Basic HTML Version
66
Financial Statements
17. Inventories
2011
2010
£’000
£’000
Consumable supplies
2,196
1,365
Goods held for resale
161
194
2,357
1,559
18. Trade and Other Receivables
2011
2010
£’000
£’000
Non-Current
Amounts owed by associates and joint ventures
2,186
-
2,186
-
Current
Trade receivables – net
76,637
60,687
Other receivables and prepayments
30,819
23,061
Amounts owed by associates and joint ventures
1,260
-
Corporation tax receivable
-
478
Loans to related parties
-
185
108,716
84,411
In the prior year a provision for £312,000 against a receivable amount was
made after a customer, Jarvis plc, entered Administration after the year end.
There were no other material provisions against receivables in the current year
or prior year.
Movement in the provision for doubtful debts:
2011
2010
£’000
£’000
At 1 March
793
27
Movement in year
(342)
766
At 28 February
451
793
The analysis of trade receivables due but not impaired was as follows:
Receivable Provision Receivable Provision
2011
2011
2010
2010
£’000
£’000
£’000 £’000
Current
49,354
(27)
54,358
-
1 month
19,016
-
2,547
(355)
2 months
6,391
-
3,457
-
3+ months
2,327
(424)
1,118
(438)
77,088
(451)
61,480
(793)
The standard periods for credit sales vary from 30 days to 60 days. The
Group assesses credit worthiness of all trade debts on an ongoing basis.
New customers are subject to stringent credit checks.
19. Trade and Other Payables (Current)
2011
2010
£’000
£’000
Trade payables
39,488
29,227
Other taxes and social security
6,356
9,963
Other payables, accruals and deferred income
19,631
28,172
Government grants
233
234
Loans from related parties
103
-
Interest rate swap
1,501
1,608
Contingent consideration
5,000
5,000
72,312
74,204
20. Non-Current Payables
2011
2010
£’000
£’000
Other payables, accruals and deferred income
2,646
234
Government grants
3,321
2,280
Deferred lease liability
8,512
8,427
14,479
10,941
21. Financial Assets and Liabilities
Loans and Borrowings
2011
2010
£’000
£’000
Non-current
Fixed rate
- Obligations under finance leases
and hire purchase contracts
22,643
31,509
Variable rate:
- Bank loans
69,119
11,367
91,762
42,876
Current
Fixed rate
- Income shares
-
5,269
- Obligations under finance leases
and hire purchase contracts
22,402
18,891
Variable rate:
- Loan notes
-
6,000
- Overdrafts
35,883
26,436
- Bank loans
10,000
10,600
68,285
67,196
Total loans and borrowings
160,047 110,072
Cash
3,937
13,313
Net Debt
156,110
96,759
The obligations under finance leases and hire purchase contracts are taken
out with various lenders at fixed or variable interest rates prevailing at the
inception of the contracts.
The loan notes were repaid in full on 1 June 2010.
During the period 3,628,158 Income Shares were converted to 3,098,440
Ordinary Shares and 1,643,520 Income Shares were redeemed for £1 each.
There are no Income Shares remaining in issue.
The variable rate borrowings comprised a term loan which was repaid in full
on 1 June 2010, two property loans which were repaid in full on 1 June 2010,
a revolving credit facility, and overdraft facilities. The revolving credit facility
was fully repaid before the prior year end.