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Notes to the Company accounts
8. Reserves
| Share premium account £m |
Cash flow hedge reserve £m |
Other reserves £m |
Profit and loss account £m |
|
|---|---|---|---|---|
| At 1 April 2005 | 1,289 | 39 | 61 | 7,957 |
| Exchange adjustments | - | - | 7 | - |
| Net loss transferred from equity in respect of cash flow hedges (net of tax) | - | (32) | - | - |
| Ordinary shares issued during the year | 27 | - | - | - |
| Share-based payment | - | - | 6 | - |
| Return of capital to shareholders through B share scheme | - | - | - | (2,009) |
| Retained loss for the year | - | - | - | (711) |
| At 1 April 2006 | 1,316 | 7 | 74 | 5,237 |
| Net loss transferred from equity in respect of cash flow hedges (net of tax) | – | 15 | - | - |
| Ordinary shares issued during the year | 16 | - | - | - |
| Repurchase of shares | - | - | 2 | (169) |
| Share-based payment | - | - | 15 | - |
| Retained loss for the year | – | – | – | (486) |
| At 31 March 2007 | 1,332 | 22 | 91 | 4,582 |
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 £244m (2006: £34m). Of the Company’s profit and loss account reserve of £4,582m at 31 March 2007 (2006: £5,237m), £2,131m (2006: £2,581m) relating to gains on intra-group transactions was not distributable to shareholders.