annington annual rep 2019-web - Page 72



Financial statements | Notes to the financial statements
Notes to the financial statements
21. SHARE CAPITAL
23. MERGER RESERVE
2019
£’000
2018
£’000
Called up, allotted and fully paid
8,475,620,200 ordinary shares of
£0.01 each
Merger reserve
26. NOTE TO THE CASH FLOW STATEMENT
2019
£’000
2018
£’000
10,000
10,000

84,756
84,756

On inception, the Company allotted one fully paid ordinary
share with a nominal value of £1. On 3 December 2012, this
share was subdivided into 100 equal fully paid ordinary shares
with a nominal value of £0.01 each.
On 10 December 2012, the Company allotted 999,999,900
ordinary shares of £0.01 nominal value in consideration for
the purchase of Annington Homes Limited from Annington
Holdings (Guernsey) Limited as part of the Group restructure.
As merger accounting has been applied, no share premium
was recognised on issue.
The Group reconstruction effected in December 2012 was
accounted for using merger accounting principles. On
transition to IFRS, the business combination has not been
restated, with the merger reserve at transition being calculated
by reference to the previous carrying value.
2019
£’000
2018
£’000
457,107
(1,059,802)
94,724
(231,843)
111,586
1,004,793
(638)
(2,796)
Share of results of joint ventures after taxation
(1,120)
(14,748)
Receipts from joint ventures accounted for through other operating income
(4,117)
-
(Reversal of impairment)/impairment of joint ventures
(3,306)
3,559
(726)
(6,434)
(481,246)
481,858
431
(4,069)
Depreciation expense
58
31
Write down of inventory to net realisable value
68
-
(2,912)
(4,842)
(30)
899
4,226
(8,090)
(680)
(745)
173,425
157,518
Profit/(loss) after taxation
Adjustment for:
Taxation
Finance costs
Finance income
24. HEDGING RESERVE
At 1 April
2019
£’000
2018
£’000
499
-
(8,206)
3,559
On 13 December 2012, the Company allotted 7,475,620,000
fully paid ordinary shares with a nominal value of £0.01 each.
Fair value (losses)/gains on cash
flow hedge
On 12 July 2017, the Company allotted 200 fully paid ordinary
shares with a nominal value of £0.01 each.
Reclassification of fair value gains/
(losses) included in profit and loss
8,834
(3,060)
At 31 March
1,127
499
Profit on disposal of investment properties
Unrealised property revaluation (gains)/losses
Utilities provision expense/(release)
22. SHARE PREMIUM
Share Premium

Movements in working capital:
2019
£’000
2018
£’000
480,401
480,401

On 12 July 2017, the Company allotted 200 ordinary shares
with a share premium of £480.4 million.
25. RETAINED EARNINGS
Increase in inventory
(Increase)/decrease in debtors
£’000
At 1 April 2017
3,724,303
Total comprehensive loss for the year
(1,059,802)
Balance at 31 March 2018
2,664,501
Total comprehensive profit for the year
Balance at 31 March 2019
Increase/(decrease) in creditors
Decrease in provisions
Net cash inflow from operating activities
457,107
3,121,608

72 | Annington Limited Annual Report & Accounts 2019
Annington Limited Annual Report & Accounts 2019 | 73

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