RBS 2013 Annual Report Download - page 503
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Parent company financial statements and notes
501
1 Presentation of accounts
The accounts are prepared on a going concern basis (see the Report of the directors, page 99) and in accordance with International Financial Reporting
Standards issued by the International Accounting Standards Board (IASB) and interpretations issued by the IFRS Interpretations Committee of the IASB
as adopted by the European Union (EU) (together IFRS). The company's financial statements are prepared in accordance with IFRS as issued by the
IASB and are presented in accordance with the Companies Act 2006.
The company is incorporated in the UK and registered in Scotland. The accounts are prepared on the historical cost basis except that derivative
financial instruments are stated at fair value. Recognised financial assets and financial liabilities in fair value hedges are adjusted for changes in fair
value in respect of the risk that is hedged.
The accounting policies that are applicable to the company are included in the Group accounting polices which are set out on pages 377 to 389 of the
Group financial statements, except that it has no policy regarding ‘Basis of consolidation’ and that the company’s investment in its subsidiaries are
stated at cost less any impairment.
2 Profit dealt with in the accounts of the company
As permitted by section 408(3) of the Companies Act 2006, the primary financial statements of the company do not include an income statement or
statement of comprehensive income. Condensed information is set out below.
2013 2012 2011
Income statement £m £m £m
Dividends received from banking subsidiary 58 58 58
Dividends received from other subsidiaries 19 1,978 12
Profit on disposal of investment in subsidiaries 676 157 —
753 2,193 70
Interest receivable from subsidiaries 1,005 1,097 1,019
Interest payable to subsidiaries (232) (378) (262)
Other net interest payable, non-interest income and operating expenses (572) (247) (291)
Write-down of investments in subsidiaries — (1,785) (570)
Recoveries/(impairments) of loans to Group entities 44 (1,409) —
Operating profit/(loss) before tax 998 (529) (34)
Tax charge (34) (155) (73)
Profit/(loss) for the year 964 (684) (107)
2013 2012 2011
Statement of comprehensive income £m £m £m
Profit/(loss) for the year 964 (684) (107)
Other comprehensive income — — —
Total comprehensive income/(loss) for the year 964 (684) (107)
Total comprehensive income/(loss) is attributable to:
Preference shareholders 349 273 —
Paid-in equity holders 30 15 —
Ordinary and B shareholders 585 (972) (107)
964 (684) (107)
The company did not pay an ordinary dividend in 2013, 2012 or 2011.