Notes to the Financial Statements - Swissco Holdings Limited

Notes
to the Financial Statements
For the financial year ended 31 December 2009
18. Property, plant and equipment (continued)
A motor vehicle with carrying amount of $39,680 (2008: $55,040) is registered in the name of an employee
who holds it in trust for the Group.
The leasehold building and vessels of the Group with a total carrying amount of $31,270,729 (2008:
$33,199,235) are pledged as securities for bank borrowings (Note 20).
Additions during 2008 include motor vehicles of $94,000 acquired under finance leases. The carrying
amounts of motor vehicles and plant and equipment held under finance leases are $207,181 (2008:
$285,401) and $Nil (2008: $28,461) respectively at the balance sheet date.
19. Trade and other payables
Group
Company
2009 2008 2009 2008
$ $ $ $
Trade payables
- Non-related parties 5,191,015 6,324,890 – –
Other payables
- Non-related parties 47,979 306,627 – –
- Other related parties 35,953 51,166 – –
83,932 357,793 – –
Payables for purchase of property,
plant and equipment 1,483,417 6,331,462 – –
Accrual for directors’ fees and
performances bonus 5,653,934 5,099,000 5,653,934 5,099,000
Other accruals for operating expenses 4,816,740 2,959,699 608,013 558,552
Deposits received 1,574,459 2,407,751 – –
18,803,497 23,480,595 6,261,947 5,657,552
Other related parties comprise controlling shareholders of the Company and a company controlled by the
controlling shareholders of the Company.
The non-trade payables due to other related parties are unsecured, interest-free and are repayable on
demand.
63 Annual Report 2009 Swissco International Limited