for the year ended 31 December 2016
NOTES TO THE
FINANCIAL STATEMENTS
Annual Report 2016
-
122
-
20.
Tradeandotherpayables
Group
Company
2016
2015
2016
2015
$’000
$’000
$’000
$’000
Trade payables
4,827
6,738
856
–
Other payables
3,217
6,874
385
604
Total trade and other payables
8,044
13,612
1,241
604
Trade and other payables
(excluding provision forwarranty)
6,370
11,206
1,241
604
Amount due to subsidiaries (Note 18)
–
–
5,653
38,696
Total financial liabilities carried
at amortised cost
6,370
11,206
6,894
39,300
Trade payables are non-interest bearing and are normally settled on 30 to 90 days’ terms.
TheCompany’s trade payable as at 31December 2016 included an amount of $856,000 (2015: Nil) due to a
subsidiary.
The Group’s other payables includes a provision for warranty of approximately $1,674,000 (2015:
$2,406,000). During the financial year, the Group wrote back excess provision of approximately $645,000
(2015: $2,452,000). In line with the Group’s policy as discussed in Note 2.13, the write back of additional
provision in 2016 and in 2015 forwarrantywere resulted from the annual revision.
Trade payables denominated in foreign currencies at 31December are as follows:-
Group
Company
2016
2015
2016
2015
$’000
$’000
$’000
$’000
UnitedStatesDollar
1,320
1,109
856
–
Euro
344
33
–
–
