Notes to the Company accounts

4 Investments and advances

	31 July 2007 £m	5 August 2006 £m
Investments in subsidiaries
Shares at cost	2,276.9	2,364.5
Due from subsidiaries	1,789.6	651.5
	4,066.5	3,016.0
Due to subsidiaries	(985.2)	(659.8)
	3,081.3	2,356.2

The Company’s subsidiaries are largely held according to business lines by the following holding companies, which are incorporated in England unless otherwise stated:

Smiths Medical Group Limited

Smiths Detection Group Limited

Smiths Specialty Engineering Group Limited

Smiths Group International Holdings Limited

Smiths Group Holdings Netherlands BV (incorporated in The Netherlands)

The principal subsidiaries and their countries of incorporation are:

England

Smiths Detection – Watford Ltd

Smiths Medical International Limited

John Crane UK Limited

Europe

Smiths Medical Deutschland GmbH (Germany)

Hypertac SA (France)

Hypertac GmbH (Germany)

Smiths Heimann GmbH (Germany)

Japan

Smiths Medical Japan Limited

United States

Smiths Detection, Inc.

Smiths Medical ASD, Inc.

Smiths Medical MD, Inc.

Smiths Medical PM, Inc.

Medex, Inc.

John Crane, Inc.

Flexible Technologies, Inc.

Tutco, Inc.

Hypertronics Corporation

PolyPhaser Corporation

Sabritec, Inc.

Transtector Systems, Inc.

Of the companies set out above, only Smiths Group International Holdings Limited is 100% owned by the Company direct. The others are 100% owned through intermediate holding companies unless otherwise stated. Shareholdings are of ordinary shares or common stock. All subsidiaries operate in their country of incorporation.

Smiths Group divisions:
Smiths Detection, Smiths Medical, Smiths Specialty Engineering