NATS-Annual-Report-2015

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Annual Report and Accounts 2015 | NATS Holdings Limited Financial Statements 114 Notes forming part of the consolidated accounts (continued) 16. Financial and other assets The group had balances in respect of financial and other assets as follows: Trade and other receivables 2015 2014 £m £m Non-current Other debtors 0.3 0.5 Prepayments 2.5 1.6 Accrued income 62.1 68.1 64.9 70.2 Current Receivable from customers gross 78.4 74.3 Allowance for doubtful debts (4.4) (4.8) 74.0 69.5 Amounts recoverable under contracts 0.7 0.9 Other debtors 5.2 7.2 Prepayments 15.2 12.6 Accrued income 112.6 93.8 207.7 184.0 The average credit period taken on sales of services is 30 days (2014: 32 days). Interest is charged by Eurocontrol to UK en route customers at 10.24% (2014: 10.89%) on balances outstanding after more than 30 days. All other balances are non-interest bearing. An allowance has been made for estimated irrecoverable amounts from sales to customers of £4.4m (2014: £4.8m). Full provision is made for receivables from UK en route customers that are overdue. Debts that are neither impaired nor overdue are assessed for credit quality and reviewed periodically. Receivables in respect of other customers are provided for where there is an identified loss event, such as administration, receivership or liquidation or where there is evidence of a reduction in the recoverability of the cash flows. Accrued income which is non-current represents regulatory adjustments for calendar year 2014 and the period January to March 2015 and revenues earned in the previous regulatory control periods, which will be recovered through 2016 charges. Accrued income which is current includes unbilled revenues for services provided in March 2015 and regulatory adjustments for calendar years 2013 and 2014 which will be recovered through 2015 and 2016 charges. Financial Statements
Annual Report and Accounts 2015 | NATS Holdings Limited Financial Statements 115 Notes forming part of the consolidated accounts (continued) 16. Financial and other assets (continued) Ageing of past due but not impaired trade receivables 2015 2014 £m £m 31-90 days 0.7 0.2 91-365 days 0.9 0.9 > 365 days 0.1 0.3 1.7 1.4 Movement in the allowance for doubtful debts 2015 2014 £m £m Balance at the beginning of the year 4.8 5.1 Increase in allowance recognised in the income statement 0.4 0.3 Foreign exchange movement in the year (0.4) (0.1) Amounts written off as irrecoverable (0.4) (0.5) Balance at end of year 4.4 4.8 In determining the recoverability of a trade receivable the group considers any change in credit quality of the trade receivable from the date credit was initially granted up to the reporting date. The directors believe that there is no further credit provision required in excess of the allowance for doubtful debts. Included in the allowance for doubtful debts are individually impaired trade receivables with a balance of £3.2m (2014: £3.2m) which are in administration, receivership or liquidation. The impairment recognised represents the carrying amount of these trade receivables. The group does not hold any collateral over these balances. Ageing of impaired receivables 2015 2014 £m £m 31-90 days 0.3 0.2 91-365 days 0.6 0.6 > 365 days 3.5 4.0 The directors consider that the carrying amount of trade and other receivables approximates to their fair value. 4.4 4.8 Cash and cash equivalents Cash and cash equivalents comprise cash held by the group and short term bank deposits with an original maturity of three months or less. The directors consider that the carrying amount of these assets approximates to their fair value. Overall, the maximum credit risk for the items discussed above would be £522.4m (2014: £482.0m). Financial Statements
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NATS-Annual-Report-2015

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