Page 47 - Escher Annual Report 2011

Escher Group Holdings plc Annual report 2011 45
Financial statements
Corporate governance
Business review
Overview
13. Investment in subsidiaries continued
The principal subsidiaries of the Group at 31 December 2011 were as follows:
Name Nature of business % holding Registered office
Escher Group (Irl) Limited Developing software solutions 100 North Wall Quay, Dublin 1
NG Postal FinCo Limited Funding vehicle 100 North Wall Quay, Dublin 1
Escher Group Limited Developing software solutions 100 12 Farnsworth Street, Boston, MA 02210, US
Escher Europe Limited Developing software solutions 100 North Wall Quay, Dublin 1
Escher Asia Pacific Pte Software consulting 100 10 Eunos Road 8, Singapore Post Centre #13–03
Singapore 408600
Escher Group Africa Software consulting 100 Unit 36 Norma Jean Office Park,
244 Jean Avenue, Centurian 0157,
Republic of South Africa
14. Trade and other receivables
Group Company
2011
US$’000
2010
US$’000
2011
US$’000
2010
US$’000
Non-current
Amounts owed by subsidiaries — — — 5,000
Current
Trade receivables 2,374 3,959 — —
Less provision for impaired receivables (192) — — —
Trade receivable – net 2,182 3,959 — —
Accrued income 2,798 1,097 — —
Amounts owed by subsidiaries — — 20,788 —
Prepayments 369 171 —
Other receivables 219 188 94 —
Recoverable taxes 82 65 — —
5,650 5,480 20,882 —
The carrying value of trade receivables approximates to their carrying value.
Trade receivables are non-interest bearing and are generally settled within a 45-day period.
(a) The carrying amounts of the trade and other receivables are denominated in the following currencies:
Group Company
2011
US$’000
2010
US$’000
2011
US$’000
2010
US$’000
US Dollar 677 3,039 — —
Sterling — — 94 —
Euro 1,697 920 — —
2,374 3,959 94 —