prospectus for - Pumpkin Patch investor relations

PUMPKIN PATCH LIMITED & SUBSIDIARIESNOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTSFOR THE 6 MONTHS ENDED 31 JANUARY 2004 (CONTINUED)3. TaxationThe Income Tax Expense has been calculated as follows:Group6 months 7 months 12 months31 Jan 2004 31 July 2003 31 Dec 2002$000 $000 $000Surplus for the Period: 8,229 2,639 5,646Income tax on the surplus for the period at 33% 2,716 870 1,863Plus/(Less): -Prior period adjustment (174) 6 49Foreign tax credits not utilised - - 162Tax effect of permanent differences 224 606 1,222Income Tax Expense 2,766 1,482 3,296The income tax expense is represented by:Current taxation 3,241 2,237 2,202Prior period adjustment (175) 6 49Deferred taxation (300) (761) 883Foreign tax credits not utilised - - 162Income Tax Expense 2,766 1,482 3,296Income Tax ReceivableOpening Balance (1,537) (2,629) (2,842)Current taxation 3,241 2,237 2,202Withholding tax paid (228) (230) (347)Income tax paid (1,719) (697) (1,510)Income tax refunded 1,408 - -Prior period adjustment (174) 13 16Foreign investor tax credit (155) (231) (309)Foreign tax credits not utilised - - 161Closing Balance 836 (1,537) (2,629)The group has estimated losses of $6,799,834 (2003: $6,240,695, 2002: $4,948,347) available to carry forward arising from PumpkinPatch Limited (UK).55