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78 Carphone Warehouse Group plc Annual Report 2011
NOTES TO THE COMPANY FINANCIAL STATEMENTS CONTINUED
6 PROVISIONS
2011
£m
On incorporation –
Transferred from Old Carphone Warehouse 13.5
Charge to the profit and loss account 0.1
Released in the period (0.4)
At 31 March 2011 13.2
Provisions relate principally to warranties provided in relation to the Best Buy Europe Joint Venture Transaction.
7 FINANCIAL INSTRUMENTS
The Company has applied the exemption under FRS 25 ‘Financial Instruments: Presentation’ not to disclose details of
financial instruments held by the Company. Full disclosure of the Group’s financial instruments under FRS 29 (IFRS 7) ‘Financial
Instruments: Disclosures’ and IAS 39 ‘Financial Instruments: Recognition and Measurement’ is provided in note 18 to the
Group’s financial statements.
The Company has provided guarantees to third party suppliers of Virgin Mobile France, alongside the other shareholders of the
business. The Company’s maximum potential exposure on these guarantees is £21.0m.
8 SHARE CAPITAL, RESERVES AND ACCUMULATED PROFITS
2011
million
2011
£m
Allotted, called-up and fully paid ordinary shares of 0.1p each 457.1 0.5
Share capital
£m
Share premium
account
£m
Profit and
loss account
£m
Demerger
reserve
£m
Total
£m
On incorporation –––––
Retained profit for the period – – 176.2 – 176.2
Net cost of share-based payments – – 4.3 – 4.3
Tax on items recognised directly in reserves – – 1.0 – 1.0
Insertion as holding company of
Old Carphone Warehouse Group
– – – 1,741.4 1,741.4
Capitalisation of demerger reserve 1.4 1,740.0 – (1,741.4) –
Demerger of TalkTalk Group (0.9) (986.0) – – (986.9)
At 31 March 2011 0.5 754.0 181.5 – 936.0
The Company became the holding company of the Old Carphone Warehouse Group on 25 March 2010 which created a demerger
reserve. This demerger reserve was converted to share capital and share premium and the demerger of the TalkTalk Group on
26March 2010 resulted in the reduction of these balances.
The proposed dividend for the period ended 31 March 2011 is 5.0p. As this dividend is subject to shareholders’ approval at the
forthcoming annual general meeting it has not been included as a liability in these financial statements. No dividends have been
paid by the Company in the period.
Note 6 of the Group financial statements provides further details on equity settled share-based payments.