Directors' Report and Financial Statements 31 March ... - Precision Air

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PRECISION AIR SERVICES PLC NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2012 PRECISION AIR SERVICES PLC NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2012 Group Group Company Company 31-Mar-12 31-Mar-11 31-Mar-12 31-Mar-11 TZS ‘000 TZS ‘000 TZS ‘000 TZS ‘000 16 INTANGIBLE ASSETS Computer software Cost At 1 April 842,194 548,677 842,194 548,677 Additions 38,361 293,517 38,361 293,517 At 31 March 880,555 842,194 880,555 842,194 Accumulated amortisation At 1 April 581,989 413,550 581,989 413,550 Charge for the year 36,563 168,439 36,563 168,439 At 31 March 618,552 581,989 618,552 581,989 Carrying amount 262,003 260,205 262,003 260,205 17 INVENTORIES Aircraft spare parts 4,507,050 4,073,167 4,507,050 4,073,167 Fuel and stationeries 3,679,326 2,901,082 3,679,326 2,901,082 8,186,377 6,974,249 8,186,377 6,974,249 There was no inventory written off during the year (2011: TZS Nil). 18 OTHER FINANCIAL ASSETS SITA Global Investment 5,255 5,255 5,255 5,255 Aircraft security deposit 10,433,786 - 10,433,786 - 10,439,041 5,255 10,439,041 5,255 -Current portion (10,433,786) (5,255) (10,433,786) (5,255) -Non Current portion 5,255 - 5,255 - SITA Global investment represents US $ 4,000 advanced to SITA on loan basis to be reimbursed in ten equal annual installments beginning October 2003. The loan bears interest at the average LIBOR of the last five working days of the month preceding the period concerned. 48 DIRECTORS’ REPORT AND FINANCIAL STATEMENTS 31 MARCH 2012
PRECISION AIR SERVICES PLC NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2012 The long term receivables relate to initial deposit made for new aircraft. The contractual deposit is only released upon return of the aircraft or delivery of the aircraft respectively. The additional deposit during the year was towards one leased aircraft and 5 new aircraft acquisition paid to ATR, KAI Schroder and Airplanes Finance. The deposit do not attract any interest. The movement in deposit is as follows: At the beginning of the year 5,255 1,532,194 5,255 1,532,194 Additional deposit paid 10,433,786 - 10,433,786 - Refunds in the year - (1,526,938) - (1,526,938) At the end of the year 10,439,041 5,255 10,439,041 5,255 19 TRADE AND OTHER RECEIVABLES Trade receivables - Third party 8,069,790 11,551,109 8,069,790 11,551,109 Less: Allowance for credit losses (1,249,870) (864,597) (1,249,870) (864,597) 6,819,920 10,686,512 6,819,920 10,686,512 Trade receivables - Related party (Note 25) 758,767 - 3,117,949 1,157,334 Advances to suppliers 234,613 647,884 234,613 647,884 Inward bills control 5,883,971 3,386,216 5,883,971 3,386,216 Staff loans, advances and imprests 928,462 113,477 928,462 113,477 Other debtors 60,029 - 60,028 - 14,685,762 14,834,089 17,044,943 15,991,423 The movement in the valuation of allowance for credit losses is set out below: At 01 April 864,597 864,597 864,597 833,716 Addition 385,272 30,881 385,272 30,881 Utilised - (30,881) - At 31 March 1,249,870 864,597 1,249,870 864,597 Age analysis of trade receivables - third party ==> Neither past due nor impaired 6,238,789 10,672,450 6,238,789 10,672,450 ==> Past due but not impaired - Above 90 days 581,133 14,063 581,133 14,063 ==> Overdue and impaired - Greater than 150 days 1,249,868 864,597 1,249,868 864,597 8,069,790 11,551,109 8,069,790 11,551,109 DIRECTORS’ REPORT AND FINANCIAL STATEMENTS 31 MARCH 2012 49
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