The Company settled dividends of £32.4m (2015: £28.4m) in the period, as detailed in note 8 of the Group's financial statements.
Included in the profit and loss account is £nil of reserves that are not distributable (2015: £166.0m).
During the prior year, the Company received a dividend-in-specie, being a receivable due from another Group company, which was not expected to be settled in the near future. As a result the value of the Company's investment in the IreCo 1 company (wound up during the prior year) fell below the amount at which it was stated in the Company's accounting records. Schedule 1 to the Companies Act 2006, The Large and Medium sized Companies and Groups (Accounts and Reports) Regulations 2008 (SI 2008 No 410) required that the investment be written down accordingly and that the amount be charged as a loss in the Company's profit and loss account. However, the Directors considered that, as there has been no overall loss to the Company, it would fail to give a true and fair view to charge that diminution to the Company's profit and loss account and the cost of the investment of £280.3m was reallocated to the carrying amount of the holding Company's receivable. Given that the receivable had a fair value of £328.3m, the Company recognised an unrealised gain of £48.0m through the Statement of Recognised Gains and Losses ("STRGL"). The effect of this departure was to increase the holding Company's total recognised gains for the financial year and the carrying amount of the receivable in the holding Company's balance sheet by £280.3m.
In the current year, the receivable of £280.3m recognised in the Company balance sheet as a result of the prior year dividend-in-specie was settled in return for another receivable with a Group company. This resulted in the realisation of the £166.0m non-distributable reserves disclosed in the prior year accounts.