A recent balance sheet for Pittards, PLC, a British company, follows. The company's principal activi- ties are the design, production, and procurement of technically advanced leather. The Group financial statements consolidate the accounts of Pittards, PLC, and all its subsidiary undertakings. (References to financial statement notes that appear on the original balance sheet have been omitted.)

Required:

1. Examine the Pittards balance sheet and identify at least three differences between balance sheets as presented in the United Kingdom and the United States.
2. Compare the Pittards balance sheet with the Burberry Group balance sheet in Exhibit 4.3 and identify at least three differences between them.
3. Review Pittards' balance sheet and discuss how its format provides useful information to investors and creditors.

Pittards, PLC Balance Sheet as at 31 December Year 1 (3: in 000) Fixed assets Tangible fixed assets Investments Current assets Stocks Debtors Cash at bank and in hand Creditorsamounts falling due within one year Bank loans and overdrafts Trade creditors Other creditors Net current assets (liabilities) Total assets less current liabilities Creditorsamounts falling due after more than one year Provisions for liabilities and charges Net assets before pension scheme liability Pension scheme liability Net assets (liabilities) after pension scheme liability Capital and reserves Called up share capital Share premium account Capital redemption reserve Revaluation reserve Capital reserve Prot and loss account Own shares Shareholders' funds Group 6,235 6,235 6,086 3,509 21 9,616 (971) (3,137) (3,733) (7,841) 1,775 8,01 0 (3 ,004) (520) 4,486 4,486 6,475 (1 8,434) (495) 4,486 11,943 (971) (13,889) (14,860) (2,917) 1 ,082 (428) (13) 641 641 2,233 4,214 8,158 (1 3,469) (495) 641