Financial Statements

27. Borrowings

Group Company
1 May 2011 2 May 2010 1 May 2011 2 May 2010
£m £m £m £m
Non-current
Other loans 0.9
Total non-current borrowings 0.9
Current
Bank overdraft 1.4 12.9
Total current borrowings 1.4 12.9
Total borrowings 0.9 1.4 12.9

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

The bank overdraft for the Company is included within the balance offset agreement with HSBC. Interest is not paid on the overdraft when it can be fully offset against cash balances held within the Group.

The Group's borrowings mature as follows:

Group Company
1 May 2011 2 May 2010 1 May 2011 2 May 2010
£m £m £m £m
Within 1 year 1.4 12.9
Between 2 and 5 years 0.9 —-
Total borrowings 0.9 1.4 12.9

The exposure of the Group's borrowings to interest rate changes and the contractual re-pricing dates at the end of the reporting period are as follows:

Group Company
1 May 2011 2 May 2010 1 May 2011 2 May 2010
£m £m £m £m
6 — 12 months 1.4 12.9
1 — 5 years 0.9
Total borrowings 0.9 1.4 12.9

The Group had no undrawn borrowing facilities as at 1 May 2011.

On the 12 July 2011 the Group secured a £10m committed revolving credit facility and a £20m uncommitted multi-option facility with Barclays Bank Plc. The facility is due for review on 12 January 2013.

Floating interest rates Fixed interest rates
UK Sterling Euro/Dollar Euro
As at 1 May 2011
Other loans 2.7% - 4.4%
As at 2 May 2010
Bank borrowing Bank of England base rate + 1.75% HSBC base rate + 1.75% -
Carrying amounts as at Fair value as at
Group Company Group Company
1 May 2 May 1 May 2 May 1 May 2 May 1 May 2 May
2011 2010 2011 2010 2011 2010 2011 2010
£m £m £m £m £m £m £m £m
Bank overdraft 1.4 12.9 1.4 12.9
Other loans 0.9 0.9
Total borrowings 0.9 1.4 12.9 0.9 1.4 12.9

The fair value of current borrowings approximates to their carrying amount, as the impact of discounting is not significant. The fair values of current and non-current borrowings are determined using discounted cash flows at the interest rate prevailing at the balance sheet date.

Bank borrowings

The bank facilities available with HSBC Bank Plc to the Group at the period end were as follows:

Group Company
1 May 2011 2 May 2010 1 May 2011 2 May 2010
£m £m £m £m
Loans against imports —- 11.0