Marks and Spencer 2011 Annual Report Download - page 98

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Marks and Spencer Group plc Annual report and financial statements 2011
96
Notes to the financial statements continued
19 Trade and other receivables
2011
£m
2010
£m
Non-current
Other receivables 35.2 34.6
Prepaid pension contributions –8.0
Prepaid leasehold premiums 240.5 244.7
Other prepayments and accrued income 0.4 0.4
276.1 287.7
Current
Trade receivables 99.6 93.2
Less: Provision for impairment of receivables (1.3) (4.7)
T
rade receivables – net 98.3 88.5
Other receivables 25.5 27.3
Prepaid pension contributions 19.0 55.3
Prepaid leasehold premiums 8.2 8.5
Other prepayments and accrued income 99.3 101.8
250.3 281.4
Trade receivables that were past due but not impaired amounted to £2.4m (last year £0.7m) and are mainly sterling denominated.
The directors consider that the carrying amount of trade and other receivables approximates their fair value.
20 Cash and cash equivalents
Cash and cash equivalents includes short-term deposits with banks and other financial institutions, with an initial maturity of three
months or less and credit card payment received within 48 hours. The carrying amount of these assets approximates their fair value.
The effective interest rate on short-term bank deposits is 0.40% (last year 0.29%); these deposits have an average maturity of nine days
(last year five days).
21 Trade and other payables
2011
£m
2010
£m
Current
Trade and other payables 919.2 792.2
Social security and other taxes 57.2 79.4
Accruals and deferred income 371.2 282.2
1,347.6 1,153.8
Non-current
Other payables1 262.3 280.3
1Includes the fair value of the put option over the 49% non-controlling interest in the share capital of Marks and Spencer Czech Republic a.s. £14.6m (last year £63.5m)
exercisable on 4 April 2013.