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WE LTEC ANNUAL REPORT 2015

NOTES TO THE FINANCIAL STATEMENTS

17 INTANGIBLE ASSETS Group $000

2015

2014

Software

Intellectual Property

Assets under Construction

TOTAL

Software

Intellectual Property

Assets under Construction

TOTAL

2,691

2,010

104

4,805

2,373

83

-

25

108

239

1,880

65

4,318

130

104

473

Gross Carrying Amount Balance as at 1 January Additions

-

-

-

-

-

-

-

-

129

-

(129)

-

79

-

(65)

14

2,903

2,010

-

4,913

2,691

2,010

104

4,805

2,437

1,808

-

4,245

2,257

1,685

-

3,942

189

115

304

180

123

-

303

2,626

1,923

-

4,549

2,437

1,808

-

4,245

277

87

-

364

254

202

104

560

Software

Intellectual Property

Assets under Construction

Total

Software

Intellectual Property

Assets under Construction

Total

Disposals Reclassifications Balance as at 31 December Accumulated Amortisation Balance as at 1 January Amortisation Expense Balance as at 31 December Net Book Value

Parent $000 Gross Carrying Amount

2,663

2,010

104

4,777

2,373

1,880

65

4,318

Additions

83

-

25

108

225

130

104

459

Disposals

-

-

-

-

-

-

-

-

Balance as at 1 January

129

-

(129)

-

65

-

(65)

-

2,875

2,010

-

4,885

2,663

2,010

104

4,777

2,428

1,808

-

4,236

2,257

1,685

-

3,942

180

115

-

295

171

123

-

294

2,608

1,923

-

4,531

2,428

1,808

-

4,236

267

87

-

354

235

202

104

541

Reclassifications Balance as at 31 December Accumulated Amortisation Balance as at 1 January Amortisation Expense Balance as at 31 December Net Book Value

There are no restrictions over the title of WelTec or Group’s intangible assets, nor are any intangible assets pledged as security for liabilities.  GROUP

18

TRADE AND OTHER PAYABLES Trade payables

PARENT

2015 Actual $000

2014 Actual $000

2015 Actual $000

2014 Actual $000

4,399

5,741

4,117

5,281

Related party payable (note 31)

262

720

453

720

Goods and services tax (GST) payable

931

530

922

525

5,592

6,991

5,492

6,526

Trade payables are non-interest bearing and are normally settled on 30-day terms, therefore the carrying value of payables approximates their fair value. 19

CURRENT EMPLOYEE BENEFIT PROVISIONS Accrued employee payments Annual and discretionary leave Current long service leave Sick leave

2015 Actual $000

2014 Actual $000

2015 Actual $000

2014 Actual $000

977

873

970

864

1,416

1,537

1,399

1,526

43

49

43

49

252

225

252

225

2,688

2,684

2,664

2,664

A provision is recognised for post employment benefits payable to employees. Employees are entitled to annual leave pay, long service leave and retirement leave pay. Annual leave and sick leave entitlements expected to be settled within 12 months of the balance date are measured at the current rates of pay and classified as current liabilities.

63


2015 WelTec Annual Report