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National Grid Electricity Transmission plc Annual Report and Accounts 2006/07
25. Trade and other payables
2007
2006
£m
£m
Trade payables
337
322
Amounts owed to ultimate parent company
2
17
Amounts owed to fellow subsidiaries
384
311
Social security and other taxes
16
25
Other payables
52
24
Deferred income
65
64
856
763
Due to their short maturities, the fair value of trade and other payables approximates to their book value.
The carrying amounts of trade and other payables are denominated primarily in sterling.
Amounts owed to fellow subsidiaries at 31 March 2006 included £43m in respect of 43,406,000 preference shares
of £1 each held by the parent company.
During the year, all 43,406,000 issued Preference shares of £1 each and all 31,397,600 unissued preference shares
of £1 each were subdivided into preference shares of 10p each and redesignated as ordinary shares of 10p each.
Accordingly these shares are now included in share capital (Note 28).
26. Other non-current liabilities
2007
2006
£m
£m
Other payables
8
35
Deferred income
126
113
134
148
The fair value of other payables at 31 March 2007 approximates to their book value.
The carrying amounts of other payables are denominated primarily in sterling.
27. Provisions
Environmental
Other
Total
£m
£m
£m
At 1 April 2005 9 13 22
Additions -2 2
Utilised (1) (3) (4)
At 31 March 2006 8 12 20
Utilised (4) (1) (5)
At 31 March 2007
4
11
15
Provisions have been analysed between current and non-current as follows:
2007
2006
£m
£m
Current
2
3
Non-current
13
17
15
20
Environmental provision
The environmental provision is calculated on an undiscounted basis and represents the estimated environmental
restoration and remediation costs relating to a number of sites owned and managed by the company. It is currently estimated
that substantially all of this provision will be utilised within the next five years.
Other provisions
Other provisions include employer liability provisions of £6m (2006: £7m) which are estimated based on prior experience
and for which accordingly no payment date can be identified. Of the remaining balance within other provisions,
£4m (2006: £4m) relates to other property commitments expected to be utilised over the next nine years and £1m
(2006: £1m) in respect of protected rights for employees where the company has an obligation under several deeds of
covenant.
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