TRADE AND OTHER RECEIVABLES

12 Months Ended

Dec. 31, 2025

Trade and other receivables [abstract]

TRADE AND OTHER RECEIVABLES

15. TRADE AND OTHER RECEIVABLES

The following are included in trade and other receivables:

	2025	2024
Amounts to be realised within one year	£m	£m
Trade receivables (net of loss allowance)	6,089	6,487
Unbilled costs	189	238
VAT and sales taxes recoverable	380	323
Prepayments	205	221
Fair value of derivatives	3	1
Other receivables1	413	452
	7,279	7,722

Note

1This balance does not include any individually material items

The ageing of trade receivables by due date is as follows:

	Carrying amount at 31 December	Not past due	Days past due
			0-30 days	31-90 days	91-180 days	181 days- 1 year	Greater than 1 year
2025	£m	£m	£m	£m	£m	£m	£m
Gross trade receivables	6,124	5,365	494	157	42	16	50
Expected credit losses	(35)	(1)	—	—	(3)	(10)	(21)
	6,089	5,364	494	157	39	6	29

	Carrying amount at 31 December	Not past due	Days past due
			0-30 days	31-90 days	91-180 days	181 days- 1 year	Greater than 1 year
2024	£m	£m	£m	£m	£m	£m	£m
Gross trade receivables	6,522	5,672	572	155	58	23	42
Expected credit losses	(35)	(1)	—	—	(2)	(9)	(23)
	6,487	5,671	572	155	56	14	19

The expected credit loss is equivalent to 0.6% (2024: 0.5%) of gross trade receivables. Expected credit losses on unbilled costs and other receivables were not material for the years presented. The Group considers that the carrying amount of trade and other receivables approximates their fair value.

	2025	2024
Amounts to be realised after more than one year	£m	£m
Fair value of derivatives	77	4
Other receivables and prepayments1	195	170
	272	174

Note

1This balance does not include any individually material items

The Group has applied the practical expedient permitted by IFRS 15 to not disclose the transaction price allocated to performance obligations unsatisfied (or partially unsatisfied) as of the end of the reporting period as contracts typically have an original expected duration of a year or less.