Cherries
oil on canvas
22 x 20 in
1981
Penny Machines
oil on canvas
23¾ x 29¾ in
1961
Stack of Books
oil on canvas
30 x 24 in
n.d.
Seven Suckers
oil on canvas
19 x 23 in
1970
Twin Jackpots
oil on canvas
30 x 46 in
1962
Ties
oil on canvas
20 x 26 in
1980
Notes 16-20
For the year ended 31 December 2010
- 16. Inventory and work in progress
- 17. Trade and other receivables
- 18. Trade and other payables: amounts falling due within one year
- 19. Trade and other payables: amounts falling due after more than one year
- 20. Bank overdrafts, bonds and bank loans
19. Trade and other payables: amounts falling due after more than one year
The following are included in trade and other payables falling due after more than one year:
| 2010 £m | 2009 £m |
|
|---|---|---|
| Payments due to vendors (earnout agreements) | 67.9 | 140.6 |
| Liabilities in respect of put option agreements with vendors | 34.1 | 59.9 |
| Fair value of derivatives | 129.4 | 83.6 |
| Other creditors and accruals | 157.2 | 139.2 |
| 388.6 | 423.3 |
The Group considers that the carrying amount of trade and other payables approximates their fair value.
The following tables set out payments due to vendors, comprising deferred consideration and the directors’ best estimates of future earnout-related obligations:
| 2010 £m | 2009 £m |
|
|---|---|---|
| Within one year | 207.4 | 121.6 |
| Between one and two years | 39.6 | 93.6 |
| Between two and three years | 12.1 | 39.5 |
| Between three and four years | 4.3 | 5.1 |
| Between four and five years | 4.1 | 2.4 |
| Over five years | 7.8 | – |
| 275.3 | 262.2 |
| 2010 £m |
|
|---|---|
| 1 January 2010 | 262.2 |
| Earnouts paid | (113.3) |
| Revised estimates1 | 82.0 |
| New acquisitions (note 28) | 32.8 |
| Exchange adjustments | 11.6 |
| 31 December 2010 | 275.3 |
- Note
- 1
- Revised estimates relate to acquisitions that were completed prior to 1 January 2010 and were recorded in the consolidated balance sheet within goodwill.
The potential undiscounted amount of all future payments that could be required under the earnout agreements for acquisitions completed in 2010 and for all earnout agreements at 31 December 2010 ranges from £nil million to £110.9 million and £nil million to £916.2 million, respectively.