NOTES TO FINANCIAL STATEMENT
Cash and cash equivalents
| 2021 | 2020 | |
| AED | AED | |
| Cash on hand | 5,000 | 5,000 |
| Cash at banks – current accounts (i) | 19,018,735 | 3,763,352 |
| Cash at bank – call account (i) | 25,588,862 | 44,858,472 |
| Fixed deposits (ii) |
24,244,960 |
40,000,000 |
| Cash and bank balances | 68,857,557 | 88,626,824 |
| Less: fixed deposits with an original maturity of more than three months | (14,000,000) | (16,000,000) |
| Cash and cash equivalents |
54,857,557 |
72,626,824 |
- Cash at banks includes current accounts and call account balances amounting to AED 17,844,461 as of 31 December 2021 held with two financial institutions which are related parties (call account balances are interest bearing) (31 December 2020: AED 7,974,917).
- Bank fixed deposits as at 31 December 2021 amounting to AED 24,244,960 (31 December 2020: AED 40,000,000) carry interest rate of 2.15% p.a. to 2.25% p.a. (31 December 2020: 1.8% p.a. to 3.25% p.a.).
