Notes to the Accounts
For the year ended 31 December 2008
15. Bank overdrafts and loans
| Group | Company | |||
|---|---|---|---|---|
| 2008 £’000 |
2007 £’000 |
2008 £’000 |
2007 £’000 |
|
| Bank overdrafts | 62,697 | 47,433 | 62,697 | 47,433 |
| Bank loans | – | 25,300 | – | 25,300 |
| 62,697 | 72,733 | 62,697 | 72,733 | |
The borrowings stated above are repayable on demand or otherwise within one year.
The carrying amounts of the Group’s borrowings are all denominated in sterling.
Bank overdrafts are repayable on demand.
At 31 December 2008, the Group had available £50.0m (2007: £31.7m) of undrawn committed borrowing facilities in respect of which all conditions precedent had been met.
The bank overdraft of £62.7m arises as a result of disclosing our notional pooling on a “gross” basis. O n a net basis the bank overdraft balance is £nil as disclosed in note 21.
The Group’s exposure to interest rate, foreign currency and liquidity risk for financial assets and liabilities is disclosed in Note 22.