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National Grid Gas plc Annual Report and Accounts 2010/11 77
14. Called up share capital
Number Number
of shares of shares
2011 2010 2011 2010
millions millions £m £m
A
t 31 March 2010 and 2011 - ordinar
y
shares of 1
2
/
15
p each
A
llotted, called up and fully paid 3,944 3,944 45 45
National Grid Gas plc is a wholly owned subsidiary undertaking of National Grid Gas Holdings Limited.
15. Reserves
Share Cash flow Capital Profit
Premium hedge redemption and loss
Account reserve reserve account
£m £m £m £m
A
t 1 April 2010 204 (44) 1,332 1,933
Profit for the year ---318
Dividends - - - (400)
Net gain recognised directly in reserves - 8 - -
Share-based payments ---8
At 31 March 2011 204 (36) 1,332 1,859
The Company 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 408 of the Companies Act 2006. The Company’s
profit after taxation was £318m (2010: £322m).