Group and Company
Share premium
The share premium account comprises the excess of monies received in respect of share capital over the nominal value of shares issued.
Capital reserves
This consists of reserves arising on consolidation and the undenominated capital redemption reserve.
Reserves arising on consolidation relate to the acquisition of a subsidiary. At 31 December 2021, the reserve balance was €0.1 million. The balance is unchanged from 31 December 2020, 1 January 2021 and 1 January 2020.
The undenominated capital redemption reserve represents the nominal value of share capital repurchased. During the year, €297,000 was transferred from retained earnings representing the nominal value of shares cancelled. At 31 December 2021, the reserve balance stands at €7.7 million (2020: €7.4 million).
Share options reserve
The share options reserve represents the cumulative charge to the Consolidated Income Statement of share options issued which are not yet exercised.
Translation reserve
Exchange differences relating to the translation of the net assets and results of the Group’s foreign currency denominated subsidiaries, from their functional currency into the Group’s presentational currency, being euro, are recognised directly in the translation reserve.