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| Term used in UK annual report |
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US equivalent or definition |
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| Accounts |
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Financial statements |
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| Advance corporation tax (ACT) |
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No direct US equivalent. Tax
payable on cash dividends treated as advance payments
on the company’s UK income tax due |
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| Associates |
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Equity investees |
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| Capital allowances |
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Tax depreciation |
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| Capital redemption reserve |
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Other additional capital |
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| Creditors |
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Accounts payable and accrued
liabilities |
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| Creditors: amounts falling due
within one year |
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Current liabilities |
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| Creditors: amounts falling due
after more than one year |
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Long-term liabilities |
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| Debtors: amounts falling due
after more than one year |
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Other non-current assets |
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| Employee share schemes |
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Employee stock benefit plans |
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| Employment costs |
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Payroll costs |
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| Finance lease |
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Capital lease |
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| Financial year |
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Fiscal year |
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| Fixed asset investments |
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Non-current investments |
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| Freehold |
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Ownership with absolute rights
in perpetuity |
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| Inland calls |
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Local and long-distance calls |
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| Interests in associates and joint
ventures |
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Securities of equity investees |
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| Loans to associates and joint
ventures |
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Indebtedness of equity investees
not current |
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| Net asset value |
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Book value |
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| Operating profit |
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Net operating income |
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| Other debtors |
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Other current assets |
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| Own work capitalized |
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Costs of group’s employees
engaged in the construction of plant and equipment
for internal use |
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| Profit |
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Income |
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| Profit and loss account (statement) |
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Income statement |
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| Profit and loss account (under
“capital and reserves” in balance sheet) |
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Retained earnings |
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| Profit for the financial year |
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Net income |
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| Profit on sale of fixed assets |
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Gain on disposal of non-current
assets |
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| Provision for doubtful debts |
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Allowance for bad and doubtful
accounts receivable |
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| Provisions |
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Long-term liabilities other than
debt and specific accounts payable |
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| Recognised gains and losses (statement) |
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Comprehensive income |
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| Redundancy charges |
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Early release scheme expenses |
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| Reserves |
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Shareholders’ equity other
than paid-up capital |
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| Share premium account |
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Additional paid-in capital or
paid-in surplus (not distributable) |
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| Shareholders’ funds |
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Shareholders’ equity |
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| Stocks |
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Inventories |
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| Tangible fixed assets |
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Property, plant and equipment |
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| Trade debtors |
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Accounts receivable (net) |
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| Turnover |
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Revenues |
