To: Mr Phillip Rhoden Esq Clubfinance Ltd P.O. Box 1036 Hemel ...

(3b) any variation since the
date of the relevant
balance sheet of the
companies comprising the
Group;
(4) excluding (so far as not already
excluded):
(4a) amounts attributable to
the proportion of the
issued equity share capital
of any subsidiary
undertaking which is not
attributable, directly or
indirectly, to the
Company;
(4b) any sum set aside for
taxation (other than
deferred taxation);
(5) deducting:
(5a)
sums equivalent to the
book values of goodwill
and other intangible assets
shown in the relevant
balance sheet; and
(5b) the amount of any
distribution declared,
recommended or made
by any Group company to
a person other than a
Group company out of
profits accrued up to and
including the date of (and
not provided for in) the
relevant balance sheet;
‘‘cash deposited’’ means an amount
equal to the aggregate of the amounts
beneficially owned by Group
companies which are deposited for
the time being with any bank or other
person (not being a Group company)
and which are repayable to any Group
company on demand or within three
months of such demand, subject, in
the case of amounts deposited by a
partly-owned subsidiary undertaking,
to the exclusion of a proportion
thereof equal to the proportion of its
issued equity share capital which is not
attributable, directly or indirectly, to
the Company;
‘‘monies borrowed’’ include not only
monies borrowed but also the
following except in so far as otherwise
taken into account:
(1) the nominal amount of any issued
share capital and the principal amount
of any debenture or borrowings of
any person, the beneficial interest in
which or right to repayment to which
is not for the time being owned by a
Group company but the payment or
repayment of which is the subject of a
guarantee or indemnity by a Group
company or is secured on the assets
of a Group company;
(2) the principal amount raised by any
Group company by acceptances or
under any acceptance credit opened
on its behalf by any bank or
acceptance house (not being a Group
company) other than acceptances and
acceptance credits relating to the
purchase of goods or services in the
ordinary course of trading and
outstanding for six months or less;
(3) the principal amount of any debenture
(whether secured or unsecured) of
any Group company owned otherwise
than by a Group company;
(4) the principal amount of any
preference share capital of any
subsidiary undertaking owned
otherwise than by a Group company;
(5) any fixed or minimum premium
payable on final repayment of any
borrowing or deemed borrowing (but
any premium payable on final
repayment of an amount not to be
taken into account as monies
borrowed shall not be taken into
account); and
(6) any fixed amount in respect of a
hire-purchase agreement or of a
finance lease payable in either case by
a Group company which would be
shown at the material time as an
obligation in a balance sheet prepared
in accordance with the accounting
principles used in the preparation of
the relevant balance sheet (and for
the purpose of this sub-paragraph (6)
‘‘finance lease’’ means a contract
between a lessor and a Group
company as lessee or sub-lessee
where substantially all the risks and
rewards of the ownership of the asset
leased or sub-leased are to be borne
by that company and ‘‘hire-purchase
agreement’’ means a contract of
hire-purchase between a hire-purchase
36