Notes to the Financial Statements
(Cont’d)
For the year ended 30 April 2015
(In Singapore Dollars)
67
STAMFORD TYRES CORPORATION LIMITED
BUILDING ON OUR EXTENSIVE NETWORK
9.
Profit before taxation
Profit before taxation is stated after charging/(crediting):
Group
2015
2014
$’000
$’000
Depreciation of property, plant and equipment (inclusive of charges
included in costs of goods sold)
9,033
7,389
Foreign exchange loss
2,368
3,509
(Write-back of)/allowance for inventory obsolescence
(138)
1,443
Fair value (gain)/loss on other financial instruments
(440)
177
Gain on disposal of property, plant and equipment
(124)
(5,644)
Property, plant and equipment written-off
94
2
Bad debts written-off directly to profit or loss
125
54
Allowance for doubtful trade receivables
1,358
2,696
Compensation received in respect of exit from China
–
(1,551)
Audit fees:
- Auditors of the Company
470
456
- Other auditors
150
182
There are no non-audit fees paid to the auditors of the Company during the financial year.
10. Taxation
Major components of income tax expense
The major components of income tax expense for the years ended 30 April 2015 and 2014 are:
Group
Note 2015
2014
$’000
$’000
Income statement
Current income taxation
- Current year
2,031
2,464
- (Over)/under-provision of tax in respect of prior years
(483)
47
1,548
2,511
Deferred income taxation
28
- Origination of temporary differences
(34)
220
- Write-back of deferred tax liabilities relating to plant and equipment
–
(2,174)
(34)
(1,954)
Withholding taxation
263
–
Income tax expenses recognised in profit or loss
1,777
557
