23. Reserves
| a) The Group | Share capital £m |
Share premium account £m |
Capital redemption reserve £m |
Capital reserve £m |
Profit and loss account £m |
Total shareholders’ funds – equity £m |
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| At 1 January 2003 | 559 | 289 | 140 | 422 | 330 | 1,740 | |
| Share buyback | (5) | – | 5 | – | (13) | (13) | |
| Loss for the financial year | – | – | – | – | (219) | (219) | |
| Other recognised gains and losses relating to the year (net) | – | – | – | – | 15 | 15 | |
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| At 31 December 2003 | 554 | 289 | 145 | 422 | 113 | 1,523 | |
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| b) The Company | £m | £m | £m | £m | £m | £m | |
| At 1 January 2003 | 559 | 289 | 140 | 415 | 137 | 1,540 | |
| Share buyback | (5) | – | 5 | – | (13) | (13) | |
| Profit for the financial year | – | – | – | – | 121 | 121 | |
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| At 31 December 2003 | 554 | 289 | 145 | 415 | 245 | 1,648 | |
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The share premium account, capital redemption reserve and capital reserve are not distributable.
The cumulative amount of goodwill set off to reserves prior to the adoption of FRS 10 on acquisition of subsidiary undertakings is £95 million (31 December 2002:
£95 million). £143 million of the Company’s profit and loss reserve is not distributable as it arose from unrealised gains on intra-group transfers.