NOTES ON THE ACCOUNTS (Continued)
15. CURRENT LIABILITIES
Group
Company
1988
1987
HK$'000
HK$'000
1988
HK$'000
1987
HK$'000
Bank overdrafts
Secured
6,596
6,596
Unsecured
4,705
3,918
Current portion of long term
liabilities (note 19)
49,627
42,544
37,479
30,396
Creditors
108,220
93,532
60,395
48,176
Provision for staff retirement
+
benefits (note 16)
9,846
12,749
5,328
8,745
Taxation
4,252
2,330
845
290
Proposed dividend
34,768
26,617
34,768
26,617
218,014
181,690
145,411
114,224
16. PROVISION FOR STAFF RETIREMENT BENEFITS
At 1 January 1988
Provision during year
Credited by a subsidiary on staff
transfer
Contribution to staff retirement
funds
Benefits paid during year
At 31 December 1988
Group
Company
HK$'000
HK$'000
12,749
8,745
12,289
11,440
143
25,038
20,328
(15,000)
(192)
(15,000)
9,846
5,328
24
Under the rules of the company's staff retirement funds, the company is liable to make good any deficiency of the assets of the funds compared to the liabilities of the funds at 30 June and 31 December each year. Full provision for this liability has been made in the accounts.
No comments yet.
Private notes are available after approval.