|
| 37. Company
balance sheet |
2004 |
|
2003 |
|
| £m |
£m |
|
|
|
|
|
| Fixed assets |
|
|
|
|
| Investment in subsidiary undertaking |
9,971 |
|
9,971 |
|
|
|
|
|
|
| Total fixed assets |
9,971 |
|
9,971 |
|
| Current assets |
|
|
|
|
| Debtorsa |
456 |
|
368 |
|
| Investmentsb |
2 |
|
2 |
|
| Cash at bank and in hand |
62 |
|
2 |
|
|
|
|
|
|
| Total current assets |
520 |
|
372 |
|
| Creditors: amounts falling due
within one yearc |
470 |
|
370 |
|
|
|
|
|
|
| Net current assets |
50 |
|
2 |
|
|
|
|
|
|
| Total assets less current liabilities |
10,021 |
|
9,973 |
|
|
|
|
|
|
| Capital and reservesd |
|
|
|
|
| Called up share capital |
432 |
|
434 |
|
| Share premium account |
2 |
|
2 |
|
| Capital redemption reserve |
2 |
|
– |
|
| Profit and loss account |
9,585 |
|
9,537 |
|
|
|
|
|
|
| Total equity shareholders’
funds |
10,021 |
|
9,973 |
|
|
|
|
|
|
| a |
Debtors consists of amounts owed by subsidiary
undertakings of £456 million (2003 – £368 million). |
| b |
The company invested in a listed investment,
with a book value and market value of £1 million (2003 – £1
million), and short term loans to subsidiary undertakings of £1 million
(2003 – £1 million). |
| c |
Creditors consists of dividends payable
of £454 million (2003 – £366 million), amounts owed to
subsidiary undertakings of £9 million (2003 – £nil) and
other creditors of £7 million (2003 – £4 million). |
| d |
Capital and reserves
- see table below. |
The financial statements
of the company were approved by the board of directors on 19 May
2004 and were signed on its behalf by
Sir Christopher Bland Chairman
Ben Verwaayen Chief
Executive
Ian Livingston Group
Finance Director
| |
Share
capital
£m
|
|
Share premium
account
£m
|
|
Capital
redemption
reserve
£m |
|
Profit
and loss
account
£m |
|
Total
£m |
|
| |
|
|
|
|
|
| |
e |
f |
|
|
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| Balance at
1 April 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 yearg |
– |
|
– |
|
– |
|
173 |
|
173 |
|
| Dividends
(2.0p per ordinary share) |
– |
|
– |
|
– |
|
(173 |
) |
(173 |
) |
|
|
| Balances
at 31 March 2002 |
434 |
|
2 |
|
– |
|
9,537 |
|
9,973 |
|
|
|
| Profit for
the financial yearg |
– |
|
– |
|
– |
|
560 |
|
560 |
|
| Dividends
(6.5p per ordinary share) |
– |
|
– |
|
– |
|
(560 |
) |
(560 |
) |
|
|
| Balances
at 31 March 2003 |
434 |
|
2 |
|
– |
|
9,537 |
|
9,973 |
|
|
|
| Movement
relating to BT’s employee share ownership trusti |
– |
|
– |
|
– |
|
– |
|
– |
|
| Purchase
of own sharesh |
|
|
|
|
|
|
|
|
|
|
| –
shares cancelled |
(2 |
) |
– |
|
2 |
|
(64 |
) |
(64 |
) |
| –
treasury shares |
– |
|
– |
|
– |
|
(80 |
) |
(80 |
) |
| Profit for
the financial yearg |
– |
|
– |
|
– |
|
924 |
|
924 |
|
| Dividends
(8.5p per ordinary share) |
– |
|
– |
|
– |
|
(732 |
) |
(732 |
) |
|
|
| Balances
at 31 March 2004 |
432 |
|
2 |
|
2 |
|
9,585 |
|
10,021 |
|
|
|
| e |
The authorised share capital of the company
throughout the years ended 31 March 2004 and 31 March 2003 was £13,463
million representing 269,260,253,468 ordinary shares of 5p each. |
| |
The allotted, called up and fully paid
ordinary share capital of the company at 31 March 2004 was £432 million
(2003 – £434 million), representing 8,634,629,038 ordinary shares
of 5p each (2003 – 8,670,849,554). |
| |
Of the authorised but unissued
share capital at 31 March 2004, 26 million ordinary shares
(2003 – 25 million) were reserved to meet options granted
under employee share option schemes described in note
34. |
| f |
The share premium account, representing
the premium on allotment of shares is not available for distribution. |
| g |
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 £924 million (2003
– £560 million). As permitted by Section 230 of the Companies
Act 1985, no profit and loss account of the company is presented. |
| h |
During the year ended 31 March 2004 the
company repurchased 80,571,000 of its own shares of 5p each, representing
1% of the called-up share capital, for an aggregate consideration of £144
million. Of the total shares repurchased 36,222,000 shares with an aggregate
nominal value of £2 million were cancelled immediately and 44,349,000
shares with an aggregate nominal value of £2 million are held as treasury
shares. |
| i |
Ordinary shares allotted during the year were as follows: |
| |
Number |
|
Nominal
value |
|
Consideration |
|
|
£m |
£m |
|
|
Savings
related schemes for the year ended
31 March 2004 |
1,484 |
|
– |
|
– |
|
|
|
|
