ANNUAL REPORT

36Middle East Development Singapore ltdannual report 2007BALANCESHEETSAs at 30 June 2007GroupCompanyNotes 2007 2006 2007 2006$ $ $ $ASSETSCurrent assets :Cash and cash equivalents 4 13,488,727 1,704,336 12,044,923 313,879Trade and other receivables 5 8,090,882 6,740,356 2,444,963 1,753,615Inventories 6 1,391,671 949,480 – –Total current assets 22,971,280 9,394,172 14,489,886 2,067,494Non-current assets :Investments in associates 7 – – – –Investments in subsidiaries 8 – – 3,021,821 3,021,821Other investments 9 – – – –Property, plant and equipment 10 995,345 1,013,898 176,786 151,035Deferred tax assets 20 11,833 11,540 – –Total non-current assets 1,007,178 1,025,438 3,198,607 3,172,856Total assets 23,978,458 10,419,610 17,688,493 5,240,350LIABILITIES AND EQUITYCurrent liabilities :Short-term borrowings 11 456,910 903,597 – 678,430Trade and other payables 12 4,568,187 4,216,564 1,696,113 1,486,740Current tax payable 126,000 129,834 25,181 45,100Current portion of finance leases 13 83,628 99,056 45,752 42,241Total current liabilities 5,234,725 5,349,051 1,767,046 2,252,511Non-current liabilities :Deferred tax liabilities 20 106,388 46,656 – –Finance leases 13 91,427 177,467 65,236 110,988Total non-current liabilities 197,815 224,123 65,236 110,988Total liabilities 5,432,540 5,573,174 1,832,282 2,363,499Equity:Share capital 14 18,296,125 4,311,012 18,296,125 4,311,012Other reserves (185,415) (257,787) 9,514 80,470Retained earnings/(accumulated losses) 435,208 793,211 (2,449,428) (1,514,631)Total equity 18,545,918 4,846,436 15,856,211 2,876,851Total liabilities and equity 23,978,458 10,419,610 17,688,493 5,240,350See accompanying notes to financial statements.