Vodafone 2004 Annual Report Download - page 90

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Vodafone Group Plc Annual Report 2004
88
Notes to the Consolidated Financial Statements continued
14. Stocks
Group
2004 2003
£m £m
Goods held for resale 458 365
Stocks are reported net of allowances for obsolescence, an analysis of which is as follows:
2004 2003 2002
£m £m £m
Opening balance at 1 April 89 126 32
Exchange adjustments (1) 2 (7)
Amounts charged/(credited) to the profit and loss account 107 (27) (5)
Acquisitions –– 106
Assets written off (2) (12) –
Closing balance at 31 March 193 89 126
15. Debtors
Group Company
2004 2003 2004 2003
£m £m £m £m
Due within one year:
Trade debtors 2,593 2,832 ––
Amounts owed by subsidiary undertakings ––65,098 43,282
Amounts owed by associated undertakings 17 45 –10
Taxation recoverable 372 693 ––
Group relief receivable ––132 920
Other debtors 491 424 310 383
Prepayments and accrued income 2,048 2,214 ––
5,521 6,208 65,540 44,595
Due after more than one year:
Trade debtors 37 26 ––
Other debtors 76 57 ––
Prepayments 302 145 ––
Deferred taxation (note 21) 965 1,024 87 104
1,380 1,252 87 104
6,901 7,460 65,627 44,699
A deferred tax asset of £965 million has been recognised as at 31 March 2004 (2003: £1,024 million). This asset relates to the closure of certain derivative
financial instruments of £13 million (2003: £48 million) and short term timing differences and losses of £952 million (2003: £976 million). The directors are of
the opinion, based on recent and forecast trading, that the level of future taxable profits and deferred tax liabilities will be sufficient to utilise the deferred tax
assets being recognised.
The Company’s deferred tax asset of £87 million (2003: £104 million) is in respect of the closure of derivative financial instruments. The movement in the asset
recognised has been charged to the Company’s profit and loss account for the year. Deferred tax assets not recognised amounted to £18 million at March 2004
(2003: £34 million) and arose from other timing differences.
Debtors are stated after allowances for bad and doubtful debts, an analysis of which is as follows:
2004 2003 2002
£m £m £m
Opening balance at 1 April 520 526 293
Exchange adjustments (20) 17 29
Amounts charged to the profit and loss account 209 193 196
Acquisitions 11 2 108
Disposals (21) ––
Debtors written off (238) (218) (100)
Closing balance at 31 March 461 520 526