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Balance Sheet of the Company
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| Note | 31 December 1998 | 1998 £m | 1997 £m |
| |
| Fixed assets |
| Investments: |
| 22 | Shares in subsidiary undertakings | 2,794 | 2,642 |
| 22 | Loans to subsidiary undertakings | 1,464 | 1,148 |
| |
| | 4,258 | 3,790 |
| |
| Current assets |
| Debtors: |
| | Amounts owed by subsidiary undertakings | 291 | 291 |
| | Tax recoverable | 95 | 79 |
| | Other debtors | 103 | 53 |
| Other investments | 9 | – |
| Cash at bank and in hand | 155 | – |
| |
| | 653 | 423 |
| |
| Less liabilities: amounts falling due within one year |
| Bank loans and overdrafts | – | (266) |
| Amounts owed to subsidiary undertakings | (434) | (324) |
| Tax payable | – | (27) |
| Final dividend | (271) | (246) |
| Other creditors | (29) | (8) |
| |
| | (734) | (871) |
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| Net current liabilities | (81) | (448) |
| |
| Total assets less current liabilities | 4,177 | 3,342 |
| Less liabilities: amounts falling due after more than one year |
| 20 | Debenture loans | (450) | (152) |
| Amounts owed to subsidiary undertakings | (1,862) | (1,359) |
| |
| | (2,312) | (1,511) |
| |
| Total net assets | 1,865 | 1,831 |
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| Capital and reserves |
| 17 | Share capital | 98 | 97 |
| 17 | Share premium | 221 | 157 |
| 23 | Retained profit | 1,546 | 1,577 |
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| Shareholders’ funds | 1,865 | 1,831 |
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| | The financial statements and the supplementary information were approved by the Board of directors on 18 March 1999. |
| | Sir Martin Jacomb, Chairman |
| | Sir Peter Davis, Group Chief Executive |
| | Jonathan Bloomer, Group Finance Director |
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