• Independent auditor’s report
• Consolidated income statement
• Consolidated statement of comprehensive income
• Consolidated and Parent Company balance sheets
• Consolidated statement of changes in equity
• Parent Company statement of changes in equity
• Consolidated and Parent Company statement of cash flows
• Accounting policies
• Notes to the financial statements
• Group financial history
• Shareholders’ information

Notes to the financial statements

16 Trade and other receivables

		Consolidated				Parent Company
		2014 £m		2013 £m		2014 £m		2013 £m
Trade receivables		104.8		83.3		–		–
Amounts owed by subsidiary undertakings		–		–		9.9		169.3
Other receivables		8.4		10.6		0.6		1.4
Prepayments and accrued income		5.2		4.9		–		–
		118.4		98.8		10.5		170.7

All amounts above, with the exception of prepayments and accrued income, are financial assets.

Trade receivables are denominated in the following currencies:

		Consolidated
		2014 £m		2013 £m
Sterling		96.5		79.9
Euro		2.0		0.6
US Dollar		6.2		2.8
Swiss Franc		0.1		–
		104.8		83.3

There are no material concentrations of credit risk.

Trade receivables are non interest bearing and are generally on 30-90 days’ terms and are shown net of a provision for impairment. As at 31 March 2014, trade receivables at nominal value of £7.7 million (2013: £7.0 million) were impaired and provided for. Movements in the provision for impairment of receivables were as follows:

		Consolidated
		2014 £m		2013 £m
At 1 April		7.0		8.3
Net charge for the year – operating		0.8		0.9
Amounts written off		(0.1)		(2.2)
At 31 March		7.7		7.0

Bad debt provisions are principally in the Dairies’ residential and mid sized commercial channels on debt over 90 days. These businesses sell product on the doorstep and to middle ground and foodservice customers. The Group has no history of bad debt with regard to sales to large multiple retailers. There were no impairment provisions on any other class of receivables at 31 March 2014 or 2013.

At 31 March, the analysis of trade receivables that were past due but not impaired is as follows:

						Past due, not impaired
		Total £m		Neither past due nor impaired £m		30 – 60 days £m		60 – 90 days £m		> 90 days £m
31 March 2014		104.8		89.5		12.3		2.6		0.4
31 March 2013		83.3		72.1		6.7		3.0		1.5

The credit quality of trade receivables is assessed by reference to external credit ratings where available, otherwise historical information relating to counterparty default rates is used.