31 December
2015
£m
31 December
2014
£m
1 January
2014
£m
Called up share capital59.159.159.1
Share premium account447.3447.2447.2
Merger reserve21.721.721.7
Capital redemption reserve0.30.30.3
Share option reserve1.41.81.1
Exchange reserve(0.2)(0.2)(0.2)
Retained profits203.9212.0209.8
Total reserves733.5741.9739.0

The movement in reserves during the year was as follows:

Called up
share
capital
£m
Share
premium
account
£m
Share
option
reserve
£m
Retained
profits
£m
At 1 January 201459.1447.21.1209.8
Exercise of share options
Credit to share option reserve0.7
Fair value movement on cash flow hedges(3.7)
Transfer to profit and loss on cash flow hedges2.3
Issue of share capital
Profit for the period26.2
Dividends(22.6)
At 31 December 201459.1447.21.8212.0
Issue of share capital0.1
Debit to share option reserve(0.3)
Exercise of share options(0.1)
Fair value movement on cash flow hedges(3.3)
Transfer to profit and loss on cash flow hedges2.3
Profit for the period20.5
Dividends(27.6)
At 31 December 201559.1447.31.4203.9

There was no movement in the merger reserve, capital redemption reserve and exchange reserve in the year. During 2015 the Company allotted 209,345 shares (2014: 37,356) following the exercising of share options.

The Company has sufficient distributable reserves to pay dividends for a number of years, and when required the Company can receive dividends from its subsidiaries to further increase distributable reserves.

Details of the Company's share capital can be found in Note 24 of the Group Accounts.