FRONTLINE COVER FA 070606 CR2.indd

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80 frontline technologies corporation ltd annual report 2006 > notes to the financial statement for the year ended 31 march 2006 20. Intangible assets Software Computer License Intellectual Client under 2006 Software fee property contracts Development Total $ $ $ $ $ $ Cost As at 1 April 2005 756,653 217,383 1,200,000 600,000 80,658 2,854,694 Reclassification – – 294,000 (294,000) 55,871 55,871 Additions 752,661 – – – 298,272 1,050,933 Translation difference (25,463) 2,117 – – – (23,346) As at 31 March 2006 1,483,851 219,500 1,494,000 306,000 434,801 3,938,152 Accumulated amortisation As at 1 April 2005 484,674 44,183 50,000 83,333 – 662,190 Reclassification – – 40,833 (40,833) – – Additions 204,702 22,050 99,600 102,000 – 428,352 Translation difference (21,587) (383) – – – (21,970) As at 31 March 2006 667,789 65,850 190,433 144,500 – 1,068,572 Net book value As at 31 March 2006 816,062 153,650 1,303,567 161,500 434,801 2,869,580 Software Computer License Intellectual Client under 2005 Software fee property contracts Development Total $ $ $ $ $ $ Cost As at 1 April 2004 – 222,092 – – – 222,092 Arising from acquisition of subsidiary 757,420 – 1,200,000 600,000 80,658 2,638,078 Translation difference (767) (4,709) – – – (5,476) As at 31 March 2005 756,653 217,383 1,200,000 600,000 80,658 2,854,694 Accumulated amortisation As at 1 April 2004 – 22,742 – – – 22,742 Charge for the year – 22,033 – – – 22,033 Arising from acquisition of subsidiary 484,674 – 50,000 83,333 – 618,007 Translation difference – (592) – – – (592) As at 31 March 2005 484,674 44,183 50,000 83,333 – 662,190 Net book value As at 31 March 2005 271,979 173,200 1,150,000 516,667 80,658 2,192,504
frontline technologies corporation ltd annual report 2006 81 > notes to the financial statement for the year ended 31 march 2006 21. Finance lease receivable Finance leases include non-cancellable leases of computers, peripherals and accessories. The terms of the lease agreements do not provide for any non-guaranteed residual value or contingent rents. The reconciliation between the gross investment and the present value of minimum lease payment receivable is as follows: Group 2006 2005 Minimum Present value Minimum Present value Payments payments payments payments $ $ $ $ Not later than 1 year 2,173,727 1,833,267 2,823,701 2,157,542 Between 1 year to 5 years 1,948,286 1,816,939 4,288,251 3,797,416 Total minimum lease payments 4,122,013 3,650,206 7,111,952 5,954,958 Less: Amounts representing finance charge (471,807) – (1,156,994) – Present value of minimum lease payments 3,650,206 3,650,206 5,954,958 5,954,958 22. Other receivables Group 2006 2005 $ $ Prepayments – maintenance costs 300,274 1,036,764 Deposits 1,525,082 1,920,809 Loans to a related party – 383,927 Deferred charges 785,203 230,259 2,610,559 3,571,759 Loans to a related party were repayable by July 2010. Interest was earned at the borrowing rate of 7% per annum. The loan has been fully paid during the year. Deposits mainly relate to rental deposits with lessors, third party suppliers and refundable deposits with service providers. Deferred charges relate to various cash performance bonds paid by a subsidiary prior to the start of a certain project or before joining a bid. 23. Fixed deposits Fixed deposits which will be withdrawn only upon maturity on 3 March 2008, earn interest of up to 1.75% (2005: 1.75%) per annum.
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FRONTLINE COVER FA 070606 CR2.indd

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