Annual Report and Accounts -20-
31 März 2009 - 2:59PM
UK Regulatory
| | | 4,442 | 3,822 |
| Trade | | | |
| payables | | | |
+-----------------------------------------------------------+----------+----------+----------+
| | | 542 | 1,012 |
| Obligations | | | |
| under hire | | | |
| purchase | | | |
| leases | | | |
+-----------------------------------------------------------+----------+----------+----------+
| | | 13,869 | 9,000 |
| Other | | | |
| borrowings | | | |
| and | | | |
| overdrafts | | | |
+-----------------------------------------------------------+----------+----------+----------+
| Deferred | | 317 | 5,649 |
| consideration | | | |
+-----------------------------------------------------------+----------+----------+----------+
| Derivative | | 41 | - |
| financial | | | |
| instruments | | | |
+-----------------------------------------------------------+----------+----------+----------+
| | | | |
+-----------------------------------------------------------+----------+----------+----------+
| Total | | 19,211 | 19,483 |
| financial | | | |
| liabilities | | | |
+-----------------------------------------------------------+----------+----------+----------+
| | | | |
+-----------------------------------------------------------+----------+----------+----------+
(2) Financial liabilities exclude tax and social security, deferred income and
other non-current payables.
(c) Credit risk
The Group's principal financial assets are cash and cash equivalents and trade
and other receivables, which represent the Group's maximum exposure to credit
risk in relation to financial assets.
The Group's credit risk is primarily attributable to its trade and other
receivables. The amounts presented in the consolidated balance sheet are net of
allowances for doubtful receivables, estimated by the Group's management based
on prior experience and their assessment of the current economic environment.
Credit risk refers to the risk that a counterparty will default on its
contractual obligations resulting in financial loss to the Group. The Group has
adopted a policy of only dealing with creditworthy counterparties as a means of
mitigating the risk of financial loss from defaults.
The carrying amount of financial assets recorded in the financial statements,
which is net of impairment losses, represents the Group's maximum exposure to
credit risk.
The Group's exposure and the credit ratings of its counterparties are
continuously monitored and the aggregate value of transactions concluded is
spread amongst approved financial institutions.
Trade receivables
Trade receivables consist of a large number of customers, spread across diverse
geographical areas and the Group's exposure to credit risk is influenced mainly
by the individual characteristics of each customer. The demographics of the
Group's customer base, including default risk of the industry and country in
which the customers operate, has less of an influence on credit risk.
The Group does not have any significant credit risk exposure to any single
counterparty or any Group of counterparties having similar characteristics. The
Group defines counterparties as having similar characteristics if they are
related entities.
The Group establishes an allowance for impairment that represents its estimate
of incurred losses in respect of trade and other receivables and investments
when there is objective evidence that the asset is impaired. The main components
of this allowance are a specific loss component that relates to individually
significant exposures, and a collective loss component established for Groups of
similar assets in respect of losses that have been incurred but not yet
identified. The collective loss allowance is determined by references to past
default experience and historical data of payment statistics for similar
financial assets.
Before accepting any new customer, the Group runs credit checks to assess the
potential customer's credit quality. The Company monitors exposure to individual
clients and all customers are subject to standard terms of payment for each
division.
The Directors consider that the carrying amount of trade and other receivables,
which are non-interest bearing, approximates to their fair value.
Ageing of trade receivables:
+-------------------------------------+------------+------------+------------+------------+
| | | |
+-------------------------------------+-------------------------+-------------------------+
| | Gross | Impairment | Gross | Impairment |
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-------------------------------------+------------+------------+------------+------------+
| | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Not | 7,660 | - | 7,697 | - |
| past | | | | |
| due | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Past | 2,450 | - | 2,907 | - |
| due | | | | |
| nil | | | | |
| - 30 | | | | |
| days | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Past | 1,783 | - | 2,471 | - |
| due | | | | |
| 30 - | | | | |
| 60 | | | | |
| days | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Past | 301 | - | 277 | - |
| due | | | | |
| 60 - | | | | |
| 90 | | | | |
| days | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Past | 1,641 | 619 | 1,411 | 641 |
| due | | | | |
| 90 - | | | | |
| 120 | | | | |
| days | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Past | 176 | 89 | 154 | 46 |
| due | | | | |
| greater | | | | |
| than | | | | |
| 120 | | | | |
| days | | | | |
+-------------------------------------+------------+------------+------------+------------+
| | | | | |
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