Annual report and financial statements 2009
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Notes to the Company financial statements
42 Reserves
| Share premium account £m |
Capital redemption reserve £m |
Merger reserve £m |
Profit and loss account £m |
|
|---|---|---|---|---|
| At start of period | 57 | – | 2,578 | 1,333 |
| Retained in the period | – | – | – | (65) |
| Share options exercised | 3 | – | – | – |
| Shares repurchased for cancellation | – | 6 | – | (146) |
| Own shares acquired by the Safeway Employee Trust | – | – | – | (42) |
| Share-based payment reserve | – | – | – | 14 |
| Actuarial loss recognised | – | – | – | (3) |
| Tax arising on actuarial loss | – | – | – | 1 |
| At end of period | 60 | 6 | 2,578 | 1,092 |
| Net pension liability | (2) | |||
| Profit and loss account excluding pension liability | 1,090 |
a) Capital redemption reserve
This arises from the purchase of own shares, see note 41.
b) Merger reserve
The merger reserve represents the reserve arising on the acquisition in 2004 of Safeway Limited. In the opinion of the Directors, this reserve is not distributable and, accordingly, it will be carried forward as a capital reserve.