ANNUAL REPORT 2015
65
Notes to the Combined
Financial Statements
As at 30 September 2015
7
TRADE AND OTHER RECEIVABLES
Group
Company
2015
2014
2015
$
$
$
Trade receivables
- outside parties
838,764 1,194,450
–
- associates
106,082
106,825
–
Other receivables
- outside parties
1,249
52,413
–
- associates
175,000
175,000
–
- allowance for doubtful debts – associates
(175,000)
(175,000)
–
Staff loans
108,975
148,582
–
Refundable deposits
3,483,398 2,789,584
–
Prepayments
2,062,958 1,053,960
343,145
6,601,426 5,345,814
343,145
The credit period on sale of goods ranges from 3 to 30 days (2014 : 3 to 30 days). No interest is charged on the outstanding balance.
Analysis of trade receivables:
Group
2015
2014
$
$
Not past due
802,762 1,177,873
Past due < 120 days
134,901
113,384
Past due ≥ 120 days yet within 12 months
but not impaired
–
2,835
Past due exceeding 12 months but not impaired
7,183
7,183
944,846 1,301,275
Trade receivables which are past due but are not impaired as there has not been a significant change in credit quality and the amounts
are still considered recoverable.
Movement in allowance for doubtful debts:
Group
2015
2014
$
$
Balance at beginning of the year
175,000
276,070
Doubtful debts written off against allowance
– (101,070)
Balance at end of the year
175,000 175,000
The Group has provided for non-recoverability for the specific balances of $175,000 (2014 : $175,000) owing from an associate
investment which management is of the view that repayment is not probable in the near future. The Group has not provided for non-
recoverability for other past due debts as there has not been a significant change in credit quality and the amounts are still considered
recoverable. The Group does not hold any collateral over these balances.
Other receivables are unsecured, interest-free and repayable on demand.
The refundable deposits are placed with reputable financial institutions. There has not been a significant change in credit quality of
refundable deposits and prepayments. The amounts are considered recoverable.
