Financial Statements

Notes to the Consolidated Financial Statementsfor the year to 31 December 2008

19. Other financial assets

Trade and other receivables

Current Non-current
2008
£m
2007
£m
2008
£m
2007
£m
Trade receivables 127.3 257.1 40.0 41.9
Joint ventures 9.0 0.2
Currency and interest rate derivatives 3.0 19.9
Other receivables 54.0 125.2 4.7 14.6
181.3 391.3 47.9 76.4

The average credit period taken on sales is 13 days (2007: 15 days). An allowance has been made for estimated irrecoverable amounts from trade receivables of £3.7m (2007: £2.2m). This allowance has been determined by reference to past default experience.

Cash and cash equivalents

2008
£m
2007
£m
Cash and cash equivalents (see note 23) 752.3 130.0

Cash and cash equivalents comprise cash held by the Group and short term bank deposits with an original maturity of three months or less. The carrying amount of these assets approximates their fair value in both years.