Punch Taverns plc 2011 Annual Report

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74 Punch Taverns plc Annual Report and Financial Statements 2011 Notes to the financial statements continued for the 52 weeks ended 21 August 2011 15 Investments in subsidiary undertakings and joint ventures Total Company £m At 22 August 2009 1,334.8 Additions 3.2 Impairment (2.2) At 21 August 2010 1,335.8 Additions 5.0 At 20 August 2011 1,340.8 During the period, the Company made a capital contribution of £5.0m (August 2010: £3.2m) to its immediate subsidiary undertaking, Punch Taverns (PGE) Limited. During the prior period, an impairment of £2.2m was recognised on the Company’s investment in Punch (IB) Limited following a group reorganisation to simplify the group structure. Details of the principal subsidiary undertakings and joint ventures at 20 August 2011 are as follows: Name of company Subsidiary undertakings owned directly: Punch Taverns (PGE) Limited Nature of business Holding company Directly or indirectly wholly owned subsidiaries of Punch Taverns (PGE) Limited: Punch Partnerships (PGRP) Limited Pub operating company Punch Partnerships (PTL) Limited Pub operating company Punch Partnerships (PML) Limited Pub operating company Punch Partnerships (PPCS) Limited Intermediate supply company Punch Taverns Finance plc Financing company Punch Taverns Finance B Limited Financing company Punch Taverns (Redwood Jerseyco) Limited Financing company Punch Taverns Investments (A) Limited Financing company Punch Taverns Investments (B) Limited Financing company Punch Taverns (Finco) Limited Financing company Punch Taverns (PRAF) Limited Financing company Punch Taverns (Offices) Limited Property company Avebury Group Limited Management and administration company InnSpired Company Limited Management and administration company Joint ventures: Matthew Clark (Holdings) Limited Intermediate holding company of Matthew Clark The Company owns 100% of the ordinary share capital directly or indirectly and controls 100% of the voting rights of the companies listed above, with the exception of Matthew Clark (Holdings) Limited, of which the Company indirectly owns 50% of the ordinary share capital and exercises joint control. All companies are incorporated in England and Wales other than Punch Taverns Finance B Limited, which is incorporated in the Cayman Islands and Punch Taverns (Redwood Jerseyco) Limited, which is incorporated in Jersey. In addition to those investments listed above, the Group also maintains day-to-day control over Punch Taverns plc General Employee Benefit Trust, a trust set up purely for holding shares related to share-based payment schemes. Although no company in the Group owns any shares either directly or indirectly in Punch Taverns plc General Employee Benefit Trust, the financial statements are also consolidated into the Group financial statements in accordance with SIC 12. Exemption has been taken to exclude subsidiary undertakings whose results or financial position do not principally affect the financial statements from the above disclosure.
Punch Taverns plc Annual Report and Financial Statements 2011 75 16 Trade and other receivables 20 August 2011 £m Group 21 August 2010 £m 20 August 2011 £m Company 21 August 2010 £m Amounts falling due within one year Trade receivables 35.0 39.0 – – Amounts owed by group undertakings – – 2.1 11.2 Prepayments and accrued income 10.8 23.6 1.7 0.1 Tax and social security receivable – – 0.2 – Other receivables 0.9 0.9 – – 46.7 63.5 4.0 11.3 Amounts falling due after more than one year Amounts due from group undertakings – – 973.3 1,252.8 17 Deferred tax The movement on the deferred tax account is as follows: Deferred tax 20 August 2011 £m Group 21 August 2010 £m 20 August 2011 £m Company 21 August 2010 £m Liabilities at beginning of period 10.7 21.2 – – (Credited) / charged to income statement (20.8) 4.3 (10.5) – Credited to equity (8.1) (14.8) – – Demerger of the Spirit business 21.3 – – – Liabilities at end of period 3.1 10.7 (10.5) – Governance Business review The movements in deferred tax assets and liabilities during the period are shown below: Deferred tax assets Group Tax losses £m Retirement benefit liabilities £m Financial instruments £m At 22 August 2009 31.7 16.6 84.1 12.1 144.5 (Charged) / credited to income statement (5.4) (1.5) 1.3 (4.4) (10.0) (Charged) / credited to equity – (8.9) 23.7 – 14.8 At 21 August 2010 26.3 6.2 109.1 7.7 149.3 Credited / (charged) to income statement 46.1 (3.9) (19.3) 2.7 25.6 Credited to equity – 1.0 6.9 0.2 8.1 Demerger of the Spirit business (58.4) (1.4) (22.2) (6.1) (88.1) At 20 August 2011 14.0 1.9 74.5 4.5 94.9 Other £m Total £m Financial statements Company Tax losses £m At 22 August 2009 and 21 August 2010 – Credited to income statement 10.5 At 20 August 2011 10.5
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