Annual Report 2010 - Leeden Limited

Leeden Limited Annual Report 2010Notes to the Financial Statementsfor the Financial Year ended 31 December 201034. Commitments (cont’d)(b)Operating lease commitmentsThe Group has entered into leases on its leasehold property and retail shops. These non-cancellable leases haveremaining lease terms of 1 to 15 years. The lease on the Group’s leasehold property includes a clause to enableupward revision of the rental charge on an annual basis. The lease terms do not contain any restriction on theGroup’s activities concerning dividends, additional debt or further leasing. Future minimum lease payments undernon-cancellable operating leases at the balance sheet are as follows:Group2010 2009$’000 $’000Due within one year 1,991 2,035Due within two to five years 3,312 4,189Due after five years 2,123 2,2297,426 8,453Minimum lease payments recognised as an expense in profit or loss for the financial year ended 31 December2010 amounted to $1,070,000 (2009: $537,000).35. Contingent liabilitiesContingent liabilities not provided for in the financial statements for year ended 31 December comprised:GroupCompany2010 2009 2010 2009$’000 $’000 $’000 $’000Unsecured- Guarantees issued to banks for bank facilitiesgranted to associated companies 7,424 7,241 – –Secured- Guarantees issued to banks for bank facilitiesgranted to certain existing unit owners ofdevelopment property – 2,518 – –A subsidiary company has provided corporate guarantees to banks for pre-existing loans obtained by certain existingowners of the development property as mentioned in Note 17. These loans had been repaid during the year.91