Annual Report and Accounts 2015


John Lewis Partnership plc


143


13 Trade and other receivables This note provides a split of trade and other receivables into trade receivables, other receivables and prepayments and accrued income.


Trade receivables are amounts owed to us from customers and from suppliers if we are owed rebates. Other receivables include interest receivable from third parties and amounts due from our Partners in respect of the Partnership’s car finance scheme. Prepayments are payments made in advance of the delivery of goods or rendering of services. Accrued income is income earned by the Partnership for providing a product or service which has not yet been invoiced.


Other receivables, prepayments and accrued income are split into current and non-current to show those amounts due within a year and those which will be recovered over a longer period. Trade receivables are shown net of an allowance for debts which we do not consider to be recoverable.


2015 £m


Current: Trade receivables Other receivables


Prepayments and accrued income


Non-current: Other receivables


Prepayments and accrued income


57.4 58.1 93.1


208.6


16.1 46.6 62.7


2014 £m


55.1 48.3


122.5 225.9


13.1 48.2 61.3


Trade receivables are non-interest bearing and generally on credit terms of less than 90 days. Concentrations of credit risk are considered to be very limited. The carrying amount of trade and other receivables approximates to fair value and is denominated in sterling. Within trade receivables is accrued rebate income of £6.5m (2014: £9.1m). Supplier income that has been invoiced but not paid is included in trade receivables and supplier income that has been invoiced but not yet settled against future trade creditor balances is included in trade creditors. As of 31 January 2015, trade and other receivables of £1.6m (2014: £2.2m) were fully impaired. Movements in the allowance for impaired receivables were as follows:


2015 £m


At start of year


Charged to income statement Utilised


Released to income statement At end of year


(2.2) (0.1) 0.6 0.1


(1.6)


2014 £m


(2.3) (0.6) 0.5 0.2


(2.2)


The creation and release of the allowance for impaired receivables have been included in branch operating expenses in the income statement. As of 31 January 2015, trade and other receivables of £18.3m (2014: £24.4m) were past due but not impaired. The ageing analysis of the past due amounts is as follows:


2015 £m


Up to 3 months past due 3 to 12 months past due Over 12 months past due


16.5 0.9 0.9


18.3


2014 £m


19.5 2.9 2.0


24.4


Introduction


Partnership difference


Principles


Strategy


Performance


Governance


Financial statements


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