RFG Annual Report 2007 - Retail Food Group

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06/07 Annual Report 42 9. Income taxes (continued) Retail Food Group Annual Report 2007 Opening balance $’000 Charged to income $’000 Company Charged to equity $’000 Closing balance $’000 Temporary differences Brumby’s Bakeries Holdings Pty Ltd share acquisition costs – (1) – (1) Prepaid borrowing costs 75 (25) – 50 Listing costs 534 (135) 5 404 609 (161) 5 453 Presented in the balance sheet as follows: Deferred tax asset 453 2006 Temporary differences Prepaid borrowing costs 68 7 – 75 Listing costs – (134) 668 534 68 (127) 668 609 Presented in the balance sheet as follows: Deferred tax asset 609 Unrecognised deferred tax assets 2007 $’000 Consolidated 2006 $’000 2007 $’000 Company 2006 $’000 The following deferred tax assets have not been brought to account as assets: Tax losses—capital 248 247 248 247 Tax consolidation Relevance of tax consolidation to the Group During the fi nancial year ended 30 June 2004, the Directors of the Company elected that the Company and its wholly-owned Australian resident entities would join a tax-consolidated group. The head entity within the tax-consolidated group is Retail Food Group Limited. The members of the tax-consolidated group are identifi ed at note 28. Nature of tax funding arrangements and tax sharing agreements Entities within the tax-consolidated group have entered into a tax funding arrangement and a tax-sharing agreement with the head entity. Under the terms of the tax funding arrangement, Retail Food Group Limited and each of the entities in the tax-consolidated group has agreed to pay a tax equivalent payment to or from the head entity, based on the current tax liability or current tax asset of the entity. Such amounts are refl ected in amounts receivable from or payable to other entities in the tax-consolidated group. The tax sharing agreement entered into between members of the tax-consolidated group provides for the determination of the allocation of income tax liabilities between the entities should the head entity default on its tax payment obligations. No amounts have been recognised in the fi nancial statements in respect of this agreement as payment of any amounts under the tax sharing agreement is considered remote.
10. Trade and other receivables 43 2007 $’000 Consolidated 2006 $’000 2007 $’000 Company Trade receivables (i) 4,796 3,945 – – Allowance for doubtful debts – (114) – – 4,796 3,831 – – Goods and services tax recoverable – – 19 – Accrued income 970 328 – – Other (non interest bearing) 25 35 – – 995 363 19 – 5,791 4,194 19 – 2006 $’000 Retail Food Group Annual Report (i) The average credit period on sales of goods is 7 days. No interest is charged. An allowance has been made for estimated irrecoverable trade receivable amounts arising from the past sale of goods, determined by reference to past default experience. During the current fi nancial year, the allowance for doubtful debts decreased by $114 thousand (2006: increased by $114 thousand) in the Group. This movement was recognised in profi t for the year. 11. Inventories 2007 $’000 Consolidated 2006 $’000 2007 $’000 Company 2006 $’000 Raw materials 73 18 – – Equipment held for resale 16 58 – – Stores held for resale 240 335 – – 329 411 – –
Page 1: Retail Food Group Limited ACN 106 8
Page 5 and 6: Chairman’s letter Dear Shareholde
Page 7 and 8: Managing Director’s Report The Co
Page 9 and 10: OUTLOOK The 2007 fi nancial year ha
Page 11 and 12: The role of the Board and delegatio
Page 13 and 14: Directors’ Report The directors o
Page 15 and 16: The Group also continued with its s
Page 17 and 18: 4. Coffee Roasting Facility (CRF) T
Page 19 and 20: Directors’ meetings The following
Page 21 and 22: The following table discloses the r
Page 23 and 24: Deloitte Touche Tohmatsu A.C.N. 74
Page 25 and 26: 23 Auditor’s Independence Declara
Page 27 and 28: Income statement for the financial
Page 29 and 30: Statement of changes in equity for
Page 31 and 32: Notes to the financial statements f
Page 33 and 34: The directors anticipate that the a
Page 35 and 36: On consolidation, the assets and li
Page 37 and 38: (p) Property, plant and equipment L
Page 39 and 40: 6. Revenue An analysis of the Group
Page 41 and 42: 9. Income taxes 39 Income tax recog
Page 43: 9. Income taxes (continued) Deferre
Page 47 and 48: 13. Property, plant and equipment 4
Page 49 and 50: 14. Other intangible assets (contin
Page 51 and 52: 19. Other liabilities 49 2007 $’0
Page 53 and 54: 23. Earnings per share 51 2007 Cent
Page 55 and 56: 26. Contingent liabilities and cont
Page 57 and 58: 28. Subsidiaries 55 Name of entity
Page 59 and 60: 30. Discontinued operations Disposa
Page 61 and 62: 31. Notes to the cash flow statemen
Page 63 and 64: 32. Financial instruments (continue
Page 65 and 66: 33. Share-based payments (continued
Page 67 and 68: 34. Key management personnel compen
Page 69 and 70: 35. Related party transactions (con
Page 75 and 76: 37. Subsequent events (continued) F
Page 77: Twenty largest holders of quoted eq
Page 80: Retail Food Group Limited ACN 106 8

RFG Annual Report 2007 - Retail Food Group

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