Tesco 2010 Annual Report Download - page 101

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Financial statements
Note 16 Trade and other receivables continued
As at 27 February 2010, trade and other receivables of £49m (2009 – £45m) were past due and impaired. The amount of the provision was £47m
(2009 – £44m). The ageing analysis of these receivables is as follows:
2010 2009
£m £m
Up to three months past due 8 3
Three to six months past due 4 3
Over six months past due 37 39
49 45
As at 27 February 2010, trade and other receivables of £115m (2009 – £97m) were past due but not impaired. The ageing analysis of these receivables is
as follows:
2010 2009
£m £m
Up to three months past due 97 71
Three to six months past due 10 15
Over six months past due 8 11
115 97
No receivables have been renegotiated in the current or prior year.
Note 17 Loans and advances to customers
Tesco Bank has loans and advances to customers.
2010 2009
£m £m
Current 2,268 1,918
Non-current 1,844 1,470
4,112 3,388
The maturity of these loans and advances is as follows:
2010 2009
£m £m
Repayable on demand or at short notice 1 1
Within three months 2,370 2,021
Greater than three months but less than one year 70 38
Greater than one year but less than five years 1,504 1,061
After five years 481 517
4,426 3,638
Provision for impairment of loans and advances (314) (250)
4,112 3,388
Loans and advances include amounts subject to securitisation of £1,459m (2009 – £1,468m). During 2009 the Group entered into a securitisation
transaction and issued debt securities which the Group subsequently purchased. The purpose of the transaction was to allow the Group to enter into the
Special Liquidity Scheme whereby it would enter into a sale and repurchase agreement acquiring Treasury Bills issued by the UK Government and using
the debt securities as security. As at 27 February 2010 the Group held £500m (2009 – £588m) in respect of this transaction. The Treasury Bills do not
meet the recognition criteria of IAS 39 and are not recognised on the Group Balance Sheet.
Provision for impairment of loans and advances
£m
Acquisition through business combination* (229)
Charge for the period (130)
Uncollectible amounts written off 109
Recoveries of amounts previously written off (7)
Unwind of discount 7
At 28 February 2009 (250)
Charge for the period (177)
Uncollectible amounts written off 119
Recoveries of amounts previously written off (10)
Unwind of discount 4
At 27 February 2010 (314)
* Tesco Personal Finance Group Limited (trading as Tesco Bank) was acquired on 19 December 2008.
Tesco PLC Annual Report and Financial Statements 2010 99