Annual Report 2011/12 - International Entertainment Corporation

Notes to the Consolidated Financial StatementsFor the year ended 31 March 201223. TRADE RECEIVABLES, OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS(Continued)Included in the Group’s trade receivables are debtors with an aggregate carrying amount of approximatelyHK$41,920,000 (2011: HK$4,902,000) which were past due at the end of the reporting period for which the Group didnot provide for impairment loss as these trade receivables were either settled subsequent to the end of the reportingperiod or the respective customers had good repayment history. Accordingly, the Directors believe that there is nofurther credit provision required in excess of the allowance of doubtful debts as at the end of the reporting period. TheGroup does not hold any collateral over these balances. The average age of these receivables is 281 days (2011: 53days).Ageing of trade receivables which are past due but not impaired2012 2011HK$’000 HK$’0001–30 days – 77631–60 days 114 2,40261–90 days 45 1,068Over 90 days 41,761 656Total 41,920 4,902The Group has provided fully for all trade receivables past due over 1 year because those receivables are generally notrecoverable based on historical experience.Movement in the allowance for doubtful debts for trade and other receivables2012 2011HK$’000 HK$’000Balance at beginning of the year 2,999 3,265Exchange adjustments 14 63Impairment losses recognised 95 –Impairment losses reversed – (292)Amounts written off as uncollectible (1,352) (37)Balance at end of the year 1,756 2,999Included in the allowance for doubtful debts are individually impaired trade and other receivables with an aggregatebalance of approximately HK$1,756,000 (2011: HK$2,999,000) which have been in severe financial difficulty.At 31 March 2012, other receivables amounting to approximately HK$3,361,000 (2011: HK$3,361,000) isdenominated in USD, foreign currency of the relevant group entities.International Entertainment Corporation - Annual Report 2011/12 75