142 MEGACHEM LIMITED Notes to The Financial Statements 31 December 2024 24. Other reserves Group 2024 2023 $ $ Currency translation reserve (6,262,011) (7,717,643) The currency translation reserve accumulates all foreign exchange differences arising from the translation of financial statements denominated in currencies other than the presentation currency. This reserve is not available for cash dividends unless realised. Movements in currency translation reserve during the year: Group 2024 2023 $ $ Balance at beginning of year (7,717,643) (6,593,193) Net currency translation differences of financial statements of foreign subsidiaries 1,455,632 (1,124,450) Balance at end of year (6,262,011) (7,717,643) 25. Borrowings Group Company 2024 2023 2024 2023 $ $ $ $ Current: Bank overdraft (unsecured) 677,147 605,976 – – Bill payables (unsecured) 13,918,794 12,393,383 10,814,190 9,896,597 Bill payables (secured) 1,308,350 915,815 – – Short term bank loans (unsecured) 8,919,760 13,656,750 8,119,760 12,756,750 Long term bank loans (unsecured) 416,667 500,000 416,667 500,000 Current, total 25,240,718 28,071,924 19,350,617 23,153,347 Non-current: Long term bank loans (unsecured) – 416,667 – 416,667 Non-current, total – 416,667 – 416,667 Total borrowings 25,240,718 28,488,591 19,350,617 23,570,014 The secured bill payables and short term bank loans as at 31 December 2024 and 31 December 2023 are collateralised on fixed and floating charges over the present and future assets and undertaking of certain subsidiaries.
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