BAKERTECHNOLOGYLIMITED
ANNUALREPORT2013
121
Notes to the
Financial Statements
for the financial year ended 31December 2013
24. Tradeandother payables
Group
Company
2013
2012
2013
2012
$
$
$
$
Trade payables
3,455,244 6,993,743
–
–
Other payables
8,283,225 7,752,286 1,372,274 3,139,566
Total trade andother payables
11,738,469 14,746,029 1,372,274 3,139,566
Trade and other payables (excluding provision for warranty)
7,479,469 12,531,798 1,372,274 3,139,566
Loans andborrowings (Note 23)
–
3,678,049
–
–
Total financial liabilities carried at amortised cost
7,479,469 16,209,847 1,372,274 3,139,566
Trade payables are non-interest bearing and are normally settledon 30 to 90 days’ terms.
TheGroup’s other payables includes aprovision forwarranty of approximately $4,259,000 (2012: $2,214,000). During thefinancial
year, the Group provided an additional amount of approximately $2,045,000 (2012: $380,000). In line with the Group’s policy as
discussed inNote 2.15, the additional provision in2013 and in 2012 for warrantywere resulted from the annual revision.
Trade payables denominated in foreign currencies at 31December are as follows :-
Group
2013
2012
$
$
United States dollar
780,195 4,138,180
Euro
67,721
413,164
