WindarPhotonics AnnualReport 2018 All - Flipbook - Page 23
The Board receives cash flow projections on a regular basis as well as information regarding cash
balances. At the end of the financial year these projections indicated that the Group is expected to
have sufficient liquid resources for a period of at least twelve months from the date of signing of
these financial statements, to meet its obligations. Accordingly, the Board has adopted the going
concern basis. See note 3 for further details.
CREDIT RISK
The Group regularly reviews and assesses the trade receivables for impairment and considers the
market risk in respect of the trade receivables. As the Group trades with a concentrated number of
customers and utilises export credit facilities the Group has reviewed trade receivables on an
individual basis. The Group has made a provision against overdue trade receivables of €47,541
(2017: €47,684). The Group considers the followings events as indicators of an impairment:
• default of payments of the counterparty;
• financial difficulties of the counterparty;
• it´s becoming probable that the counterparty enters bankruptcy or other
financial reorganisation;
• granting to the counterparty a concession that the Group will not otherwise consider.
EMPLOYMENT POLICIES
The Group is committed to employee involvement in the business and there are consultative
procedures available for management and other employees to discuss matters of mutual interest.
The Group has a policy of non-discrimination in respect of sex, colour, religion, race, nationality or
ethnic origin and the recruitment of disabled persons is only subject to any overriding consideration
of access and safety.
TREASURY POLICY
The Group has adopted formal treasury policies to control its financial instruments. It is a Group
Treasury policy not to undertake transactions of a speculative nature. Group cash flows are managed
centrally and surplus cash is invested in short-term financial instruments.
Compliance with these policies is monitored by the Board.
RESEARCH AND DEVELOPMENT
The Group continues to undertake R&D into LiDAR technology. During the year the Group spent
€881,892 (2017: €545,815) on R&D of which €415,456 (2017: €333,480) has been capitalised as an
intangible asset as shown in note 17 to the financial statements.
The Group has received R&D Grants from Energiteknologisk Udvikling og Demonstration Projekt of
€108,779 (2017: €152,447) in respect of the capitalised R&D and of €78,896 (2017: €92,348) related
to R&D costs included the profit and loss statement. The Group has the ability to claim a further €Nill
(2017: €174,342) of grants in future years in respect of on-going R&D projects.
STATEMENT OF DIRECTORS’ RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Director’s Report, the Corporate
Governance Statement and the financial statements in accordance with applicable law and
regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that
law the directors have elected to prepare the Group and company financial statements in accordance
with International Financial Reporting Standards (IFRSs) as adopted by the European Union. Under
company law the directors must not approve the financial statements unless they are satisfied that
they give a true and fair view of the state of affairs of the Group and company and of the profit or
loss of the Group for that period. The directors are also required to prepare financial statements in
accordance with the rules of the London Stock Exchange for companies trading securities on the
Alternative Investment Market.
Windar Photonics - Annual Report and Accounts 2018
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