Annual Report & Accounts 2004 - Harvey Nash

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Harvey Nash Group plc
Annual Report & Accounts 2004
Notes to the Financial Statements continued
for the year ended 31 January 2004
14 Debtors
Group Group Company Company
31 January 31 January 31 January 31 January
2004 2003 2004 2003
£’000 £’000 £’000 £’000
Trade debtors 19,797 17,994 – –
Amounts owed by subsidiary undertakings – – 10,484 5,637
Other debtors 1,455 1,749 2 80
Prepayments and accrued income 2,410 2,479 315 50
23,662 22,222 10,801 5,767
Within other debtors there are deferred tax assets of £1,209,000 (2003: £923,000). For details refer to note 7.
Restructuring costs represent redundancy and related office closure costs.
15 Creditors: Amounts Falling Due Within One Year
Group Group Company Company
31 January 31 January 31 January 31 January
2004 2003 2004 2003
£’000 £’000 £’000 £’000
Bank overdraft – – 24
Trade creditors 10,533 9,750 154 104
Corporation tax 933 691 – –
Other taxes and social security 1,603 296 – –
Accruals and deferred income 6,828 5,289 434 826
Other creditors 402 1,277 – –
Obligations under finance leases and hire purchase contracts 121 229 – –
20,420 17,532 588 954
16 Creditors: Amounts Falling Due After More Than One Year
Group Group Company Company
31 January 31 January 31 January 31 January
2004 2003 2004 2003
£’000 £’000 £’000 £’000
Bank loans – secured 6,333 11,753 – –
Amounts owed to subsidiary undertakings – – 10,917 10,527
Obligations under finance leases and hire purchase contracts – 121 – –
6,333 11,874 10,917 10,527
The bank loan is a multi currency revolving credit facility to a maximum limit of £6.9m. Interest was charged at a margin of 2.75% over LIBOR.
The facility is secured by cross Group guarantees. There is a UK invoice discounting facility secured over the UK debtor book. In Germany,
certain of the Harvey Nash GmbH debtors are subject to a debt factoring facility secured by a guarantee issued by Harvey Nash Group Plc.
Group
Group
31 January 31 January
2004 2003
£’000 £’000
Maturity dates of bank loans
Due within two to five years 6,333 11,753
6,333 11,753