TUNG LOK RESTAURANTS (2000) LTD / Annual Report
2016
77
Notes to the financial statements
For the financial year ended 31 March 2016
17.
Joint venture (cont’d)
Summarised financial information in respect of the Group’s joint venture is set out below:
T & T Gourmet Cuisine
Pte Ltd
2016
2015
$
$
Cash and bank balances
1,120,506
17,310
Trade receivables
421,870
574,339
Other receivables and prepayments
152,063
112,558
Inventories
503,708
605,067
Current assets
2,198,147 1,309,274
Non-current assets
397,760
680,321
Total assets
2,595,907 1,989,595
Current liabilities
346,328
408,291
Non-current liabilities
96,187
–
Total liabilities
442,515
408,291
Net assets
2,153,392 1,581,304
Proportion of the Group’s ownership
50%
50%
Group’s share of net assets
1,076,696
790,652
Revenue
5,452,990 6,380,402
Cost of sales and operating expenses
(1)
(4,693,653)
(5,253,212)
Interest expense
(283)
(15,468)
Profit before tax
759,054 1,111,722
Income tax (expense)/benefit
(186,966)
200,000
Profit after income tax, representing total comprehensive income for the year
572,088 1,311,722
Group’s share of net results (net of corporate income tax)
286,044
655,861
(1)
Included in cost of sales and operating expenses is depreciation expense of $147,991 (2015: $148,746).
18.
Associates
Group
2016
2015
$
$
Unquoted equity shares, at cost
2,638,141 2,638,141
Share of post-acquisition reserves
(1,921,382)
(1,921,716)
Total
716,759
716,425
