TPSEAL 2010 Financial Results. - Serena Hotels

Notes to the Financial Statements (continued)
25 Payables and accrued expenses
Group
Company
2010 2009 2010 2009
Shs’000 Shs’000 Shs’000 Shs’000
Trade payables 427,747 336,827 - -
Trade payables – related companies (Note 29 ) 6,363 5,092 - -
Advances from related companies (Note 29) 252,637 18,613 - 40
Dividends payable - 166 - 166
Accrued expenses and other payables 518,741 250,600 5,760 1,800
1,205,488 611,298 5,760 2,006
The carrying amounts of the above payables and accrued expenses approximate to their fair values.
On 28 February 2007, the company acquired the remaining share in Tourism Promotion Services (Kenya) Limited from minority
shareholders who did not take up the share swap offer made in 2006. Under the legal terms of the transaction, Tourism
Promotion Services (Kenya) Limited received, on behalf of the minority shareholders, the full consideration from the company
and held it for a period of three years pending claims by the former shareholders. The three year period ended in August 2009
and the balance transferred to income after seeking appropriate legal advice.
Amounts paid during the year and the movement of this amount are as follows:
2010 2009
Shs’000
Shs’000
At start of year - 64,361
Payments made - (2,189)
Transfer to income - (62,172)
At end of year - -
78 TPS EASTERN AFRICA LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS 2010