18. Other Financial Assets

Trade and other receivables

GroupCompany
2014
£'000
2013
£'000
2014
£'000
2013
£'000
Trade receivables1,5771,386
Amounts receivable from subsidiaries
Corporation tax – Group relief129556
Other receivables4847
Derivative financial instruments (see note 20)11
Prepayments and accrued income3022571115
1,8831,662144578

The Directors consider that the carrying amount of trade and other receivables approximates to their fair value.

Movement in allowance for doubtful debts

GroupCompany
2014
£'000
2013
£'000
2014
£'000
2013
£'000
Balance at 1st July6
Impairment losses recognised96
Balance at 30th June156

Ageing of past due but not impaired receivables

Group
2014
£'000
2013
£'000
1–30 days past due59
31–90 days past due4
91 days and more2
596

Cash and cash equivalents

GroupCompany
2013
£'000
2013
£'000
2014
£'000
2013
£'000
Cash and cash equivalents3,8123,7451,3151,791

Cash and cash equivalents comprise cash and short-term bank deposits with an original maturity of three months or less.

The carrying amount of these assets approximates to (see note 19) their fair value.

Credit risk

The Company's principal financial assets are bank balances and cash, and trade and other receivables. The Company's credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. The allowance for doubtful debts represents the difference between the carrying value of the specific trade receivables and the present value of the expected recoverable amount.

The average credit period on sales of goods is 36 days (2013: 32days). No interest has been charged on overdue receivables.