Marks and Spencer 2009 Annual Report Download - page 118

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Marks and Spencer Group plc Annual report and financial statements 2009 Financial statements
Company notes to the financial statements
114
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.
Loans from other group undertakings and all other payables are initially recorded at fair value, which is generally the proceeds received.
They are then subsequently carried at amortised cost. The loans are non-interest bearing.
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 £597,000 (last year £822,000). 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 Dividends
2009
per share
2008
per share 2009
£m
2008
£m
Dividends on equity ordinary shares
Paid final dividend 14.2p 12.0p 224.1 203.5
Paid interim dividend 8.3p 8.3p 130.5 140.1
22.5p 20.3p 354.6 343.6
In addition, the directors have proposed a final dividend in respect of the year ended 28 March 2009 of 9.5p per share amounting to a
dividend of £145.9m. It will be paid on 10 July 2009 to shareholders who are on the Register of Members on 29 May 2009. In line with the
requirements of IAS 10 – ‘Events after the Balance Sheet Date’, this dividend has not been recognised within these results.
C5 Investments
A. Investments in Group undertakings
2009
£m
2008
£m
Beginning of the year 9,147.4 9,135.6
Additional investment in subsidiary 11.1 11.8
End of year 9,158.5 9,147.4
Shares in Group undertakings represent the Company’s investment in Marks and Spencer plc.