Marks and Spencer 2004 Annual Report Download - page 55

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53
www.marksandspencer.com
30. COMMITMENTS AND CONTINGENT LIABILITIES Group
2004 2003
£m £m
ACommitments in respect of properties in the course of development 74.9 75.8
BMarks and Spencer (Ireland) Limited and its subsidiary Aprell Limited have availed themselves of the exemption
provided for in S17 of the Companies (Amendment) Act 1986 (Ireland) in respect of the documents required to be
annexed to their annual returns.
COther material contracts:
In the event of a material change in the trading arrangements with certain warehouse operators, the Group has a
commitment to purchase fixed assets, at values ranging from historical net book value to market value, which are
currently owned and operated by them on the Group’s behalf.
DCommitments under operating leases:
At 3 April 2004 the Group had annual commitments under operating leases as follows:
2004 2003
Land & Land &
buildings Other buildings Other
£m £m £m £m
Expiring within one year 1.2 0.4 3.5 0.7
Expiring in the second to fifth years inclusive 14.6 3.1 13.5 2.7
Expiring in more than five years 99.7 – 82.3 –
115.5 3.5 99.3 3.4
31. FOREIGN EXCHANGE RATES
The principal foreign exchange rates used in the financial statements are as follows (local currency equivalent of £1):
Weighted average Weighted average
sales rate profit rate Balance sheet rate
2004 2003 2004 2003 2004 2003
Euro 1.44 1.56 1.43 1.56 1.50 1.46
US dollar 1.69 1.55 1.71 1.54 1.85 1.57
Hong Kong dollar 13.23 12.05 13.44 12.01 14.39 12.23
32. RELATED PARTY TRANSACTIONS
There were no material transactions with related parties as defined by FRS 8, ‘Related Party Transactions’.