NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
18 TRADE AND OTHER RECEIVABLES
2018
2017
(restated)
HK$'000
HK$'000
Trade receivables
296,483
295,097
Less: allowance for doubtful debts
(2,185)
(2,151)
294,298
292,946
Cash held by stakeholders
Other receivables and prepayments
Amount due from a joint venture
120,675
40,446
190,538
26,490
25,374
361,234
629,533
All of the trade and other receivables except for instalment receivables of HK$208,332,000 (2017: HK$220,829,000) are expected to be recovered or recognised as expense within one year. Included in the trade and other receivables are amounts due from related companies of HK$56,685,000 (2017: HK$54,889,000) which are unsecured, interest- free and have no fixed terms of repayment.
The amount due from a joint venture is unsecured, interest-bearing at a rate to be agreed by the Group and the joint venture partner and has no fixed terms of repayment. During the years and as at 31 December 2018 and 2017, the balance did not bear any interest.
(a) Ageing analysis
Included in trade and other receivables are trade debtors (net of allowance for doubtful debts) with the following ageing analysis based on due date at the end of the reporting period:
2018
2017
(restated)
HK$'000
HK$'000
Current
250,963
260,255
1 to 3 months overdue
34,558
27,137
More than 3 months but less than 12 months overdue
5,375
3,518
More than 12 months overdue
3,402
2,036
294,298
292,946
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).
Hong Kong Ferry (Holdings) Company Limited
Annual Report 2018
No comments yet.
Private notes are available after approval.