25 Financial Risk Management (continued)
The 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 banks every 6 months. There have been no breaches of covenant tests during the year and the gearing ratio stands at 0.2 (2014: 0.1). The gearing ratio is calculated taking total net debt including deferred consideration over net assets.
The Group considers its capital to include share capital, share premium and capital redemption reserve. The Group does not have any externally imposed capital requirements. 26 Capital and Reserves The reconciliation of movement in capital and reserves is shown as a primary statement: Consolidated Statement of Changes in Equity on page 41. 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 representing retained profits
27 Share Capital
2015 000’s
In issue at beginning of the financial year Shares issued
In issue at end of the financial year – fully paid
66,894 61,143
128,037 2015
£000
Allotted, called up and fully paid Ordinary shares of 1p each
1,280
The 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 The Group operates both approved and unapproved share option schemes.
The 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.
There have been a number of options granted during the course of the financial year to 27 June 2015 with further details given below. Date of grant 3 July 2014 26 June 2015
Charge relating to options granted in the current year Charge relating to options granted in prior years Charge included in Administration expenses
of options granted
Number
of options expected to vest
155,172 155,172 1,859,115 680,436
Number
Exercise price
54.8p Nil
Fair value £000
13 135
expensed in year to 27 June 2015 £000
4 -
4
(14) (10)
Amount
Period of expense
3 years 4 years
2014 000’s
64,155 2,739
66,894 2014
£000 669
70
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