Notes forming part of the financial statements
16. TRADE & OTHER PAYABLES
Group | Company | |||
|---|---|---|---|---|
2020 | 2019 | 2020 | 2019 | |
€m | €m | €m | €m | |
Trade payables | 271.7 | 225.7 | - | - |
Payroll taxes & social security | 3.1 | 3.6 | - | - |
VAT | 23.9 | 16.3 | - | - |
Excise duty | 21.9 | 23.0 | - | - |
Accruals | 70.1 | 67.7 | 1.0 | 0.6 |
Amounts due to Group undertakings | - | - | 302.5 | 326.3 |
Total | 390.7 | 336.3 | 303.5 | 326.9 |
Amounts due to Group undertakings are interest free and are payable on demand.
The Group’s exposure to currency and liquidity risk related to trade & other payables is disclosed in note 23.
Company
The Company has entered into financial guarantee contracts to guarantee the indebtedness of the liabilities of certain of its subsidiary undertakings. As at 29 February 2020, the Directors consider these to be in the nature of insurance contracts and do not consider it probable that the Company will have to make a payment under these guarantees and as such discloses them as a contingent liability as detailed in note 26.