Financial statements
- Independent auditors' report
- Consolidated income statement
- Consolidated statement of comprehensive income
- Consolidated statement of changes in shareholders' equity
- Consolidated balance sheet
- Consolidated cash flow statement
- Notes to the financial statements
- Independent auditors' report
- Company balance sheet
- Notes to the Company financial statements
Notes to the financial statements
for the year ended 31 October 2011
14. Trade and other receivables
| 2011 £'000 |
2010 £'000 |
|
Current: |
||
Trade receivables |
8,118 | 7,768 |
Less: provision for impairment of receivables |
(789) | (1,248) |
Trade receivables – net |
7,329 | 6,520 |
Other receivables |
1,476 | 2,970 |
Prepayments and accrued income |
8,213 | 6,754 |
| 17,018 | 16,244 | |
Movements on the Group provision for impairment of trade receivables are as follows:
| 2011 £'000 |
2010 £'000 |
|
Provisions for doubtful debts against trade receivables: |
||
At 1 November |
1,248 | 1,026 |
Provision for receivables impairment |
152 | 743 |
Receivables written off during the year as uncollectible |
(611) | (521) |
At 31 October |
789 | 1,248 |
The creation and release of provision for impaired receivables have been included in "cost of sales" in the income statement.
Trade receivables that are less than 28 days overdue are not considered impaired. As of 31 October 2011, trade receivables of £180,000 (FY2010: £669,000) were past due but not impaired. These relate to a number of customers who benefit from an extension to normal terms and for whom there is no recent history of default. The ageing analysis of these trade receivables is as follows:
| 2011 £'000 |
2010 £'000 |
|
Up to 28 days overdue |
180 | 669 |
The above balances are short-term (including other receivables) and therefore the difference between the book value and the fair value of the above receivables is not significant. Consequently these have not been discounted.
As of 31 October 2011, trade receivables of £789,000 (FY2010: £1,248,000) were impaired and provided for in full. There is no concentration of credit risk with respect to trade receivables as the Group has a large number of customers.
The carrying amounts of the Group's trade and other receivables are denominated in the following currencies:
| 2011 £'000 |
2010 £'000 |
|
Sterling |
11,196 | 11,245 |
Euros |
5,822 | 4,999 |
| 17,018 | 16,244 |
