Financial Statements

26. Cash and cash equivalents


1 May 2011 2 May 2010 1 May 2011 2 May 2010

£m £m £m £m
Cash at bank and in hand 32.2 29.4 5.7 15.0
Total cash and cash equivalents 32.2 29.4 5.7 15.0
Less: overdraft (note 27) (1.4) (12.9)
Total cash and cash equivalents net of overdraft 32.2 28.0 (7.2) 15.0

Cash and cash equivalents comprise cash at bank with major UK and European clearing banks and earn floating rates of interest based upon bank base rates. On 4 February 2011 the Group renewed the balance offset agreement with HSBC on the UK Sterling, Euro and US Dollar accounts. At 1 May 2011 the Group had £21.2m (2010: £27.5m) deposited with HSBC Bank Plc and £5.7m (2010: nil) deposited with Barclays Bank Plc. The remainder of the cash is deposited in other bank accounts. The Moody's credit rating for HSBC Bank Plc is AA2 and Barclays Bank Plc is AA3.

The maximum exposure to credit risk at the reporting date is the carrying value of cash mentioned above.

The Group had no secured liabilities (bank and collateralised borrowings) as at 1 May 2011 (2 May 2010: £1.4m).