17.
TRADE AND OTHER RECEIVABLES (CONTINUED)
Company
2015
2014
$’000
$’000
Due from subsidiaries (non-trade)
Subsidiaries – nominal amounts
1,824
8,479
Less: Allowance for impairment
(1,824)
(7,297)
–
1,182
Movement in allowance accounts:
Balance at 1 January
7,297
1,824
Charge for the year
–
5,473
Write back
(2,311)
–
Bad debts written off against allowance
(3,162)
–
Balance at 31 December
1,824
7,297
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 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 2015 and 2014 are as follows:
Group
Company
2015
2014
2015
2014
$’000
$’000
$’000
$’000
United States Dollar
22,193
11,167
22,193
14,329
97
HG METAL MANUFACTURING LIMITED
ANNUAL REPORT 2015
NOTES TO THE
FINANCIAL STATEMENTS
For the financial year ended 31 December 2015
