Annual report and accounts - Cattles Limited

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60 Cattles plc Annual Report and Financial Statements 2004 Notes to the Accounts 15 Stocks 2004 2003 Group £’000 £’000 Motor vehicles for resale 2,500 2,987 Retail goods – 412 2,500 3,399 16 Debtors Group Company 2004 2003 2004 2003 £’000 £’000 £’000 £’000 Trade debtors 8,988 10,655 – – Amounts owed by group undertakings – – 1,599,874 1,260,272 Other debtors 300 265 268 54 Prepayments and accrued income (i) (ii) 23,515 17,364 6,957 5,664 (i) Includes a SSAP 24 pension costs prepayment of £0.2 million (2003: £0.1 million) – note 8. 32,803 28,284 1,607,099 1,265,990 (ii) Includes prepayments of £4.2 million (2003: £3.1 million) which are due after more than one year. 17 Current asset investments 2004 2003 Group £’000 £’000 Debt and other fixed income securities – 48,911 Fixed interest bank deposits and other money market instruments 74,986 12,281 74,986 61,192 At 31 December 2004, the managed fund investments held by Progressive Insurance Company Limited amounted to £75.0 million (2003: £61.2 million). The Regulators and the Trust Deed of this company require £44.5 million (2003: £36.1 million) of these investments to be retained within the company. These monies, which are invested in bank deposits and held for potential future claims payments, cannot be applied to finance other parts of the group or to repay group borrowings. 18 Creditors Group Company 2004 2003 2004 2003 £’000 £’000 £’000 £’000 Amounts falling due within one year: Bank borrowings (note 19) 5,643 224,786 5,640 224,720 Debenture loans and other borrowings (notes 18(i) and 19) 2,644 – 2,000 – Obligations under finance leases and hire purchase contracts (note 19) 3,296 3,436 172 122 Trade creditors 25,825 30,059 237 309 Amounts owed to group undertakings – – 156,821 102,030 Corporation tax 50,798 31,654 – – Other taxes and social security 5,125 4,935 265 204 Employee benefit trust 1,049 923 1,049 923 Other creditors 8,624 4,819 2,494 2,644 Accruals 97,679 62,683 32,909 8,705 Dividends payable 30,942 26,606 30,942 26,606 231,625 389,901 232,529 366,263
Cattles plc Annual Report and Financial Statements 2004 61 18 Creditors continued Group Company 2004 2003 2004 2003 £’000 £’000 £’000 £’000 Amounts falling due after more than one year: Bank borrowings (note 19) 584,000 174,000 584,000 174,000 Debenture loans and other borrowings (notes 18(i) and 19) 622,404 618,967 617,790 618,967 Obligations under finance leases and hire purchase contracts (note 19) 2,405 2,225 228 195 Other taxes and social security 199 159 199 159 Employee benefit trust 1,523 1,263 1,523 1,263 Deferred purchase consideration 594 2,803 594 2,803 Accruals 23 62 23 28 1,211,148 799,479 1,204,357 797,415 Other than as disclosed in the maturity profile of financial liabilities within note 19, amounts falling due after more than one year have maturity dates of less than five years. (i) Debenture loans and other borrowings comprise: (a) A fixed rate 8.625% Eurosterling Bond which has a par value of £125 million but was issued at a 1.14% discount, realising net proceeds of £123.6 million. The total cost for accrued finance charges of £1.4 million is being charged to the profit and loss account over the eight year term of the Bond. The Bond is shown in the balance sheet at the discounted issue value plus accrued finance charges as at 31 December 2004. The Bond is redeemable at par in December 2007. (b) A fixed rate 6.875% Sterling Bond which has a par value of £350 million but was issued at a 0.227% discount, realising proceeds of £347.6 million, net of issue costs. The total cost for accrued finance charges of £0.8 million and issue costs of £1.6 million is being charged to the profit and loss account over the ten year term of the Bond. The Bond is shown in the balance sheet at the net issue value plus accrued finance charges and issue costs as at 31 December 2004. The Bond is redeemable at par in January 2014. (c) A US Private Placing which raised $40 million 7.15% unsecured notes redeemable at par in December 2008, $70 million 7.53% unsecured notes redeemable at par in December 2011, £30 million 7.64% unsecured notes redeemable at par in December 2011 and £40 million 7.80% unsecured notes redeemable at par in December 2016. (d) (e) £2.0 million 4% unsecured loan notes of which £0.5 million are redeemable at par on 1 June 2005 and £1.5 million are redeemable at par on 16 October 2005. A fixed rate 6.39% £5.5 million loan repayable in quarterly instalments by September 2011. The capital outstanding at 31 December 2004 amounts to £5.3 million. 19 Financial instruments The group’s borrowings are denominated in Sterling, Euros and US dollars. The group’s policies regarding the use of financial instruments to manage and reduce the impact of interest rate and foreign currency movements are set out in the Report of the Directors on page 21 and the accounting policies note on page 49. The committed bank facilities available to the group at 31 December 2004 were: Total Undrawn facility facility Type Maturity period Established £’000 £’000 Overdraft Renewable annually 13,250 7,607 Syndicate July 2006 2001 100,000 45,000 Syndicate July 2006 2003 154,000 – Syndicate July 2008 2003 139,000 80,000 Syndicate July 2009 2004 500,000 209,000 Bilateral May 2010 2004 50,000 25,000 956,250 366,607 Utilisation from each syndicated facility is by money market renewable term loans or acceptances which are rolled over in one year or less.
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