Page 49 - Escher Annual Report 2011

Escher Group Holdings plc Annual report 2011 47
Financial statements
Corporate governance
Business review
Overview
15. Cash and cash equivalents
Group Company
2011
US$’000
2010
US$’000
2011
US$’000
2010
US$’000
Cash at bank and in hand 3,439 779 2,456 13
Cash at bank earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made for varying periods
depending on the immediate cash requirements of the Group and earn interest at the respective short-term deposit rates.
The maximum exposure to credit risk at the reporting date is the carrying value of cash and cash equivalents noted above.
The Group’s currency exposure is set out below. Such exposure comprises the cash and cash equivalents of the Group
that are denominated other than in US Dollars. As at 31 December 2011 these exposures were as follows:
2011
US$’000
2010
US$’000
Non-US Dollar denominated cash balances
Euro 766 314
Sterling 14 9
Singapore Dollar 62 70
South African Rand 62 32
Total non-US Dollar 904 425
16. Trade and other payables
Group Company
2011
US$’000
2010
US$’000
2011
US$’000
2010
US$’000
Non-current
Amounts owed to subsidiaries — — — 5,000
— — — 5,000
Current
Trade payables 746 527 — —
Amounts owed to subsidiaries — — 3,668 1,115
Income tax deducted under PAYE 244 74 — —
Pay related social insurance 95 40 — —
Other creditors and accruals 1,027 841 14 —
Deferred revenue 3,571 4,445 — —
5,683 5,927 3,682 1,115
Amounts owed to subsidiary companies are unsecured and interest free.
The fair values of trade and other trade payables approximate to the values shown above.
The carrying amounts of the Group’s trade payables are denominated in the following currencies:
2011
US$’000
2010
US$’000
USD 350 177
EUR 282 350
GBP 69 —
ZAR 44 —
SEK 1 —
746 527