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On 24 March 2009, the Group acquired 100% of the issued share capital of iDesign Office Pty Limited for cash consideration of £1.7 million. The Company is involved in software development and marketing of plant instrumentation software products. This transaction has been accounted for by the purchase method of accounting.
| Book value £000 |
Fair value £000 |
|
|---|---|---|
| Net assets acquired | ||
| Property, plant and equipment | 12 | 12 |
| Intangible assets — developed technology | — | 1,622 |
| Trade and other receivables | 54 | 54 |
| Cash and cash equivalents | 14 | 14 |
| Trade and other payables | (19) | (19) |
| Current tax liabilities | (5) | (5) |
| 56 | 1,678 | |
| Total consideration | ||
| Satisfied by: | ||
| Cash | 1,634 | |
| Directly attributable costs | 44 | |
| 1,678 | ||
| Net cash outflow arising on acquisition | ||
| Cash consideration | 1,678 | |
| Cash and cash equivalents acquired | (14) | |
| 1,664 |
iDesign Office Pty Limited did not make any material contribution to revenue or to profit before tax for the period between the date of acquisition and the balance sheet date.
If the acquisition of iDesign Office Pty Limited had been completed on the first day of the financial year, it would not have made a material difference to the Group's results. The acquisition also did not make a material contribution to the Group's post-acquisition net operating cash flows, tax or capital expenditure.
