Carphone Warehouse 2013 Annual Report Download - page 76

Download and view the complete annual report

Please find page 76 of the 2013 Carphone Warehouse annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 88

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88

CARPHONE WAREHOUSE GROUP PLC ANNUAL REPORT 201374
NOTES TO THE FINANCIAL STATEMENTS continued
14 TRADE AND OTHER RECEIVABLES
2013 2012
£m £m
Other receivables 2.8 21.3
2.8 21.3
Other receivables at 31 March 2012 include loans of £4.0m to members of senior management relating to the TalkTalk VES which were
repaid during the year and amounts due from Best Buy Europe in relation to the shares gifted to senior Best Buy Europe executives, as
detailed in note 4, which were settled in April 2012.
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.
15 TRADE AND OTHER PAYABLES
2013 2012
£m £m
Other payables 1.2 1.5
Accruals and deferred income 16.1 8.6
17.3 10.1
16 CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise:
2013 2012
£m £m
Short-term bank and other deposits and money market funds 116.9 102.7
116.9 102.7
Cash and cash equivalents include bank deposits with maturities of up to six months, which are available on demand.
SECURITIES AND GUARANTEES
No facilities are secured over Group assets. 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 £1.2m (2012: £19.8m).
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.
17 FINANCIAL RISK MANAGEMENT AND DERIVATIVE FINANCIAL INSTRUMENTS
The book value and fair value of the Group’s financial assets, liabilities and derivative financial instruments is as follows:
2013 2012
£m £m
Cash and cash equivalents 116.9 102.7
Loans to Virgin Mobile France (see note 13) 20.5 24.3
Trade and other receivables 2.8 21.3
Trade and other payables (17.3) (10.1)
Fair values have been arrived at by discounting future cash flows, assuming no early redemption, or by revaluing forward currency
contracts to year-end market rates or rates as appropriate to the instrument.
a) FINANCIAL RISK MANAGEMENT POLICIES
The Group’s activities expose it to certain financial risks including market risk (such as foreign exchange risk and interest rate risk),
creditrisk and liquidity risk. The Group’s treasury function, which operates under approved treasury policies, uses certain financial
instruments to mitigate potentially adverse effects on the Group’s financial performance from these risks. These financial instruments
may consist ofbank loans and deposits, spot and forward foreign exchange contracts, and foreign exchange swaps. Other products,
such as interest rateswaps and currency options, may also be used depending on the risks to be covered. The Group does not trade
orspeculate inanyfinancial instruments.