Balance sheet
at 31 December 2004

		Group				Company
	Note	2004 £million		2003 £million		2004 £million		2003 £million
Fixed assets
Intangible assets	12	144.4		159.3		–		–
Tangible fixed assets	13	173.4		157.7		–		–
Investments	14	1.9		3.2		590.1		653.1
		319.7		320.2		590.1		653.1
Current assets
Stocks	15	70.1		54.4		–		–
Debtors	16	85.5		68.9		–		2.7
Cash at bank and in hand	18a	11.5		23.8		–		–
		167.1		147.1		–		2.7
Creditors: amounts falling due within one year
Borrowings	18b	(4.4	)	(5.3	)	(3.0	)	(9.2	)
Creditors	17	(81.0	)	(63.5	)	(0.2	)	(0.4	)
		(85.4	)	(68.8	)	(3.2	)	(9.6	)
Net current assets/(liabilities)		81.7		78.3		(3.2	)	(6.9	)
Total assets less current liabilities		401.4		398.5		586.9		646.2
Creditors: amounts falling due after more than one year
Borrowings	18b	(97.3	)	(65.4	)	–		–
Government grants		(2.4	)	(1.3	)	–		–
Amounts due to subsidiary undertakings		–		–		(193.1	)	(178.4	)
		(99.7	)	(66.7	)	(193.1	)	(178.4	)
Provisions for liabilities and charges	19	(25.5	)	(24.8	)	–		–
		(125.2	)	(91.5	)	(193.1	)	(178.4	)
Net assets excluding net pension liability		276.2		307.0		393.8		467.8
Net pension liability	20	(64.5	)	(52.8	)	(0.6	)	–
Net assets including net pension liability		211.7		254.2		393.2		467.8
Capital and reserves
Called up share capital	22	23.8		23.5		23.8		23.5
Share premium	22	1.2		1.2		1.2		1.2
Capital redemption reserve	22	71.5		62.3		71.5		62.3
Other reserves	22	–		–		154.1		163.6
Profit and loss account	22	113.4		165.3		142.6		217.2
Shareholders' funds		209.9		252.3		393.2		467.8
Minority equity interests		1.8		1.9		–		–
		211.7		254.2		393.2		467.8
Shareholders' funds
Equity		207.7		250.4		391.0		465.9
Non-equity		2.2		1.9		2.2		1.9
		209.9		252.3		393.2		467.8

Geoff Gaywood/Brian Taylorson
Directors
The financial statements in the accounts section were approved by the Board on 17 February 2005.