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Notes to the accounts

continued


16 Cash and cash equivalents

2010 2009
£m £m

Cash at bank and in hand 84.1 66.6
Short-term investments 475.9 131.0

560.0 197.6

For the year ended 30 January 2010, the effective interest rate on short-term investments was 0.8% (2009: 3.8%) and these deposits had an average maturity of 2 days (2009: 1 day).

In the group cash flow statement, net cash and cash equivalents are shown after deducting bank overdrafts, as follows:

2010 2009
£m £m

Cash and cash equivalents, as above 560.0 197.6
Less bank overdrafts (115.6) (75.8)

Net cash and cash equivalents 444.4 121.8


17 Analysis of financial assets

The currency and interest rate exposures of the group’s financial assets are as set out below. Short-term debtors are excluded from this analysis, on the basis that they are all non interest bearing and denominated in sterling.

Effective interest rate Floating rate Non interest bearing Total
Interest rate and currency analysis % £m £m £m

Sterling 0.8% 542.6 53.1 595.7
Euro 0.0% 5.2 – 5.2
Other 0.0% 0.9 – 0.9

At 30 January 2010 548.7 53.1 601.8

Sterling 3.8% 187.3 52.5 239.8
Euro 2.4% 0.1 – 0.1
Other 1.4% 0.1 – 0.1

At 31 January 2009 187.5 52.5 240.0

Floating rate assets are bank balances and short-term deposits at interest rates linked to LIBOR. Non-interest bearing balances include prepaid rent and cash floats, primarily held in the stores.