70

  



  

McPHERSON’S LIMITED

 ANNUAL REPORT 2015

NOTE 17.   DEFERRED TAX ASSETS (CONTINUED)

2015

$’000

2014

$’000

Deferred tax assets to be recovered within 12 months

3,373

3,944

Deferred tax assets to be recovered after more than 12 months

2,182

2,066

5,555

6,010

NOTE 18.   TRADE AND OTHER PAYABLES

Trade payables

37,501

30,886

Other payables

22,926

19,741

60,427

50,627

The carrying amounts of trade and other payables are assumed to be the same as their fair values, due to their short-term nature.

NOTE 19.   BORROWINGS – CURRENT

2015

$’000

2014

$’000

Bank overdraft

-

398

Bank loans

-

2,000

Other borrowings

406

571

Debt issue costs

-

(149)

406

2,820

Secured Liabilities

Bank overdraft 

-

398

Bank loans

-

2,000

-

2,398

The fair values of the Group’s current borrowings are not materially different to their carrying amounts, since the interest payable on those 

borrowings is at current market rates or the borrowings are short-term in nature.
Refer to Note 21 for further information on the Group’s financing facilities.

NOTE 20.   PROVISIONS - CURRENT

2015

$’000

2014

$’000

Employee entitlements

5,837

4,910

Contingent consideration

6,637

12,885

Claims, returns and warranty

2,042

1,920

Restructure

1,409

-

Employee incentives

291

392

Other

348

257

16,564

20,364

(A) EMPLOYEE ENTITLEMENTS

Amounts reflect employees’ entitlement to take accrued annual leave and long service leave during the next 12 months.  Based on past experience, 

the Group expects that approximately 50% of the current balance will be taken or paid within the next 12 months.

NOTES TO AND FORMING PART OF THE  

CONSOLIDATED FINANCIAL STATEMENTS CONTINUED