AVESCOGROUPPLC ANNUAL REPORT 2009 53
www.avesco.com
The creation and release of provision for impaired receivables have been included in ‘operating expenses’ in the income statement. Amounts charged to the
doubtful debt allowance account are generally written off when there is no expectation of recovering additional cash. The other classes within trade and other
receivables do not contain impaired assets.
The maximum exposure to credit risk at the reporting date is the fair value of each class of receivable mentioned above. The Group does not hold any collateral
as security.
22. Inventories
2009 2008
Group £000s £000s
Raw materials 666 748
Work in progress 77 359
Finished goods 149 181
892 1,288
The cost of inventories recognised as an expense and included in ‘cost of sales’ amounted to £189,000 (2008: £244,000).
There were no inventories in the Company (2008: nil).
23. Cash and cash equivalents
Group Company
2009 2008 2009 2008
£000s £000s £000s £000s
Cash at bank and on hand 4,531 4,845 5,916 16,106
Cash, cash equivalents and bank overdrafts include the following for the purposes of the cash flow statement:
Group Company
2009 2008 2009 2008
£000s £000s £000s £000s
Cash and cash equivalents 4,531 4,845 5,916 16,106
Bank overdrafts (note 25) (649) (141) - -
3,882 4,704 5,916 16,106
24. Trade and other payables
Group Company
2009 2008 2009 2008
£000s £000s £000s £000s
Trade payables 5,865 7,254 - 21
Amounts due to Group companies - - 971 3,191
Social security and other taxes 1,336 1,550 - -
Other payables 1,029 5,653 17 17
Accruals and deferred income 8,289 8,259 171 55
16,519 22,716 1,159 3,284
Amounts owed to other Avesco Group companies are unsecured, repayable on demand and bear interest based on local inter-bank rates.
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