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Financial Statements
28. Trade and other payables
| 2007 £m |
2006 £m |
|
|---|---|---|
| Trade payables | 1,246 | 1,313 |
| Commodity contract liabilities | 138 | 174 |
| Social security and other taxes | 108 | 147 |
| Other payables | 279 | 269 |
| Deferred income | 81 | 192 |
| 1,852 | 2,095 |
Due to their short maturities, the fair value of trade and other payables approximates to their book value. Commodity contract liabilities are recorded at fair value. All other trade and other payables are recorded at amortised cost.
The carrying amounts of trade and other payables are denominated in the following currencies, which are the functional currency of the respective subsidiaries. Our exposure to US dollars forms part of our net investment in our US subsidiaries which is further described in note 23 (a). We do not have any other significant exposure to currency risk on these amounts.
| 2007 £m |
2006 £m |
|
|---|---|---|
| Sterling | 1,287 | 1,449 |
| US dollar | 565 | 646 |
| 1,852 | 2,095 |