Annual Report and Accounts 2006 - Optos
Annual Report and Accounts 2006 - Optos
Annual Report and Accounts 2006 - Optos
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Notes to the Company Financial Statements<br />
continued<br />
6 Debtors<br />
<strong>2006</strong> 2005<br />
$’000 $’000<br />
Amounts owed by Group undertakings 38,008 54,880<br />
Trade debtors 375 459<br />
Value-added tax recoverable 1,311 432<br />
Pre-payments 170 1,033<br />
39,864 56,804<br />
7 CASH AT BANK AND IN HAND<br />
<strong>2006</strong> 2005<br />
$’000 $’000<br />
Cash at bank <strong>and</strong> in h<strong>and</strong> 4,283 –<br />
Short-term deposits 28,000 –<br />
32,283 –<br />
8 Creditors: amounts falling within one year<br />
<strong>2006</strong> 2005<br />
$’000 $’000<br />
Obligations under finance leases<br />
<strong>and</strong> hire-purchase contracts (see Note 11) 191 173<br />
Bank overdraft – 6,853<br />
Trade creditors 2,281 2,427<br />
Other taxes <strong>and</strong> social security costs 198 140<br />
Other creditors 297 218<br />
Accruals 3,048 1,626<br />
Amounts due to Group undertakings 3,220 26,266<br />
9,235 37,703<br />
9 Creditors : amounts falling due after more than one year<br />
<strong>2006</strong> 2005<br />
$’000 $’000<br />
Obligations under finance leases <strong>and</strong><br />
hire-purchase contracts (see Note 11) 160 182<br />
Secured loan stock <strong>2006</strong> – 1,763<br />
Unsecured loan stock 2007 – 8,814<br />
160 10,759<br />
Secured <strong>and</strong> unsecured loan stock<br />
In November 2001, the Company obtained £1,000,000 of loan stock funding from the Bank of Scotl<strong>and</strong>, convertible at the Bank’s option at a price of 40p per share into<br />
ordinary shares of 1p each. The loan is repayable in <strong>2006</strong> <strong>and</strong> carries an interest rate 3% above the Bank of Scotl<strong>and</strong> base rate.<br />
In September 2003, the Company obtained £5,000,000 of loan stock funding, convertible at the subscriber’s option at a price of 50p per share into ordinary shares of 1p<br />
each. No interest is payable on this loan stock.<br />
Upon adoption of IAS32/39, on 1 October 2005, the carrying value of the secured loan stock <strong>2006</strong> <strong>and</strong> unsecured loan stock 2007 was reduced by $1,439,000, of which<br />
$2,744,000 reflects the removal of the original value of the conversion options (which was taken to equity), <strong>and</strong> the balance of $1,305,000 represents the imputed<br />
interest calculated on an amortised costs basis from date of issue to 1 October 2005 (which is taken to retained earnings). Both the secured loan stock <strong>2006</strong> <strong>and</strong><br />
unsecured loan stock 2007 were converted into ordinary shares upon flotation; the carrying value at date of conversion was $9,229,000.<br />
70<br />
<strong>Optos</strong> plc <strong>Annual</strong> <strong>Report</strong> & <strong>Accounts</strong> <strong>2006</strong>
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