Marks and Spencer 2009 Annual Report Download - page 104

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Marks and Spencer Group plc Annual report and financial statements 2009 Financial statements
Notes to the financial statements
continued
100
16 Investment in joint ventures
2009
£m
2008
£m
At start of year 9.6 9.3
Investment in new joint venture 4.4 –
Share of (loss)/profit (0.2) 0.3
At end of year 13.8 9.6
The joint ventures represent a 50% equity interest in Hedge End Park Limited, a property investment company incorporated in Great Britain,
and a 50% equity interest in Lima (Bradford) S.a.r.l, a property investment company incorporated in Luxembourg, acquired during the year.
The partner in the Hedge End Park Limited joint venture is J Sainsbury plc and the partner in the Lima (Bradford) S.a.r.l joint venture is
ProLogis UK Holdings S.A.
In relation to the Group’s interest in joint ventures, the assets and liabilities are shown below:
2009
£m
2008
£m
Non-current assets 4.9 2.7
Current assets 9.1 7.2
Current liabilities (0.2) (0.3)
Net assets 13.8 9.6
17 Other financial assets
2009
£m
2008
£m
Non-current
Unlisted investments 3.0 3.0
Current
Listed UK securities 47.1 43.5
Unlisted investments 6.0 5.3
53.1 48.8
Other financial assets are measured at fair value with changes in their value taken to the income statement.
18 Trade and other receivables
2009
£m
2008
£m
Non-current
Other receivables 27.1 13.5
Prepaid pension contributions 60.7 124.0
Prepaid leasehold premiums 247.6 270.1
Other prepayments and accrued income 1.4 2.4
336.8 410.0
Current
Trade receivables 87.7 87.9
Less: Provision for impairment of receivables (4.2) (3.3)
Trade receivables – net 83.5 84.6
Other receivables 37.0 32.9
Prepaid pension contributions 65.7 76.0
Prepaid leasehold premiums 10.6 10.9
Other prepayments and accrued income 88.4 103.2
285.2 307.6
Trade receivables that were past due but not impaired amounted to £9.9m (last year £12.6m) and are mainly sterling denominated.
19 Cash and cash equivalents
Cash and cash equivalents includes short-term deposits with banks and other financial institutions, with an initial maturity of three months or
less and credit card payment received within 48 hours. The carrying amount of these assets approximates their fair value.
The effective interest rate on short-term bank deposits is 0.33% (last year 5.4%); these deposits have an average maturity of three days (last
year 26 days).