Travelex Holdings Limited Annual report & consolidated financial ...

Recommendations

Info

40 Travelex Holdings Limited Notes to the financial statements continued for the year ended 31 December 2001 The tax for the year is lower (2000: higher) than the standard rate of corporation tax in the UK (30%). The differences are explained below: Profit on ordinary activities before tax 21,605 2001 £’000 Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 30% Effects of: 6,482 Adjustment to tax in respect of prior period 337 Adjustment in respect of foreign tax rates (4,692) Expenses not deductible for tax purposes 1,379 8 Profits of holding company Of the profit for the financial year, a profit of £6.4 million (2000: nil) is dealt with in the accounts of Travelex Holdings Limited. This profit includes interest receivable from subsidiaries of £18.5 million. The directors have taken advantage of the exemption available under Section 230 of the Companies Act 1985 and not presented a profit and loss account for the company alone. 9 Dividends 3,506 2001 2000 £’000 £’000 Equity – ‘A’ Ordinary shares Final paid for 2000 4 – Interim paid 29 – 10 Security charged over assets 33 – The Group has given fixed and floating charges over predominantly all of their assets in relation to various facilities provided by the Group’s bankers, in the normal course of business.
Notes to the financial statements continued for the year ended 31 December 2001 11 Intangible fixed assets 41 Travelex Holdings Limited Group Goodwill £’000 Cost At 1 January 2001 73,684 Additions (note 26) 351,515 Increase of existing goodwill 250 Exchange adjustments 155 At 31 December 2001 425,604 Aggregate amortisation At 1 January 2001 (5,299) Charge for the year (18,460) Exchange adjustments (15) At 31 December 2001 (23,774) Net book amount at 31 December 2001 401,830 Net book amount at 31 December 2000 68,385 Goodwill arising on the acquisition of subsidiaries and businesses is amortised on a straight-line basis over the periods detailed below. These periods are those in which the directors estimate the values of the underlying businesses acquired are expected to exceed the value of the underlying assets. Thomas Cook Global and Financial Services Group 20 years Travellers Exchange Corporation Limited 20 years Travelex Group Investments Limited 20 years Transpay division of Barclays Bank plc 10 years
Page 1 and 2: Travelex Holdings Limited Annual re
Page 3 and 4: Directors’ report continued for t
Page 5 and 6: Independent auditors’ report to t
Page 7 and 8: 29 Travelex Holdings Limited Statem
Page 9 and 10: Consolidated cash flow statement fo
Page 11 and 12: Notes to the financial statements c
Page 17: Notes to the financial statements c
Page 40: Travelex offices worldwide Group He

Travelex Holdings Limited Annual report & consolidated financial ...

Create successful ePaper yourself

Delete template?

Save as template?