Note 28 – Related party transactions
Transactions with related parties were in the normal course of business and are summarised below. Transactions with subsidiaries or associated undertakings disposed of during the year are deemed to be related party transactions from the date of disposal and have been included within the following table:
| |
2005 £m |
2004 £m |
2003 £m |
|---|---|---|---|
| Sales: | |||
| Services supplied | 4 | 6 | 10 |
| Finance lease rentals | – | – | 11 |
| Purchases: | |||
| Services received | 24 | 25 | 59 |
| Finance lease rentals | – | – | 1 |
| Tangible fixed assets | – | – | 12 |
At 31 March 2005, the Group had amounts receivable and payable amounting to £1m (2004: £1m) and £1m (2004: £1m) respectively with related parties.
During 2002/03, amounts were paid to or in respect of joint ventures, arising from the Group’s obligations from its decision to exit from these investments. The payments made during that year amounted to £153m, all of which had been provided for at 31 March 2002.
At 31 March 2003, amounts due to and from The Leasing Group plc, a former subsidiary undertaking, amounted to £73m and £79m respectively. In addition, at 31 March 2003 the Group had a net investment in a finance lease with a related party amounting to £50m, of which £5m fell due within one year. Rentals received and receivable relating to this lease in 2003 amounted to £11m.