. 118
NOTESTOTHE
FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2017
BAKER
TECHNOLOGY
L IMI TED
THE BE ST
I N US
20.
TRADEANDOTHERPAYABLES
Group
Company
2017
2016
2017
2016
$’000
$’000
$’000
$’000
Tradepayables
4,319
4,827
–
856
Other payables
1,485
3,217
412
385
Total trade andother payables
5,804
8,044
412
1,241
Trade andother payables
(excludingprovision forwarranty)
5,413
6,370
412
1,241
Amount due to subsidiaries (Note18)
–
–
5,000
5,653
Total financial liabilities carriedat amortisedcost
5,413
6,370
5,412
6,894
Tradepayables arenon-interest bearing and arenormally settledon30 to90days’ terms.
In2016, theCompany’s tradepayable included an amount of $856,000due to a subsidiary.
TheGroup’sother payables includes aprovision forwarrantyof approximately$391,000 (2016: $1,674,000).
During the financial year, theGroupwrotebackexcessprovisionof approximately$1,176,000 (2016: $645,000).
In linewith theGroup’s policy as discussed inNote 2.13, thewrite back of additional provision in 2017 and
in2016 forwarrantywere resulted from the annual revision.
Tradepayables denominated in foreigncurrencies at 31December are as follows:
Group
Company
2017
2016
2017
2016
$’000
$’000
$’000
$’000
United StatesDollar
451
1,320
–
856
Euro
4
344
–
–
AustralianDollar
133
–
–
–
