Marks and Spencer 2010 Annual Report Download - page 105

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Directors’ report p01
Financial statements
Other information p117
To find out more, visit www.marksandspencer.com/annualreport2010 101
18 Trade and other receivables
2010
£m
2009
£m
Non-current
Other receivables 34.6 27.1
Prepaid pension contributions 8.0 60.7
Prepaid leasehold premiums 244.7 247.6
Other prepayments and accrued income 0.4 1.4
287.7 336.8
Current
Trade receivables 93.2 87.7
Less: Provision for impairment of receivables (4.7) (4.2)
Trade receivables – net 88.5 83.5
Other receivables 27.3 37.0
Prepaid pension contributions 55.3 65.7
Prepaid leasehold premiums 8.5 10.6
Other prepayments and accrued income 101.8 88.4
281.4 285.2
Trade receivables that were past due but not impaired amounted to £0.7m (last year £9.9m) and are mainly sterling denominated.
The directors consider that the carrying amount of trade and other receivables approximates their fair value.
19 Cash and cash equivalents
Cash and cash equivalents includes short-term deposits with banks and other financial institutions, with an initial maturity of three months
or less and credit card payment received within 48 hours. The carrying amount of these assets approximates their fair value.
The effective interest rate on short-term bank deposits is 0.29% (last year 0.33%); these deposits have an average maturity of five days
(last year three days).
20 Trade and other payables
2010
£m
2009
£m
Current
Trade and other payables 792.2 783.6
Social security and other taxes 79.4 40.4
Accruals and deferred income 282.2 249.5
1,153.8 1,073.5
Non-current
Other payables1 280.3 243.8
1 Includes the fair value of the put option over the 49% minority interest in the share capital of Marks and Spencer Czech Republic a.s. £63.5m (last year £56.3m) exercisable
on 4 April 2013.