Notes to the Company Financial Statements (forming part of the Financial Statements)
34 Accounting Policies Te following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Financial Statements.
Basis of Preparation Te financial year was the 52 weeks ended 28 June 2014 (prior financial year 52 weeks ended 29 June 2013). Te Financial Statements for the Company have been prepared in accordance with applicable accounting standards, and under the historical cost accounting rules and in accordance with applicable United Kingdom Generally Accepted Accounting Principles (UK GAAP) and law.
Under section 408 of the Companies Act 2006 the Company is exempt from the requirement to present its own Profit and Loss Account. Te profit or loss for the year is set out in the Reconciliation of Movements in Shareholders’ Funds.
Under Financial Reporting Standard 1 the Company is exempt from the requirement to prepare a cash flow statement on the grounds that it is included within the consolidated accounts.
Te accounting policies of the Company are the same as for the Group except for the following:
Investments Investments are stated at cost less provision for any permanent diminution in value.
Taxation Te credit for taxation is based on the loss for the year and takes into account taxation deferred because of temporary differences between the treatment of certain items for taxation and accounting purposes.
Deferred tax is recognised, without discounting, in respect of all temporary differences between the treatment of certain items for taxation and accounting purposes which have arisen but not reversed by the balance sheet date, except as otherwise required by FRS 19.
35 Remuneration of Directors Details of Directors’ remuneration are set out in Note 7 of the Group’s Financial Statements. 36 Staff Numbers and Costs Te average number of persons employed by the Company (including Directors) during the year, analysed by category, was as follows:
Number of Employees 2014
Directors and administrative staff Te aggregate payroll costs of these persons were as follows:
2014 £000
Wages and salaries Social security costs Other pension costs
37 Employee Share Schemes
No share options were granted during the year to 28 June 2014 under the ShareSave scheme, (2013: nil). Details of Directors share options are set out in Note 7 of the Group’s Financial Statements. 38 Share Based Payments
As set out in Note 27 to the Group Financial Statements, 251,034 (2013: 250,000) of the total 302,758 (2013: 250,000) share options granted during the year were issued to employees of the Company resulting in a charge to the Company profit and loss account of £3,000 (£85,000). Te remaining options were granted to employees of the subsidiary companies with corresponding charges to the relevant profit and loss accounts. Credits relating to options exercised, cancelled or lapsed after vesting have also been passed to the subsidiaries during the year. Te credit totalled £136,000 (2013: debit £27,000) and has resulted in a reduction (2013: increase) in the total cost of investments in the Company balance sheet.
2,669 343 145
3,157
2013 £000
2,595 338 179
3,112 35 2013 36
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