62
AVESCO GROUP PLC ANNUAL REPORT 2011
www.avesco.com
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2011
Company Assets as per balance sheet
Loans and receivables Trade and other receivables Cash and cash equivalents
2011 £000s
38,100 -
38,100 2010 £000s
35,929 21
35,950
Company Liabilities as per balance sheet
At amortised cost Borrowings and loans Trade and other payables
2011 £000s
4,850 326
5,176 Commitments
Capital commitments The Group had £7,272,000 (2010: £2,284,000) of capital commitments for the purchase of property, plant and equipment at the balance sheet date which had not been recognised in the financial statements.
Operating lease commitments The future aggregate minimum lease payments under non-cancellable operating leases are as follows:
2011 Group No later than 1 year
Later than 1 but no later than 5 years Later than 5 years
The Company has no significant operating lease commitments.
34. Contingent liabilities and assets Contingent liabilities InvestinMedia Holdings Limited (“InvestinMedia”), a subsidiary of the Company, sold its investment in Complete Communications Corporation Limited (“Complete”) on 20 December 2006. In connection with the sale, InvestinMedia and other vendors gave certain warranties and indemnities to the buyer, liability in respect of which runs for periods of up to seven years from the date of completion. So far as the Company is aware, no legal claims have been brought against any company in the Complete group that are outstanding and would give rise to liability on the part of InvestinMedia and other vendors under the warranties and indemnities.
Contingent assets On 8 July 2010 the Company announced that the jury in a US legal action had reached a unanimous verdict favourable to InvestinMedia and the other vendors of Complete. On 21 December 2010, the defendants’ alternative motions for a new trial and for judgement as a matter of law were denied. On 14 January 2011 the defendants filed their notice of appeal. If the award is paid in full, the Group’s interest (after costs but including pre-judgement interest) is estimated at approximately $60m. No credit has been taken in these accounts to reflect this verdict, pending completion of the appeal process. Provision has already been made for the costs of this litigation and any additional costs are not expected to be material.
Land and buildings 2010
£000s 2,638
8,957 7,084
18,679
£000s 2,869
7,870 5,128
15,867 Other 2011
£000s 918
1,050 -
1,968 2010
£000s 847
1,059 -
1,906
2010 £000s
7,250 105
7,355
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