2017 WEL Networks
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Annual Report
48
WEL NETWORKS LIMITED
Notes to the financial statements
For the year-ended 31 March 2017
(continued)
7 CURRENT ASSETS – TRADE AND OTHER RECEIVABLES
2017
$’000
2016
$’000
Trade receivables
18,797
10,144
Amounts due from customer for contract work
173
194
Provision for doubtful receivables
(505)
(308)
18,465
10,030
Related party receivable
210
13,219
Prepayments
1,189
780
19,864
24,029
(a)
Impaired receivables
As of 31 March 2017, trade receivables for the Group of $1.7 million (2016: $0.7 million) were past due but not impaired.
These relate to a number of independent customers for whom there is no recent history of default. The ageing analysis of
all trade receivables, net of provisions is as follows:
Current
16,831
9,338
Less than one to three months
174
73
Three to six months
1,460
2
Over six months
-
617
18,465
10,030
(b)
Fair value and credit risk
Due to the short-term nature of these receivables, their carrying value is assumed to approximate their fair value.
The maximum exposure to credit risk at the reporting date is the fair value of each class of receivables mentioned above.
The Group does not hold any collateral as security. Refer to note 24 for more information on the risk management policy
of the Group.
