The Finance Director's report in the Highlights/Review section includes a note on financial instruments.
As permitted by FRS13, short term debtors and creditors have been excluded from the disclosures.
The Group had no undrawn committed borrowing facilities at 31 March 2000 (31 March 1999: nil).
All the Group's financial instruments are sterling denominated. The weighted average interest rate of the Group's
fixed rate sterling denominated financial liabilities was 11.2% (1999: 11.3%). The weighted average period for
which rates are fixed is six years (1999: six years). The floating rate financial liabilities comprise mainly sterling
denominated bank borrowings and overdrafts that bear interest at rates based on UK bank base rate.
The interest rate profile of the Group's financial liabilities at 31 March was as follows:
Fair values
Set out below is a comparison, by category, of book and fair values of the Group's financial assets and liabilities
as at 31 March. Financial assets consist of cash balances. Market values have been used to determine the fair
values of the debentures. The fair values of the remaining financial liabilities have been calculated on a
discounted basis using prevailing interest rates.
Book
value
2000
£000
Fair
value
2000
£000
Book
value
1999
£000
Fair
value
1999
£000
Financial assets
2
2
209
209
Financial liabilities Redeemable debenture
Perpetual debentures
Finance leases
Unsecured loan notes
Unsecured bank loan
Bank overdraft
