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AFRICAN DAWN 2015 Annual Report

Notes to the Financial Statements continued AFRICAN DAWN 85 ANNUAL REPORT 2015 Trade and other receivables reconciliation - group 2014 Trade receivables Impairment allowance Deposits VAT Other receivables Total R'000 As previously reported 148,484 (130,122) 124 473 538 19,497 Elite reclassified from discontinued operations (refer to notes 42 & 43) 56,163 (4,575) 167 - 1,461 53,216 Elite prior period error (refer to notes 42 & 43) - (14,188) - - - (14,188) Elite Two prior period error (refer to notes 42 & 43) Rounding 787 - - - (787) - Rounding (2) 1 - - 1 - Subtotal 205,432 (148,884) 291 473 1,213 58,525 Transfer of gross trade debtors and impairment thereof to other receivables. Write off as a bad debt. (refer to notes 42 & 43) (46,571) 46,571 - - - - 158,861 (102,313) 291 473 1,213 58,525 Refer to note 44 for a detailed analysis of the trade receivables. Certain trade receivables are used as security on related borrowings from the National Housing Finance Corporation (“NHFCE”). Refer to note 17. In 2014 trade receivables with regards to Nexus with a gross value of R44.5 million, impaired by R38,7 million, to a carrying amount of R5.8 million were ceded as security on borrowings related to the National Housing Fund Corporation as indicated in note 17. 13. Current tax receivable/(payable) 2015 R’000 2014 R’000 2015 R’000 2014 R’000 Current tax receivable - 95 - - Current tax payable (14,840) (17,829) (7,805) (6,728) (14,840) (17,734) (7,805) (6,728) A Section 200 application was made in June 2013 and was declined in May 2015 on the basis that Afdawn Group’s financial position did not warrant a compromise. A new submission has subsequently been made to SARS with a view to reaching a settlement on this. A liability has been recognised in full for all interest and penalties that are payable to SARS. Refer to note 29 which includes R2,710 000 (2014: R25 000) relating to the interest and penalties. Change in estimate – interest and penalties on income tax and VAT liability As disclosed in the prior year financial statements an estimate was made of the current tax and vat liabilities relating to Afdawn, Elite and Bhenka, plus the related interest and penalties that would be due to SARS. However, as a result of the section 200 application to SARS being declined in May 2015 additional interest and penalties of R2.710 million were due. 14. Cash and cash equivalents 2015 R’000 2014 R’000 2015 R’000 2014 R’000 Cash and cash equivalents consist of: Cash on hand 214 327 3 7 Bank balances 15,183 5,031 10,605 390 15,397 5,358 10,608 397 12. Trade and other receivables (continued)


AFRICAN DAWN 2015 Annual Report
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