Page 62

27 URBAN DEVELOPMENT CORPORATION Notes to the Non-Consolidated Financial Statements (Continued) Year ended March 31, 2010

9.

Inventory of land and development projects

At beginning of year Additions Adjustments At end of year

2010 $’000

2009 $’000

1,145,035 ( 175,975)

1,130,745 14,290 -

969,060

1,145,035

Inventory of land and development projects primarily comprises land which is currently being developed as well as housing units available for sale. 10.

Accounts receivable

Trade accounts receivable Real estate sales receivable

2010 $’000

2009* $’000

461,597 330,801

381,534 263,139

792,398 ( 745,054)

Less: Allowance for doubtful debts Amounts advanced on specific projects Prepaid expenses and other current assets Less: Allowance for doubtful debts

644,673 ( 632,037)

47,344

12,636

43,988 533,696

13,289 682,609

577,684

695,898

( 421,770)

( 306,110)

155,914

389,788

203,258

402,424

Movements in allowance for doubtful debts: 2010

2009

Trade $’000

Other receivables $’000

Trade $’000

Other receivables $’000

Balance at beginning of year Increase in impairment allowance recognised in profit or loss

632,037

306,110

551,958

263,326

113,017

115,660

80,079

42,784

Balance at end of the year

745,054

421,770

632,037

306,110

2010 $’000

2009 $’000

43,785 111,152 590,117

98,066 533,971

745,054

632,037

Ageing of impaired trade receivables:

61 – 90 days 91 – 120 days 120 days

Impairment represents long outstanding trade and other receivables for which recoverability is considered doubtful.

Annreport09 10  
Advertisement