Annual Report and Accounts -21-
31 März 2009 - 2:59PM
UK Regulatory
+-------------------------------------+------------+------------+------------+------------+
| | 14,011 | 708 | 14,917 | 687 |
+-------------------------------------+------------+------------+------------+------------+
| | | | | |
+-------------------------------------+------------+------------+------------+------------+
Trade receivables that are less than three months past due for payment are
generally not considered impaired. Included in the Group's trade receivables are
debtors with a carrying amount of GBP5,642,000 (2007: GBP6,533,000) which are
past due at the reporting date for which the Group has not made provision as
there has not been a significant change in the credit quality and the amounts
are considered recoverable. The Group does not hold any collateral over these
balances.
Movement in the provision for impairment:
+-------------------------------------------+----------+----------+----------+----------+
| | | | GBP'000 | GBP'000 |
+-------------------------------------------+----------+----------+----------+----------+
| | | | | |
+-------------------------------------------+----------+----------+----------+----------+
| Balance at | | | 687 | 636 |
| beginning of | | | | |
| the year | | | | |
+-------------------------------------------+----------+----------+----------+----------+
| Acquired | | | - | 55 |
| with | | | | |
| subsidiary | | | | |
| undertakings | | | | |
+-------------------------------------------+----------+----------+----------+----------+
| Increase in | | | 31 | (4) |
| impairment | | | | |
| provision | | | | |
| recognised | | | | |
+-------------------------------------------+----------+----------+----------+----------+
| Receivables | | | (10) | - |
| written off | | | | |
| as | | | | |
| uncollectible | | | | |
+-------------------------------------------+----------+----------+----------+----------+
| | | | | |
+-------------------------------------------+----------+----------+----------+----------+
| | | | 708 | 687 |
+-------------------------------------------+----------+----------+----------+----------+
| | | | | |
+-------------------------------------------+----------+----------+----------+----------+
The creation and release of provisions for impaired receivables has been
included in 'administrative expenses' in the income statement.
In determining the recoverability of a trade receivable, the Group considers any
change in the credit quality of the trade receivable from the date credit was
initially granted up to the reporting date. The concentration of credit risk is
limited due to the customer base being large and unrelated. Accordingly, the
directors believe that there is no further credit provision required in excess
of the above amount.
(d) Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial
obligations as they fall due. Responsibility for liquidity risk management rests
with the Board of Directors. The Group manages liquidity risk by maintaining
adequate reserves, banking facilities and reserve borrowing facilities, by
continuously monitoring bank covenant compliance, forecast and actual cash flows
and matching the maturity profiles of financial assets and liabilities. Included
in Note 20 is a listing of additional undrawn facilities that the Group has at
its disposal to further reduce liquidity risk.
The Group obtained a waiver for the period under review from its lenders in
respect of the testing of the financial covenants contained within its borrowing
agreements as at 30 September 2008. However, as a consequence of the economic
climate a breach of the Group's covenants is likely, when tested for the
relevant quarters for the year ended 30 September 2009. . In addition, as part
of the negotiations the Group is intending to raise additional finance of GBP3m
by way of an equity placing and reduce the Group's level of gearing. Full
details of the impact of this uncertainty on the financial statements are
disclosed in Note 2.
Liquidity and interest risk tables
The following tables detail the Group's remaining contractual maturity for its
financial assets and liabilities.
The below tables have been drawn up based on the earliest date on which the
Group can settle the debt. The table includes both interest and principal cash
flows.
+-------------------------------------------+----------+-------------+---------+---------+---------+---------+
| 30 | Carrying | Contractual | Less | 1-2 | 2-5 | More |
| September | amount | cash flows | than | years | years | than |
| 2008 | GBP'000 | GBP'000 | 1 year | GBP'000 | GBP'000 | 5 years |
| | | | GBP'000 | | | GBP'000 |
+-------------------------------------------+----------+-------------+---------+---------+---------+---------+
| | | | | | | |
+-------------------------------------------+----------+-------------+---------+---------+---------+---------+
| Financial | | | | | | |
| assets | | | | | | |
+-------------------------------------------+----------+-------------+---------+---------+---------+---------+
| Trade | 13,304 | 13,304 | 13,304 | - | - | - |
| and | | | | | | |
| other | | | | | | |
| receivables | | | | | | |
+-------------------------------------------+----------+-------------+---------+---------+---------+---------+
| Cash | 17 | 17 | 17 | - | - | - |
| and | | | | | | |
| cash | | | | | | |
| equivalents | | | | | | |
+-------------------------------------------+----------+-------------+---------+---------+---------+---------+
| | | | | | | |
+-------------------------------------------+----------+-------------+---------+---------+---------+---------+
| | 13,321 | 13,321 | 13,321 | - | - | - |
+-------------------------------------------+----------+-------------+---------+---------+---------+---------+
| | | | | | | |
+-------------------------------------------+----------+-------------+---------+---------+---------+---------+
| | | | | | | |
+-------------------------------------------+----------+-------------+---------+---------+---------+---------+
| Financial | | | | | | |
| liabilities | | | | | | |
+-------------------------------------------+----------+-------------+---------+---------+---------+---------+
| Trade | 4,442 | 4,442 | 4,442 | - | - | - |
| payables | | | | | | |
+-------------------------------------------+----------+-------------+---------+---------+---------+---------+
| Obligations | 542 | 542 | 424 | 118 | - | - |
| under | | | | | | |
| finance | | | | | | |
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