On transition to FRS 101, the net defined benefit cost and retirement benefit obligation relating to the final salary defined benefit pension scheme is recognised as per the requirements of IAS 19 (revised) Employee Benefits. As such, the Company has recognised a retirement benefit obligation of £1.0m at 31 December 2014 (1 January 2014: £4.8m) and a corresponding deferred tax asset of £0.2m at 31 December 2014 (1 January 2014: £1.1m). The net impact of recognising the retirement benefit obligation and corresponding deferred tax asset is a £0.8m reduction in the profit and loss reserves account at 31 December 2014 (1 January 2014: £3.7m reduction).

Software assets of £9.5m (1 January 2014: £6.3m) have been reclassified from tangible fixed assets to intangible fixed assets as per the requirements of IAS 38 Intangible Assets.

Receivables of £4.8m (1 January 2014: £5.6m) have been reclassified from current to fixed assets as per the requirments of IAS 1 Presentation of Financial Statements.