Peachtree 2012 Annual Report Download - page 131

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Overview
Performance
Governance
Operating assets and liabilities
2 Fixed asset: investments
Equity interests in subsidiary undertakings are as follows:
£m
Cost
At 1 October 2011 1,449.6
Reduction in year (41.4)
At 30 September 2012 1,408.2
Provision for diminution in value at 30 September 2011 and 2012 –
Net book value
At 30 September 2012 1,408.2
At 30 September 2011 1,449.6
The reduction in the year represents share capital redeemed in an existing subsidiary undertaking. The directors believe that the carrying value of the investments
is supported by their underlying net assets.
Principal trading subsidiary undertakings, included in the Group accounts at 30 September 2012, are shown in note 19 of the Group financial statements.
All of these subsidiary undertakings are wholly owned with the exception of Folhamatic Tecnologia em Sistemas S.A. (“Folhamatic”) which is 75% owned and
IOB Informações Objetivas Publicações Jurídicas Ltda. which is 100% owed by Folhamatic Tecnologia em Sistemas S.A.. All subsidiaries are engaged in the
development, distribution and support of business management software and related products and services for small and medium sized businesses.
3 Cash at bank and in hand
2012
£m
2011
£m
Cash at bank and in hand 0.5 3.5
Short-term bank deposits –118.3
0.5 121.8
There were no short-term bank deposits at 30 September 2012. In the prior year the effective interest rate on short-term deposits was 0.7% and these deposits
had an average maturity of 28 days. The Company’s credit risk on cash and cash equivalents is limited because the counterparties are well established banks
with high credit ratings.
4 Debtors
2012
£m
2011
£m
Amounts owed by Group undertakings 438.3 227.7
Other debtors 0.2 0.1
438.5 227.8
5 Creditors: amounts falling due within one year
2012
£m
2011
£m
Bank loans and overdrafts 2.6 0.8
Amounts owed to Group undertakings 635.5 749.2
Other creditors 60.0 50.0
Accruals and deferred income 5.2 2.9
703.3 802.9
Other creditors relate to outstanding liabilities of £60.0m (2011: £50.0m) arising under an irrevocable close period buyback agreement for the purchase of the
Company’s own shares. Further details are given in note 8.2.
6 Operating lease commitments
The Company had no operating lease commitments during the year (2011: £nil).
7 Capital commitments and contingent liabilities
The Company had no capital commitments or contingent liabilities at 30 September 2012 (2011: none).
Financial statements
129
The Sage Group plc | Annual Report & Accounts 2012