Notes to the Consolidated Financial Statements
Notes 26-30
- 26. Provisions
- 27. Trade and other payables
- 28. Acquisitions
- 29. Disposals and discontinued operations
- 30. Reconciliations of net cash flows from operating activities
27. Trade and other payables
| 2008 £m |
2007 £m |
|
|---|---|---|
| Included within non-current liabilities: | ||
| Derivative financial instruments | 173 | 156 |
| Other payables | 99 | 67 |
| Accruals and deferred income | 373 | 312 |
| 645 | 535 | |
| Included within current liabilities: | ||
| Trade payables | 2,963 | 2,238 |
| Amounts owed to associated undertakings | 22 | 24 |
| Other taxes and social security payable | 666 | 467 |
| Derivative financial instruments | 371 | 63 |
| Other payables | 442 | 480 |
| Accruals and deferred income | 7,498 | 5,502 |
| 11,962 | 8,774 |
The carrying amounts of trade and other payables approximate their fair value. The fair values of the derivative financial instruments are calculated by discounting the future cash flows to net present values using appropriate market interest and foreign currency rates prevailing at 31 March.
| 2008 £m |
2007 £m |
|
|---|---|---|
| Included within “Derivative financial instruments”: | ||
| Fair value through the income statement (held for trading): | ||
| Interest rate swaps | 160 | 68 |
| Foreign exchange swaps | 358 | 48 |
| 518 | 116 | |
| Fair value hedges: | ||
| Interest rate swaps | 26 | 103 |
| 544 | 219 |