15.
Development Fund
Group and company
1985
1984
$000's
$000's
At 1st July
10,992
10,138
Transfer from profit and loss account
17,547
854
At 30th June
28,539
10,992
16. Deferred Liabilities
Group and company
1985
1984
$000's
$000's
(a)
Deferred liabilities comprise
Employees' retirement gratuities (note 16(b))
28,625
23,441
Bills payable for purchase of motor buses
12,052
28.518
40,677
51.959
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 7% or 8% on the reducing balance.
Amounts due within one year of the balance sheet date have been included under current liabilities.
(b)
Employees' retirement gratuities.
Group and company
1985
1984
$000's
$000's
At 1st July
23,441
18.890
Payments during year
(391)
(338)
Provision for the year
5,575
4,889
At 30th June
28,625
23.441
22
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