88
SUNNINGDALE TECH LTD
ANNUAL REPORT 2014
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 December 2014
NOTES TO THE FINANCIAL STATEMENTS
19.
Inventories (cont’d)
Group
Company
2014
2013
2014
2013
$’000
$’000
$’000
$’000
Analysis of allowance for plastic products:
At 1 January
3,697
3,916
148
116
Acquisition of a subsidiary
964
–
–
–
Charge for the year
1,649
2,109
5
47
Written off
(246)
(499)
–
–
Written back
(2,044)
(1,946)
(73)
(15)
Currency realignment
52
117
–
–
At 31 December
4,072
3,697
80
148
The write back of allowance for inventories obsolescence was made when the related inventories can be sold above their
carrying amount.
Group
Company
2014
2013
2014
2013
$’000
$’000
$’000
$’000
Analysis of mould fabrication contracts:
Costs incurred to date
65,008
43,429
4,624
4,323
Recognised profits less recognised losses to date
7,693
5,459
303
936
72,701
48,888
4,927
5,259
Less: Progress billings
(43,969)
(31,285)
(6,808)
(7,367)
Allowance for foreseeable losses
(1,352)
(382)
–
–
27,380
17,221
(1,881)
(2,108)
Presented as:
Work-in-progress
39,304
27,571
1,290
1,832
Excess of progress billings over work-in-progress
(11,924)
(10,350)
(3,171)
(3,940)
27,380
17,221
(1,881)
(2,108)
The revenue recognised in profit or loss of the Group for the year was $105,462,000 (2013: $110,759,000).
