WindarPhotonics AnnualReport 2018 All - Flipbook - Page 73
26. Reserves
The following describes the nature and purpose of each reserve within equity
Reserve Description and purpose
Share premium
Amount subscribed for share capital in excess of nominal value.
Merger reserve - Group
Represents the difference between the consideration paid for the acquisition
of Windar Photonics A/S by the Company and the net book value of the assets
and liabilities acquired.
Merger reserve - Company
Represents the difference between the fair value and the nominal value of the
shares issued for the acquisition of Windar Photonics A/S.
Foreign currency reserve
Gains and losses on the retranslating the net assets from the functional
currencies to the reporting currency of €.
Retained earnings
All other net gains and losses and transactions with owners (e.g. dividends)
not recognised elsewhere.
27. Operating Leases
The total future value of the minimum lease payment is due as follows:
20182017
€€
Not later than one year64,485102,744
Later than one year and not later than five years
-
50,721
Later than five years
-
64,485153,465
All leasing commitments are in respect of property and cars leased by the Group. The terms of property leases
vary from country to country, although they all tend to be tenant repairing with rent reviews every 2 to 5 years.
After the year end the Company has renewed property leases effectively increasing the lease obligation within
one year of €29,007 and lease obligations later than one year and not later than five years of €62,943.
Windar Photonics - Annual Report and Accounts 2018
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