WILLAS-ARRAY ELECTRONICS (HOLDINGS) LIMITED
122
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED MARCH 31, 2016
9.
TRADE AND BILLS RECEIVABLES
– continued
Movement in the allowance for doubtful debts
THE GROUP
2016
2015
HK$’000
HK$’000
Balance at beginning of the year
26,727
30,417
Reversal of allowance recognised in profit or loss
(8,537)
(3,200)
Amounts written off as uncollectible
(1,156)
(461)
Currency realignment
(647)
(29)
Balance at end of the year
16,387
26,727
Included in the allowance for doubtful debts are individually impaired trade receivables with an
aggregate balance of approximately HK$ nil (2015: HK$797,000).
10. TRANSFER OF FINANCIAL ASSETS
As at March 31, 2016, trade receivables amounted to HK$60,960,000 (2015: HK$25,762,000)
were transferred to banks by discounting those receivables on a full recourse basis. As the Group
has not transferred the significant risks and rewards relating to these receivables, it continues to
recognise the full carrying amount of the receivables and has recognised the cash received on
the transfer as a secured borrowing amounted to HK$48,768,000 (2015: HK$20,610,000). These
financial assets are carried at amortised cost in the Group’s consolidated statement of financial
position.
