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Escher Group Holdings plc
Annual report 2011
46
Notes to the consolidated financial statements
continued
for the year ended 31 December 2011
14. Trade and other receivables
continued
As at 31 December 2011, at a Group level, trade receivables with a nominal value of US$192,000 were impaired and fully
provided for. Movements in the provision for impairment of receivables were as follows:
Group
US$’000
Company
US$’000
At 1 January 2010
—
—
Charge for the year
—
—
At 31 December 2010
—
—
At 1 January 2011
—
—
Charge for the year
192
—
At 31 December 2011
192
—
Ageing of trade receivables
The ageing analysis of past due trade receivables is set out below:
Group
2011
US$’000
2010
US$’000
Less than 30 days
1,267
630
Between 31–60 days
138
1
More than 90 days
50
74
Neither impaired nor past due
727
3,254
Impaired
192
—
Total
2,374
3,959
As of 31 December 2011, trade receivables of US$727,000 (2010: US$3,254,000) were fully performing.
As of 31 December 2011, trade receivables of US$1,647,000 (2010: US$705,000) were past due but not impaired. These relate
to a number of independent customers for whom there is no recent history of default.
As of 31 December 2011, trade receivables of US$192,000 (2010: US$nil) were impaired. The individually impaired receivables
mainly relate to two customers. It was assessed that a portion of the receivables is expected to be recovered.
(b)
The majority of the Group’s customers, primarily representing post offices operate within the postal service industry.
As at 31 December 2011, a significant portion of the trade receivables of the Group related to 2 customers (2010: 3 customers)
as follows:
2011
%
2010
%
Customer A
33
3
Customer B
10
3
Customer C
—
20
Customer D
—
17
Customer E
—
12
(c)
Amounts owed by Group undertakings are interest free, unsecured and are repayable on demand. The Board has reviewed
these amounts for impairment. Following this review, no provision for impairment was deemed necessary.