Section image

Cherries
oil on canvas
22 x 20 in
1981

Penny Machines
oil on canvas
23¾ x 29¾ in
1961

Stack of Books
oil on canvas
30 x 24 in
n.d.

Seven Suckers
oil on canvas
19 x 23 in
1970

Twin Jackpots
oil on canvas
30 x 46 in
1962

Ties
oil on canvas
20 x 26 in
1980

Cake Slices
oil on canvas
20 x 16 in
n.d.

Notes 16-20

For the year ended 31 December 2010

17. Trade and other receivables

The following are included in trade and other receivables:

Amounts falling due within one year:

  2010
£m
2009
£m
Trade receivables 6,280.6 5,301.1
VAT and sales taxes recoverable 72.1 81.6
Prepayments and accrued income 1,620.5 1,427.7
Other debtors 870.2 738.5
  8,843.4 7,548.9

The ageing of our trade receivables and other financial assets is as follows:

2010 Past due but not impaired
  Carrying
amount at 31
December
2010
£m
Neither
past
due nor
impaired
£m
0-30
days
£m
31-90
days
£m
91-180
days
£m
181
days-
1 year
£m
Greater
than 1
year
£m
Trade receivables 6,280.6 3,502.2 1,926.4 695.3 131.7 12.0 13.0
Other financial assets 932.0 673.0 125.4 66.9 14.5 8.3 43.9
  7,212.6 4,175.2 2,051.8 762.2 146.2 20.3 56.9
2009 Past due but not impaired
  Carrying
amount at 31
December
2009
£m
Neither
past
due nor
impaired
£m
0-30
days
£m
31-90
days
£m
91-180
days
£m
181
days-
1 year
£m
Greater
than 1
year
£m
Trade receivables 5,301.1 3,279.1 1,475.5 413.8 114.1 8.4 10.2
Other financial assets 781.8 529.7 133.1 26.8 25.4 21.9 44.9
  6,082.9 3,808.8 1,608.6 440.6 139.5 30.3 55.1

Other financial assets are included in other debtors.

Past due amounts are not impaired where collection is considered likely.

Amounts falling due after more than one year:

  2010
£m
2009
£m
Prepayments and accrued income 5.6 5.8
Other debtors 123.2 92.2
Fair value of derivatives 194.7 188.1
  323.5 286.1

Movements on bad debt provisions were as follows:

  2010
£m
2009
£m
Balance at beginning of year 109.9 124.4
New acquisitions 2.0 0.7
Charged to operating costs 27.8 31.7
Exchange adjustments 2.2 (8.5)
Utilisations and other movements (27.3) (38.4)
Balance at end of year 114.6 109.9

The allowance for bad and doubtful debts is equivalent to 1.8% (2009: 2.0%) of gross trade accounts receivable.

The Group considers that the carrying amount of trade and other receivables approximates their fair value.