Trade and other payables
| 2014
£m | 2013
£m |
|---|
| Amounts falling due within one year: | | |
| Trade creditors | 38.8 | 40.9 |
| Other taxes and social security* | 15.1 | 18.6 |
| Other creditors | 10.4 | 13.8 |
| Accruals and deferred income | 55.0 | 58.8 |
| 119.3 | 132.1 |
| | |
| Amounts falling due after more than one year: | | |
| Other creditors | 3.7 | 3.6 |
* Other financial liabilities include other taxes and social security, which are not included as financial liabilities in IFRS 7.
Trade creditors and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit period taken for trade purchases as at 31 December 2014 is 40 days (2013: 40 days).
The directors consider that the carrying amount of trade payables approximates to their fair value.
The following table details the Group's remaining contractual maturity for its financial liabilities. The table has been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The table includes both interest and principal cash flows.
| Less than
1 year
2014
£m | 1–2 years
2014
£m | 2–5 years
2014
£m | 5+ years
2014
£m | Total
2014
£m |
|---|
| Non-interest bearing* | 126.2 | 3.3 | 5.6 | 5.2 | 140.3 |
| Finance lease liability | 0.1 | 0.1 | 0.1 | – | 0.3 |
| Bank loans and overdrafts | 2.5 | – | – | – | 2.5 |
| Derivative financial instruments | 5.6 | – | – | – | 5.6 |
| 134.4 | 3.4 | 5.7 | 5.2 | 148.7 |
| Less than
1 year
2013
£m | 1–2 years
2013
£m | 2–5 years
2013
£m | 5+ years
2013
£m | Total
2013
£m |
|---|
| Non-interest bearing* | 139.0 | 2.0 | 5.1 | 6.0 | 152.1 |
| Finance lease liability | 0.1 | 0.1 | 0.2 | – | 0.4 |
| Bank loans and overdrafts | 1.6 | – | – | – | 1.6 |
| Derivative financial instruments | 0.9 | – | – | – | 0.9 |
| 141.6 | 2.1 | 5.3 | 6.0 | 155.0 |
* Non-interest bearing financial liabilities include other taxes and social security, which are not included as financial liabilities in IFRS 7. These are payable in less than one year.
Of the £2.5m (2013: £1.6m) bank loans and overdrafts outflows disclosed above, £nil (2013: £nil) of bank loans are drawn under the committed facility maturing on 3 July 2019. The overdrafts are on-demand and some are part of pooling arrangements, which include offsetting cash balances. Of the £5.6m (2013: £0.9m) derivative financial instruments outflows disclosed above, £5.6m (2013: £0.9m) are matched by derivative cash inflows, therefore the net impact on the balance sheet is £nil (2013: £nil).