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Trade and other receivables | 12 Months Ended
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Dec. 31, 2024
Trade and other receivables. |
Trade and other receivables | A3. Trade and other receivables The Group’s trade receivables are recognised at the transaction price less provision for impairment. They are generally due for settlement within 30 days and are all classified as current. The amount of the provision for impairment is recognised in the income statement and movements on provisions for impaired trade receivables are recognised within operating expenses in the income statement. Amounts are generally charged to the provision for impairment of trade receivables when there is no expectation of recovering additional cash. Expected credit loss (ECL) calculations are performed and are used to calculate the provision for impairment of trade receivables. ECL calculations are a probability-weighted estimate of credit losses and are performed at country level. The Group applies the simplified method of applying lifetime ECLs to trade receivables using an allowance matrix to measure the ECLs of trade receivables from its customers, which comprise customer portfolios across several countries. Credit risk factors that are considered as part of ECL calculations may include, but are not limited to: payment history, customer size, customer type (national/residential/commercial/government), age of debt, industry strength, economy, environmental factors such as climate change, and product or service provided. Loss allowances are also calculated on other financial assets, although the amounts are generally not significant and the asset is recognised net of the allowance. There is limited concentration of credit risk with respect to trade receivables due to the Group’s customer base being large and diverse. The amount of credit risk with respect to customers is represented by the carrying amount on the balance sheet. The Group policy is that credit facilities for new customers are approved by designated managers at regional level. Credit limits are set with reference to trading history and reports from credit rating agencies where they are available. Where this is not feasible, the Group may request payment in advance of work being carried out, or settlement by credit card on completion of the work. There are no trade receivables that would otherwise be past due or impaired whose terms have been renegotiated. ​
​ | ​ | ​ | ​ | ​
​ | ​ | 2024 | ​ | 2023
​ | ​ | £m |  | £m
Trade receivables |  | 705 |  | 692
Less: provision for impairment of trade receivables |  | (65) |  | (70)
Trade receivables – net |  | 640 |  | 622
Other receivables1 |  | 128 |  | 113
Prepayments |  | 77 |  | 68
Accrued income |  | 118 |  | 118
Contract assets | ​ | 3 | ​ | 4
Total |  | 966 |  | 925
​ | ​ | ​ | ​ | ​
Analysed as follows: |  | ​ |  | ​
Non-current |  | 57 |  | 45
Current |  | 909 |  | 880
Total |  | 966 |  | 925
1. | Other receivables are stated net of loss allowance of £nil (2023: £nil).
All of the Group’s provision for impairment relates to trade receivables. Analysis of the Group’s provision for impairment of trade receivables is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022
​ | ​ | £m | ​ | £m | ​ | £m
At 1 January |  | 70 |  | 70 | ​ | 50
Exchange differences |  | (1) |  | (4) | ​ | —
Additional provision |  | 62 |  | 48 | ​ | 30
Receivables written off as uncollectable |  | (63) |  | (38) | ​ | (27)
Unused amounts reversed |  | (6) |  | (8) | ​ | (5)
Acquisition of companies and businesses | ​ | 3 | ​ | 2 | ​ | 22
At 31 December |  | 65 |  | 70 | ​ | 70
​ The ageing of trade receivables and provision for impairment is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Trade |  | Provision for |  | Trade |  | Provision for
​ | ​ | receivables | ​ | impairment | ​ | receivables | ​ | impairment
​ | ​ | 2024 | ​ | 2024 | ​ | 2023 | ​ | 2023
​ | ​ | £m | ​ | £m | ​ | £m | ​ | £m
Not due |  | 288 |  | — |  | 286 |  | (3)
Overdue by less than 1 month |  | 170 |  | (1) |  | 158 |  | (3)
Overdue by between 1 and 3 months |  | 122 |  | (3) |  | 111 |  | (5)
Overdue by between 3 and 6 months |  | 54 |  | (11) |  | 56 |  | (9)
Overdue by between 6 and 12 months |  | 39 |  | (20) |  | 36 |  | (15)
Overdue by more than 12 months |  | 32 |  | (30) |  | 45 |  | (35)
At 31 December |  | 705 |  | (65) |  | 692 |  | (70)
​ The carrying amounts of the Group’s trade receivables are denominated in the following currencies: ​
​ | ​ | ​ | ​ | ​
​ | ​ | 2024 | ​ | 2023
​ | ​ | £m | ​ | £m
Pound sterling |  | 57 |  | 51
Euro |  | 160 |  | 161
US dollar |  | 302 |  | 291
Other currencies |  | 186 |  | 189
Carrying value |  | 705 |  | 692
​ Fair value is considered to be equal to carrying value for all trade and other receivables.

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- Definition The disclosure of trade and other receivables. [Refer: Trade and other receivables] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2024-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_10_e&doctype=Standard -URIDate 2024-03-27 + Details
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- References No definition available. + Details
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