Notes to the consolidated financial statements (continued) 150 John Lewis Partnership plc Annual Report and Accounts 2016


12 Borrowings


Borrowings primarily consist of Cumulative Preference Stock and Share Incentive Plan shares, which are allocated to Partners who are entitled to a dividend.


Borrowings


Non-current: 5% Cumulative Preference Stock 7½% Cumulative Preference Stock Share Incentive Plan shares


2016 £m


(3.7) (0.5)


(104.2) (108.4)


13 Trade and other payables Trade and other payables include amounts we owe in respect of preference and BonusSave dividends, and to HMRC in the form of taxes.


Trade and other payables Other payables


2016 £m


(2.2) All of the Company’s trade and other payables are current. The carrying amount of trade and other payables approximates to fair value.


14 Share capital Share capital consists of ordinary shares and is measured as the number of shares issued and fully paid multiplied by their nominal value.


2016 Share capital


Equity Deferred Ordinary Shares 612,000 of £1 each


Authorised £m


Issued and fully paid £m


Authorised £m


2015


Issued and fully paid £m


2015 £m


(1.6)


2015 £m


(3.7) (0.5)


(104.2) (108.4)


0.6


0.6


The Deferred Ordinary Shares rank in all respects as equity shares except that each share has 1,000 votes in a vote taken on a poll. The Deferred Ordinary Shares are held by John Lewis Partnership Trust Limited, with whom ultimate control rests.


0.6


0.6


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