Tesco 2011 Annual Report Download - page 127

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NOTE 16 TRADE AND OTHER RECEIVABLES CONTINUED
As at 26 February 2011 trade and other receivables of £37m (2010 – £49m) were past due and impaired. The amount of the provision was £44m
(2010 – £47m). The ageing analysis of these receivables is as follows:
2011
£m
2010
£m
Up to three months past due 48
Three to six months past due 34
Over six months past due 30 37
37 49
As at 26 February 2011 trade and other receivables of £144m (2010 – £115m) were past due but not impaired. The ageing analysis of these receivables
is as follows:
2011
£m
2010
£m
Up to three months past due 114 97
Three to six months past due 13 10
Over six months past due 17 8
144 115
No receivables have been renegotiated in the current or prior financial years.
NOTE 17 LOANS AND ADVANCES TO CUSTOMERS
Tesco Bank has loans and advances to customers.
2011
£m
2010
£m
Current 2,514 2,268
Non-current 2,127 1,844
4,641 4,112
The maturity of these loans and advances is as follows:
2011
£m
2010
£m
Repayable on demand or at short notice 11
Within three months 2,572 2,370
Greater than three months but less than one year 47 70
Greater than one year but less than five years 1,700 1,504
After five years 503 481
4,823 4,426
Provision for impairment of loans and advances (182) (314)
4,641 4,112
Loans and advances include amounts subject to securitisation of £1,356m (2010 – £1,459m). During 2008 the Group entered into a securitisation
transaction and issued debt securities which the Group subsequently purchased. The purpose of the transaction was to allow the Group to enter into
the Special Liquidity Scheme whereby it would enter into a sale and repurchase agreement acquiring Treasury Bills issued by the UK Government and
using the debt securities as security. As at 26 February 2011 the Group held £296m (2010 – £500m) in respect of this transaction. The Treasury Bills
do not meet the recognition criteria of IAS 39 and are not recognised on the Group Balance Sheet.
Provision for impairment of loans and advances
£m
At 28 February 2009 (250)
Charge for the year (177)
Uncollectible amounts written off 119
Recoveries of amounts previously written off (10)
Unwind of discount 4
At 27 February 2010 (314)
Charge for the year (131)
Uncollectible amounts written off 268
Recoveries of amounts previously written off (9)
Unwind of discount 4
At 26 February 2011 (182)
Overview Business review Governance Financial statements
TESCO PLC Annual Report and Financial Statements 2011
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