TPSEAL 2010 Financial Results. - Serena Hotels

Notes to the Financial Statements (continued)
23 Receivables and prepayments (continued)
Movements on the provision for impairment of trade receivables are as follows:
Group
Company
2010 2009 2010 2009
Shs’000 Shs’000 Shs’000 Shs’000
At start of year 62,193 53,585 - -
Provision in the year (2,575) 8,608 - -
Receivables written off during the year as uncollectible (9,379) - - -
At end of year 50,239 62,193 - -
In the estimate of the Directors, the carrying amounts of the receivables and prepayments approximate to their fair value. The
carrying amounts of the Group’s receivables and prepayments are denominated in the following currencies:
Group
Company
2010 2009 2010 2009
Shs’000 Shs’000 Shs’000 Shs’000
US Dollar 422,969 335,250 - -
Euro 2,361 5,670 - -
Sterling Pound 7,105 13,914 - -
Kenya Shillings 554,524 548,162 79,404 170,973
At end of year 986,959 902,996 79,404 170,973
24 CASH AND CASH EQUIVALENTS
Group
Company
2010 2009 2010 2009
Shs’000 Shs’000 Shs’000 Shs’000
Cash at bank and in hand 257,595 152,384 183,458 -
Short term bank deposits 791,652 200,000 540,082 -
1,049,247 352,384 723,540 -
The weighted average effective interest rate on short-term bank deposits at the year-end was 8.2 % (2009: 5.2 %). These
deposits have an average maturity of 90 days.
For the purposes of the cash flow statement, cash and cash equivalents comprise the following:
Group
2010 2009
Shs’000
Shs’000
Cash and bank balances as above 257,595 152,384
Bank overdrafts (Note 14) (58,251) (103,187)
199,344 49,197
TPS EASTERN AFRICA LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS 2010 77