Notes to Financial Statements

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32Middle East Development Singapore Ltd.Annual Report 2008Balance Sheets30 June 2008GroupCompanyNote 2008 2007 2008 2007$ $ $ $ASSETSCurrent assetsCash and cash equivalents 7 9,294,250 13,488,727 7,469,982 12,044,923Trade and other receivables 8 6,679,405 8,090,882 3,256,373 2,444,963Held–for–trading investment 9 494,000 – – –Amount due from contract customers 10 373,575 460,276 – –Inventories 11 936,635 931,395 – –Total current assets 17,777,865 22,971,280 10,726,355 14,489,886Non–current assetsProperty, plant and equipment 12 781,031 995,345 96,514 176,786Investments in subsidiaries 13 – – 3,021,819 3,021,821Investment in an associate 14 – – – –Deferred tax asset 25 11,300 11,833 – –Total non–current assets 792,331 1,007,178 3,118,333 3,198,607Total assets 18,570,196 23,978,458 13,844,688 17,688,493LIABILITIES AND EQUITYCurrent liabilitiesBank overdrafts and loans 15 315,862 456,910 – –Trade and other payables 16 4,561,489 4,501,260 1,822,171 1,696,113Amount due to contract customers 10 60,053 66,927 – –Current portion of fi nance leases 17 68,321 83,628 39,216 45,752Income tax payable 211,688 126,000 93,778 25,181Total current liabilities 5,217,413 5,234,725 1,955,165 1,767,046Non–current liabilitiesFinance leases 17 92,314 91,427 32,556 65,236Deferred tax liabilities 25 1,176 106,388 – –Total non–current liabilities 93,490 197,815 32,556 65,236Capital and reservesShare capital 18 18,325,460 18,296,125 18,325,460 18,296,125Statutory reserve 20 346,410 326,231 – –Share option reserves 4,179 9,514 4,179 9,514Foreign currency translation reserves (681,186) (521,160) – –(Accumulated losses) Retained earnings (4,735,570) 435,208 (6,472,672) (2,449,428)Total equity 13,259,293 18,545,918 11,856,967 15,856,211Total liabilities and equity 18,570,196 23,978,458 13,844,688 17,688,493See accompanying notes to fi nancial statements.
Middle East Development Singapore Ltd.Annual Report 2008 33Consolidated Profit and Loss StatementYear Ended 30 June 2008GroupNote 2008 2007$ $Revenue 21 11,189,119 11,808,164Cost of sales (8,165,071) (7,824,514)Gross profit 3,024,048 3,983,650Other operating income 22 283,320 450,111Distribution costs (1,575,456) (1,590,142)Administrative expenses (4,718,528) (2,869,438)Other operating expenses 23 (1,748,688) (45,865)Finance cost 24 (36,786) (69,410)Loss before income tax (4,772,090) (141,094)Income tax expense 25 (378,509) (175,557)Loss for the year 26 (5,150,599) (316,651)Basic loss per share (cents) 27 (1.29) (0.16)Diluted loss per share (cents) 27 (1.29) (0.16)See accompanying notes to fi nancial statements.
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