1997	1996
All figures in £ millions			Notes
Fixed assets
Investments:
Subsidiary undertakings	1,962.8	1,798.4
	1,962.8	1,798.4
Current assets
Debtors:
Advance corporation tax recoverable	17.3	15.9
Subsidiary undertakings - due within one year	686.6	696.9
Subsidiary undertakings - due after one year	535.0	521.6
Other debtors	6.6	6.8
Prepayments and accrued income	7.4	5.6
Investments	0.1	0.7
Cash and liquid resources	14.6	97.3	16
	1,267,6	1,344.8
Creditors - amounts falling due within one year
Short term borrowing	(295.2)	(170.3)	17
Subsidiary undertakings	(930.7)	(958.7)
Taxation	(10.8)	(23.1)
Other creditors	(0.4)	(0.2)
Accruals and deferred income	(11.3)	(11.0)
Dividends	(69.3)	(63.3)
	(1,317.7)	(1,226.6)
Net current (liabilities)/ assets	(50.1)	118.2
Total assets less current liabities	1,912.7	1,916.6
Creditors - amounts falling due after more than one year
Medium and long term borrowing	(240.9)	(189.1)	17
Subsidiary undertakings	(225.0)	(225.0)
Accruals and deferred income	(7.7)	(10.2)
Provisions for liabilities and charges
Deferred taxation	(0.4)	(0.6)
Other provisions for liabilities charges	(1.9)	(10.5)
	(475.9)	(435.4)
Net assets	1,436.8	1,481.2
Capital and reserves
Called up share capital	144.2	142.8	21
Share premium account	157.6	129.5
Special reserve	397.2	397.2
Other reserves	50.1	50.1
Profit and loss accout	687.7	761.6
Eqyity shareholders' funds	1,436.8	1,481.2	30

The financial statements were approved by the board of directors on 16 March 1998 and signed on its behalf by