NOTES TO THE FINANCIAL STATEMENTS
FOR THE FInAncIAL yEAR EnDED 30 JunE 2016
16
INVENTORIES
Group
Company
2016
2015
2016
2015
$’000
$’000
$’000
$’000
Trading stocks
180
158
–
–
Inventories directly written off to profit or loss
–
3
–
–
In 2016, inventories included as cost of sales and cost of contracts amounted to $246,000 (2015: $295,000).
17
TRADE AND OTHER RECEIVABLES
Group
Company
2016
2015
2016
2015
$’000
$’000
$’000
$’000
(Restated)
Trade receivables:
– third parties
14,405
13,442
–
–
Less: Allowance for doubtful debts
(143)
(212)
–
–
14,262
13,230
–
–
– related parties
1
62
–
–
14,263
13,292
–
–
Retention sums on contracts:
– third parties
2,662
1,295
–
–
– related parties
8
8
–
–
GST receivables
3
–
–
–
Sundry deposits
1,133
986
–
–
Prepayment
660
465
8
9
Sundry receivables:
–
– third parties
376
471
–
57
– subsidiaries
–
–
4,678
2,475
19,105
16,517
4,686
2,541
Movements in allowance for doubtful debts during the financial year are as follows:
Group
Company
2016
2015
2016
2015
$’000
$’000
$’000
$’000
(Restated)
At 1 July
212
46
–
–
Acquisition of subsidiaries
–
91
–
–
Allowance made (note 6)
2
75
–
–
Written off against allowance
(71)
–
–
–
Write back
–
–
–
–
At 30 June
143
212
–
–
Bad debts directly written off to profit or loss (note 6)
25
3
–
–
The sundry receivables due from subsidiaries are non-trade in nature, unsecured, interest-free and repayable
on demand.
As at reporting date, the total gross trade receivables amounted to $4,080,000 (2015: $3,881,000) were factored
out to banks with recourse. The Group does not derecognise the assets until the recourse period has expired
and the risk and rewards of these receivables have been fully transferred.
95
ISOTEAM LTD.
ANNUAL REPORT 2016
