22. CONTINGENT LIABILITIES
Performance bonds given on behalf of Group companies are guaranteed by banks in favour of third parties for a total of £151,185 (2005: £161,185). The due performance of obligations under various leases entered into by Group companies, expiring subsequent to 2014, amount to £1,341,000 per annum (2005: £1,593,000). The net present value after tax of the maximum net cash outflow over the term of certain leases to Stead & Simpson Limited is £2,100,000 at 31st December 2006 (2005: £2,221,000). The Directors do not expect this contingent liability to become payable.