Plain-text annual report
Annual Report
& Accounts 2021
A diversified engineering group
with a world class reputation in
the manufacture and distribution
of machine tools, precision
engineered components and
industrial laser systems.
Company Number 00196730
The number Contents
Chairman’s statement
Strategic report
Corporate governance
Audit committee report
Report of the directors
Statement of directors’ responsibilities
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3
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Independent auditor’s report to the members of The 600 Group Plc 17
Consolidated income statement
Consolidated statement of comprehensive income
Consolidated statement of financial position
Consolidated statement of changes in equity
Consolidated cash flow statement
Group accounting policies
Notes relating to the consolidated financial statements
Company statement of financial position
Company statement of changes in equity
Company accounting policies
Notes relating to the company financial statements
Company information
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Company statement of financial position
As at 31 March 2021
Company Number 00196730
Non-current assets
Fixed assets
Intangible assets
Investments
Current assets
Trade and other receivables
Cash and cash equivalents
Total assets
Current liabilities
Trade and other payables
Lease liabilities
Non-current liabilities
Trade and other payables
Total liabilities
Net assets
Shareholders’ equity
Called-up share capital
Share premium account
Equity reserve
Profit and loss account
Notes
3
4
5
6
5
7
As at
30 March
2021
$000
1
661
11,895
12,557
48,570
78
48,648
61,205
(15,861)
-
(15,861)
(98)
(98)
(15,959)
45,246
1,803
3,828
201
39,414
45,246
As at
28 March
2020
$000
3
489
10,611
11,103
47,093
33
47,126
58,229
(4,501)
(602)
(5,103)
(9,741)
(9,741)
(14,844)
43,385
1,803
3,828
201
37,553
43,385
Included in the profit and loss account is a loss for the year of $971K (prior year loss $1,259K). The accompanying accounting policies
and notes on pages 73 to 80 form part of these Financial Statements.
The financial statements on pages 71 to 80 were approved by the Board of Directors on 1 September 2021 and were signed on its behalf
by:
PAUL DUPEE
Chairman
1 September 2021
REGISTERED OFFICE
Lowfields Way
Lowfields Business Park
Elland
West Yorkshire
HX5 9DA
71
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Notes relating to the company financial statements (continued)
5. TRADE AND OTHER PAYABLES
Current liabilities:
Trade payables
Amounts owed to subsidiary undertakings1
8% loan notes
Accruals and deferred income
Unavoidable lease costs
Non-current liabilities:
8% loan notes
Unavoidable lease costs
2021
$000
122
4,150
11,225
315
49
2020
$000
87
3,944
-
470
-
15,861
4,501
2021
$000
-
98
98
2020
$000
9,437
304
9,741
1 All inter-company loans are repayable on demand and as such are recorded at their face value.
The 600 Group PLC has undertaken to discharge the liability for corporation tax of all UK Group undertakings.
The above loans and borrowings are secured by way of fixed and floating charges over the assets of the Company and its subsidiaries.
The $11.225m (£8.5m) nominal value of loan notes in place at the year-end were issued in three tranches in February, March and August
2015 with 43.95m convertible warrants attached to them. These warrants allow the holders to either convert the loan into shares or to
purchase shares at 20p for a cash consideration. The loan has both debt and equity components and $195,000 is shown in an equity
reserve and the balance, after deduction of associated costs and amortisation of $0.8m, is shown in current borrowings. Costs are
amortised to the income statement over the term of the loan. The loan notes and the warrants’ expiration date was extended, during
2019, by two years to 14 February 2022. In accordance with IFRS 9 an adjustment to the carrying value of the amortised loan note cost
was made and the corresponding amount credited to the income statement. The cost incurred will be amortised over the remaining term.
Subsequent to the year end a further extension of the loan note repayment date to 14 August 2023 was agreed, in July 2021.
Unavoidable lease costs
During the year, the old Heckmondwike premises lease was reassigned to a third party, therefore releasing the group of the lease liability.
In the prior year provisions had been created to cover the unavoidable costs associated with the lease, however as a result of the
reassignment of the lease these provisions were reduced. The remaining provision shown in the unavoidable lease costs relates to
compensating payments due to the landlord in excess of the reassigned lease that is set to expire at the end of September 2023.
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