Contingent liabilities of the Parent for guarantees to third parties amounted to £nil (31 March 2004: £nil; 30 September 2003: £12.0 million). TPP Investments Limited, a wholly owned ringfenced special purpose subsidiary, is a partner in The Tesco British Land Property Partnership and, in that capacity, has entered into a secured bank loan under which its liability is limited to £43.6 million (31 March 2004: £43.6 million; 30 September 2003: £nil) and recourse is only to the partnership assets.
