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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

1 SIGNIFICANT ACCOUNTING POLICIES (Continued)

(c) Changes in accounting policies (Continued)

HKFRS 15, Revenue from contracts with customers (Continued)

(1) Effect on the consolidated statement of financial position as at 31 December 2017

As previously reported

HK$'000

Impact on initial application of

HKFRS 15

HK$'000

As restated

HK$'000

Deferred tax assets

5,036

258

5,294

Other non-current assets

3,753,818

3,753,818

Total non-current assets

3,758,854

258

3,759,112

Inventories

559,490

15,556

575,046

Trade and other receivables

690,613

(61,080)

629,533

Cash and bank balances

1,791,679

1,791,679

Tax recoverable.

27,860

8,723

36,583

Total current assets

3,069,642

(36,801)

3,032,841

Trade and other payables

743,320

(585,287)

158,033

Contract liabilities

592,626

592,626

Tax payable

16,230

16,230

Total current liabilities

759,550

7,339

766,889

Net current assets

2,310,092

(44,140)

2,265,952

Total assets less current liabilities

6,068,946

(43,882)

6,025,064

Non-current liabilities

58,177

58,177

Net assets

6,010,769

(43,882)

5,966,887

Share capital

1,754,801

1,754,801

Reserves

Total equity

4,255,968

(43,882)

4,212,086

6,010,769

(43,882)

5,966,887

Hong Kong Ferry (Holdings) Company Limited Annual Report 2018