Notes to the Accounts
34. Notes to the company balance sheet
| all figures in £ millions | 2000 | 1999 |
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| Tangible fixed assets (leasehold property) | ||
| Cost | 8 | 1 |
| Depreciation | (1) | (1) |
| Net book | 7 | – |
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note • The company had capital commitments for fixed assets already under contract of £10m.
| all figures in £ millions | |
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| Investment in subsidiaries | |
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| At 31 December | 2,401 |
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| Acquisitions | 318 |
| Subscription for additional share capital in subsidiaries | 193 |
| Disposals | (318) |
| Provision for diminution in | (8) |
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| At 31 December | 2,586 |
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note • Shares are stated at cost less provisions for diminution in value or directors’ valuations.
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| Deferred taxation | |
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| At 31 December | (1) |
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| Credit | 1 |
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| At 31 December | – |
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Own shares held • Amounts included within own shares held relate to Pearson plc ordinary shares held in respect of the Pearson plc Employee Share Ownership Trusts (see note 16).
Accruals and deferred income • Accruals and deferred income includes £2m (1999: £4m) relating to the unamortised profit arising out of the unwinding of a sterling interest rate swap in 1994. The swap was arranged in 1992 in connection with the issue of £100m 10.75% Sterling Bonds 2002. The profit is being amortised over the remaining life of the bonds. None of the amount falls due after one year.
| all figures in £ millions | share premium account |
special reserve |
other reserves |
profit and loss account |
total |
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| Reserves | |||||
| Summary of movements | |||||
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| At 31 December | 517 | 397 | 50 | 1,131 | 2,095 |
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| Premium on issue of 185m equity shares | 1,923 | – | – | – | 1,923 |
| Replacement options granted | |||||
| on acquisition of subsidiary | – | – | – | 6 | 6 |
| Profit for the financial | – | – | – | 348 | 348 |
| Dividends | – | – | – | (164) | (164) |
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| At 31 December | 2,440 | 397 | 50 | 1,321 | 4,208 |
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note • The special reserve represents the cumulative effect of cancellation of the company’s share premium account. As permitted by section 230(4) of the Companies Act 1985, only the Group’s profit and loss account has been presented.
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