Notes to the Company financial statements
9. Reserves
| Share premium account £m |
Cash flow hedge reserve £m |
Other equity reserves £m |
Profit and loss account £m |
|
|---|---|---|---|---|
| At 1 April 2007 | 1,332 | 22 | 91 | 4,582 |
| Net loss transferred from equity in respect of cash flow hedges (net of tax) | – | (8) | – | – |
| Issue of ordinary share capital | 12 | – | – | – |
| B shares converted to ordinary shares | 27 | – | – | – |
| Repurchase of share capital and purchase of treasury shares (i) | – | – | 15 | (1,520) |
| Issue of treasury shares | – | – | – | 12 |
| Share-based payment | – | – | 18 | – |
| Retained profit for the year | – | – | – | 1,590 |
| At 31 March 2008 | 1,371 | 14 | 124 | 4,664 |
| Net loss transferred from equity in respect of cash flow hedges (net of tax) | – | (2) | – | – |
| Repurchase of share capital and purchase of treasury shares (i) | – | – | – | (602) |
| Issue of treasury shares | – | – | – | 8 |
| Share-based payment | – | – | 22 | – |
| Loss for the year | – | – | – | (467) |
| At 31 March 2009 | 1,371 | 12 | 146 | 3,603 |
- (i)
- From 1 April 2008 to 24 September 2008, the Company repurchased under its share repurchase programme 85m (2008: 200m) ordinary shares for aggregate consideration of £597m (2008: £1,516m) including transaction costs. Further purchases of shares outside the official share repurchase programme were for an aggregate consideration of £5m (2008: £4m).
The Company has not presented its own profit and loss account as permitted by section 230 of the Companies Act 1985. The Company’s profit after taxation was £371m (2008: £2,370m). Of the Company’s profit and loss account reserve of £3,603m at 31 March 2009 (2008: £4,664m), £1,323m (2008: £1,623m) relating to gains on intra-group transactions was not distributable to shareholders.