AFRICAN DAWN ANNUAL REPORT 2017 Notes to the Financial Statements Annual Financial Statements For the year ended 28 February 2017 continued 58 7. Other financial assets Loans and receivables Group Company 2017 2016 2017 2016 R’000 R’000 R’000 R’000 Elite cell - A cell captive agreement was entered into with Guardrisk Group (Pty) Ltd (“Guardrisk”) that allows trade debtors to insure their loans against death, disability and retrenchment. It is in a closed cell that does not share risk. - 312 - - Current assets 2017 2016 2017 2016 R’000 R’000 R’000 R’000 Elite cell - 312 - - Elite Cell is a subsidiary of Elite. The cash in Elite Cell can only be accessed by submitting a claim to Guardrisk or by Elite Cell declaring a dividend. Elite decided to sell the insurance products through a 3rd party company so have transferred all available cash from Elite Cell to Elite. 8. Deferred tax Asset/Deferred tax liability Deferred tax liability - intangible asset on acquisition of Knife Capital Group (753) (1,125) - - Deferred tax liability – prepaid expenses (5) - Deferred tax assets 697 381 Net deferred tax liability (61) (744) - - At beginning of year (744) (1,365) - - Assessed loss raised/(utilized) during the year against current income tax 431 152 - - Deferred tax effect of amortisation of intangible asset raised on Knife Capital Group (refer to note 5) 370 370 - - Temporary difference trade debtors bad debt allowance (137) 138 - - Temporary difference on leave pay accrual 8 (39) - - Temporary difference on deferred income 11 - - - (61) (744) - -
AFRICAN DAWN 2017
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