Annual report eng.2018

N otes To The Consolidated Financial Statements AL MAZAYA HOLDING K.S.C.P. AND ITS SUBSIDIARIES As At 31 December 2018 118 ANNUAL REPORT 2018 (All amounts are in Kuwaiti Dinars) - Taxes The Group recognizes a liability for the anticipated taxes levied in the jurisdictions of its activity based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. Any changes in the estimates and assumptions may have an impact on the carrying values of the deferred taxes. 3. Cash and cash equivalents The effective interest rate on short term bank deposit is 2.94% per annum. This deposit have contractual maturity of less than 90 days. 4. Financial assets at fair value through profit or loss On January 1, 2018, as a result of adoption of IFRS (9), the Group elected to reclassify financial assets available for sale amounting to KD 1,833,959 to financial assets at fair value through profit or loss Note 9. The financial assets above are denominated in the following currencies: 5. Accounts receivable and other debit balances Cash on hand and at banks Short term bank deposit Cash at portfolios Less: restricted cash and bank balances Cash and cash equivalents as represented for the consolidated statement of cash flows 3,144,921 4,000,000 24,512 7,169,433 )77,109( 7,092,324 10,919,475 - 12,275 10,931,750 )1,999,825( 8,931,925 2018 2017 Unquoted equity securities Kuwaiti Dinar Omani Riyal US Dollar Trade receivables (a) Provision for doubtful debts (b) Other receivables Provision for doubtful debts (b) Net trade and other receivables Advance payments Amounts due from related parties 981,739 554,000 278,807 148,932 981,739 5,628,471 )1,552,172( 4,076,299 13,777,185 )9,096,995( 4,680,190 8,756,489 1,808,363 78,288 10,643,140 - - - - - 2,780,748 )650,750( 2,129,998 13,179,516 )1,185,108( 11,994,408 14,124,406 7,816,059 5,110 21,945,575 2018 2018 2018 2017 2017 2017