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
Notes 16-20
For the year ended 31 December 2010
- 16. Inventory and work in progress
- 17. Trade and other receivables
- 18. Trade and other payables: amounts falling due within one year
- 19. Trade and other payables: amounts falling due after more than one year
- 20. Bank overdrafts, bonds and bank loans
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.