Page 42

Notes to the financial statements 17

for the year ended 31 March 2012

Provisions

Group

Onerous Leases

Redundancy

£'000

£'000

Dilapidations

Other

Total

£'000

£'000

£'000

At 1 April 2011

-

-

-

1,860

1,860

On acquisition

-

-

384

-

384

649

4,240

843

28

5,760

-

-

-

(1,860)

(1,860)

Charged to the profit and loss account Unutilised amounts credited to the profit and loss account Utilised during the year -

Existing

-

(865)

-

-

(865)

-

Acquired

-

-

-

-

-

649

3,375

1,227

28

5,279

-

-

-

85

85

490

1,055

-

-

1,545

At 31 March 2012

Company At 1 April 2011 Charged to the profit and loss account Unutilised amounts credited to the profit and loss account

-

-

-

(85)

(85)

Utilised during the year

-

(464)

-

-

(464)

490

591

-

-

1,081

At 31 March 2012

Onerous Lease The onerous lease provision relates to all of the group’s leased estate that was unused as at 31 March 2012. The provision is calculated on a property by property basis and is calculated up to the next available break date or end of lease, whichever is the earlier.

Redundancy This relates to redundancy provisions for staff which will be paid in the first six months of the 2012/ 13 financial year.

Dilapidations The dilapidations provision covers all of the group’s leased estate. A full provision up to the end of each lease was established by an independent external valuer, with the element up to the date of the financial statements being recognised in the accounts on a pro-rated straight line basis.

Other provisions Other provisions relate to the Group's share in the net liabilities of associated undertakings and minor repair provisions. Other provisions brought forward related to long term incentive plans.

40

Keepmoat Annual Report and Financial Statements 2012

Keepmoat plc Annual report and accounts 2012  
Keepmoat plc Annual report and accounts 2012  
Advertisement