BT 2002 Annual Report Download - page 127

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36. Financial instruments and risk management continued
The rates of the variable rate portion of the swaps are based on quoted rates. In calculating the average variable rates, the
latest rates agreed with the counterparty on each swap have been used. Changes in interest rates will affect the variable
rate information disclosed above.
Unused committed lines of credit
Unused committed lines of credit for short-term ®nancing available at 31 March 2002 totalled approximately £2,100 million
(2001 ± £16,750 million), which was in support of a commercial paper programme or other borrowings. These lines of
credit are available for up to one year.
37. Company balance sheet
2002
£m
2001
a
£m
Fixed assets
Investment in subsidiary undertaking
b
9,971 ±
Total ®xed assets 9,971 ±
Current assets
Debtors
c
174 ±
Investments
d
1±
Cash at bank and in hand ±±
Total current assets 175 ±
Creditors: amounts falling due within one year
e
173 ±
Net current assets 2±
Total assets less current liabilities 9,973 ±
Capital and reserves
Called up share capital
f
434 ±
Share premium account
f
2±
Pro®t and loss account
f
9,537 ±
Total equity shareholders' funds 9,973 ±
The ®nancial statements of the company on pages 126 and 127 were approved by the board of directors on 21 May 2002
and were signed on its behalf by
Sir Christopher Bland Chairman
Ben Verwaayen Chief Executive
Ian Livingston Group Finance Director
a
The company was incorporated on 30 March 2001 and at 31 March 2001 the company balance sheet comprised debtors of £2 and share capital of £2
representing two ordinary shares with a nominal value of £1.
b
During the year ended 31 March 2002, the company acquired BT Group Investments Limited (BTGI) for £9,971 million (see note 1). BTGI is the intermediary
holding company of British Telecommunications plc.
c
Debtors consists of amounts owed by subsidiary undertakings of £173 million and other debtors of £1 million.
d
The company invested in a listed investment, with a book value and market value of £1 million as at 31 March 2002.
e
Creditors consists of dividends payable of £173 million.
f
Capital and reserves are:
Share
capital
i
£m
Share
premium
account
g
£m
Pro®t
and loss
account
£m
Total
£m
Balances on incorporation at 30 March 2001 ± ± ± ±
Balances at 31 March 2001 ± ± ± ±
Issue of shares 9,971 ± ± 9,971
Capital reduction (9,537) ± 9,537 ±
Movement relating to BT's employee share ownership trust ± 2 ± 2
Pro®t for the ®nancial year
h
± ± 173 173
Dividend (2.0p per ordinary share) ± ± (173) (173)
Balance at 31 March 2002 434 2 9,537 9,973
g
The share premium account, representing the premium on allotment of shares is not available for distribution.
h
The pro®t for the ®nancial year, dealt with in the pro®t and loss account of the company and after taking into account dividends from subsidiary undertakings,
was £173 million. As permitted by Section 230 of the Companies Act 1985, no pro®t and loss account of the company is presented.
Notes to the financial statements
126 BT Group Annual Report and Form 20-F 2002