70
JUMBO GROUP LIMITED
Notes to the Combined
Financial Statements
As at 30 September 2015
14
CLUB MEMBERSHIPS
Group
2015
2014
$
$
Country club memberships, at cost
273,300
273,300
Less: Allowance for impairment
(35,000)
(35,000)
238,300
238,300
15
STRUCTURED FIXED DEPOSIT
The amount is deposited with a reputed bank since 19 August 2005 for a period of 10 years under a structured deposit scheme. The
Group withdrawn the structured fixed deposit when it matured during the financial year.
16
(a)
TRADE AND OTHER PAYABLES
Group
Company
2015
2014
2015
$
$
$
Trade payables
4,024,730
3,848,460
–
Other payables
798,185
1,078,583
–
Deposits received
324,498
236,917
–
Accrued employee benefits expense
5,475,303
5,618,493
–
Accrued directors’ fees
640,000
990,000
–
Accrued operating expenses
1,950,376
891,257
828,800
Accrued credit expenses
573,218
825,700
–
Deferred revenue
380,051
341,147
–
14,166,361 13,830,557
828,800
The credit period on purchases of goods and services ranges from 30 days (2014 : 30 days).
The Group has a loyalty programme which allows members to accumulate credits when they spend in the Group’s restaurants.
These credits can be off-set against billings from the Group’s restaurants and/or redeem for certain merchandise. Accrued
credits expense relates to the credits issued under the loyalty programme that are expected to be redeemed but are still
outstanding as at the end of the financial year.
Deferred revenue relates to deferred rewards card fees which are recognised as income over the membership period.
(b)
DUE TO A SUBSIDIARY
Amount due to a subsidiary is unsecured, interest-free and repayable on demand.
