National Grid 2008 Annual Report Download - page 664

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 47917
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-15.1, Doc: 16, Page: 137
Description: EXHIBIT 15.1
0/6333.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/333/6*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 47917
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-15.1, Doc: 16, Page: 137 Description: EXHIBIT 15.1
0/6333.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/333/6*
Table of Contents
Annual Report and Accounts 2007/08
145
18. Inventories and current intangible assets
£446m of inventories were consumed and recognised within operating costs during the year (2007: £97m; 2006: £58m). The
above table includes a £4m provision for obsolescence as at 31 March 2008 (2007: £3m).
Current intangible assets consists of emissions allowances.
19. Trade and other receivables
Trade receivables are non interest-bearing and generally have a 30-90 day term. Due to their short maturities, the fair value of
trade and other receivables approximates their book value. Commodity contract assets are recorded at fair value. For further
details of commodity risk, refer to note 34. All other receivables are recorded at amortised cost.
Provision for impairment of receivables
As at 31 March 2008, trade receivables of £188m (2007: £18m) were past due but not impaired. The ageing analysis of these
trade receivables is as follows:
For further information on our wholesale and retail credit risk, refer to note 33. For further information on our commodity risk,
refer to note 34.
2008 2007
£m £m
Raw materials and consumables 116 69
Work in
p
ro
g
ress 16 17
Fuel stocks 178 20
Current intan
g
ible assets 145 2
455 108
2008 2007
£m £m
Trade receivables 1,162 638
Other receivables 80 60
Commodit
y
contract assets 78
–
Pre
p
a
y
ments and accrued income 949 538
2,269 1,236
2008 2007
£m £m
At 1 A
p
ril 102 107
Exchan
g
e ad
j
ustments
(
1
)
(
12
)
Char
g
e for the
y
ear, net of recoveries 108 63
Acquisition of subsidiary undertaking 37 –
Uncollectable amounts written off a
g
ainst receivables
(
91
)
(
51
)
Reclassification to assets held for sale
–
(
5
)
At 31 March 155 102
2008 2007
£m £m
U
p
to 3 months
p
ast due 100 10
3 to 6 months
p
ast due 36 2
Over 6 months
p
ast due 52 6
188 18