National Grid 2004 Annual Report Download - page 33

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19. Share capital
Number Number
of shares of shares
2004 2003 2004 2003
At 31 March millions millions £m £m
Authorised
Ordinary shares of 12⁄15 p each 6,052 6,052 69 69
Allotted and fully paid
Ordinary shares of 12⁄15 p each 3,944 3,944 45 45
Transco plc is a wholly owned subsidiary undertaking of Transco Holdings plc.
20. Reserves
The Group The Company
Profit Profit
Share Capital and loss Share Capital and loss
premium redemption account premium redemption account
account reserve reserve account reserve reserve
£m £m £m £m £m £m
At 31 March 2003 204 1,332 68 204 1,332 71
Retained profit for the year 488 479
At 31 March 2004 204 1,332 556 204 1,332 550
Transco is prohibited from declaring a dividend or other distribution unless it has certified that it is in compliance in all material respects with certain
regulatory obligations, including a requirement to ensure it has sufficient financial resources and facilities to enable it to carry on its business and a
requirement to use all reasonable endeavours to maintain an investment grade credit rating.
The Company has not presented its own profit and loss account as permitted by section 230 of the Companies Act 1985. Of the Group profit after
taxation, £549m (12 months ended 31 March 2003: £312m) is attributable to the Company.
21. Reconciliation of movement in equity shareholders’ funds
12 months 12 months
ended ended
31 Mar 2004 31 Mar 2003
The Group £m £m
Profit for the year 558 307
Dividends (70) (244)
Net increase in equity shareholders’ funds 488 63
Equity shareholders’ funds at the start of the year 1,649 1,586
Equity shareholders’ funds at the end of the year 2,137 1,649
Notes to the Accounts_continued
Annual Report and Accounts 2003/04_Transco plc 31