Tesco 2015 Annual Report Download - page 143
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Note 2 Auditor remuneration
Fees payable to the Company’s auditor for the audit of the Company and Group financial statements are disclosed in Note 3 in the Group financial statements.
Note 3 Employment costs, including Directors’ remuneration
2015
£m
2014
£m
Wages and salaries*22 21
Social security costs 32
Other pension costs 22
Share-based payment expense 41
31 26
* The wages and salaries expense includes a recharge from Tesco Stores Limited for Board-related functions.
The average number of employees (all Directors of the Company) during the financial year was 10 (2014: 10).
The Schedule 5 requirements of SI 2008/410 for Directors’ remuneration are included within the Directors’ Remuneration Report on pages 46 to 69.
Note 4 Dividends
For details of dividends see Note 8 in the Group financial statements.
Note 5 Investments
Shares
in Group
undertakings
£m
Shares in
joint
ventures
£m
Total
£m
Cost
At 22 February 2014 15,740 16 15,756
Additions 1,111 16 1,127
Disposals (421) (6) (427)
At 28 February 2015 16,430 26 16,456
Impairment
At 22 February 2014 2,065 –2,065
Impairment 887 –887
At 28 February 2015 2,952 –2,952
Net carrying value
At 28 February 2015 13,478 26 13,504
At 22 February 2014 13,675 16 13,691
For a list of the Company’s principal operating subsidiary undertakings and joint ventures see Note 13 in the Group financial statements.
Additions include £792m investments made as part of a restructuring exercise in preperation for the sale of the Chinese operations.
Impairment includes £783m relating to the Group’s disposal of the Chinese operations and subsequent impairment of the resulting China associate.
Refer to Note 3 in the Group financial statements for further details.
Note 6 Debtors
2015
£m
2014
£m
Amounts owed by Group undertakings*12,061 12,378
Amounts owed by joint ventures and associates** 120 127
Other debtors 12 11
Deferred tax asset*** 55 20
12,248 12,536
Amounts owed by Group undertakings are either interest-bearing or non-interest bearing depending on the type and duration of debtor relationship.
* Amounts owed by Group undertakings, £nil (2014: £65m) is due after more than one year.
** Of amounts owed by joint ventures and associates, £112m (2014: £125m) is due after more than one year.
*** The deferred tax asset recognised by the Company, and the movements thereon, during the financial year are as follows:
Financial
instruments
£m
Other timing
differences
£m
Total
£m
At 22 February 2014 20 –20
Charge to the Profit and Loss account for the year (1) 40 39
Movement in reserves for the year (4) –(4)
At 28 February 2015 15 40 55
141Tesco PLC Annual Report and Financial Statements 2015
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