Barratt Developments

Share Premium and Elimination of Authorised Capital

This report reviews a selection of companies that have issued shares but have placed share premium to distributable reserves rather than share premium account.

Barratt Developments plc Period End 30 June 2010

Submitted by Company Reporting on Wed, 2010-11-03 14:47
Barratt Developments plc Annual Report 2010
Significant error in comparative cash flow statement corrected
UK housebuilder Barratt Developments corrects, without explicit acknowledgement, a material error in its comparative cash flow statement by excluding from cash flows a ‘make whole fee’ on early redemption of debt by a non-cash issue of notes, reducing comparative net cash outflows from investing activities by 39%.
No disclosure on means of placing newly raised capital to distributable reserve
UK housebuilder Barratt Developments allocates 91% of £693 million net proceeds of placing and rights issues to a distributable reserve without explaining how it has circumvented the requirements of the Companies Act 2006.

Barratt Developments plc Period End 30 June 2009

Submitted by Company Reporting on Wed, 2009-11-18 00:00

Intra-year timing of inventory write-down emphasised in annual report

UK housebuilder Barratt Developments recognises £500 million impairments of inventory, but stresses in its annual report that they belong in the main to the first half of the year and discloses some impairment reversals in the second half of the year.

 

Barratt Developments plc Period End 30 June 2008

Submitted by Company Reporting on Mon, 2008-11-03 00:00
Barratt Developments Annual Report 2008

Error identified in measuring deferred payables
UK home builder Barratt Developments corrects an error in relation to deferred term land purchases and restates comparative financial statements, but the impacts are not significant.

Exceptional write-downs and restructuring costs reduce profit by 65%
UK home builder Barratt Developments presents as exceptional items £255 million costs in relation to inventory write-downs, impairments of intangibles and restructuring, that reduce pre-tax profit by 65%.