12 FINANCIAL RISK MANAGEMENT
Liquidity risk
The Company’s policy is to regularly monitor current and expected liquidity requirements to ensure that it maintains
sufficient reserves of cash to meet its liquidity requirements in the short and longer terms.
The total contractual undiscounted cash flows of the Company’s non-derivative financial liabilities are the same as their
carrying amounts and are due within one year.
Estimating fair values
Other financial assets and financial liabilities
The carrying amounts of financial assets and financial liabilities with maturity of less than one year (including trade receivables,
cash at bank and other payables) are assumed to approximate their fair values because of the short period to maturity.
13 RELATED PARTIES
In addition to the transactions disclosed elsewhere in the financial statements, there were the following significant related
party transactions during the financial year:
Transactions with key management personnel
The Company’s directors are employees of either the immediate holding company or a related corporation and no
consideration is paid to these companies for the services rendered by the directors.
Other related party transactions
Transaction value
Balance outstanding
2014
2013
2014
2013
$
$
$
$
Secretarial fee paid/payable to a related corporation
48,100
3,950
64,500
16,400
Accounting fee paid/payable to a related corporation
2,400
–
2,400
–
NOTES TO THE FINANCIAL STATEMENTS
15
M&C BUSINESS TRUST MANAGEMENT LIMITED
