97
HG METAL MANUFACTURING LIMITED
ANNUAL REPORT 2014
NOTES TO THE
FINANCIAL STATEMENTS
for the financial year ended 31 December 2014
18.
TRADE AND OTHER RECEIVABLES (CONT’D)
Company
2014
2013
$’000
$’000
Due from subsidiaries (non-trade)
Subsidiaries – nominal amounts
8,479
1,824
Less: Allowance for impairment
(7,297)
(1,824)
1,182
–
Movement in allowance accounts:
Balance at 1 January
1,824
1,824
Charge for the year
5,473
–
Balance at 31 December
7,297
1,824
Receivables that are individually determined to be impaired at the balance sheet date relate to debtors
that are in significant financial difficulties and have defaulted on payments and one of the subsidiaries
that is loss-making and has ceased operations during the year. These receivables are not secured
by any collateral or credit enhancements.
Trade receivables, including amounts due from subsidiaries and related parties, are non-interest
bearing and are generally on 30 to 120 days credit terms.
Other receivables, including amounts due from subsidiaries and related parties, are unsecured,
interest-free and repayable in cash on demand.
Trade receivables denominated in foreign currencies at 31 December 2014 and 2013 are as follows:
Group
Company
2014
2013
2014
2013
$’000
$’000
$’000
$’000
United States Dollar
11,167
2,911
14,329
10,601
