Notes on the Accounts
16. CONTINGENCY PROVISION - INSURANCE
Balance at 1 January
Provision made during the year
Transfer from claims payable
Balance at 31 December
1994
HK$'000
1993
HK$'000
146,063
140,037
18,876
2,534
10,383
3,492
175,322
146,063
This provision represents amounts set aside annually by the Company to meet liabilities which may arise from third party claims in connection with the Company's bus operations and to cover potential losses which may be caused by fire damage to
the fleet.
17. DEVELOPMENT FUND
Balance at 1 January
Transfer (to)/from profit and loss account
Amount in deficit of permitted return
Interest on development fund
Balance at 31 December
1994
HK$'000
1993.
HK$'000
29,763
(30,968)
1,205
(29,763)
18. BANK LOANS AND OVERDRAFTS
Bank loans and overdrafts are repayable as follows:
1994
1993
HK$'000
HK$'000
Within 1 year and included in current liabilities
156,574
178,885
After 1 year and included in long term liabilities
- between 1 and 2 years
106,542
128,781
- between 2 and 5 years
- over 5 years
122,712
219,254
-
10,000
229,254
358,035
385,828
536,920
58
The Kowloon Motor Bus Company (1933) Limited
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