TUNG LOK RESTAURANTS (2000) LTD / Annual Report
2016
85
Notes to the financial statements
For the financial year ended 31 March 2016
28.
Related party transactions
Certain transactions and arrangements of the Group are with related parties and the effects of these on the basis
determined between the parties are reflected in these financial statements. The balances are unsecured, interest-free
and repayable upon demand unless otherwise stated.
Transactions between the Company and its subsidiaries have been eliminated on consolidation and are not disclosed in
this note. Details of transactions between the Group and related parties are disclosed below.
Significant intercompany transactions, other than those disclosed elsewhere in the notes to the financial statements, are
as follows:
Group
2016
2015
$
$
With joint venture
Purchase of food and beverages
1,062,379 1,412,436
With companies in which certain directors have financial interests
Interest income
(25,357)
(166,766)
With corporate shareholders of certain subsidiaries
Sale of food and beverages
(48,282)
(45,683)
With corporate shareholders of the Company
Sale of food and beverages
(1,764,204)
(1,604,685)
Purchase of food, beverages and services
372,890
388,697
Rental expenses
3,254,301 2,892,580
Compensation of directors and key management personnel
The remuneration of directors and other members of key management during the year was as follows:
Group
2016
2015
$
$
Short-term benefits
1,519,594 1,494,840
Post-employment benefits
103,469
96,493
Total
1,623,063 1,591,333
