Monies owed by the business that must be paid within one year from the balance sheet date eg bank overdraft, trade and other payables (creditors ie individuals or businesses to whom the firm owes money). They may also include: dividends payable (percentage of profit to be paid to shareholders), corporation tax (a tax based on company profit), and accruals (creditors who have not yet invoiced the firm eg phone, and wages of those who have worked for the firm but have not yet been paid).