Tesco 2007 Annual Report Download - page 106

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104 Tesco PLC Annual report and financial statements 2007 Find out more at www.tesco.com/corporate
Notes to the Parent company financial statements continued
Note 6 Debtors continued
b) The deferred tax asset recognised by the Company, and the movements thereon, during the year are as follows:
Share-based FRS 25 Other timing
payments and FRS 26 differences Total
£m £m £m £m
At 26 February 2006 224 430
Charge to profit or loss for the year 1 (2) – (1)
At 24 February 2007 322 429
Note 7 Current asset investments
2007 2006
£m £m
Bonds and certificates of deposit 390
Note 8 Other creditors
2007 2006
£m £m
Amounts falling due within one year:
Corporation tax 125 122
Other tax and social security 1–
Amounts owed to Group undertakings 2,163 1,252
Other liabilities 214 2
Accruals and deferred income 721
2,510 1,397
Note 9 Borrowings
Effective
interest rate
Effective after hedging
Par value interest rate transactions Maturity 2007 2006
% % year £m £m
Bank loans and overdrafts – 5.4 5.4 2007 357 386
Loan from joint venture – – – 2007 10 9
4% unsecured deep discount loan stock £125m – – 2006 – 122
6% Medium Term Notes (MTN) £150m – – 2006 – 158
0.7% MTN ¥50bn – – 2006 – 247
7.5% MTN (a) £258m 7.6 5.8 2007 268 344
6% MTN (b) £125m 6.0 5.9 2008 130 268
5.25% MTN €500m 5.3 6.0 2008 352 366
5.125% MTN (c) £192m 5.1 5.8 2009 190 355
6.625% MTN £150m 6.7 6.7 2010 153 153
4.75% MTN €750m 4.8 6.2 2010 525 548
3.875% MTN €500m 3.9 5.9 2011 340 –
4% RPI MTN (d) £238m 6.6 6.6 2016 244 236
5.5% MTN £350m 5.6 5.6 2019 349 349
5% MTN £350m 5.1 5.1 2023 361 –
3.322% LPI MTN (e) £241m 5.9 5.9 2025 243 236
6% MTN £200m 6.0 6.0 2029 198 214
5.5% MTN £200m 5.6 5.6 2033 197 213
2% RPI MTN £204m 4.6 4.6 2036 206 –
5% MTN £300m 5.1 5.1 2042 306 –
Other MTNs – 2.8 2.8 – 364 364
4,793 4,568
(a) The par value has been reduced from £325m in 2006 to £258m in 2007 by a buyback of part of the MTN.
(b) The par value has been reduced from £250m in 2006 to £125m in 2007 by a buyback of part of the MTN.
(c) The par value has been reduced from £350m in 2006 to £192m in 2007 by a buyback of part of the MTN.
(d) The 4% RPI MTN is redeemable at par, indexed for increases in the Retail Price Index over the life of the MTN.
(e) The 3.322% LPI MTN is redeemable at par, indexed for increases in the Retail Price Index over the life of the MTN. The maximum indexation period of the principal in any
one year is 5%, with a minimum of 0%.