Marks and Spencer 2005 Annual Report Download - page 59

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MARKS AND SPENCER GROUP PLC 57
32 COMMITMENTS AND CONTINGENT LIABILITIES Group
2005 2004
£m £m
ACommitments in respect of properties in the course of development 34.5 74.9
BMarks and Spencer (Ireland) Limited and its subsidiary Aprell Limited have availed themselves of the exemption provided for in S17
of the Companies (Amendment) Act 1986 (Ireland) in respect of the documents required to be annexed to their annual returns.
COther material contracts:
In the event of a material change in the trading arrangements with certain warehouse operators, the Group has a commitment to
purchase fixed assets, at values ranging from historical net book value to market value, which are currently owned and operated by
them on the Group’s behalf.
DCommitments under operating leases:
At 2 April 2005, the Group had annual commitments under operating leases as follows:
2005 2004
Land & Land &
buildings Other buildings Other
£m £m £m £m
Expiring within one year 1.7 0.5 1.2 0.4
Expiring in the second to fifth years inclusive 8.6 3.0 14.6 3.1
Expiring in more than five years 114.3 – 99.7 –
124.6 3.5 115.5 3.5
33 FOREIGN EXCHANGE RATES
The principal foreign exchange rates used in the financial statements are as follows (local currency equivalent of £1):
Weighted average Weighted average
sales rate profit rate Balance sheet rate
2005 2004 2005 2004 2005 2004
Euro 1.46 1.44 1.46 1.43 1.46 1.50
US dollar 1.85 1.69 1.86 1.71 1.89 1.85
Hong Kong dollar 14.41 13.23 14.47 13.44 14.73 14.39
34 RELATED PARTY TRANSACTIONS
There were no material transactions with related parties as defined by FRS 8 – ‘Related Party Transactions’, with the exception
of transactions with M&S Money (see note 4), the Hedge End joint venture (see notes 15A and 20) and per una (see note 30A).