Financial Statements

25. Trade and other receivables



Group
Company

1 May 2011 2 May 2010 1 May 2011 2 May 2010

£m £m £m £m
Trade receivables 23.2 10.6
Less: provision for impairment of trade receivables (1.0) (1.0)
Net trade receivables 22.2 9.6
Other amounts due from related parties 14.9 1.2
Other receivables 2.4 2.1 0.7 0.3
Prepayments 11.1 4.7 0.4
Total trade and other receivables 35.7 16.4 16.0 1.5

Other receivables for the Group include £0.7m (2010: £1.9m) of cash contributions receivable from landlords.

Prepayments for the Group include £7.7m (2010: £4.0m) of prepaid rent and rates.

The other classes within trade and other receivables do not contain impaired assets.

The fair values of trade and other receivables are equal to their book value.

The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable mentioned above. Trade and other receivables are not provided as security.

The Group's trade receivables are summarised as follows:



Group
Company

1 May 2011 2 May 2010 1 May 2011 2 May 2010

£m £m £m £m
Not past due or impaired 8.6 4.9
Past due but not impaired 12.4 2.9
Impaired 2.2 2.8
Total trade receivables 23.2 10.6

The credit quality of trade receivables that are neither past due, nor impaired, are all assessed to be category 1 – fully recoverable (2010: category 1 – fully recoverable). Our internal credit rating system is based upon historical information about counterparty default risks. The analysis of these trade receivables by reference to external credit ratings are not available. £4.9m out of the £8.6m trade receivables not past due nor impaired relate to 10 well established key accounts (2010: £3.6m out of the £4.9m relate to 11 well established key accounts) that the Group have traded with for at least one year. The remaining £3.7m (2010: £1.3m) consist of many individual balances, each below £0.1m. The Group will continue to monitor receivables as customer relationships become more established.

The Group's trade receivables past due but not impaired are as follows:



Group
Company

1 May 2011 2 May 2010 1 May 2011 2 May 2010

£m £m £m £m
Overdue 1 — 30 days 6.8 2.1
Overdue 31 — 60 days 4.0 0.8
Overdue 60 days + 1.6
Total trade receivables past due but not impaired 12.4 2.9

Movements on the Group provision for impairment of trade receivables are as follows:



Group
Company

1 May 2011 2 May 2010 1 May 2011 2 May 2010

£m £m £m £m
At start of period 1.0 0.4
Provision for receivables impairment 0.1 0.8
Receivables written off during the year as uncollectable (0.1) (0.1)
Unused amounts reversed (0.1)
At end of period 1.0 1.0

Trade receivables of £2.2m (2010: £2.8m) were partially impaired and a provision of £1.0m (2010: £1.0m) has been recognised against the impaired trade receivables.

The individually impaired receivables relate wholly to the Wholesale segment. The other classes within trade and other receivable, for the Group and Company, do not contain impaired assets.