31 March 2004		Group		Company
		2004	2003	2004	2003
	Notes	£m	£m	£m	£m
Fixed assets
Intangible assets	11	24.3	14.1	-	-
Tangible assets	12	168.3	126.3	111.9	126.1
		192.6	140.4	111.9	126.1
Investments
Investments in joint venture:
Share of gross assets		10.5	9.9	-	-
Share of gross liabilities		(9.0)	(8.4)	-	-
	13	1.5	1.5	1.5	1.5
Other investments	13	6.8	10.1	96.5	26.3
		8.3	11.6	98.0	27.8
		200.9	152.0	209.9	153.9
Current assets
Debtors	14	61.1	64.3	68.4	62.4
Investments - term deposits		223.0	207.0	219.0	207.0
Cash at bank		4.9	4.0	2.9	3.4
		289.0	275.3	290.3	272.8
Creditors - amounts falling due within one year	15 & 16	78.9	64.0	73.5	63.0
Net current assets		210.1	211.3	216.8	209.8
Total assets less current liabilities		411.0	363.3	426.7	363.7
Creditors – amounts falling due after more than one year	17	0.5	-	-	-
Provisions for liabilities and charges	18	38.4	41.6	38.4	41.6
Net assets		372.1	321.7	388.3	322.1
Capital and reserves
Called up share capital	19	14.9	14.9	14.9	14.9
Reserves
Revaluation reserve	20	42.1	44.0	2.3	44.0
Profit and loss account	20	314.1	262.6	371.1	263.2
Equity shareholders' funds		371.1	321.5	388.3	322.1
Equity minority interest	21	1.0	0.2	-	-
Total shareholders’ funds		372.1	321.7	388.3	322.1

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The financial statements were approved by the Board on 20 May 2004 and signed on its behalf by:

Clara Furse, Chief Executive
Jonathan Howell, Director of Finance

Note: The financial information above is an abridged version of the Group's full accounts for the years ended 31 March 2003 and 31 March 2004, each of which carry an unqualified audit report. The March 2003 accounts have been delivered to the Registrar of Companies. In order to give a true and fair reflection of the business, the information above should be read in conjunction with such full accounts.