Notes to the
Accounts

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32 Company balance sheet as at 31 December 2004

All figures in £ millions	Note	2004	2003 restated
Fixed assets
Investments: subsidiaries	33	7,134	6,343
		7,134	6,343
Current assets
Debtors:
Amounts due from subsidiaries - due within one year		674	1,394
Amounts due from subsidiaries - due after more than one year		288	944
Taxation		66	3
Other debtors		-	-
Cash at bank and in hand	18	87	75
		1,115	2,416
Creditors - amounts falling due within one year
Short-term borrowing	19	(139)	(610)
Amounts due to subsidiaries		(1,815)	(2,860)
Other creditors		(2)	(1)
Accruals and deferred income		(11)	(16)
Dividends	8	(125)	(119)
		(2,092)	(3,606)
Net current liabilities		(977)	(1,190)
Total assets less current liabilities		6,157	5,153
Creditors - amounts falling due after more than one year
Medium and long-term borrowing	19	(1,181)	(1,123)
Amounts due to subsidiaries		(440)	(234)
Provisions for liabilities and charges		(4)	(2)
		(1,625)	(1,359)
Net assets		4,532	3,794
Capital and reserves
Called up share capital	23	201	201
Share premium account	33	2,473	2,469
Special reserve	33	397	397
Other reserves	33	26	17
Profit and loss account	33	1,435	710
Equity shareholders' funds		4,532	3,794

The 2003 comparatives have been restated for the adoption of UITF38 (see note 24).

The financial statements were approved by the board of directors on 27 February 2005 and signed on its behalf by:

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