Carphone Warehouse 2002 Annual Report Download - page 44

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42 The Carphone Warehouse Group PLC Annual Report 2002
17 Creditors: amounts falling due within one year
Group Company
2002 2001 2002 2001
£’000 £’000 £’000 £’000
Loans and overdrafts 10,645 10,793 61,459 7,946
Amounts owed to subsidiary undertakings ––33,604 –
Trade creditors 117,871 144,908 ––
Corporation tax 7,982 8,102 ––
Other taxes and social security costs 18,052 15,933 ––
Other creditors 7,779 11,685 235 –
Accruals and deferred income 37,340 33,927 1,500 1,664
199,669 225,348 96,798 9,610
18 Creditors: amounts falling due after more than one year
Group Company
Restated
2002 2001 2002 2001
£’000 £’000 £’000 £’000
Loans 24,713 178 24,494 –
Other creditors 7,079 5,885 417 –
Accruals and deferred income 7,258 9,371 ––
39,050 15,434 24,911 –
Loans and overdrafts are repayable in more than one year but not more than two.
19 Derivatives and other financial instruments
The financial review on pages 9to 11 provides an explanation of the role that financial instruments have in managing the currency and interest
rate risks the Group faces in its activities. The disclosures below deal with financial assets and financial liabilities as defined in Financial
Reporting Standard 13 ‘Derivatives and other financial instruments’ (FRS 13). As permitted by FRS 13, short-term trade debtors and creditors
have been excluded from the disclosures. Certain financial assets such as investments in subsidiaries are also excluded from the scope of these
disclosures.
(i) Interest rate and currency profile of financial assets and liabilities
The Group’s financial assets include cash and short-term deposits, as well as longer term investments including gilt-edged
securities and other bonds, equities and equity funds. These investments are mainly denominated in Sterling, Euro and US Dollars to
provide diversity of investment opportunities. Foreign exchange swaps, used to hedge the Group’s balance sheet translation risk, create an
asset and a liability. For the purposes of this note, foreign exchange assets and liabilities have been netted against each other, giving rise to a
net financial asset of £nil (2001 – £1.5m). The Group’s financial liabilities, other than currency hedges, consist of committed and uncommitted
loans in Sterling and Euro as well as local overdraft facilities, which are denominated in a variety of European currencies. The Group does not
trade in financial assets and liabilities.
Notes to the financial statements continued