2008 Annual Report - Kenford Group Holdings Limited

Notes to the Financial Statements
For the year ended 31 March 2008
26. DEFERRED TAX
The movement of the Group’s deferred tax assets and liabilities during the year is as follows:
Deferred tax assets/(liabilities)
Accelerated
depreciation
Properties
allowance Provisions revaluation Total
HK$’000 HK$’000 HK$’000 HK$’000
At 1 April 2007 (3,342) – (3,092) (6,434)
Credit to income 401 965 158 1,524
Charge to equity – – (4,721) (4,721)
Effect of change in tax rate (charged)/credited
to income 168 (55) – 113
Effect of change in tax rate credited to equity – – 234 234
Currency realignment – – (343) (343)
At 31 March 2008 (2,773) 910 (7,764) (9,627)
Accelerated
depreciation
Properties
allowance Tax losses revaluation Total
HK$’000 HK$’000 HK$’000 HK$’000
At 1 April 2006 (3,137) 17 (2,980) (6,100)
(Charge)/credit to income (205) (17) 4 (218)
Currency realignment – – (116) (116)
At 31 March 2007 (3,342) – (3,092) (6,434)
27. SHARE CAPITAL
Company
2008 2008 2007 2007
Number ’000 HK$ Number ’000 HK$
Authorised share capital
Ordinary shares of HK$0.001 each
At beginning of the year and end of the year 1,000,000 1,000,000 1,000,000 1,000,000
Issued share capital
Ordinary shares of HK$0.001 each
At beginning of the year 400,000 400,000 400,000 400,000
Exercise of share options (Note (i)) 2,200 2,200 – –
Exercise of warrant subscription rights
(Note (ii)) 1,136 1,136 – –
Placing allotment (Note (iii)) 30,000 30,000 – –
At end of the year 433,336 433,336 400,000 400,000
Notes:
(i)
(ii)
(iii)
During the year, the options holders exercised 2,200,000 share options to subscribe for 2,200,000 ordinary shares in the Company at HK$0.183 per
share.
During the year, the warrants holders exercised 2,272,000 warrants to subscribe for 1,136,000 ordinary shares in the Company at HK$0.6 per share.
On 13 December 2007, arrangements were made for private placement to independent private investors of 30,000,000 shares of HK$0.6 each in the
Company, representing a discount of approximately 9.09% to the closing market price of the Company’s shares on 13 December 2007.
Annual Report 2008
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