Annual Report 2010 - Leeden Limited

A Stronger Leeden in Asia.Notes to the Financial Statementsfor the Financial Year ended 31 December 201025. Amounts due to bankers (cont’d)Unsecured bills payable and trust receiptsThe unsecured bills payable and trust receipts bear interest from 1.62% to 1.98% (2009: 2.76% to 9.00%) per annum.26. Other creditors and accrualsGroupCompany2010 2009 2010 2009$’000 $’000 $’000 $’000Accruals 4,974 4,087 1,033 907Sundry creditors 2,558 2,803 314 504Downpayment from customers 1,458 1,061 138 428,990 7,951 1,485 1,453Sundry creditors are unsecured, non-interest bearing and are normally settled on 30 to 60 days terms.27. Hire purchase creditorsThe Group acquired certain plant and machinery under hire purchase arrangements over the next 1 to 7 years. Thediscount rates implicit in the leases are between 2.27% to 4.10% (2009: 2.26% to 4.10%) per annum. There are norestrictions placed upon the Group by entering into these leases. The future minimum lease payments together with thepresent value of the net minimum lease payments are as follows:MinimumpaymentsPresent value ofpaymentsGroupMinimumpaymentsPresent value ofpayments2010 2010 2009 2009$’000 $’000 $’000 $’000Within 1 year 1,421 1,271 1,357 1,593After 1 year but not more than 5 years 2,162 2,033 2,350 1,708After 5 years 21 20 139 802,183 2,053 2,489 1,788Total minimum lease payments 3,604 3,324 3,846 3,381Less: amounts representing finance charges (280) – (465) –Present value of lease payments 3,324 3,324 3,381 3,381MinimumpaymentsPresent value ofpaymentsCompanyMinimumpaymentsPresent value ofpayments2010 2010 2009 2009$’000 $’000 $’000 $’000Within 1 year 45 41 66 59After 1 year but not more than 5 years 68 65 134 127Total minimum lease payments 113 106 200 186Less: amounts representing finance charges (7) – (14) –Present value of lease payments 106 106 186 18686