Annual Report 2010 - Leeden Limited

Notes to the Financial Statementsfor the Financial Year ended 31 December 2010Leeden Limited Annual Report 201012. Associated companiesGroup2010 2009$’000 $’000Unquoted shares, at cost 2,461 4,326Share of post-acquisition reserves 937 (1,425)Due from associated companies - non-trade 6,687 10,99810,085 13,899Less:Impairment loss on investment – (418)Allowance for doubtful debts – (4,678)10,085 8,803Receivables that are impairedMovements in allowance accounts:Individually impaired2010 2009$’000 $’000At 1 January 4,678 3,478Charge for the year – 1,200Written back (4,678) –At 31 December – 4,678The amounts due from associated companies are unsecured, bear interest from 3.0 % to 8.0% (2009: 3.0% to 8.0%) perannum and are not expected to be repaid within the next twelve months. These amounts are to be settled in cash.In 2009, the Group carried out a review of the recoverable amount of its investment in an associated company that hadbeen making losses. From the review, no impairment losses were considered. The associated company had subsequentlybeen sold during the year.In 2009, the Group had not recognised losses relating to an associated company where its share of losses exceededthe Group’s interest in this associated company. The Group’s cumulative share of unrecognised losses on 31 December2009 was approximately $1,453,000; the Group had no obligation in respect of these losses. The Group disposed off theassociated company during the year.73