Page 62 - Hardide-Annual-Report-2021
P. 62

  62 Notes to the Group Financial Statements
15. PROVISIONS
Provision at 1 October 2019
Provisions utilised
Provisions charged
Effect of movements in exchange rates Provision at 30 September 2020 Provision at 1 October 2020
Provisions utilised
Provisions charged
Effect of movements in exchange rates Provision at 30 September 2021
Maturity analysis:
Within 1 year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years 5+ years
Grants Onerous lease £ ‘000 £ ‘000
260 51
(95) - (42) - (7) - 116 51 116 51 (108) (47) - - (8) - - 4
Dilapidations £ ‘000
50
- 50 - 100 100 (50) 30 - 80
2021 £ ‘000
34 - - - - 50 84
Total £ ‘000
361
(95) 8 (7) 267 267 (205) 30 (8) 84
2020 £ ‘000
161 56 - - - 50 267
                    During 2015 and 2016 the Group received a total of $320,000 (£260,000) in grants towards the establishment of its new facility in Martinsville, USA. These grants contained performance obligations concerning the number of employees and the value of taxable assets to be achieved. If these performance obligations are not met then some or all of the grants are potentially repayable. Having assessed the Group’s performance against those obligations, the Directors considered that they were unlikely to be achieved by the performance dates currently in place, and repaid $116,000 in respect of one of the grants in February 2020. The Group repaid the other grant, worth $150,000, in two equal instalments in March 2021 and June 2021.
The Directors reviewed the estimate of remaining dilapidation costs for the Wedgwood Road site, and increased the provision by a further £30,000. Under IFRS 16, this has been capitalised in the right of use asset value.









































































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