Tesco 2007 Annual Report Download - page 105

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103
Note 2 Auditor remuneration
2007 2006
£m £m
Fees payable to the Company’s auditor for the audit of the Parent Company and consolidated annual accounts 0.6 0.4
Note 3 Employment costs
2007 2006
£m £m
Wages and salaries 13 10
Social security costs 10 8
Pension costs 12
Share-based payment expense – equity settled 19 15
43 35
The average number of employees (all Directors of the Company) during the year was: 15 (2006 – 15).
The Schedule VI requirements for Directors’ Remuneration are included within the Directors’ Remuneration Report
on pages 27 to 40.
Note 4 Dividends
For details of equity dividends see note 8 in the consolidated Group financial statements.
Note 5 Fixed asset investments
Shares in Group Shares in
undertakings joint ventures Total
£m £m £m
As at 25 February 2006 7,220 162 7,382
Additions 1,032 – 1,032
Disposals (41) – (41)
As at 24 February 2007 8,211 162 8,373
For a list of the Company’s principal operating subsidiary undertakings and joint ventures see note 13 in the Group financial
statements.
Note 6 Debtors
2007 2006
£m £m
Amounts owed by Group undertakings 5,337 4,710
Amounts owed by joint ventures and associates (a) 135 97
Other debtors 13 20
Deferred tax asset (b) 29 30
To t a l 5,514 4,857
(a) The amounts due from joint ventures and associates of £135m (2006 – £97m) are due after more than one year.
PARENT COMPANY
FINANCIAL STATEMENTS
Taxation
Corporation tax payable is provided on the taxable profit for
the year, using tax rates enacted or substantively enacted by the
Balance Sheet date.
Deferred tax is recognised in respect of all timing differences
that have originated but not reversed at the Balance Sheet
date and would give rise to an obligation to pay more or less
taxation in the future.
Deferred tax assets are recognised to the extent that they are
recoverable. They are regarded as recoverable to the extent that
on the basis of all available evidence, it is regarded as more
likely than not that there will be suitable taxable profits from
which the future reversal of the underlying timing differences
can be deducted.
Deferred tax is measured on a non-discounted basis at the tax
rates that are expected to apply in the periods in which the
timing differences reverse, based on tax rates and laws that
have been substantively enacted by the Balance Sheet date.
Note 1 Accounting policies continued