for the year ended 31 December 2016
NOTES TO THE
FINANCIAL STATEMENTS
Annual Report 2016
-
118
-
15.
Grossamountduefrom / (to)customersforcontractwork-in-progress
Group
2016
2015
$’000
$’000
Aggregate amount of costs incurred and recognised profits
(less recognised losses) to date *
3,155
19,653
Less: Progress billings and advances
(2,238)
(14,528)
917
5,125
Presented as:
Gross amount due from customers for contract work-in-progress
1,039
6,706
Gross amount due to customers for contractwork-in-progress
(122)
(1,581)
917
5,125
* Included in cost incurred is an amount of:
Unused inventories on site
–
4,021
Advances received included in gross amount due to customers for
contractwork
–
1,566
Retention sums on construction contract included in trade receivables
1,391
–
16.
Inventoriesandwork-in-progress
Group
2016
2015
$’000
$’000
Balance sheet:
Materials, components and spares
473
2,915
Work-in-progress
84,958
47,114
85,431
50,029
Thecostof thegoodssold reported in thestatementofcomprehensive incomesubstantially relates tomaterials,
components and spares recognised as an expense for the year including inventorieswritten down amounting
to $1,391,000 (2015: $625,000).
Work-in-progress relates to the cost of direct materials, direct labour and costs incurred in connectionwith
the liftboat.
