Vodafone 2003 Annual Report Download - page 97
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Vodafone Group Plc Annual Report & Accounts and Form 20-F 2003 95
16. Debtors
Group Company
2003 2002 2003 2002
£m £m £m £m
Due within one year:
Trade debtors 2,832 3,389 ––
Amounts owed by subsidiary undertakings ––43,282 32,424
Amounts owed by associated undertakings 45 26 10 –
Taxation recoverable 693 656 ––
Group relief receivable ––920 397
Other debtors 424 587 383 268
Prepayments and accrued income 2,214 1,437 ––
6,208 6,095 44,595 33,089
Due after more than one year:
Trade debtors 26 8––
Other debtors 57 22 ––
Prepayments 145 63 ––
Deferred taxation (note 22) 1,024 865 104 101
1,252 958 104 101
7,460 7,053 44,699 33,190
A deferred tax asset of £1,024m has been recognised as at 31 March 2003 (2002: £865m). This asset relates to the closure of certain derivative financial
instruments (£48m) and short term timing differences and losses (£976m). The directors are of the opinion, based on recent and forecast trading, that the
level of profits and deferred tax liabilities booked in the current and next financial year will exceed the deferred tax assets being recognised.
The Company’s deferred tax asset of £104m (2002: £101m) is in respect of the closure of derivative financial instruments. Deferred tax assets not
recognised amounted to £34m at March 2003 (2002: £32m) and arose from other timing differences.
Debtors are stated after allowances for bad and doubtful debts, an analysis of which is as follows:
2003 2002 2001
£m £m £m
Opening balance at 1 April 526 293 132
Exchange adjustments 17 29 (20)
Amounts charged to the profit and loss account 193 196 127
Acquisitions 2108 172
Disposals ––(71)
Assets written off (218) (100) (47)
Closing balance at 31 March 520 526 293
17. Investments
Group Company
2003 2002 2003 2002
£m £m £m £m
Liquid investments (note 31) 291 1,789 287 –
Other investments –3––
291 1,792 287 –
Included within liquid investments is a restricted deposit account of £287m for the deferred purchase of 48,935,625 shares in Vodafone Portugal. This was
released for payment on 4 April 2003.