Notes to the Financial Statements - Swissco Holdings Limited

Notes
to the Financial Statements
For the financial year ended 31 December 2009
21. Finance lease liabilities
Group
2009 2008
$ $
Minimum lease payments due
- Not later than one year 58,580 76,745
- Between one and five years 127,822 186,354
186,402 263,099
Less:
Future finance charges (31,580) (42,471)
Present value of finance lease liabilities 154,822 220,628
Group
2009 2008
$ $
The present values of finance lease liabilities are analysed as follows:
Not later than one year (Note 20) 49,855 65,824
Later than one but not later than five years (Note 20) 104,967 154,804
154,822 220,628
22. Deferred gain
Deferred gain, which relates to the Group’s share of the unrealised gains arising from the disposal of vessels
to an associated company, is credited to profit or loss on a straight-line basis over the period to match the
depreciation of the disposed vessels, which is included in the share of associated company’s results for the
financial year. Movements in deferred gain are as follows:
Group
2009 2008
$ $
At 1 January 1,212,806 –
Addition during the year 442,384 1,260,056
Credited to profit or loss (Note 4) (68,530) (47,250)
At 31 December 1,586,660 1,212,806
23. Immediate and ultimate holding company
The immediate and ultimate holding company is Yeo Holdings Private Limited, a company incorporated in
Singapore. Mr Yeo Chong Lin and Mr Alex Yeo Kian Teong are the ultimate controlling shareholders of the
Company.
65 Annual Report 2009 Swissco International Limited