25 Financial Risk Management (continued)
Te Group manages its capital by monitoring its gearing ratio on a regular basis, there are also covenant tests which are monitored regularly and presented to the Group’s bank every 6 months. Tere have been no breaches of covenant tests during the year and the gearing ratio stands at 0.1 (2013: 0.1). Te gearing ratio is calculated taking total net debt including deferred consideration over net assets.
Te Group considers its capital to include share capital, share premium and capital redemption reserve. Te Group does not have any externally imposed capital requirements. 26 Capital and Reserves
Te reconciliation of movement in capital and reserves is shown as a primary statement Consolidated Statement of Changes in Equity. Within retained earnings is the net exchange difference balance at the year end of £63,000 gain (2013: £63,000 gain). Equity comprises the following:
• Share capital representing the nominal value of equity shares • Share premium representing the excess of the fair value of consideration received for the equity shares, net of expenses of the share issue over nominal value of the equity shares
• Capital redemption reserve representing the buyback and cancellation of shares at nominal value • Retained earnings represent retained profits.
27 Share Capital
2014 000’s
In issue at beginning of the financial year Shares issued
In issue at end of the financial year – fully paid
64,155 2,739
66,894 2014
£000
Allotted, called up and fully paid Ordinary shares of 1p each
669
2013 000’s
53,502 10,653 64,155
2013 £000
642
Te holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. Share-Based Payments Te Group operates both approved and unapproved share option schemes.
Te fair value is calculated at the grant date and ultimately expensed in the Consolidated Statement of Profit and Loss over the vesting period, based on the best available estimate of the number of share options expected to vest, with a corresponding credit to reserves. Upon exercise of the share options the proceeds received net of attributable transaction costs are credited to share capital and where appropriate share premium. Tere have been a number of options granted during the course of the financial year to 28 June 2014 with further details given below.
Date of grant 16 May 2014
Charge relating to options granted in the current year Charge relating to options granted in prior years Charge included in Administration expenses
Number of options granted
302,758
Exercise Fair value to 28 June 2014 price
£000 58.0p 3
expensed in year £000
1 1 8 9
Amount
Period of expense
3 years
55
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