102


John Lewis Partnership plc Annual Report and Accounts 2014


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED


17 Trade and other payables Trade and other payables include amounts we owe to: suppliers that have been invoiced or accrued; HMRC in the form of taxes and social security; and to our Partners, through salaries and our annual profit share, the Partnership Bonus.


2014 £m


Current:


Trade payables Other payables


Other taxation and social security Accruals


Deferred income Partnership Bonus


Non-current: Other payables Deferred income


The carrying amount of trade and other payables approximates to fair value.


18 Finance lease liabilities We enter into finance leases relating to buildings and plant, property and equipment. Finance leases arise when the terms of the lease agreement substantially transfers all the risks and rewards incidental to the ownership of an asset to the Partnership. This note details the schedule of payments due over the life of the finance leases, together with the present value of the finance lease recorded in the consolidated balance sheet.


2014 £m


The minimum lease payments under finance leases fall due as follows: Not later than one year


Later than one year but not more than five More than five years


Future finance charge on finance leases Present value of finance lease liabilities Of which:


Not later than one year


Later than one year but not more than five More than five years


(4.8)


(12.9) (44.8) (62.5) 26.8


(35.7)


(3.3) (8.6)


(23.8)


The Partnership’s finance lease liabilities relate to buildings and plant, property and equipment that have been classified as finance leases in accordance with IAS 17 ‘Leases’.


2013 £m


(4.6)


(16.0) (46.6) (67.2) 28.3


(38.9) (3.0)


(11.2) (24.7)


(788.1) (124.6) (167.6) (189.6) (46.7)


(183.1) (1,499.7) (0.6)


(134.9) (135.5)


(698.1) (117.0) (174.0) (151.5) (33.4)


(190.0) (1,364.0) (0.7)


(118.6) (119.3)


2013 £m


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