NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2022
Note 10: Other Assets
2022 $
2021 $
Prepayments
252,686
153,739
Other assets
21,212
85,599
273,898
239,338
Note 11: Payables
Unsecured Trade payables
4,301,274
3,608,275
Other payables and accrued expenses
150,182
99,522
3,707,797 4,451,456 Trade payables are amounts due to suppliers for goods purchased or services provided in the ordinary course of business. Trade payables are generally due for settlement within 60 days and therefore are all classified as current. Other payables and accrued expenses generally arise from normal transactions within the usual operating activities of the Group.
Note 12: Borrowings
2022 $
2021 $
Current
Secured Finance Facility
145,254
1,823,781
Unsecured Insurance Premium Funding
-
-
Credit card
62,478
18,828
1,842,609 207,732 The finance facility is with an unrelated external provider of finance. The na-ture of the facility is that amounts paid out using the facility are re-paid by direct debit over a maximum of 120 days. The provider has lodged a registered charge over the assets of the group to secure the debt. The limit of the facility is $3,000,000. The credit card is unsecured. The limit of the facility is $270,000. Go Vita is dependent on the ongoing provision of finance to be able to continue operating business as normal.
GO VITA GROUP LIMITED ANNUAL REPORT 2021-2022 I 59
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