Notes to financial statements for the year ended 31 March 2009 22 Trade and other payables 2009 2008 £ m £ m Amounts expected to be settled within one year: Advance payments on construction contracts 308.0 180.2 Trade payables 293.7 265.6 Other tax and social security 29.3 25.5 Other creditors 139.8 105.4 Accruals and deferred income 495.3 451.8 1,266.1 1,028.5 Amounts expected to be settled after more than one year: Trade payables 4.4 6.8 Other creditors 13.1 21.7 Accruals and deferred income 13.1 11.5 30.6 40.0 Total trade and other payables 1,296.7 1,068.5 At 31 March 2009, trade and other payables include retentions of £ 89.2m ( 2008: £ 79.5m) relating to construction contracts of which £ 4.4m ( 2008: £ 6.8m) are non- current liabilities. 23 Deferred tax assets and liabilities Deferred tax assets and liabilities are attributable to the following: Recognised deferred tax assets and liabilities Assets Assets Liabilities Liabilities Net Net 2009 2008 2009 2008 2009 2008 £ m £ m £ m £ m £ m £ m Property, plant and equipment 5.0 1.1 ( 14.3) ( 13.9) ( 9.3) ( 12.8) Intangible assets - - ( 0.3) - ( 0.3) - Other items 10.6 9.6 ( 5.2) - 5.4 9.6 Tax losses carried forward 4.8 0.9 - - 4.8 0.9 Deferred tax assets/( liabilities) 20.4 11.6 ( 19.8) ( 13.9) 0.6 ( 2.3)

Laing O'Rourke Annual Review 2009 Financial statements 23 Deferred tax assets and liabilities ( continued) Movements in deferred tax assets and liabilities during the year As at Exchange As at 1 April and other Recognised Recognised 31 March 2008 movements in income in equity 2009 £ m £ m £ m £ m £ m Property, plant and equipment ( 12.8) 0.1 3.4 - ( 9.3) Intangible assets - - ( 0.3) - ( 0.3) Other items 9.6 1.5 ( 5.7) - 5.4 Tax losses carried forward 0.9 0.1 3.8 - 4.8 ( 2.3) 1.7 1.2 - 0.6 Other items brought forward relate to contract losses in Laing O'Rourke Australia Pty Limited from the acquisition of Barclay Mowlem Pty Limited which are available for off- set in future years. Unrecognised deferred tax assets and liabilities Deferred tax assets have not been recognised in respect of the following items: 2009 2008 £ m £ m Tax losses 5.7 5.1 The Group has unrecognised deferred tax assets of £ 5.7m relating to unused tax losses. The 2008 unrecognised deferred tax assets relating to unused tax losses has been restated to £ 5.1m from that disclosed in the financial statements for the year ended 31 March 2008 following clarification of the amounts of losses arising. The tax losses have arisen in the Group's German subsidiaries and can be carried forward to future periods for use against part of future profits. No deferred tax asset has been recognised in respect of these amounts due to the unpredictability of future taxable profits. 24 Share capital and premium Number of ? 1 shares Share premium £ m At 1 April 2008 and 31 March 2009 9,000 339.5 The authorised share capital of Laing O'Rourke Corporation Limited at 31 March 2009 was 18,000 ordinary shares of ? 1 each ( 2008: 18,000 shares). 25 Reconciliation of movements in shareholders' equity Foreign C alled- up currency Total s hare Share Fair value translation Retained shareholders' Minority Total c apital premium reserve reserve earnings equity interest equity £ m £ m £ m £ m £ m £ m £ m £ m At 1 April 2007 - - 0.7 ( 1.9) 54.5 53.3 0.5 53.8 Profit for the year - - - - 65.0 65.0 0.6 65.6 Exchange differences on translation - - 0.3 5.2 1.3 6.8 ( 0.2) 6.6 Fair value loss on available- for- sale financial assets - - ( 1.2) - - ( 1.2) - ( 1.2) Issue of share capital - 339.5 - - - 339.5 - 339.5 Dividends paid - - - - - - ( 0.3) ( 0.3) At 31 March 2008 - 339.5 ( 0.2) 3.3 120.8 463.4 0.6 464.0 Profit for the year - - - - 67.0 67.0 1.2 68.2 Exchange differences on translation - - 1.2 21.6 - 22.8 0.3 23.1 Fair value loss on available- for- sale financial assets - - ( 3.2) - - ( 3.2) - ( 3.2) Issue of share capital in subsidiary - - - - - - 0.3 0.3 Dividends paid - - - - ( 19.6) ( 19.6) - ( 19.6) At 31 March 2009 - 339.5 ( 2.2) 24.9 168.2 530.4 2.4 532.8 78- 79