Group Financial Statements/Auditors' Report - Pumpkin Patch ...

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PUMPKIN PATCH LIMITED & SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS 31 JULY 2010 PUMPKIN PATCH LIMITED & SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS 31 JULY 2010 7 CASH AND CASH EQUIVALENTS Consolidated at Parent at 31 July 2010 31 July 2009 31 July 2010 31 July 2009 $’000 $’000 $’000 $’000 Cash at bank ‐ NZD balances 6,718 12,357 10 3 Cash on hand 227 206 21 35 6,945 12,563 31 38 The carrying amount for cash and cash equivalents equals the fair value. 8 TRADE AND OTHER RECEIVABLES Consolidated at Parent at 31 July 2010 31 July 2009 31 July 2010 31 July 2009 $’000 $’000 $’000 $’000 Trade receivables 10,590 12,052 2 2 Amounts owed from subsidiaries - - 165,450 126,780 Prepayments 8,111 6,306 1,023 1,005 Sales tax receivable 40 - - - Employee share scheme receivable 203 215 203 215 Other receivables 1,783 986 158 631 20,727 19,559 166,836 128,633 The carrying amounts of the Group’s and Parent entity’s trade and other receivables are denominated in the following currencies: NZD 4,413 3,182 138,211 99,183 USD 9,617 10,781 24,788 23,377 AUD 1,616 1,500 - - GBP 5,081 4,096 3,837 6,073 20,727 19,559 166,836 128,633 As at 31 July 2010, trade receivables of $48,000 (2009: $149,000) were between 90 and 120 days past due but not considered doubtful. These relate to a number of accounts for which there is no recent history of default. All other balances are considered current. The maximum exposure to credit risk at the reporting date is the fair value of receivables mentioned above. The Group does not hold any collateral as security. No trade receivables are considered impaired at 31 July 2010 (2009: $nil) and no provision for doubtful debts has been made (2009: $nil). Carrying amounts of trade receivables are equivalent to their fair value. 9 INVENTORIES Consolidated at Parent at 31 July 2010 31 July 2009 31 July 2010 31 July 2009 $’000 $’000 $’000 $’000 Work in progress 174 705 - - Finished Goods ‐ at cost 71,181 79,505 - - 71,355 80,210 - - Inventory provisions of $390,000 (2009: $224,000) have been provided for at year end for stock obsolescence. 10 DERIVATIVE FINANCIAL INSTRUMENTS 31 July 2010 31 July 2009 Assets Liabilities Assets Liabilities Consolidated at $’000 $’000 $’000 $’000 Current Foreign currency forward exchange contracts 4,930 (15,696) 4,069 (10,022) Foreign currency option contracts - - 54 - Interest rate swaps - - - (387) Non current Foreign currency forward exchange contracts 2,555 (9,854) 2,662 (13,313) 7,485 (25,550) 6,785 (23,722) The above table shows the Group’s financial derivative holdings at year end. The Parent does not enter into any financial derivatives. The Group hedge accounts for all foreign exchange forward contract’s, and all fair value movements in these contracts are recorded in a cash flow hedge reserve. At 31 July 2009 the Group had also entered into one foreign exchange option and one interest rate swap, for which the Group does not hedge account and all fair value movements in these financial derivatives are recorded in the Income Statement. The Group held no foreign exchange options or interest rate swaps at 31 July 2010. Refer to note 2(N) for information on the calculation of fair values. Credit risk The Group’s exposure to credit risk from derivative financial instruments is limited because it does not expect non‐performance of the obligation contained therein due to the credit rating of the financial institutions concerned. 20 years young 63
PUMPKIN PATCH LIMITED & SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS 31 JULY 2010 PUMPKIN PATCH LIMITED & SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS 31 JULY 2010 11 PROPERTY, PLANT AND EQUIPMENT Leasehold improvements Shop fitout Computer equipment and POS Consolidated $’000 $’000 $’000 Year ended 31 July 2010 Opening net book amount 155 34,059 4,833 Exchange differences (7) (1,167) (27) Additions - 5,297 1,340 Disposals - - - Depreciation charge (41) (5,160) (820) Closing net book amount 107 33,029 5,326 Office equipment and F&F Plant and machinery Land Total $’000 $’000 $’000 $’000 7,709 2,195 3,348 52,299 (142) - - (1,343) 4,594 - - 11,231 - (298) - (298) (2,397) (375) - (8,793) 9,764 1,522 3,348 53,096 At 31 July 2010 Cost 1,406 112,286 8,851 Accumulated depreciation (1,299) (79,257) (3,525) Net book amount 107 33,029 5,326 23,615 6,338 3,348 155,844 (13,851) (4,816) - (102,748) 9,764 1,522 3,348 53,096 At 01 August 2008 Cost 1,799 119,631 13,342 Accumulated depreciation (1,481) (53,405) (7,783) Net book amount 318 66,226 5,559 19,624 7,019 3,144 164,559 (8,165) (4,315) - (75,149) 11,459 2,704 3,144 89,410 Year ended 31 July 2009 Opening net book amount 318 66,226 5,559 Exchange differences (104) (190) (34) Additions 6 4,655 523 Disposals (4) - (66) Impairment charge recognised in profit & loss - (25,417) (319) Depreciation charge (61) (11,215) (830) Closing net book amount 155 34,059 4,833 11,459 2,704 3,144 89,410 (50) - - (378) 3,482 (340) 204 8,530 (1,165) - - (1,235) (3,148) (1) - (28,885) (2,869) (168) - (15,143) 7,709 2,195 3,348 52,299 At 31 July 2009 Cost 1,555 115,191 13,575 Accumulated depreciation (1,400) (81,132) (8,742) Net book amount 155 34,059 4,833 20,863 6,673 3,348 161,205 (13,154) (4,478) - (108,906) 7,709 2,195 3,348 52,299 20 years young 65
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