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Cash and cash equivalents and total borrowings
6 Months Ended
Jun. 30, 2025
Cash and cash equivalents and adjusted net debt [Abstract]  
Cash and cash equivalents and total borrowings
7. Cash and cash equivalents and total borrowings
30 June 202531 December 2024
£m£m
Cash and cash equivalents as presented in the consolidated balance sheet1,437 2,638 
Bank overdrafts(269)(171)
Cash and cash equivalents as presented in the consolidated cash flow statement1,168 2,467 
Borrowings due within one year (excluding bank overdrafts)(667)(413)
Borrowings due after one year(3,845)(3,744)
Total borrowings (excluding bank overdrafts)(4,512)(4,157)
The Group estimates that the fair value of corporate bonds is £3,651 million at 30 June 2025 (31 December 2024: £3,964 million).