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Escher Group Holdings plc
Annual report 2011
17
Financial statements
Corporate governance
Business review
Overview
Directors’ and secretary’s interests
The beneficial interests, including the interests of spouses and minor children,
of the Directors and secretary in office at 31 December 2011 in the share
capital of the company were as follows:
Ordinary shares
31 December
2011
31 December
2010
Directors
Liam Church
2,060,160
25,752
Fionnuala Higgins
2,060,160
25,752
Michael Smurfit Jnr
(1)
1,195,315
12,500
John Quinn
985,840
12,323
Bernard Somers
745,840
9,323
Trevor McIntyre
48,000
600
Paul Taylor
—
—
(1) Representative of Bacchantes which is a shareholder of the company.
The Directors and secretary (including
their spouses and minor children) had
no other interests in the shares of the
company or any other Group company
at 31 December 2011.
Transactions involving Directors
There were no contracts of any
significance in relation to the business
of the company in which the Directors had
any interest, as defined in the Companies
Act 1990 at any time during the year
ended 31 December 2011.
Research and development
The Group performed research
and development of IT solutions for
the postal industry during the year.
Development costs that are directly
attributable to the design and testing
of identifiable and unique software
products controlled by the Group
are recognised as intangible assets
in accordance with our Group policy.
In current year US$1.4 million
(2010: US$1.0 million) of development
expenditure in relation to
RiposteTrEx
has been capitalised in accordance with
the criteria set out in IAS 38 “Intangible
Assets”. In addition, there has been
US$0.8 million capitalised in relation
to other products being developed
which will form part of the
Riposte
suite of products. In the current year
US$1.9 million (2010: US$1.8 million) of
research and development costs were
expensed in the income statement as
the state of completion was not viewed
as being sufficiently developed to
warrant capitalisation.
Subsidiary companies
The information required by the
Companies (Amendment) Act 1986 in
relation to subsidiary undertakings is given
in note 13 to the financial statements.
Political and charitable contribution
There are no political contributions
to report. There was a charitable
contribution of US$1,400 made to the
Irish Youth Foundation during 2011.
Environmental matters
There are no environmental matters
to report.
Re-registration as a public
limited company
The company was re-registered as a
public limited company on 14 July 2011.
Subsequent events
Details of subsequent events are set out
in note 25.
Auditors
The auditors, PricewaterhouseCoopers,
will be re-appointed in accordance
with Section 160(2) of the Companies
Act 1963.
On behalf of the Board
Liam Church
Chief Executive Officer
Trevor McIntyre
Finance Director
12 April 2012