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BAKKAVOR ANNUAL REPORT AND ACCOUNTS 2012 notes to the consolidated financial statements continued 21 TRADE AND OTHER RECEIVABLES 29 December 31 December £m 2012 2011 Amounts receivable from trade customers 159.2 164.8 Allowance for doubtful debts (0.8) (3.2) Net amounts receivable from trade customers 158.4 161.6 Deferred consideration 0.1 – Other receivables 13.1 10.7 Prepayments 17.6 17.8 189.2 190.1 The average credit period taken on sales of goods is 34 days (2011 – 36 days). An allowance has been made for estimated irrecoverable amounts from the sale of goods of £0.8 million (2011: £3.2 million). Allowances against receivables are made on a specific basis based on objective evidence and previous default experience. Receivables are therefore deemed past due but not impaired when the contractual obligation to pay has been exceeded, but as yet no objective evidence or previous default experience indicates this debt will be irrecoverable. The Directors consider that the carrying amount of trade and other receivables approximates to their fair value due to their short-term nature. The following table is an ageing analysis of trade receivables: 29 December 31 December £m 2012 2011 Not past due 145.2 145.3 Past due by 1 – 30 days 12.0 14.7 Past due by 31 – 60 days 1.2 1.5 Past due by 61 – 90 days 0.2 0.5 Past due by more than 90 days 0.6 2.8 159.2 164.8 Trade receivables renegotiated in 2012 that would have otherwise have been past due or impaired amounted to £nil (2011: £nil) The majority of the Group’s customers are all leading UK retailers, representing more than 80% (2011: 80%) of the Group’s revenue and therefore hold fav<strong>our</strong>able credit ratings. On this basis the Group does not see any need to charge interest, seek collateral or credit enhancements to secure any of its trade receivables due to their short term nature. The following table is an analysis of the movement of the Group’s trade receivables allowance for doubtful debts: 29 December 31 December £m 2012 2011 Balance at beginning of the period (3.2) (4.4) Allowances recognised against receivables (0.3) (1.1) Amounts written off as uncollectible during the period 0.4 0.5 Amounts recovered during the period 0.4 1.5 Allowance reversed 1.6 0.3 Transferred to asset held for sale 0.3 – Balance at end of the period (0.8) (3.2) The following table is an analysis of the Group’s net trade receivables by currency: 29 December 31 December £m 2012 2011 GBP 132.7 125.3 USD 4.7 4.6 Euro 15.3 25.2 CZK 0.3 0.3 ZAR 1.6 1.7 RMB 2.5 3.3 CAD 0.3 0.1 HKD 1.0 1.1 158.4 161.6 PAGE 81 VIEW THE FULL REPORT AT ANNUALREPORT12.BAKKAVOR.COM
BAKKAVOR ANNUAL REPORT AND ACCOUNTS 2012 notes to the consolidated financial statements continued 22 CASH AND CASH EQUIVALENTS 29 December 31 December £m 2012 2011 Cash and cash equivalents 30.5 30.1 Cash and cash equivalents comprise cash held by the Group and short-term bank deposits with an original maturity of three months or less which are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. The carrying amount of these assets approximates their fair value. 23 BORROWINGS 29 December 31 December £m 2012 2011 Bank overdrafts 4.4 4.1 Bank loans 237.2 262.8 8.25% Senior Secured Notes 352.4 352.0 594.0 618.9 Borrowings repayable as follows: On demand or within one year 31.8 32.6 In the second year 217.4 16.6 In the third to fifth years inclusive 344.8 569.7 594.0 618.9 Analysed as: Amount due for settlement within 12 months (shown within current liabilities) 31.8 32.6 Amount due for settlement after 12 months 562.2 586.3 594.0 618.9 Borrowings by currency 29 December 31 December £m 2012 2011 GBP 587.5 611.8 Euro 4.5 5.1 RMB 1.4 1.5 CZK 0.4 0.3 HKD 0.2 0.2 594.0 618.9 PAGE 82 VIEW THE FULL REPORT AT ANNUALREPORT12.BAKKAVOR.COM
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Annual report AND accounts 2012
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BAKKAVOR ANNUAL REPORT AND ACCOUNTS
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welcome to our Bakkavor 'Fast Read'
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usiness segments united kingdom mar
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key performance indicators WE USE A
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3 4 5 assets Our commitment to cont
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leading customer service leading ma
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growing our product pipeline Within
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corporate governance how we manage
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