Artisan (UK) PLC
23 February 2001
ARTISAN (UK) PLC - ANNUAL REPORT AND ACCOUNTS
31ST MARCH 2000
The Board of Artisan (UK) plc has agreed with the Financial Reporting Review
Panel that the treatment of goodwill in the 31st March 2000 report and
accounts was not in accordance with FRS10.
During the year to 31st March 2000 £7.4 million of goodwill was written off
directly to the company's merger reserve. The Board of Artisan had decided to
adopt the treatment as shown in the Report and Accounts following professional
advice. The treatment was regarded as an opportunity to utilise the merger
reserve created from the issue of shares used principally as consideration for
the acquisition of principally Bickerton Group plc.
It is now accepted that this treatment was not in accordance with FRS10.
Consequently, the effect is that the goodwill carried on the balance sheet at
31 March 2000 should be £7.4 million greater and the net assets
correspondingly increase from £17.9 million to £25.3 million. Amortisation of
the goodwill will commence in the year to 31st March 2001. There are no
alterations to any other values shown on the balance sheet. There is no
material effect on the profit for the year to 31st March 2000.
The alterations to the accounting treatment will be reflected in the 2001
accounts by way of an adjustment to the comparatives and notes which will also
contain a statement to comply with the disclosure requirements of FRS13. The
only liabilities other than trade liabilities held by the group are of primary
instruments consisting of cash, bank overdrafts loans and finance leases.