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Reconciliation of Income Taxation Charge
A reconciliation of the income tax charge applicable to the results from
ordinary activities at the statutory income tax rate to income tax for the year
is as follows:
2011 2010
£’000 £’000
Profit before taxation 11,646 33,106
UK income tax rate at 28% (2010: 28%) 3,261 9,270
Effects of:
Income not taxable including dividends
received from Group companies (5,360) (11,173)
Group relief surrendered for nil consideration 1,922 1,661
Expenses incurred not relievable against
current tax and other differences 31 392
Adjustments in respect of prior years (29) -
Impact of rate change (1) -
(176) 150
The deferred tax included in the statement of financial position is as follows:
2011 2010
£’000 £’000
Included in other receivables 226 50
Accelerated allowances on plant and machinery (156) (150)
Other temporary differences 382 200
226 50
F. Dividends
See Note 10 of the Group Financial Statements.
G. Investments in Subsidiary Companies
2011
2010
£’000
£’000
Hamsard 3212 Limited
264,179
-
WPL Ventures Limited
-
130
WPL Investments Limited
-
37,579
Westlink Group Limited
-
2,665
Stobart Holdings Limited
-
131,629
James Irlam & Sons Limited
-
57,570
Stobart Rail Limited
-
10,606
Stobart Airports Limited
-
21,432
Stobart Air Limited
-
9,889
Less provision for impairment
-
(37,579)
264,179 233,921
During the year the company acquired its interest in Stobart Biomass Products
Limited for £30 million. This was transferred to Hamsard 3212 Limited
subsequently.
Cost or Valuation
2011
2010
£’000
£’000
At 1 March 2010
271,500 259,558
Transfer of Investments to
subsidiary undertaking
(271,500)
-
Additions
263,796
9,879
Share based payment
383
2,063
At 28 February 2011
264,179 271,500
Amounts provided:
At 1 March 2010
(37,579)
(37,579)
Transfer of impairment brought forward
37,579
-
At 28 February 2011
-
(37,579)
Net book value at 28 February 2011
and 28 February 2010
264,179 233,921
Net book value at 28 February 2010
and 1 March 2009
233,921 221,979
A table listing the principal subsidiaries owned by the Company is set
out in Note 15.
H. Non-Current Loans to Subsidiaries
2011
2010
£’000
£’000
Westlink Group Limited
54,159 31,730
Westlink Holdings Limited
16,717 22,976
WPL Investments Limited
24,100 24,091
WPL Ventures Limited
557
552
Eddie Stobart Group Limited
21,190
6,181
Stobart Properties Limited
-
31
O’Connor Transport Limited
635
-
SPD1 Limited
-
147
Stobart Rail Limited
7,150
8,047
Stobart Air Limited
7,030
-
London Southend Airport Company Limited
20,585
5,708
Less provision for impairment
(24,603)
(24,546)
127,520 74,917
As at 28 February 2011 and 28 February 2010 none of the amounts included
above were past due.
Movements in the provision for impairment are as follows:
2011
2010
£’000
£’000
At 1 March
24,546 23,146
Amounts written off
57
1,400
At 28 February
24,603 24,546
Interest charged for the year, included within the loan balances, amounted
to £526,510 (2010: £393,361). Interest is charged on the loans at base rate
plus a margin between 2% and 3% (2010: between 2% and 3%).
Notes to the Company Financial Statements
For the year to 28 February 2011
79
Financial Statements