National Grid 2015 Annual Report Download - page 124
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Financial Statements
17. Trade and other receivables
Trade and other receivables are amounts which are due from our customers for services (and commodities in the US) we have
provided. Other receivables also include prepayments made by us, for example, property lease rentals paid in advance.
Trade and other receivables are initially recognised at fair value and subsequently measured at amortised cost, less any appropriate
allowances for estimated irrecoverable amounts. A provision is established for irrecoverable amounts when there is objective evidence
that amounts due under the original payment terms will not be collected.
2015
£m
2014
£m
Trade receivables 1,568 1,602
Prepayments and accrued income 1,081 1,090
Commodity contract assets 35 42
Current tax assets 60 11
Other receivables 92 110
2,836 2,855
Trade receivables are non interest-bearing and generally have a 30 to 90 day term. Due to their short maturities, the fair value of trade and
other receivables approximates their book value. Commodity contract assets are recorded at fair value. All other receivables are recorded
at amortised cost.
Provision for impairment of receivables
2015
£m
2014
£m
At 1 April 249 261
Exchange adjustments 31 (23)
Charge for the year, net of recoveries 126 105
Uncollectible amounts written off against receivables (112) (94)
At 31 March 294 249
Trade receivables past due but not impaired
2015
£m
20141
£m
Up to 3 months past due 299 285
3 to 6 months past due 60 57
Over 6 months past due 156 91
515 433
1. Comparatives have been represented on a basis consistent with the current year presentation.
For further information on our wholesale and retail credit risk, refer to note 30(a). For further information on our commodity risk, refer to
note 30(e).
– analysis of items in the primary statements continued
Notes to the consolidated financial statements
122