Notes to the company accounts

4 Investments and advances

	31 July 2008 £m	31 July 2007 (restated) £m
Investments in subsidiaries
Shares at cost	2,386.7	2,283.4
Due from subsidiaries	1,470.3	1,789.6
	3,857.0	4,073.0
Due to subsidiaries	(640.9)	(985.2)
	3,216.1	3,087.8

Investments in subsidiaries have been restated following the adoption of UITF 44. Shares at cost at 31 July 2007 have increased by £6.5m from £2,276.9m to £2,283.4m to reflect the value in 2007 and earlier years of share options granted to employees of subsidiaries.

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 Heimann SAS (France)

Smiths Heimann GmbH (Germany)

Smiths Medical France SA (France)

Medical Deutschland GmbH (Germany)

Hypertac SA (France)

Hypertac GmbH (Germany)

Other

Smiths Detection (Asia-Pacific) Pte Ltd (Singapore)

Smiths Medical Japan Limited (Japan)

John Crane Middle East FZE (UAE)

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 above Smiths Group International Holdings Limited is 100% owned directly by the Company and Smiths Medical Japan Limited is 60% owned directly by the Company. The others are 100% owned through intermediate holding companies. Shareholdings are of ordinary shares or common stock. All subsidiaries operate in their country of incorporation.

Smiths Group divisions:
Smiths Detection, Smiths Medical, John Crane, Smiths Interconnect, Flex-Tek