Tesco 2004 Annual Report Download - page 41

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TESCO PLC 39
NOTE 14 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 37% United States of America
The net assets and goodwill of associates are:
2004 2003
£m £m
Net assets 63
Goodwill 15 15
21 18
(d) The investment in own shares represents 16 million 5p ordinary shares in Tesco PLC (0.2% of called up share capital at
28 February 2004) with a weighted average value of £1.73 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 £28m (market value £41m) 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 15 Stocks
Group Company
2004 2003 2004 2003
£m £m £m £m
Goods held for resale 1,196 1,122
Development property 3 18
1,199 1,140
Property disposed of included £5m (2003  nil) of capitalised interest. Accumulated capitalised interest at 28 February 2004 was
nil (2003  £5m).
NOTE 16 Debtors
Group Company
2004 2003 2004 2003
£m £m £m £m
Amounts owed by Group undertakings 1,260 776
Prepayments and accrued income 49 48 5
Other debtors 671 507 258 128
Amounts owed by undertakings in which
Group companies have a participating interest 120 107 106 103
840 662 1,624 1,012
Of the amounts owed by undertakings in which Group companies have a participating interest, £109m (2003  £107m) is due
after more than one year. Included in other debtors are amounts of £38m (2003  £17m) due after more than one year.
NOTE 17 Investments
Group Company
2004 2003 2004 2003
£m £m £m £m
Money market deposits 430 239 99