Page 141 - S P Setia Annual Report 2013
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Annual Report 2013 S P SETIA BERHAD GROUP Financial Statements | 139





NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2013 (CONT’D)






13. amOUntS OWinG BY JOintlY cOntROlleD entitieS (cOnt’D)
The amounts owing by jointly controlled entities included under current assets are analysed as follows:

Group company
2013 2012 2013 2012
Rm’000 Rm’000 Rm’000 Rm’000


Trade accounts 3,378 8,852 - -
Advances bearing interest at 8.00% to 8.60%
(2012 : 8.00% to 8.60%) per annum 5,268 7,220 17,560 24,827
Interest free advances 23,574 2,102 544 1,947
Unquoted cumulative redeemable preference shares - - - 15,436
32,220 18,174 18,104 42,210
The trade accounts are expected to be settled within the normal credit period. The advances are unsecured and payable on demand.


14. DeFeRReD taX aSSetS
Group company
2013 2012 2013 2012
Rm’000 Rm’000 Rm’000 Rm’000

At beginning of the year 93,779 66,920 214 3,729
Recognised in proft or loss 74,106 26,859 (208) (3,515)
At end of the year 167,885 93,779 6 214


The Group has recognised the deferred tax assets as it is probable that its existing construction contracts and housing development projects
would generate suffcient taxable proft in future against which the deferred tax assets can be utilised.
The temporary differences on which deferred tax assets have been recognised are as follows:

Group company
2013 2012 2013 2012
Rm’000 Rm’000 Rm’000 Rm’000

Tax effects of:
- unabsorbed capital allowances 130 64 - -
- unutilised tax losses 33,203 12,464 - -
- property development and construction profts 113,985 77,289 23 23
- excess of capital allowances claimed over accumulated
depreciation on property, plant and equipment (4,267) (1,279) (17) (28)
- others 24,834 5,241 - 219
167,885 93,779 6 214
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