Notes to the financial statements
For the 52 weeks ended 1 March 2008
35. Related parties
The ultimate parent company of the Group is Home Retail Group plc. The principal subsidiary and associate undertakings at 1 March 2008 are shown in note 37. Transactions between 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 1 March 2008.
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.
Home Retail Group pension plans
Transactions between the Group and the Home Retail Group 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 prior to this date are set out below. The following purchases have arisen in the normal course of business from transactions between the Group and GUS plc and related companies.
| 2008 £m |
2007 £m |
|
|---|---|---|
| Purchases from related parties GUS plc and related companies |
||
| – purchase of services | – | (5.6) |
| – charge in respect of corporate head office costs borne by GUS plc | – | (7.0) |
| Total | – | (12.6) |
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- 11
- 12
- 13
- 14
- 15
- 16
- 17
- 18
- 19
- 20
- 21
- 22
- 23
- 24
- 25
- 26
- 27
- 28
- 29
- 30
- 31
- 32
- 33
- 34
- 35
- 36
- 37
