This is the first year that the Company has presented its financial statements under FRS 101 (Financial Reporting Standard 101) issued by the Financial Reporting Council. The last financial statements under a previous GAAP (UK GAAP) were for the year ended 3 April 2015 and the date of transition to FRS 101 was therefore 29 March 2014.
|Debtors: amounts falling due within one year2||648.3||—||648.3||78.3||278.6||356.9|
|Debtors: amounts falling after one year2||—||—||—||278.6||(278.6)|
|Cash at bank and in hand||2.5||—||2.5||1.8||—||1.8|
|Creditors: amounts falling due within one year2||(260.8)||—||(260.8)||(0.2)||(242.4)||(242.6)|
|Net current assets||390.0||—||390.0||358.5||(242.4)||116.1|
|Creditors: amounts falling due after more than one year2||(50.7)||—||(50.7)||(326.4)||242.4||(84.0)|
|Capital and reserves|
|Called up share capital||2.0||—||2.0||2.0||—||2.0|
|Share premium account||151.0||—||151.0||151.0||—||151.0|
|Investment in own shares||(13.6)||—||(13.6)||(14.3)||—||(14.3)|
|Capital redemption reserve||0.3||—||0.3||0.3||—||0.3|
Under FRS 101, the Company applies the recognition and measurement requirements of EU-adopted IFRS, with the exception of where the Companies Act 2006 has different requirements. Adoption of FRS 101 had no impact on the cash flows of the Company.
Halfords Group plc issued loans to Halfords Holdings (2006) Limited and Halfords Finance Limited which attracted 0% interest. The interest free element means that these loans are treated as a capital contribution and so the difference between the loan principal and a discounted market rate of interest (£0.9m) is capitalised as an investment in the entity. An increase in retained earnings has also been recognised. This adjustment reduced the previously reported Company profit by £0.5m in 2015 as the fair value adjustment unwound and was charged to the profit and loss account as an interest charge.
2. Intercompany balances
The intercompany debtor and creditor balances have been reassessed and deemed to be repayable on demand, therefore aged as due within 12 months. This adjustment had no impact on the profit and loss account as previously reported.