| £m |
|---|
| Shares in Group undertaking | |
| Cost | |
| As at 29 March 2013 | 573.0 |
| Additions — share based payments | 1.0 |
| Impairment in Jersey companies (a) | (278.6) |
| At 28 March 2014 | 295.4 |
- The impairment in Jersey companies has occurred as a result of Group restructuring as explained below. This impairment relates to the distribution in specie of loans that had previously been issued by Halfords Finco (Jersey) Limited to Halfords Group plc. Halfords Group plc therefore now records the £278.6m as an intercompany receivable as shown in note 5.
During the year the Group began an exercise in order to restructure the underlying companies of the Group. This exercise led to a delisting of the Eurobonds issued by Halfords Finco (Jersey) Limited to Halfords Holdings (2006) Limited and Halfords Finance Limited and a distribution in specie of these loans up to Halfords Group plc, as well as the winding up of Halfords Finance UK LLP. Subsequent to the year end the intention of the Group is to wind up the two Ireco companies as well as the Jersey companies.
The investments represent shares in the following subsidiary undertakings as at 28 March 2014 and the fair value of share based compensation plans that are awarded to employees of the Company's subsidiary undertakings. The Company has taken advantage of Section 410(2) of the Companies Act 2006 to list only its principal subsidiary and associated undertakings at 28 March 2014. All of these are wholly owned by the Company or its subsidiary undertakings, registered in England and Wales, and operate predominantly in the United Kingdom unless otherwise stated.
| Subsidiary undertaking | Incorporated
in | Ordinary shares
percentage owned % | Principal
Activities |
|---|
| Halfords Holdings (2006) Limited | Great Britain* | 100 | Intermediate holding company |
| Halfords Holdings (Jersey) 1 Limited | Jersey | 100 | Intermediate holding company |
| Halfords Holdings (Jersey) 2 Limited | Jersey | 100 | Intermediate holding company |
| Halfords Ireco 1 Limited | Gibraltar | 100 | Intermediate holding company |
* Registered in England and Wales.
In the opinion of the Directors the value of the investments in the subsidiary undertakings is not less than the amount shown above.
Principal subsidiary undertakings
The principal subsidiary undertakings of the Company at 28 March 2014 are as follows:
| Subsidiary undertaking | Principal activity | % Ownership
of ordinary
equity shares |
|---|
| Halfords Holdings (2006) Limited | Intermediate holding company | 100 |
| Halfords Holdings Limited* | Intermediate holding company | 100 |
| Halfords Finance Limited* | Intermediate holding company | 100 |
| Halfords Limited* | Retailing of auto parts, accessories, cycles and cycle accessories | 100 |
| Halfords Investments (2010) LP† | Intermediate holding partnership | — |
| Halfords Autocentres Holdings Limited* | Intermediate holding company | 100 |
| Halfords Autocentres Limited* | Car servicing | 100 |
| Halfords Holdings (Jersey) 1 Limited | Intermediate holding company | 100 |
| Halfords Holdings (Jersey) 2 Limited | Intermediate holding company | 100 |
| Halfords Ireco 1 Limited* | Intermediate holding company | 100 |
| Halfords Ireco 2 Limited* | Intermediate holding company | 100 |
* Shares held indirectly through subsidiary undertakings.
† Wholly owned indirectly through subsidiary undertakings.
Halfords Holdings (Jersey) 1 Limited and Halfords Holdings (Jersey) 2 Limited are incorporated and registered in Jersey. Halfords Ireco 1 Limited and Halfords Ireco 2 Limited are incorporated and registered in Gibraltar. All other subsidiary undertakings are incorporated in Great Britain and registered in England and Wales. The only subsidiaries to trade during the year were Halfords Limited and Halfords Autocentres Limited.