AFRICAN DAWN ANNUAL REPORT 2017 Notes to the Financial Statements Annual Financial Statements For the year ended 28 February 2017 continued 19. Operating Lease Liability Group Company 2017 2016 2017 2016 R’000 R’000 R’000 R’000 Current liability 5 28 5 28 5 28 5 28 67 Reconciliation 2017 2016 R’000 R’000 First NAV liability 1,217 1,217 (interest free payable at R60 833 per month with effect from November 2014, now adhoc repayments) (1,157) (730) Subtotal (A) 60 487 On 1 July 2015 as announced on SENS, the vendors of Knife Capital have released Afdawn from the second NAV liability and the share issue liability. Refer to the judgement disclosed in note 1.18 as well as note 33. (A) The outstanding balance of loans from directors on acquisition of Knife Capital is R60 000 (2016: R486 667). Group Company 2017 2016 2017 2016 R’000 R’000 R’000 R’000 Non-current liabilities - - - - Current liabilities (1,523) (487) (1,523) (487) (1,523) (487) (1,523) (487) 20. Trade and other payables Trade payables 2,523 473 1,265 263 VAT * 4,703 5,938 4,408 4,677 Accrued leave pay 1,206 1,055 114 100 Accrued expenses 2,067 4,165 652 265 Accrued audit fees - 450 - 450 Deposit paid on sale of Candlestick and Elite 2,000 - 1,000 - Directors unpaid salaries 1,233 - 1,233 - Deposits received 383 388 - - 14,115 12,469 8,672 5,755 * R 4,408,300 (2016: 5,781,412) of the VAT liability is also the subject of the submission to SARS referred to in note 12.
AFRICAN DAWN 2017
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