Notes to the Financial Statements
Maturity of Financial Assets and Liabilities
The maturity profile of the Group’s financial liabilities recorded at repayment value, not book value, was as follows:
2015
£’000
Borrowings
In one year or less, or on demand
In more than one year, but not more than two
In more than two years, but not more than five
In more than five years, but not more than twenty
In more than twenty years
27,080
45
120,765
—
192,290
2014
£’000
10,044
26,757
92,458
28,381
188,196
340,180 345,836
Other financial liabilities
In one year or less, or on demand
79,415
66,060
In more than one year but not more than two
679
1,658
In more than two years but not more than five
3,155
1,596
In more than five years but not more than twenty
8,971
9,394
Total 432,400 424,544
The table above excludes future interest payments and future indexation on financial liabilities. Index-linked borrowings of £190,638,000 (2014:
£186,517,000) included in the table above are stated at the principal amount indexed by the appropriate RPI value to the balance sheet date. The
estimated redemption value of index-linked borrowings at redemption in 2045 is £399,467,000 (2014: £399,467,000) and at redemption in 2051 is
£139,996,000 (2014: £139,996,000).
Group debtors recoverable in more than one year of £99,563,000 (2014: £100,833,000) principally represent loans receivable from the Company's
parent undertakings of £95,657,000 (2014: £96,671,000) with £Nil (2014: £Nil) due to be repaid within a year, £15,000,000 (2014: £15,000,000) due to
be repaid between five and twenty years and £80,657,000 (2014: £81,671,000) having no fixed repayment date.
Trade Debtors
Before accepting orders from customers and offering credit terms, the Group undertakes appropriate credit assessments and uses this information to
determine if the order is accepted and the credit terms that will be offered. Provision is made within the trade debtor values detailed below, based
on judgement by senior management, for amounts considered to be unrecoverable due either to their nature or age. Due to the varying nature of
the Group’s businesses there is no single method that is applied to all trade debtors. This would not be considered appropriate with the methods
applied being considered appropriate to each business. The total amount charged to the profit and loss account in the year ended 31 March 2015 in
respect of such provisions was £4,417,000 (2014: £3,703,000). Total Group trade debtors (net of provisions) as at 31 March 2015 were £40,170,000 (2014:
£35,551,000). The total amount of the provision included in the above, as at 31 March 2015 was £29,151,000 (2014: £24,805,000). The Group does not
hold collateral over its trade debtors.
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