28 Related party transactions
Group
Transactions between the company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note.
Trading transactions
The following transactions were carried out with the group’s joint ventures:
Sales of services to related parties were on the group’s normal trading terms.
The amounts outstanding are unsecured and will be settled in accordance with normal credit terms. The group has issued guarantees of £126.8 million (2009: £80.7 million) to its joint ventures (see note 14). A £0.4 million provision has been made for doubtful receivables in respect of the amounts owed by related parties (2009: £0.1 million). A £0.3 million expense has been recognised for bad and doubtful receivables in respect of the amounts owed by related parties (2009: £nil).
Company
The parent company receives dividend income and pays and receives interest to and from subsidiary undertakings in the normal course of business. Total dividend income received during the year amounted to £231.2 million (period ended 31 March 2009: £172.5 million) and total net interest payable during the year was £31.9 million (period ended 31 March 2009: £38.5 million). Amounts outstanding at 31 March 2010 between the parent company and subsidiary undertakings are provided in notes 16, 18 and 23.
At 31 March 2010 and 31 March 2009, no related party receivables and payables were secured and no guarantees were issued in respect thereof. Balances will be settled in accordance with normal credit terms. No allowance for doubtful receivables has been made for amounts owed by subsidiary undertakings as at 31 March 2010 and 31 March 2009.