NOTES TO FINANCIAL STATEMENT
Cash and cash equivalents
| (Restated) | ||
| 31 December 2023 |
31 December 2022 | |
| AED | AED | |
| Cash on hand | 5,000 | 5,000 |
| Cash at banks – current accounts | 10,649,456 | 16,102,533 |
| Cash at bank – call account | 20,125,189 | 15,318,930 |
| Fixed deposits | – | 24,504,440 |
| Deposit in commercial paper (Refer note iii) | 7,000,000 | – |
| Cash and bank balances | 37,779,645 | 55,930,903 |
| Less: fixed deposits with an original maturity of more than three months | – | (14,000,000) |
| Cash and cash equivalents | 37,779,645 | 41,930,903 |
- Cash at banks includes current accounts and call account balances amounting to AED 24,311,258 as of 31 December 2023 held with financial institutions which are related parties (call account balances are interest bearing) (31 December 2022: AED 9,398,853).
- Bank fixed deposits as of 31 December 2023 amounting to AED Nil (31 December 2022: AED 24,504,440) carry interest rate of nil. (31 December 2022: 4.75% – 5.25% p.a.)
- The company has reclassified investment in commercial paper to cash and cash equivalents as the maturity is less than 3 months with a financial institution which is a related party.
