| Group | Company | ||||||
| 2008 £m |
2007 £m |
2008 £m |
2007 £m |
||||
| Cash at bank and in hand | 1.0 | 1.3 | 0.9 | 1.3 | |||
| Short term bank deposit | – | 2.3 | – | 2.3 | |||
| Total cash and cash equivalents | 1.0 | 3.6 | 0.9 | 3.6 | |||
The effective interest rate on short–term bank deposits at 31 March 2007 was 4.5%. These deposits had an average maturity of 3 days.
The Company’s bank accounts are held with Lloyds TSB Bank plc. Lloyds TSB Bank plc hold an AA long-term rating with Standard & Poor’s.