annual report 2012 - Pumpkin Patch investor relations

Independent Auditors’ Reportto the shareholders of Pumpkin Patch LimitedIndependent Auditors’ ReportReport on the Financial Statementsto the shareholders of Pumpkin Patch LimitedWe have audited the financial statements of Pumpkin Patch Limited (“the Company”) on pages42 to 99, which comprise the balance sheets as at 31 July 2012, the income statements,statements of comprehensive income, statements of changes in equity and statements of cashflows Report for the on year the then Financial ended, and Statementsthe notes to the financial statements that include a summaryof We significant have audited accounting the financial policies statements and other of explanatory Pumpkin Patch information Limited for (“the both Company”) the Company on pages and42 the to Group. 99, which The Group comprise comprises the balance the Company sheets as at and 31 the July entities 2012, the it controlled income statements,31 July 2012 orfrom statements time to of time comprehensive during the financial income, statements year. of changes in equity and statements of cashflows for the year then ended, and the notes to the financial statements that include a summaryDirectors’ Responsibility for the Financial Statementsof significant accounting policies and other explanatory information for both the Company andthe The Group. Directors The are Group responsible comprises for the the Company preparation and of the these entities financial it controlled statements 31 in accordanceJuly 2012 orfrom with generally time to time accepted during accounting the financial practice year. in New Zealand and that give a true and fair view ofthe matters to which they relate and for such internal controls as the Directors determine areDirectors’ necessary Responsibility enable the preparation for the of Financial financial statements Statements that are free from materialThe misstatement, Directors are whether responsible due to for fraud the or preparation error. of these financial statements in accordancewith generally accepted accounting practice in New Zealand and that give a true and fair view ofAuditors’ Responsibilitythe matters to which they relate and for such internal controls as the Directors determine areOurnecessaryresponsibilityto enableistheto expresspreparationan opinionof financialon thesestatementsfinancialthatstatementsare free frombasedmaterialon our audit. Weconductedmisstatement,ourwhetheraudit in accordancedue to fraudwithor error.International Standards on Auditing (New Zealand) andInternational Standards on Auditing. These standards require that we comply with relevantAuditors’ ethical requirements Responsibility and plan and perform the audit to obtain reasonable assurance aboutOur whether responsibility the financial is to statements express an are opinion free from on these material financial misstatement. statements based on our audit. Weconducted our audit in accordance with International Standards on Auditing (New Zealand) andAn audit involves performing procedures to obtain audit evidence about the amounts andInternational Standards on Auditing. These standards require that we comply with relevantdisclosures in the financial statements. The procedures selected depend on the auditors’ethical requirements and plan and perform the audit to obtain reasonable assurance aboutjudgement, including the assessment of the risks of material misstatement of the financialwhether the financial statements are free from material misstatement.statements, whether due to fraud or error. In making those risk assessments, the auditorsAn consider audit the involves internal performing controls procedures relevant to the to obtain Company audit and evidence the Group’s about preparation the amounts of and financialdisclosures statements that in the give financial a true and statements. fair view The of the procedures matters to selected which depend they relate, on the in order auditors’designjudgement, audit procedures including that the are assessment appropriate of in the the risks circumstances, of material but misstatement not for the of purpose the financial ofstatements, expressing an whether opinion due on to the fraud effectiveness or error. In of the making Company those and risk the assessments, Group’s internal the auditors control. Anaudit consider also the includes internal evaluating controls relevant the appropriateness to the Company of accounting and the Group’s policies preparation used and the of financialreasonableness statements that of give accounting a true and estimates, fair view of as the well matters as evaluating to which the they overall relate, presentation in order to of design thefinancial audit procedures statements. that are appropriate in the circumstances, but not for the purpose ofexpressing an opinion on the effectiveness of the Company and the Group’s internal control. AnWe believe that the audit evidence we have obtained is sufficient and appropriate to provide aaudit also includes evaluating the appropriateness of accounting policies used and thebasis for our audit opinion.reasonableness of accounting estimates, as well as evaluating the overall presentation of theWe financial have no statements. relationship with, or interests in, Pumpkin Patch Limited or any of its subsidiariesother than in our capacities as auditors and providers of other assurance services.We believe that the audit evidence we have obtained is sufficient and appropriate to provide abasis for our audit opinion.Independent Auditors’ ReportPumpkin Patch LimitedOpinionIn our opinion, the financial statements on pages 42 to 99:(i)(ii)(iii)comply with generally accepted accounting practice in New Zealand; andcomply with International Financial Reporting Standards; andgive a true and fair view of the financial position of the Company and the Group asat 31 July 2012, and their financial performance and cash flows for the year thenended.Report on Other Legal and Regulatory RequirementsWe also report in accordance with Sections 16(1)(d) and 16(1)(e) of the Financial Reporting Act1993. In relation to our audit of the financial statements for the year ended 31 July 2012:(i)(ii)we have obtained all the information and explanations that we have required; andin our opinion, proper accounting records have been kept by the Company as far asappears from an examination of those records.Restriction on Distribution or UseThis report is made solely to the Company’s shareholders, as a body, in accordance with Section205(1) of the Companies Act 1993. Our audit work has been undertaken so that we might stateto the Company’s shareholders those matters which we are required to state to them in anauditors’ report and for no other purpose. To the fullest extent permitted by law, we do notaccept or assume responsibility to anyone other than the Company and the Company’sshareholders, as a body, for our audit work, for this report or for the opinions we have formed.Chartered Accountants27 September 2012AucklandWe have no relationship with, or interests in, Pumpkin Patch Limited or any of its subsidiariesother than in our capacities as auditors and providers of other assurance services.PricewaterhouseCoopers, 188 Quay Street, Private Bag 92162, Auckland 1142, New ZealandT: +64 (9) 355 8000, F: +64 (9) 355 8001, www.pwc.com/nz101