Marks and Spencer 2015 Annual Report Download - page 126

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124
MARKS AND SPENCER GROUP PLC
FINANCIAL STATEMENTS
NOTES TO THE COMPANY FINANCIAL STATEMENTS
C1 ACCOUNTING POLICIES
The Company’s accounting policies are the same as those set out in note 1 of the Group fi nancial statements, except as noted below.
Investments in subsidiaries are stated at cost less, where appropriate, provisions for impairment. The Company grants share-based
payments to the employees of subsidiary companies. Each period the fair value of the employee services received by the subsidiary
as a capital contribution from the Company is refl ec ted as an addition to investments in subsidiaries.
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 and repayable on demand.
The Company’s fi nancial risk is managed as part of the Group’s strategy and policies as discussed in note 21 of the Group fi nancial
statements.
In accordance with the exemption allowed by Section 408(3) of the Companies Act 2006, the Company has not presented its own income
statement or statement of comprehensive income.
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 £960,000 (last year £986,000). The Company did not operate any pension schemes during the current or preceding year.
C3 AUDITOR’S REMUNERATION
Auditor’s 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 fi nancial statements as required by Section 494(4)(a) of the
Companies Act 2006.
C4 DIVIDENDS
2015
per share
2014
per share
2015
£m
2014
£m
Dividends on equity ordinary shares
Paid fi nal dividend 10.8p 10.8p 176.2 173.6
Paid interim dividend 6.4p 6.2p 104.5 100.0
17.2p 17. 0 p 280.7 273.6
In addition, the directors have proposed a fi nal dividend in respect of the year ended 28 March 2015 of 11.6p per share amounting to a
dividend of £191.1m. It will be paid on 10 July 2015 to shareholders who are on the Register of Members on 29 May 2015. In l ine with the
requirements of IAS 10 ‘Events after the Reporting Period’, this dividend has not been recognised within these results.
C5 INVESTMENTS
A . I nves t m e nts in subsidiary undertakings
2015
£m
2014
£m
Beginning of the year 9,217.4 9,207.8
Additional investment in subsidiary undertakings relating to share-based payments 9.0 9.6
End of year 9,226.4 9,217.4
Shares in subsidiary undertakings represent the Company’s investment in Marks and Spencer plc. The directors believe that the carrying
value of the investments is supported by their underlying net assets.
B. Principal subsidiary undertakings
The Company’s principal subsidiary undertakings are set out below. A schedule of interests in all undertakings is fi led with the Annual Return.
Principal activity
Country of incorporation
and operation
Proportion of voting rights
and shares held by:
Company A subsidiary
Marks and Spencer plc Retailing United Kingdom 100% –
Marks and Spencer International Holdings Limited Holding company United Kingdom – 100%
Marks and Spencer (Nederland) BV Holding company The Netherlands – 100%
Marks and Spencer Marinopoulos BV Holding company The Netherlands – 100%
Marks and Spencer Czech Republic a.s. Retailing Czech Republic – 100%
Marks and Spencer (Ireland) Limited Retailing Republic of Ireland – 100%
Marks and Spencer (Asia Pacifi c) Limited Retailing Hong Kong – 100%
Marks and Spencer Simply Foods Limited Retailing United Kingdom – 100%
Marks and Spencer Marinopoulos Greece SA Retailing Greece – 80%
M.S. General Insurance L.P. Financial services Guernsey – 100%
per una Group Limited Procurement United Kingdom – 100%
Marks and Spencer Scottish Limited Partnership Property investment United Kingdom – –1
1. Marks and Spencer plc is the general partner.
The Company has taken advantage of the exemption under Section 410 of the Companies Act 2006 by providing information only
in relation to subsidiary undertakings whose results or fi nancial position, in the opinion of the directors, principally a ected the
fi nancial statements.