FTS250I think your assumption that all the so-called 'investment sales' are entitled to credit free terms has resulted in some confusion in your tables. Firstly, if you want establish the sales growth of 'investment sales', it's 36% - mentioned on page3 under 'Philatelic trading and retail operations'. I'm assuming here that investment sales are those classified as either 'Guaranteed Return' or 'Credit Free Investment', i.e. Options 1 and 2 in the Guide. And you are right to draw attention to this because overall sales were only up 21%.In table 1, 'outstanding balance' refers solely to material sold under interest free credit terms. Whilst I don't think the percentage increase in this figure can be considered a reliable guide to increase in such sales, I do think it helpful that you have identified the proportion of current receivables that are associated with credit free terms - not that you label it as that. Note 17 indicates that £85k relating to credit free contracts is overdue, of which £55k is over 6 months in arrears. This is something to keep an eye on. None of it has been written off (yet). I'd also like to know whether customers make monthly payments in these contracts or don't pay anything until the credit free period expires, hopefully the former.I'm not sure what your purpose was in the second table, titled 'Breakdown of Trade Receivables < 1 yr'.Total, as you say is £3,741,000Your second line is: "More than 12 months credit = £976,000"The figure is shown in your first table as "Trade Receivables < 1 yr". It can't be both. As mentioned above, it actually is the portion of trade receivables due under one year that is associated with credit free contracts. Your last line is "12 months or less credit = £2,765,000" . It is actually that portion of trade receivables due under 1 year that is not associated with credit free contracts. My guess is that much of it relates to the "network of agents and Financial Advisors around the world". The figure is worth keeping an eye on in the future. Regardless of whether you or I are right about any of the above, I think the airing of such an analysis valuable. We all learn from it. That includes the onlookers.DoY
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