|                                                           |          | 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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