Notes to the Accounts
30. Notes to the company balance sheet
| 1997 | 1996 | |
| All figures in £ millions | ||
| Tangible fixed asstes (leasehold property) | ||
| Cost | 0.6 | 0.6 |
| Depreciation | (0.6) | (0.6) |
| Net book value | - | - |
Note: There were no capital commitments for fixed assets at 31 December 1997.
| All figures in £ million | |
| Investments in subsidiary undertakings | |
| At 31 December 1996 | 1,798.4 |
| Acquisition from subsidiary undertaking | 20.4 |
| Disposals to subsidiary undertaking | (51.9) |
| Subscription for additional share capital in subsidiary undertaking | 210.0 |
| Revaluations | (14.1) |
| At 31 December 1997 | 1,962.8 |
Note: Shares are stated at cost less provisions for diminution in value or directors' 1969 valuations.
| All figures in £ millions | |
| Deferred taxation | |
| At 31 December 1996 | (0.6) |
| Released in the year | 0.2 |
| At 31 December 1997 | (0.4) |
Note: Deferred taxation derives from other timing diffirences.
Current investments
The investments are unlisted and valued by the directors at book value.
If realised at valuation there would be no liability for taxation on disposal.
Accruals and deferred income
Accruals and deferred income includes £10.1m (1996: £12.6m) relating to
the unamortised profit out of the unwindling of a sterling interest rate
swap in 1994. The swap was arranged in 1992 in connection with the issue
of £100m 10.75% Euro-sterling Bonds 2002. The profit is being amortised
over the remaining life of the Bonds. £7.7 is due after one year. None
of the amount falls due after five years.
| All figures in £ millions | Share premium account |
Special reserve |
Other reserves |
Profit and loss account |
Total |
| Reserves Summary of movements |
|||||
| At 31 December 1996 | 129.5 | 397.2 | 50.1 | 761.6 | 1,338.4 |
| Exchange diffireneces net of related tax | - | - | - | (12.2) | (12.2) |
| Premium on issue of 5.8m equity shares | 28.1 | - | - | - | 28.1 |
| Profit for the financial year | - | - | - | 50.7 | 50.7 |
| Dividends | - | - | - | (112.4) | (112.4) |
| At 31 December 1997 | 157.6 | 397.2 | 50.1 | 687.7 | 1,292.6 |
Note: The special reserve represents the cumulative effect of cancellation of the Company's share premium account. As permitted by Section 230(4) of the Companies Act 1985, only the Group's profit and loss account has been presented.
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