CAV Annual Report 2021

CENTURION AEROSPACE VILLAGE NPC Registration Number: 2000/006996/08 ANNUAL FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2021

NOTES TO THE ANNUAL FINANCIAL STATEMENTS

2021

2020

R

R

Fair value of trade and other payables The fair value of trade and other payables approximates the carrying value as the trade and other payables are short term in nature and do not fluctuate based on external factors. 10. Operating lease asset The company leases out land and building space to tenants. General leasing arrangements:

(i) The leasing contracts include renewal options as well as escalation clauses. (ii) No contingent rent was recognised as part of revenue in the current financial year The operating lease assets are classifed as:

Current Assets

837 361

-

Minimum lease payments due: - Within one year - In seond to fifth year inclusive

1 336 214 8 222 113 6 255 507

- - - -

- Later than five years

15 813 834

11. Provision Reconciliation of provisions – 2021

Opening Balance

Additions

Utilised during the year

Reversed during the year

Total

Provision for Leave

356 224 356 224

173 099 173 099

(1 108) (1 108)

- -

528 216 528 216

Reconciliation of provisions – 2020

Opening Balance

Additions

Utilised during the year

Reversed during the year

Total

Provision for Leave

304 300 304 300

158 810 158 810

(106 886) (106 886)

- -

356 224

356 224 The provision relates to the entity’s best estimate for employees’ accumulated leave at year-end. The provision is based on the assumption that employees’ leave pay will have to be settled upon resignation.

CENTURION AEROSPACE VILLAGE NPC I ANNUAL REPORT I 2020/21

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