Travis plc is a large grocery retailing and wholesaling organisation. It is presently drawing up its financial statements for the year ended 31 October 1993 and, mindful of the requirements of SSAP 25, has drafted the following segmental report:
Head office and service costs of £53 million (1992: £51 million) have been allocated according to the relative contribution of each segment to the total of continuing operations.
The group’s borrowing requirements are centrally managed and so interest expense of £475 million
(1992: £415 million) has been apportioned on the basis of average net assets for each segment.
Operating net assets represent the group’s net assets adjusted to exclude interest bearing operating assets and liabilities.
Businesses discontinued during the year contributed £450 million (1992: £850 million) to turnover and £38 million (1992: £68 million) to profit before tax.
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