Cosalt plc Annual report & financial statements 2008

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Financial statements Notes to the Company financial statements continued 44. Contingent liabilities 84 Cosalt plc Annual report & financial statements 2008 Notes to the Company financial statements 2008 2007 £000 £000 (a) Under guarantee of overdrafts and loans of subsidiary undertakings 21 9,680 (b) Deferred interest under a debenture held by a subsidiary undertaking 2,267 2,200 (c) Cosalt plc has also guaranteed leasing and other arrangements of subsidiary undertakings in the ordinary course of business 45. Leasing obligations (a) Future commitments due under finance leases are: 2008 2007 £000 £000 Within one year 20 8 Between two and five years 16 – 36 8 Less: future finance charges – – Shown in creditors as: 36 8 Amounts falling due within one year 20 8 Amounts falling due after more than one year 16 – 36 8 (b) Annual commitments due under non-cancellable operating leases are: 2008 2007 £000 £000 (i) Land and buildings: Leases which expire within one year 32 17 Between two and five years 543 275 In five years or more 16 210 591 502 (ii) Plant: Leases which expire within one year 5 – Between two and five years 5 9 10 9 The majority of leases of land and buildings are subject to rent reviews. 46. Pension scheme The Company is a member of the Group’s pension scheme, details of which are given in note 27. It is not practical for the Company to identify its share of the scheme assets and liabilities on a consistent and reasonable basis. Accordingly as permitted by FRS 17, ‘Retirement benefits’, the Scheme has been accounted for in these Company financial statements as if the Scheme was a defined contribution scheme. The latest full actuarial valuation was carried out as at December 2006 and was updated for FRS 17 purposes to 26 October 2008 by a qualified independent actuary. Certain Employees are Members of a Company defined contribution scheme which invests funds in which the contributions for each individual member are separately identifiable and the benefits calculated accordingly.
Company Information Advisers and financial calendar Advisers Registered office Fish Dock Road Grimsby DN31 3NW Auditors KPMG Audit Plc Chartered Accountants 1 The Embankment Neville Street Leeds LS1 4DW Joint bankers Royal Bank of Scotland plc 6th Floor Cumberland Place Nottingham NG1 7ZS HSBC Bank plc 2nd Floor, 4 Hardman Square Spinningfields Manchester M3 3EB Acknowledgements Cosalt would like to thank all those who participated in producing this report, particularly the members of staff for their contributions. Main photography by Charlie Fawell Designed and produced by The College www.thecollege.uk.com Printed in the UK by Empress Litho Corporate advisers Noble Grossart Limited 48 Queen Street Edinburgh EH2 3NR Registrars Computershare Services plc PO Box 82 The Pavilions Bridgwater Road Bristol BS99 7NH Solicitors Pinsent Masons 1 Park Row Leeds LS1 5AB Wilkin Chapman New Oxford House Town Hall Square Grimsby DN31 1HE Brokers Singer Capital Markets Ltd One Hanover Street London W1S 1AX Financial calendar 2009 January Half-year’s dividend on 7.50% Cumulative Preference Shares February Preliminary announcement of 2008 results February Publication of Annual Report for 2008 April Annual General Meeting (provisional)
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