National Grid 2008 Annual Report Download - page 702

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 27252
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-15.1, Doc: 16, Page: 175
Description: EXHIBIT 15.1
0/5371.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/371/5*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 27252
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-15.1, Doc: 16, Page: 175 Description: EXHIBIT 15.1
0/5371.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/371/5*
Table of Contents
Annual Report and Accounts 2007/08
183
3. Debtors
2008 2007
£m £m
Amounts falling due within one year:
Amounts owed b
y
subsidiar
y
undertakin
g
s 8,542 9,047
Pre
p
a
y
ments and accrued income 33
8,545 9,050
Amounts fallin
g
due after more than one
y
ear:
Amounts owed b
y
subsidiar
y
undertakin
g
s 2,808
–
Deferred taxation 33
2,811 3
Deferred
taxation
£m
At 1 A
p
ril 2006
(
5
)
Char
g
ed to e
q
uit
y
(
4
)
Charged to the profit and loss account (i) 12
At 1 April 2007 3
Credited to e
q
uit
y
4
Credited to the
p
rofit and loss account
(
i
)
(
4
)
At 31 March 2008 3
(i) Included is a deferred tax charge of £2m (2007: credit of £13m) in respect of prior years.
Factors that may affect future deferred tax charges
The chan
g
es enacted in the Finance Act 2007 included a reduction in the UK Corporation Tax rate from 30% to 28% with effect
from 1 A
p
ril 2008. The deferred tax ex
p
ected to reverse has been measured usin
g
the 28% rate.
4. Creditors
(
amounts fallin
g
due within one
y
ear
)
2008 2007
£m £m
Borrowin
g
s
(
note 6
)
1,019 360
Derivative financial instruments 79 29
Amounts owed to subsidiar
y
undertakin
g
s 4,804 2,776
Other creditors 51 23
5,953 3,188
5. Derivative financial instruments
The fair value of derivative financial instruments shown on the balance sheet is as follows:
2008 2007
Assets Liabilities Total Assets Liabilities Total
£m £m £m £m £m £m
Current 341 (79) 262 119 (29) 90
Non-current 751
(
179
)
572 192
(
54
)
138
1,092
(
258
)
834 311
(
83
)
228
For each class of derivative financial instruments, our exposure, based on the sterling equivalent notional value of the pay leg
is as follows:
2008 2007
£m £m
Interest rate swaps (4,952) (3,625)
Interest rate swa
p
tions
(
202
)
–
Cross-currenc
y
interest rate swa
p
s
(
4,919
)
(
5,179
)
Forei
g
n exchan
g
e forward contracts
(
5,721
)
(
2,114
)
Total
(
15,794
)
(
10,918
)