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

PRECISION AIR SERVICES PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31 MARCH 2012
Trade payables - related parties (Note 25) 9,727 10,091 9,727 10,091
Advances from customers 21 66,025 21 66,025
Sales in advance of carriage 1,004,079 4,550,332 1,004,079 4,550,332
Accruals and other creditors 13,499,535 12,728,901 13,499,535 12,728,902
38,667,806 36,077,593 38,667,806 36,077,594
Trade and other payables comprise of the following amounts denominated in foreign currency:
United States Dollars USD 10,618,471 10,286,872 10,618,471 10,286,872
Euro EURO 689,015 20,737 689,015 20,737
Great Britain Pound GBP 73,210 197,612 73,210 197,612
South African Rand ZAR 669,018 7,276 669,018 7,276
Kenya Shillings KES 108,946 72,578 108,946 72,578
12,158,659 10,585,074 12,158,659 10,585,074
For terms and conditions relating to related party payables, refer to Note 25.
Trade and other payables are non-interest bearing and are normally settled within three months.
The carrying values of trade and other payables are assumed to approximate their fair values due to the short term nature of trade receivables
and payables.
25 RELATED PARTY DISCLOSURES
(i) Key management renumeration
Short term benefits 263,273 263,273 263,273 263,273
Post employment benefits 7,927 7,927 7,927 7,927
Directors allowances 50,085 40,800 50,085 40,800
321,285 312,000 321,285 312,000
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DIRECTORS’ REPORT AND FINANCIAL STATEMENTS 31 MARCH 2012