perspective perspective - ChartNexus

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17 LONG TERM TRADE RECEIVABLES
Group
2005 2004
RM’000 RM’000
Current 6,101 15,767
Later than 1 year but not later than 2 years 4,004 3,603
Later than 2 years but not later than 5 years – 171
Non-current 4,004 3,774
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10,105 19,541
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Long term trade receivables are the discounted future receipts arising from the sale of completed properties under instalment
schemes and sale of land under deferred payment scheme. Proceeds from sale of completed properties under instalment schemes
are receivable over four to seven years. Proceeds from sale of land under deferred payment scheme are receivable over two years.
The instalments receivable within twelve months amounting to RM6,101,309 (2004: RM15,766,946) are included in “Trade and
other receivables” in current assets.
There were no balances due from Directors and related parties included in the long term trade receivables of the Group at the
financial year end.
18 DEFERRED TAX
NOTES TO THE FINANCIAL STATEMENTS (cont’d)
for the financial year ended 31 December 2005
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current
tax liabilities and when the deferred taxes relate to the same tax authority. The following amounts, determined after appropriate
offsetting, are shown in the balance sheet:
Group Company
2005 2004 2005 2004
RM’000 RM’000 RM’000 RM’000
Deferred tax assets:
- subject to income tax 846 370 – –
- subject to real property gains tax (“RPGT”) 17,015 14,288 – –
Deferred tax liabilities:
17,861 14,658 – –
- subject to income tax (16,604) (20,322) (652) (22)
- subject to real property gains tax (“RPGT”) (16,184) (16,184) – –
(32,788)
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(36,506)
–––––––––––––––––––
(652)
–––––––––––––––––––
(22)
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(14,927) (21,848) (652) (22)
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At beginning of the financial year:
Credited/(charged) to income statement (Note 9):
(21,848) (23,599) (22) 491
- property, plant and equipment 51 40 73 (13)
- land held for property development 1,155 2,625 – –
- property development costs (2,140) (2,618) – –
- interest capitalised 102 93 – –
- receivables (130) (412) (1,633) –
- payables 312 (64) 44 (38)
- interest receivable 946 (515) 886 (462)
- tax losses 2,100 383 – –
––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––
2,396 (468) (630) (513)
Reversal of deferred tax to revaluation reserves – 2,219 – –
Underaccrual of RPGT in prior financial years 4,525
–––––––––––––––––––
–
–––––––––––––––––––
–
–––––––––––––––––––
–
–––––––––––––––––––
At end of the financial year (14,927) (21,848) (652) (22)
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