Page 136 - Neal and Massy Holdings Annual Report 2012

134 2012
NOTES TO THE Consolidated FINANCIAL STATEMENTS
September 30, 2012
Expressed in Thousands of Trinidad and Tobago dollars
17 Inventories
2012 2011
$ $
Finished goods and goods for resale 950,068 933,546
Goods in transit 176,721 222,686
Raw materials and consumables 79,089 100,045
Work in progress 46,311 30,495
1,252,189 1,286,772
The cost of inventories recognised as an expense and included in ‘cost of sales’ amounted to $6,119,461 (2011: $5,695,228).
18 Trade And Other Receivables
2012 2011
$ $
Trade receivables 860,642 916,017
Receivables with related parties 18,301 18,966
Less: provision for impairment of receivables (100,047) (122,753)
Trade receivables - net 778,896 812,230
Other debtors and prepayments 838,047 759,346
Less: provision for impairment (4,851) (4,155)
Other debtors and prepayments – net 833,196 755,191
1,612,092 1,567,421
Given the short-term nature of the trade and other receivables, the fair value approximates the carrying amount of these assets. There
is no concentration of credit risk with respect to trade receivables, as the Group has a large number of customers, regionally dispersed.