Brambles 2006 Annual Report - Alle jaarverslagen

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Brambles
2006 Annual Report
DEFERRED TAXATION
In accordance with FRS 19: Deferred Taxation, full provision is made for deferred tax on all timing differences that have originated but
not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right
to pay less tax in the future have occurred at the balance sheet date. These are based on average tax rates that are expected to apply
at the time of the reversal, which will be the rates that have either been enacted, or substantially enacted, by the balance sheet date.
No deferred tax is provided on permanent timing differences.
A net deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it
can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying
timing differences can be deducted. Deferred tax on un-remitted earnings of foreign subsidiaries is only provided if dividends have
been accrued as receivable or there is a binding agreement to distribute past earnings in the future. Deferred tax is measured on an
undiscounted basis.
FOREIGN CURRENCY TRANSLATION
Profit and loss account transactions in foreign currencies are translated into sterling at the exchange rate in operation on the date of
the transaction. Assets and liabilities denominated in foreign currencies are translated into sterling at the closing rate. All revaluation
differences and realised foreign exchange differences are taken to profit and loss.
CASH FLOW STATEMENT
The Company has taken advantage of the exemption permitted by FRS 1 (revised): Cash Flow Statements not to produce a cash flow
statement on the basis that the Company produces consolidated financial statements which are available to the public.
Note 2.
Financial risk management
Refer to Note 17 within the 2006 Consolidated Financial Report.
Note 3.
Profit from ordinary activities
2006
£m
2005
£m
COMPANY STATUTORY PROFIT
As permitted by Section 230 of the Companies Act 1985, the Company’s profit and loss account has not been presented. The results
of the Company included within the Group’s results and dealt with in the financial statements of the Company are set out below.
Profit on ordinary activities after taxation being profit for the period 316.7 87.2
AUDITORS’ REMUNERATION
PricewaterhouseCoopers (PwC) earned the following remuneration from the Company during the year:
Audit and other assurance services:
– Audit or review of financial reports of the Company 0.4 0.2
– Other assurance services 0.2 –
Tax advisory services 0.6 –
Total auditors’ remuneration 1.2 0.2
EMPLOYEES AND DIRECTORS
The Company had no employees during the current or preceding year.
Details of Directors’ remuneration is disclosed on pages 60 to 71 of the Remuneration Report within the 2006 Consolidated
Financial Report.
Note 4.
Dividends
Refer to Note 11 within the 2006 Consolidated Financial Report.