Peachtree 2013 Annual Report Download - page 118
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Operating assets and liabilities continued
112 The Sage Group plc | Annual Report & Accounts 2013
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 2013, trade receivables of £33.4m (2012: £36.4m) were either partially or fully impaired.
The ageing of these receivables was as follows:
2013
£m
2012
£m
Not due 3.1 3.7
Less than six months past due 7.3 7.7
More than six months past due 23.0 25.0
33.4 36.4
Trade receivables which were past their due date but not impaired at 30 September 2013 were £41.1m (2012: £44.8m).
The ageing of these receivables was as follows:
2013
£m
2012
£m
Less than six months past due 41.1 41.0
More than six months past due 5.2 3.8
46.3 44.8
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
2013
£m
2012
£m
T
rade payables 46.4 40.2
Other tax and social security payable 63.8 64.3
Other payables 46.5 31.3
A
ccruals 130.9 123.2
287.6 259.0
116 The Sage Group plc | Annual Report & Accounts 2013