Notes to Fina - 星島新聞集團

ncial Statements
30. LONG TERM OTHER PAYABLES
30.
The balance represents a payable to a joint venture
partner of a jointly-controlled entity which is
unsecured, interest-free and payable on or before 7
December 2005.
31. DEFERRED INCOME
31.
As part of the disposal arrangement of the Disposed
Assets (note 8), the Group entered into a lease
agreement with South China Printing Company (1988)
Limited (“South China”), an ex-subsidiary of the Group,
to continue to lease certain of the Group’s investment
properties to South China for a period of five years
commencing from 19 April 2002 (the “Lease Period”)
at a nominal consideration of HK$1. The aggregate
rental value of these properties for the Lease Period
was estimated by the directors to be HK$24,583,000
by reference to the then existing market rate. The
directors consider that the lease agreement was entered
into as part of the disposal arrangement of the Disposed
Assets. Accordingly, such rental value has been excluded
from the gain on disposal of the Disposed Assets (note
8) and recognised as a deferred income in the balance
sheet. The deferred income is amortised and credited
to the profit and loss account over the Lease Period on
a straight-line basis.
8
South China
Printing CompanySouth China
1South China
24,583,000
8
Group
2002
HK$’000
Arising during the year 24,583
Less: Credited to the profit and
loss account during the year (3,441)
Balance as at 31 December 2002 21,142
Portion classified as current liabilities (4,917)
Long term portion 16,225
Global China Group Holdings Limited Annual Report 2002
123