Marks and Spencer 2004 Annual Report Download - page 52

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50
Marks and Spencer Group plc
Notes to the financial statements continued
25. SHAREHOLDERS’ FUNDS Group
Share capital Share Capital Profit
1
Ordinary Non-equity premium redemption Revaluation Other and loss
shares B shares account reserve reserve reserve account Total
£m £m £m £m £m £m £m £m
At 30 March 2003 as
previously reported 567.5 118.2 23.8 1,886.9 370.6 (6,542.2) 6,613.6 3,038.4
Prior year adjustment (see below) ––––––(930.1) (930.1)
Opening shareholders’
funds as restated 567.5 118.2 23.8 1,886.9 370.6 (6,542.2) 5,683.5 2,108.3
Purchase of own shares (4.6) – – 4.6 – – (54.4) (54.4)
Redemption of B shares – (33.3) – 33.3 – – (33.4) (33.4)
Purchase of own shares held
by employee trusts ––––––(2.2) (2.2)
Shares issued on exercise of
share options 3.4 – 21.4––––24.8
Revaluation of investment properties ––––7.3––7.3
Impairment of previously
revalued properties ––––(20.0) – – (20.0)
Revaluation surplus realised
on disposals ––––(0.5) – 0.5 –
Revaluation element of
depreciation charge ––––(1.0) – 1.0 –
Actuarial gain on post-retirement liability ––––––150.4 150.4
Exchange differences on foreign
currency translation ––––––(15.9) (15.9)
Profit for the period ––––––289.1 289.1
At 3 April 2004 566.3 84.9 45.2 1,924.8 356.4 (6,542.2) 6,018.6 2,454.0
1Included in the profit and loss account reserve is a pension reserve of £469.5m (last year £895.8m) which equates to the net post-retirement liability
under FRS 17 (see note 11).
Cumulative goodwill of £62.0m (last year £62.0m) arising on the acquisition of subsidiaries has been written off against the
profit and loss account reserve. As permitted by FRS 10, this goodwill has not been reinstated in the balance sheet and
remains written off to reserves.
The following adjustments have been made to opening shareholders’ funds as a result of the adoption of FRS 17, FRS 5
Application Note G and UITF 38.
March 2003 March 2002
£m £m
Post-retirement liability (net of deferred tax) 875.5 270.9
Reversal of SSAP 24 pension prepayment 42.7 51.7
Deferred tax on SSAP 24 pension prepayment (12.5) (15.4)
FRS 5 returns provision net of tax 22.6 20.0
Prior year adjustments recognised in the statement
of total recognised gains and losses 928.3 327.2
UITF 38 1.8 1.4
Total prior year adjustments 930.1 328.6
Company
Share capital Share Capital Profit
Ordinary Non-equity premium redemption and loss
shares B shares account reserve account Total
£m £m £m £m £m £m
At 30 March 2003 567.5 118.2 23.8 1,886.9 3,047.8 5,644.2
Purchase of own shares (4.6) – – 4.6 (54.4) (54.4)
Redemption of B shares – (33.3) – 33.3 (33.4) (33.4)
Shares issued on exercise of share options 3.4 – 21.4 – – 24.8
Loss for the period ––––(1.2) (1.2)
At 3 April 2004 566.3 84.9 45.2 1,924.8 2,958.8 5,580.0