Smiths Group plc Annual Review 2004




					Consolidated		Company



					31 July 2004 £m	31 July 2003 (restated) £m		31 July 2004 £m	31 July 2003 £m



Fixed assets
Intangible assets					728.2	830.2
Tangible assets					423.5	557.6		26.1	64.0
Investments and advances			–	TI Automotive Limited preference shares	325.0	325.0
			–	other	2.3	2.8		2,276.3	2,104.1



					1,479.0	1,715.6		2,302.4	2,168.1
Current assets
Stocks					423.5	489.5			62.3
Debtors	–	amounts falling due within one year			620.4	662.6		15.8	113.1
	–	amounts falling due after more than one year			9.2	10.8		3.7	2.5
Cash at bank and on deposit					449.2	82.0		168.2	89.9



					1,502.3	1,244.9		187.7	267.8
Creditors: amounts falling due within one year					(1,077.1)	(912.7)		(594.5)	(580.1)



Net current assets/(liabilities)					425.2	332.2		(406.8)	(312.3)



Total assets less current liabilities					1,904.2	2,047.8		1,895.6	1,855.8
Creditors: amounts falling due after more than one year					(499.6)	(754.4)		(309.7)	(558.4)
Provisions for liabilities and charges					(120.0)	(116.0)		(5.5)	(20.8)



Net assets excluding pension assets/liabilities					1,284.6	1,177.4		1,580.4	1,276.6
Pension assets					72.7	25.3
Retirement benefit liabilities					(234.8)	(333.7)		(39.9)	(38.7)



Net assets including pension assets/liabilities					1,122.5	869.0		1,540.5	1,237.9



Capital and reserves
Called up share capital					140.3	139.8		140.3	139.8
Share premium account					183.0	170.0		183.0	170.0
Revaluation reserve					1.7	2.6		0.5	0.5
Merger reserve					234.8	234.8		180.5	180.5
Profit and loss account					562.7	310.0		1,036.2	747.1



Shareholders' equity					1,122.5	857.2		1,540.5	1,237.9
Minority equity interests						11.8



Capital employed					1,122.5	869.0		1,540.5	1,237.9



The consolidated balance sheet at 31 July 2003 has been restated to reflect the requirements of the Urgent Issues Task Force Abstract 38. The summary financial statement was approved by the Board of Directors on 22 September 2004 and signed on its behalf by: