Notes to the Financial Statements
(Cont’d)
For the year ended 30 April 2015
(In Singapore Dollars)
71
STAMFORD TYRES CORPORATION LIMITED
BUILDING ON OUR EXTENSIVE NETWORK
12. Property, plant and equipment (cont’d)
Depreciation charge included in cost of goods sold
Depreciation charge amounting to $3,860,000 (2014: $3,490,000) was included in cost of goods sold
during the financial year.
Assets pledged as security
The Group’s property, plant and equipment with a total net book value of $49,468,000 as at 30 April 2015
(2014: $50,482,000) are subject to legal mortgages and floating charges referred to in Notes 22, 24 and 27.
Assets held under hire-purchase
Additions to plant and equipment for the financial year includes $3,017,000 (2014: $989,000) acquired
under hire-purchase agreements. The carrying amount of plant and equipment acquired under hire-
purchase agreements amounted to $4,730,000 as at 30 April 2015 (2014: $2,141,000). These assets are
pledged as security for the related hire-purchase liabilities.
13. Investment in subsidiaries
Company
Note 2015
2014
$’000
$’000
Cost of investment
Unquoted equity shares, at cost
40
78,122
73,132
Less: Impairment loss
(31,682)
(17,002)
46,440
56,130
Movement in impairment loss accounts:
Company
2015
2014
$’000
$’000
At 1 May
17,002
15,126
Charge for the financial year
14,680
1,876
At 30 April
31,682
17,002
Amounts due from/(to) subsidiary companies
Loan to a subsidiary company (unsecured)
13,767
13,767
Amounts due from subsidiary companies (non-trade)
4,217
4,108
17,984
17,875
Less: Allowance for doubtful non-trade receivables from subsidiary
companies
(3,499)
(3,365)
Amounts due from subsidiary companies
14,485
14,510
Amounts due to subsidiary companies (non-trade)
(11,362)
(5,881)
