GPERAK-AnnualReport2009 (1MB).pdf - Bursa Malaysia
GPERAK-AnnualReport2009 (1MB).pdf - Bursa Malaysia GPERAK-AnnualReport2009 (1MB).pdf - Bursa Malaysia
annual report 2009 | Gula peraK BerHaD (8104-X) NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 30. DEFERRED TAX LIABILITIES The Group 2009 2008 RM’000 RM’000 At beginning of the financial year 1,780 1,780 Add: Transfer from tax expense (Note 11) 332 – Less: Amount charged to income statement - Reversal of deferred tax liability on impairment loss of hotel property and investment properties (1,780) – At end of the financial year 332 1,780 The deferred tax balance is in respect of the tax effects on the surplus arising from revaluation of a hotel property and investment properties of the Group. As explained in Note 3, the tax effects of temporary differences, unabsorbed capital allowances and unutilised tax losses which would give rise to net deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the deductible temporary differences, unabsorbed capital allowances and unutilised tax losses can be utilised. As at 31st March, 2008, the estimated amount of deferred tax assets calculated at current tax rate, which have not been recognised in the financial statements of the Group and the Company due to its uncertainty of realisation, is as follows: Deferred Tax Assets/(Liabilities) The Group The Company 2009 2008 2009 2008 RM’000 RM’000 RM’000 RM’000 Tax effects of: Temporary difference: - Property, plant and equipment (689) (6,008) (70) (66) -Trade receivables 1,302 256 – – Unabsorbed capital allowances 33,071 41,146 232 230 Unutilised tax losses 62,016 28,919 36,858 5,469 95,700 64,313 37,020 5,633 The unabsorbed capital allowances and unutilised tax losses available for offsetting against future taxable profits of the Group and the Company are subject to the approval of the Inland Revenue Board. 31. TRADE PAyABLES Trade payable comprise amounts outstanding for trade purchases and ongoing costs. The average credit period granted to the Group and the Company for trade purchases is 30 to 90 (2008: 30 to 90) days. 32. AMOUNT OwING TO A DIRECTOR The amount owing to a Director arose mainly from advances, which are unsecured, interest free with no fixed term of repayment. 79 www.gulaperak.com.my
www.gulaperak.com.my 80 33. AMOUNT OwING By/(TO) SUBSIDIARy COMPANIES annual report 2009 | Gula peraK BerHaD (8104-X) NOTES TO THE FINANCIAL STATEMENTS (Cont’d) The amount owing by/(to) subsidiary companies arose mainly from payments made on behalf and advances, which are unsecured, interest free with no fixed term of repayment. 34. OTHER PAyABLES AND ACCRUED EXPENSES The Group The Company 2009 2008 2009 2008 RM’000 RM’000 RM’000 RM’000 Other payables 16,907 9,340 3,121 3,470 Accrued expenses 9,347 10,905 212 142 Down payments for disposal of land received 8,154 13,040 7,964 12,706 Interest payable 35,369 39,766 35,369 39,764 35. SIGNIFICANT RELATED PARTy DISCLOSURE 69,777 73,051 46,666 56,082 Other than as disclosed elsewhere in the financial statements, the related parties and their relationship with the Company are as follows: Name of related party Relationship Leisure Group Hotel & Resorts Sdn. Bhd. A company in which certain directors have substantial interest. Other than mentioned elsewhere in the financial statements, the significant related party transactions, which were determined based on negotiations agreed between the parties, are as follows: The Group The Company 2009 2008 2009 2008 RM’000 RM’000 RM’000 RM’000 Subsidiary companies Dynawell Corporation (M) Sdn. Bhd. Office rental payables – – 460 460 Food and beverages expense payables – – 159 145 Gula Perak Land Sdn. Bhd. Management fees payables – – 142 167 Accounting fees receivables – – 24 24 Administration expenses payables – – 9 29 Related party Management fees for managing the Dynasty Hotel,Kuala Lumpur and Empress Hotel, Sepang owned by subsidiary companies 157 169 – –
- Page 29 and 30: www.gulaperak.com.my 28 FINANCIAL S
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- Page 33 and 34: www.gulaperak.com.my 32 DIRECTORS
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- Page 37 and 38: www.gulaperak.com.my 36 BALANCE SHE
- Page 39 and 40: www.gulaperak.com.my 38 STATEMENTS
- Page 41 and 42: www.gulaperak.com.my 40 CASH FLOW S
- Page 43 and 44: www.gulaperak.com.my 42 CASH FLOW S
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- Page 53 and 54: www.gulaperak.com.my 52 5. SEGMENT
- Page 55 and 56: www.gulaperak.com.my 54 9. LOSS BEF
- Page 57 and 58: www.gulaperak.com.my 56 10. DIRECTO
- Page 59 and 60: www.gulaperak.com.my 58 12. (LOSS)/
- Page 61 and 62: www.gulaperak.com.my 60 14. PROPERT
- Page 63 and 64: www.gulaperak.com.my 62 14. PROPERT
- Page 65 and 66: www.gulaperak.com.my 64 14. PROPERT
- Page 67 and 68: www.gulaperak.com.my 66 17. INvESTM
- Page 69 and 70: www.gulaperak.com.my 68 18. PROPERT
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- Page 77 and 78: www.gulaperak.com.my 76 29. BORROwI
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- Page 83 and 84: www.gulaperak.com.my 82 36. FINANCI
- Page 85 and 86: www.gulaperak.com.my 84 ANALYSIS OF
- Page 87 and 88: www.gulaperak.com.my 86 GROUP PROPE
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annual report 2009 | Gula peraK BerHaD (8104-X)<br />
NOTES TO THE FINANCIAL STATEMENTS (Cont’d)<br />
30. DEFERRED TAX LIABILITIES<br />
The Group<br />
2009 2008<br />
RM’000 RM’000<br />
At beginning of the financial year 1,780 1,780<br />
Add: Transfer from tax expense (Note 11) 332 –<br />
Less: Amount charged to income statement<br />
- Reversal of deferred tax liability on impairment loss of hotel property and<br />
investment properties (1,780) –<br />
At end of the financial year 332 1,780<br />
The deferred tax balance is in respect of the tax effects on the surplus arising from revaluation of a hotel property and<br />
investment properties of the Group.<br />
As explained in Note 3, the tax effects of temporary differences, unabsorbed capital allowances and unutilised tax losses<br />
which would give rise to net deferred tax assets are recognised to the extent that it is probable that future taxable profits<br />
will be available against which the deductible temporary differences, unabsorbed capital allowances and unutilised tax<br />
losses can be utilised.<br />
As at 31st March, 2008, the estimated amount of deferred tax assets calculated at current tax rate, which have not been<br />
recognised in the financial statements of the Group and the Company due to its uncertainty of realisation, is as follows:<br />
Deferred Tax Assets/(Liabilities)<br />
The Group The Company<br />
2009 2008 2009 2008<br />
RM’000 RM’000 RM’000 RM’000<br />
Tax effects of:<br />
Temporary difference:<br />
- Property, plant and equipment (689) (6,008) (70) (66)<br />
-Trade receivables 1,302 256 – –<br />
Unabsorbed capital allowances 33,071 41,146 232 230<br />
Unutilised tax losses 62,016 28,919 36,858 5,469<br />
95,700 64,313 37,020 5,633<br />
The unabsorbed capital allowances and unutilised tax losses available for offsetting against future taxable profits of the<br />
Group and the Company are subject to the approval of the Inland Revenue Board.<br />
31. TRADE PAyABLES<br />
Trade payable comprise amounts outstanding for trade purchases and ongoing costs. The average credit period granted<br />
to the Group and the Company for trade purchases is 30 to 90 (2008: 30 to 90) days.<br />
32. AMOUNT OwING TO A DIRECTOR<br />
The amount owing to a Director arose mainly from advances, which are unsecured, interest free with no fixed term of<br />
repayment.<br />
79<br />
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