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Notes to the Financial Statements
45
VTech Holdings Ltd Annual Report 2005
11 Deferred Tax (continued)
Deferred tax assets and liabilities are offset when the taxes
relate to the same fiscal authority. The following amounts are
shown in the consolidated balance sheet:
2005 2004
US$ million US$ million
Deferred tax assets 2.6 3.7
Deferred tax liabilities (0.7) (1.6)
1.9 2.1
Deferred tax assets are recognised for tax losses carried forward
to the extent that realisation of the related tax benefit through
future taxable profits is probable. Deferred tax assets of US$57.9
million (2004: US$47.6 million) arising from unused tax losses of
US$173.4 million (2004: US$145.0 million) have not been
recognised at the end of the year.
12 Investments
2005 2004
US$ million US$ million
i) Associates
Share of net tangible assets 0.1 0.1
ii) Other investments
Unlisted investments, at cost 0.1 0.1
0.2 0.2
13 Stocks
2005 2004
US$ million US$ million
Telecommunication and
electronic products
Raw materials 33.2 27.1
Work in progress 11.4 8.9
Finished goods 79.6 60.1
124.2 96.1
Stocks carried at net realisable value at 31st March 2005
amounted to US$33.9 million (2004: US$25.4 million).
14 Debtors and Prepayments
2005 2004
Note US$ million US$ million
Trade debtors (Net of provision
for doubtful debts of
US$3.7 million
(2004: US$3.9 million)) 162.3 137.6
Other debtors and prepayments 11.7 14.7
Pension assets 17 1.7 1.6
175.7 153.9
An aging analysis of net trade debtors by transaction date is
as follows:
2005 2004
US$ million US$ million
0-30 days 73.2 80.8
31-60 days 53.9 34.0
61-90 days 21.3 14.5
>90 days 13.9 8.3
Total 162.3 137.6
The majority of the Group’s sales are on letter of credit and on
open credit with varying terms of 30 to 90 days. Certain open
credit sales are covered by credit insurance or bank guarantees.
15 Creditors and Accruals
2005 2004
US$ million US$ million
Trade creditors 98.2 93.0
Other creditors and accruals 133.1 107.3
231.3 200.3
An aging analysis of trade creditors by transaction date is
as follows:
2005 2004
US$ million US$ million
0-30 days 45.2 45.6
31-60 days 23.5 23.6
61-90 days 18.1 14.3
>90 days 11.4 9.5
Total 98.2 93.0