52 AVESCOGROUPPLC ANNUAL REPORT 2009
www.avesco.com
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2009
Company amounts owed by other Avesco Group companies are unsecured, repayable on demand and bear interest based on local inter bank rates. These
receivables are not considered impaired as they are all due from subsidiary undertakings who will receive sufficient Group support to satisfy these debts.
For both Group and Company there is no difference between the carrying value and fair value of trade and other receivables.
Management estimates impairment of trade receivables based on a combination of age of debt and knowledge of the customer. As of 30 September 2009
£11,662,000 of the total trade receivables balance (2008: £15,481,000) were not impaired. The ageing analysis of these trade receivables is as follows:
2009 2008
Group £000s £000s
0-30 days 9,035 12,230
31-60 days 1,371 1,794
61-90 days 430 641
91-120 days 340 254
121+ days 486 562
At 30 September 11,662 15,481
As of 30 September 2009 £775,000 of the total trade receivables balance (2008: £489,000) was impaired and provided for. The amount of provision was
£753,000 as of 30 September 2009 (2008: £472,000). The ageing analysis of these trade receivables is as follows:
2009 2008
Group £000s £000s
0-30 days - 27
31-60 days - 26
61-90 days 20 16
91-120 days 29 2
121+ days 726 418
At 30 September 775 489
Management do not consider that there is any impairment in other receivables in the current or prior year.
The carrying value of trade and other receivables are denominated in the following currencies:
Group Company
2009 2008 2009 2008
£000s £000s £000s £000s
Sterling 6,966 16,646 31,987 19,000
Euros 5,038 4,835 - -
US Dollar 2,972 3,791 - -
Other currencies 1,389 1,341 - -
16,365 26,613 31,987 19,000
Movements in the Group provision for impairment of trade receivables are as follows:
2009 2008
Group £000s £000s
At 1 October (472) (428)
Provision for receivables impairment made during the year (502) (336)
Receivables written off during the year 189 278
Unused amounts reversed 83 39
Exchange differences (51) (25)
At 30 September (753) (472)
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