NOTES TO
THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MAY 2015
111
GKE CORPORATION LIMITED
ANNUAL REPORT 2015
19.
PREPAYMENTS
Group
2015
2014
$’000
$’000
Prepayments relating to acquisition of land use rights
–
2,081
–
2,081
During the year, the Group acquired the land use rights over a plot of state-owned land in WuZhou City,
Guangxi Zhuang Autonomous Region, People’s Republic of China. Consequently, $1,632,000 (2014:
$Nil) of prepayment relating to the acquisition of land use rights was reflected as an addition to Land use
rights in Note 12 of the financial statements. The remaining $449,000 (2014: $Nil) will be refunded by the
authority and was reflected as other receivables to Note 18 of the financial statements.
20.
CASH AT BANKS AND ON HAND
Group
Company
2015
2014
2015
2014
$’000
$’000
$’000
$’000
Cash at banks and on hand
18,442
5,256
12,672
330
Cash at banks earns interest at floating rates based on daily bank deposit rates.
Cash at banks and on hand denominated in foreign currencies as at 31 May are as follows:
Group
Company
2015
2014
2015
2014
$’000
$’000
$’000
$’000
United States Dollar
1,339
457
–
–
For the purpose of the consolidated statement of cash flows, cash and cash equivalents comprise the
following at the end of the reporting period:
Group
2015
2014
$’000
$’000
Cash at banks and on hand
18,442
5,256
Bank overdrafts (Note 24)
–
(46)
18,442
5,210
