(referred to in paragraph 4.22)
Britvic: balance sheet analysis, 1989
1. The balance sheet for 1989, provided by Britvic, is given below.
Britvic: Balance sheet analysis, 1989
Carbonated Other soft All other Total—all
drinks drinks activities activities
Tangible fixed assets
— Land and building 38.3 10.5 - 48.8
— Plant and equipment 23.4 7.4 - 30.8
— Vending machines and
dispense equipment* 39.9 2.6 - 42.5
— Vehicles 4.3 1.0 - 5.3
— Other—administration 3.3 0.8 - 4.1
— Total tangible fixed assets 109.1 22.3 - 131.5
Investments in associated
companies - - - -
Stocks and debtors less creditors
due within one year 39.7 12.8 - 52.5
Debtors due after one year - - - -
Total net trading assets 148.8 35.1 - 183.9
Other investments - - - -
Other items (if any) - - - -
Balance sheet uses of funds 148.8 35.1 - 183.9
Deferred tax -
Corporation tax and provisions
due after more than one year -
Other items (if any) -
Long-term creditors and provisions:
— connected companies -
— other -
Borrowings, net of cash and
short-term investments† 92.8
Capital and reserves 66.7
loan stock 80.3
Intangible fixed assets included
in statutory accounts‡ (66.8)
Shareholders' and minorities funds 91.2
Balance sheet sources of funds 183.9
Capital gearing (%) 101.8
*Including cooler cabinets.
†Borrowings include obligations under finance leases.
‡For the purposes of this table, intangible assets are not included in fixed assets. They are shown separately as a
deduction from capital and reserves.
2. Analysis of the 1989 balance sheet sources of funds shows borrowings net of cash at £92.8 million.
This figure is made up of finance leases of £6.5 million, bank overdraft of £15 million and bank loans
falling due after more than one year of £80 million, less cash of £8.7 million.
3. Capital and reserves, including minority interests, at the end of 1989 amounted to £157.9 million
before deduction of intangible fixed assets. Deduction of intangibles of £66.8 million reduced capital and
reserves, including minority interests, to £91.2 million, made up as follows:
Share capital 21.8
Profit and loss account 26.0
loan stock 80.3
Minority interests 10.9
Less: intangibles 66.8
Capital and reserves, including minority
interests, after deduction of intangibles 91.2
4. Britvic told us that the non-interest-bearing, subordinated loan stock, all held by shareholders, was
intended to form part of the capital structure of the company. We have accepted it as such.
5. Britvic's intangible assets include purchased goodwill and costs of reorganisation necessary in
ascribing fair values to the separable net assets relating to the soft drinks business acquired from Beecham.
In accordance with our normal practice, the values attributable to intangible assets have been excluded
from capital employed and from capital and reserves.