SAILING THE SEAS OF SUCCESS - Swissco Holdings Limited

NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2004
18. Trade and other payables
The Group
The Company
2004 2003 2004
$ $ $
Trade payables
- third parties 988,466 2,310,771 –
- associated companies 37,689 37,987 –
1,026,155 2,348,758 –
Other payables
- payable for purchase of
plant and equipment 1,123,811 – –
- due to executive directors (non-trade) 109,545 – –
- due to a related party (non-trade) 28,162 5,557,347 –
- due to shareholders (non-trade) – 49,787 –
- others 20,074 – –
1,281,592 5,607,134 –
Accrued operating expenses 522,823 330,135 151,509
Deposits received 321,250 13,873 –
3,151,820 8,299,900 151,509
The carrying amounts of trade and other payables approximate their fair value.
The non-trade amounts due to a related party, executive directors and shareholders are unsecured, interest-free
and are repayable on demand. The related party is a company in which certain directors have financial interest in.
Trade and other payables are denominated in the following currencies:
The Group
The Company
2004 2003 2004
$ $ $
Singapore Dollar 2,984,998 7,617,558 151,509
United States Dollar 166,822 682,342 –
3,151,820 8,299,900 151,509
19. Borrowings
(a)
Current
The Group
2004 2003
$ $
Bank overdrafts (i) – 3,309,443
Finance lease liabilities (note 20) 220,473 137,315
Bank term loans due within twelve months (ii) 251,727 717,911
472,200 4,164,669
ANNUAL REPORT 2004_43