15 Trade and other payables
| 2008 £m |
Restated 2007 £m |
|
|---|---|---|
| Trade payables | 173.4 | 204.9 |
| Other payables | 20.3 | 17.1 |
| Amounts payable to joint ventures (note 27) | 9.8 | 13.3 |
| Other tax and social security | 25.6 | 32.5 |
| Accruals and deferred income | 446.1 | 530.3 |
| 675.2 | 798.1 |
Trade payables are initially measured at fair value and are subsequently measured at amortised cost using the effective interest rate method.
The directors consider that the carrying amount of trade payables approximates their fair value. The average credit period taken for trade purchases is 24 days (2007: 28 days). No interest was incurred on outstanding balances. The Group has financial risk management policies in place to ensure that all payables are paid when due except in cases of genuine dispute.
In addition, non current liabilities include trade and other payables of £0.1m (2007: £8.9m) that fall due between 2 and 5 years.