notes to the financial statements - Food Empire Holdings Limited

Food Empire Holdings Limited Annual Report 2012
NOTES TO THE FINANCIAL STATEMENTS (cont’d)
For the year ended 31 December 2012
18. Deferred tax
Deferred tax as at 31 December relates to the following:
Group
2012 2011
US$’000 US$’000
Deferred tax assets
Sundry provisions 207 142
Deferred tax liabilities
Excess of net book value over tax written down value (473) (364)
At the balance sheet date, the Group has tax losses of approximately US$4,103,000 (2011: US$2,469,000) that are available for
offset against future taxable profits of the companies in which the losses arose. The resulting deferred tax asset of US$895,000
(2011: US$499,000) are not recognised due to uncertainty of its recoverability. The use of these unutilised tax losses are subject to
the agreement of the tax authorities and compliance with certain provisions of the tax legislation of the respective countries in which
the companies operate.
19. Other receivables
Group
2012 2011
US$’000 US$’000
Current
Staff advances 234 148
Sundry receivables 573 2,168
Tax recoverable 131 119
938 2,435
Staff advances are unsecured, non-interest bearing and expected to be repayable on demand.
Included in sundry receivables for 2011, is an amount of approximately US$1,525,000 relating to the receivable amount from the
disposal of associate, Vayhan Coffee Limited upon signing of the Memorandum of Understanding on 14 November 2011. This was
fully paid up in 2012.
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