Financial Statements

Notes to the Group financial statements

for the year ended 31 March 2006

22. Trade and other payables

	Current	Non-		Current	Non-
	2006	current		2005	current
		2006			2005
	£m	£m		£m	£m
Trade creditors	465	–		502	–
VAT and other taxes payable	72	–		69	–
Social security costs	43	–		47	–
Accruals	664	37		706	51
Other creditors	147	46		188	60
	1,391	83		1,512	111

The Group has elected to apply the provisions of IAS 32 and IAS 39 with effect from 1 April 2005. The comparative financial information is prepared in accordance with UK GAAP to the extent that it relates to recognition and measurement of financial instruments. The nature of the main adjustments that would make the information comply with IAS 32 and IAS 39 are set out in note 39.

An analysis of the maturity profile for non-current items is contained in note 27.