Carphone Warehouse 2006 Annual Report Download - page 62

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Notes to the Financial Statements continued
16 Trade and other receivables
2006 2005
£’000 £’000
Trade receivables 505,400 317,261
Other receivables 10,965 7,667
Prepayments and accrued income 38,107 28,962
554,472 353,890
Trade receivables are stated at their initial value reduced by appropriate provision for estimated irrecoverable amounts. Included within trade receivables are
provisions for doubtful debts of £50.3m (2005 – £35.3m). The average credit period taken on trade receivables, calculated by reference to the amount owed
at the period end as a proportion of total revenue in the period, adjusted to take account of the timing of acquisitions, was 53 days (2005 – 47 days).
The Directors consider that the carrying amount of trade and other receivables approximates to their fair value.
17 Current asset investments
2006 2005
£’000 £’000
Available-for-sale investments 5,153 60,468
Forward currency contracts 80 –
5,233 60,468
There are no listed investments within current asset investments (2005 – £40.4m). From 3 April 2005 the Group adopted IAS32 and IAS39 (see note 30) and from
this date current asset investments are stated at market value, which is provided by third-party fund managers. At 2 April 2005 the investments are shown at cost
and do not reflect the impact of these standards.
The reduction in current asset investments during the period is primarily due to the liquidation of insurance investments into cash and cash equivalents.
18 Trade and other payables
2006 2005
Current: £’000 £’000
Trade payables 352,101 254,768
Other taxes and social security costs 69,831 33,612
Other creditors 34,089 44,648
Accruals and deferred income 185,988 125,657
642,009 458,685
2006 2005
Non-current: £’000 £’000
Other creditors 6,689 4,753
The average credit period taken on trade payables, calculated by reference to the amounts owed at the period end as a proportion of the amounts invoiced
by suppliers in the period, adjusted to take account of the timing of acquisitions, was 43 days (2005 – 44 days).
The Directors consider that the carrying amount of trade and other payables approximates to their fair value.
The Carphone Warehouse Group PLC Annual Report 2006
58