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National Grid Electricity Transmission plc Annual Report and Accounts 2006/07
15. Share capital
2007
2006
£m
£m
Authorised:
2,751,191,130 (2006: 2,003,155,130) ordinary shares of 10p each
275
200
275
200
Allotted, called up and fully paid:
437,278,870 (2006: 3,218,870) ordinary shares of 10p each
44
-
44
-
During the year, all 43,406,000 issued preference shares of £1 each and all 31,397,600 unissued preference shares of £1 each
were subdivided into preference shares of 10p each and redesignated as ordinary shares of 10p each. These newly created
ordinary shares rank pari passu in all respects with existing ordinary shares.
16. Reserves
Cash flow
Profit
hedge
and loss
reserve
account
£m
£m
At 1 April 2006 - As previously stated
(8)
165
Early adoption of Amendment to FRS 17
-
(3)
At 1 April 2006 - As restated
(8)
162
Actuarial gains
-
(96)
Net income recognised directly in equity
1
3
Deferred tax
2
26
Other movements
-
(1)
Retained profit for the year
-
209
At 31 March 2007
(5)
303
The Company has no non-distributable reserves (2006: £nil).
The Company has not presented its own profit and loss account as permitted by section 230 of the Companies Act 1985.
The Company's profit after tax for the year was £329m (2006: £284m as restated).
There are no gains and losses other than the profit for the years ended 31 March 2006 and 31 March 2007. Accordingly a
Statement of Total Recognised Gains and Losses has not been presented.
17. Commitments and contingencies
Commitments and contingencies for the company are the same as disclosed in note 33 of the consolidated accounts.
18. Related party transactions
The Company is exempt from disclosing transactions with National Grid plc and other subsidiaries of that company by virtue
of being a wholly owned subsidiary of National Grid plc which consolidates the Company within its financial statements.
Under FRS8 paragraph 3(c), the company is exempt from disclosing transactions with entities that are part of the Group
qualifying as related parties by virtue of the fact that the transactions are disclosed in the ultimate parent company's
consolidated accounts.
19. Ultimate parent company
The Company's ultimate parent company and controlling party is National Grid plc. The immediate parent company is
National Grid Holdings Limited. Both companies are incorporated in Great Britain and consolidate the accounts of National
Grid Electricity Transmission plc. Copies of their consolidated financial statements can be obtained from the Company
Secretary at National Grid plc, 1-3 Strand, London, WC2N 5EH.
- 84 -