Carphone Warehouse 2009 Annual Report Download - page 77

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www.cpwplc.com 73
Financial Statements
Movements in Group provisions for impairment of trade receivables are as follows:
2009 2008
£m £m
Opening balance (70) (50)
Charge to the income statement (32) (78)
Receivables written off as irrecoverable 26 61
Disposal of subsidiaries 57 –
Foreign exchange – (3)
Closing balance (19) (70)
At 31 March 2009, trade receivables of £37m (2008: £148m) were past due but not impaired. These balances primarily relate to
residential and corporate xed line customers. The Group has made provision based on historic rates of recoverability and all
unprovided amounts are considered to be recoverable. The ageing analysis of these trade receivables is as follows:
2009 2008
£m £m
0 to 2 months 29 91
2 to 4 months 4 27
Over 4 months 4 30
37 148
19 Current asset investments
2009 2008
£m £m
Available-for-sale investments – 2
Current asset investments were disposed of within the part-disposal of the retail and distribution business.
20 Trade and other payables
2009 2008
Current £m £m
Trade payables 77 520
Other taxes and social security costs 18 117
Other payables 13 111
Accruals and deferred income 159 335
Forward currency contracts (see note 22) – 4
267 1,087
Non-current
Other payables – 1
The average credit period taken on trade payables, calculated by reference to the amounts owed at the period end as a
proportion of the amounts invoiced by suppliers in the period, adjusted to take account of the timing of acquisitions, was
21 days (2008: 48 days).
The Directors consider that the carrying amount of trade and other payables approximates to their fair value.