Page 8 - ar2014

Balance Sheet
Non-current assets
The Group’s non-current assets increased by approximately S$2.9
million or 14.1% from S$20.7 million as at 31 March 2013 to S$23.6
million as at 31 March 2014, mainly due to the following:
a) purchase of fxed assets and provision of leasehold
improvement, amounting to approximately S$6.3 million,
mainly for additions of plant and equipment and renovation
costs capitalised for the Group’s new and existing retail outlets
and construction of our new factory; and
b) an increase in long term deposits by approximately S$185,000
mainly due to additional lease deposits paid to secure new
outlets, partially offset by
c) depreciation expenses for the Group and fxed assets written
off for closed retail outlets of approximately S$3.5 million and
S$17,000 for FY2014 respectively.
Current assets
The Group’s current assets increased by approximately S$2.9 million
or 14.6% from S$20.0 million as at 31 March 2013 to S$22.9 million as
at 31 March 2014, mainly due to the following:
(a) an increase in short-term deposits of approximately S$284,000
mainly due to the reclassifcation of lease deposits from long
term to short term due to lease deposits due for renewal in the
next 12 months; and
(b) an increase in cash and bank balances by approximately
S$3.7millionmainly due to cash infow fromoperating activities,
partially offset by purchase of property, plant and equipment
and dividends paid during FY2014.
The increase in the Group’s current assets was partially offset by:
(a) a decrease in inventories of approximately S$184,000 mainly
due to lower bulk purchase from overseas suppliers during
FY2014;
(b) a decrease in amount due from associated companies of
approximately S$331,000 due to full allowance of doubtful
debts for amount due from our Malaysian associated
company during the year; and
(c) a decrease in prepayment of approximately S$465,000 mainly
due to a decrease in advance payments made to suppliers
and contractors and a shorter renewal contract period for
computer maintenance contracts.
CHAIRMAN’S STATEMENT AND OPERATIONS REVIEW
6
Annual Report 2014 •