Trinidad Cement Limited
Annual Report 2012
68
Notes to the Consolidated Financial Statements (continued)
For the year ended 31 December, 2012
(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)
12. Receivables and prepayments
2012
2011
$
$
Trade receivables
154,445
152,356
Less: provision for doubtful debts
(33,129)
(25,922)
Trade receivables (net)
121,316
126,434
Sundry receivables and prepayments
67,622
62,428
Deferred expenditure
9,586
7,445
Taxation recoverable
8,035
8,494
206,559
204,801
Presented in the consolidated statement of financial position as follows:
2012
2011
$
$
Non-current
7,800
10,913
Current
198,759
193,888
206,559
204,801
Included within trade receivables are balances due from four customers with agreed repayment terms over one year and
therefore $7.8 million (2011: $10.9 million) is presented as a non-current asset.
Past due but not impaired
Neither past
Over
Total
due nor impaired
1-90 days
91-180 days
180 days
$
$
$
$
$
2012
121,316
57,667
36,521
5,335
21,793
2011
126,434
46,422
49,404
5,484
25,124
As at 31 December, the impairment provision for trade receivables assessed to be doubtful was $33.1 million
(2011: $25.9 million). Movements in the provision for impaired receivables were as follows:
2012
2011
$
$
At 1 January
25,922
24,959
Charge for the year
8,067
3,827
Unused amounts reversed/written off
(860)
(2,864)
At 31 December
33,129
25,922
13. Cash at bank and on hand
Cash at bank earns interest at floating rates based on daily bank deposit rates.
14. Bank overdraft and short-term advances
2012
2011
$
$
Short-term advances
31,902
–
Bank overdrafts
–
447
31,902
447
Short-term advances are comprised of an unsecured net amount advanced from a customer with a balance of
TT$31.3 million and an unsecured insurance premium financing facility with a balance of TT$0.6 million.
