NIPS Annual Report and Accounts 2012-13 - Department of Justice

2012-2013
11. Impairments
Under IAS 16 a revaluation surplus is credited directly to equity under the heading of revaluation surplus, unless it
reverses a revaluation decrease on the same asset previously recognised as an expense, when it should be credited to
the profit or loss to that extent.
Likewise a revaluation deficit is debited directly to expense under the heading of impairment loss whenever the
recoverable amount is below the carrying amount, unless it reverses a revaluation increase on the same asset
previously recognised as a revaluation surplus, when it should be debited to equity under the heading of revaluation
to that extent.
Net Impairments for the financial year 2012-13 across all classes of assets except land amount to £1,644k (2011-
12 £3,323k reversal of impairment). This was due to negative indexation being applied to certain classes of assets in
2012-13 and is reflected in notes 5,8 & 9 accordingly.
12. Inventories
2012-13 2011-12
£000 £000
Consumables and equipment 1,006 861
Trade stores 195 190
Fuel stores 441 494
1,642 1,545
13. Trade receivables and other current assets
(i)
Amounts falling due within one year:
2012-13 2011-12
£000 £000
Other receivables 391 270
Prepayments and accrued income 190 415
Receivables - European Funding 17 81
Recoverable VAT 773 1,297
1,371 2,063
(ii)
Amounts falling due after more than one year
Other receivables 50 10
Prepayments and accrued income - -
50 10
Included within Other receivables is £7,760 (2011-12: £9,722) that will be due to the Consolidated
Fund once the debts are collected.
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