Contents

Financial statements

NOTES TO THE FINANCIAL STATEMENTS

21. Trade and other receivables - current

Group

Company

2010

£m

2009

£m

2010

£m

2009

£m

Trade receivables

97.1

92.2

-

-

Less: provision for impairment of receivables

(1.0)

(1.4)

-

-

Trade receivables

96.1

90.8

-

-

Amounts owed by fellow subsidiary undertakings

0.1

1.4

-

-

Other receivables

2.5

12.1

-

-

Other prepayments and accrued income

31.4

14.0

0.2

-

130.1

118.3

0.2

-

The Directors consider that the carrying amount of trade and other receivables approximates to their fair value.

At 31 March 2010 trade debtors totalling £9.3m were collateralised by letters of credit with various financial institutions (2009 £4.6m).

At 31 March 2010, trade receivables of £76.6m (2009 £67.7m) were fully performing with no significant concentration of credit risk. Trade receivables which are less than four months past due are not considered impaired.

At 31 March 2010, trade receivables of £18.5m (2009 £19.3m) were past due but not impaired. These relate to a large number of major corporate customers and government agencies with no history of default. The ageing analysis of these trade receivables is as follows:

2010
£m

2009
£m

Past due by up to 1 month

18.3

16.8

Past due by more than one but less than four months

0.7

2.5

19.0

19.3

At 31 March 2010 trade receivables of £2.0m (2009 £5.2m) were more than four months overdue, of which £1.0m (2009 £1.4m) were provided for. The provision relates to those debts in industry sectors known to be vulnerable to economic swings or who have ceased trading at the balance sheet date.

The movements in the provision for impairment of trade receivables was:

2010
£m

2009
£m

At 1 April

1.4

0.8

Provision for receivables impairment (note 7)

0.7

0.4

Receivables written-off during the year as uncollectible

(1.1)

(0.4)

Amounts arising on acquisitions

-

0.6

At 31 March

1.0

1.4