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112 Financial Statements
Notes to the Financial Statements
Continued
b) Group year-end balances arising from sales/purchases of goods and services to/from Joint Ventures and loans provided
to Joint Ventures
Group
2008 2007
£m £m
Receivables from Joint Ventures 9.7 15.8
Receivables from Joint Ventures are shown net of contract-related provisions of £22.6m (2007: £nil) which was previously held within
amounts recoverable on contracts.
Group
2008 2007
£m £m
Payables to Joint Ventures – 19.6
c) Company sales/purchases of goods and services to/from subsidiaries
The Company did not sell any goods or services to subsidiaries during the year (2007: £nil). The Company did not purchase any goods
or services from its subsidiaries during the year (2007: £nil).
d) Company year-end balances with subsidiaries
Company
2008 2007
£m £m
Receivables from subsidiaries 8.4 8.5
Payables to subsidiaries 23.8 –
Provision of goods and services to and purchases of goods and services from related parties were made at the rates charged to external
customers. The amounts outstanding are unsecured and will be settled in cash. No guarantees have been given or received. No provision
has been made for doubtful debts in respect of amounts owed by related parties and £nil charged to income and expense (2007: £nil).
Receivable from subsidiaries are shown net of impairment of £121.0m (2007: £nil).
e) Key management compensation
Key management comprises the executive and non-executive directors, and certain senior managers who are members of the
Group Executive.
Group
2008 2007
£m £m
Salaries and other short-term employment benefits 4.9 4.0
Post-employment benefits 0.3 0.3
Termination benefits – 0.2
Share-based payments 1.0 1.0
6.2 5.5
40. Events after the balance sheet date
On 1 April 2008 the Group disposed of its holding in Modern Housing Solutions (Prime) Limited receiving cash of £3.9m and generating
a profit on disposal of £2.5m.
WS Atkins plc Annual Report 2008