Annual Report & Accounts - Countrywide Farmers

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Notes to the Financial Statements (Continued) For the year ended 31 May 2008 16) PROVISIONS FOR LIABILITIES AND CHARGES Members' Retirement Scheme and Deferred tax 2008 2007 2008 2007 Group Group Company Company £000s £000s £000s £000s Members' Retirement Scheme 1,273 1,310 1,273 1,310 Deferred tax - 94 - - At 31 May 2008 1,273 1,404 1,273 1,310 Members' Retirement Scheme Group and Company £000s At 1 June 2007 1,310 Paid in Year (37) At 31 May 2008 1,273 The Members' Retirement Scheme is a closed non-interest bearing fund, made up of 60% of members trading bonuses paid to former Midland Shires Farmers Limited members. Funds are paid to individual members upon request, gross of any tax after they reach the age of 65, or to the estate of deceased members. 17) DEFERRED TAX ASSET Group Group Company Company 2008 2007 2008 2007 £000s £000s £000s £000s Accelerated Capital Allowances 33 (223) 34 (223) Short term timing differences (169) (99) (168) (98) Losses (700) (500) (700) (500) Capital Gains - 916 - - (836) 94 (834) (821) Deferred tax on pension liability (2,144) (1,918) (2,144) (1,918) (2,980) (1,824) (2,978) (2,739) Movement in Deferred Tax Group Total 2008 £000s Deferred tax asset at 1 June 2007 (1,824) Transferred in from Joint Venture 243 Deferred tax credit to the profit and loss account (806) Deferred tax credit to the statement of total recognised gains and losses (593) Deferred tax asset at 31 May 2008 (2,980) In accordance with the provisions of FRS 19 'Deferred Tax', deferred tax assets have been recognised to the extent that it is more likely than not that they are recoverable on the basis of current forecast and uncertainties. The total asset not recognised for the Group and Company is £1,476,000 (2007: £1,831,500) all of which relates to trading losses. In addition to this there is an unprovided deferred tax liability of £918,000 (2007: £983,000) in respect of gains rolled into assets which are not going to be sold in the foreseeable future. Page 35
Notes to the Financial Statements (Continued) For the year ended 31 May 2008 18) SHARE CAPITAL 2008 2007 £000s £000s Authorised 100,000,000 Ordinary shares of 50p each 50,000 50,000 Allotted, called up and fully paid 32,825,267 Ordinary shares of 50p each 16,413 16,413 19) MERGER RESERVE Group Group Company Company 2008 2007 2008 2007 £000s £000s £000s £000s Merger reserve - (7,343) - (7,343) The Merger reserve represents the difference between the nominal value of the share capital issued by Countrywide Farmers plc and the nominal value of the interests transferred to it in the share capital of Midland Shires Farmers Limited of £6,080,568 and in WMF Limited of £2,989,187 consequent to the merger of those entities under the Schemes of Arrangement effected in July 1999 under Section 425, Companies Act 1985. During the year, an internal reorganisation was undertaken which included the commencement of the liquidation of WMF Limited and Midland Shires Farmers Limited. As a result the merger reserve was tranferred to the profit and loss account. 20) REVALUATION RESERVE Group Group Company Company 2008 2007 2008 2007 £000s £000s £000s £000s At 1 June 14,536 20,376 14,536 - Transfer to profit and loss account on disposal - (5,429) - - Arising from transfer from subsidiaries - - - 14,947 Movement on property revlauation - (411) - (411) At 31 May 14,536 14,536 14,536 14,536 21) PROFIT AND LOSS ACCOUNT Group Company £000s £000s At 1 June 2007 6,634 (783) Retained profit for the year 1,563 8,256 Actuarial loss on pension scheme (2,576) (2,576) Movement on deferred tax relating to pension liability 721 721 Impact of tax rate change recognised in reserves (128) (128) Transfer of Merger reserve (7,343) (7,343) At 31 May 2008 (1,129) (1,853) Page 36
Page 1 and 2: Annual Report & Accounts Year Ended
Page 3 and 4: Contents Page Chairman’s Report 1
Page 5 and 6: Chairman’s Report 2008 (Continued
Page 7 and 8: Managing Director’s Review (Conti
Page 9 and 10: Finance Review Balance sheet and Ca
Page 11 and 12: Directors’ Profiles NIGEL HALL (C
Page 13 and 14: Directors’ Report The Directors p
Page 15 and 16: Corporate Governance Statement Coun
Page 17 and 18: Statement of Directors’ Responsib
Page 19 and 20: Consolidated Profit and Loss Accoun
Page 21 and 22: Consolidated Balance Sheet At 31 Ma
Page 23 and 24: Consolidated Cash Flow Statement Fo
Page 25 and 26: Notes to the Financial Statements F
Page 27 and 28: Notes to the Financial Statements (
Page 37: Notes to the Financial Statements (
Page 47 and 48: Countrywide Sites Wrexham Wardle Wh

Annual Report & Accounts - Countrywide Farmers

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