Holiday Inn 2007 Annual Report Download - page 95

Download and view the complete annual report

Please find page 95 of the 2007 Holiday Inn annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 104

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104

PARENT COMPANY
FINANCIAL STATEMENTS
Parent company balance sheet and Notes to the parent company financial statements 93
Notes to the parent company financial statements
1 ACCOUNTING POLICIES
Basis of accounting
The financial statements are prepared under the historical cost convention. They have been drawn up to comply with applicable
accounting standards in the United Kingdom (UK GAAP). These accounts are for the Company and are not consolidated financial
statements.
Fixed asset investments
Fixed asset investments are stated at cost less any provision for impairment.
Bank and other borrowings
Bank and other borrowings are initially recognised at the fair value of the consideration received less directly attributable transaction
costs. Finance costs are charged to the profit and loss account using the effective interest rate method.
Borrowings are classified as due after more than one year when the repayment date is more than 12 months from the balance sheet
date or where they are drawn on a facility with more than 12 months to expiry.
2 EMPLOYEES AND DIRECTORS
2007 2006
Average number of employees (Non-Executive Directors) 78
2007 2006
£m £m
Staff costs 11
Detailed information on the emoluments, pensions, option holdings and shareholdings for each Director is shown in the Remuneration
Report on pages 36 to 44.
3 INVESTMENTS
£m
At 1 January 2007 and 31 December 2007 2,767
The Company is the beneficial owner of all of the equity share capital of InterContinental Hotels Limited. The principal operating
subsidiary undertakings of that company are listed in note 35 of the Group financial statements.
4 DEBTORS
2007 2006
£m £m
Amounts due from subsidiary undertakings 166 8
Corporate taxation 41 21
207 29
5 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2007 2006
£m £m
Amounts due to subsidiary undertakings 2,631 1,624
6 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2007 2006
£m £m
Unsecured bank loan –102
The unsecured bank borrowings were drawn under a 2009 £1.1bn Syndicated Facility. Covenants exist on this facility and as at the
balance sheet date the Group and the Company were not in breach of these covenants.
PARENT COMPANY
FINANCIAL STATEMENTS