McPHERSON’S LIMITED

 ANNUAL REPORT 2015  



  

61

Loans to key management personnel

There were no loans made to Directors of McPherson’s Limited, or to any other key management personnel of the Group, including their personally-

related entities during the current or previous year, nor were there any loans outstanding at the end of the current or previous financial year.

Other transactions with key management personnel

During the year the Group sold minor quantities of its products for domestic use to key management personnel on terms and conditions no more 

favourable than those adopted when dealing with other employees at arm’s length in the same circumstances.
There were no transactions between the consolidated entity and the Directors of McPherson’s Limited or with any other key management 

personnel of the Group, including their personally-related entities, during the current or previous financial year other than those disclosed above, 

and relating to remuneration and to transactions concerning preference shares.

NOTE 10.   CASH AND CASH EQUIVALENTS

2015

$’000

2014

$’000

Cash on hand

11

12

Cash at bank and on deposit (at call)

11,272

4,108

11,283

4,120

The above figures are reconciled to cash at the end of the financial year as shown in the statement of cash 
flows as follows:
Balances as above

11,283

4,120

Less: Bank overdrafts (Note 19)

-

(398)

Cash balance per statement of cash flows

11,283

3,722

NOTE 11.   TRADE AND OTHER RECEIVABLES

Trade receivables

49,149

56,984

1

Provision for impairment

(378)

(189)

48,771

56,795

Other receivables/prepayments

6,238

3,934

55,009

60,729

Movements in the provision for impairment of trade receivables are as follows:
Balance at 1 July 

(189)

(62)

Provisions for impairment recognised during the year

(412)

(127)

Written-off during the year as uncollectible

222

-

Foreign exchange

1

-

(378)

(189)

Other receivables do not contain impaired assets and are not past due.  It is expected that these amounts will be received in full when due.  Due to 

the short-term nature of current receivables, their carrying amounts are assumed to be the same as their fair value.

1. See Note 1(A) for details regarding the restatement as a result of an error