Marks and Spencer 2001 Annual Report Download - page 39

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24. Called up share capital The Company
2001 2000
£m £m
Authorised:
3,200,000,000 ordinary shares of 25p each 800.0 800.0
Allotted, called up and fully paid:
2,867,383,731 ordinary shares of 25p each (last year 2,874,587,298) 716.9 718.6
3,415,705 ordinary shares having a nominal value of £0.9m were allotted during the year under the terms of the Company’s share
schemes which are described in note 10. The aggregate consideration received was £7.1m. Contingent rights to the allotment of
shares are also described in note 10.
Of the 3,415,705 ordinary shares referred to above, 3,265,848 ordinary shares were subscribed for by the Marks and Spencer
p.l.c. Qualifying Employee Share Ownership Trust (the ‘QUEST’) at market value of £6.8m. Of these shares, 208,913 were
allocated to employees, including executive directors, in satisfaction of options exercised under the Marks and Spencer United
Kingdom Employees’ Save As You Earn Share Option Scheme. The Company provided £nil (last year £1.1m) to the QUEST for
this purpose. The cost of this contribution was transferred by the Company directly to the profit and loss account reserve (see
note 25). At 31 March 2001, 3,525,198 shares were held by the QUEST (see note 14).
10,619,272 ordinary shares having a nominal value of £2.6m were purchased by the Company for an aggregate consideration
of £20.3m. The nominal value of the cancelled shares has been transferred to the capital redemption reserve (see below).
25. Shareholders’ funds The Group The Company
2001 2000 2001 2000
£m £m £m £m
Called up share capital (see note 24) 716.9 718.6 716.9 718.6
Share premium account:
At 1 April 369.4 358.5 369.4 358.5
Shares issued under the Company’s share schemes 6.2 10.9 6.2 10.9
At 31 March 375.6 369.4 375.6 369.4
Revaluation reserve:
At 1 April 457.9 531.0 458.9 533.2
(Deficit)/surplus on revaluation of investment properties (3.0) 1.8 (3.0) 1.8
Share of joint venture’s movement in revaluation reserve 1.3 1.2 ––
Revaluation deficit/(surplus) realised on disposals 1.3 (74.2) –(74.2)
Revaluation element of depreciation charge (1.9) (1.9) (1.9) (1.9)
At 31 March 455.6 457.9 454.0 458.9
Capital redemption reserve:
At 1 April ––––
Purchase of own shares 2.6 –2.6 –
At 31 March 2.6 –2.6 –
Profit and loss account reserve:
At 1 April 3,359.4 3,276.7 2,983.5 2,886.5
Revaluation element of depreciation charge 1.9 1.9 1.9 1.9
Revaluation (deficit)/surplus realised on disposals (1.3) 74.2 –74.2
Purchase of own shares (20.3) –(20.3) –
Goodwill reinstated in respect of closure of businesses (1.3) 24.4 ––
Amounts deducted in respect of shares issued to the QUEST (see note 24) –(1.1) –(1.1)
Retained (loss)/profit for the year (257.0) 0.1 (281.6) 22.0
Exchange differences on foreign currency translation 13.3 (16.8) ––
At 31 March 3,094.7 3,359.4 2,683.5 2,983.5
Shareholders’ funds at 31 March – all equity 4,645.4 4,905.3 4,232.6 4,530.4
Cumulative goodwill of £430.2m (last year £428.9m) arising on the acquisition of US (last year US and Spanish) subsidiaries has
been written off against the profit and loss account reserve. As permitted by FRS10, this goodwill has not been reinstated in the
balance sheet and remains written off to reserves.
www.marksandspencer.com 39