92
GROUP
CO-OPERATIVE
NOTES TO FINANCIAL STATEMENTS
March 31, 2013
7. TRADE RECEIVABLES (cont’d)
An allowance has been made for the estimated irrecoverable amounts of $315,000 (2012 : $65,000). This allowance has
been determined by reference to past default experience.
The Group and Co-operative has trade receivables amounting to $12,255,000 (2012 : $7,710,000) and $12,233,000
(2012 : $7,690,000) respectively that were past due at the end of the reporting period for which the Group and
Co-operative has not provided as there has not been a significant change in credit quality from the receivables inception
date and the amounts are still considered recoverable. These receivables are unsecured and the analysis of their ageing
at the end of the reporting period is disclosed in Note (i) below.
The Group’s and Co-operative’s trade receivables that are impaired at the end of the reporting period and the allowance
accounts used to record the impairment are disclosed in Note (ii) below. Trade receivables that are individually assessed
to be impaired at the end of the reporting period relate to debtors that are in significant financial difficulties and have
defaulted on payment. These receivables are not secured by any collateral or credit enhancements.
2013
2012
2013
2012
$’000
$’000
$’000
$’000
Not past due and not impaired
6,437 35,820
5,648 35,328
Past due but not impaired (i)
12,255
7,710
12,233
7,690
18,692 43,530
17,881 43,018
Impaired receivables – individually assessed (ii)
- Past due more than 36 months and
no response to repayment demands
315
65
315
65
Less: Allowance for doubtful receivables
(315)
(65)
(315)
(65)
-
-
-
-
Total trade receivables, net
18,692 43,530
17,881 43,018
