Cosalt plc Annual report & financial statements 2008
Cosalt plc Annual report & financial statements 2008
Cosalt plc Annual report & financial statements 2008
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
Financial <strong>statements</strong><br />
Notes to the Company <strong>financial</strong> <strong>statements</strong><br />
continued<br />
44. Contingent liabilities<br />
84 <strong>Cosalt</strong> <strong>plc</strong> <strong>Annual</strong> <strong>report</strong> & <strong>financial</strong> <strong>statements</strong> <strong>2008</strong><br />
Notes to the Company <strong>financial</strong> <strong>statements</strong><br />
<strong>2008</strong> 2007<br />
£000 £000<br />
(a) Under guarantee of overdrafts and loans of subsidiary undertakings 21 9,680<br />
(b) Deferred interest under a debenture held by a subsidiary undertaking 2,267 2,200<br />
(c) <strong>Cosalt</strong> <strong>plc</strong> has also guaranteed leasing and other arrangements<br />
of subsidiary undertakings in the ordinary course of business<br />
45. Leasing obligations<br />
(a) Future commitments due under finance leases are:<br />
<strong>2008</strong> 2007<br />
£000 £000<br />
Within one year 20 8<br />
Between two and five years 16 –<br />
36 8<br />
Less: future finance charges – –<br />
Shown in creditors as:<br />
36 8<br />
Amounts falling due within one year 20 8<br />
Amounts falling due after more than one year 16 –<br />
36 8<br />
(b) <strong>Annual</strong> commitments due under non-cancellable operating leases are:<br />
<strong>2008</strong> 2007<br />
£000 £000<br />
(i) Land and buildings:<br />
Leases which expire within one year 32 17<br />
Between two and five years 543 275<br />
In five years or more 16 210<br />
591 502<br />
(ii) Plant:<br />
Leases which expire within one year 5 –<br />
Between two and five years 5 9<br />
10 9<br />
The majority of leases of land and buildings are subject to rent reviews.<br />
46. Pension scheme<br />
The Company is a member of the Group’s pension scheme, details of which are given in note 27.<br />
It is not practical for the Company to identify its share of the scheme assets and liabilities on a consistent and reasonable basis.<br />
Accordingly as permitted by FRS 17, ‘Retirement benefits’, the Scheme has been accounted for in these Company <strong>financial</strong><br />
<strong>statements</strong> as if the Scheme was a defined contribution scheme.<br />
The latest full actuarial valuation was carried out as at December 2006 and was updated for FRS 17 purposes to 26 October <strong>2008</strong><br />
by a qualified independent actuary. Certain Employees are Members of a Company defined contribution scheme which invests<br />
funds in which the contributions for each individual member are separately identifiable and the benefits calculated accordingly.
Change language