NOTES TO FINANCIAL STATEMENT
Cash and cash equivalents
| 2019 | 2018 | |
| AED | AED | |
| Cash on hand | 5,000 | 5,000 |
| Cash at banks – current accounts | 14,135,786 | 3,604,929 |
| Cash at bank – call account | 40,049,976 | 14,138,989 |
| Fixed deposits – short term | 20,773,463 | 41,237,754 |
74,964,225 |
58,986,672 |
i.Cash at banks includes current accounts and call account balances amounting to AED 22,150,642 as of 31 December 2019 held with two financial institutions which are related parties (call account balances are interest bearing) (31 December 2018: AED 4,570,775).
ii. Bank fixed deposits as at 31 December 2019 amounting to AED 20,773,463 (31 December 2018: AED 41,237,754) carry interest rate of 3.5% (31 December 2018: 3.5% – 4.2%) and mature within 3 months.
