Investor Presentaiton
BOOHOO GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS
(FORMING PART OF THE FINANCIAL STATEMENTS) CONTINUED
ANNUAL REPORT AND ACCOUNTS 2021
/// FINANCIAL STATEMENTS
17 TRADE AND OTHER RECEIVABLES
2021
Trade receivables
Prepayments
Accrued income
Taxes and social security receivable
Trade receivables represent amounts due from wholesale customers and advance payments to suppliers.
2021
£ million
£ million
18.3
20.6
10.4
7.3
0.3
0.3
11.6
3.6
40.6
31.8
The fair value of trade and other receivables is not materially different from the carrying value.
Where specific trade receivables are not considered to be at risk and requiring a provision, the trade receivables impairment provision is calculated
using the simplified approach to the expected credit loss model, based on the following percentages:
Age of trade receivable
60-90 days past due
91-120 days past due
Over 121 days past due
Trade payables
Other creditors
Accruals
Deferred income
Taxes and social security payable
The fair value of trade payables is not materially different from the carrying value.
20 PROVISIONS
Provision at 29 February 2020
year provision utilised
2020
19 TRADE AND OTHER PAYABLES
2021
2020
£ million
47.9
£ million
33.9
6.4
2.7
144.0
99.3
10.2
10.7
14.4
18.9
222.9
165.5
2020
Dilapidations
£ million
Returns
Claims
Total
£ million
£ million
£ million
%
%
4.2
25.1
29.3
1
1
5
90
5
Movements in provision charged/(credited) to income statement:
90
Prior
(25.1)
(25.1)
Increase in provision in current year
1.7
24.2
23.4
49.3
The provision for impairment of receivables is charged to administrative expenses in the statement of comprehensive income. The maturing profile
of unsecured trade receivables and the provisions for impairment are as follows:
Provision at 28 February 2021
5.9
24.2
23.4
53.5
2021
2020
£ million
£ million
The dilapidation provision represents the estimated exit cost of leased premises; the returns provision represents the revenue reduction of estimated
customer returns which occur over the two to three months after the date of sale; and the claims represents the estimate of claims against the
group that are expected to settle in the period within nine to twelve months after the year end.
Due within 30 days
Provision for impairment
Due in 31 to 90 days
Provision for impairment
Past due
18.3
13.1
(2.4)
(2.4)
21 INTEREST-BEARING LOANS AND BORROWINGS
3.6
10.0
This note provides information about the contractual terms of the group's interest-bearing loans and borrowings, which are measured at amortised cost.
(1.4)
(1.0)
2021
2020
0.2
0.9
£ million
£ million
Provision for impairment
Non-current liabilities
Total amounts due and past
due
Total provision for impairment
18 CASH AND CASH EQUIVALENTS
22.1
24.0
Secured bank loans
2.4
(3.8)
(3.4)
Current liabilities
18.3
20.6
Current portion of secured bank loans
2.4
Terms and debt repayment schedule
2021
2020
£ million
£ million
At start of year
Net movement during year
245.4
197.8
30.8
46.9
Effect of exchange rates
(0.2)
0.7
At end of year
276.0
245.4
There is no material credit risk associated with the cash at bank due to the healthy credit ratings of the banks.
108
Currency
Nominal
interest
rate
GBE LIBOR +0.95%
Year of
maturity
2022
2021
2020
£ million
£ million
4.8
Secured bank loan
The bank loan of £4.8 million was repaid during the period in advance of its maturity date in 2022.
Movement in interest-bearing loans and borrowings
Opening balance
Interest accrued
Interest paid
Capital paid
Closing balance
109
2021
2020
£ million
£ million
4.8
7.2
0.1
0.1
(0.1)
(0.1)
(4.8)
(2.4)
4.8View entire presentation