Group			Company
	___________________			____________________
22 February 1997	Note	1997 £m	1996 £m		1997 £m	1996 £m
_________________________________________________________________________________________
Fixed assets
Tangible assets	11	5,826	5,466		-	-
Investments	12	23	19		3,338	3,224
	___________________			____________________
		5,849	5,485		3,338	3,224
Current assets
Stocks	13	550	559		-	-
Debtors	14	78	80		781	1,093
Investments	15	80	54		2	31
Cash at bank and in hand		65	38		-	-
	___________________			____________________
		773	731		783	1,124
Creditors: falling due within one year	16	2,101	2,002		1,278	1,581
	___________________			____________________
Net current liabilities		(1,328)	(1,271)		(495)	(457)
	___________________			____________________
Total assets less current liabilities		4,521	4,214		2,843	2,767
Creditors: falling due after more than one year	17	611	598		488	485
Provisions for liabilities and charges	20	20	22		-	83
	___________________			____________________
		3,890	3,594		2,355	2,199
	___________________			____________________
Capital and reserves
Called up share capital	22	109	108		109	108
Share premium account	24	1,431	1,383		1,431	1,383
Other reserves	24	40	40		-	-
Profit and loss account	24	2,310	2,057		815	708
	___________________			____________________
Equity shareholders' funds		3,890	3,588		2,355	2,199
Minority equity interests		-	6		-	-
	___________________			____________________
		3,890	3,594		2,355	2,199
	___________________			____________________
Lord MacLaurin
D E Reid, C.A.
Directors
Financial statements approved by the Board on 7 April 1997
Accounting policies and notes forming part of these financial statements can be viewed.