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Other Liabilities
12 Months Ended
Dec. 31, 2013
Other Liabilities Disclosure [Abstract]  
Other Liabilities

NOTE 8 - OTHER LIABILITIES

 

The Company has an obligation to a former owner of a business, which was once owned by the Company, to pay an inflation linked monthly sum for the remaining life of the former owner. The liability is calculated by reference to actuarial data relating to life expectancy. The expected payments are discounted by the Company’s weighted average cost of capital. The liability at December 31, 2013 was $697,000. This is split between current and long term liabilities, with $261,000 included in ‘Other current liabilities’, and $436,000 in ‘Other liabilities’. At December 31, 2012, the comparative figures were: $274,000 in ‘Other current liabilities’, and $415,000 in ‘Other liabilities’.