ANNUAL REPORT 2011 AVESCO GROUP PLC
www.avesco.com
63
35. Related party transactions Group
The Group has taken advantage of the exemption available under IAS 24 ‘Related party disclosures’ not to disclose transactions and balances between Group entities that have been eliminated on consolidation.
Other than the Directors of the Company, the Group does not have any further individuals classified as key management as per IAS 24. Details of the Directors remuneration are set out on pages 22 to 23. These details form part of the financial statements.
The Directors of the Company have had awards under the LTIP scheme (see note 28). The fair value attributable to the Directors’ portion of the LTIP awards in the year ended 2011 is £126,000 (2010: £67,000). Company
During the year the Company paid management fees to subsidiaries of £59,000 (2010: £69,000). Additionally the Company received interest of £1,689,000 (2010: £1,017,000) and paid interest of £39,000 (2010: £75,000) to subsidiaries.
At the year end balances due from subsidiaries to the Company amounted to £38,916,000 (2010: £36,753,000) and due to subsidiaries from the Company amounted to £816,000 (2010: £824,000).
The Company is a member of the Avesco value added tax group and is a party to the cross guarantee arrangements that the Group has in respect of its UK borrowings with HSBC Bank Plc. The total Group borrowings as at 30 September 2011 are £10,020,000 (2010: £12,363,000).
The Company is also party to the cross guarantee arrangements that the Group has in respect of its hire purchase obligations. The total Group hire purchase commitments as at 30 September 2011 are £9,620,000 (2010: £8,258,000).
36. Post balance sheet events On 19 December 2011 the Group successfully completed the sale of its Full Service business in Monaco, Action SAM, to 4Cast. The Group sold all of its shares in Action SAM for €480,000, before disposal costs. The results of Action SAM for the year ended 30 September 2011 are included within continuing operations and in the Group’s segmental analysis (note 5), Action SAM forms part of the Full Service segment.
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