|
2003
|
|
2002a
|
|
|
£m
|
|
£m
|
|
|
|
|
|
|
| Fixed
assets |
|
|
|
|
| Investment
in subsidiary undertakinga |
9,971
|
|
9,971
|
|
|
|
|
|
|
| Total
fixed assets |
9,971
|
|
9,971
|
|
| Current
assets |
|
|
|
|
| Debtorsb |
368
|
|
174
|
|
| Investmentsc |
2
|
|
1
|
|
| Cash
at bank and in hand |
2
|
|
–
|
|
|
|
|
|
|
| Total
current assets |
372
|
|
175
|
|
| Creditors:
amounts falling due within one yeard |
370
|
|
173
|
|
|
|
|
|
|
| Net
current assets |
2
|
|
2
|
|
|
|
|
|
|
| Total
assets less current liabilities |
9,973
|
|
9,973
|
|
|
|
|
|
|
| Capital
and reserves |
|
|
|
|
| Called
up share capitale |
434
|
|
434
|
|
| Share
premium accounte |
2
|
|
2
|
|
| Profit
and loss accounte |
9,537
|
|
9,537
|
|
|
|
|
|
|
| Total
equity shareholders’ funds |
9,973
|
|
9,973
|
|
|
|
|
|
|
The
financial statements of the company on this page were
approved by the board of directors on 21 May 2003 and
were signed on its behalf by
Sir
Christopher Bland
Chairman
Ben Verwaayen Chief Executive
Ian Livingston Group Finance
Director
| a
During the year ended 31 March 2002, the company
acquired BT Group Investments Limited (BTGI) for
£9,971 million (see
note 1). BTGI is the intermediate holding
company of British Telecommunications plc. |
| b
Debtors consists of amounts owed by subsidiary
undertakings of £368 million (2002 –
£173 million) and other debtors of £nil
(2002 – £1 million). |
| c
The company invested in a listed investment,
with a book value and market value of £1 million
(2002 – £1 million), and short term loans
to subsidiary undertakings of £1 million (2002
– £nil). |
| d
Creditors consists of dividends payable of
£366 million (2002 – £173 million),
and other creditors of £4 million (2002 –
£nil). |
| e
Capital and reserves are: |
| |
 |
|
|
|
|
|
|
|
|
Share
capitalf
|
|
Share
premium
accountg
|
|
Profit
and loss
account
|
|
Total
|
|
|
£m
|
|
£m
|
|
£m
|
|
£m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances
on incorporation at 30
March 2001 |
– |
|
–
|
|
– |
|
– |
|
|
|
|
|
|
|
|
|
|
Balances
at 31 March 2001
|
–
|
|
–
|
|
–
|
|
–
|
|
Issue
of shares |
9,971 |
|
–
|
|
– |
|
9,971 |
|
Capital
reduction |
(9,537 |
) |
–
|
|
9,537 |
|
– |
|
Movement relating to BT’s
employee share ownership trust |
– |
|
2
|
|
– |
|
2 |
|
Profit
for the financial yearh |
– |
|
–
|
|
173 |
|
173 |
|
Dividend (2.0p per ordinary share) |
– |
|
–
|
|
(173 |
) |
(173 |
) |
|
|
|
|
|
|
|
|
|
| Balances
at 31 March 2002 |
434 |
|
2
|
|
9,537 |
|
9,973 |
|
|
|
|
|
|
|
|
|
|
Movement
relating to BT’s
employee share ownership trusti |
– |
|
–
|
|
– |
|
– |
|
Profit
for the financial yearh |
– |
|
–
|
|
560 |
|
560 |
|
|
Dividend (6.5p per ordinary share) |
– |
|
–
|
|
(560 |
) |
(560 |
) |
|
|
|
|
|
|
|
|
|
| Balances
at 31 March 2003 |
434 |
|
2
|
|
9,537 |
|
9,973 |
|
|
|
|
|
|
|
|
|
|
f
The authorised share capital of the company
throughout the year ended 31 March 2003 and 31 March
2002 was £13,463 million representing 269,260,253,468
ordinary shares of 5 pence each.
The allotted, called up and fully paid ordinary
share capital of the company at 31 March 2003 and
31 March 2002 was £434 million, representing 8,670,849,554
ordinary shares of 5 pence each (2002 – 8,670,692,996).
Of the authorised but unissued share capital at
31 March 2003, 25 million ordinary shares (2002
– 25 million) were reserved to meet options
granted under employee share option schemes
described in note
34. |
| g
The share premium account, representing the
premium on allotment of shares is not available
for distribution. |
| h
The profit for the financial year, dealt with
in the profit and loss account of the company and
after taking into account dividends from subsidiary undertakings,
was £560 million (2002 – £173 million).
As permitted by Section 230 of the Companies Act
1985, no profit and loss account of the company
is presented. |
| i
Ordinary shares allotted during the year were
as follows: |
| |
|
|
Nominal
value
|
|
Consideration
|
|
|
Number |
|
£m
|
|
£m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Savings
related schemes |
3,944 |
|
–
|
|
–
|
|
Other
share option schemes |
152,614 |
|
–
|
|
–
|
|
|
|
|
|
|
|
|
| Totals
for the year ended 31 March 2003 |
156,558 |
|
–
|
|
–
|
|
|
|
|
|
|
|
|
|
