National Grid 2014 Annual Report Download - page 120
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17. Trade and other receivables
Trade and other receivables are amounts which are due from our customers for services (and commodities in the US) we have
provided. Other receivables also include prepayments made by us, for example, property lease rentals paid in advance.
Trade, loan and other receivables are initially recognised at fair value and subsequently measured at amortised cost, less any appropriate
allowances for estimated irrecoverable amounts. A provision is established for irrecoverable amounts when there is objective evidence
that amounts due under the original payment terms will not be collected.
2014
£m
2013
£m
Trade receivables 1,602 1,325
Prepayments and accrued income 1,090 1,421
Commodity contract assets 42 42
Current tax assets 11 –
Other receivables 110 122
2,855 2,910
Trade receivables are non interest-bearing and generally have a 30-90 day term. Due to their short maturities, the fair value of trade
andother receivables approximates their book value. Commodity contract assets are recorded at fair value. All other receivables are
recorded at amortised cost.
Provision for impairment of receivables
2014
£m
2013
£m
At 1 April 261 270
Exchange adjustments (23) 13
Charge for the year, net of recoveries 105 75
Uncollectible amounts written off against receivables (94) (97)
At 31 March 249 261
Trade receivables past due but not impaired
2014
£m
2013
£m
Up to 3 months past due 212 242
3 to 6 months past due 69 45
Over 6 months past due 65 4
346 291
For further information on our wholesale and retail credit risk, refer to note 30 (a). For further information on our commodity risk, refer to
note 30 (e).
Notes to the consolidated
financial statements continued
118 National Grid Annual Report and Accounts 2013/14