TTMA Annual Report 2017 E-Mag FAW

3] DEFERRED TAX ASSET/ (LIABILITY)
Deferred taxes are calculated in full on temporary differences under the liability method using a principal tax rate of 25%.
Assets and liabilities are shown net to the extent that tax losses are expected to be utilized against future chargeable
profits.
2017 2016
$ $
Accelerated tax depreciation
At 1 January - 982,256
Debit to statement of comprehensive income - (982,256)
Deferred tax liability - -
Deferred tax asset arising from tax losses
At 1 January - 1,279,749
Credit to statement of comprehensive income - (1,279,749)
Deferred tax asset - -
Net deferred tax asset / (liability) - -
4] CASH AND CASH EQUIVALENTS
Cash at bank 2,028,014 2,863,251
Cash in hand 6,000 17,164
Money market funds 3,482 3,410
Undeposited funds 6,552 (37,577)
2,044,048 2,846,248
The Money Market Funds have been classified as a cash equivalent because management will be using the accounts for
working capital requirements within the next year. The interest rate at the year-end was 1.00%.
5] RECEIVABLES AND PREPAYMENTS
Receivables 1,161,619 673,402
Less: Provision for bad debts - (27,900)
1,161,619 645,502
Prepayments 150,509 225,418
VAT refund 40,489 28,598
1,352,617 900,518
As at 31 December 2017,Trade Receivables of $1,161,619 (2016: $645,502) were fully performing.
Trade receivables are non interest bearing and due upon receipt or on 30 days term.
The ageing analysis of Receivables is as follows:
TOTAL
NEITHER PAST DUE
NOR IMPIERED
PAST DUE BUT NOT IMPIERED
30-60 DAYS
60-90 DAYS
>90 DAYS
$ $ $ $ $
2017 1,161,619 159,121 99,689 67,546 835,263
2016 645,502 224,077 127,258 22,468 271,669
6] RELATED PARTIES
Transactions which included related parties totalled $1,036,035 in 2017. This would have comprised of subscriptions paid by
the organisations affiliated with our current Board of Directors.
A. The value of transactions carried out during the year with related parties is as follows:
Sales
Purchases
$ $
Kaleidoscope Paints Limited 32,845 -
Aerogas Processors 32,311 -
Ansa Polymer Limited 9,556 -
CGA Limited 39,636 -
Coosal Group of Companies 24,253 -
Cold Zone 3pl / Iceland Distributors 15,854 -
First Citizens Bank Limited 409,240 -
K.C. Confectionery Limited 12,929 -
Label House Group 22,106 37,084
Lifetime Roofing Solutions 31,410 -
MDCUM Limited 9,566 -
Nestle Trinidad & Tobago Limited 72,121 -
S M Jaleel & Company Limited 65,345 -
Trinidad Cement Limited 129,833 -
Vemco Limited 49,002 -
956,007 37,084
Key management compensation
Key management compensation amounted to $525,360 (2016 -$492,000)
B. The amounts due from related parties as at year end are as follows:
2017 2016
$ $
Advance Foam Limited - 5,878
Aerogas Processors - 2,750
Ansa Coatings Limited - 2,750
First Citizens Bank Limited - 2,200
K.C. Confectionery Limited 400 550
Label House Group - 1,100
MDCUM Limited - 2,750
Nestle Trinidad & Tobago Limited - 46,879
Quicksilver Convenience Limited - 9,900
S M Jaleel & Company Limited 13,050 10,013
Trinidad Cement Limited 1,650 -
Vemco Limited - 2,200
15,100 86,970
Subscriptions revenue 2017 2016
Ordinary members 1,225,368 1,230,818
Associate members 330,537 334,927
1,555,905 1,565,745
40 ANNUAL REPORT 2017 41 ANNUAL REPORT 2017