16. Contingency reserves
Group and company
1989
1988
$000's
$000's
Major repairs to motor buses
At 1st July
Payments during year
Provision for the year
At 30th June
Insurance
At 1st July
Payments during year Provision for the year
At 30th June
6,500
6,500
(5,670)
(5,810)
5,670
5,810
6,500
6,500
82,000
64,000
(2,500)
(2,377)
29,000
20,377
108,500
82,000
115,000
88,500
17. Contingent liabilities
At 30th June, 1989, there were potential contingent liabilities in respect of third party claims in connection with the operation of franchised motor buses amounting to approximately $72 million (1988: $56 million) for which provision of $72 million (1988: $56 million) has been included in contingency reserves. In the opinion of the directors, the amounts provided are sufficient to cover any liabilities which may subsequently arise in respect of these claims.
18. Operating lease commitments
At 30th June, 1989, the group and the company had commitments under operating leases for land and buildings to make payments in the next year as follows:-
Leases expiring:
Within 1 year
After 1 year but within 5 years
Group and company
1989
1988
$000's
$000's
595
1,582
222
246
817
1,828
19. Capital commitments
Capital commitments outstanding at 30th June, 1989 not provided for in the accounts were as follows:-
Contracted for
21
Group and company
1989
1988
$000's
$000's
1,998
Page 25Page 26
No comments yet.
Private notes are available after approval.