KINGSMEN CREATIVES LTD
ANNUAL REPORT
2014
81
21.
Gross amount due from/(to) customers for contract work-in-progress
Group
2014
2013
$’000 $’000
Contract costs incurred and recognised profits (less recognised losses) to date
37,564 26,927
Less: Progress billings to date
(28,906)
(14,640)
Net amount arising from construction contracts at end of the year
8,658 12,287
Presented in consolidated statement of financial position as:
Gross amount due from customers for contract work-in-progress
15,684 18,586
Gross amount due to customers for contract work-in-progress
(7,026)
(6,299)
8,658 12,287
22.
Other assets
Group
Company
2014
2013
2014
2013
$’000 $’000
$’000 $’000
Income tax recoverable
152
512
1
–
Prepayments
1,103
803
44
29
1,255
1,315
45
29
23.
Cash and cash equivalents
Group
Company
2014
2013
2014
2013
$’000 $’000
$’000 $’000
Cash at banks and in hand
59,127 48,192
4,702
3,874
Short-term deposits
23,845 15,530
1,586
1,580
Cash and cash equivalents in statement of financial position
82,972 63,722
6,288
5,454
Bank overdrafts
–
(2)
–
–
Deposits pledged for bank facilities
(1,612)
(1,560)
(1,567)
(1,560)
Cash and cash equivalents for consolidated statement
of cash flows
81,360 62,160
4,721
3,894
Cash at banks earn interest at rates based on daily bank deposit rates. Short-term deposits are placed for varying
periods from one month to one year (2013: one month to one year) depending on the immediate cash requirements of
the Group. The short-term deposits bear interest of 0.15% to 1.30% (2013: 0.15% to 3.05%) and 0.15% to 0.50% (2013:
0.15% to 0.50%) per annum respectively for the Group and the Company during the reporting year.
As at 31 December 2014, short term deposits of $1,612,000 (2013: $1,560,000) and $1,567,000 (2013: $1,560,000) of
the Group and the Company have been pledged to banks for banking facilities granted respectively.
Notes to the Financial Statements
31 December 2014
