Marks and Spencer 2004 Annual Report Download - page 48

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46
Marks and Spencer Group plc
Notes to the financial statements continued
19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group Company
2003
2004 As restated 2004 2003
£m £m £m £m
Bank loans, overdrafts and commercial paper1126.0 150.2 ––
Medium term notes (see note 21B) 216.5 443.9 ––
Securitised loan notes (see note 21B) 2.7 2.5 ––
Trade creditors 210.2 201.6 ––
Amounts owed to Group undertakings ––2,165.0 2,099.0
Taxation 79.8 96.9 ––
Social security and other taxes 43.1 30.5 ––
Other creditors2297.7 288.5 –0.4
Customer deposits 439.3 78.6 ––
Accruals and deferred income 308.7 270.8 0.2 –
Proposed final dividend 160.7 147.4 160.7 147.4
1,884.7 1,710.9 2,325.9 2,246.8
1Bank loans, overdrafts and commercial paper includes a £5.0m (last year £5.0m) loan from the Hedge End Park Ltd joint venture.
2Other creditors include £32.6m (last year £31.7m) which is shown in the calculation of the Group’s net debt and is treated as financing within the cash
flow statement.
20. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Group Company
2004 2003 2004 2003
£m £m £m £m
Medium term notes (see note 21B) 1,980.0 1,310.9 ––
Securitised loan notes (see note 21B) 313.3 315.7 ––
Other creditors1,2 226.3 183.4 ––
2,519.6 1,810.0 ––
1Other creditors include £44.2m (last year £48.4m) which is shown in the calculation of the Group’s net debt and is treated as financing within the cash
flow statement, and include £182.1m (last year £132.6m) of non-financial liabilities which have been excluded from the analysis in note 21.
2Other creditors include £179.5m (last year £130.5m) in relation to the long-term assurance business.
21. ANALYSIS OF FINANCIAL LIABILITIES
A Interest rate and currency analysis
After taking into account the various interest rate and currency swaps entered into by the Group, the currency and interest
rate exposure of the Group’s financial liabilities are set out below. There are no financial liabilities other than short-term
creditors excluded from this analysis.
Group
2004 2003
Fixed rate Floating rate Total Fixed rate Floating rate Total
Currency £m £m £m £m £m £m
Sterling11,731.6 1,056.6 2,788.2 780.9 1,633.3 2,414.2
US dollar – 8.3 8.3 – 9.5 9.5
Euro – 3.6 3.6 – 0.2 0.2
Other – 0.1 0.1 –––
1,731.6 1,068.6 2,800.2 780.9 1,643.0 2,423.9
1Included within floating rate liabilities are £84.9m (last year £118.2m) of unredeemed B Shares.
The floating rate sterling, US dollar and euro borrowings are linked to interest rates related to LIBOR. These rates are for
periods ranging from one month to six months. The fixed rate sterling borrowings are at a weighted average rate of 5.5%
(last year 6.2%) and the weighted average time for which the rate is fixed is 8.6 years (last year 13.2 years).