Megachem Limited Annual Report 2015 104 Notes to the Financial Statements 31 December 2015 14. Transferable club memberships Group Company 2015 2014 2015 2014 $ $ $ $ Transferable club memberships at cost 77,871 77,871 47,071 47,071 Currency translation difference (7,838) (4,494) – – Less: allowance for impairment (43,070) (43,070) (43,070) (43,070) Total transferable club memberships 26,963 30,307 4,001 4,001 Movement in allowance for impairment: Balance at beginning and end of year 43,070 43,070 43,070 43,070 The carrying value of club memberships is at cost. The fair value of the club memberships is deemed to be not reliably measurable as the probabilities of the various estimates within the range cannot be reasonably assessed as used in estimating fair values. Consequently it is carried at cost less allowance for impairment. 15. Inventories Group Company 2015 2014 2015 2014 $ $ $ $ Finished / trading goods 21,003,149 21,517,159 11,066,445 10,791,527 Group 2015 2014 $ $ The write-downs of inventories charged to profit or loss included in cost of sales (Note 4) 285,874 715,975 Decrease (increase) in inventories of finished/ trading goods 514,010 (1,693,086) The amount of inventories included in cost of sales (Note 4) 81,085,007 87,363,789 Certain inventories are pledged as security for banking facilities as at 31 December 2015 (see Note 22). There were no inventories pledged as securities for liabilities as at 31 December 2014.
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