ANNUAL REPORT 2011 AVESCO GROUP PLC
www.avesco.com
55
23. Trade and other payables Group 2011 Trade payables
Social security and other taxes Other payables Accruals
Deferred income
£000s 11,537
2,064 5,994 7,972 5,675
33,242 2010
£000s 8,443 2,296
1,611
7,626 4,004
23,980
Amounts owed to other Avesco Group companies are unsecured, repayable on demand and bear interest based on local inter-bank rates. 24. Borrowings and loans
Group 2011 £000s
Non current Bank borrowings (note 3.1c)
Finance lease liabilities (note 3.1c)
Current Bank overdrafts and borrowings (note 3.1c) Finance lease liabilities (note 3.1c)
10,020 4,137
14,157 2010 £000s
12,363 2,979
15,342 2011 £000s
4,850 -
4,850
5,483 5,483
-- 3,805 5,279
- 5,279 3,805 Company 2010 £000s
7,250 -
7,250
- -
-
The fair value of borrowings is equal to their carrying amount. The fair value of current bank borrowings and overdrafts approximates to the carrying amount because of the short maturity of these instruments. The fair value of non current bank borrowings approximates to the carrying value in the balance sheet as they are mainly floating rate loans where payments are reset to market rates at regular intervals.
The carrying amount of the Group’s borrowings are denominated in the following currencies: 2011
Sterling Euros
US Dollar
£000s 11,220
2,637 5,783
19,640 2010
£000s 13,748
2,671 4,202
20,621
Company borrowings of £4,850,000 (2010: £7,250,000) relate to bank borrowings denominated in Sterling and secured by a fixed and floating charge over the UK assets of the Group. The loan bears interest based on LIBOR.
The overdraft and bank borrowings are secured by a fixed and floating charge over the UK assets of the Group. The loan bears interest based on LIBOR.
Finance lease liabilities The finance companies, to whom the finance lease obligations exist, hold a charge over the assets that they have financed.
2011
£000s 103 17
-
206 -
326 Company 2010
£000s -
-
24 81 -
105
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