22 Trade receivables
| Group | Company | |||
|---|---|---|---|---|
| £ million | 2008 | 2007 | 2008 | 2007 |
| Trade receivables | 598 | 670 | 586 | 651 |
| Less: provision for doubtful receivables | 12 | 16 | 12 | 16 |
| Net trade receivables | 586 | 654 | 574 | 635 |
Movements in the provision for doubtful trade receivables were as follows:
| £ million | Group | Company |
|---|---|---|
| At April 1, 2006 | 17 | 17 |
| Provision for doubtful receivables | 2 | 2 |
| Exchange movement on revaluation | (1) | (1) |
| Receivables written off during the year | (1) | (1) |
| Unused amounts reversed | (1) | (1) |
| At March 31, 2007 | 16 | 16 |
| Provision for doubtful receivables | 7 | 7 |
| Receivables written off during the year | (7) | (7) |
| Unused amounts reversed | (4) | (4) |
| At March 31, 2008 | 12 | 12 |
The fair value of trade receivables is equal to their carrying value.
As at March 31, the ageing analysis of trade receivables is as follows:
| Past due but not impaired | |||||
|---|---|---|---|---|---|
| £ million | Total | Neither past due nor impaired | < 30 days | 30-60 days | > 60 days |
| Group | |||||
| 2008 | 586 | 578 | 1 | 1 | 6 |
| 2007 | 654 | 637 | 9 | 2 | 6 |
| Company | |||||
| 2008 | 574 | 567 | 1 | 1 | 5 |
| 2007 | 635 | 624 | 3 | 2 | 6 |
Trade receivables are generally non-interest-bearing and on 30 days’ terms.