Tesco 2003 Annual Report Download - page 39

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TESCO PLC 37
NOTE 13 Fixed asset investments continued
(c) The Group’s principal associate is:
Share of issued share capital, Country of incorporation and
Business loan capital and debt securities principal country of operation
GroceryWorks Holdings Inc. Internet Retailer 35% United States of America
The net assets and goodwill of associates are:
2003 2002
£m £m
Net assets 32
Goodwill 15 14
18 16
(d) The investment in own shares represents 32 million 5p ordinary shares in Tesco PLC (0.4% of called up share capital at
22 February 2003) with a weighted average value of £1.65 each. These shares are held by a qualifying employee share
ownership trust (QUEST) in order to satisfy options under savings-related share option schemes which become exercisable
over the next few years.The carrying value of £53m (market value £53m) represents the exercise amount receivable in
respect of these shares subscribed for by the QUEST at market value. Funding is provided to the QUEST by Tesco Stores
Limited, the company’s principal operating subsidiary. The QUEST has waived its right to dividends on these shares.
NOTE 14 Stocks
Group Company
2003 2002 2003 2002
£m £m £m £m
Goods held for resale 1,122 908 – –
Development property 18 21 – –
1,140 929 – –
Property disposed of included nil (2002 – nil) of interest capitalised. Accumulated capitalised interest at 22 February 2003
was £5m (2002 – £5m).
NOTE 15 Debtors
Group Company
2003 2002 2003 2002
£m £m £m £m
Amounts owed by Group undertakings – – 776 2,821
Prepayments and accrued income 48 47 5 33
Other debtors 507 339 128 145
Amounts owed by undertakings in which
Group companies have a participating interest 107 68 103 61
662 454 1,012 3,060
All amounts owed by undertakings in which Group companies have a participating interest are due after more than one year.
Included in other debtors are amounts of £17m (2002 – £13m) due after more than one year.
NOTE 16 Investments
Group Company
2003 2002 2003 2002
£m £m £m £m
Money market deposits 239 225 – 5