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 Home >> Consolidated financial statements >> Notes to the financial statements

37. Company balance sheet

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:
  spacer   spacer   spacer   spacer  
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






 

 

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