Ecowise Annual Report 2007 - ecoWise Holdings Limited
Ecowise Annual Report 2007 - ecoWise Holdings Limited
Ecowise Annual Report 2007 - ecoWise Holdings Limited
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Notes to FinancialStatements31 October <strong>2007</strong>19. TRADE AND OTHER RECEIVABLESGroupCompany<strong>2007</strong> 2006 <strong>2007</strong> 2006$’000 $’000 $’000 $’000Trade receivables:Outside parties 4,044 3,964 2 –Factored trade receivables (Note 25) 1,685 1,652 – –Related parties (Note 3) 5 – – –Receivables from factoring company 15 59 – –Less: provision for impairment (24) (13) – –Subsidiaries (Note 3 and 15) – – 3,411 2,659Construction contract receivable (Note 18A) – 19 – –Sub total 5,725 5,681 3,413 2,659Other receivables and prepayments:Other receivables 313 35 196 –Deposits to secure services 492 87 19 19Prepayments 176 65 18 11Subsidiaries (Note 3 and 15) – – 1,714 1,746Sub total 981 187 1,947 1,776Total trade and other receivables 6,706 5,868 5,360 4,435Included in other receivables for 2006 is business expenditure advance of $20,000 due from a director of a newlyacquired subsidiary.GroupCompany<strong>2007</strong> 2006 <strong>2007</strong> 2006$’000 $’000 $’000 $’000Movements in above provision:Balance at beginning of year 13 17 – –Bad debt written off (6) – – –Provided for trade receivables to incomestatement included in other charges 17 – – –Reversal for trade receivables to incomestatement included in financial income – (4) – –Balance at end of year 24 13 – –The average credit period generally granted to non-related trade receivable customers is about 14 to 90 days(2006: 14 to 90 days).Current receivables with a short duration are not discounted and the carrying amounts are assumed to be a reasonableapproximation of fair values.77