Peachtree 2012 Annual Report Download - page 102
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Operating assets and liabilities continued
7 Working capital continued
7.2 Trade and other receivables continued
In determining the recoverability of a trade receivable, the Group considers the ageing of each receivable and any change in the circumstances of the individual
receivables. The directors believe that there is no further provision required in excess of the allowance for doubtful debts.
The creation and release of provision for impaired receivables have been included in selling and administrative expenses in the income statement. Amounts
charged to the allowance account are generally written-off when there is no expectation of recovering additional cash.
At 30 September 2012, trade receivables of £36.4m (2011: £33.0m) were either partially or fully impaired.
The ageing of these receivables was as follows:
2012
£m
2011
£m
Not due 3.7 3.5
Less than six months past due 7.7 7.7
More than six months past due 25.0 21.8
36.4 33.0
Trade receivables which were past their due date but not impaired at 30 September 2012 were £44.8m (2011: £54.9m).
The ageing of these receivables was as follows:
2012
£m
2011
£m
Less than six months past due 41.0 49.5
More than six months past due 3.8 5.4
44.8 54.9
The maximum exposure to credit risk at the end of the reporting period is the fair value of each class of receivables mentioned above. The Group held no
collateral as security. The directors estimate that the carrying value of trade receivables approximated their fair value.
7.3 Trade and other payables
2012
£m
2011
£m
Trade payables 40.2 47.5
Other tax and social security payable 64.3 65.0
Other payables 31.3 24.2
Accruals 123.2 124.5
259.0 261.2
7.4 Deferred income
2012
£m
2011
£m
Deferred income 420.3 404.7
Revenue not recognised in the income statement under the Group accounting policy for revenue recognition is classified as deferred income in the balance sheet
to be recognised in future periods.
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