Marks and Spencer 2006 Annual Report Download - page 79

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77Marks and Spencer Group plc
20 TRADE & OTHER PAYABLES
2006 2005
£m £m
Current
Trade payables 242.6 195.3
Other payables 196.6 176.4
Social security and other taxes 40.7 40.4
Accruals and deferred income 387.9 305.8
867.8 717.9
Non-current
Accruals and deferred income 74.8 71.8
74.8 71.8
21 BORROWINGS AND OTHER FINANCIAL LIABILITIES
2006 20051
£m £m
Current
Bank loans, overdrafts and commercial paper290.0 212.9
Syndicated bank facility –200.0
Medium term notes3901.0 58.3
Securitised loan notes44.4 3.2
Finance lease liabilities 2.7 4.4
Non-equity B shares554.7 –
1,052.8 478.8
Non-current
Medium term notes6779.0 1,588.6
Securitised loan notes4307.3 310.4
Finance lease liabilities 47.5 49.5
1,133.8 1,948.5
Total financial liabilities 2,186.6 2,427.3
1Last year comparatives have been prepared under UK GAAP.
2Bank loans, overdrafts and commercial paper includes a £5.0m (last year £5.0m) loan from the Hedge End Park Ltd joint venture.
3Relates to a number of floating rate medium term notes set to mature throughout the 2006/07 financial year linked to sterling and euro LIBOR for periods ranging from
one to six months.
4Relates to three separate bonds securitised against 45 of the Group’s properties. Two are repayable in instalments. The gross amounts before finance costs are £48.7m
and £131m respectively. The first is a floating rate bond which has been swapped into a fixed rate of 6.34%, amortised on a quarterly basis from 12 March 2002, with
final payment due on 12 September 2015. The second is a floating rate bond which has been swapped into a fixed rate of 6.344%, amortised on a quarterly basis from
12 September 2015, with final payment due on 12 December 2026. The gross amount of the remaining bond is £140m before finance costs. It relates to a fixed rate
bond at a rate of 6.282% and is repayable in full on 12 December 2026.
5Under the IFRS 1 exemption not to apply IAS 32 retrospectively, non-equity B shares are classified as share capital in the comparative year (see note 27).
6Relates to fixed rate bonds of £375m at a rate of 6.375% repayable on 7 November 2011 and £400m at a rate of 5.625% repayable on 24 March 2014.