Marks and Spencer 2016 Annual Report Download - page 113

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111
ANNUAL REPORT AND FINANCIAL STATEMENTS 2016
NOTES TO THE FINANCIAL STATEMENTS
CONTINUED
OUR BUSINESSOUR PERFORMANCEGOVERNANCEFINANCIAL STATEMENTS
17 TRADE AND OTHER RECEIVABLES
2016
£m
2015
£m
Non-current
Other receivables 12.9 56.8
Prepayments and accrued income 221.8 226.5
234.7 283.3
Current
Trade receivables 116. 5 128. 6
Less: provision for impairment of receivables (0.7) (4.9)
Trade receivables – net 115. 8 123.7
Other receivables 50.4 53.3
Prepayments and accrued income 154.9 144.8
321.1 321.8
Trade and other receivables that were past due but not impaired amounted to £19.6m (last year £18.5m) and are mainly sterling
denominated. The directors consider that the carrying amount of trade and other receivables approximates their fair value. Included in
prepayments and accrued income is £19.4m (last year £13.5m) of accrued supplier income relating to rebates which have been earned but
not yet invoiced. Supplier income that has been invoiced but not yet settled against future trade creditor balances is included within trade
creditors where there is a right to o set. The remaining amount is immaterial. The impact on inventory is immaterial as these rebates relate
to food stock which has been sold through by the year end.
18 CASH AND CASH EQUIVALENTS
Cash and cash equivalents are £247.6m (last year £205.9m). The carrying amount of these assets approximates their fair value.
The e ective interest rate on short-term bank deposits is 0.51% (last year 0.48%). These deposits have an average maturity of 48 days
(last year 42 days).
19 TRADE AND OTHER PAYABLES
2016
£m
2015
£m
Current
Trade and other payables 1,021.9 967.6
Social security and other taxes 49.8 57.7
Accruals and deferred income 546.0 617.1
1,617.7 1,642.4
Non-current
Other payables 353.0 319.7
20 BORROWINGS AND OTHER FINANCIAL LIABILITIES
2016
£m
2015
£m
Current
Bank loans and overdrafts¹ 297.1 278.9
Finance lease liabilities 0.4 0.5
297.5 279.4
Non-current
Bank loans 0.2 0.1
6.250% US$500m medium-term notes 2017³ 356.5 341.9
6.125% £400m medium-term notes 2019² 427.7 428.8
6.125% £300m medium-term notes 2021² 303.3 302.5
4.75% £400m medium-term notes 2025² 425.7 420.2
7.125% US$300m medium-term notes 2037³ 213.1 204.3
Finance lease liabilities 48.2 48.1
1,774.7 1,745.9
Total 2,072.2 2,025.3
1. Bank loans and overdrafts include a £5.0m (last year £5.0m) loan from the Hedge End Park Limited joint venture (see note 29).
2. These notes are issued under Marks and Spencer plc’s £3bn European medium-term note programme and all pay interest annually.
3. Interest on these bonds is payable semi-annually.