Annual Report and Accounts 2006 - Optos
Annual Report and Accounts 2006 - Optos
Annual Report and Accounts 2006 - Optos
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
Notes to the Company Financial Statements<br />
continued<br />
14 OTHER EQUITY<br />
Profit <strong>and</strong><br />
Share<br />
Loss Premium Equity Special<br />
Account Account Reserve Reserve<br />
$’000 $’000 $’000 $’000<br />
At 1 October 2004 (35,006) 52,417 – 686<br />
Reclasssification 686 – – (686)<br />
Issue of ordinary shares – 55 – –<br />
Share-based payments 670 – – –<br />
Loss for the year (4,695) – – –<br />
At 30 September 2005 (38,345) 52,472 – –<br />
Implementation of FRS 25/26 (1,305) – 2,744 –<br />
At 1 October 2005 (39,650) 52,472 2,744 –<br />
Conversion of loan 1,543 10,213 (2,744) –<br />
Issue of ordinary shares – 54,295 – –<br />
Cost of issue of ordinary shares – (5,605) – –<br />
Share-based payments 1,393 – – –<br />
Loss for the year (5,880) – – –<br />
At 30 September <strong>2006</strong> (42,594) 111,375 – –<br />
Under FRS20, the cost of employee share schemes, including SAYE schemes, is based on the fair value of the awards that must be assessed using an option pricing<br />
model <strong>and</strong> expensed on a straight-line basis over the vesting period. As a result, the cost of employee share schemes recognised in 2005 increased losses by $670,000.<br />
15 Related party transactions<br />
During the year to 30 September <strong>2006</strong>, purchases totalling $92,472 (2005: $391,000) at normal market prices were made by the Company from Crombie Anderson<br />
Limited, of which the D C Anderson is a Director <strong>and</strong> controlling shareholder, of which $Nil was outst<strong>and</strong>ing at 30 September <strong>2006</strong> (2005: $19,000). The amounts<br />
outst<strong>and</strong>ing are unsecured <strong>and</strong> will be settled in cash. No guarantees have been given or received. No provisions have been made for doubtful debts in respect of<br />
the amounts owed by related parties.<br />
16 Pension commitments<br />
The Company operates a defined contribution pension scheme, the <strong>Optos</strong> Group Personal Pension Scheme, for its Directors <strong>and</strong> senior employees. The assets of the<br />
scheme are held separately from those of the Company in an independently administered fund. There were no outst<strong>and</strong>ing contributions at the year end (2005: $nil).<br />
17 Financial risk management objectives <strong>and</strong> policies<br />
A description of the Group’s financial risk management objectives <strong>and</strong> policies is provided in Note 22 to the Group’s financial statements. These financial risk<br />
management objectives <strong>and</strong> policies also apply to the Company.<br />
<strong>Optos</strong> plc <strong>Annual</strong> <strong>Report</strong> & <strong>Accounts</strong> <strong>2006</strong> 73