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BRITISH TELECOMMUNICATIONS PUBLIC LIMITED COMPANY

Reg Num 01800000

Statutory Information

Previous Name(s): None

Registered Office: 81 NEWGATE STREET, Date of Incorporation: 01/04/1984

LONDON, Latest Annual Return: 09/08/2002

EC1A 7AJ Date Accounts Lodged: 16/07/2003

Latest Filed Accounts Date: 31/03/2003

Date of Analysed Accounts: 31/03/2003

Accounts Reference Date: 31/03

Issued Capital (Ł): 2,172,438,976

Company is: Large

Public limited with share capital

English/Welsh companies incorporated under part 1 of the Companies Act

Type of Accounts: Group

Directory Information

Trading Address: 81 Newgate Street, Telephone Number: 02073565369

London, Fax Number: 02073566630

EC1A 7AJ

Region: CENTRAL LONDON

Bankers:

Auditors: PricewaterhouseCoopers LLP

Audit Qualification: The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 31/03/2003.

Principal Activities: A group engaged in the supply of communication products, services and equipment.

UK SIC Code(s):

64200 Telecommunications

Risk Information

RISK SCORE

2003 61 Credit Limit (Ł): 2,140,000,000

2002 60 Contract Limit (Ł): 2,140,000,000

2001 40

2000 47

The credit score has been designed to predict the likelihood of a company becoming insolvent within the year. The latest score is 61 and this indicates a risk level for the next year two to three times less than the average rate of 2%. We would expect 45.02% of companies to be at and above this score. The credit limit is Ł 2,140,000,000, which is a reflection of the score and the substantial financial strength of the company.

County Court Judgments: There are 28 exact unsatisfied CCJs totalling Ł37814.00, 10 probable unsatisfied CCJs totalling Ł9851.00, and 1 possible unsatisfied CCJ for Ł2569.00.

Cumulative Total of Exact CCJs over: 3 Months
3 CCJs
Total: Ł5349.00 6 Months
3 CCJs
Total: Ł5349.00 9 Months
6 CCJs
Total: Ł6956.00 12 Months
8 CCJs
Total: Ł7807.00 24 Months
14 CCJs
Total: Ł26466.00 24 Months+
28 CCJs
Total: Ł37814.00

Cumulative Total of Probable CCJs over: 3 Months
2 CCJs
Total: Ł5482.00 6 Months
3 CCJs
Total: Ł5751.00 9 Months
5 CCJs
Total: Ł6481.00 12 Months
5 CCJs
Total: Ł6481.00 24 Months
7 CCJs
Total: Ł8409.00 24 Months+
10 CCJs
Total: Ł9851.00

Cumulative Total of Possible CCJs over: 3 Months
None
6 Months
None
9 Months
None
12 Months
None
24 Months
None
24 Months+
1 CCJ
Total: Ł2569.00

Latest Ten Judgments:

On 07/08/2003, a Judgment of Ł1402.00 was made in SHEFFIELD court (Case No. SE306580) against BRITISH TELECOM PLC of 81 NEWGATE STREET, LONDON, EC1A 7AJ, Ref. No. 1208301096. (Probable)
On 21/07/2003, a Judgment of Ł338.00 was made in WORCESTER court (Case No. WR301562) against BRITISH TELECOMMUNICATIONS PLC of R/O BT CENTRE PP B4HX, 81 NEWGATE STREET, LONDON, EC1A 7AJ, Ref. No. 2507301230. (Exact)
On 14/07/2003, a Judgment of Ł4080.00 was made in NORTHAMPTON court (Case No. QZ312361) against BRITISH TELECOM PLC, trading as <, of 81 NEWGATE STREET, LONDON, EC1A 7AJ, Ref. No. 1507397825. (Probable)
On 14/07/2003, a Judgment of Ł4865.00 was made in NORTHAMPTON court (Case No. QZ312703) against BRITISH TELECOMMUNICATIONS PLC, trading as <, of ROOM 7, 1 SHIRE OAK STREET, HEADINGLEY, LEEDS, LS6 2DP, Ref. No. 1507397824. (Exact)
On 05/06/2003, a Judgment of Ł146.00 was made in GLASGOW court (Case No. SA2475/03) against BRITISH TELECOMMUNICATIONS PLC of 15 YORK ST, GLASGOW, G2 8LA, Ref. No.. (Exact)
On 09/05/2003, a Judgment of Ł269.00 was made in REDDITCH court (Case No. RD300002) against BRITISH TELECOMMUNICATONS PLC of 81 NEWGATE STREET, LONDON, EC1A 7AJ, Ref. No. 1605301486. (Probable)
On 06/02/2003, a Judgment of Ł457.00 was made in BURY court (Case No. BU205292) against BRITISH TELECOM COMMUNICATIONS PLC of 81 NEWGATE STREET, LONDON, EC1A 7AJ, Ref. No. 2005301676. (Probable)
On 22/01/2003, a Judgment of Ł996.00 was made in MIDDLESBOROUGH court (Case No. MB206817) against BRITISH TELECOMMUNICATIONS PLC of R/O 81 NEWGATE STREET, LONDON, EC1A 7AJ, Ref. No. 1102301206. (Exact)
On 22/01/2003, a Judgment of Ł273.00 was made in MIDDLESBOROUGH court (Case No. MB206816) against BRITISH TELECOMUNICATIONS PLC of R/O 81 NEWGATE STREET, LONDON, EC1A 7AJ, Ref. No. 1102301205. (Probable)
On 15/01/2003, a Judgment of Ł150.00 was made in WHITEHAVEN court (Case No. WH201385) against BRITISH TELECOMMUNICATIONS PLC of 35 WELLESLEY ROAD, CROYDON, CR9 2YZ, Ref. No. 2101302268. (Exact)

Ownership

GROUP STRUCTURE

Holding Company: None

Ultimate Holding Company: 04190816 BT GROUP PLC
Taken from the Latest Directors' Report and Accounts.

ALL IMMEDIATE SHAREHOLDINGS ON DATABASE BY TURNOVER

Name Share Class % Held Sales('000) A/C Date Status

INMARSAT VENTURES PLC
ORDINARY 1 463,108 31/12/2002 Trading

AUTUMNWINDOW LIMITED
ORDINARY 100 137,796 31/03/2002 Trading

SOUTHGATE DEVELOPMENTS LIMITED
ORDINARY 100 31,138 31/03/2002 Trading

BT PROPERTY LIMITED
ORDINARY 100 12,653 31/03/2002 Trading

AIRWAVE MMO2 LIMITED
ORDINARY 100 8,183 31/03/2002 Trading

SYNTEGRA SERVICES LIMITED
ORDINARY 100 8,136 31/03/2002 Trading

BROADBAND VENTURES LIMITED
ORDINARY 100 7,871 31/03/2002 Trading

HCL TECHNOLOGIES NI LIMITED
ORDINARY 1 100 5,243 30/06/2002 Trading

BT CONSUMER ELECTRONICS LIMITED
ORDINARY 100 3,453 31/03/1992 Dissolved

AXIOM SYSTEMS HOLDINGS LIMITED
ORDINARY 3 2,420 31/03/2002 Trading

MOORGATE (ELEVEN) LIMITED
ORDINARY 100 1,899 31/03/2001 In Liquidation

BRONZEBASE LIMITED
ORDINARY 100 1,377 31/03/2002 Trading

BT FORTY-FIVE LIMITED
ORDINARY 100 982 31/03/1990 Dissolved

MAGNA PARK MANAGEMENT LIMITED
ORDINARY A 4 829 31/12/2001 Trading

PSYTECHNICS LIMITED
ORDINARY B 100 538 31/03/2002 Trading

ASSETHOUSE TECHNOLOGY LIMITED
PREFERENCE A 48 504 31/05/2002 Trading

BT SUBSEA CABLES LIMITED
ORDINARY 100 317 31/03/2002 Trading

HOMELINK TECHNOLOGIES LTD.
ORDINARY A 100 285 31/03/2002 Trading

BROADREACH NETWORKS LIMITED
ORDINARY A 16 135 31/10/2002 Trading

UTILITIES CONSORTIUM LIMITED
ORDINARY 27 66 31/03/1997 Dissolved

BT SIXTY-SEVEN LIMITED
ORDINARY 99 14 30/09/1993 Non Trading

FERNTECH SYSTEMS LIMITED
ORDINARY 100 5 31/03/1996 Dissolved

BRITISH TELECOM
ORDINARY 90 0 31/03/1986 Non Trading

BT HOLDINGS LIMITED
ORDINARY - 0 31/03/2002 Trading

BT FORTY-SIX
ORDINARY 1 90 0 31/03/2002 Trading

ALDERSGATE LIMITED
ORDINARY 100 0 31/03/2001 In Liquidation

MOORGATE TWENTY-ONE
ORDINARY 99 0 31/03/2001 In Liquidation

MOORGATE TWENTY-TWO
ORDINARY 99 0 31/03/2001 In Liquidation

MOORGATE TWENTY-THREE
ORDINARY 99 0 31/03/2001 In Liquidation

MOORGATE TWENTY-FOUR
ORDINARY 99 0 31/03/2001 In Liquidation

MOORGATE TWENTY-FIVE
ORDINARY 99 0 31/03/2001 In Liquidation

MOORGATE TWENTY-SIX
ORDINARY 99 0 31/03/2001 In Liquidation

ABBOTSGATE
ORDINARY 100 0 31/03/2002 Trading

HOPTON HEATH LIMITED
ORDINARY 100 0 31/03/2002 Trading

BELCARRA INVESTMENTS LIMITED
ORDINARY 100 0 31/03/2002 Trading

NEW CELLULAR HOLDINGS PLC
ORDINARY B 100 0 31/03/2002 Trading

BRADING LIMITED
ORDINARY 100 0 31/03/2002 Trading

LONGMONT HOLDINGS I LIMITED
ORDINARY 100 0 31/03/2001 In Liquidation

LONGMONT HOLDINGS II LIMITED
ORDINARY 100 0 31/03/2001 In Liquidation

BT HAWTHORN LIMITED
ORDINARY - 0 31/03/2002 Trading

BT ALDER ONE LIMITED
ORDINARY 100 0 31/03/2002 Trading

IGNITE SOLUTIONS LIMITED
ORDINARY 100 0 31/03/2001 In Liquidation

PLUSFIGURE LIMITED
ORDINARY 100 0 31/03/2002 Trading

BT SIXTY-NINE INTERNATIONAL HOLDINGS LIMITED
ORDINARY 100 0 31/03/2001 In Liquidation

EXAGO LIMITED
ORDINARY 40 0 30/04/2002 Trading

FASTKEEL LIMITED
ORDINARY 100 0 31/03/2002 Trading

BT EUROPEAN INVESTMENTS LIMITED
ORDINARY 100 0 31/03/2002 Trading

BT REPAIR SERVICES LIMITED
ORDINARY 100 - 31/03/1998 In Liquidation

BT (WORLDWIDE) LIMITED
ORDINARY 50 - - Non Trading

BT FILMHOLDINGS LIMITED
ORDINARY 50 - - Non Trading

BT NOMINEES LIMITED
ORDINARY 50 - - Non Trading

Etc
Etc Etc - - Etc

Major Shareholders

Directors Report Date: 25/05/1999

SHARE CAPITAL STRUCTURE

Class of Shares Par Value (pence) Issued Capital(£) Nominal Capital(£) SEDOL

Ordinary shares 25 1,617,000,000 2,625,000,000 0140843

Total Issued Capital 1,617,000,000

SHAREHOLDERS

Shareholder Name Class of Shares Number of Shares Shares(%) Holder Type Beneficial Owner

Prudential Corporation Group of Companies Ordinary shares 247,000,000 3.90 Company Beneficial Name

Summary of Mortgages, Charges and Satisfactions

Total number of Mortages & Charges Registered: 127 Total number of outstanding Charges: 127

Total number of Fully Satisfied Charges: 0 Date of Most Recent Mortgage : 18/06/2002

Details of Mortgages, Charges and Satisfactions

Charge number: 1 of 127 Date Charge Registered: 07/05/2003

Charge Type: A STANDARD SECURITY Latest Form Type: 395

Document images available: Click here
Date Charge Created: 18/06/2002

Lender: CITICORP TRUSTEE COMPANY LIMITED AS TRUSTEE FOR THE HT SECURED CREDITORS

Secured on: ALL MONIES DUE OR TO BECOME DUE FROM THE CHARGOR AND/OR AUTUMNWINDOW LIMITE TO THE HEADLEASE TRUSTEES AND FROM THE CHARGOR TO THE HEAD TENANTS UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE

Details: ALL AND WHOLE (IN THE FIRST PLACE) THAT AREA OF GROUND CONTAINING ONE HUNDRED AND THIRTY THREE AND ONE THIRD SQUARE YARDS OR THERBY IN THE WESTERN DIVISION OF THE VILLAGE OF CASTLETOWN IN THE COUNTY OF CAITHNESS BEING THE SUBJECTS MORE PARTICULARY DESCRIBED IN, IN FEU FARM. FOR FURTHER DETAILS OF PROPERTY CHARGED PLEASE REFER TO FORM 395. SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Charge number: 2 of 127 Date Charge Registered: 07/05/2003

Charge Type: A STANDARD SECURITY Latest Form Type: 395

Document images available: Click here
Date Charge Created: 18/06/2002

Lender: TELEREAL SECURITISED PROPERTY TRUSTEE 1 LIMITED AND TELEREAL SECURITISED PROPERTY TRUSTEE 2

Secured on: ALL MONIES DUE OR TO BECOME DUE FROM THE CHARGOR AND/OR AUTUMNWINDOW LIMITE TO THE HEADLEASE TRUSTEES AND FROM THE CHARGOR TO THE HEAD TENANTS UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE

Details: ALL AND WHOLE THE SUBJECTS KNOWN AS AND FORMING CASTLETOWN UAX (1) & (2) CASTLETOWN THURSO CAITHNESS KW14 8TP IN THE COUNTY OF CAITHNESS BEING THE SUBJECTS ALL AND WHOLE (IN THE FIRST PLACE) THAT AREA OF GROUND CONTAINING ONE HUNDRED AND THIRTY THREE AND ONE THIRD SQUARE YARDS OR THERBY IN THE WESTERN DIVISION OF THE VILLAGE OF CASTLETOWN IN THE COUNTY OF CAITHNESS. FOR FURTHER DETAILS OF PROPERTY CHARGED PLEASE REFER TO FORM 395. SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Charge number: 3 of 127 Date Charge Registered: 18/06/2002

Charge Type: STANDARD SECURITY Latest Form Type: 395

Document images available: Click here
Date Charge Created: 31/01/2002

Lender: CITICORP TRUSTEE COMPANY LIMITED,AS TRUSTEE FOR THE HT SECURED CREDITORS

Secured on: ALL SUMS DUE OR TO BECOME DUE FROM THE COMPANY OR AUTUMNWINDOW TO THE CHARGEE UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE

Details: VARIOUS PROPERTIES IN THE COUNTY OF ABERDEEN; SEE FORM 395 FOR DETAILS

Charge number: 4 of 127 Date Charge Registered: 08/05/2002

Charge Type: A STANDARD SECURITY Latest Form Type: 395

Document images available: Click here
Date Charge Created: 31/01/2002

Lender: CITICROP TRUSTEE COMPANY LIMITED AS TRUSTEE FOR THE HT SECURIED CREDITORS (THE HT SECURITY

Secured on: ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY OR AUTUMNWINDOW LIMITED TO THE CHARGEE UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE

Details: EACH OF THE PROPERTIES 9OR ANY OF THEM) AND ALL BUILDINGS AND FIXTIURES THEREIN OR THEREON BUT EXCLUDING THE TELECOMMUNICATIONS APPARATUS AND THE EXCLUDED FIXTURES SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Charge number: 5 of 127 Date Charge Registered: 15/05/2002

Charge Type: A STANDARD SECURITY Latest Form Type: 395

Document images available: Click here
Date Charge Created: 31/01/2002

Lender: CITICORP TRUSTEE COMPANY LIMITED (THE HT SECURITY TRUSTEE)

Secured on: ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE

Details: ALL AND WHOLE THAT AREA OF GROUND CONTAINING ONE HUNDRED AND THIRTY THREE AND ONE THIRD SQUARE YARDS IN THE WESTERN DIVISION OF THE VILLAGE OF CASTLETOWN. THAT PLOT OR AREA OF GROUND LYING ON THE NORTH WEST SIDE OF THE PUBLIC ROAD FROM INVERNESS TO WICK AT DUNBEATH. (REFER TO FORM 395 FOR FURTHER PROPERTY CHARGED) SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Profit & Loss Account

   Date of Accounts 31/03/2003 31/03/2002 31/03/2001 31/03/2000 31/03/1999

   Consolidated Yes Yes Yes Yes Yes

   Subsidiary Yes Yes No No No

   No. of Weeks 52 52 52 52 52

   Currency (Ł '000) (Ł '000) (Ł '000) (Ł '000) (Ł '000)

   Audit Qualification No No No No No

1  Turnover 18,727,000 20,559,000 20,427,000 18,715,000 16,953,000

   Cost of Sales - - - - -

   Gross Profit - - - - -

2  Operating Profit 2,598,000 2,951,000 3,531,000 3,813,000 3,816,000

   Non Trading Income 2,168,000 (603,000) (3,136,000) (383,000) 899,000

   Interest Payable 1,609,000 1,879,000 1,426,000 488,000 420,000

   Pre-tax Profit 3,157,000 469,000 (1,031,000) 2,942,000 4,295,000

   Taxation 459,000 443,000 712,000 897,000 1,293,000

   Profit After Tax 2,698,000 26,000 (1,743,000) 2,045,000 3,002,000

   Dividends Payable 587,000 218,000 571,000 1,426,000 1,322,000

   Retained Profit 2,099,000 (215,000) (2,441,000) 629,000 1,661,000

   Value Added 9,601,064 11,061,352 10,941,216 10,709,416 10,113,064

Balance Sheet

   Date of Accounts 31/03/2003 31/03/2002 31/03/2001 31/03/2000 31/03/1999

   Consolidated Yes Yes Yes Yes Yes

   Subsidiary Yes Yes No No No

   No. of Weeks 52 52 52 52 52

   Currency (Ł '000) (Ł '000) (Ł '000) (Ł '000) (Ł '000)

3  Tangible Fixed Assets 17,073,000 17,530,000 26,829,000 24,041,000 19,686,000

   Intangible Assets 218,000 252,000 18,380,000 5,777,000 742,000

   Total Fixed Assets 17,291,000 17,782,000 45,209,000 29,818,000 20,428,000

   Stocks 82,000 111,000 361,000 225,000 159,000

   Trade Debtors 2,240,000 2,393,000 3,379,000 2,487,000 2,190,000

   Cash 89,000 158,000 412,000 253,000 102,000

4  Miscellaneous Current Assets 27,000,000 25,716,000 5,438,000 4,805,000 5,083,000

   Total Current Assets 29,411,000 28,378,000 9,590,000 7,770,000 7,534,000

5  Creditors: Amounts falling
   due within one year 9,680,000 9,392,000 20,733,000 14,885,000 8,029,000

   Total Assets less Current Liabilities 37,022,000 36,768,000 34,066,000 22,703,000 19,933,000

6  Total Long Term Liabilities 15,895,000 18,641,000 22,012,000 6,908,000 4,993,000

   Total Liabilities 25,575,000 28,033,000 42,745,000 21,793,000 13,022,000

7  Share Capital & Reserves 11,030,000 11,030,000 4,725,000 4,140,000 3,597,000

   P & L Account Reserve 10,097,000 7,097,000 7,329,000 11,655,000 11,343,000

   Revaluation Reserve 0 0 0 0 0

   Shareholders' Funds 21,127,000 18,127,000 12,054,000 15,795,000 14,940,000

   Capital Employed 37,022,000 36,768,000 34,066,000 22,703,000 19,933,000

   Net Worth 20,909,000 17,875,000 (6,326,000) 10,018,000 14,198,000

   Working Capital 19,731,000 18,986,000 (11,143,000) (7,115,000) (495,000)

   Contingent Liabilities - - - - -

Cash Flow

   Date of Accounts 31/03/2003 31/03/2002 31/03/2001 31/03/2000 31/03/1999

   Consolidated Yes Yes Yes Yes Yes

   Subsidiary Yes Yes No No No

   No. of Weeks 52 52 52 52 52

   Currency (Ł '000) (Ł '000) (Ł '000) (Ł '000) (Ł '000)

   Net Cashflow from Operating Activities 6,023,000 5,257,000 5,887,000 5,849,000 6,035,000

   Net Cashflow from Return on Investment
   and Servicing of Finance (1,870,000) (1,704,000) (2,149,000) (1,522,000) (1,512,000)

   Net Cashflow before Financing 2,451,000 5,560,000 (19,607,000) (5,905,000) 525,000

   Net Cashflow from Financing (2,472,000) (5,470,000) 19,735,000 5,959,000 (458,000)

   Increase in Cash (21,000) 90,000 128,000 54,000 67,000

Accounts Notes

   Date of Accounts 31/03/2003 31/03/2002 31/03/2001 31/03/2000 31/03/1999

   Consolidated Yes Yes Yes Yes Yes

   Subsidiary Yes Yes No No No

   No. of Weeks 52 52 52 52 52

   Currency (Ł '000) (Ł '000) (Ł '000) (Ł '000) (Ł '000)

1  Exports - - - - -

2  Operating Profit is after
   charging the following

   Employees' Remuneration 3,616,000 4,013,000 3,954,000 3,754,000 3,366,000

   Directors' Remuneration 4,899 5,804 5,717 4,694 6,350

   Audit Fees 2,908 2,651 3,639 2,063 1,821

   Non Audit Fees 9,533 24,177 17,709 12,745 8,855

   Depreciation 3,011,000 3,680,000 3,045,000 2,752,000 2,581,000

   Average Number of Employees (actual) 107,400 124,800 133,400 132,100 124,900

3  Tangible Assets consist of:

   Fixed Assets 15,888,000 16,078,000 21,625,000 18,163,000 17,854,000

   Intermediate Assets 1,185,000 1,452,000 5,204,000 5,878,000 1,832,000

   which includes:

   -Due from Group, Non Current 20,000 22,000 744,000 1,073,000 247,000

4  Miscellaneous Current Assets includes:

   -Due from Group, Current 18,498,000 19,072,000 537,000 608,000 130,000

5  Creditors: Amounts falling due
   within one year consists of:

   Trade Creditors 2,772,000 2,396,000 3,287,000 2,416,000 2,344,000

a  Bank Overdraft 4,000 16,000 148,000 138,000 26,000

   Miscellaneous Current Liabilities includes: 6,904,000 6,980,000 17,298,000 12,331,000 5,659,000

b  -Bank Loans - Current Portion 0 0 893,000 99,000 0

c  -Other Short Term Finance, including: 2,550,000 2,710,000 11,599,000 7,327,000 923,000

     -Due to Group, Current 5,000 531,000 504,000 747,000 2,000

     -Due to Directors, Current 0 0 0 0 0

  -Other Current Liabilities 4,354,000 4,270,000 4,806,000 4,905,000 4,736,000

   Short Term Loans (a+b+c) 2,554,000 2,726,000 12,640,000 7,564,000 949,000

6  Total Long Term Liabilities consists of:

   Long Term Loans, which consists of: 13,456,000 16,245,000 18,775,000 5,354,000 3,386,000

   -Long Term Bank Loans 558,000 659,000 637,000 827,000 0

   -Other Long Term Finance, including: 12,898,000 15,586,000 18,138,000 4,527,000 3,386,000

     -Due to Group, Non Current 0 0 0 0 0

     -Due to Directors, Non Current 0 0 0 0 0

   Other Long Term Liabilities 2,439,000 2,396,000 3,237,000 1,554,000 1,607,000

7  Share Capital and Reserves consists of:

   Called Up Share Capital 2,172,000 2,170,000 1,646,000 1,627,000 1,617,000

   Sundry Reserves 8,858,000 8,860,000 3,079,000 2,513,000 1,980,000

Interims

Date of Interims 30/09/2000 30/09/1997 30/09/1996 30/09/1995

Consolidated Yes Yes Yes Yes

No. of Weeks 26 26 26 26

Currency (Ł '000) (Ł '000) (Ł '000) (Ł '000)

Turnover 9,752,000 7,749,000 7,366,000 7,048,000

Net Interest 431,000 68,000 67,000 88,000

Pre-tax Profit 1,032,000 1,569,000 1,599,000 1,606,000

Taxation 369,000 1,004,000 557,000 546,000

Profit After Tax 663,000 565,000 1,042,000 1,060,000

Dividends Payable 571,000 483,000 502,000 469,000

Retained Profits 21,000 84,000 528,000 585,000

BALANCE SHEET

Tangible Fixed Assets 19,057,000 16,820,000 16,451,000 16,121,000

Intangible Assets 11,106,000 0 0 0

Intermediate Assets 8,520,000 2,260,000 1,176,000 1,111,000

Total Fixed Assets 38,683,000 19,080,000 17,627,000 17,232,000

Stocks 331,000 197,000 214,000 277,000

Trade Debtors 5,624,000 3,628,000 3,346,000 2,925,000

Cash 369,000 57,000 91,000 58,000

Miscellaneous Current Assets 2,091,000 1,435,000 2,619,000 2,486,000

Total Current Assets 8,415,000 5,317,000 6,270,000 5,746,000

Creditors: Amounts falling due within one year 22,868,000 7,453,000 5,784,000 5,218,000

Creditors After One Year Provision 7,575,000 5,637,000 4,641,000 4,894,000

Total Liabilities - - - -

Called Up Share Capital 1,639,000 1,601,000 1,587,000 1,572,000

P & L Account Reserve - - - -

Revaluation Reserve - - - -

Other (Sundry) Reserves - - - -

Shareholders' Funds 16,065,000 11,097,000 13,261,000 12,689,000

Minority Interests 590,000 210,000 211,000 177,000

CASHFLOW

Net Cashflow from Operations 2,763,000 2,642,000 2,917,000 2,804,000

Net Cashflow before Financing (10,102,000) (1,789,000) 293,000 255,000

Ratios

Date of Accounts 31/03/2003 31/03/2002 31/03/2001 31/03/2000 31/03/1999

Profit/Sales (%) 16.86 2.28 -5.05 15.72 25.33

Profit/Capital Employed (%) 8.53 1.28 -3.03 12.96 21.55

Profit/Total Assets (%) 6.76 1.02 -1.88 7.83 15.36

Profit/Shareholders' Funds (%) 14.94 2.59 -8.55 18.63 28.75

P & L Account Reserve/Total Assets (%) 21.62 15.37 13.37 31.01 40.57

Sales/Total Assets (%) 40.10 44.54 37.28 49.79 60.63

Sales/Fixed Assets 1.18 1.28 0.94 1.03 0.95

Sales/Total Fixed Assets (%) 108.30 115.62 45.18 62.76 82.99

Sales/Capital Employed 0.51 0.56 0.60 0.82 0.85

Working Capital/Sales (%) 105.36 92.35 -54.55 -38.02 -2.92

Stock Turnover 228.38 185.22 56.58 83.18 106.62

Credit Period (days) 43.66 42.48 60.38 48.50 47.15

Creditor Days (days) 54.03 42.54 58.73 47.12 50.47

Debtors/Total Assets (%) 4.80 5.18 6.17 6.62 7.83

Net Cash/Current Liabilities (%) 0.88 1.51 1.27 0.77 0.95

Liquid Assets/Total Assets (%) 62.80 61.24 16.84 20.07 26.38

Current Ratio 3.04 3.02 0.46 0.52 0.94

Liquidity Ratio 3.03 3.01 0.45 0.51 0.92

Creditors/Debtors 1.24 1.00 0.97 0.97 1.07

Current Liabilities/Stocks 118.05 84.61 57.43 66.16 50.50

Stocks/Working Capital (%) 0.42 0.58 -3.24 -3.16 -32.12

Current Assets/Total Assets (%) 62.98 61.48 17.50 20.67 26.94

Profit/Current Liabilities (%) 32.61 4.99 -4.97 19.76 53.49

Sales/Current Liabilities 1.93 2.19 0.99 1.26 2.11

Interest/Pre-Interest Profit (%) 33.76 80.03 361.01 14.23 8.91

Total Debt/Net Worth (%) 76.57 106.13 - 128.95 30.53

Bank Overdraft & Long Term
Liabilities/Net Worth 76.04 104.37 - 70.33 35.35

Long Term Debt/Net Worth (%) 64.36 90.88 - 53.44 23.85

Long Term Liabilities/Net Worth 0.76 1.04 - 0.69 0.35

Shareholders' Funds/Total Liabilities (%) 82.61 64.66 28.20 72.48 114.73

Shareholders' Funds/Total Assets 0.45 0.39 0.22 0.42 0.53

Net Worth/Total Assets (%) 44.77 38.72 -11.54 26.65 50.78

Net Worth/Total Assets - Intangibles (%) 44.98 38.94 -17.37 31.49 52.16

Net Worth/Total Fixed Assets (%) 120.92 100.52 -13.99 33.60 69.50

Bank Overdraft & Long Term
Liabilities/Working Capital (%) 0.81 0.98 -1.99 -0.99 -10.14

Bank Overdraft & Long Term
Liabilities/Total Assets (%) 34.04 40.42 40.44 18.75 17.95

Total Debt/Working Capital 0.81 1.00 -2.82 -1.82 -8.76

Net Worth/Current Liabilities (%) 216.00 190.32 -30.51 67.30 176.83

P & L Account Reserve/Net Worth (%) 48.29 39.70 -115.86 116.34 79.89

Revaluation Reserve/Shareholders' Funds (%) - - - - -

Bank Overdraft/Current Assets (%) 0.01 0.06 1.54 1.78 0.35

Average Employee Remuneration (Ł) 33,669 32,155 29,640 28,418 26,950

Wages/Sales (%) 19.31 19.52 19.36 20.06 19.85

Profit per Employee (Ł) 29,395 3,758 -7,729 22,271 34,388

Sales per Employee (Ł) 174,367 164,736 153,126 141,673 135,733

Capital Employed per Employee (Ł) 344,711 294,615 255,367 171,862 159,592

Total Fixed Assets per Employee (Ł) 160,996 142,484 338,898 225,723 163,555

Total Assets per Employee (Ł) 434,842 369,872 410,787 284,542 223,875

Profit/Value Added (%) 32.88 4.24 -9.42 27.47 42.47

Value Added/Sales(%) 51.27 53.80 53.56 57.22 59.65

Value Added per Employee (Ł) 89,395 88,633 82,018 81,071 80,969

Value Added/Employee Remuneration (%) 2.66 2.76 2.77 2.85 3.00

Exports/Sales (%) - - - - -

Sales/Audit Fees 6,439.82 7,755.19 5,613.36 9,071.74 9,309.72

Total Assets/Audit Fees 16,059.83