Page 70 - ar2012

66 GoodLand Group Limited
23 Borrowings (cont’d)
(c) Breach of Loan Covenants (cont’d)
As a result, the Group had breached a loan covenant in the bank loan as at 30 September 2012 and
accordingly, the bank loan amounting to approximately S$7.239 million was reclassifed as a current liability
in the balance sheet as at 30 September 2012.
(d) Carrying Amounts and Fair Value Information
The fair values of borrowings at the balance sheet date are based on expected future cash fows,
discounted using market rates of approximately 2.15% (2011: 5%) for similar instruments at the balance
sheet date.
The following fair values are for information purposes only and are not recognised in the fnancial statements.
Group
2012
S$
2011
S$
Secured bank loans:
Carrying amounts 81,345,260 57,646,204
Fair values 82,315,380 55,831,812
24 Deferred Tax Assets/(Liabilities)
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current
income tax assets against current income tax liabilities and when the deferred income taxes relate to the same
fscal authority. The amounts, determined after appropriate offsetting, are shown on the balance sheet as
follows:
Group
2012
S$
(Restated)
2011
S$
2010
S$
a) Deferred tax assets to be recovered:
- within one year - 686,259 141,000
- between one to fve years 340,992 167,562 -
340,992 853,821 141,000
Tax
losses
S$
Unrealised profts
on development
properties for sale
S$
Total
S$
Group
30.09.2012
Balance at beginning of year (previously reported) - 937,015 937,015
Effect of adoption of INT FRS 115 - (83,194) (83,194)
Balance at beginning of year (restated) - 853,821 853,821
Charged to proft or loss (Note 9) - (512,829) (512,829)
Balance at end of year - 340,992 340,992
30.09.2011
Balance at beginning of year 141,000 - 141,000
Credited/(charged) to proft or loss (Note 9) (141,000) 853,821 712,821
Balance at end of year (restated) - 853,821 853,821
Notes to the Financial Statements
30 September 2012