Balance sheets
as at 31 December
| Group | Company | |||||
|---|---|---|---|---|---|---|
| Notes | 2008 £m |
2007 £m |
2008 £m |
2007 £m |
||
| Assets | ||||||
| Non-current assets | ||||||
| Intangible assets | 10 | 17.5 | 18.7 | – | – | |
| Investment in subsidiaries | 11 | – | – | 665.1 | 664.0 | |
| Property, plant and equipment | 12 | 52.4 | 40.8 | – | – | |
| Retirement benefit asset | 23 | – | 1.7 | – | 0.4 | |
| Deferred tax assets | 13 | 37.5 | 27.8 | 0.4 | – | |
| 107.4 | 89.0 | 665.5 | 664.4 | |||
| Current assets | ||||||
| Amounts receivable from customers: | ||||||
| – due within one year | 552.2 | 422.7 | – | – | ||
| – due in more than one year | 22.2 | 20.5 | – | – | ||
| 14 | 574.4 | 443.2 | – | – | ||
| Derivative financial instruments | 19 | 1.7 | 0.7 | 6.0 | – | |
| Cash and cash equivalents | 15 | 62.2 | 88.8 | 0.7 | 6.4 | |
| Trade and other receivables | 16 | 19.2 | 9.0 | 125.5 | 86.0 | |
| 657.5 | 541.7 | 132.2 | 92.4 | |||
| Total assets | 764.9 | 630.7 | 797.7 | 756.8 | ||
Liabilities |
||||||
| Current liabilities | ||||||
| Bank borrowings | 18 | (1.2) | (8.8) | – | – | |
| Derivative financial instruments | 19 | (14.4) | (0.7) | (9.7) | (0.2) | |
| Deferred tax liabilities | 13 | – | – | – | (0.1) | |
| Trade and other payables | 17 | (53.4) | (50.6) | (104.5) | (52.9) | |
| Current tax liabilities | (2.5) | (5.0) | – | – | ||
| (71.5) | (65.1) | (114.2) | (53.2) | |||
| Non-current liabilities | ||||||
| Retirement benefit obligation | 23 | (1.5) | – | (0.3) | – | |
| Bank borrowings | 18 | (433.1) | (362.0) | (53.6) | (47.1) | |
| (434.6) | (362.0) | (53.9) | (47.1) | |||
| Total liabilities | (506.1) | (427.1) | (168.1) | (100.3) | ||
| Net assets | 258.8 | 203.6 | 629.6 | 656.5 | ||
Shareholders’ equity |
||||||
| Called-up share capital | 25, 26 | 25.7 | 25.7 | 25.7 | 25.7 | |
| Other reserve | 26 | (22.5) | (22.5) | 226.3 | 226.3 | |
| Foreign exchange reserve | 26 | 57.7 | 27.5 | – | – | |
| Hedging reserve | 26 | (6.1) | 0.3 | 0.1 | – | |
| Shares held by employee trust | 26 | (5.7) | – | (5.7) | – | |
| Retained earnings | 26 | 209.7 | 172.6 | 383.2 | 404.5 | |
| Total equity | 26 | 258.8 | 203.6 | 629.6 | 656.5 | |
The accounting policies and notes 1 to 30 are an integral part of these consolidated financial statements.
The financial statements comprising the consolidated income statement, statements of recognised income and expense, Group and Parent Company balance sheets and cash flow statements, accounting policies and notes 1 to 30 were approved by the board of directors on 23 March 2009 and were signed on its behalf by:
John A Harnett
Chief Executive Officer
David E S Broadbent
Finance Director