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- notes to the financial statements
- 1. Accounting Policies
- 2. Financial risk management
- 3. Segmental information
- 4. Exceptional operating items
- 5. Operating profit/(loss)
- 6. Employees and Directors
- 7. Finance Income and costs
- 8. Taxation on Loss on ordinary activites
- 9. Loss for the financial year
- 10. Earnings/(Loss) per Share
- 11. Goodwill
- 12. Intangible assets
- 13. Property, plant and equipment
- 14. Investments
- 15. Inventories
- 16. Trade and other receivables
- 17. Trade and other payables
- 18. Borrowings
- 19. Non-current tax
- 20. Financial Instruments
- 21. Called-up share capital
- 22. Options and Warrants over Shares of Sinclair Pharma plc
- 23. Share-based payments
- 24. Other Reserves
- 25. Cash Flows from Operating Activities
- 26. Operating lease commitments
- 27. Capital Commitments
- 28. Related Party Transactions
- corporate advisors
12. INTANGIBLE ASSETS
Group |
Company |
||||
Licences |
|||||
and product |
|||||
rights |
Other |
Total |
Other |
||
£'000 |
£'000 |
£'000 |
£'000 |
||
| Cost | |||||
| At 1 July 2006 | 8,601 |
1,225 |
9,826 |
1,255 |
|
| Additions | 1,908 |
—— |
1,908 |
— |
|
| Disposals | (19) |
— |
(19) |
— |
|
| Exchange adjustments | (204) |
— |
(204) |
— |
|
| At 30 June 2007 | 10,286 |
1,225 |
11,511 |
1,225 |
|
| Additions | 4,586 |
— |
4,586 |
— |
|
| Disposal | (491) |
— |
(491) |
— |
|
| Exchange adjustments | 2,173 |
— |
2,173 |
— |
|
| At 30 June 2008 | 16,554 |
1,225 |
17,779 |
1,225 |
|
| Amortisation and impairment | |||||
| At 1 July 2006 | 286 |
204 |
490 |
204 |
|
| Charge for the year | 907 |
68 |
975 |
68 |
|
| Disposals | (19) |
— |
(19) |
— |
|
| Impairmanet charge | 28 |
— |
28 |
— |
|
| Exchange adjustments | (5) |
— |
(5) |
— |
|
| At 30 June 2007 | 1,197 |
272 |
1,469 |
272 |
|
| Charge for the year | 1,415 |
68 |
1,483 |
68 |
|
| Disposals | (51) |
— |
(51) |
— |
|
| Impairmanet charge | 13 |
— |
13 |
— |
|
| Exchange adjustments | 54 |
— |
54 |
— |
|
| At 30 June 2008 | 2,628 |
340 |
2,968 |
340 |
|
| Net book value | |||||
| At 30 June 2008 | 13,926 |
885 |
14,811 |
885 |
|
| At 30 June 2007 | 9,089 |
953 |
10,042 |
953 |
|
| At 30 June 2006 | 8,315 |
1,021 |
9,336 |
1,021 |
|
The other intangible assets arose on the buy-out of future royalty obligations on certain of the Group’s products. The Directors have determined that the useful economic life of the other intangible asset is 18 years, being the period of the future royalty obligation that was bought out.
Additions in the current period include the derma-cosmetic products acquired from Syrio Pharma SpA (€3,272,000) and Laboratoires Derma Omnium (€1,264,000); distribution rights to a new dermatology product to be launched in the current year, and new patent licences. £1,365,000 in relation to these additions was outstanding at 30 June 2008 and is included in other payables.
Disposals realised no cash proceeds as they were made in part settlement of the outstanding liability in respect of prior period additions.
Exchange adjustments arise purely as a result of the impact of the difference in the Sterling: Euro exchange rate at the beginning and end of the year on balances denominated in Euros.