XML 201 R28.htm IDEA: XBRL DOCUMENT v3.24.0.1
Trade and other receivables
 12 Months Ended
Dec. 31, 2023
Text block [abstract]  
Trade and other receivables
22. Trade and other receivables
 
     
All figures in £ millions   
    2023 
        2022  
Current
      
Trade receivables
   
 
694
 
      824  
Royalty advances
   
 
1
 
      1  
Prepayments
   
 
233
 
      200  
Investment in finance lease receivable
   
 
18
 
      17  
Accrued income
   
 
13
 
      15  
Other receivables
   
 
91
 
      82  
     
 
   
 
1,050
 
      1,139  
Non-current
      
Trade receivables
   
 
1
 
      1  
Royalty advances
   
 
4
 
      5  
Prepayments
   
 
8
 
      12  
Investment in finance lease receivable
   
 
82
 
      104  
Accrued income
   
 
2
 
      2  
Interest receivable
   
 
3
 
      3  
Other receivables
   
 
35
 
      12  
     
 
   
 
135
 
      139  
Accrued income represents contract assets which are unbilled amounts generally resulting from assessments and services revenue streams where revenue to be recognised over time has been recognised in excess of customer billings to date. Impairment charges on accrued income assets are £nil (2022: £nil). The carrying value of the Group’s trade and other receivables approximates its fair value. Trade receivables are stated net of provisions for bad and doubtful debts.
The movements in the provision for bad and doubtful debts are as follows:
 
     
All figures in £ millions   
    2023
         2022  
At 1 January
   
 
(69
) 
     (63 ) 
Exchange differences
   
 
2
 
     (3 ) 
Income statement movements
   
 
3
 
     (18 ) 
Utilised
   
 
9
 
     12  
Disposal of businesses
   
 
4
 
     3  
     
At 31 December
   
 
(51
) 
     (69 ) 
Concentrations of credit risk with respect to trade receivables are limited due to the Group’s large number of customers, who are internationally dispersed.
The ageing of the Group’s gross trade receivables is as follows:
 
 
All figures in £ millions
   
 
    2023 
   
 
    2022
  
Within due date and one month past due date
   
 
564
 
      663  
One to three months past due date
   
 
83
 
      118  
Three to six months past due date
   
 
25
 
      25  
Six to nine months past due date
   
 
12
 
      14  
Nine to 12 months past due date
   
 
8
 
      14  
More than 12 months past due date
   
 
54
 
      60  
     
Gross trade receivables
   
 
746
 
      894  
The Group reviews its bad debt provision at least twice a year following a detailed review of receivable balances, historical payment profiles, and assessment of relevant forward-looking risk factors including macroeconomic trends. Management believes all the remaining receivable balances are fully recoverable.
The decrease in trade receivables held by the Group is driven by current year disposals.