Page 45 - ar2012

Group Company
Note 2012 2011 2012 2011
S$ S$ S$ S$
ASSETS
Non-current assets
Plant and equipment 9 8,916,572 10,410,538 173,688 –
Intangible assets 10 3,549,333 3,772,684 – –
Investment in subsidiaries 11 – – 31,219,141 31,219,141
Fee protection insurance deposits 12 2,024,177 2,016,587 – –
School rental deposits 1,787,365 1,807,775 – –
Staff housing deposits 398,100 281,350 – –
16,675,547 18,288,934 31,392,829 31,219,141
Current assets
Inventories 13 567,139 579,460 – –
Trade receivables 14 1,168,898 647,974 – –
Other receivables and deposits 15 373,699 416,398 6,023 –
Prepayments 2,004,880 1,297,421 1,134,126 559,110
Cash and bank balances 17 2,456,168 7,628,861 723,219 4,265,111
Fixed deposits 17 92,000,000 72,000,000 12,000,000 –
98,570,784 82,570,114 13,863,368 4,824,221
TOTAL ASSETS 115,246,331 100,859,048 45,256,197 36,043,362
EQUITY AND LIABILITIES
Current liabilities
Trade payables 205,030 309,301 – –
Other payables 18 734,683 1,519,251 123,000 66,801
Amounts due to subsidiary 16 – – 1,500,000 5,000,240
Fees received in advance 19 37,835,900 35,235,542 – –
Goods and Services Tax payable 3,191,109 2,794,169 104,230 –
Central Provident Fund payable 448,000 440,611 31,915 31,560
Income tax payable 4,071,621 4,374,369 54,645 –
46,486,343 44,673,243 1,813,790 5,098,601
NET CURRENT ASSETS 52,084,441 37,896,871 12,049,578 (274,380)
Non-current liabilities
Deferred tax liabilities 20 1,327,948 1,410,172 – –
1,327,948 1,410,172 – –
Net assets 67,432,040 54,775,633 43,442,407 30,944,761
Equity attributable to owners of the
Company
Share capital 21 31,219,241 31,219,241 31,219,241 31,219,241
Revenue reserve 22,382,439 9,725,918 12,223,166 (274,480)
Other reserves 22 13,830,360 13,830,474 – –
Total equity 67,432,040 54,775,633 43,442,407 30,944,761
BALANCE SHEETS
For the financial year ended 31 December 2012
The accompanying accounting policies and explanatory notes form an integral part of the consolidated financial statements.
4 Overseas Education Limited AR 2012
Investing In Education
W130220-Overseas Education Limited AR 2012 Financial p25-92.indd 43 26/3/13