Annual Report 2012 - Cadogan

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NOTES ON THE FINANCIAL STATEMENTS 31 DECEMBER 2012 16 Borrowings (continued) (b) other long term Borrowings (continued) £508,672,000 (2011 – £482,672,000) of the total borrowings and overdrafts is subject to fixed rates of interest to maturity, which average 5.90% (2011 – 6.04%). The 6.941% commercial mortgage loan 2025 is secured by fixed charges over specific assets of subsidiary companies. All the interest payments and principal repayments relating to the loan notes issued in US dollars were swapped into sterling at fixed exchange rates. This currency swap has the effect of reducing the effective interest rate on the US dollar loans from the rates shown above to an average effective rate of 5.90% (2011 – 6.04%). This, combined with the fixed interest rates payable on the sterling loans gives an overall effective interest rate across all the series of notes, fixed until maturity, of 5.66% (2011 – 5.82%). The market value of the group’s swap contracts at 31 December 2012 was £54,707,000 (2011 –£79,001,000) less than their book value. 17 Deferred taxation Group 2012 2011 £000 £000 At 1 January 11,698 10,899 Deferred tax charge for the year: Profit and loss account at 31 December (458) 799 11,240 11,698 The liability for deferred taxation comprises the following: Accelerated capital allowances Other timing differences 11,725 12,240 (485) (542) 11,240 11,698 Deferred tax has not been provided on the chargeable gains that have been rolled over. The unprovided deferred tax on rolled over gains is £145,560,000 (2011 – £138,724,000). 38
NOTES ON THE FINANCIAL STATEMENTS 31 DECEMBER 2012 18 share Capital 2012 2011 authorised, allotted, Authorised, allotted, issued and fully paid issued and fully paid number of Number of shares £000 shares £000 Ordinary shares of £1 each 120,000,000 120,000 120,000,000 120,000 19 Reserves Group Revaluation reserve arising on arising on Profit land and investment and loss buildings properties total account £000 £000 £000 £000 At 1 January 2012 9,495 2,157,276 2,166,771 701,343 Profit for the year Dividend declared and paid Surplus on revaluation of land and buildings and investment properties Revaluation surplus realised on premiums and sales of freeholds Attributable taxation on disposal of investment properties Actuarial loss on pension commitments Attributable taxation on actuarial loss on pension commitments at 31 December 2012 – – – 49,118 – – – (34,000) 564 313,693 314,257 – – (72,049) (72,049) 72,049 – – – – – – – (1,240) – – – 285 10,059 2,398,920 2,408,979 787,555 Company Profit and loss account £000 At 1 January 2012 676,929 Profit for the year Dividend declared and paid at 31 December 2012 165,315 (34,000) 808,244 39
Page 1 and 2: CADOGAN GROUP LIMITED Annual Report
Page 3 and 4: CHAIRMAN’S STATEMENT 31 DECEMBER
Page 5 and 6: Financial Highlights GROSS RENTS AN
Page 8: CHIEF ExECUTIVE’S REVIEW 31 DECEM
Page 16 and 17: CHIEF ExECUTIVE’S REVIEW 31 DECEM
Page 21 and 22: 20 DIRECTORS’ REPORT 31 DECEMBER
Page 23 and 24: INDEPENDENT AUDITOR’S REPORT 31 D
Page 25 and 26: CONSOLIDATED BALANCE SHEET 31 DECEM
Page 27 and 28: COMPANY BALANCE SHEET 31 DECEMBER 2
Page 29 and 30: NOTES ON THE FINANCIAL STATEMENTS 3
Page 39: NOTES ON THE FINANCIAL STATEMENTS 3
Page 47 and 48: FIVE YEAR SUMMARY 31 DECEMBER 2012

Annual Report 2012 - Cadogan

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