For the short period 1 April 2006 to 3 March 2007
The ultimate parent company of the Group is Home Retail Group plc. The principle subsidiary and associate undertakings at 3 March 2007 are shown in Note 37. Transactions between the Home Retail Group plc and its subsidiaries have been eliminated on consolidation and are not disclosed in this note.
Transactions carried out with related parties in the normal course of business are summarised below:
Joint Venture
During 2007 the Group lent £8.1m to a joint venture, Home Retail Group
Personal Finance Limited. This loan is outstanding as at 3 March 2007.
Key management personnel
Remuneration of key management personnel is disclosed in Note
9. During the year, there were no material transactions or balances between
the Group and its key management personnel or members of their close families.
Argos pension plans
Transactions between the Group and the Argos pension plans are disclosed in
Note 25.
GUS plc Group companies
GUS plc and other GUS related companies were related parties until the demerger
which came into effect on 10 October 2006. Since this date, certain services
have been provided in accordance with the demerger agreement. Transactions
and balances prior to this date are set out below:
(a) Trading transactions and balances arising in the normal course of business
The following purchases and balances have arisen from transactions between
the Group and GUS plc and related companies.
related companies |
||
| 2007 £m |
2006 £m |
|
| Purchases from related parties | ||
| GUS plc and related companies | ||
| – purchase of services | (5.6) | (11.0) |
| – charge in respect of corporate head office costs borne by GUS plc | (7.0) | – |
| Total | (12.6) | (11.0) |
| 31 March 2006 £m |
||
| Related party receivables | ||
| GUS plc and related companies | 960.8 | |
| Related party payables | ||
| GUS plc and related companies | (1,046.4) | |
| Total net balances | (85.6) |