分类： ACCA特许公认会计师考试题库

6月特许公认会计师（ACCA）F5考试真题及答案

Performance
Management
Monday 8 June 2009

2 Oliver is the owner and manager of Oliver’s Salon which is a quality hairdresser that experiences high levels of
competition. The salon traditionally provided a range of hair services to female clients only, including cuts, colouring
and straightening
A year ago, at the start of his 2009 financial year, Oliver decided to expand his operations to include the hairdressing
needs of male clients. Male hairdressing prices are lower, the work simpler (mainly hair cuts only) and so the time
taken per male client is much less.
The prices for the female clients were not increased during the whole of 2008 and 2009 and the mix of services
provided for female clients in the two years was the same.
The latest financial results are as follows:
2008 2009
$$ $$
Sales 200,000 238,500
Less cost of sales:
Hairdressing staff costs 65,000 91,000
Hair products – female 29,000 27,000
Hair products – male 8,000
——- ——-
94,000 126,000
——– ——–
Gross profit 106,000 112,500
Less expenses:
Rent 10,000 10,000
Administration salaries 9,000 9,500
Electricity 7,000 8,000
Advertising 2,000 5,000
——- ——-
Total expenses 28,000 32,500
——– ——–
Profit 78,000 80,000
——– ——–
Oliver is disappointed with his financial results. He thinks the salon is much busier than a year ago and was expecting
more profit. He has noted the following extra information:
1. Some female clients complained about the change in atmosphere following the introduction of male services,

2008年6月、12月特许公认会计师（ACCA）F6（United Kingdom）考试真题及答案

Taxation
(United Kingdom)
Monday 1 December 2008

National insurance contributions
(Not contracted out rates)
%
Class 1 Employee £1 – £5,225 per year Nil
£5,226 – £34,840 per year 11·0
£34,841 and above per year 11·0
Class 1 Employer £1 – £5,225 per year Nil
£5,226 and above per year 12·8
Class 1A 12·8
Class 2 £2·20 per week
Class 4 £1 – £5,225 per year Nil
£5,226 – £34,840 per year 8·0
£34,841 and above per year 1·0
Rates of interest
Official rate of interest: 6·25%
Rate of interest on underpaid tax: 7·5% (assumed)
ALL FIVE questions are compulsory and MUST be attempted
1 Peter Chic is employed by Haute-Couture Ltd as a fashion designer. The following information is available for the tax
year 2007-08:
Employment
(1) During the tax year 2007-08 Peter was paid a gross annual salary of £45,600 by Haute-Couture Ltd. Income
tax of £15,558 was deducted from this figure under PAYE.
(2) In addition to his salary, Peter received two bonus payments from Haute-Couture Ltd during the tax year
2007-08. The first bonus of £4,300 was paid on 30 April 2007 and was in respect of the year ended
31 December 2006. Peter became entitled to this first bonus on 10 April 2007. The second bonus of £3,600
was paid on 31 March 2008 and was in respect of the year ended 31 December 2007. Peter became entitled
to this second bonus on 25 March 2008.
(3) Throughout the tax year 2007-08 Haute-Couture Ltd provided Peter with a diesel powered motor car which has
a list price of £22,500. The motor car cost Haute-Couture Ltd £21,200, and it has an official CO2 emission rate
of 232 grams per kilometre. Peter made a capital contribution of £2,000 towards the cost of the motor car when
it was first provided to him. Haute-Couture Ltd also provided Peter with fuel for private journeys.
(4) Haute-Couture Ltd has provided Peter with living accommodation since 1 January 2005. The company had
purchased the property in 2004 for £160,000, and it was valued at £185,000 on 1 January 2005.
Improvements costing £13,000 were made to the property during June 2006. The annual value of the property
is £9,100.
(5) Throughout the tax year 2007-08 Haute-Couture Ltd provided Peter with two mobile telephones. The telephones
had each cost £250 when purchased by the company in January 2007.
(6) On 5 January 2008 Haute-Couture Ltd paid a health club membership fee of £510 for the benefit of Peter.
(7) During February 2008 Peter spent five nights overseas on company business. Haute-Couture Ltd paid Peter a
daily allowance of £10 to cover the cost of personal expenses such as telephone calls to his family.
Property income
(1) Peter owns two properties, which are let out. Both properties are freehold houses, with the first property being
let out furnished and the second property being let out unfurnished.

2008年6月、12月特许公认会计师（ACCA）F7（International）考试真题及答案

Financial Reporting
(International)
Tuesday 10 June 2008

ALL FIVE questions are compulsory and MUST be attempted
1 On 1 August 2007 Patronic purchased 18 million of a total of 24 million equity shares in Sardonic. The acquisition
was through a share exchange of two shares in Patronic for every three shares in Sardonic. Both companies have
shares with a par value of $1 each. The market price of Patronic’s shares at 1 August 2007 was $5·75 per share.
Patronic will also pay in cash on 31 July 2009 (two years after acquisition) $2·42 per acquired share of Sardonic.
Patronic’s cost of capital is 10% per annum. The reserves of Sardonic on 1 April 2007 were $69 million.
Patronic has held an investment of 30% of the equity shares in Acerbic for many years.
The summarised income statements for the three companies for the year ended 31 March 2008 are:
Patronic Sardonic Acerbic
$’000 $’000 $’000
Revenue 150,000 78,000 80,000
Cost of sales (94,000) (51,000) (60,000)
——– ——- ——-
Gross profit 56,000 27,000 20,000
Distribution costs (7,400) (3,000) (3,500)
Administrative expenses (12,500) (6,000) (6,500)
Finance costs (note (ii)) (2,000) (900) nil
——– ——- ——-
Profit before tax 34,100 17,100 10,000
Income tax expense (10,400) (3,600) (4,000)
——– ——- ——-
Profit for the period 23,700 13,500 6,000
——– ——- ——-
The following information is relevant:
(i) The fair values of the net assets of Sardonic at the date of acquisition were equal to their carrying amounts with
the exception of property and plant. Property and plant had fair values of $4·1 million and $2·4 million
respectively in excess of their carrying amounts. The increase in the fair value of the property would create
additional depreciation of $200,000 in the consolidated financial statements in the post acquisition period to
31 March 2008 and the plant had a remaining life of four years (straight-line depreciation) at the date of
acquisition of Sardonic. All depreciation is treated as part of cost of sales.
The fair values have not been reflected in Sardonic’s financial statements.
No fair value adjustments were required on the acquisition of Acerbic.
(ii) The finance costs of Patronic do not include the finance cost on the deferred consideration.
(iii) Prior to its acquisition, Sardonic had been a good customer of Patronic. In the year to 31 March 2008, Patronic
sold goods at a selling price of $1·25 million per month to Sardonic both before and after its acquisition. Patronic
made a profit of 20% on the cost of these sales. At 31 March 2008 Sardonic still held inventory of $3 million
(at cost to Sardonic) of goods purchased in the post acquisition period from Patronic.
(iv) An impairment test on the goodwill of Sardonic conducted on 31 March 2008 concluded that it should be written
down by $2 million. The value of the investment in Acerbic was not impaired.
(v) All items in the above income statements are deemed to accrue evenly over the year.
(vi) Ignore deferred tax.

2008年6月、12月特许公认会计师（ACCA）F7（International）考试真题及答案

Financial Reporting
(International)
Tuesday 10 June 2008

ALL FIVE questions are compulsory and MUST be attempted
1 On 1 August 2007 Patronic purchased 18 million of a total of 24 million equity shares in Sardonic. The acquisition
was through a share exchange of two shares in Patronic for every three shares in Sardonic. Both companies have
shares with a par value of $1 each. The market price of Patronic’s shares at 1 August 2007 was $5·75 per share.
Patronic will also pay in cash on 31 July 2009 (two years after acquisition) $2·42 per acquired share of Sardonic.
Patronic’s cost of capital is 10% per annum. The reserves of Sardonic on 1 April 2007 were $69 million.
Patronic has held an investment of 30% of the equity shares in Acerbic for many years.
The summarised income statements for the three companies for the year ended 31 March 2008 are:
Patronic Sardonic Acerbic
$’000 $’000 $’000
Revenue 150,000 78,000 80,000
Cost of sales (94,000) (51,000) (60,000)
——– ——- ——-
Gross profit 56,000 27,000 20,000
Distribution costs (7,400) (3,000) (3,500)
Administrative expenses (12,500) (6,000) (6,500)
Finance costs (note (ii)) (2,000) (900) nil
——– ——- ——-
Profit before tax 34,100 17,100 10,000
Income tax expense (10,400) (3,600) (4,000)
——– ——- ——-
Profit for the period 23,700 13,500 6,000
——– ——- ——-
The following information is relevant:
(i) The fair values of the net assets of Sardonic at the date of acquisition were equal to their carrying amounts with
the exception of property and plant. Property and plant had fair values of $4·1 million and $2·4 million
respectively in excess of their carrying amounts. The increase in the fair value of the property would create
additional depreciation of $200,000 in the consolidated financial statements in the post acquisition period to
31 March 2008 and the plant had a remaining life of four years (straight-line depreciation) at the date of
acquisition of Sardonic. All depreciation is treated as part of cost of sales.
The fair values have not been reflected in Sardonic’s financial statements.
No fair value adjustments were required on the acquisition of Acerbic.
(ii) The finance costs of Patronic do not include the finance cost on the deferred consideration.
(iii) Prior to its acquisition, Sardonic had been a good customer of Patronic. In the year to 31 March 2008, Patronic
sold goods at a selling price of $1·25 million per month to Sardonic both before and after its acquisition. Patronic
made a profit of 20% on the cost of these sales. At 31 March 2008 Sardonic still held inventory of $3 million
(at cost to Sardonic) of goods purchased in the post acquisition period from Patronic.
(iv) An impairment test on the goodwill of Sardonic conducted on 31 March 2008 concluded that it should be written
down by $2 million. The value of the investment in Acerbic was not impaired.
(v) All items in the above income statements are deemed to accrue evenly over the year.
(vi) Ignore deferred tax.

2008年6月、12月ACCA F8（International）考试真题及答案

Audit and Assurance
(International)
Wednesday 3 December 2008

2(a) ISA 620 Using the Work of an Expert explains how an auditor may use an expert to obtain audit evidence.
Required:
Explain THREE factors that the external auditor should consider when assessing the competence and
objectivity of the expert. (3 marks)
(b) Auditors have various duties to perform in their role as auditors, for example, to assess the truth and fairness of
the financial statements.
Required:
Explain THREE rights that enable auditors to carry out their duties. (3 marks)
(c) List FOUR assertions relevant to the audit of tangible non-current assets and state one audit procedure which
provides appropriate evidence for each assertion. (4 marks)
(10 marks)
3 You are a manager in the audit firm of Ali & Co; and this is your first time you have worked on one of the firm’s
established clients, Stark Co. The main activity of Stark Co is providing investment advice to individuals regarding
saving for retirement, purchase of shares and securities and investing in tax efficient savings schemes. Stark is
regulated by the relevant financial services authority.
You have been asked to start the audit planning for Stark Co, by Mr Son, a partner in Ali & Co. Mr Son has been the
engagement partner for Stark Co, for the previous nine years and so has excellent knowledge of the client. Mr Son
has informed you that he would like his daughter Zoe to be part of the audit team this year; Zoe is currently studying
for her first set of fundamentals papers for her ACCA qualification. Mr Son also informs you that Mr Far, the audit
senior, received investment advice from Stark Co during the year and intends to do the same next year.
In an initial meeting with the finance director of Stark Co, you learn that the audit team will not be entertained on
Stark Co’s yacht this year as this could appear to be an attempt to influence the opinion of the audit. Instead, he has
arranged a balloon flight costing less than one-tenth of the expense of using the yacht and hopes this will be
acceptable. The director also states that the fee for taxation services this year should be based on a percentage of tax
saved and trusts that your firm will accept a fixed fee for representing Stark Co in a dispute regarding the amount of
sales tax payable to the taxation authorities.
Required:
(a) (i) Explain the ethical threats which may affect the auditor of Stark Co. (6 marks)
(ii) For each ethical threat, discuss how the effect of the threat can be mitigated. (6 marks)
(b) Discuss the benefits of Stark Co establishing an internal audit department. (8 marks)
(20 marks)
4 (a) Explain the term ‘audit risk’ and the three elements of risk that contribute to total audit risk. (4 marks)
The EuKaRe charity was established in 1960. The charity’s aim is to provide support to children from disadvantaged
backgrounds who wish to take part in sports such as tennis, badminton and football.
EuKaRe has a detailed constitution which explains how the charity’s income can be spent. The constitution also notes
that administration expenditure cannot exceed 10% of income in any year.
The charity’s income is derived wholly from voluntary donations. Sources of donations include:
(i) Cash collected by volunteers asking the public for donations in shopping areas,
(ii) Cheques sent to the charity’s head office,
(iii) Donations from generous individuals. Some of these donations have specific clauses attached to them indicating
that the initial amount donated (capital) cannot be spent and that the income (interest) from the donation must
be spent on specific activities, for example, provision of sports equipment.
The rules regarding the taxation of charities in the country EuKaRe is based are complicated, with only certain
expenditure being allowable for taxation purposes and donations of capital being treated as income in some situations.
Required:
(b) Identify areas of inherent risk in the EuKaRe charity and explain the effect of each of these risks on the audit
approach.
(12 marks)
(c) Explain why the control environment may be weak at the charity EuKaRe. (4 marks)
(20 marks)

2008年6月、12月特许公认会计师（ACCA）F9考试真题及答案

Financial Management
Thursday 5 June 2008

ALL FOUR questions are compulsory and MUST be attempted
1 Burse Co wishes to calculate its weighted average cost of capital and the following information relates to the company
at the current time:
Number of ordinary shares 20 million
Book value of 7% convertible debt $29 million
Book value of 8% bank loan $2 million
Market price of ordinary shares $5·50 per share
Market value of convertible debt $107·11 per $100 bond
Equity beta of Burse Co 1·2
Risk-free rate of return 4·7%
Equity risk premium 6·5%
Rate of taxation 30%
Burse Co expects share prices to rise in the future at an average rate of 6% per year. The convertible debt can be
redeemed at par in eight years’ time, or converted in six years’ time into 15 shares of Burse Co per $100 bond.
Required:
(a) Calculate the market value weighted average cost of capital of Burse Co. State clearly any assumptions that
you make. (12 marks)
(b) Discuss the circumstances under which the weighted average cost of capital can be used in investment
appraisal. (6 marks)
(c) Discuss whether the dividend growth model or the capital asset pricing model offers the better estimate of
the cost of equity of a company. (7 marks)
(25 marks)
2 THP Co is planning to buy CRX Co, a company in the same business sector, and is considering paying cash for the
shares of the company. The cash would be raised by THP Co through a 1 for 3 rights issue at a 20% discount to its
current share price.
The purchase price of the 1 million issued shares of CRX Co would be equal to the rights issue funds raised, less
issue costs of $320,000. Earnings per share of CRX Co at the time of acquisition would be 44·8c per share. As a
result of acquiring CRX Co, THP Co expects to gain annual after-tax savings of $96,000.
THP Co maintains a payout ratio of 50% and earnings per share are currently 64c per share. Dividend growth of 5%
per year is expected for the foreseeable future and the company has a cost of equity of 12% per year.
Information from THP Co’s statement of financial position:
Equity and liabilities $000
Shares ($1 par value) 3,000
Reserves 4,300
——
7,300
Non-current liabilities
8% loan notes 5,000
Current liabilities 2,200
——-
Total equity and liabilities 14,500
——-

2008年6月、12月特许公认会计师（ACCA）P1考试真题及答案

Professional
Accountant
Monday 9 June 2008

(ii) Describe the claim of each of the four identified stakeholders. (4 marks)
(b) Describe a framework to assess the risks to the progress of the Giant Dam Project. Your answer should
include a diagram to represent the framework. (6 marks)
(c) Using information from the case, assess THREE risks to the Giant Dam Project. (9 marks)
(d) Prepare the statement for Mr Markovnikoff to read out at the AGM. The statement you construct should
contain the following.
(i) A definition and brief explanation of ‘sustainable development’; (3 marks)
(ii) An evaluation of the environmental and sustainability implications of the Giant Dam Project; (8 marks)
(iii) A statement on the importance of confidentiality in the financing of the early stage working capital needs
and an explanation of how this conflicts with the duty of transparency in matters of corporate
governance. (6 marks)
Professional marks for layout, logical flow and persuasiveness of the statement. (4 marks)
(e) Internal controls are very important in a complex civil engineering project such as the Giant Dam Project.
Required:
Describe the difficulties of maintaining sound internal controls in the Giant Dam Project created by working
through sub-contractors. (4 marks)
Section B – TWO questions ONLY to be attempted
2 It was the final day of a two-week-long audit of Van Buren Company, a longstanding client of Fillmore Pierce Auditors.
In the afternoon, Anne Hayes, a recently qualified accountant and member of the audit team, was following an audit
trail on some cash payments when she discovered what she described to the audit partner, Zachary Lincoln, as an
‘irregularity’. A large and material cash payment had been recorded with no recipient named. The corresponding
invoice was handwritten on a scrap of paper and the signature was illegible.
Zachary, the audit partner, was under pressure to finish the audit that afternoon. He advised Anne to seek an
explanation from Frank Monroe, the client’s finance director. Zachary told her that Van Buren was a longstanding client
of Fillmore Pierce and he would be surprised if there was anything unethical or illegal about the payment. He said
that he had personally been involved in the Van Buren audit for the last eight years and that it had always been
without incident. He also said that Frank Monroe was an old friend of his from university days and that he was certain
that he wouldn’t approve anything unethical or illegal. Zachary said that Fillmore Pierce had also done some
consultancy for Van Buren so it was a very important client that he didn’t want Anne to upset with unwelcome and
uncomfortable questioning.

2008年6月、12月特许公认会计师（ACCA）P2（International）考试真题及答案

Corporate Reporting
(International)
Tuesday 10 June 2008

Section A – This ONE question is compulsory and MUST be attempted
1 The following draft statements of financial position relate to Ribby, Hall, and Zian, all public limited companies, as at
31 May 2008:
Ribby Hall Zian
$m $m Dinars m
Assets
Non-current assets:
Property, plant and equipment 250 120 360
Investment in Hall 98 – –
Investment in Zian 30 – –
Financial assets 10 5 148
Current assets 22 17 120
—- —- —-
Total assets 410 142 628
—- —- —-
Ordinary shares 60 40 209
Other reserves 30 10 –
Retained earnings 120 80 299
—- —- —-
Total equity 210 130 508
Non-current liabilities 90 5 48
Current liabilities 110 7 72
—- —- —-
Total equity and liabilities 410 142 628
—- —- —-
The following information needs to be taken account of in the preparation of the group financial statements of Ribby:
(i) Ribby acquired 70% of the ordinary shares of Hall on 1 June 2006 when Hall’s other reserves were $10 million
and retained earnings were $60 million. The fair value of the net assets of Hall was $120 million at the date of
acquisition. Ribby acquired 60% of the ordinary shares of Zian for 330 million dinars on 1 June 2006 when
Zian’s retained earnings were 220 million dinars. The fair value of the net assets of Zian on 1 June 2006 was
495 million dinars. The excess of the fair value over the net assets of Hall and Zian is due to an increase in the
value of non-depreciable land. There have been no issues of ordinary shares since acquisition and goodwill on
acquisition is not impaired for either Hall or Zian.
(ii) Zian is located in a foreign country and imports its raw materials at a price which is normally denominated in
dollars. The product is sold locally at selling prices denominated in dinars, and determined by local competition.
All selling and operating expenses are incurred locally and paid in dinars. Distribution of profits is determined by
the parent company, Ribby. Zian has financed part of its operations through a $4 million loan from Hall which
was raised on 1 June 2007. This is included in the financial assets of Hall and the non-current liabilities of Zian.
Zian’s management have a considerable degree of authority and autonomy in carrying out the operations of Zian
and other than the loan from Hall, are not dependent upon group companies for finance.
(iii) Ribby has a building which it purchased on 1 June 2007 for 40 million dinars and which is located overseas.
The building is carried at cost and has been depreciated on the straight-line basis over its useful life of 20 years.
At 31 May 2008, as a result of an impairment review, the recoverable amount of the building was estimated to
be 36 million dinars.
(iv) Ribby has a long-term loan of $10 million which is owed to a third party bank. At 31 May 2008, Ribby decided
that it would repay the loan early on 1 July 2008 and formally agreed this repayment with the bank prior to the
year end. The agreement sets out that there will be an early repayment penalty of $1 million.

2008年6月、12月ACCA P3考试真题及答案

Business Analysis
Wednesday 10 December 2008

Reaction to the proposals
Employees have reacted furiously to the Director General’s suggestions. The idea of linking budgets to visitor numbers
has been greeted with dismay by the Director of Art and Architecture. ‘This is a dreadful idea and confuses popularity
with historical significance. As previous governments have realised, what is important is the value of the collection.
Heritage Collections recognise this significance by putting the nation’s interests before those of an undiscerning public.
As far as I am concerned, if they want to see fashion, they can look in the high street shops. Unlike fashion, great art
and architecture remains.’ The Director of Art and Architecture and the two professors who hold the Head of
Architecture and Head of Art posts have also lobbied individual members of the Board of Trustees with their concerns
about the Director General’s proposals.
The Director of Industrial Arts and the Director of Media and Contemporary Art have contacted powerful figures in
both television and the press and as a result a number of articles and letters critical of the Director General’s proposals
have appeared. A recent television programme called ‘Strife at the NM’ also featured interviews with various heads of
collections criticising the proposed changes. They were particularly critical of the lack of consultation; ‘these proposals
have been produced with no input from museum staff. They have been handed down from on high by an ex-grocer’,
said one anonymous contributor.
Eventually, the criticism of staff and their lack of cooperation prompted the Director General to ask the Board of
Trustees to publicly back him. However, only the two trustees appointed by the government were prepared to do so.
Consequently, the Director General resigned. This has prompted an angry response from the government which has
now threatened to cut the museum’s funding dramatically next year and to change the composition of the Board of
Trustees so that the majority of trustees are appointed directly by the government. The Minister of Culture has asked
the museum to develop and recommend a new strategy within one month.
Required:
(a) Analyse the macro-environment of the National Museum using a PESTEL analysis. (20 marks)
(b) The failure of the Director General’s strategy has been explained by one of the trustees as ‘a failure to understand
our organisational culture; the way we do things around here’.
Assess the underlying organisational cultural issues that would explain the failure of the Director General’s
strategy at the National Museum.
Note: requirement (b) includes 2 professional marks. (20 marks)

2008年6月、12月特许公认会计师（ACCA）P4考试真题及答案

Advanced Financial
Management
Thursday 5 June 2008

Section A – BOTH questions are compulsory and MUST be attempted
1 Mercury Training was established in 1999 and since that time it has developed rapidly. The directors are considering
either a flotation or an outright sale of the company.
The company provides training for companies in the computer and telecommunications sectors. It offers a variety of
courses ranging from short intensive courses in office software to high level risk management courses using advanced
modelling techniques. Mercury employs a number of in-house experts who provide technical materials and other
support for the teams that service individual client requirements. In recent years, Mercury has diversified into the
financial services sector and now also provides computer simulation systems to companies for valuing acquisitions.
This business now accounts for one third of the company’s total revenue.
Mercury currently has 10 million, 50c shares in issue. Jupiter is one of the few competitors in Mercury’s line of
business. However, Jupiter is only involved in the training business. Jupiter is listed on a small company investment
market and has an estimated beta of 1·5. Jupiter has 50 million shares in issue with a market price of 580c. The
average beta for the financial services sector is 0·9. Average market gearing (debt to total market value) in the financial
services sector is estimated at 25%.
Other summary statistics for both companies for the year ended 31 December 2007 are as follows:
Mercury Jupiter
Net assets at book value ($million) 65 45
Earnings per share (c) 100 50
Dividend per share (c) 25 25
Gearing (debt to total market value) 30% 12%
Five year historic earnings growth (annual) 12% 8%
Analysts forecast revenue growth in the training side of Mercury’s business to be 6% per annum, but the financial
services sector is expected to grow at just 4%.
2 Venus Systems, a publicly quoted company, is a specialist manufacturer of mechanical control units for both the
defence and civil aviation industries. Its principal customers are the defence procurement agencies of a number of
western governments and European Aerospace Co, an aeroplane manufacturer. Over recent years the company has
suffered a collapse in profitability and has attempted to respond by reducing its defence related business and focusing
on its civil aviation business.
On the civil side, long delays at European Aerospace Co in the development of a new large-bodied passenger
aeroplane, the European Aircoach, have severely impacted upon suppliers such as Venus Systems. As a result Venus’s
share price has declined over the last three years, in line with movements in the sector index. However, market
valuations have not followed the general decline in earnings across the sector. Market analysts attribute this to the
high level of advance orders by airlines for the Aircoach and the confident expectation that full production will
commence in mid 2009.
Orders for defence components have fallen rapidly over the last three years and the company has taken the decision
to scale down its defence division and switch production resources to the civil side of the business. Wherever possible
the company has redeployed and retrained its workforce. Indeed, its commitment to its workforce has helped maintain
good industrial relations and the redeployment has been successfully matched against its natural labour turnover in
the civil division.