. 115
ANNUAL
REPORT
20 1 7
THE BE ST
I N US
NOTESTOTHE
FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2017
16.
INVENTORIESANDWORK-IN-PROGRESS
Group
2017
2016
$’000
$’000
Balance sheet:
Materials, components and spares
634
473
Work-in-progress
–
84,958
634
85,431
The cost of the goods sold reported in the statement of comprehensive income substantially relates to
materials, componentsand spares recognisedasanexpense for theyear including inventoriesandwork-in-
progresswrittendown amounting to$501,000 (2016: $1,391,000).
In 2016, work-in-progress related to the cost of direct materials, direct labour and costs incurred in
connectionwith the liftboat.
17.
TRADEANDOTHERRECEIVABLES
Group
Company
2017
2016
2017
2016
$’000
$’000
$’000
$’000
Trade receivables–net
1,702
4,132
–
832
Deposits
63
119
–
–
Downpayment for capital expenditure
–
313
–
–
GST recoverable
153
382
–
77
Sundry receivables
761
651
–
94
Interest receivables
52
86
52
86
Total trade andother receivables
2,731
5,683
52
1,089
Trade andother receivables
(excludingGST recoverable and
downpayment for capital expenditure)
2,578
4,988
52
1,012
Amount due from subsidiaries (Note18)
–
–
100,641
93,074
Cash and short-termdeposits (Note19)
86,642
106,956
79,872
99,157
Total loans and receivables
89,220
111,944
180,565
193,243
Trade receivables arenon-interest bearingandaregenerallyon30 to90days’ terms. Theyare recognisedat
their original invoiced amountswhich represent their fair values on initial recognition.
