Admission Document - BrainJuicer

9 Notes to the financial information (continued)
9.20 Analysis of changes in net funds
At beginning Non cash At end of
of period Cash flows item period
£’000 £’000 £’000 £’000
2003
Cash in hand and at bank 22 168 – 190
––––––––– ––––––––– ––––––––– –––––––––
22 168 – 190
––––––––– ––––––––– ––––––––– –––––––––
2004
Cash in hand and at bank 190 77 – 267
––––––––– ––––––––– ––––––––– –––––––––
Net funds 190 77 – 267
––––––––– ––––––––– ––––––––– –––––––––
2005
Cash in hand and at bank 267 (203) – 64
Liability element of convertible
preferred shares – – (88) (88)
––––––––– ––––––––– ––––––––– –––––––––
Net funds 267 (203) (88) (24)
––––––––– ––––––––– ––––––––– –––––––––
9.21 Capital commitments and contingent liabilities
The BrainJuicer UK Group had no capital commitments or contingent liabilities at 31 December
2005, 2004 or 2003.
9.22 Commitments under operating leases
The BrainJuicer UK Group had annual commitments under non-cancellable operating leases as set out
below:
Land and buildings
As at As at As at
31 December 31 December 31 December
2003 2004 2005
Operating leases which expire:
£ £ £
Within 1 year – 107 34
Within 2 to 5 years – 19 –
––––––––– ––––––––– –––––––––
– 126 34
––––––––– ––––––––– –––––––––
9.23 Related party transactions
Unilever UK Holdings holds all of the A Preferred shares.
The BrainJuicer UK Group made sales to companies connected to Unilever UK Holdings during the
year 2005 totalling £534,096, 2004 – £786,892, 2003 – £393,155.
The balance outstanding at the year end 2005 was £67,425, 2004 – £36,806, 2003 – £72,786.
The wife of Mr M Muth, a director of BrainJuicer UK provided employee coaching and recruitment
referencing services to the BrainJuicer UK Group in 2005 totalling £12,237, 2004 – £21,301, 2003 –
£5,090. There was no balance outstanding at the year end.
9.24 Post balance sheet events
The redemption feature attached to the A Preferred shares was removed in 2006.
BrainJuicer Group PLC (incorporated on 19 September 2006) acquired the entire issued share capital
of BrainJuicer UK pursuant to a share-for-share exchange agreement entered into with the
shareholders of BrainJuicer UK on 14 November 2006, following which they held identical
proportions of shares in BrainJuicer Group PLC to those they held in BrainJuicer UK. The financial
statements of BrainJuicer Group PLC will be prepared using merger accounting principles.
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