Bradken Limited Annual Report 2015 - page 91

BRADKEN LIMITED ANNUAL REPORT 2015 l 56
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements
30 June 2015
(continued)
10 Trade and other receivables
2015
2014
$'000
$'000
Current
Trade receivables
151,837
125,428
Provision for impairment of receivables
(529)
(63)
151,308
125,365
Other receivables
9,661
10,054
Prepayments
5,678
5,293
166,647
140,712
Non-current
Other receivables
2,843
2,754
2,843
2,754
(a)
2015
2014
$'000
$'000
Balance at 1 July
63
405
Charge for the year
468
77
Receivables written off during the year as uncollectable
(38)
(127)
Unused amounts reversed
(4)
(292)
Foreign currency exchange differences
40
-
Balance at 30 June
529
63
(b)
At 30 June, the ageing analysis of past due trade receivables is as follows:
2015
2014
$'000
$'000
31-60 days
12,921
8,691
61-90 days
6,001
3,195
91 + days
4,486
4,768
Total
23,408
16,654
(c)
The other classes within trade and other receivables do not contain impaired assets and are not past due. Based on the credit
history of these other classes, it is expected that these amounts will be received when due.
These amounts generally arise from transactions outside the usual operating activities of the Group and also include amounts
receivable based on the revenue recognised for contracts on a percentage of completion basis.
In relation to the receivables recognised as past due but not impaired and impaired, collateral is held in the form of a retention of
title over the goods until payment is received. Given the consumable nature of these goods the ability to determine an accurate
value for this collateral has been unable to be performed.
Impaired trade receivables
As at 30 June 2015 current trade receivables of the Group with a nominal value of $529,000 (2014: $63,000) were impaired.
The amount of the provision was $529,000 (2014: $63,000).
Movements in the provision for impairment of receivables are as follows:
Past due but not impaired
Other receivables
The creation and release of the provision for impaired receivables has been included in administration expenses in the income
statement. Amounts charged to the provision are generally written off when there is no expectation of recovering additional
cash.
As at 30 June 2015 trade receivables of $529,000 (2014:$63,000) were past due and considered impaired and trade receivables
of $73,622,000 (2014:$69,157,000) were past due but not impaired.
1...,81,82,83,84,85,86,87,88,89,90 92,93,94,95,96,97,98,99,100,101,...131
Powered by FlippingBook