Notes to the Company financial statements
8. Reserves
| Share premium account £m |
Cash flow hedge reserve £m |
Other equity reserves £m |
Profit and loss account £m |
|
|---|---|---|---|---|
| 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 | – | – |
| Issue of ordinary share capital | 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 |
| Net gain 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 |
(i) From 30 May 2007 to 31 March 2008, the Company repurchased under its share repurchase programme 200.1m ordinary shares for aggregate consideration of £1,516m including transaction costs. Further purchases of shares outside the official share repurchase programme were for an aggregate consideration of £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 £2,370m (2007: £244m). Of the Company’s profit and loss account reserve of £4,664m at 31 March 2008 (2007: £4,582m), £1,623m (2007: £2,131m) relating to gains on intra-group transactions was not distributable to shareholders.