AFRICAN DAWN ANNUAL REPORT 2018 Notes to the Financial Statements continued Annual Financial Statements For the year ended 28 February 2018 Group Company 2018 2017 2018 2017 R’000 R’000 R’000 R’000 EA Van Heerden * - 20 - 20 JK Van Zyl * - 20 - 20 A Bohmert * - 20 - 20 WJ Groenewald ** 100 183 100 183 G Hope ** 585 1,280 585 1,280 685 1,523 685 1,523 *The loans arose as part of the Knife Capital Group acquisition transaction detailed in the circular issued on 7 March 2014. The loans were fully settled during the current year. ** All loans attract interest, are unsecured and are repaid on an adhoc basis in the short term. Non-current liabilities - - - - Current liabilities (685) (1,523) (685) (1,523) (685) (1,523) (685) (1,523) Group Company 2018 2017 2018 2017 R'000 R'000 R'000 R'000 19. Loans from directors 20. Operating lease liability Current liability 62 5 - 5 62 5 - 5 22. Reduction in liability Nexus Personnel Finance Proprietary Limited (“Nexus”) was a subsidiary of Afdawn which went into liquidation in November 2014. At the time of entering liquidation Nexus owed the Company R18million rand and was owed R2,4million by fellow subsidiary Elite. The Group negotiated a settlement with the liquidator with the outcome that Afdawn will release Nexus of its liability and Elite will settle the amount owing to Nexus to the amount of R0,3million creating a reduction of liability of R2,1million. The balance was settled during the current year. 69 21. Trade and other payables Group Company 2018 2017 2018 2017 R'000 R'000 R'000 R'000 Trade payables 645 2,523 157 1,265 VAT * 176 4,703 - 4,408 Accrued leave pay 916 1,206 108 114 Accrued expenses 144 2,067 - 652 Deposit paid on sale of Candlestick and Elite - 2,000 - 1,000 Directors unpaid salaries - 1,233 - 1,233 Deposits received - 383 - - 1,881 14,115 265 8,672 *R4,052million of the outstanding VAT in African Dawn Capital Limited was reversed by SARS subject to the terms SARS referred to in Note 15.
AFRICAN DAWN 2018 Annual Report
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