by the agreed terms of payment. Trade payables are paid on the 20th of the month following the month of invoice, equivalent to an average of 35 days. Other payables are non-interest bearing and have an average term of between 30 and 60 days. 15 FINANCIAL LIABILITIES 2006 2005 $’000 $’000 Current Finance leases 40,940 31,587 Bank overdraft – 6,853 40,940 38,440 Non-current Finance leases 40,220 44,496 Secured loan stock 2006 – 1,763 Unsecured loan stock 2007 – 8,814 40,220 55,073 Optos plc Annual Report & Accounts 2006 53
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Revolutionising eye care helping sa
Page 3 and 4: Highlights Year ended Year ended
Page 5 and 6: 2004 > Germany - commercial launch
Page 7 and 8: 3.4m optomap® Retinal Exams in 200
Page 9 and 10: Image of a healthy eye taken by the
Page 11 and 12: $3.3 million to $4.3 million. Losse
Page 13 and 14: “When Ann came to see me, we carr
Page 15 and 16: Operational and Financial Review co
Page 17 and 18: “He is very lucky - if the melano
Page 19 and 20: Operational and Financial Review co
Page 21 and 22: Patrick Robin David Paul (60) Non-E
Page 23 and 24: Corporate Governance continued Duri
Page 25 and 26: Corporate Governance continued Cont
Page 27 and 28: Directors’ Remuneration Report IN
Page 29 and 30: Directors’ Remuneration Report co
Page 35 and 36: Directors’ Report continued FINAN
Page 37 and 38: Independent Auditors’ Report to t
Page 39 and 40: Consolidated Balance Sheet As at 30
Page 41 and 42: Consolidated Cash Flow Statement Fo
Page 43 and 44: Notes to the Consolidated Financial
Page 53: Notes to the Consolidated Financial
Page 67 and 68: Company Balance Sheet At 30 Septemb
Page 69 and 70: Notes to the Company Financial Stat
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Annual Report and Accounts 2006 - Optos

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