98
Hong Kong Ferry (Holdings) Company Limited Annual Report 2013
Notes to the Accounts (Continued)
19
TRADE AND OTHER RECEIVABLES (Continued)
(a) Ageing analysis
Included in trade and other receivables are trade debtors (net of allowance for doubtful debts) with the following ageing analysis at the balance sheet date:
The Group
2013
2012
HK$'000
HK$'000
Current
173,885
148,143
1 to 3 months overdue
20,825
16,744
More than 3 months but less than 12 months overdue
10,405
2,271
More than 12 months overdue
984
1,148
206,099
168,306
Trade debtors are due ranging from 7 to 45 days from the date of billing. Debtors with balances that are more than 60 days overdue are generally required to settle all outstanding balances before any further credit is granted. Further details on the Group's credit policy are set out in note 24(a).
(b)
Impairment of trade debtors
Impairment losses in respect of trade debtors are recorded using an allowance account unless the Group is satisfied that recovery of the amount is remote, in which case the impairment loss is written off against trade debtors directly (see note 1(j)(i)).
The movement in the allowance for doubtful debts during the year, including both specific and collective loss components, is as follows:
At 1 January
Impairment loss (reversed)/recognised
Uncollectible amounts written off
At 31 December
The Group
2013
HK$'000
2012
HK$'000
497
2,266
(24)
682
(473)
(2,451)
497
At 31 December 2013, the Group's trade debtors of HK$Nil (2012: HK$497,000) were individually determined to be impaired. The individually impaired receivables related to customers that were in financial difficulties and management assessed that only a portion of the receivables is expected to be recovered. Consequently, specific allowances for doubtful debts of HK$Nil (2012: HK$497,000) were recognised.
Page 100Page 101
No comments yet.
Private notes are available after approval.