Report & Accounts - JLT

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Reconciliation of Movement in Shareholders’ Fundsfor the year ended 31st December 2005Restated2005 2004£'000 £'000Profit for the year 97,008 33,750Dividends (43,746) (41,350)Movement relating to QUEST (note 28 page 86) 20 32New shares issued 40,257 1,211Net movements in shareholders’ funds 93,539 (6,357)Opening shareholders’ funds 68,898 67,340Prior year adjustment (note a page 109) (32,339) (24,424)Closing shareholders’ funds 130,098 36,559Financial Statements Jardine Lloyd Thompson Group plc Annual Report & Accounts 2005107
Company AccountsAccounting PoliciesBasis of PreparationThe Board has decided that the continued use of UK GAAP at the entity level is a more appropriate method of accounting ratherthan the application of IFRS as required to be used for the preparation of the Group consolidated accountsThese separate entity level accounts have been produced on a going concern basis under the historical cost convention and inaccordance with the Companies Act 1985 and applicable accounting standards.A summary of the principal accounting policies is set out below.108Change in accounting policyThe Company has adopted Financial Reporting Standard 21 “Events after the Balance Sheet Date”. The adoption of FRS21represents a change in accounting policy and the comparative financial information has been restated accordingly. Details of theeffect of these changes is given in note a on page 109.The Company has also adopted the following standards:FRS 23 “The Effects of Changes in Foreign Exchange Rates”FRS 25 “Financial Instruments: Disclosure and Presentation”FRS 26 “Financial Instruments: Measurement”The adoption of FRS 23, FRS 25 and FRS 26 has not resulted in any change in presentation reclassification or remeasurementand accordingly, there is no impact on the profit and loss and balance sheet.Foreign CurrenciesForeign currency transactions are translated into sterling using the exchange rates prevailing at the date of the transaction.Assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheetdate. Exchange differences arising on translation are taken directly to the profit and loss account to the extent that the company isexposed to exchange differences arising on such assets and liabilities.TaxationThe charge for taxation is based on the result for the year at current rates of tax and takes into account deferred tax.Full provision for deferred tax, without discounting, is made for all timing differences that have arisen but not reversed at thebalance sheet date.Jardine Lloyd Thompson Group plc Annual Report & Accounts 2005Consolidated AccountsSeparate consolidated accounts have been prepared and are presented on pages 45 to 103.Subsidiary and associated undertakingsInvestments in subsidiary and associated undertakings are stated in the balance sheet of the Company at cost less any provisionsfor permanent diminution in value.Investment incomeInterest on deposits and interest-bearing investments is credited as it is earned.
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Report & Accounts - JLT

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