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Carphone Warehouse Group plc Annual Report 2011 69
FINANCIAL STATEMENTS
15 TRADE AND OTHER RECEIVABLES
2011
£m
2010
£m
Other receivables 6.5 5.6
6.5 5.6
Other receivables include loans of £5.2m (2010: £3.6m) to members of senior management relating to the Best Buy Europe VES
and TalkTalk VES (see note 6). In certain circumstances these loans would be repayable within one year and for this reason they
are included within current assets. In certain other circumstances they would become payable in more than one year.
The Group’s trade and other receivables are all not yet due, are entirely denominated in UK Sterling and are expected to be fully
recoverable.
16 TRADE AND OTHER PAYABLES
2011
£m
2010
£m
Other payables 8.4 6.5
Accruals and deferred income 7.8 3.6
16.2 10.1
17 CASH AND CASH EQUIVALENTS, LOANS AND OTHER BORROWINGS
Cash and cash equivalents comprise:
2011
£m
2010
£m
Short-term bank deposits and money market funds 120.6 100.0
120.6 100.0
Cash and cash equivalents include bank deposits with maturities of up to six months which are available on demand.
£50m revolving credit facility
The Group has a committed RCF of £50m, which matures in July 2012. The interest rate payable in respect of drawings under this
facility is at a margin over LIBOR for the relevant period. A commitment fee is payable in respect of amounts available but undrawn
under this facility. Although no covenants based on Group performance are included in the RCF, it is a requirement of the facility
that certain covenants relating to Best Buy Europe’s £350m Receivables Financing Agreement have been achieved; this was the
case at both 31 March 2011 and 31 March 2010.
This facility was undrawn throughout the year.
Securities and guarantees
No facilities are secured over Group assets although the sale of some such assets would in certain circumstances lead to a
reduction in those facilities. The Group has provided guarantees to third party suppliers of Virgin Mobile France, alongside the other
shareholders of the business. The Group’s maximum potential exposure on these guarantees is £21.0m.
Functional currency
All of the Group’s material subsidiaries prepared accounts in UK Sterling. The businesses that had a material effect on the Group’s
joint venture investments prepared accounts in UK Sterling, Euro and US Dollar.