13. Reserves
Revenue reserves
The group
The company
1986
1985
1986
1985
$000's
$000's
$000's
$000's
General reserve
At 1st July
80,000
70,000
80,000
70,000
Transfer from profit
and loss account
10,000
10.000
10,000
10,000
At 30th June
90,000
80,000
90,000
80,000
Profit and loss account
35,647
30,619
35.117
30,072
125,647
110.619
125,117
110,072
Exchange fluctuation
reserve (note 1(c))
2,649
2,649
125,647
113,268
125,117
112,721
14. Development fund
Group and company
1986
1985
$000's
$000's
At 1st July
28,539
10,992
Transfer (to)/from profit and loss account
(27,339)
17,547
At 30th June
1,200
28.539
15. Deferred liabilities
Group and company
1986
1985
$000's
$000's
(a) Deferred liabilities comprise
Employees' retirement gratuities (note 15(b))
32,315
28,625
Bills payable for purchase of motor buses, repayable:
Between 1 and 2 years
5,026
7,225
Between 2 and 3 years
648
4,827
5,674
12,052
37,989
40,677
Instalments for the purchase of buses are payable in Pounds Sterling under various agreements, each of which provides for payments by half-yearly instalments over a period of five years from the shipment dates. These bills are repayable at interest rates of 74% or 8% on the reducing balance.
Amounts due within one year of the balance sheet date have been included under current liabilities.
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