Notes to the accounts

18 Disposal group

During the second half of 2007, the Company invited offers for the purchase of its marine operations, which formed part of Specialty Engineering – Other. These operations were disposed of on 8 November 2007. The assets and liabilities of this operation were disclosed as held for sale in the consolidated balance sheet as at 31 July 2007. No impairment loss was recorded when the assets were revalued to fair value less disposal costs.

	2008 £m	2007 £m
Non-current assets
Intangible assets		1.9
Property, plant and equipment		2.9
Deferred tax assets		0.1
		4.9
Current assets
Inventories		7.4
Trade and other receivables		15.7
Cash and cash equivalents		3.1
Financial derivatives		0.2
Total assets of disposal group		31.3

Non-current liabilities
Financial derivatives		(0.8)
Provisions for liabilities and charges		(0.6)
		(1.4)
Current liabilities
Financial liabilities:
– financial derivatives		(0.5)
Provisions for liabilities and charges		(0.6)
Trade and other payables		(12.7)
Current tax payable		(1.0)
Total liabilities of disposal group		(16.2)

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