Travelex Holdings Limited Annual report & consolidated financial ...

Notes to the financial statements continued
for the year ended 31 December 2001
13 Investments
43
Travelex Holdings Limited
2001
Group interest in associated undertakings £’000
At 1 January 2001 –
Additions in year 2,257
Share of post-acquisition reserves 697
Exchange adjustments 3
At 31 December 2001 2,957
2001
Company shares in Group undertakings £’000
At 1 January 2001 –
Additions in year 900
At 31 December 2001 900
The Company additions in the year of £900,000 represents the acquisition by Travelex Holdings Limited of all the issued share
capital of Travelex plc.
Investments in Group undertakings are stated at cost. As permitted by Section 133 of the Companies Act 1985, where the
relief afforded under Section 131 of the Companies Act 1985 applies, cost is the aggregate of the nominal value of the relevant
number of the company’s shares and the fair value of any other consideration given to acquire the share capital of the
subsidiary undertakings.
The directors consider that to give full particulars of all subsidiary undertakings, associate undertakings and joint ventures
would lead to a statement of excessive length. The principal operating subsidiaries, associates and joint ventures have
therefore been detailed in note 33. A full list of subsidiary undertakings, associate undertakings and joint ventures,
at 31 December 2001, will be annexed to the Company’s next annual return.
14 Stock
Group
2001 2000
£’000 £’000
Foreign currency 56,585 13,802
Travellers cheques 2,785 –
Precious metals 984 –
Other 2,124 –
There is no stock held by the Company.
62,478 13,802