Marks and Spencer 2008 Annual Report Download - page 96

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94 MARKS AND SPENCER GROUP PLC
Company notes to the financial statements
C1 Accounting policies
The Company’s accounting policies are the same as those set out in note 1 of the Group financial statements, except as
noted below.
Investments in subsidiaries are stated at cost less, where appropriate, provisions for impairment.
C2 Employees
The Company had no employees during the current or prior year. Directors received emoluments in respect of their services to
the Company during the year of £822,000 (last year £751,000). The Company did not operate any pension schemes during the
current or preceding year.
C3 Auditors’ remuneration
Auditors’ remuneration in respect of the Company’s annual audit has been borne by its subsidiary Marks and Spencer plc and
has been disclosed on a consolidated basis in the Company’s consolidated financial statements as required by section 227A
of the Companies Act 1985.
C4 Finance costs
Dividends of £nil (last year £0.2m) were paid in respect of non-equity B shares.
C5 Dividends
2008 2007 2008 2007
per share per share £m £m
Dividends on equity ordinary shares
Paid final dividend 12.0p 9.2p 203.5 154.6
Paid interim dividend 8.3p 6.3p 140.1 106.0
20.3p 15.5p 343.6 260.6
In addition, the directors have proposed a final dividend in respect of the year ended 31 March 2008 of 14.2p per share amounting
to a dividend of £217.9m. It will be paid on 11 July 2008 to shareholders who are on the Register of Members on 30 May 2008.
In line with the requirements of IAS 10 – ‘Events after the Balance Sheet Date’, this dividend has not been recognised within
these results.
C6 Investments
A Investments in Group undertakings
2008 2007
£m £m
Beginning of the year as previously reported 9,046.1 9,046.1
Prior year adjustment (see note C7) 89.5 76.2
Beginning of the year restated 9,135.6 9,122.3
Additional investment in subsidiary 11.8 13.3
End of year 9,147.4 9,135.6
Shares in Group undertakings represent the Company’s investment in Marks and Spencer plc.