Attached files
file | filename |
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8-K/A - 8-K/A - JUNIPER PHARMACEUTICALS INC | d631542d8ka.htm |
EX-23.1 - EX-23.1 - JUNIPER PHARMACEUTICALS INC | d631542dex231.htm |
EX-99.2 - EX-99.2 - JUNIPER PHARMACEUTICALS INC | d631542dex992.htm |
Table of Contents
Exhibit 99.1
Page | ||||
1 | ||||
2 | ||||
3 | ||||
4 - 13 |
Table of Contents
To the Members of Molecular Profiles Limited
We have audited the accompanying financial statements of Molecular Profiles Limited, which comprise the balance sheets as of July 31, 2013 and 2012, and the related profit and loss account, and related notes for the years then ended.
Managements responsibility for the financial statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law); this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditors responsibility
Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entitys preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entitys internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Molecular Profiles Limited as of July 31, 2013 and 2012, and the results of its operations for the years then ended in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities.
Emphasis of Matter accounting framework
The Companys financial statements are prepared in accordance with accounting principles generally accepted in the United Kingdom applicable for smaller entities. These standards differ in certain respects from accounting principles generally accepted in the United States of America. Further information is presented in Notes 20 24 to the financial statements. Our opinion is not modified with respect to this matter.
Grant Thornton UK LLP
Chartered Accountants
Birmingham, United Kingdom
21 November 2013
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For the Year Ended 31 July 2013
2013 | 2012 | |||||||||
Note | £ | £ | ||||||||
Turnover |
2 | 5,920,206 | 3,708,177 | |||||||
Cost of sales |
(3,730,076 | ) | (2,230,737 | ) | ||||||
|
|
|
|
|||||||
Gross profit |
2,190,130 | 1,477,440 | ||||||||
Distribution costs |
(1,031,631 | ) | (642,685 | ) | ||||||
Administrative expenses |
(938,938 | ) | (925,772 | ) | ||||||
Other operating income |
3 | 614,210 | 372,688 | |||||||
|
|
|
|
|||||||
Operating profit |
4 | 833,771 | 281,671 | |||||||
Interest receivable and similar income |
7,091 | 28,647 | ||||||||
Interest payable and similar charges |
(73,589 | ) | (17,258 | ) | ||||||
|
|
|
|
|||||||
Profit on ordinary activities before taxation |
767,273 | 293,060 | ||||||||
Tax on profit on ordinary activities |
6 | 88,144 | 128,496 | |||||||
|
|
|
|
|||||||
Profit for the financial year |
13 | 855,417 | 421,556 | |||||||
|
|
|
|
The notes on pages 4 to 13 form part of these financial statements.
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As at 31 July 2013
2013 | 2012 | |||||||||||||||||
Note | £ | £ | £ | £ | ||||||||||||||
Fixed assets |
||||||||||||||||||
Tangible assets |
7 | 7,457,713 | 4,957,674 | |||||||||||||||
Current assets |
||||||||||||||||||
Debtors |
8 | 2,740,018 | 2,034,843 | |||||||||||||||
Cash at bank and in hand |
1,668,637 | 3,283,237 | ||||||||||||||||
|
|
|
|
|||||||||||||||
4,408,655 | 5,318,080 | |||||||||||||||||
Creditors: amounts falling due within one year |
9 | (2,610,290 | ) | (1,679,366 | ) | |||||||||||||
|
|
|
|
|||||||||||||||
Net current assets |
1,798,365 | 3,638,714 | ||||||||||||||||
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|
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|
|||||||||||||||
Total assets less current liabilities |
9,256,078 | 8,596,388 | ||||||||||||||||
Creditors: amounts falling due after more than one year |
10 | (2,330,358 | ) | (2,437,941 | ) | |||||||||||||
Provisions for liabilities |
||||||||||||||||||
Deferred tax |
11 | (163,671 | ) | (251,815 | ) | |||||||||||||
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|
|||||||||||||||
Net assets |
6,762,049 | 5,906,632 | ||||||||||||||||
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|
|||||||||||||||
Capital and reserves |
||||||||||||||||||
Called up share capital |
12 | 8,000 | 8,000 | |||||||||||||||
Capital redemption reserve |
13 | 2,000 | 2,000 | |||||||||||||||
Profit and loss account |
13 | 6,752,049 | 5,896,632 | |||||||||||||||
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|
|||||||||||||||
Shareholders funds |
14 | 6,762,049 | 5,906,632 | |||||||||||||||
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|
The financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
The financial statements were approved and authorized for issue by the board and were signed on its behalf by
/s/ Nikin Patel
Nikin Patel
Director
The notes on pages 4 to 13 form part of these financial statements.
3
Table of Contents
1. | Accounting Policies |
1.1 | Basis of preparation of financial statements |
The financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, The Small Companies and Groups (Accounts and Directors Report) Regulations 2008 and with the Financial Reporting Standard for Smaller Entities (effective April 2008).
The financial statements have been prepared under the historical cost convention. The following principal accounting policies have remained unchanged from the prior year.
1.2 | Going concern |
The financial statements have been prepared on a going concern basis. The directors are pleased to report that the company has sufficient cash resources along with bank facilities to meet its working capital requirements for the foreseeable future.
1.3 | Turnover |
The turnover shown in the profit and loss account represents the invoiced value of work carried out during the year, exclusive of Value Added Tax. Where turnover relates to the provision of a service such as testing, revenue is recognized as contract activity progresses.
1.4 | Tangible fixed assets and depreciation |
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold property |
- | 50 years straight line | ||
Fit-out of freehold property |
- | 10-15 years straight line | ||
Equipment |
- | 20-25% reducing balance |
1.5 | Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
1.6 | Taxation |
The tax benefit recognized in the Profit and Loss account comprises the sum of deferred tax and current tax.
Current income tax assets and/or liabilities comprise those obligations to, or claims from, fiscal authorities relating to the current or prior reporting periods, that are unpaid at the reporting date. Current tax is payable on taxable profit, which differs from profit or loss in the financial statements. Calculation of current tax is based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognized in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax assets are recognized when it is more likely than not that they will be recovered. Deferred tax is measured on a non-discounted basis using rates of tax that have been enacted or substantively enacted by the balance sheet date.
1.7 | Research and development |
Research and development expenditure is charged to the Profit and Loss account in the period in which it is incurred.
1.8 | Grants |
Grant income of a capital nature is accounted for as either a deduction against the amount of the grant from
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Table of Contents
the purchase price of the related asset, with a consequent reduction in the annual charge for depreciation, or by treating the amount of the grant as deferred income which is credited to the profit and loss account by installments over the expected useful economic life of the related asset on a basis consistent with the depreciation policy.
Grant income of a revenue nature is credited to the profit and loss account so as to match it with the expenditure to which it is intended to contribute.
1.9 | Contributions to pension funds |
The company provides access to a group personal pension plan which is administered by Standard Life. Total contributions payable at the year-end are £10,092 (2012: £9,823).
2. | Turnover |
The percentage of turnover that is attributable to markets outside the United Kingdom is 82.0% (2012 - 85.0%).
3. | Other operating income |
2013 | 2012 | |||||||
£ | £ | |||||||
Recognition of grant income |
614,210 | 372,688 | ||||||
|
|
|
|
4. | Operating profit |
The operating profit is stated after charging/(crediting):
2013 | 2012 | |||||||
£ | £ | |||||||
Depreciation of tangible fixed assets: |
||||||||
- owned by the company |
415,918 | 318,586 | ||||||
Auditors remuneration |
28,000 | 10,800 | ||||||
Auditors remuneration - non-audit |
7,500 | 32,900 | ||||||
Pension costs |
60,328 | 55,989 | ||||||
(Profit)/loss on foreign exchange |
(13,911 | ) | 2,524 | |||||
Grant income recognized |
(614,210 | ) | (372,688 | ) | ||||
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|
|
|
5. | Directors emoluments |
Remuneration in respect of directors was as follows:
2013 | 2012 | |||||||
£ | £ | |||||||
Aggregate remuneration |
311,817 | 280,340 | ||||||
|
|
|
|
During the year retirement benefits were accruing to 2 directors (2012 - 2) in respect of defined contribution pension schemes.
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Table of Contents
6. | Taxation |
2013 | 2012 | |||||||
£ | £ | |||||||
Analysis of tax charge/(credit) in the year |
||||||||
Current tax |
||||||||
Adjustments in respect of the prior year |
| (77,326 | ) | |||||
|
|
|
|
|||||
Deferred tax |
||||||||
Origination and reversal of timing differences |
(18,846 | ) | 19,789 | |||||
Effect of increased tax rate on opening liability |
| (69,607 | ) | |||||
Adjustments in respect of prior periods |
(69,298 | ) | (1,352 | ) | ||||
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|
|
|
|||||
Total deferred tax (see note 11) |
(88,144 | ) | (51,170 | ) | ||||
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|
|
|
|||||
Tax on profit on ordinary activities |
(88,144 | ) | (128,496 | ) | ||||
|
|
|
|
Factors affecting tax charge for the year
The tax assessed for the year is lower than (2012 - lower than) the standard rate of corporation tax in the UK of 23.67% (2012 - 20.00%). The differences are explained below:
2013 | 2012 | |||||||
£ | £ | |||||||
Profit on ordinary activities before tax |
767,273 | 293,060 | ||||||
|
|
|
|
|||||
Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.67% (2012 - 20.00%) |
181,588 | 58,612 | ||||||
Effects of: |
||||||||
Expenses not deductible for tax purposes |
21,128 | 13,558 | ||||||
Capital allowances in excess of depreciation |
(455,915 | ) | (447,388 | ) | ||||
Adjustments to tax charge in respect of prior periods |
| (77,326 | ) | |||||
Additional deduction for R&D expenditure |
(225,017 | ) | (128,682 | ) | ||||
Unrelieved tax losses and other deductions arising in the period |
477,284 | 433,405 | ||||||
Losses carried back |
| 70,495 | ||||||
Other short term timing differences |
932 | | ||||||
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|
|
|
|||||
Current tax charge/(credit) for the year (see note above) |
| (77,326 | ) | |||||
|
|
|
|
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7. | Tangible fixed assets |
Freehold property |
Equipment | Total | ||||||||||
£ | £ | £ | ||||||||||
Cost |
||||||||||||
At 1 August 2012 |
4,360,571 | 2,665,819 | 7,026,390 | |||||||||
Additions |
2,318,760 | 597,197 | 2,915,957 | |||||||||
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|
|||||||
At 31 July 2013 |
6,679,331 | 3,263,016 | 9,942,347 | |||||||||
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|
|||||||
Depreciation |
||||||||||||
At 1 August 2012 |
363,027 | 1,705,689 | 2,068,716 | |||||||||
Provided in the year |
110,968 | 304,950 | 415,918 | |||||||||
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|
|||||||
At 31 July 2013 |
473,995 | 2,010,639 | 2,484,634 | |||||||||
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|
|||||||
Net book value |
||||||||||||
At 31 July 2013 |
6,205,336 | 1,252,377 | 7,457,713 | |||||||||
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|
|||||||
At 31 July 2012 |
3,997,544 | 960,130 | 4,957,674 | |||||||||
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8. | Debtors |
2013 | 2012 | |||||||
£ | £ | |||||||
Trade debtors |
2,111,097 | 1,146,130 | ||||||
Other debtors |
550,620 | 811,387 | ||||||
Corporation tax |
78,301 | 77,326 | ||||||
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|
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|
|||||
2,740,018 | 2,034,843 | |||||||
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|
All amounts shown under debtors fall due for payment within one year.
9. | Creditors: amounts falling due within one year |
2013 | 2012 | |||||||
£ | £ | |||||||
Bank loans (note 10) |
141,607 | 62,059 | ||||||
Trade creditors |
1,137,472 | 319,011 | ||||||
Other taxation and social security |
67,295 | 51,492 | ||||||
Deferred income |
655,873 | 129,221 | ||||||
Pensions payable |
10,092 | 9,823 | ||||||
Accruals and other creditors |
597,951 | 1,107,760 | ||||||
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|
|||||
2,610,290 | 1,679,366 | |||||||
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10. | Creditors: amounts falling due after more than one year |
2013 | 2012 | |||||||
£ | £ | |||||||
Bank loans |
2,330,358 | 2,437,941 | ||||||
|
|
|
|
The bank loans totaling £2,500,000 at inception represent three facilities which are repayable by monthly instalments, with one starting to be repaid from January 2013, and the other 2 due to commence in October 2013. All facilities are due for repayment 15 years from the date of drawdown. Two of the facilities bear interest at 1.95% and 2.55% above base rate per annum respectively. The third facility is a fixed rate agreement bearing interest at 3.52% per annum. The loans are secured on mortgaged properties or an unlimited debenture over other assets of the company.
11. | Deferred taxation |
2013 | 2012 | |||||||
£ | £ | |||||||
Provision brought forward |
251,815 | 302,985 | ||||||
Released during year |
(88,144 | ) | (51,170 | ) | ||||
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|
|||||
At end of year |
163,671 | 251,815 | ||||||
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|
The provision for deferred taxation is made up as follows:
2013 | 2012 | |||||||
£ | £ | |||||||
Accelerated capital allowances and short term timing differences |
1,045,075 | 679,414 | ||||||
Tax losses carried forward |
(881,404 | ) | (427,599 | ) | ||||
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163,671 | 251,815 | |||||||
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12. | Called up share capital |
2013 | 2012 | |||||||
£ | £ | |||||||
Authorised |
||||||||
100,000- Ordinary shares of £1 each |
100,000 | 100,000 | ||||||
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|
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Allotted, called up and fully paid |
||||||||
8,000- Ordinary shares of £1 each |
8,000 | 8,000 | ||||||
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Table of Contents
Share options
At 31 July 2013 and at 31 July 2012, four employees held 1,004 options over ordinary shares exercisable at £95.30 per share and 342 options exercisable at £70.00 per share. The share options are only exercisable in the event of a sale or listing. These options were granted on 13 April 2006.
13. | Reserves |
Capital redemption reserve |
Profit and loss account |
|||||||
£ | £ | |||||||
At 1 August 2012 |
2,000 | 5,896,632 | ||||||
Profit for the financial year |
| 855,417 | ||||||
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|
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|
|||||
At 31 July 2013 |
2,000 | 6,752,049 | ||||||
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|
The capital redemption reserve is a non-distributable class of reserve.
14. | Reconciliation of movement in shareholders funds |
2013 | 2012 | |||||||
£ | £ | |||||||
Opening shareholders funds |
5,906,632 | 5,485,076 | ||||||
Profit for the financial year |
855,417 | 421,556 | ||||||
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|
|||||
Closing shareholders funds |
6,762,049 | 5,906,632 | ||||||
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15. | Related party transactions |
Amounts payable to companies controlled by the following directors and shareholders for their services provided to the business in the year were:
2013 | 2012 | |||||||
£ | £ | |||||||
M C Davies |
702,446 | 403,583 | ||||||
P M Williams |
22,875 | 56,500 | ||||||
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|
|||||
725,321 | 460,083 | |||||||
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|
At 31 July 2013, the company owed a company controlled by M C Davies £292,668 (2012: £63,528) and P M Williams £nil (2012: £nil) in respect of these services.
In September 2013, the company was acquired by Columbia Laboratories Inc. (see note 19). At 31 July 2013, there was a balance payable by Columbia Laboratories Inc. to Molecular Profiles Limited of £17,498.
9
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16. | Capital commitments |
There were no capital commitments at 31 July 2013 or 31 July 2012.
17. | Contingent liabilities |
There were no contingent liabilities at 31 July 2013 or 31 July 2012.
18. | Ultimate controlling parties |
By virtue of the spread of shareholdings there is no one controlling party.
19. | Post balance sheet events |
On 12 September 2013, the entire issued share capital of the company was acquired by Columbia Laboratories Inc., a company incorporated in the United States of America.
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20. | Summary of Differences Between Accounting Principles Generally Accepted in the United Kingdom and the United States of America |
The Companys financial statements are prepared in accordance with accounting principles generally accepted in the United Kingdom (UK GAAP); specifically, the financial reporting framework that has been applied in their preparation is applicable law and the Financial Reporting Standard for Smaller Entities (FRSSE). For the purpose of the financial statements of Molecular Profiles Limited, there are no significant differences between the actual results reported for the years ended July 31, 2013 and July 31, 2012 and the results which would have been reported for those periods had the FRSSE not been applied.
These standards differ in certain respects from accounting principles generally accepted in the United States of America (US GAAP). Differences which have an effect on the consolidated net income, shareholders equity and financial position of the Company are set out below
Effect of differences between UK GAAP and US GAAP on net income after tax:
Notes | 2013 £ |
2012 £ |
||||||||
Gain for the year in accordance with UK GAAP |
855,417 | 421,556 | ||||||||
US GAAP adjustments: |
||||||||||
Adjustment to other income acquired with the GBI grant |
(a) | (18,130 | ) | 72,490 | ||||||
Adjustment to other income acquired with the RGF grant |
(b) | (438,186 | ) | (295,439 | ) | |||||
Income tax benefit |
(c) | 16,609 | 54,039 | |||||||
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|
|
|||||||
Net income in accordance with US GAAP |
415,710 | 252,646 | ||||||||
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|
Effect of differences between UK GAAP and US GAAP on net equity:
Notes | 2013 £ |
2012 £ |
||||||||
Net assets in accordance with UK GAAP |
6,762,049 | 5,906,632 | ||||||||
US GAAP adjustments: |
||||||||||
Decrease in deferred revenue acquired with the GBI grant |
(a) | 42,280 | 60,410 | |||||||
Increase in deferred revenue/tangible assets acquired with the RGF grant |
(b) | (733,625 | ) | (295,439 | ) | |||||
Income tax benefit |
(c) | 141,450 | 124,841 | |||||||
|
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|
|
|||||||
Net assets in accordance with US GAAP |
6,212,154 | 5,796,444 | ||||||||
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|
|
(a) | Adjustment to other income/deferred revenue (GBI) |
Under UK GAAP, the Company matches income to the related expenses associated with the Grant for Business Investment (GBI) grant. Under US GAAP, revenue is recognized under the proportional performance method over the expected life of the contractual agreement.
(b) | Adjustment to other income/deferred revenue/increase in tangible assets (RGF) |
Under UK GAAP, the Company matches income to the related expenses associated with the Regional Growth Fund (RGF) grant. Under US GAAP, revenue is recognized under the proportional performance method over the expected life of the contractual agreement. The Company is recognizing revenue over the performance period based on the overall risks associated with the grant.
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In association with the grant under UK GAAP, the Company recorded land at historic cost less the grant income associated to the land. Under US GAAP, land is stated at cost and cannot be offset by the income attributable to the land.
(c) | Adjustment to other income/deferred taxes |
Under UK GAAP, deferred tax assets are recognized only to the extent that, on the basis of all available evidence, it is considered that there will be sufficient future profits from which the reversal of the timing losses can be deducted. There is a general acceptance that an entity would look out between 1-3 years when considering future profitability to evaluate the probability of realizing the assets. Under US GAAP, there is no accepted cap on the look-out period when the company had a history of profitability. Additionally positive and negative evidence is weighted in determining the recognition of deferred tax assets.
Under US GAAP, deferred taxes are presumptively recognized on unremitted earnings related to foreign countries unless there is sufficient evidence that the country will invest the undistributed earnings indefinitely.
21. | Statements of Stockholders Equity and Comprehensive Income Under US GAAP |
The accompanying statements of stockholders equity and comprehensive income set out below for illustrative purposes, is presented using the captions under US GAAP.
Common stock |
Capital redemption reserve |
Retained earnings |
Total | |||||||||||||
At 1 August 2011 |
£ | 8,000 | £ | 2,000 | £ | 5,533,798 | £ | 5,543,798 | ||||||||
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|
|||||||||
Net income |
| | 252,646 | 252,646 | ||||||||||||
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|
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|
|||||||||
At 31 July 2012 |
8,000 | 2,000 | 5,786,444 | 5,796,444 | ||||||||||||
|
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|
|||||||||
Net income |
| | 415,710 | 415,710 | ||||||||||||
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|
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|
|||||||||
At July 31 2013 |
£ | 8,000 | £ | 2,000 | £ | 6,202,154 | £ | 6,212,154 | ||||||||
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22. | Explanation of UK GAAP-US GAAP Differences Not Quantified |
Under ASC 230, Statement of Cash Flows, it is required to present cash flows from operating, investing, and financing activities. Set out below, for illustrative purposes, is the consolidated statement of cash flows presented using the captions under US GAAP.
July 31, | ||||||||
2013 | 2012 | |||||||
Operating activities: |
||||||||
Net income |
£ | 415,710 | £ | 252,646 | ||||
Reconciliation of net income to net cash provided by operating activities: |
||||||||
Depreciation and amortization |
415,918 | 318,586 | ||||||
Deferred income taxes |
(104,753 | ) | (105,209 | ) | ||||
Changes in operating assets and liabilities: |
||||||||
Accounts receivable |
(964,967 | ) | 500,820 | |||||
Inventories |
(1,392 | ) | 2,648 | |||||
Prepaid expenses and other assets |
261,184 | (629,190 | ) | |||||
Accounts payable |
(15,842 | ) | 837,521 | |||||
Accrued expenses |
340,566 | (518,198 | ) | |||||
Deferred revenue |
982,968 | 458,140 | ||||||
|
|
|
|
|||||
Net cash provided by operating activities |
1,329,392 | 1,117,764 | ||||||
Investing activities: |
||||||||
Purchase of property and equipment |
(2,915,957 | ) | (2,888,605 | ) | ||||
|
|
|
|
|||||
Net cash used in investing activities |
(2,915,957 | ) | (2,888,605 | ) | ||||
Financing activities: |
||||||||
Payments on short-term loan |
(28,035 | ) | | |||||
Proceeds from note payable |
| 2,500,000 | ||||||
|
|
|
|
|||||
Net cash (used in) provided by financing activities |
(28,035 | ) | 2,500,000 | |||||
|
|
|
|
|||||
Net (decrease) increase in cash and cash equivalents |
(1,614,600 | ) | 729,159 | |||||
Cash and cash equivalents, beginning of period |
3,283,237 | 2,554,078 | ||||||
|
|
|
|
|||||
Cash and cash equivalents, end of period |
£ | 1,668,637 | £ | 3,283,237 | ||||
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|
|
|
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Table of Contents
23. | Classification Differences Between UK and US GAAP |
In addition to the differences between UK GAAP and US GAAP related to the recognition and measurement of transactions by the Company, there are also a number of differences in the manner in which items are classified in the consolidated profit and loss account and consolidated balance sheet. These classification differences have no impact on net income or shareholders equity.
Under UK GAAP, the balance sheets are presented in ascending order of liquidity, whereas under US GAAP assets are presented in descending order of liquidity. Also under UK GAAP, the balance sheet is ordinarily analyzed between net assets and shareholders funds. Under US GAAP, the analysis is between total assets and total liabilities plus shareholders equity.
24. | Subsequent Events |
Following the balance sheet date, on September 12, 2013, the entire issued share capital of the Company was acquired by Columbia Laboratories Inc., a company incorporated in the United States of America.
As a result of this transaction, the stock-based awards to employees and directors in 2006, 2012 and 2013 vested. This will result in a charge to the Statement of Operations in the year ended July 31, 2014 of $147,386, together with related tax effects thereof.
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