30 November
2014
£m
1 December
2013
£m
Trade payables61.353.0
Taxation and social security4.84.1
Accruals46.642.0
Deferred income23.830.9
 136.5130.0

Deferred income represents the value of delivery income received under the Ocado Smart Pass scheme allocated to future periods, upfront licence fees from the Morrisons strategic operating agreement, lease incentives, and media income from suppliers which relate to future periods.