Vodafone 2014 Annual Report Download - page 136
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15. Trade and other receivables
Our trade and other receivables mainly consist of amounts owed to us by customers and amounts that we pay
to our suppliers in advance. Trade receivables are shown net of an allowance for bad or doubtful debts. Derivative
nancial instruments with a positive market value are reported within this note.
Accounting policies
Trade receivables do not carry any interest and are stated at their nominal value as reduced by appropriate allowances for estimated irrecoverable
amounts. Estimated irrecoverable amounts are based on the ageing of the receivable balances and historical experience. Individual trade
receivables are written off when management deems them not to be collectible.
2014
Restated
2013
£m £m
Included within non-current assets:
Trade receivables 232 40
Amounts owed by associates and joint ventures 51 1,065
Other receivables 150 284
Prepayments and accrued income 592 499
Derivative nancial instruments 2,245 2,944
3,270 4,832
Included within current assets:
Trade receivables 3,627 3,277
Amounts owed by associates and joint ventures 68 281
Other receivables 1,233 908
Prepayments and accrued income 3,760 3,464
Derivative nancial instruments 198 88
8,886 8,018
The Group’s trade receivables are stated after allowances for bad and doubtful debts based on management’s assessment of creditworthiness,
an analysis of which is asfollows:
2014
Restated
2013
Restated
2012
£m £m £m
1 April 770 799 826
Exchange movements (67) (10) (54)
Amounts charged to administrative expenses 347 360 357
Trade receivables written off (461) (379) (330)
31 March 589 770 799
The carrying amounts of trade and other receivables approximate their fair value. Trade and other receivables are predominantly
non-interest bearing.
2014
Restated
2013
£m £m
Included within “Derivative nancial instruments”:
Fair value through the income statement (held for trading):
Interest rate swaps 1,262 1,508
Cross currency interest rate swaps 158 319
Foreign exchange contracts 68 88
1,488 1,915
Designated hedge relationships:
Interest rate swaps 609 1,117
Cross currency interest rate swaps 346 –
2,443 3,032
In the absence of a quoted price in an active market for the same derivatives, the fair values of these nancial instruments are calculated
by discounting the future cash ows to net present values using appropriate market interest and foreign currency rates prevailing at 31 March
derived from similar transactions.
Notes to the consolidated nancial statements (continued)
Vodafone Group Plc
Annual Report 2014134