Carphone Warehouse 2007 Annual Report Download - page 75

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www.cpwplc.com
11 Reserves
Share Share Profit and loss
capital premium account Total
£’000 £’000 £’000 £’000
At 1 April 2006 as restated 888 418,359 187,619 606,866
Retained profit for the financial period – – 59,235 59,235
Change in fair value of fixed asset investments – – 4,234 4,234
Issue of share capital 8 8,446 – 8,454
Net cost of share-based payments – – 10,410 10,410
At 31 March 2007 896 426,805 261,498 689,199
Share Share Profit and loss
capital premium account Total
£’000 £’000 £’000 £’000
At 3 April 2005 as previously stated 877 402,136 (46,520) 356,493
Adoption of UITF44 (see below) – – 1,828 1,828
At 3 April 2005 as restated 877 402,136 (44,692) 358,321
Retained profit for the financial period – – 216,816 216,816
Change in fair value of fixed asset investments – – 4,830 4,830
Issue of share capital 11 16,223 – 16,234
Net cost of share-based payments (restated) – – 10,665 10,665
At 1 April 2006 as restated 888 418,359 187,619 606,866
As explained in note 1, the Company adopted UITF44 in the period and has restated shareholders’ funds at 3 April 2005 and 1 April 2006 to reflect this. The effect
of the adjustment is to recognise a cumulative increase in reserves of £1.8m at 3 April 2005 and £9.3m at 1 April 2006 with a corresponding increase to fixed
asset investments to reflect the net cost of share-based payments awarded to employees of subsidiary undertakings in both periods.
Included in the financial profit for the Company for the period is a share-based payment charge of £4.5m (2006 – £3.2m) representing the cost of share-based
payments granted to Group employees whose costs are borne by the Company.
The only direct employees of the Company are the Directors detailed on page 21; details of their share options are shown in the Remuneration Report
on pages 25 to 30.
12 Reconciliation of movements in shareholders’ funds
Restated
(see note 11)
2007 2006
£’000 £’000
Profit for the financial period 83,420 234,259
Equity dividends (24,185) (17,443)
59,235 216,816
Change in fair value of fixed asset investments 4,234 4,830
Issue of share capital 8,454 16,234
Net cost of share-based payments 10,410 10,665
Net movement in shareholders’ funds 82,333 248,545
Opening shareholders’ funds as previously stated 597,572 356,493
Adoption of UITF44 (see note 11) 9,294 1,828
Opening shareholders’ funds as restated 606,866 358,321
Closing shareholders’ funds 689,199 606,866
13 Related party transactions
The Company has taken advantage of the exemption under FRS8 ‘Related Party Disclosures’ not to provide details of related party transactions with other Group
companies, as the Company financial statements are presented together with the consolidated Group financial statements.
71
Financial Statements