Financial Statements - Chemring Group PLC

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C H E M R I N GG R O U P P L CNotes to the Financial Statements- continued16. FIXED ASSET INVESTMENTS - continued(C) SUBSIDIARY AND ASSOCIATED UNDERTAKINGSThe subsidiary and associated undertakings which, in the opinion of the directors, affected the results of the Group are shownbelow.% of issuedordinary sharecapital controlledCountry ofby ChemringSubsidiary undertakings incorporation Group PLC ActivityPains Wessex Ltd England 100 Countermeasures and pyrotechnicsPW Defence Ltd England 100 PyrotechnicsMcMurdo Ltd England 100 Marine safety and electronicsKembrey Wiring Systems Ltd England 100 Wiring harnessesI.C.S. Electronics Ltd England 100 Marine electronicsAlloy Surfaces Company, Inc. Delaware, USA 100 Countermeasures and chemical coatingsKilgore Flares Company LLC Delaware, USA 100 Countermeasures and pyrotechnicsPains Wessex Australia Pty Ltd Australia 100 Countermeasures and pyrotechnicsPirotécnia Oroquieta S.L. Spain 51 Marine pyrotechnicsAssociated undertakingCIRRA S.A. France 49 CountermeasuresThe chemical coatings division of Alloy Surfaces Company, Inc. was sold by the Group on 11 July 2003 (see Note 27).The entire issued share capital of Kembrey Wiring Systems Limited was disposed of by the Group on 8 November 2003 (see Note 29).17. STOCK2003£000Group2002£000Raw materialsWork in progressFinished goods8,3467,0794,82320,2489,0176,0172,77317,807There are no significant differences between the replacement costs and the stock values shown above.P 44
2 0 0 3 F I N A N C I A L S T A T E M E N T S18. DEBTORS2003£000Group2002£0002003£000Parent2002£000Trade debtorsAmounts owed by subsidiary undertakingsGroup relief recoverableAdvance corporation tax recoverableOther debtorsPrepayments and accrued income25,063--17010,0561,05736,34619,692--46711,48998832,6365652,1941,823-9188055,071752,3881,238-1,0979454,824Included within other debtors are amounts recoverable under an insurance claim relating to an incident atKilgore Flares Company LLC (see Note 6) and amounts held in respect of own shares of £174,000 (2002: £264,000).All amounts shown above are due within one year.19. CREDITORS DUE WITHIN ONE YEAR2003£000Group2002£0002003£000Parent2002£000Bank overdrafts (see Note 20)Bank loans (see Note 20)Loan stock – unsecured (see Note 20)Trade creditorsAmounts owed to subsidiary undertakingsOther creditorsObligations under finance leases (see Note 20)Corporation tax payableOverseas tax payableOther taxation and Social SecurityAccruals and deferred incomeProposed dividends16,7666,2204019,256-4,6481,3051,2571,0299794,8451,33057,67517,3455,3634012,293-3,5639289742,6841,5383,3941,16649,28819,2615,2464049812,819630-302-219281,33041,07518,0734,365402799,046-----1,3861,16634,355Loan stock is repayable on three months’ notice from holders and attracts interest at 1% below base rate. The loan stock is heldby certain vendor shareholders of Kembrey Limited (formerly Kembrey Plc), acquired in August 1994, and is guaranteed byNational Westminster Bank Plc.Bank loans and overdrafts held with Bank of Scotland are secured by a full debenture over the assets of the UK businesses andKilgore Flares Company LLC, and are also subject to cross guarantees between all UK subsidiaries. Finance lease obligations aresecured on the related assets.P 45
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Financial Statements - Chemring Group PLC

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