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Bank overdrafts, bonds and bank loans
 12 Months Ended
Dec. 31, 2023
Disclosure of bank overdraft bonds and bank loans [abstract]  
Bank overdrafts, bonds and bank loans
20. Bank overdrafts and bonds
Amounts falling due within one year:
20232022
£m£m
Bank overdrafts358.2 505.7 
Bonds
588.1 663.3 
946.3 1,169.0 
The Group considers that the carrying amount of bank overdrafts approximates their fair value.
Amounts falling due after more than one year:
20232022
£m£m
Bonds
3,775.0 3,801.8 
The Group estimates that the fair value of corporate bonds is £4,119.5 million at 31 December 2023 (2022: £4,049.1 million). The fair values of the bonds are based on quoted market prices and are within Level 1 of the fair value hierarchy.
The bonds and bank overdrafts included within liabilities fall due for repayment as follows:
20232022
£m£m
Within one year946.3 1,169.0 
Between one and two years432.9 618.0 
Between two and three years647.2 441.5 
Between three and four years648.0 658.8 
Between four and five years647.5 661.1 
Over five years1,399.4 1,422.4 
4,721.3 4,970.8