Travelex Holdings Limited Annual report & consolidated financial ...

Recommendations

Info

44 Travelex Holdings Limited Notes to the financial statements continued for the year ended 31 December 2001 15 Debtors Group Company 2001 2000 2001 2000 £’000 £’000 £’000 £’000 Amounts falling due within one year: Trade debtors 324,195 15,608 – – Amounts due from Group undertakings – – 70,000 – Amounts due from associated undertakings 83 – – – Amounts due from joint ventures 34 – – – Forward exchange contracts 386,553 144,391 – – Other debtors 24,448 6,415 713 – Prepayments and accrued income 9,358 3,828 – – Deferred tax 2,565 – – – 747,236 170,242 70,713 – Amounts falling due after more than one year: Forward exchange contracts 1,653 – – – Other debtors 822 – – – 16 Current asset investments 2,475 – – – Group Company 2001 2000 2001 2000 £’000 £’000 £’000 £’000 Amounts due within one year: Money market deposits 303,704 – – – Money on structured deposits 230,663 – – – 534,367 – – – Amounts due after more than one year: Money on structured deposits 684,811 – – – Funds have been placed on a series of structured deposits with a bank. The repayment profile of the deposits have been structured to match the expected travellers cheque encashment profile over the term of the deposits. The Group is able to make early draw downs against the funds if necessary, subject to certain charges and restrictions as to the timing of draw downs.
Notes to the financial statements continued for the year ended 31 December 2001 17 Creditors – amounts falling due within one year 45 Travelex Holdings Limited Group Company 2001 2000 2001 2000 £’000 £’000 £’000 £’000 Bank and other borrowings (note 19) 27,849 9,023 71 – Obligations under finance leases (note 20) 2,921 1,465 – – Trade creditors 119,931 18,127 – – Travellers cheques awaiting redemption (1) 1,476,733 – – – Forward exchange contracts 387,636 144,011 – – Corporation tax 1,146 2,736 3,432 – Other taxes and social security costs 1,376 814 – – Other creditors 15,772 7,834 – – Accruals and deferred income 114,855 14,869 347 – Interest received in advance (2) 42,011 – – – 2,190,230 198,879 3,850 – (1) Travellers cheques awaiting redemption represents the value of all travellers cheques issued but not encashed. This is then adjusted to take account of the value of those cheques, which it is anticipated will never be presented for payment. (2) An amount of the travellers cheque funds have been placed on a series of structured deposits with a bank for a term of 23 years (refer to note 16). The net present value of interest receivable on the deposits has been paid in advance. 18 Creditors – amounts falling due after more than one year Group Company 2001 2000 2001 2000 £’000 £’000 £’000 £’000 Loans and other borrowings (note 19) 72,151 71,819 – – Hire purchase and finance lease obligations (note 20) 959 790 – – Deferred consideration for acquisitions (1) 43,025 6,000 37,025 – Amounts due to Group undertakings – – 23,783 – Forward exchange contracts 1,656 – – – Interest received in advance (2) 197,098 – – – 314,889 78,609 60,808 – (1) Deferred consideration of £43,025,000 represents: (1) £6,000,000 relating to the acquisition of Transpay in September 1999, and is based on the directors’ best estimate of the balance due on the acquisition. This business is conducted by the 80% owned subsidiary Travelex Currency Services Limited; (2) £37,025,000 relating to the acquisition of Thomas Cook Global and Financial Services Group during the current year. The amount is based on the fixed principal payable in 2006 of £47,500,000 discounted to its current net present value. (2) Refer to notes 16 and 17 for explanation of interest received in advance.
Page 1 and 2: Travelex Holdings Limited Annual re
Page 3 and 4: Directors’ report continued for t
Page 5 and 6: Independent auditors’ report to t
Page 7 and 8: 29 Travelex Holdings Limited Statem
Page 9 and 10: Consolidated cash flow statement fo
Page 11 and 12: Notes to the financial statements c
Page 21: Notes to the financial statements c
Page 40: Travelex offices worldwide Group He

Travelex Holdings Limited Annual report & consolidated financial ...

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?