|
| |
|
Group |
|
THFC |
|
Group |
|
THFC |
| |
 |
2004 |
|
2004 |
|
2003 |
|
2003 |
| |
|
£000 |
|
£000 |
|
£000 |
|
£000 |
| 13. Creditors - Falling due within
one year |
| Debenture stocks (Note 14) |
|
6,519 |
|
544 |
|
5,796 |
|
237 |
| Bank Loans (Note 14) |
|
35,076 |
|
32,242 |
|
17,990 |
|
15,660 |
| Corporation tax payable |
|
53 |
|
-
|
|
7 |
|
-
|
| Other creditors |
|
65 |
|
2 |
|
2,475 |
|
56 |
| Accruals and deferred income |
|
28,777 |
|
19,243 |
|
26,823 |
|
19,540 |
| Amounts due to subsidiary undertakings |
|
-
|
|
1,962 |
|
-
|
|
1,052 |
| |
|
70,490 |
|
53,993 |
|
53,091 |
|
36,545 |
| |
|
Group |
|
THFC |
| |
|
2004 |
|
2004 |
| |
|
£000 |
|
£000 |
| 14. Creditors - Falling due after more than one year |
| EUROBOND |
| - At beginning and end of year (Note 15) |
|
36,143 |
|
- |
| |
|
|
|
|
| DEBENTURE STOCKS |
|
|
|
|
| - At beginning of year |
|
1,207,707
|
|
659,153 |
| - Issued during the year |
|
- |
|
- |
| - Repaid during the year |
|
(15,984) |
|
(10,392) |
| - Discount for the year |
|
4,161 |
|
4,161 |
| - Deferred interest |
|
374 |
|
374 |
| - Indexation |
|
5,206 |
|
- |
| - Less: falling due within one year (Note 13) |
|
(6,519) |
|
(544) |
| |
|
1,194,945
|
|
652,752 |
| BANK LOANS |
|
|
|
|
| - At beginning of year |
|
241,634 |
|
99,443 |
| - Loans during the year |
|
87,210 |
|
17,510
|
| - Repaid during the year |
|
(78,304) |
|
(21,642) |
| |
|
250,540 |
|
95,311 |
| - Less: falling due within one year |
|
(35,076) |
|
(32,242) |
| |
|
215,464
|
|
63,069 |
| |
|
|
|
|
| SUBORDINATED LOANS (Note 15) |
|
723 |
|
- |
| |
|
|
|
|
| Total falling due after more than one year at 31 March
2003 |
|
1,447,275
|
|
715,821 |
| |
|
|
|
|
| Total falling due after more than one year at 31 March
2002 |
|
1,462,421
|
|
742,698 |
| |
|
|
|
|
| The above are repayable as follows : |
|
|
|
|
| |
|
Group |
|
THFC |
|
Group |
|
THFC |
| |
|
2004 |
|
2004 |
|
2003 |
|
2003 |
| |
|
£000 |
|
£000 |
|
£000 |
|
£000 |
| |
| - Between one and two years |
|
13,131 |
|
3,616 |
|
10,333 |
|
16,048 |
| - Between two and five years |
|
51,694 |
|
7,509 |
|
78,416 |
|
23,325 |
| - In five years or more |
|
1,382,450
|
|
704,696 |
|
1,373,672 |
|
704,048 |
| |
|
1,447,275
|
|
715,821 |
|
1,462,421 |
|
743,421 |
| |
|
|
|
|
|
|
|
|
| The debenture stocks and bank loans are secured by floating
charges over all the assets of THFC, THFCIL, THFCIL2, THFCFV, SHF
or THFCC respectively. The Eurobonds are secured by a first ranking
fixed security interest over UKR1's beneficial interest in UKRT together
with further security over all of UKR1's other assets. The interest
and repayment terms of bonds, debenture stocks and bank loans are
matched to the income and repayment terms of the related investments.
|
| 15. Securitisation transaction |
| UKR1 owns a pool of rent receivables
of six RSLs which it purchased in January 1995. The cost of the
rental pool was œ36.143 million. To finance the purchase of
the rent receivables UKR1 issued œ36.143 million of Eurobonds.
The RSLs are obliged to repurchase part of the rental stream, starting
in October 2005 and concluding in 2025.
Each RSL which sold rent receivables has provided UKR1 with a subordinated
loan to act as a reserve for its obligations. The total of such
loans outstanding at 31 March 2004 was £723,000 (2003 : £723,000).
Under the terms of the transaction each RSL undertakes to collect
rent from and to manage and maintain the portfolio of rent receivables
sold to UKR1. As security for these performance obligations and
the repurchase obligations each RSL has given first fixed charges
over the underlying properties.
UKRT receives the rental flow and holds it on trust for UKR1 and
thereafter the RSLs so that rent is firstly used to meet the interest
and administrative expenses of UKR1 with any surpluses (after meeting
the obligations of UKR1) returned to the RSLs.
THFCS provides all management and administrative services to UKR1
and monitors the performance of the RSLs in meeting their obligations
under the terms of the various agreements. |
| 16. Called up share capital |
| Authorised, allotted, called up and fully paid |
|
2004 |
|
2003 |
| 6 (2003 - 6) ordinary shares of £1 each |
|
£6 |
|
£6 |
| |
|
|
|
|
| |
|
Group |
|
THFC |
|
Group |
|
THFC |
| |
|
2004 |
|
2004 |
|
2003 |
|
2003 |
| |
|
£000 |
|
£000 |
|
£000 |
|
£000 |
| 17. Reserves |
| Opening reserves |
|
5,638 |
|
3,494 |
|
5,606 |
|
3,468 |
| Profit for the year |
|
142 |
|
50 |
|
32 |
|
26
|
| Closing reserves |
|
5,780 |
|
3,544 |
|
5,638 |
|
3,494 |
| |
|
|
|
|
|
|
|
|
Under its rules THFC may not distribute its accumulated
reserves either directly or indirectly to its shareholders.
The consolidated reserves of the Group shown above include the
aggregation of the reserves of THFC's subsidiaries which, in the
case of THFCIL, THFCIL2 , THFCFV and SHF (being companies incorporated
under the Industrial and Provident Societies Acts 1965-2002), are
not available for distribution. The aggregated reserves of these
subsidiaries at 31 March 2004 were £1,524,000 (2003: £1,508,000).
|
|
 |
