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Imperial Chemical Industries (ICI)
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ICI » Topics » 19 Trade and other receivables

This excerpt taken from the ICI 6-K filed Mar 21, 2007.

19 Trade and other receivables

  2006   2005  
  £m   £m  
Current    
Trade debtors 646   866  
Less: amounts set aside for doubtful accounts (28 ) (37 )
  618   829  
Other prepayments and accrued income 62   80  
Other debtors 111   119  
  791   1,028  
Non-current    
Other debtors 29   35  
Other prepayments and accrued income 6   7  
  35   42  
  826   1,070  

Trade debtors includes £177m (2005 £196m) of receivables eligible for securitisation with a financial institution. However, at 31 December 2006, the amount borrowed and included within short-term borrowings as liabilities under the securitisation programme was £nil (2005 £nil).

The Company has also provided an asset-backed guarantee, via a wholly owned subsidiary, ICI Receivables Funding Ltd (“the SPV”) specifically incorporated to provide the guarantee, for £250m to support the Company’s commitments to the ICI Pension Fund (see note 34). The asset-backed guarantee is secured by way of fixed and floating charges over certain trade debtors and cash of Group companies, which have been assigned to the SPV. At 31 December 2006, £228m (2005 £268m) of trade debtors included above were assigned to the SPV and £57m (2005 £5m) of cash and cash equivalents.

 

96 ICI Annual Report and Accounts 2006 www.ici.com

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