Group balance sheet
as at 31 March 2003

			2003		2002
	Notes		£m		£m
Fixed assets
Intangible assets	20		218		252
Tangible assets	21		15,888		16,078
Investments in joint ventures:	22
Share of gross assets and goodwill			741		2,452
Share of gross liabilities			(610	)	(1,998	)
Total investments in joint ventures			131		454
Investments in associates	22		27		224
Other investments	22		397		543
Total investments	22		555		1,221
Total fixed assets			16,661		17,551
Current assets
Stocks			82		111
Debtors:
Falling due within one year			4,413		5,041
Falling due after more than one year			630		231
Total debtors	23		5,043		5,272
Investments	24		6,340		4,581
Cash at bank and in hand			91		158
Total current assets			11,556		10,122
Creditors: amounts falling due within one year
Loans and other borrowings	25		2,548		2,195
Other creditors	26		7,132		7,195
Total creditors: amounts falling due within one year			9,680		9,390
Net current assets			1,876		732
Total assets less current liabilities			18,537		18,283
Creditors: amounts falling due after more than one year
Loans and other borrowings	25		13,456		16,245
Provisions for liabilities and charges
Deferred taxation	27		2,017		2,140
Other	27		359		184
Total provisions for liabilities and charges			2,376		2,324
Minority interests			63		72
Capital and reserves
Called up share capital	28, 37		434		434
Share premium account	28		2		2
Other reserves	28		998		1,025
Profit and loss account	28		1,208		(1,819	)
Total equity shareholders’ funds (deficiency)	28		2,642		(358	)
			18,537		18,283

The financial statements found on the following pages; Consolidated financial statements, United States Generally Accepted Accounting Principles and Subsidiary undertakings, joint ventures and associates, were approved by the board of directors on 21 May 2003 and were signed on its behalf by

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