Carphone Warehouse 2005 Annual Report Download - page 53

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19Creditors: Amounts falling due within one year
Group Company
Restated
2005 2004 2005 2004
£’000 £’000 £’000 £’000
Loans and overdrafts 71,994 16,274 67,499 15,000
Trade creditors 254,768 181,780 ––
Amounts owed to subsidiary undertakings –– 353,007 314,152
Corporation tax 37,556 30,106 ––
Other taxes and social security costs 33,612 26,668 ––
Other creditors 44,648 38,988 11,296 1,230
Accruals and deferred income 120,893 106,546 4,784 6,293
Proposed dividends 10,968 7,869 10,968 7,869
574,439 408,231 447,554 344,544
Prior year accruals and deferred income have been restated to reflect the reallocation of unearned insurance income of £8.1m which had previously been included
in provisions for liabilities and charges (see note 22).
20 Creditors: Amounts falling due after more than one year
Group Company
2005 2004 2005 2004
£’000 £’000 £’000 £’000
Loans 98,494 107,916 98,420 107,826
Other creditors 2,567 7,469 2,538 5,632
Accruals and deferred income 2,186 2,352 ––
103,247 117,737 100,958 113,458
The repayment profile of loans is provided in note 21.
21 Derivatives and other financial instruments
The Operating and Financial Review on pages 9 to 20 provides an explanation of the role that financial instruments have in managing the Group’s currency and
interest rate risk. The disclosures below deal with financial assets and financial liabilities as defined in FRS 13 ‘Derivatives and other financial instruments’.
As permitted by FRS 13, short-term trade debtors and creditors have been excluded from these disclosures. This has no material effect on the currency disclosures.
Certain financial assets such as investments in subsidiaries are also excluded from the scope of these disclosures.
(a) Interest rate and currency profile of financial assets and liabilities
The Group’s financial assets include cash and short-term deposits, mainly denominated in Sterling, Euro and US Dollars. Foreign exchange swaps, used for hedging
purposes, create an asset and a liability. For the purposes of this note, foreign exchange assets and liabilities have been netted against each other. 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 several European currencies.
2005 2004
Sterling Euro Other Total Sterling Euro Other Total
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Financial assets
By instrument
Cash 16,601 21,151 3,824 41,576 65,348 6,442 1,023 72,813
Short-term investments 46,198 3,840 10,430 60,468 10,805 – – 10,805
Total 62,799 24,991 14,254 102,044 76,153 6,442 1,023 83,618
Financial liabilities
By instrument
Loans and overdrafts (48,342) (122,146) – (170,488) – (124,190) – (124,190)
Total (48,342) (122,146) – (170,488) – (124,190) – (124,190)
All financial assets and liabilities attract interest at floating rates. There are no fixed rate financial liabilities (2004 – 4.84% for weighted average periods of 0.3 years).
The interest rates on floating rate financial assets and liabilities are linked to market interest rates, mainly on an overnight basis or for one, two or three-month periods.
Notes to the Financial Statements continued www.cpwplc.com 49