Tesco 2004 Annual Report Download - page 36

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34 TESCO PLC
NOTE 7 Directors emoluments and interests
Details of Directors emoluments and interests are given in the Report of the Directors on Remuneration on pages 13 to 23.
NOTE 8 Net interest payable
2004 2003
£m £m £m £m
Interest receivable and similar income on money market investments and deposits 49 65
Less interest payable on:
Short-term bank loans and overdrafts repayable within Þve years (85) (104)
Finance charges payable on Þnance leases (19) (5)
4% unsecured deep discount loan stock 2006 (a) (11) (10)
4% RPI bonds 2016 (b) (18) (12)
3.322% LPI bonds 2025 (c) (15) (10)
83Ú4% bonds 2003 (17)
6% bonds 2006 (9) (9)
71Ú2% bonds 2007 (25) (24)
6% bonds 2008 (15) (15)
51Ú8% bonds 2009 (18) (18)
65Ú8% bonds 2010 (10) (10)
6% bonds 2029 (12) (12)
51Ú4% Euro bonds 2008 (18) (13)
43Ú4% Euro bonds 2010 (26) (4)
51Ú2% bonds 2033 (11) (2)
51Ú2% bonds 2019 (20) (4)
Other bonds (8) (20)
Interest capitalised 62 62
Share of interest of joint ventures and associates (14) (18)
(272) (245)
(223) (180)
(a) Interest payable on the 4% unsecured deep discount loan stock 2006 includes £6m (2003  £5m) of discount amortisation.
(b) Interest payable on the RPI bond 2016 includes £8m (2003  £2m) of RPI related amortisation.
(c) Interest payable on the LPI bond 2025 includes £6m (2003  £1m) of RPI related amortisation.
NOTE 9 Taxation
2004 2003
(a) Analysis of charge in year £m £m
Current tax:
UK corporation tax at 30.0% (2003  30.0%) 433 382
Prior year items (64) (56)
Overseas taxation 33 8
Share of joint ventures and associates 27 19
429 353
Deferred tax: (note 22)
Origination and reversal of timing differences (i) 29 54
Prior year items 41 10
Share of joint ventures and associates (1) (2)
69 62
Tax on proÞt on ordinary activities 498 415
(i) The total charge for the year of £29m includes a £2m (2003  £2m) debit to Þxed assets.
NOTES TO THE FINANCIAL STATEMENTS CONTINUED