inter roller fa final

Notes to the Financial Statements6 Deferred taxation2004 2003The Group and The Company $ $Deferred tax liabilitiesBalance at beginning of year 158,554 -Transfer (to)/from income statement- Current year lease (Note 20) (26,900) 158,554- Overprovision in respect of prior year (Note 20) (112,301) -Balance at end of year 19,353 158,554The balance comprises tax on:Excess of net book value over tax written down value ofproperty, plant and equipment 367,051 478,346Provisions (347,698) (319,792)19,353 158,5547 Hire-purchase creditors2004 2003The Group $ $Minimum instalments payable:Due not later than one year 16,113 -Due later than one year and not later than five years 84,556 -Due later than five years - -100,669 -Finance charges allocated to future periods (12,803) -Present value of minimum hire-purchase payments 87,866 -Instalments payable:Due not later than one year 14,260 -Due later than one year and not later than five years 73,606 -Due later than five years - -Present value of minimum hire-purchase payments 87,866The weighted average effective interest rate of hire purchase creditors at the balance sheet date is 6.5%.8 Bank borrowingsThe GroupThe Company2004 2003 2004 2003$ $ $ $Amount repayable within one year:Revolving loans - secured 322,500 223,450 - -Revolving loan - unsecured 11,210,000 - 11,210,000 -Bank overdraft - unsecured 72,371 - 72,371 -Term loan - secured - 111,725 - -11,604,871 335,175 11,282,371Amount repayable after one year:Term loan - secured - 335,175 - -inter-roller engineering limited annual report2004 53